MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRISMS INDIA PRIVATE LIMITED |
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Registered Office : |
C-92, Pipdic Industrial Estate, Mettupalayam, Pondicerry – 605 009, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.01.1991 |
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Com. Reg. No.: |
59-726 |
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CIN No.: [Company
Identification No.] |
U33201PY1991PTC000726 |
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IEC No.: |
25910000042 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP06636A |
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PAN No.: [Permanent
Account No.] |
AAACP3472E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Optical Flats Mirror. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 15000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Management parted partial details bit denied financials. The company’s estimated annual sales can be around Rs.7 millions. Trade relations are fair. Payment are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Babu |
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Designation : |
Manager |
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Contact No.: |
91-413-2277059 |
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Date : |
28.08.2008 |
LOCATIONS
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Registered Office : |
C-92, Pipdic Industrial Estate, Mettupalayam, Pondicerry – 605 009,
Tamilnadu, India |
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Tel. No.: |
91-413-2277059 / 4204060 / 2277060 |
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Mobile No.: |
91-9843044707 |
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Fax No.: |
91-413-2250328 |
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E-Mail : |
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Website : |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Vaddadi Jayaram |
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Designation : |
Director |
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Address : |
7, 3rd Middle Street, Kurinji Nagar, Pondicherry – 605 008,
Tamilnadu, India |
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Date of Birth/Age : |
04.08.1956 |
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Qualification : |
M.Sc. |
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Experience : |
20 Years |
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Date of Appointment : |
06.04.1991 |
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Name : |
Mrs. Kalpana Jayaram |
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Designation : |
Director |
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Address : |
7, 3rd Middle Street, Kurinji Nagar, Pondicherry – 605 008,
Tamilnadu, India |
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Date of Birth/Age : |
21.09.1957 |
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Date of Appointment : |
02.01.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
No. of Shares |
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Kalpana Jayaram |
2755 |
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Vasanti Sundarajan |
25 |
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V Jayaram |
4928 |
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Jatin Chandrana |
200 |
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M C Rajasekar |
6810 |
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Prasanna Gurumurthy |
65 |
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C Padma |
1008 |
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C Revathy |
225 |
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C Srividya |
225 |
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V Savithri |
352 |
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V Jagannath |
200 |
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V Sharadha |
120 |
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V Anand |
2500 |
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Niyti J Chandrana |
550 |
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Total |
19963 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Optical Flats Mirror. |
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Products : |
·
Prisms ·
Windows ·
Mirrors ·
Optical Flats ·
Optical
Parallels ·
Coating
Capabilities ·
Laboratory
Equipment ·
Autocollimator ·
Laser Fizeau
Interferometer |
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Exports : |
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Countries : |
·
Germany ·
Singapore ·
USA ·
UK |
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Imports : |
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Products : |
·
Components Laser ·
Raw Materials |
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Countries : |
·
Australia ·
Canada ·
Singapore ·
China ·
Japan |
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Terms : |
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Selling : |
Cash and Credit (45 days) – Depends upon Supplier |
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Purchasing : |
Cash and Credit (30 days) – Depends |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
30 |
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Bankers : |
The South India Bank Limited No. 113-127, Mission Street, Pondicherry – 605 001, Pondicherry, India |
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Facilities : |
CC Term Loan |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R. Chandrasekar and Company Chartered Accountants |
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Address : |
61, Eswaran Koil Street, Pondicherry – 605 001, Pondicherry, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
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5000 |
Preference Shares |
Rs.100/- each |
Rs.0.500 million |
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Total |
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Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19963 |
Equity Shares |
Rs.100/- each |
Rs.1.996
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.996 |
1.996 |
1.996 |
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2] Share Application Money |
0.440 |
0.440 |
0.440 |
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3] Reserves & Surplus |
0.547 |
0.052 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.020) |
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NETWORTH |
2.983 |
2.488 |
2.416 |
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LOAN FUNDS |
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1] Secured Loans |
2.736 |
2.333 |
1.898 |
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2] Unsecured Loans |
3.013 |
0.807 |
0.868 |
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TOTAL BORROWING |
5.749 |
3.140 |
2.766 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.732 |
5.628 |
5.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.297 |
2.697 |
2.896 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.137 |
0.097 |
0.044 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.170
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2.604 |
2.223 |
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Sundry Debtors |
3.324
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0.584 |
0.321 |
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Cash & Bank Balances |
0.117
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0.160 |
0.175 |
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Other Current Assets |
0.365
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0.000 |
0.000 |
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Loans & Advances |
0.043
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0.033 |
0.010 |
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Total
Current Assets |
6.019
|
3.381 |
2.729 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.721
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0.547 |
0.487 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.721
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0.547 |
0.487 |
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Net Current Assets |
5.298
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2.834 |
2.242 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.732 |
5.628 |
5.182 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.299 |
4.884 |
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Other Income |
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0.392 |
0.123 |
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Total Income |
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6.691 |
5.007 |
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Profit/(Loss) Before Tax |
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0.072 |
0.088 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.072 |
0.088 |
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Expenditures : |
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Raw Material Consumed |
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1.880 |
1.126 |
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Salaries, Wages, Bonus, etc. |
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1.667 |
1.300 |
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Payment to Auditors |
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0.005 |
0.005 |
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Interest |
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0.421 |
0.370 |
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Insurance Expenses |
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0.020 |
0.028 |
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Power & Fuel |
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0.107 |
0.105 |
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Depreciation & Amortization |
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0.432 |
0.388 |
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Other Expenditure |
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2.087 |
1.597 |
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Total Expenditure |
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6.619 |
4.919 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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1.08 |
1.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.14 |
1.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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1.18 |
1.56 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.03 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.17
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1.48 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
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8.35
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6.18 |
5.60 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
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Parameters |
Details |
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Existence Verification |
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Name |
PRISMS INDIA PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AAACP3472E |
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State Sales Tax Registration |
AAACP3472E ST 001 |
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Import Export Code |
25910000042 |
Trade References
·
IIT, Chennai
·
Manipal Technology Manipal Mangalore
·
IIT, Delhi
Form No. 8
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Name of the company |
PRISMS INDIA PRIVATE LIMITED |
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Presented By |
V Jayaram,
Managing Director |
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1) Date and description of instrument creating the change |
Instrument of
Hypothecation of Goods Date 04.09.1991 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.125 million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Second charge on
immovable property pf the company. First charge on
movable assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on demand
interest 15% pa.a |
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5) Name and Address and description of the person entitled to the charge. |
The South India Bank Limited Pondicherry
Branch, Pondicherry |
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6) Date and brief description of instrument modifying the charge |
Agreement of
Hypothecation dated 28.12.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Apart from the
above all the other terms and conditions of the earlier agreements remain unchanged. |
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Corporate
identity number of the company |
U33201PY1991PTC000726 |
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Name of the
company |
PRISMS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C-92, Pipdic Industrial Estate, Mettupalayam, Pondicerry – 605 009,
Pondicherry, India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
The South India Bank Limited No. 113-127, Mission Street, Pondicherry – 605 001, Pondicherry, India |
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Nature of instrument
creating charge |
Agreement of
Hypothecation (Goods, Machinery, Vehicles, Book Debts and Other Assets) |
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Date of
instrument Creating the charge |
11.03.2008 |
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Amount secured by
the charge |
Rs.5.650 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest FSL (M): BPLR +
TP (At present 15.50% p.a.) with monthly rests Terms of
repayment FSL (M):
Repayable in 48 Equal Monthly Installments of Rs.0.010 million each. Margin FSL (M): 25% Extent and
operation of the charge As per the
instruments executed on 11.03.2008 Others
·
(Sub Limit:
Rs.0.500 million against Book Debts not older than 90 days with 50% margin
and Rs.0.200 million against PC) All other terms
and conditions as per the sanction letter and the instruments executed on
11.03.2008. |
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Particulars of the
property charged |
To secure the
Fresh Term Loan of Rs.0.350 million Hypothecation by
way of first charge in favour of the Bank: All present and
future book debts, and machineries to be purchased by the Company as per the
quotations of (1) M/s. Doman Electronics Limited dated 27.02.2008 (2) M/s.
OEG Optik dated 11.01.2008 (3) M/s. S and T Engineers dated 27.02.2008 and
(4) M/s. India Machine Tools dated 26.07.2007 All other
existing securities remains unchanged. |
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Particulars of
the present modification |
The amount
secured by this charge has been enhanced/modified Rs.5.300 millions to
Rs.5.650 millions, by sanction of fresh FSL (M) of Rs.0.350 million. All other terms
and conditions of the original charge and the subsequent modification remains
unchanged. |
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Web Details
Profile
Established in the year 1991 subject excels as
a reputed organisation engaged in the manufacture of Precision Optical
Components particularly Plano Optics.
About 85% of the turnover came from exports
to Europe and U.S.A. a discerning market that speaks of the reputation and
credibility enjoyed by subject on account of quality and reliability of its
products.
Qualified and experienced professional team manages production and Quality.
Subject possesses state-of-the-art manufacturing and testing facilities.
Fastest delivery is the added strength.
They have a unique manufacturing method, which enables the quality to be
accurate, repeatable and to very tight tolerances.
The company is tuned for medium and short run production.
The mix of craftsmanship and technological know-how enable us to produce a wide
variety of Components.
Product Range subject specialises in offering
Plano Optics as per customer specifications. Subject has capabilities to
produce Prisms ( 5 mm to 300 mm) within 30 seconds tolerances and windows
within 10 seconds tolerances. It has also successfully developed Optical and
Metrology Equipment.
Clients Besides setting milestones in
the domestic market subject has a growing list of satisfied clients all around
the globe.
Imports from India Are duty free for developed countries under
the GSP Scheme.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
37 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|