MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
CNC BALL SCREWS BEARING COMPANY PRIVATE LIMITED |
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Registered Office : |
Plot No. 130, KIADB Industrial Area, Baikumpady, Mangalore – 575 011,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1985 |
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Com. Reg. No.: |
006615 |
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CIN No.: [Company
Identification No.] |
U29130KA1985PTC006615 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC02820G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Automation Products for the CNC Machine
Tool Industries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 34580 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track record. Trade relations are fair. Business is active. General financial
position is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mrs. Shanti Nayak |
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Designation : |
Director |
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Date : |
10.09.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 130, KIADB Industrial Area, Baikumpady, Mangalore – 575 011,
Karnataka, India. |
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Tel. No.: |
91-824-2407410 |
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Mobile No.: |
91-9343561555 |
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Fax No.: |
91-824-2407590 |
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E-Mail : |
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Showroom and Service Centre : |
Shreenath Plaza, No.14,15 “B” Wing, Sant Dnyaneshwar Paduka Chowk,
Ferguson College Road, Pune – 411 005, Maharashtra, India. |
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Tel. No.: |
91-20- 66031707 |
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Mobile No.: |
91-9822057123 |
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Fax No.: |
91-20-66031708 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Varadraj Kamalkesh Nayak |
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Designation : |
Chairman cum Managing Director |
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Address : |
A-1/ 3, Kusum Society, Hare Krishna Mandir Road, Pune – 411 016,
Maharashtra, India. |
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Date of Birth/Age : |
07.09.1942 |
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Date of Appointment : |
19.01.1985 |
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Name : |
Mrs. Shanti Varadraj Nayak |
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Designation : |
Director |
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Address : |
A-1/ 3, Kusum Society, Hare Krishna Mandir Road, Pune – 411 016,
Maharashtra, India. |
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Date of Birth/Age : |
06.12.1947 |
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Date of Appointment : |
19.01.1985 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2002
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Names of Shareholders |
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No. of Shares |
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Mr. Varadraj Kamalkesh Nayak |
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500 |
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Mrs. Shanti Varadraj Nayak |
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500 |
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Total |
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1000 |
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Equity Share
Break-up (as on 27.09.2007) |
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Percentage of
Holding |
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Directors or relatives of directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Automation Products for the CNC Machine
Tool Industries. |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Shediggude Branch, Shediggude, Mangalore – 575 003, Karnataka, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L.F. Karnavat and Company Chartered Accountants |
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Address : |
24, Laxminagar Commercial Complex, Shahu College Road, Pune – 411 009,
Maharashtra, India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- Each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000 |
Equity Shares |
Rs.100/-
Each |
Rs.0.100
Million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.816 |
6.047 |
5.668 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.916 |
6.147 |
5.768 |
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LOAN FUNDS |
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1] Secured Loans |
2.554 |
1.243 |
1.380 |
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2] Unsecured Loans |
0.001 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.555 |
1.243 |
1.380 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.471 |
7.390 |
7.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.488 |
3.306 |
2.938 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.669 |
0.669 |
0.669 |
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DEFERREX TAX ASSETS |
0.376 |
0.391 |
0.408 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.214
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1.045 |
1.242 |
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Sundry Debtors |
0.472
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0.512 |
2.326 |
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Cash & Bank Balances |
0.109
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0.125 |
0.207 |
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Other Current Assets |
0.277
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0.261 |
0.007 |
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Loans & Advances |
2.154
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1.845 |
0.461 |
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Total
Current Assets |
6.226
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3.788 |
4.243 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.111
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0.000 |
0.125 |
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Provisions |
0.193
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0.783 |
1.008 |
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Total
Current Liabilities |
1.304
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0.783 |
1.133 |
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Net Current Assets |
4.922
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3.005 |
3.110 |
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MISCELLANEOUS EXPENSES |
0.016 |
0.019 |
0.023 |
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TOTAL |
9.471 |
7.390 |
7.148 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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14.197 |
15.718 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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14.197 |
15.718 |
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Profit/(Loss) Before Tax |
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1.225 |
2.572 |
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Provision for Taxation |
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0.456 |
1.054 |
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Profit/(Loss) After Tax |
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0.769 |
1.518 |
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Total Expenditure |
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12.972 |
13.146 |
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 |
(%) |
5.42
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9.66 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.63
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16.36 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.80
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33.13 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.42 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.56
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0.33 |
0.44 |
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Current Ratio (Current Asset/Current Liability) |
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4.77
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4.84 |
3.74 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
CNC BALL SCREWS AND BEARING COMPANY PRIVATE LIMITED |
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Presented By |
Canara Bank Shediggude Branch, Shediggude, Mangalore – 575 003, Karnataka, India |
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1) Date and description of instrument creating the change |
26.12.1987 (Regd.
Doc. 11/ 17.01.1989) Cash Credit
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.500 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 |
Hypothecation of
raw materials (indigenous and imported) used for manufacture of ball bearing
and precision bearings, finished goods, semi-finished goods and any other
goods belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
Margin as applicable from time to time Repayable on demand |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Shediggude Branch, Shediggude, Mangalore – 575 003, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
11.02.2005 a. Supplemental Agreement b. Agreement to
be obtained for CDB/ SDB/ BE/ Advances (both documents
relate to single Modification) |
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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. |
Total limits
enhanced from Rs.1.900 Millions to Rs.2.000 Millions
(Earlier CDB
Limit Rs.0.200 Million and FLC Limit Rs.0.500 Million are cleared) All other terms,
conditions and existing securities to continue. |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90193342 |
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Corporate
identity number of the company |
U29130KA1985PTC006615 |
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Name of the
company |
CNC BALL SCREWS AND BEARING COMPANY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No. 130, KIADB Industrial Area, Baikumpady, Mangalore – 575 011,
Karnataka, India. |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of charge
holder |
Canara Bank Shediggude Branch, Shediggude, Mangalore – 575 003, Karnataka, India E-Mail: ullas53@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental Agreement
dt. 12.04.2007 enhancing Credit Limit i.e. OCC 880/261/1102 to Rs.2.000
Millions and Link Letter in respect of enhancement of the said Credit
facilities. |
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Date of
instrument Creating the charge |
12.04.2007 |
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Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
11.5% p.a. compounded monthly Terms of
Repayment: Repayable on Demand Margin: As
applicable from Time to Time Extent and
Operation of the charge: Charge extends on all stock in trade and book debts
as specified by way of first charge for the duration of the said credit
limits |
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Short particulars
of the property charged |
Hypothecation of
raw materials (indigenous and imported) used for manufacture of ball bearing
and precision bearings, finished goods, semi-finished goods and any other
goods belonging to the company located at its registered office, factory,
godown and any other places wherever situated for the time being and of book
debts of the company for the time being. |
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Date of latest
modification prior to the present modification |
11.02.2005 |
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Particulars of
the present modification |
Enhancement of credit
limits under OCC from Rs.1.500 Millions to Rs.2.000 Millions by way of
supplemental agreement dated 12.04.2007 (whereby earlier amount secured
increased from Rs.0.500 Million to Rs.2.000 Millions) |
WEBSITE DETAILS
India's CNC Automation
Product Leader for over two decades!!
Subject is India's premier producer and supplier of automation products
for the CNC Machine Tool Industry. They have been serving the Indian
Machine Tool Industry for over two decades through their partnership with Neff
GmbH of Germany.
Their products have the following outstanding
characteristics:
- Unique name recognition within the Indian CNC
Machine Tool Industry
- Zero defects in performance over 10 years
- German technology par excellence
- Over 3000 Ballscrews performing non-stop in Indian CNC Machine
Tools under demanding conditions
- Ability to replace any world-wide make of CNC Machine Ballscrew
- Patented design features leading to enhanced load-carrying
capabilities and working-life
- "24 hours to 7 days maximum" delivery times (conforming
to DIN 69051 standards)
Products
They provide a complete range of automation products for the CNC
Machine Tool industry. Their products include:
Precision
Ballscrew/Nut combinations
Individual
choice of diameter/pitch/nut/spindle-ends
Option of double nut or internal
pre-loading
Optimum kinematic properties and
installation dimensions
Mechanical
Linear Drive Units
Fully integrated
linear units with ball-screw drive and recirculating ball bearing guide system,
or toothed belt drive and cam roller guides, capable of absorbing high forces
and moments
Patented screw supports,
permitting high speeds
Robust cam roller guides,
integrated in the unit profile
All
their products feature a quality guarantee - thanks to a consummate quality
assurance system that has become the world standard in the mechanical and
optical field
Most of their products feature their unique "24 hours to 7 days
maximum" delivery times, conforming to DIN 69051 standards
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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