MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
INDO-US MIM TEC PRIVATE LIMITED [w.e.f. 21.08.2001] |
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Formerly Known As : |
AF TECHNOLOGIES ( |
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Registered
Office : |
Street No.7, 3-6-539/A, Lane #2, Himayat Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.04.1996 |
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Com. Reg. No.: |
01-023794 |
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CIN No.: [Company Identification
No.] |
U28110AP1996PTC023794 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA01407A /
BLRI03284B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier
of Precision Engineered Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 2400000 |
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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 company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Subramaniam |
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Designation : |
C F O |
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Contact No.: |
91-80-27971533 |
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Date : |
25.04.2011 |
LOCATIONS
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Registered Office : |
Street No.7, 3-6-539/A, Lane #2, Himayat Nagar, |
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Tel. No.: |
91- 40-27634967 / 27971418 |
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Fax No.: |
91-80-27971624 |
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E-Mail : |
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Website: |
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Factory /
Corporate Office : |
45 (P), KIADB
Industrial Area, Hoskote, |
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Tel. No.: |
91-80-7971533 / 623
/ 717/ / 718 / 22048800 / 27971418 / 27971416 / 27971717 / 7971 624 /
27971533 |
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Fax No.: |
91-80-7971624 /
27971624 |
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E-Mail : |
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Website : |
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Administrative
Office: |
294, 7th
Cross, Domlur Layout, |
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Overseas
Office 1 : |
Ph: 734-327-9842/734-327-9872/609-651-8238
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Overseas
Office 2 : |
EUROPE: Tel: +49 173 2656067 |
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Overseas
Office 3 : |
315, |
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Tel
No.: |
1-734-327-9842,
1-734-327-9872 |
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Fax
No.: |
1-734-327-9873 |
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E-Mail
: |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Krishna
Chivukula |
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Designation : |
Director |
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Address : |
35, 1st
main 3rd cross RMV extension, |
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Date of Birth
: |
27.01.1947 |
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Date of
Appointment : |
12.04.1996 |
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DIN : |
01625119 |
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Name : |
Mrs. Chivukula
Lalithadevi Sastry |
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Designation : |
Director |
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Address : |
3-6-539/A,
Himayatnagar, |
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Date of Birth
: |
01.07.1924 |
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Date of
Appointment : |
12.04.1996 |
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DIN : |
02368453 |
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Name : |
Mr. Gaurav Swarup |
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Designation : |
Director |
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Address : |
2B, |
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Date of Birth
: |
21.11.1956 |
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Date of
Appointment : |
02.06.1999 |
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DIN : |
00374298 |
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Name : |
Mr. Chivukula Jr.
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Designation : |
Director |
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Address : |
4900, Province
Line, Road, Provinceton, |
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Date of Birth
: |
31.03.1972 |
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Date of
Appointment : |
30.09.2004 |
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DIN : |
02483835 |
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Name : |
Mr. Chivukula
Roger Raj |
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Designation : |
Director |
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Address : |
4900, Province
Line, Road, Provinceton, |
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Date of Birth
: |
01.07.1974 |
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Date of
Appointment : |
30.09.2004 |
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DIN : |
02484081 |
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Name : |
Mrs. Jagadamba Chandrasekhar |
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Designation : |
Director |
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Address : |
4900, Province
Line, Road, Provinceton, |
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Date of Birth
: |
12.09.1949 |
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Date of
Appointment : |
30.09.2004 |
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DIN : |
01711450 |
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Name : |
Mr. Pradip
Panalal Shah |
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Designation : |
Director |
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Address : |
72 A Embassy
Apartments, 7th Floor, |
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Date of
Birth/Age : |
13.09.1957 |
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Date of
Appointment : |
27.10.2007 |
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DIN : |
00066242 |
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Name : |
Mr. John Anthony
Dexheimer |
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Designation : |
Director |
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Address : |
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Date of
Birth/Age : |
13.09.1954 |
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Date of
Appointment : |
27.10.2007 |
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DIN : |
01917009 |
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Name : |
Mr. Parasuraman Balasubramanian |
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Designation : |
Director |
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Address : |
3DC 217, HRBR 2rd
Block, Kalyan Nagar, |
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Date of
Birth/Age : |
14.05.1963 |
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Date of
Appointment : |
30.09.2010 |
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DIN : |
02829480 |
KEY EXECUTIVES
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Name : |
Mr.
Balasubramaniam |
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Designation : |
C.F.O |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.11.2010
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Names of Share Allotted |
No. of Shares Allotted |
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Pradip Shah |
10000 |
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Gaurav Swarup |
10000 |
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John Anthony Dexhiemer |
35000 |
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Total |
55000 |
As on 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
91.00 |
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Directors or relatives of Directors |
4.00 |
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Other top fifty shareholders |
5.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier
of Precision Engineered Products. |
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Terms : |
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Selling : |
Cash / Credit (30 / 60 / 90 Days) |
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Purchasing : |
Cash / Credit (30 / 60 / 90 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
250 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Murali and Company Chartered Accountant |
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Address 1 : |
6-3-655/2/3,
Somajiguda, |
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Address 2 : |
361, 1st
Floor, 13th main, RMV Extension, |
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Tel. No. : |
91-80-23613743 |
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Fax No.: |
91-80-23616209 |
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E-Mail : |
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Website : |
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Associates/Subsidiaries : |
Shiva Analyticals ( 3-6-539/A, Street
No. 7, Himayat Nagar, Activity : Providing
Services Analytical Solutions. Gowri Ventures Private Limited 3-6-539/A, Street
No. 7, Himayat Nagar, Activity :
Provides Precision Investment Cast Products Shiva Chemicals Technologies ( 3-6-539/A, Street
No. 7, Himayat Nagar, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20,000,000 |
Equity Shares |
Rs.10/-each |
Rs.200.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,942,257 |
Equity Shares |
Rs.10/-each |
Rs.119.423 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
119.423 |
119.423 |
119.423 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
481.298 |
340.780 |
325.457 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
600.721 |
460.203 |
444.880 |
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LOAN FUNDS |
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1] Secured Loans |
379.774 |
569.007 |
666.372 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
379.774 |
569.007 |
666.372 |
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DEFERRED TAX LIABILITIES |
78.434 |
76.658 |
65.588 |
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TOTAL |
1058.929 |
1105.868 |
1176.840 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
769.331 |
768.571 |
685.512 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
54.107 |
0.000 |
0.000 |
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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 |
120.214
|
105.330 |
108.132 |
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Sundry Debtors |
310.127
|
308.922 |
445.200 |
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Cash & Bank Balances |
37.626
|
43.095 |
26.205 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
218.481
|
119.286 |
167.207 |
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Total
Current Assets |
686.448
|
576.633 |
746.744 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
131.619
|
127.361 |
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Other Current Liabilities |
0.187
|
0.110 |
-- |
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Provisions |
319.151
|
111.865 |
93.647 |
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Total
Current Liabilities |
450.957
|
239.336 |
255.416 |
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Net Current Assets |
235.491
|
337.297 |
491.328 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1058.929 |
1105.868 |
1176.840 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1464.556 |
1279.436 |
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Other Income |
1.897 |
4.059 |
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TOTAL (A) |
1466.453 |
1283.495 |
1188.885 |
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Less |
EXPENSES |
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||
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Raw Materials, Consumables and others |
365.501 |
434.436 |
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Personnel |
189.479 |
186.596 |
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Excise Duty |
8.478 |
9.119 |
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Manufacturing and asset maintenance |
81.045 |
127.965 |
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Administrative Expenses |
33.677 |
22.919 |
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selling and distribution Expenses |
263.822 |
223.287 |
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Increase / decrease in finished goods and WIP |
(6.872) |
(3.216) |
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TOTAL (B) |
935.130 |
1001.106 |
980.420 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
531.323 |
282.389 |
208.465 |
||
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Less |
FINANCIAL
EXPENSES (D) |
55.468 |
96.436 |
93.876 |
||
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||
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
475.855 |
185.953 |
114.589 |
||
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
80.116 |
71.223 |
56.323 |
||
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||
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PROFIT BEFORE
TAX (E-F) (G) |
395.739 |
114.730 |
58.266 |
||
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Less |
TAX (I) |
(149.388) |
(40.472) |
27.322 |
||
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Less |
Prior Period Adjustment |
5.572 |
(3.048) |
-- |
||
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PROFIT AFTER TAX
(G-I) (J) |
251.923 |
71.210 |
30.944 |
||
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
335.321 |
319.998 |
283.557 |
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Less |
APPROPRIATIONS |
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||
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Proposed Dividend |
(95.538) |
(47.769) |
0.000 |
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Corporate Dividend tax Thereon |
(15.868) |
(8.118) |
-- |
|
|
|
BALANCE CARRIED
TO THE B/S |
475.838 |
335.321 |
314.501 |
||
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EARNINGS IN
FOREIGN CURRENCY |
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||
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Export Earnings |
1271.312 |
1376.819 |
NA |
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TOTAL EARNINGS |
1271.312 |
1376.819 |
NA |
||
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||
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Earnings Per
Share (Rs.) |
20.63 |
5.97 |
3.71 |
||
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Particulars |
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|
31.03.2011 |
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Sales Turnover |
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|
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|
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|
1700.000 |
Expected Sales ( 2011-2012)
: Rs.2000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.18
|
5.55 |
2.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.02
|
8.97 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
27.18
|
8.53 |
4.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
0.25 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
1.76 |
2.07 |
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Current Ratio (Current Asset/Current Liability) |
|
1.52
|
2.41 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors :
(Rs.in million)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
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Sundry Creditors |
131.619 |
127.361 |
NA |
|
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|
|
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Total |
131.619 |
127.361 |
NA |
Capital Structure
:
The authorized capital of the company is Rs.120.000. the issued
subscribed paid up capital of the company as at the end of the year stands at
Rs.119.423 millions
Outlook :
Fiscal 2009-10 began with
The company has been able to absorb the technology satisfactorily.
Constant efforts are underway to use the technology for manufacture of
components for various industries.
Operations :
The gross sales and other income for the financial year were Rs.
1466.453 millions as against Rs.1283.495 millions for the previous year
2008-09, registering an increase of 14.25%. The profit before tax of Rs.
394.139 million for the financial year as against Rs.114.730 million for the
previous year, improved by 243.54%.
Contingent
Liabilities :
The company has obtained a bank guarantees / LCs from bank against
sufficient margin. The total value of the pending commitments on the said
guarantees / ICs is Rs.2.439 million (Previous year Rs.15.499 million)
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U28110AP1996PTC023794 |
|
Name of the
company |
INDO – US MIM TEC
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
3-6-539/A, Street
No. 7, Himayat Nagar, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90116406 |
|
Type of charge |
· Immovable Property |
|
Particular of
charge holder |
ING Vysya Bank
limited 22 Ground Floor,
ING Vysya housed, M E-Mail: mgroadbr@ingvysyabank.com |
|
Nature of
instrument creating charge |
Creation of joint mortgage by deposit of title deeds
vide declaration and undertaking dated
17.03.2011 |
|
Date of
instrument Creating the charge |
17.02.2011 |
|
Amount secured by
the charge |
Rs. 175.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : unchanged Terms of Repayment : unchanged Margin : unchanged Extent and Operation of the charge : No change in extent and operation of
charge.The present document filing is to bring on record the Creation of joint mortgage by deposit of title deeds on
17.3.2011 in respect of the property located at plot no 45 (P), Sy No-81,
admeasuring 12075.50 sq mtrs situated within the village limit of
chokkahalli, hoskote taluk, bangalore, karnataka and plot nos 43 , 44 and 45
part , Sy no-88 and 89, admeasuring 63594 sq mtrs situated in doddaballapura
ind Area, Bangalore, Karnataka |
|
Short Particulars
of the property charged |
a) All those
peaces and parcels of the hold bearing plot no-45(P), comprising of survey
no-81, admeasuring 12,075.50 sq mtrs or thereabouts, situate within the
village limit of chokkahalli, kasba hobli, Hoskote taluk, Bangalore District,
in the state of Karnataka and b) All those peaces and parcels of the hold
bearing plot nos-43, 44 and 45 (part), in survey nos-88 and 89, admeasuring
in aggregate 63,594 sq mtrs or thereabouts, situate in Doddaballapura
Industrial Area, within the village limit of Veerapura, Kasaba hobli,
Doddaballapura Taluk, Bangalore district, in the state of karnataka |
|
Date of Last
Modification prior to the present modification |
20.04.2009 |
|
Particulars of
the present modification |
Declaration and undertaking
in the matter of Joint Mortgage by deposit of title deeds INDO-US MIM TEC
PRIVATE LIMITED in favor of a) IDBI Bank
Limited (IDBI) b) State Bank of c) ING Vysya Bank
Limited (INGVBL) d) Axis Bank
Limited (AXIS) e) Bank of |
FIXED ASSETS :
- Land and Development
- Buildings
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Vehicles
- Computers and Software
- Electrical Installations
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.33 |
|
|
1 |
Rs.74.13 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.