MIRA INFORM
REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HIGH TIDE BUILTECH INTERNATIONAL PRIVATE LIMITED (w.e.f. 11.06.2008) |
|
|
|
|
Formerly Known
As : |
KAYEM INFOTECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Site No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft.
Ring Road, Mallathalli, Bangalore – 560 056, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
24.02.1992 |
|
|
|
|
Com. Reg. No.: |
08-12861 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45500KA1992PTC012861 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH04948G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCK1083C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Importer of Bath Tubs, Whirlpools, Pressure Pumps,
Solar Power Water Heaters an |
|
|
|
|
No. of Employees : |
50 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company having moderate track records. The management has
not filed the latest financials of the company with the government
departments. However, trade relations are reported as fair. Business is active.
Payment terms are unknown. The company can be considered for business dealings with some caution.
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. K Maheboob |
|
Designation : |
Director |
|
Contact No.: |
91-9844017613 |
|
Date : |
11.08.2011 |
LOCATIONS
|
Registered Office/Factory : |
Site No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft.
Ring Road, Mallathalli, Bangalore – 560 056, Karnataka, India |
|
Tel. No.: |
91-80-23218724 / 25 |
|
Mobile No. : |
91-9844017613 (Mr. K. Maheboob) |
|
Fax No.: |
91-80-23211676 / 23302560 |
|
E-Mail : |
|
|
Area : |
Leased |
|
Location : |
3000 sq. ft. |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Maheboob Kurnool |
|
Designation : |
Director |
|
Address : |
No. 208, Jeevan Kendra Layout, 2nd Main, Halsoor, |
|
Date of Birth/Age : |
01.07.1954 |
|
Qualification : |
B.A. LLB |
|
Date of Appointment : |
24.02.1992 |
|
DIN No. : |
01163938 |
|
|
|
|
Name : |
Mrs. Zahida Begum |
|
Designation : |
Director |
|
Address : |
No. 208, Jeevan Kendra Layout, 2nd Main, Halsoor, |
|
Date of Birth/Age : |
27.05.1958 |
|
Date of Appointment : |
24.02.1992 |
|
DIN No. : |
01164010 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
No. 208, Jeevan Kendra Layout, Cambridge Road, Ulsoor, Bangalore – 560008,
Karnataka, India |
|
Date of Birth/Age : |
02.08.1982 |
|
Qualification : |
B.E. MBA |
|
Date of Appointment : |
02.06.2008 |
|
DIN No. : |
02243383 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Maheboob Kurnool |
|
2000 |
|
Zahida Begum |
|
2000 |
|
|
|
16000 |
|
Total |
|
20000 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Bath Tubs, Whirlpools, Pressure Pumps,
Solar Power Water Heaters an |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
·
·
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Bathtubs and Jacuzzi (for one shift)
|
-- |
-- |
6000 |
749 |
|
Shower |
-- |
-- |
200 |
64 |
|
Total |
-- |
-- |
6200 |
813 |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
50 Approximately |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Canara Bank, Mallathalli Branch, Canara Bank Retail Assets Hub, C.O Bangalore Metro, 18, |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Bhandary and Company Chartered Accountant |
|
Address : |
2nd Floor, |
|
Tel. No.: |
91-80-26673033 |
|
Mobile No.: |
91-9844025285 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/-
each |
Rs.2.000 Millions |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.009 |
0.009 |
0.009 |
|
|
3] Reserves & Surplus |
0.215 |
0.002 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.003) |
|
|
NETWORTH |
2.224 |
0.111 |
0.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
6.659 |
0.000 |
0.046 |
|
|
TOTAL BORROWING |
6.659 |
0.000 |
0.046 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.883 |
0.111 |
0.152 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.490 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.119 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.880 |
0.000 |
0.000 |
|
|
Sundry Debtors |
0.891 |
0.000 |
0.000 |
|
|
Cash & Bank Balances |
0.714 |
0.000 |
0.000 |
|
|
Other Current Assets |
0.010 |
0.130 |
0.054 |
|
|
Loans & Advances |
1.427 |
0.000 |
0.000 |
|
Total
Current Assets |
10.922 |
0.132 |
0.054 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000 |
0.010 |
0.020 |
|
|
Other Current Liabilities |
2.388 |
0.011 |
0.000 |
|
|
Provisions |
0.142 |
0.001 |
0.001 |
|
Total
Current Liabilities |
2.530 |
0.022 |
0.021 |
|
|
Net Current Assets |
8.392 |
0.110 |
0.033 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.883 |
0.111 |
0.152 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
13.398 |
0.007 |
0.006 |
|
|
|
Other Income |
NA |
|
|
|
|
|
TOTAL |
NA |
0.007 |
0.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
0.003 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
13.049 |
0.002 |
0.003 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
0.331 |
0.005 |
0.003 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.116 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
0.215 |
0.005 |
0.003 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spare parts |
4.156 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
4.156 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.75 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2010 |
|
Sales Turnover (Approximately) |
|
|
20.000 |
|
|
|
|
|
|
CIF Imports Value |
|
|
3.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
NA
|
71.43
|
50.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.47
|
NA
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.90
|
3.79
|
5.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.05
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.13
|
0.20
|
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.32
|
6.00
|
2.57 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
·
Subject was originally incorporated under the name
and style of “Kayem Marketing (P) Limited”. The company changed its name to
Kayem Infotech (Private) Limited w.e.f. 18.08.1999. Name change again as High
Tide Buildtech International Private Limited w.e.f. 11.06.2008.
·
Registered office of the company has been shifted
from No. 1,
FINANCIAL RESULTS
The company recorded a net profit of Rs.0.215 Million for the current
years against the previous year profit of Rs. 0.005 Million, the directors is
of view of achieving better result in forthcoming years.
FORM 8
|
Corporate identity number of the company |
U45500KA1992PTC012861 |
|
Name of the company |
HIGHTIDE BUILDTECH INTERNATIONAL PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Site No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft. Ring
Road, Mallathalli, Bangalore – 560 056, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Canara Bank Retail Assets Hub, C.O Bangalore Metro, 18, |
|
Nature of instrument creating charge |
Canara Mobile Loan Agreement |
|
Date of instrument Creating the charge |
19.06.2010 |
|
Amount secured by the charge |
Rs.0.450 million |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest 11% p.a Terms of Repayment Repayable in 60 months equated monthly instalments of Rs.0.010 million
per month commencing from 19/07/2010. Margin Nil Extent and Operation of the charge Until repayment is made in full. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of Four wheeler Honda Civic vide registration
No.KA06M6904 |
FIXED ASSETS
·
Plant and Machinery
·
Diesel Generator
·
Electrical Fittings
·
Fax Machine
·
Moulds
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] 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.45.77 |
|
|
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.65.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.