MIRA
INFORM REPORT
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Report Date : |
21.02.2011 |
Note:
The given address of the company has been
verified and validated by us.
IDENTIFICATION DETAILS
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Name : |
FINE COMPONENTS AND TOOLS PRIVATE LIMITED |
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Registered Office : |
# 110-H, Bommasandra Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.09.1997 |
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Com. Reg. No.: |
08-022731 |
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CIN No.: [Company
Identification No.] |
U28920KA1997PTC022731 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRF01122C / BLRF00319E |
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PAN No.: [Permanent
Account No.] |
AAACF2573J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Pressed Components and Automobile Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually 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
|
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 DECLINED BY
Management Non Co-Operative.
LOCATIONS
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Registered Office / Factory - I
: |
# 110-H, Bommasandra Industrial Area, |
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Tel. No.: |
91-80-27834666 / 27834626 |
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Fax No.: |
91-80-27834266 |
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E-Mail : |
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Factory - II : |
# 133, Bommasandra Industrial Area, |
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Tel No.: |
91-80-27833447 |
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Fax No.: |
91-80-41658067 |
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E-mail: |
DIRECTORS
As on 21.09.2010
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Name : |
Mr. Chinnathambi Krishnamoorthy |
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Designation : |
Chairman cum Managing Director |
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Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM Layout, 2nd Stage,
Bangalore- 560076, Karnataka, India |
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PAN No.: |
ADCPK7510N |
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Date of Birth/Age : |
04.02.1948 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Gopinath Krishnamoorthy |
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Designation : |
Managing Director |
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Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
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PAN No.: |
ABZPG3972D |
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Date of Birth/Age : |
09.07.1974 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mrs. Kavitha Krishnamoorthy |
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Designation : |
Director |
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Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
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PAN No.: |
AIUPK3918R |
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Date of Birth/Age : |
23.08.1976 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mrs. Bhanumathi Krishnamoorthy |
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Designation : |
Director |
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Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
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PAN No.: |
ADDPB6511B |
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Date of Birth/Age : |
17.03.1952 |
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Date of Appointment : |
22.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
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Names of Shareholders |
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No. of Shares |
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Gopinath Krishnamoorthy |
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27774 |
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Krishnamoorthy Chinnathambi |
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27776 |
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Bhanumathi Krishnamoorthy |
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23100 |
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Kavitha Krishnamoorthy |
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21350 |
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Total |
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100000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Pressed Components and Automobile Parts. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities : |
Note: The Loans
Secured from Bank of India are secured by the personal guarantee of the
Director's and by the mortgage of the residential property owned by the
Director of the Company). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MSSV and Company Chartered Accountants |
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Address : |
63/2, 2nd Floor, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 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 |
10.000 |
10.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
111.742 |
83.557 |
72.515 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
121.742 |
93.557 |
77.515 |
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LOAN FUNDS |
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1] Secured Loans |
46.936 |
53.007 |
73.076 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
46.936 |
53.007 |
73.076 |
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DEFERRED TAX LIABILITIES |
1.084 |
1.803 |
3.895 |
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TOTAL |
169.762 |
148.367 |
154.486 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
108.191 |
99.905 |
110.518 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.529 |
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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 |
10.091
|
4.035
|
3.726 |
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Sundry Debtors |
99.220
|
42.826
|
40.954 |
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Cash & Bank Balances |
42.417
|
32.007
|
8.921 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
37.558
|
19.553
|
14.580 |
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Total
Current Assets |
189.286 |
98.421
|
68.181 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
85.419
|
22.319
|
14.546 |
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|
27.006
|
13.024
|
0.300 |
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Provisions |
15.290
|
14.616
|
9.896 |
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Total
Current Liabilities |
127.715
|
49.959
|
24.742 |
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Net Current Assets |
61.571
|
48.462
|
43.439 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
169.762 |
148.367 |
154.486 |
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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 |
417.931 |
247.969 |
251.784 |
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Labour chargers Received |
60.433 |
60.725 |
0.000 |
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Other Income |
2.108 |
1.050 |
3.366 |
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TOTAL (A) |
480.472 |
309.744 |
255.150 |
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Less |
EXPENSES |
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Operating Expenses |
346.175 |
197.395 |
210.048 |
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Administrative, Selling and Distribution Expenses |
68.318 |
50.685 |
50.815 |
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TOTAL (B) |
414.493 |
248.080 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.979 |
61.664 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
4.920 |
7.106 |
8.565 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
61.059 |
54.558 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.302 |
19.410 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
42.757 |
35.148 |
NA |
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Less |
TAX (I) |
14.571 |
24.107 |
NA |
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PROFIT AFTER TAX
(G-I) (J) |
28.186 |
11.041 |
(2.628) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
80.318 |
69.277 |
NA |
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Less |
APPROPRIATIONS |
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BALANCE CARRIED
TO THE B/S |
108.504 |
80.318 |
-- |
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IMPORTS |
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Import Value |
Nil |
Nil |
28.721 |
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TOTAL IMPORTS |
Nil |
Nil |
28.721 |
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Earnings Per
Share (Rs.) |
282 |
227 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.87
|
3.56 |
(1.03) |
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Net Profit Margin (PBT/Sales) |
(%) |
10.23
|
14.17 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.37
|
17.72 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.38 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.43
|
1.10 |
1.26 |
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Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.97 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Company is
engaged in the Manufacturing of Pressed Components and Automobile Parts. The
transactions for the year ended 31.03.2010 resulted in profit of Rs. 42.757 Millions
(PY Rs. 35.148 Millions) - after providing depreciation of Rs. 18.302 Millions
(PY Rs. 35.148 Millions). The company has made provision on account of current
tax to the extent of Rs. 15.290 Millions (Previous year Rs. 14.430 Millions),
and on account of deferred tax to the extent of Rs. (0.719 Million) (PY Rs.
2.092 Millions) on account of timing difference.
Bankers Charges
Report as per Registry
|
Name of the company |
FINE COMPONENTS
AND TOOLS PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
25.06.1999 (Regd.
Doc. 06/23.07.1999)
[All documents to single charge ]
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.617
Millions |
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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
stocks, book-debts, movable property, goods, plant and machinery belonging to
t he company. Equitable mortgage created by deposit of title deeds on
immovable property at 110-H, |
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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. |
Bank of Balaji Complex No. 28, |
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6) Date and brief description of instrument modifying the charge |
26.02.2005
[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 / modified from Rs. 30.257 Millions to Rs. 43.099 Millions
Hypothecation of all
tangible movable machineries including in particular 4 Nos. Precision Press
machines and 1 no. automotive press feeder along with fittings, fixtures etc.
installed at their factory premises at Bangalore and / or in transit and / or
situate else where belonging to the company. Extension of
equitable mortgage on companies immovable properties situated at plot Nos.
133, 110-G and 110-H, Sy. Nos. 98, 70 and 170, Bommasandra Industrial Area,
Hebbagodi Village, Attibele Hobli, Anekal Taluk, Bangalore District to
continue. All other terms,
conditions and existing securities to continue. |
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28920KA1997PTC022731 |
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Name of the
company |
FINE COMPONENTS AND TOOLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
# 110-H, Bommasandra Industrial Area, |
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Type of charge |
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Particular of
charge holder |
Bank of Bangalore SSI
Branch Bank of Madiwala, |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of Loan
cum Hypothecation |
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Date of
instrument Creating the charge |
28.04.2008 |
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Amount secured by
the charge |
Rs. 2.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest RATE : 1) Demand
Loan – At 0.75 % below with a minimum of 12 % P.A. Rising or Falling
therewith, on daily products with monthly rests. Penal interest
for non compliance of terms of sanction : Max 2 % per annum over the normal
rate. Prepayment penalty as per terms of sanction Terms of
Repayment Vehicles Loan :
in 36 Monthly instalments of Rs. 0.080 Million with effect from May 2008 Margin As per sanction Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future movable assets vehicles spares components
accessories and assets to be purchased out of bank finance |
Fixed Assets:
·
Building
·
Computer
·
Electrical Equipments
·
Furniture and Fixtures
·
Land
·
Lease hold Land
·
Material Handling Equipments
·
Office Car
·
Office Equipments
·
Office Scooter
·
Plant and Machinery
·
Tempo-407
·
Tools and Others
·
Transformer and Electrical Equipments
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.