MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SANWA DIAMOND TOOLS PRIVATE LIMITED |
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Registered
Office : |
No.7, Narang Chambers, 3rd Floor, Opposite Town Hall, N. R.
Road, Bangalore-560002, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.12.1993 |
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Com. Reg. No.: |
55-015088 |
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Capital
Investment / Paid-up Capital : |
Rs.5.138 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1993PTC015088 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS04199G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Diamond Cutting Tools, Stone Cutting Tools
and Diamond Tools. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 910000 |
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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 a well 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Mukund R. |
|
Designation : |
Accountant |
|
Contact No.: |
91-9731106203 |
|
Date : |
04.07.2011 |
LOCATIONS
|
Registered Office : |
No.7, Narang Chambers, 3rd Floor, Opposite Town Hall, N. R.
Road, Bangalore-560002, Karnataka, India |
|
Tel. No.: |
91-80-23320288 |
|
Mobile No.: |
91-9731106203 (Mr. Mukund R.) |
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Fax No.: |
91-80-22278269 |
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E-Mail : |
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Website : |
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Area: |
500 sq. ft. |
|
Location : |
Rented |
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Corporate Office : |
My |
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Tel. No.: |
91-80-22234891 / 41531160 |
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Fax No.: |
91-80-22278269 |
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E-Mail : |
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|
Website : |
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Area: |
3500 sq. ft. |
|
Location : |
Rented |
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Factory: |
No. 30 to 34 and 39, KIADB Industrial Area, Sqmahali Maddur Taluka,
Mandya District, Karnataka, India |
|
Location : |
Owned |
DIRECTORS
As On 31.09.2009
|
Name : |
Mr. A R Salgame |
|
Designation : |
Director |
|
Address : |
No. 1303, Sai Nivas, 32 F Cross, Jayanagar, Bangalore-560043, |
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Date of Birth/Age : |
22.02.1958 |
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Date of Appointment : |
31.12.1993 |
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|
|
|
Name : |
Mr. P Raju |
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Designation : |
Managing Director |
|
Address : |
No. 108, Dheeraj Manor, 24 Kensington road, Ulsoor, Bangalore-560008, |
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Date of Birth/Age : |
04.12.1967 |
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Date of Appointment : |
31.12.1993 |
KEY EXECUTIVES
|
Name : |
Mr. Mukund R. |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
A R Salgame |
|
13934 |
|
P Raju |
|
5728 |
|
Geetha Slagame |
|
3282 |
|
Saroja Ramchandran |
|
1723 |
|
Kamala |
|
500 |
|
Ansal Granicom Private Limited, |
|
22477 |
|
Chandrashekar Reddy |
|
165 |
|
Gopala Krishamurthy |
|
112 |
|
Irranna B Bawoorkar |
|
100 |
|
Kastoori Prakash |
|
175 |
|
Narasimha Rao |
|
112 |
|
Narayana |
|
112 |
|
Narendra Reddy |
|
137 |
|
Shree |
|
85 |
|
Vishnu Granite |
|
105 |
|
Agarwal Stones |
|
35 |
|
Annapoorna Marbles |
|
100 |
|
Aravi Granites Private Limited, |
|
55 |
|
Bandore Slates |
|
100 |
|
Jain Tools |
|
112 |
AS ON 31.09.2009
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamond Cutting Tools, Stone Cutting
Tools and Diamond Tools. |
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|
|
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Products : |
Ř
Diamond segmented
circular saw blades Ř
Spare Diamond segments Ř
Diamond wire saw beads Ř Diamond core drills |
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Exports : |
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Products : |
Diamond Cutting Tools |
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Countries : |
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Imports : |
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Products : |
Industrial Diamond Powder |
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Countries : |
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Terms : |
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Selling : |
Credit / TT |
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Purchasing : |
Credit / Advance / TT |
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GENERAL INFORMATION
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No. of Employees
: |
150 (Approximately) |
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Bankers : |
v State Bank of
India, Bangalore City Branch, No.22, J. C. Road, Bangalore-560002, Karnataka,
India v ICICI Bank v HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mohan Venkatesh Rajagopal and Company Chartered Accountant |
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Address : |
2954, B and C, Ramdas Complex, Mahakavi Kuvempu Road, 2nd
Stage, Rajaji Nagar, Bangalore-560010, Karnataka, India |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital : Rs.50.000 millions
Issued, Subscribed & Paid-up Capital : Rs.5.138
millions
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000 |
Equity Shares |
Rs.100/- each |
Rs.9.500 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28904 |
Equity Shares |
Rs.100/- each |
Rs.2.890
millions |
|
|
Shares issued to Ansal Granicom Private Limited towards Purchase
Consideration of Business (22477 shares at premium of Rs.2000/-) |
|
Rs.2.248
millions |
|
|
Total
|
|
Rs.5.138 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.138 |
5.138 |
5.138 |
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|
2] Share Application Money |
7.132 |
7.132 |
7.132 |
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|
3] Reserves & Surplus |
215.199 |
165.313 |
175.878 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
227.469 |
177.583 |
188.148 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.351 |
10.218 |
19.001 |
|
|
2] Unsecured Loans |
0.554 |
0.554 |
0.554 |
|
|
TOTAL BORROWING |
16.905 |
10.772 |
19.555 |
|
|
DEFERRED TAX LIABILITIES |
18.092 |
15.453 |
13.452 |
|
|
|
|
|
|
|
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TOTAL |
262.466 |
203.808 |
221.155 |
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APPLICATION OF FUNDS |
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|
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|
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|
|
|
|
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FIXED ASSETS [Net Block] |
153.444 |
124.852 |
108.559 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
71.968 |
55.375 |
87.015 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.486
|
16.300 |
7.682 |
|
|
Sundry Debtors |
55.257
|
18.092 |
35.021 |
|
|
Cash & Bank Balances |
9.062
|
23.593 |
2.162 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
6.737
|
7.513 |
29.282 |
|
Total
Current Assets |
91.542
|
65.498 |
74.147 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.901
|
18.484 |
|
|
|
Other Current Liabilities |
6.493
|
7.695 |
45.413 |
|
|
Provisions |
13.094
|
15.738 |
3.153 |
|
Total
Current Liabilities |
54.488
|
41.917 |
48.566 |
|
|
Net Current Assets |
37.054
|
23.581 |
25.581 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
262.466 |
203.808 |
221.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
233.483 |
166.867 |
176.528 |
|
|
|
Other Income |
14.614 |
2.313 |
0.168 |
|
|
|
Income from Investment |
9.550 |
5.488 |
18.608 |
|
|
|
TOTAL (A) |
257.647 |
174.668 |
195.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
123.820 |
81.931 |
95.550 |
|
|
|
Operating Expenses |
26.383 |
17.145 |
17.194 |
|
|
|
Increase/(Decrease) in Finished Goods |
(6.428) |
(0.926) |
(2.220) |
|
|
|
Selling and Distribution Expenses |
4.554 |
2.843 |
3.303 |
|
|
|
Investment Expenses |
1.682 |
24.829 |
1.355 |
|
|
|
Administrative Expenses |
32.483 |
22.051 |
20.912 |
|
|
|
R and D Expenses |
0.070 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
182.564 |
147.873 |
136.094 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75.083 |
26.795 |
59.210 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.932 |
2.708 |
2.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.151 |
24.087 |
56.320 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.437 |
7.166 |
6.394 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.714 |
16.921 |
49.926 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.190 |
10.377 |
1.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
52.524 |
6.544 |
48.888 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR
DEFERRED TAX LIABILITY |
2.639 |
2.001 |
3.996 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
49.885 |
4.543 |
44.892 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
1.689 |
6.369 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
66.961 |
57.363 |
NA |
|
|
|
Finished Goods |
10.726 |
5.665 |
NA |
|
|
TOTAL IMPORTS |
77.687 |
63.028 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
213.700 |
The above information has been parted by Mr. Mukund R. (Accountant).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
20.39
|
3.75 |
25.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.72
|
10.14 |
0.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.41
|
8.89 |
27.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.09 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.38 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.56 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U85110KA1993PTC015088 |
|
Name of the
company |
SANWA
DIAMOND TOOLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.7, Narang Chambers, 3rd Floor, Opposite Town Hall, N. R.
Road, Bangalore-560002, Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge
holder |
State Bank of India, Bangalore City Branch, No.22, J. C. Road,
Bangalore-560002, Karnataka, India |
|
Nature of
instrument creating charge |
a)
Supplemental Agreement Of Loan Cum Hypothecation b)
Letter Of Arrangement c)
Mortgage Letter All
Documents Relate To Single Modification Of Charge |
|
Date of
instrument Creating the charge |
19.03.2010 |
|
Amount secured by
the charge |
Rs.23.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC:Interest
at the rate of 1.00% above SBAR Presently Effective Rate 12.75% p.a Terms of
repayment As on demand Margin Margin 25% Extent and
operation of the charge Hypothecation
of charge over entire stocks, Book debts, Receivable, plant and machineries,
movables and all other Current Assets belonging to the company (CC
(Receivables):Rs.7.000 millions, CC (Stocks):Rs.9.000 millions, TL:Rs.7.000
millions and BG:Rs.0.500 million) |
|
Short particulars
of the property charged (Including location of the property) |
Hyp.
of present and future stocks, book debts, Receivables bills, claims, bills,
outstanding, rights and spares, plant and machineries, movables, and all
other Current assets. Equitable
mortgage created by deposit of title deeds on company’s immovable properties
at Plot No.39, KIADB Industrial Area, Sy.No.9, Somanahalli, Maddur Taluk.
Mandy Dist. Together with all buildings, structures etc thereon |
|
Charge
identification number of the charge to be modified |
10009458 |
|
Date of
instrument modifying the charge |
23.02.2008 |
|
Particulars of
the present modification |
Total
limits modified to Rs.23.500 millions (CC (Receivables):Rs.7.000
millions, CC (Stocks):Rs.9.000 millions, TL:Rs.7.000 millions and BG:Rs.0.500
million) All
other terms and conditions including securities to continue for the entire
limits |
TRADE REFERENCES:
- Vivek Agency,
Mumbai
- Suman Steel,
Mumbai
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Vehicle
- Office
Equipments
- Plant and
Machinery
- R and D
Assets
- Electrical
Installations
- Safety
Equipments
- Moulds and
Dies
- Factory
Equipments
- Solar Tank
- Borewell
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.44.45 |
|
|
1 |
Rs.71.53 |
|
Euro |
1 |
Rs.64.62 |
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 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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.