MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
GUINDY MACHINE TOOLS LIMITED |
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Registered
Office : |
214, [Old No.196], Velachery Tambaram, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
28.10.1959 |
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Com. Reg. No.: |
18-003951 |
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Capital
Investment / Paid-up Capital : |
Rs.12.106 Millions |
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CIN No.: [Company Identification
No.] |
U29130TN1959PLC003951 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHET00638B |
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PAN No.: [Permanent Account No.] |
AAACG1118Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Work holding Devices and Metrology Equipments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [48] |
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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 760000 |
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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 records.
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
|
Name : |
Mrs. V L Satiya |
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Designation : |
Finance Manager |
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Contact No.: |
91-44-22460627 |
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Date : |
03.06.2011 |
LOCATIONS
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Registered Office : |
214, [Old No.196], Velachery Tambaram, |
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Tel. No.: |
91-44-22460624 / 629 / 22460811 / 22460812 / 22461103 / 22462213 |
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Fax No.: |
91-44-22460112 / 22460317 |
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E-Mail : |
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Website : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Balasubramaniam Venugopal |
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Designation : |
Director |
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Address : |
NO.47, 3rd |
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Date of Birth/Age : |
02.06.1947 |
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Date of Appointment : |
01.04.2006 |
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DIN : |
00186010 |
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Name : |
Mr. Swaminathan Mani Jayashrre |
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Designation : |
Managing Director |
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Address : |
Flatia No.17, |
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Date of Birth/Age : |
13.04.1958 |
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Date of Appointment : |
28.09.2002 |
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DIN : |
00186174 |
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Name : |
Mr. Venkat Raman Leela |
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Designation : |
Whole-time Director |
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Address : |
16, First East Street, Kamarat Nagar, Thiruvanniyur, Chennai – 600041,
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Date of Birth/Age : |
03.05.1933 |
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Date of Appointment : |
28.09.2002 |
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DIN : |
00186313 |
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Name : |
Mr. Krishnamachari Jagannathan |
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Designation : |
Director |
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Address : |
1-15, Prakriti , 365- 368, |
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Date of Birth/Age : |
23.12.1938 |
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Date of Appointment : |
01.04.2006 |
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DIN : |
00186245 |
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Name : |
Mr. Venkatakrishnan R |
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Designation : |
Director |
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Address : |
G2, oyster Opera 35 and 36, Gangaz Street, Besant Nagar, Chennai –
600090, Tamilnadu, India |
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Date of Birth/Age : |
22.11.1958 |
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Date of Appointment : |
19.02.2007 |
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DIN : |
00332632 |
KEY EXECUTIVES
|
Name : |
Mrs. V L Satiya |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr.K.V.Abraham |
|
750 |
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Mr.L.Amalraj |
|
900 |
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Ms.Anjana Chaturbhuj Dingwaney |
|
3000 |
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Mr.L.Balakrishnan |
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9900 |
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Mrs.Bhairavi H.Shah |
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12000 |
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Mrs.Bhavani Srinivasan |
|
12825 |
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Mrs.Challagalla Sita Prasad |
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1050 |
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Mr.G.Chidambar |
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3600 |
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Smt.S.Chempakkam |
|
14460 |
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Mrs.Elisheba Chacko |
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2125 |
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Mr.Gangadhar Kakamari |
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1500 |
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Mr. and Mrs.Harshad M Shah |
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21000 |
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Mrs.Hemalata Krishnamurthy |
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4500 |
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Mrs.Indira Srinivasan |
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9000 |
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Mrs.Jayashrree S.Mani |
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189900 |
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Mr.Kartik J Shah |
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12000 |
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Mrs.Leela Venkat Raman |
|
645550 |
As on 29.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
69.50 |
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Other top fifty shareholders |
22.80 |
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Others |
7.70 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Work holding Devices and Metrology Equipments |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijaya Raghavan and Associates Chartered Accountant |
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Address : |
New No.51, |
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Subsidiaries : |
Quick Thread Private Limited CIN : U17231TN1937PTC006353 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/-each |
Rs.20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
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|
|
|
1,210,602 |
Equity Shares |
Rs.10/-each |
Rs.12.106 millions |
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Of the above 779214 shares were allotted as
fully paid up by issue of bonus shares by way of capitalization of reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.106 |
12.106 |
12.106 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
179.841 |
173.930 |
165.275 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
191.947 |
186.036 |
177.381 |
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LOAN FUNDS |
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1] Secured Loans |
56.857 |
78.214 |
82.270 |
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2] Unsecured Loans |
4.200 |
8.200 |
3.200 |
|
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TOTAL BORROWING |
61.057 |
86.414 |
85.470 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
1.398 |
2.878 |
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TOTAL |
253.004 |
273.848 |
265.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
171.805 |
190.798 |
178.299 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.863 |
3.117 |
8.975 |
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DEFERREX TAX ASSETS |
0.060 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
53.897
|
51.820 |
40.652 |
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Sundry Debtors |
19.814
|
27.647 |
31.843 |
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Cash & Bank Balances |
23.805
|
9.763 |
19.260 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
83.707
|
58.549 |
59.445 |
|
Total
Current Assets |
181.223
|
147.779 |
151.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
-
|
15.856 |
13.047 |
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Other Current Liabilities |
90.552
|
47.118 |
33.434 |
|
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Provisions |
13.395
|
4.872 |
26.264 |
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Total
Current Liabilities |
103.947
|
67.846 |
72.745 |
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Net Current Assets |
77.276
|
79.933 |
78.455 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
253.004 |
273.848 |
265.729 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
230.667 |
291.926 |
319.298 |
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TOTAL |
230.667 |
291.926 |
319.298 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
190.014 |
259.951 |
236.009 |
|
|
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TOTAL |
190.014 |
259.951 |
236.009 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.653 |
31.975 |
83.289 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
22.805 |
23.817 |
22.461 |
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PROFIT BEFORE
TAX |
17.848 |
8.158 |
60.828 |
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Less |
TAX |
4.862 |
0.337 |
20.750 |
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PROFIT AFTER TAX
|
12.986 |
7.821 |
40.078 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.591 |
11.460 |
7.882 |
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|
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Excess
Tax Provision for earlier years |
0.000 |
0.231 |
0.061 |
|
|
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|
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|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
NA |
|
|
|
Dividend |
6.053 |
2.421 |
NA |
|
|
|
Tax on Dividend |
1.023 |
0.411 |
NA |
|
|
|
Shirt Tax provision made for the earlier
years |
0.000 |
0.089 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
12.501 |
11.591 |
NA |
|
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|
Earnings Per
Share (Rs.) |
10.73 |
6.46 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.63
|
2.68 |
12.55 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.74
|
2.79 |
19.05 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.05
|
2.41 |
18.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.04 |
0.34 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.83 |
0.89 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
2.18 |
2.08 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS :-
The Company has achieved a turnover
of Rs.228.300 millions during the year. This turnover has been achieved by the
Company in spite of the global economic crisis during 2009-2010. The global
downturn and economic crisis resulted in reduced sales. There was a dip in the
inflow of orders particularly from our OEM customers in the Machine Tools
Sector and from other automotive industries because of prevailing market
conditions..
The outlook for the current
year is very positive, there are clear indicators for increase in the demand
for their products particularly from OEM customers in the Machine Tools Sector,
the Automotive and other General Engineering Industries. The company is
confident of achieving a much higher turnover during 2010-11.
There is rise in net surplus
in spite of reduced turnover, as a result of the cost control measures taken by
the Management to bring down the expenses. Other contributing factors have been
a steady increase in demand for ferrous castings and specials. While order in
flow from original equipment manufacturers, declined, orders from end users
sustained them through this period.
APPROPRIATION :-
The Board of Directors after
taking into consideration the overall profitability position is pleased to
recommend a dividend at the rate of Rs 3.00 per share on the paid up share
capital of the company as on 31.03.2010. The board is further pleased to
recommend an additional dividend of Rs.2 per share in commemoration of the
fiftieth year since incorporation bringing the total to Rs. 5 per share. This
would amount to Rs.7.075 millions including dividend distribution tax of
16.995% together with cess and surcharge payable thereon, out of the surplus
available after Income-Tax.
FUTURE PROSPECTS :-
The general trend and
prospects of business are challenging but in the current market scenario their
inflow of orders from various sectors is expected to rise. In the current
situation the board is cautiously optimistic on the performance for the current
year.
The order book on hand pending
for execution as on 31.03.2010 was Rs.30.000 millions approximately.
The quality of their products
and their reputation for enduring performance with their customers in the end
user sector as well as the OEMs have been well. established. There is a need to
augment existing production capacity to meet the increasing demand, in
particular for Co-Ordinate Measuring Machines and Ferrous Foundry Business and
the Management is taking active efforts in this direction.
The Board is currently checking
ways to grow the business in various ways by looking for niche product ranges
with high value addition.
A new team of young engineers have been recruited to strengthen the sales and marketing efforts of the company. Apart from this, the World Wide Web is being actively used to generate enquiries.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29130TN1959PLC003951 |
|
Name of the
company |
GUINDY MACHINE
TOOLS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Velachery Main
Roadpallikaranai Chennai, Pallikaranai Chennai – 601302, Tamil |
|
This form is for |
Modification
of Charge |
|
Charge identification
(ID) number of the charge to be modified |
90302483 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Releasing of
Title Deeds |
|
Date of
instrument Creating the charge |
15.02.2011 |
|
Amount secured by
the charge |
Rs.110.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- As per the existing Terms and Conditions. Terms of
Repayment - As per the existing Terms and Conditions. Margin - As per
the existing Terms and Conditions. Extent and
Operation of the charge - The Title Deeds relating to the immovable
properties statuted at B-22, SIPCOT, Industrial Park, Oragadam has been
released from the security. Other existing securities remain same. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The existing
charge on the Current Assets and the immovable properties belonging to the
Company shall continue to secure the existing limit other than the immovable
properties mentioned below The immovable properties statuted at B-22, SIPCOT,
Industrial Park, Oragadam has been released from the security. |
|
Date of
instrument modifying the charge |
14.09.2009 |
|
Particulars of
the present modification |
By the present modification
the existing overall limit to an extent of Rs.110.000 millions remain same
and secured by the existing charge on the Current Assets and the immovable
properties belonging to the Company shall continue to secure the existing
limit other than the immovable properties mentioned below The immovable
properties situated at B-22, SIPCOT, Industrial Park, Oragadam has been
released from the security. |
FIXED ASSETS :
- Land
- Building
- Machinery
- Precision
Instrument
- Pattern and
Dies
- Jigs and
Fixtures
- Works
Equipments
- Furniture and
Fittings
- Computer
- Cylindrical
Grinding Machine
- Grinding
Machine
- Wedge
Grinding Machine
- CAD /
- Office
Equipments
- Electrical
Installations
- Vehicles
- Goodwill
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.44.72 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.