MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
KJK POLYDIAMONDS
INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
2D Eldorado 2nd
Floor, 112, Nungambakkam, High Road, Chennai – 600 034, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
18.08.2005 |
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Com. Reg. No.: |
18-57219 |
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Capital Investment
/ Paid-up Capital : |
Rs.26.950 millions |
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CIN No.: [Company Identification
No.] |
U28939TN2005PTC057219 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEK07874G |
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PAN No.: [Permanent Account No.] |
AACCK6327P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business
: |
Manufactures and
Exports of Diamond Tools |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has incurred some losses in the current year. However, Trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Nanak |
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Designation : |
Accounts Manager |
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Contact No.: |
91-44-28206845 |
LOCATIONS
|
Registered Office : |
2D Eldorado 2nd
Floor, 112, Nungambakkam, High Road, Chennai – 600 034, |
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Tel. No.: |
91-44-28206845 / 28253337 |
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Fax No.: |
91-44-28241411 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Kannan
Jayakumar |
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Designation : |
Managing Director
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|
Address : |
No. 40, New 16, |
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Date of Birth : |
01.04.1944 |
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Date of Appointment : |
18.08.2005 |
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DIN No. : |
00153606 |
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Name : |
Mr. Kannan
Jayakumar Sudar Kumar |
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Designation : |
Managing Director |
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Address : |
No. 40, New 16, |
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Date of Birth : |
16.01.1980 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr. Kannan
Jayakumar Hiro Kumar |
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Designation : |
Director |
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Address : |
No. 40, New 16, |
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Date of Birth : |
02.12.1978 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mrs. Kannan
Jayakumar Geetha |
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Designation : |
Director |
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Address : |
No. 40, New 16, |
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Date of Birth : |
12.06.1951 |
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Date of Appointment : |
10.11.2007 |
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DIN No. : |
00153351 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Kannan Jayakumar |
|
1253300 |
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Mr. Kanaan Jayakumar Sudar Kumar |
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453400 |
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Mr. Kanaan Jayakumar Hirokumar |
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343300 |
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Mr. Kanaan Jayakumar Santhosh |
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275000 |
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Mrs. Kanaan Jayakumar Geetha |
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370000 |
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Total |
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2695000 |
List of Allotment
As on 05.03.2010
|
Names of Allottee |
|
No. of Shares |
|
K J Kumar |
|
187919 |
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K J Sudar Kumar |
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265722 |
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K J Hirokumar |
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288200 |
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K J Geetha |
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302433 |
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K J Santhosh |
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265726 |
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Total |
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1310000 |
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Names of Allottee |
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No. of Shares |
|
K J Kumar |
|
58000 |
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K J Sudar Kumar |
|
58000 |
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K J Hirokumar |
|
58000 |
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K J Geetha |
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58000 |
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K J Santhosh |
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58000 |
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Total |
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290000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and
Exports of Diamond Tools |
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Products : |
·
Inserts Tools ·
Shank Tools ·
Reamers ·
Cartridges ·
Holders |
GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
·
State Bank of ·
Central Bank of ·
Indusind Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K L Ramadurai Chartered Accountant |
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Address : |
G-2, Padmaja Apartments, 5/3, |
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Related Party : |
·
Diamond Boart International Private Limited ·
KJK Meister Honen Private Limited ·
KJK AK Global Techs Private Limited ·
KJK-AK Global Techs Private Limited |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2695000 |
Equity Shares |
Rs.10/- each |
Rs.26.950
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
26.950 |
26.950 |
14.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.251 |
7.701 |
4.048 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.201 |
34.651 |
18.148 |
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LOAN FUNDS |
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1] Secured Loans |
78.100 |
49.682 |
18.084 |
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2] Unsecured Loans |
4.168 |
0.200 |
0.141 |
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TOTAL BORROWING |
82.268 |
49.882 |
18.225 |
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DEFERRED TAX LIABILITIES |
1.360 |
1.360 |
0.162 |
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TOTAL |
111.829 |
85.893 |
36.535 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.124 |
47.906 |
28.409 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.268
|
11.525 |
5.425 |
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Sundry Debtors |
21.717
|
13.055 |
16.574 |
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Cash & Bank Balances |
0.137
|
0.257 |
0.277 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Advances and Deposits |
34.530
|
22.662 |
4.069 |
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Total
Current Assets |
68.652
|
47.499 |
26.345 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.616
|
7.757 |
16.007 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.457
|
1.943 |
2.463 |
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Total
Current Liabilities |
44.073
|
9.700 |
18.470 |
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Net Current Assets |
24.579
|
37.799 |
7.875 |
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PRELIMINARY EXPENSES WRITTEN OFF |
0.126 |
0.188 |
0.251 |
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TOTAL |
111.829 |
85.893 |
36.535 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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TURNOVER |
55.621 |
60.270 |
NA |
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PROFIT AFTER TAX
|
6.450 |
3.924 |
NA |
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EARNINGS IN FOREIGN
EXCHANGE |
0.613 |
0.153 |
0.197 |
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IMPORTS |
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Raw Materials |
6.910 |
7.127 |
9.644 |
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Capital Goods |
47.888 |
19.052 |
6.182 |
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TOTAL IMPORTS |
54.798 |
26.179 |
15.826 |
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Earnings Per
Share (Rs.) |
0.00 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.48
|
1.72 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
|
1.56
|
4.90 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The company has made a turnover of Rs.55.621 millions and ended up with a
loss of Rs.6.450 millions after tax. In the ensuing years the Directors are
Optimistic of increase in business volume and profit.
FORM 8
|
This form is for |
Modification of
charge |
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Corporate
identity number of the company |
U28939TN2005PTC057219 |
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Name of the
company |
KJK Polydiamonds
International Private Limited |
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Address of the
registered office or of the principal place of business in |
2D Eldorado 2nd
Floor, 112, Nungambakkam, High Road, Chennai – 600 034, |
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Type of charge |
·
Book
Debts ·
Movable
Property |
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Particular of
charge holder |
State Bank of 110/1, Uthamar Gandhi Salai, Nungambakkam, Chennai – 600 034, |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
loan-cum-hypothecation SME- 4 for
Rs.146.800 millions dated 14/11/2008 . |
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Date of
instrument Creating the charge |
14.11.2008 |
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Amount secured by
the charge |
Rs.146.800 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working
Capital-State Bank Advance Rate (SBAR) with a minimum of 13.75% p.a. monthly
rests (Present effective rate 13.75% ). Term Loan- SBAR
with a minimum of 15.75% p.a. monthly rests (Present effective rate 15.75% ). Terms of
Repayment W C : Repayable
on demand .the facility which has been sanctioned on 23-10-2008 is available
for 12 months from the date. Margin Working Capital-Raw
materials (Imported)- 25%; Raw materials
(Indigenous)- 25%; Semi-Finished
goods- 25%; Finished Goods-
25%; Domestic
Receivables (cover period 90 days)- 40%; Letter of credit
( working capital) - 25%. Term Loan -
20.75%; Bank guarantees -
25%. Extent and
Operation of the charge The charge is to
operate as security by way of first charge for the due repayment of various
credit facilities aggregating to Rs.146.800 millions together with the
interest, additional interest, cost, charges, expenses and all other moneys
payable by company. Hypothecation of
plant and future stocks , goods, raw materials, book-debts, movable plant and
machineries and other movable assets, referred to in the said agreements as :
the said assets: in favour favour of the bank as and by way of FIRST charge . |
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Short particulars
of the property charged |
1.Hypothecation
of Current assets namely Raw materials; Stocks-in-Progress; Finished Goods;
Machinery, Consumables; Stores; Spares; Receivables and other Current Assets. 2.C C -
(Hypothecation of stocks/ book debts), standing by line of credit. |
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Particulars of
the present modification |
By the present
modification the limits are revised/modified as under:
The existing
charge shall continue. |
FIXED ASSETS
·
Plant and Machinery
·
Factory Equipments
·
Furniture and Fittings
·
Electrical Fittings
·
Office Equipment
·
Computers
·
Motor Car
·
Motor Bikes
WEB DETAILS
Profile
Subject is a company from the ‘House of Kumars'
with a vibrant environment and a wealth of professional human, plays an
important role as a global knowledge based organization, recognized in many
countries for its innovative capabilities and technologies. It offers many
compelling advantages, including its highly skilled work force, production, R
and D facilities, high standard of tooling and proximity to leaders in
technology makes as a prime partner for its clients worldwide
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.44.93 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.