MIRA
INFORM REPORT
|
Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CIM TOOLS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No.467/469, Site No.1D, 12th Cross, IV Phase, Peenya
Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
28.02.1997 |
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Com. Reg. No.: |
08-21886 |
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Capital Investment / Paid-up Capital : |
Rs.17.000 Millions |
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|
CIN No.: [Company
Identification No.] |
U29199KA1997PTC021886 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC01546G |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
To carry on the business of design and manufacturer of components and
equipments in the field of mechanical, electrical and electronic engineering. |
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|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 361244 |
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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 as 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.467/469, Site No.1D, 12th Cross, IV Phase, Peenya Industrial
Area, |
|
Tel. No.: |
91-80-41171382/ 41171383 |
|
Fax No.: |
91-80-41171381 |
|
E-Mail : |
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Corporate Office : |
485/ 9 A 14th Cross, 4th Phase, Peenya
Industrial Area, Bangalore – 560058, Karnataka, India |
|
Tel No.: |
91-80-51171382 |
|
|
|
|
Factory : |
288, 4th Main, IV Phase, Peenya Industrial Area, |
|
Tel. No.: |
91-80-5584985 |
DIRECTORS
AS ON 27.08.2011
|
Name : |
Mr. Garani Srikanth Sheshadri |
|
Designation : |
Director |
|
Address : |
1988 I Floor, 8th Main, E Block, II Stage, Rajajinagar, |
|
Date of Birth/Age : |
03.07.1968 |
|
Date of Appointment : |
27.02.1997 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U29199KA1997PTC021886 |
CIM TOOLS PRIVATE LIMITED |
Director |
28/02/1997 |
28/02/1997 |
- |
Active |
NO |
|
2 |
U35303KA2005PTC036688 |
DUAL MANUFACTURING
TECHNOLOGIES PRIVATE LIMITED |
Director |
01/07/2005 |
01/07/2005 |
14/09/2009 |
Active |
NO |
|
3 |
U28113KA2005PTC037047 |
GARUDA AERO PRODUCTS
PRIVATE LIMITED |
Director |
25/08/2005 |
25/08/2005 |
- |
Under Process of Striking
off |
NO |
|
Name : |
Mr. Umesh Anekere Shankarnarayana |
|
Designation : |
Director |
|
Address : |
202, 10th Cross, NGEF Layout Nagar Bhavi, |
|
Date of Birth/Age : |
16.07.1968 |
|
Date of Appointment : |
27.02.1997 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U29199KA1997PTC021886 |
CIM TOOLS PRIVATE LIMITED |
Director |
28/02/1997 |
28/02/1997 |
- |
Active |
NO |
|
2 |
U35303KA2005PTC036688 |
DUAL MANUFACTURING
TECHNOLOGIES PRIVATE LIMITED |
Director |
01/07/2005 |
01/07/2005 |
14/09/2009 |
Active |
NO |
|
3 |
U28113KA2005PTC037047 |
GARUDA AERO PRODUCTS
PRIVATE LIMITED |
Director |
25/08/2005 |
25/08/2005 |
- |
Under Process of Striking
off |
NO |
|
Name : |
Mr. Vishwanath Prahladrao Deshpande |
|
Designation : |
Director |
|
Address : |
141 Chaitanya UAS Layout RMV Extn. II Stage, |
|
Date of Birth/Age : |
04.06.1968 |
|
Date of Appointment : |
27.02.1997 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U29199KA1997PTC021886 |
CIM TOOLS PRIVATE LIMITED |
Director |
28/02/1997 |
28/02/1997 |
- |
Active |
NO |
|
2 |
U35303KA2005PTC036688 |
DUAL MANUFACTURING
TECHNOLOGIES PRIVATE LIMITED |
Director |
01/07/2005 |
01/07/2005 |
14/09/2009 |
Active |
NO |
|
3 |
U28113KA2005PTC037047 |
GARUDA AERO PRODUCTS
PRIVATE LIMITED |
Director |
25/08/2005 |
25/08/2005 |
- |
Under Process of Striking
off |
NO |
KEY EXECUTIVES
|
Name : |
Mr. B. Mahesh Shenoy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. G S Srikanth |
|
5546 |
|
Mr. A S Umesh |
|
5546 |
|
Mr. V P Deshpande |
|
5548 |
|
Mr. Girish Deshpande |
|
100 |
|
Mrs. Vidya Deshpande |
|
87 |
|
Mrs. Jayashree Srikanth |
|
87 |
|
Mrs. Sridevi Umesh |
|
86 |
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Total |
|
17000 |
AS ON 27.08.2011
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of design and manufacturer of components and
equipments in the field of mechanical, electrical and electronic engineering. |
GENERAL INFORMATION
|
Bankers : |
Corporation Bank, , 114 M G Road, M G Road Branch, Bangalore – 560001,
Karnataka, India |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.1000/- each |
Rs.20.000 Millions |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000 |
Equity Shares |
Rs.1000/- each |
Rs.17.000 Millions |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.000 |
17.000 |
17.000 |
|
|
2] Share Application Money |
5.057 |
5.057 |
5.662 |
|
|
3] Reserves & Surplus |
68.254 |
50.000 |
38.256 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
90.311 |
72.057 |
60.918 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
141.078 |
135.281 |
120.248 |
|
|
2] Unsecured Loans |
12.957 |
6.942 |
5.720 |
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|
TOTAL BORROWING |
154.035 |
142.223 |
125.968 |
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|
DEFERRED TAX LIABILITIES |
11.410 |
8.768 |
7.697 |
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|
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|
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TOTAL |
255.756 |
223.048 |
194.583 |
|
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APPLICATION OF FUNDS |
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|
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|
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|
FIXED ASSETS [Net Block] |
163.035 |
132.884 |
128.055 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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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 |
42.819
|
42.915 |
34.576 |
|
|
Sundry Debtors |
69.987
|
62.472 |
46.888 |
|
|
Cash & Bank Balances |
6.778
|
8.600 |
3.922 |
|
|
Other Current Assets |
0.00
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.863
|
12.427 |
4.567 |
|
Total
Current Assets |
127.447
|
126.414 |
89.953 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.198
|
27.731 |
15.832 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
13.528
|
8.519 |
7.593 |
|
Total
Current Liabilities |
34.726
|
36.250 |
23.425 |
|
|
Net Current Assets |
92.721
|
90.164 |
66.528 |
|
|
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|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
255.756 |
223.048 |
194.583 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
252.933 |
173.630 |
121.668 |
|
|
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.392 |
47.920 |
45.267 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.440 |
18.453 |
17.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.952 |
29.467 |
27.579 |
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.762 |
10.653 |
11.937 |
|
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|
|
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.190 |
18.814 |
15.642 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
9.399 |
5.059 |
4.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
18.791 |
13.755 |
11.258 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.42
|
7.92 |
9.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.70
|
7.26 |
7.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.01
|
2.48 |
2.45 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
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|
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from
485/9A, 14th Cross, 4th Phase, Penya Industrial Area,
Peenya, Bangalore – 560058, Karnataka, India to present address 28.02.2007
PROSPECTS AND OUTLOOKS:
The Company has a substantial order book in
the exports which is well supported with the growing requirements of the
Aircrafts worldwide with the number of passenger travel increasing. India has
become the most favored Country, particular in the Aerospace sector with the
offset obligations being set for the OEMs and supplemented by the fast growing
private airlines. With this the offtake from the OEMs has increased and the
performance of the Company is well recognized for its delivery, cost and
quality. The sales of Rs.252.933 Millions during the FY: 2010-2011 as against
Rs. 173.630 Millions achieved for the year 20092010, itself shows the
indication of the growth and the Company's reputation.
Further it is pertinent to put on record that
the Company has signed/maintained Long Term General Agreement for continued
business relations with the existing Foreign Customers in Europe and America till
the year 2017. For two dedicated packages the Company has signed life time
agreements on the projects. Apart from this the Company has signed firm
agreements for the products being sold to these Customers till end of year 2017
that sums up to an order book of Rs. 3500.000 Millions.
Form 8:
|
Corporate identity number of the company |
U29199KA1997PTC021886 |
|
Name of the company |
CIM TOOLS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No.467-469, Site No.1d, 12th Cross,
Iv Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Immovable Property Movable Property Floating Charge |
|
Particular of charge holder |
CORPORATION BANK |
|
Nature of instrument creating charge |
Supplemental Common Deed of Hypothecation
of Movables/Assets/Debts Letter of Continuity (both the above pertain to the same
charge) |
|
Date of instrument Creating the charge |
17/05/2011 |
|
Amount secured by the charge |
Rs.197.200 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest WCDL - Base Rate + 5.25% i.e., 14.65% Other limits as per existing/sanction
terms Terms of Repayment WCDL - To be repaid in 12 months in 10
monthly instalments of Rs.12.50 lakhs per month with initial repayment
holiday of 2 months from the date of first disbursment under the loan.
Interest shall be paid separately as and when due and debited including the
repayment holiday. Other limits as per existing/sanction
terms Margin WCDL - Stock - 25%, Receivables - 25% Other limits as per existing/sanction
terms Extent and Operation of the charge The charge shall operate to the extent of
the loan amount plus interest commission costs expenses and other charges
thereon Others The said amount of Rs.197.200 Millions
comprises CC Rs.10.000 Millions, WCDL Rs.12.500 Millions, PC/FDBP Rs.60.000
Millions, Additional PCL Rs.5.000 Millions, Inland/Import LC/BG Rs.40.000
Millions, TL I Rs.0.400 Millions, TL II Rs.227 Millions, TL III Rs.2.100
Millions, TL IV Rs.21.100 Millions, TL V Rs.23.400 Millions |
|
Short particulars of the property charged |
Hypothecation by way of first charge on
Plant and machineries, furniture, fittings, other movable fixed assets, stock
of raw materials,, work in progress, finished goods, stores & spares,
Book Debts and other current assets both present & future stored or installed
at Plot No.467-469, Site No. 1D, 12th Cross, IV Phase, Peenya Industrial
Area, Bangalore- 560058 or at any other place and continuing security by way
of first of equitable mortgage of company's immovable property comprising
land with building and other structures (existing and to be constructed) at
Plot NO.467-469, Site NO.ID, 12th Cross, IV Phase, Peenya
Industrial Area, Bangalore 560058 or at any other place |
|
Date of instrument modifying the charge |
04/11/2010 |
|
Particulars of the present modification |
By the above, the amount secured by charge
stands enhanced from Rs.179.700 Millions to Rs.197.200 Millions (all other terms and conditions remain
unchanged) |
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.49.08 |
|
|
1 |
Rs.78.65 |
|
Euro |
1 |
Rs.67.79 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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.