|
Report Date : |
15.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED (Transfer from |
|
|
|
|
Registered
Office : |
D-601, Campus D, 6th Floor, RMZ Centennia, Kundalahalli Main
Road, Bangalore-560048, Karnataka |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
05.04.1991 |
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|
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Com. Reg. No.: |
08-37495 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 372.183 Millions |
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|
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|
CIN No.: [Company Identification
No.] |
U05190KA1991PTC037495 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Security Systems and Fire Protections. |
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|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 record. There
appears huge accumulated losses profitability of the company is under sever
pressure. Trade relations are reported as fair. Business is active. Payment
are reported to be slow. The company can be considered for business dealing on a secured trade
terms and conditions. Current year profit and loss account is not available. |
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 : |
D-601, Campus D, 6th Floor, RMZ Centennia, Kundalahalli
Main Road, Bangalore-560048, Karnataka, India
|
|
Tel. No.: |
91-80-41990990 |
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Fax No.: |
91-80-41163329 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Amar Gundlagutta Subash |
|
Designation : |
Director |
|
Address : |
2304 |
|
Date of Birth/Age : |
10.04.1972 |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
00168968 |
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|
|
|
Name : |
Mr. Bhaskhar Padmanabhan |
|
Designation : |
Director |
|
Address : |
15, A and B, Yamuna, Shri Krishna Nagar Apartments, Annasandra Palya,
Bangalore-560017, Karnataka, India |
|
Date of Birth/Age : |
05.02.1958 |
|
Date of Appointment : |
26.02.2011 |
|
DIN No.: |
03409121 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Tyco Asia Investments Limited, |
37218347 |
|
Amar G. Subash |
1 |
|
TOTAL |
37218348 |
AS ON 30.03.2012
|
Names of Allottees |
No. of Shares |
|
Tyco Asia Investments Limited, |
101161652 |
|
TOTAL |
101161652 |
AS ON 30.03.2012
|
Names of Allottees |
No. of Shares |
|
Tyco Asia Investments Limited, |
51620000 |
|
TOTAL |
51620000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Security Systems and Fire Protections. |
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
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Bankers : |
· HDFC Bank Whitefield, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Deloitte Centre, |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Pan No: |
AACFD3771D |
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Subsidiaries : |
·
Tyco Asia Investmetns Limited |
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|
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|
Other Related Parties : |
Agni Controls
Chennai Private Limited U29193TN2008PTC068558 Current Technologies
(India) Private Limited U29268MH2010PTC199548 Baliga Lighting
Equipments Private Limited U29303TN1961PTC004519 Delton Cables
Limited L31300DL1964PLC004255 Varsha Cables
Private Limited U85110KA1995PTC017778 ·
Gururaja Electronics ·
Ghosh Engineering Industries ·
Haritasa Electronics Inc. ·
M. S. Fittings Manufacturing Company Private
Limited ·
New Age Industries ·
Shah Bhogilal Jethalal and Bros. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37218348 |
Equity Shares |
Rs.10/- each |
Rs. 372.183
Millions |
|
|
|
|
|
Note:
The entire paid up
capital is held by Tyco Asia Investments Limited Mauritius and its nominee. The
ultimate holding Company is Tyco International Limited Switzerland
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs. 1900.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190000000 |
Equity Shares |
Rs.10/- each |
Rs. 1900.000 Millions |
|
|
|
|
|
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 |
372.183 |
372.183 |
372.183 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(962.174) |
(751.148) |
(528.138) |
|
|
NETWORTH |
(589.991) |
(378.965) |
(155.955) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1136.425 |
865.942 |
481.833 |
|
|
TOTAL BORROWING |
1136.425 |
865.942 |
481.833 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
546.434 |
486.977 |
325.878 |
|
|
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|
|
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|
APPLICATION OF FUNDS |
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|
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|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
120.986 |
25.028 |
39.391 |
|
|
Capital work-in-progress |
5.661 |
39.731 |
2.234 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
55.354
|
38.806
|
42.826 |
|
|
Sundry Debtors |
699.921
|
559.606
|
431.509 |
|
|
Cash & Bank Balances |
54.487
|
19.212
|
38.182 |
|
|
Other Current Assets |
282.532
|
307.565
|
322.471 |
|
|
Loans & Advances |
299.202
|
274.134
|
191.579 |
|
Total
Current Assets |
1391.496
|
1199.323 |
1026.567 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
585.022
|
414.928 |
462.781 |
|
|
Other Current Liabilities |
251.243
|
233.138
|
139.792 |
|
|
Provisions |
135.444
|
129.039
|
139.741 |
|
Total
Current Liabilities |
971.709
|
777.105 |
742.314 |
|
|
Net Current Assets |
419.787
|
422.218
|
284.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
546.434 |
486.977 |
325.878 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
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|
SALES |
|
|
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|
|
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Turnover |
|
1858.460 |
1688.850 |
|
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|
PROFIT/LOSS FOR
THE YEAR |
|
(22.300) |
(16.160) |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
NA |
158.687 |
|
|
TOTAL EARNINGS |
|
NA |
158.687 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
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|
|
|
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Materials Imported for Projects and Trading |
|
NA |
245.064 |
|
|
TOTAL IMPORTS |
|
NA |
245.064 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.57
|
(4.34)
|
(7.85) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.54
|
1.38 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last two years |
Yes |
|
12. Profitability for last two years |
Yes |
|
13. Reasons for variation <> 20% |
----- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
NOTES
Registered office has been shifted from Tirumal Tech Park, 2nd
Floor, Dodenakundi Industrial Area, Phase II, Bangalore – 560048, Karnataka, India
to the present address w.e.f. 17.03.2011.
FIXED ASSETS
· Goodwill
· Building
· Leasehold Improvement
· Plant and Machinery
· Computer Software
· Furniture and Fixture
· Motor Vehicles
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 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. 55.79 |
|
|
1 |
Rs. 86.37 |
|
Euro |
1 |
Rs. 70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.