MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
FINE COMPONENTS AND TOOLS PRIVATE LIMITED |
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Registered
Office : |
# 110-H, Bommasandra Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.09.1997 |
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Com. Reg. No.: |
08-022731 |
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Capital
Investment/ Paid-up Capital: |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U28920KA1997PTC022731 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRF01122C / BLRF00319E |
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PAN No.: [Permanent Account No.] |
AAACF2573J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Pressed Components and Automobile Parts. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 900000 |
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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 record.
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factor 1: |
# 110-H, Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-27834666 / 27834626 |
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Fax No.: |
91-80-27834266 |
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E-Mail : |
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Factory - II : |
# 133, Bommasandra Industrial Area, |
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Tel No.: |
91-80-27833447 |
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Fax No.: |
91-80-41658067 |
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E-mail: |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Chinnathambi Krishnamoorthy |
|
Designation : |
Director |
|
Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM Layout, 2nd Stage,
Bangalore- 560076, Karnataka, India |
|
Date of Birth/Age : |
04.02.1948 |
|
Date of Appointment : |
01.04.2004 |
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PAN No.: |
ADCPK7510N |
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DIN NO: |
00250664 |
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Name : |
Mr. Gopinath Krishnamoorthy |
|
Designation : |
Managing Director |
|
Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
|
Date of Birth/Age : |
09.07.1974 |
|
Date of Appointment : |
01.04.2004 |
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PAN No.: |
ABZPG3972D |
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DIN NO: |
00250589 |
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Name : |
Mrs. Kavitha Krishnamoorthy |
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Designation : |
Director |
|
Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
|
Date of Birth/Age : |
23.08.1976 |
|
Date of Appointment : |
22.09.2006 |
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PAN No.: |
AIUPK3918R |
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DIN NO: |
02702126 |
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Name : |
Mrs. Bhanumathi Krishnamoorthy |
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Designation : |
Director |
|
Address : |
No. 59-A, “Kavitha” 30th Main, 4th ‘A’ Cross BTM
Layout, 2nd Stage, Bangalore- 560076, Karnataka, India |
|
Date of Birth/Age : |
17.03.1952 |
|
Date of Appointment : |
22.09.2006 |
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PAN No.: |
ADDPB6511B |
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DIN NO: |
02645168 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
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No. of Shares |
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Gopinath Krishnamoorthy |
|
27776 |
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Krishnamoorthy Chinnathambi |
|
23100 |
|
Bhanumathi Krishnamoorthy |
|
27774 |
|
Kavitha Krishnamoorthy |
|
21350 |
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Total |
|
100000 |
Equity Share Breakup (Percentage of Total Equity)
As on 28.09.2012
|
Category |
|
Percentage of
Holding |
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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 : |
Manufacturing of Pressed Components and Automobile Parts. |
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Products : |
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GENERAL INFORMATION
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Customers: |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India, SME Branch, Madiwala, Bangalore – 560068, Karnataka,
India |
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Facilities : |
(Rs
In Millions)
Note:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MSSV and Company Chartered Accountants |
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Address : |
63/2, 2nd Floor, |
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Tel No.: |
91-80-23565065 / 23565068 / 23565073 |
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Fax No.: |
91-80-23565076 |
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PAN No : |
AABFM1529R |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
10.000 |
10.000 |
10.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
216.027 |
168.435 |
111.742 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.027 |
178.435 |
121.742 |
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LOAN FUNDS |
|
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1] Secured Loans |
36.282 |
69.737 |
46.936 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
36.282 |
69.737 |
46.936 |
|
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DEFERRED TAX LIABILITIES |
0.758 |
2.840 |
1.084 |
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TOTAL |
263.067 |
251.012 |
169.762 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
135.304 |
149.607 |
108.191 |
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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 |
|
|
|
|
|
|
Inventories |
9.645
|
8.546
|
10.091
|
|
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Sundry Debtors |
179.596
|
180.373
|
99.220
|
|
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Cash & Bank Balances |
24.450
|
54.680
|
42.417
|
|
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Other Current Assets |
27.605
|
23.757
|
0.000
|
|
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Loans & Advances |
80.912
|
9.703
|
37.558
|
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Total
Current Assets |
322.208
|
277.059
|
189.286 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
137.906
|
136.816
|
85.419
|
|
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Other Current Liabilities |
27.633
|
10.134
|
27.006
|
|
|
Provisions |
28.906
|
28.704
|
15.290
|
|
Total
Current Liabilities |
194.445
|
175.654
|
127.715 |
|
|
Net Current Assets |
127.763
|
101.405
|
61.571
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
263.067 |
251.012 |
169.762 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
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Income |
|
|
417.931 |
|
|
|
Labour chargers Received |
|
|
60.433 |
|
|
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Other Income |
|
|
2.108 |
|
|
|
TOTAL (A) |
NA |
NA |
480.472 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
|
346.175 |
|
|
|
Administrative, Selling and Distribution Expenses |
|
|
68.318 |
|
|
|
TOTAL (B) |
NA |
NA |
414.493 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
65.979 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
4.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
100.157 |
111.200 |
61.059 |
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.550 |
24.449 |
18.302 |
|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
72.607 |
86.751 |
42.757 |
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Less |
TAX (H) |
NA |
30.058 |
14.571 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
NA |
56.693 |
28.186 |
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
108.504 |
80.318 |
|
|
|
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|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
108.504 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
9.348 |
17.523 |
20.578 |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
6.100 |
6.846 |
7.683 |
|
|
|
Machinery |
NA |
44.388 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
51.234 |
7.638 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
567.00 |
282.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
5.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
10.23
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.87
|
20.33
|
14.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.49
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.16
|
0.39
|
0.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.58
|
1.48
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions 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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one years |
Yes |
|
12] |
Profitability for last three 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
FINANCIAL RESULTS
The Company is engaged
in the Manufacturing of Pressed Components and Automobile Parts. The
transactions for the year ended 31.03.2011 resulted in profit of Rs. 86.751
Millions (PY Rs. 42.757 Millions) - after providing depreciation of Rs. 24.448
Millions (PY Rs. 18.302 Millions). The company has made provision on account of
current tax to the extent of Rs. 27.230 Millions (Previous year Rs. 15.289
Millions), and on account of deferred tax to the extent of Rs. (1.756 Millions)
(PY Rs. 0.718 Million) on account of timing difference.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U28920KA1997PTC022731 |
|
Name of the company |
FINE COMPONENTS AND TOOLS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
# 110-H,
Bommasandra Industrial Area, Email: kgopi74@gmail.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Others
(Corporate guarantee) |
|
Particular of charge holder |
Bank of India,
SME Branch, Madiwala, Bangalore – 560068, Karnataka, India E-Mail Id : bangaloresme.karnataka@bankofindia.co.in
|
|
Nature of instrument creating charge |
Deed of guarantee for Rs.130.000 Millions Deed of guarantee for Rs.20.000 Millions |
|
Date of instrument Creating the charge |
27.03.2012 |
|
Amount secured by the charge |
Rs.150.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Term Loan Rs1300lacs 4.25% above BR
presently15% Cash Credit hypothecation Rs 200lacs 3.5%
above BR presently14.25% Terms
of repayment Term loan in 27 Quarterly instalments from
1.10.13 L/C-F-DP/DA 180 DAYS Cash Credit Hypothecation on demand Margin Term loan 23.53 % Cash credit Hypothecation stocks 25% Book
debts 35% Extent
and operation of the charge The charge is operational for the limits
granted to Techno Arts , with corporate guarantee Others The corporate guarantee is issued to the limits granted to Techno Auto
Parts |
|
Short particulars of the property charged
(Including location of the property) |
Corporate Guarantee |
FIXED ASSETS:
·
Building
·
Computer
·
Electrical Equipments
·
Furniture and Fixtures
·
Land
·
Lease hold Land
·
Material Handling Equipments
·
Office Car
·
Office Equipments
·
Office Scooter
·
Plant and Machinery
·
Tempo-407
·
Tools and Others
·
Transformer and Electrical Equipments
·
Storage Rack
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 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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.