MIRA
INFORM REPORT
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Report Date : |
04.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAGAL ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
No. 264 / 75, 2nd Main, 36th Cross, 8th
Block, Jayanagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
08-25662 |
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CIN No.: [Company
Identification No.] |
U02922KA1999PTC025662 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM06551G |
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PAN No.: [Permanent
Account No.] |
AABCM9083D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Marketing of Machineries and Spares |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 24864 |
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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 a well established company having satisfactory track. Trade
relations are fair. General financial position is Satisfactory. Payments are
usually correct and as per commitments. The company can be considered good
for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 264 / 75, 2nd Main, 36th Cross, 8th
Block, Jayanagar, |
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Tel. No.: |
91-80-26547337 |
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Fax No.: |
91-80-26644150 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. M K Narasinga Roa |
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Designation : |
Director |
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Address : |
172, 5th Main, 5th Cross, BTM Layout, 2nd
Stage, |
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Date of Birth/Age : |
14.07.1961 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mrs. Sheila N Rao |
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Designation : |
Director |
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Address : |
172, 5th Main, 5th Cross, BTM Layout, 2nd
Stage, |
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Date of Appointment : |
01.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. M K Narasinga Roa |
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33479 |
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Mrs. Sheila N Rao |
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1 |
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Total |
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33480 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Marketing of Machineries and Spares |
GENERAL
INFORMATION
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Customers : |
Control
panel & Precision Sheet Metal Sector
Automotive
Sector
Earth
Moving Machinery Sector
Consumer
Durable Sector
Textile
Sector
Food
Processing Sector
Machine
Tools & Material Handling Sector
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No. of Employees : |
50 |
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Bankers : |
Ř Indian Bank, SSI
Branch, 130, Ramaiah Complex, 100 Feet Road, Peenya, Bangalore 560 057,
Karnataka, India Ř Corporation Bank
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K R Seshadri Chartered Accountants |
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Address : |
2730, 12th Main, ‘E’ Block, Subramanya Nagar, Rajaji Nagar,
II Stage, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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33480 |
Equity shares |
Rs. 10/-
each |
Rs. 0.334
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.335 |
0.335 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.881 |
3.776 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.216 |
4.111 |
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LOAN FUNDS |
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1] Secured Loans |
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1.583 |
0.870 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.583 |
0.870 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.799 |
4.981 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.886 |
1.584 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.020 |
0.020 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.808 |
0.432 |
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Sundry Debtors |
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3.193 |
1.379 |
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Cash & Bank Balances |
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4.988 |
3.177 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.905 |
1.136 |
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Total
Current Assets |
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17.894 |
6.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.005 |
1.708 |
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Provisions |
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0.000 |
1.044 |
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Total
Current Liabilities |
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14.005 |
2.752 |
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Net Current Assets |
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3.889 |
3.372 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.005 |
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TOTAL |
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7.799 |
4.981 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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32.313 |
23.377 |
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Total Income |
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32.313 |
23.377 |
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Profit/(Loss) Before Tax |
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3.710 |
5.528 |
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Provision for Taxation |
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1.605 |
2.152 |
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Profit/(Loss) After Tax |
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2.105 |
3.376 |
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Earnings in Foreign Currency : |
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Total Earnings |
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9.906 |
7.985 |
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Imports : |
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Total Imports |
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13.359 |
5.062 |
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Expenditures : |
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Financial Charges |
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0.417 |
0.364 |
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Depreciation & Amortization |
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0.658 |
0.307 |
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Other Expenditure |
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26.453 |
16.507 |
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Total Expenditure |
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27.528 |
17.178 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.51 |
14.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.48 |
23.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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17.03 |
71.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.59 |
1.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50 |
0.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.27 |
2.22 |
LOCAL AGENCY
FURTHER INFORMATION
As per website
details:
About Them
Subject is a Premier One Source Company for Supply, Service
and Consultancy of sheet metal working machines, metal cutting / forming
machines and metal processing / finishing equipments in
Set up in 1992 by Mr M K Narasinga Rao, Magal has built up a respectable
clientele, based on principles of technology proficiency, honest dealings and
conscientious customer service.
Magal's primary strength is the technical expertise and insight that has
resulted in building a strong rapport with the principals and customers in
various manufacturing categories.
The expertise has equipped Magal to fulfil needs of customers across the
manufacturing spectrum - from sheet metal working, to metal forming, to metal
finishing machinery.
Subject represents
following overseas manufacturers in
Ř
LVD
Ř
ProArc
Ř
SEYI
Ř
Hypertherm
Ř
Henlon
Ř
Honywell
Ř
Shuz Tung
Ř
Herrblitz
Ř
SENFUNG
Ř
GIMEC
Business:
Consultancy, Maintenance & Technical Support
Consultancy
Magal with its vast experience and expertise provides complete
technical consultancy on Presses,
Press erection up to 3000 Tons
Erection of heaving floor borers, horizontal machining center and vertical turret lathe
Reconditioning of all types of press and Retrofitting of C-Frame & H-Frame presses up to 3000 Tons (Sheet metal, Forging and Hydraulic deep drawing)
Reconditioning and Retrofitting of CNC Machining Centers, special purpose machine VTL, H-boring, floor boring, etc
Design and fabrication of press automation
Maintenance & Technical Support
Magal also offers Annual Maintenance Contracts for Presses, Shearing Machines, Press Brakes, CNC Punch Press and CNC Profile Cutting.
A well-trained and efficient team of engineers ensure that machines and equipment are maintained in top condition and machine downtime is kept to the minimum level.
Required spares stocks are maintained. The expertise does help in innovation and development of spares and tools as required by the industry.
An efficient and good C&F network ensures on time
delivery of products and spares.
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Corporation identity number or foreign company registrations number of the company |
U02922KA1999PTC025662 |
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Name of the company |
MAGAL ENGINEERING COMPANY PRIVATE LIMITED |
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Address |
No. 264 / 75, 2nd Main, 36th Cross, 8th
Block, Jayanagar, |
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This Form is for |
Modification of charges |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds |
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Particular of the charge holder |
Indian Bank, SSI Branch, 130, Ramaiah Complex, 100 ft. Road, Peenya, Bangalore 560 057, Karnataka, India |
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Nature or description of the instrument creating charge |
NA |
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Date of the instrument creating charge |
NA |
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Amount Secure by the charge |
Rs. 3.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest – SOD – BPLR – 1%, TL – BPLR + TP + 1%
Margin – SOD – 25%, TL – 30%
Repayment – TL to be repaid in 60 monthly installments of Rs. 0.500 million starting from next month of date of full disbursal. The said amount of Rs. 3.500 millions comprises SOD Rs. 0.500 Million and TL Rs. 3.000 millions |
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Description of the property charge whether it is a charge on |
Immovable properties |
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Modification charge Charge identification number of the charge to be modified |
NA |
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Date of instrument modifying the charge |
NA |
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Particulars of the Property charged |
Equitable
mortgage by way of first charge of all that piece and parcel of portion of
industrial plot no. 121- B and building situated therein formed by Karnataka
industrial areas Development Board, |
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.40.45 |
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|
1 |
Rs.82.70 |
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Euro |
1 |
Rs.55.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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