MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MANSONS ELECTRICAL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
11th Floor, Room No.36, 23 A, Netaji Subhash Road, Kolkata
– 700001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.01.1984 |
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Com. Reg. No.: |
21.037064 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Power and Distribution Transformers and Allied
Transformers. |
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 250136 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track records. Directors are reported
as experienced and respectable businessman.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
11th Floor, Room No.36, 23 A, Netaji Subhash Road, Kolkata
– 700001, West Bengal, India |
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Tel No.: |
91-33-22301968 |
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Email: |
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Website: |
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Corporate Office: |
1/189, Delhi Gate, Civil Lines, Agra 282002, Uttar Pradesh, India |
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Tel. No.: |
91-562-2642327/28 /2520027 |
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Fax No.: |
91-562-2851306 / 2641435 / 2150812 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. fts. |
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Location : |
Owned |
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Factory : |
Artoni, Mathura Road, Agra 282007, India |
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Tel. No.: |
91-562-2642327 /2642328 / 2641448 / 2640144 |
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Fax No.: |
91-562-2641435 |
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E-Mail : |
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Area : |
20000 Sq. mtrs. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Bimlesh Kumar Jain |
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Designation : |
Director |
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Address : |
Agra |
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Qualification : |
B Com |
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Name : |
Mr. Swaroop Chand Jain |
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Designation : |
Director |
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Address : |
Agra |
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Qualification : |
M. Com |
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Name : |
Mr. Nitin Jain |
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Designation : |
Whole Time Director |
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Address : |
Agra |
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Qualification : |
B Com |
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Name : |
Mr. Nirmal Kumar Jain |
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Designation : |
Director |
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Address : |
Agra |
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Qualification : |
B Com |
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Name : |
Mr. Rakan Kumar Jain |
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Designation : |
Director |
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Address : |
Agra |
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Qualification : |
B Com |
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Name : |
Mrs. Neetu Jain |
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Designation : |
Whole Time Director |
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Address : |
Agra |
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Qualification : |
M. Sc. |
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Name: |
Deepak Jain |
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Designation : |
Whole Time Director |
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Name: |
Rahul Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Anuj Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Held by Directors and Family members |
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50000000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Power and Distribution Transformers and Allied
Transformers. |
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Exports : |
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Products : |
Power Distribution Transformers |
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Countries : |
·
Sweden ·
Germany ·
U.K. ·
Kenya ·
Yeman ·
Australia ·
Nigeria ·
Ghana ·
Jordan ·
Sri Lanka ·
Fiji ·
Middle-east ·
Africa. |
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Imports : |
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Products : |
Machinery |
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Countries : |
·
China ·
Korea ·
Germany |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Power Distribution Transformers |
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0.200 Million KVA per month |
As per demand |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Foreign Marketing ·
End Users |
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No. of Employees : |
220 (In Office 20 and in Factory 200) |
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Bankers : |
United Bank of India, Agra / Free Ganj, Kolkata |
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Facilities : |
Rs. 10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prem Pradeep and Company Chartered Accountants |
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Address : |
Friends Wasan Plaza, Sanjay Place, Agra – 282002, Uttar Pradesh |
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Mobile: |
91-9359932092 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4200000 |
Equity Shares |
Rs. 10/-
each |
Rs. 42.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.020 |
8.020 |
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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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54.514 |
38.327 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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62.534 |
46.347 |
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LOAN FUNDS |
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1] Secured Loans |
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42.665 |
50.255 |
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2] Unsecured Loans |
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5.150 |
12.800 |
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TOTAL BORROWING |
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47.815 |
63.055 |
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DEFERRED TAX LIABILITIES |
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5.663 |
5.790 |
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TOTAL |
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116.012 |
115.192 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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36.871 |
37.986 |
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Capital work-in-progress |
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0.356 |
0.000 |
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INVESTMENT |
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0.008 |
0.008 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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22.543 |
54.492 |
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Sundry Debtors |
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176.226 |
87.536 |
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Cash & Bank Balances |
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45.050 |
19.713 |
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Other Current Assets |
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0.136 |
0.104 |
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Loans & Advances |
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28.896 |
31.196 |
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Total
Current Assets |
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272.851 |
193.041 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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191.344 |
115.650 |
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Provisions |
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2.730 |
0.193 |
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Total
Current Liabilities |
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194.074 |
115.843 |
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Net Current Assets |
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78.777 |
77.198 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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116.012 |
115.192 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1075.902 |
473.869 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1075.902 |
473.869 |
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Profit/(Loss) Before Tax |
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32.407 |
8.827 |
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Provision for Taxation |
|
11.392 |
3.418 |
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Profit/(Loss) After Tax |
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21.015 |
5.409 |
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Export Value |
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163.563 |
183.740 |
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Imports : |
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Raw Materials |
|
155.015 |
65.821 |
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Commission |
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10.695 |
0.442 |
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Capital Goods |
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0.000 |
0.000 |
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Others |
|
0.017 |
0.697 |
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Total Imports |
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165.727 |
66.960 |
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Expenditures : |
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Financial Charges |
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0.000 |
0.000 |
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Depreciation & Amortization |
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2.695 |
2.569 |
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Other Expenditure |
|
1038.105 |
459.904 |
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Total Expenditure |
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1040.800 |
462.473 |
KEY RATIOS
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PARTICULARS |
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|
31.03.2007 |
31.03.2007 |
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PAT / Total Income |
(%) |
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1.95 |
1.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.01 |
1.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.46 |
3.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.51 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.87 |
3.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.40 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
·
State Electricity Boards Haryana, Uttar Pradesh, Delhi and also at
Foreign
AS PER WEBSITE
DETAILS:
PROFILE:
Established in the year 1973 MARSON'S is one of the leading
manufacturers of Power and Distribution Transformers. It has today
grown to a workmen strength of about 400 with a sales turnover of over Ind.
Rs.500.00 Million.
Developing its own
engineering strength, Marsons now has a design and manufacturing capacity upto
16 MVA Power and Distribution Transformers in 33 KV
class. Marsons' dedication to quality, timely project execution and services
have helped their client base which includes almost all the 'State Electricity
Boards' in India and making International utilities.
Company's annual
production capacity can be put to an aggregate figure of 900000 KVA per annum,
which is 75,000 KVA per month on a single shift basis.
Some distinctions earned by the Company over the years are as under :-
Achived ISO-9001 Quality System Certification from DNV,
on 8.10.97 for Design, Development, Manufacturing and Servicing of Power and
Distribution Transformers.
Won the National productivity Award in the year 1996 by National Productivity
Council, Govt. of India, Ministry of Industry, New Delhi.
Executed prestigious World Bank (IBRD) financed projects for
Transformers, us$15 million against International bidding.
Type Tested - Entire range of Transformers has been type tested
(Design validation tests) at Central Power Institute - A Premier Power Research
Institute in India.
Large export experience in the middle-east and Africa.
Completely integrated in-house manufacturing and Testing facilities.
PRODUCTS
Through continuous research and development, Marson's has successfully
extended its product range to manufacture transformer upto 25,000 KVA at 33 KV
class and includes special duty transformers as follows:
The transformers are manufactured in conformance to Indian Standards
Specification IS:2026 and IS:1180, International Specification IEC:76 and / or
equivalent. However transformers can be supplied conforming to any other
standard if / as specifically required by the customer. The presently prevalent
ratings in India are as under. However, any other rating can also be supplied
on request.
Transformer lamination made out of High Grade Non-Ageing Cold Rolled
Grain Oriented Electrical Steel from prestigious imported sources, is used.
Transformers can be supplied in Aluminium or copper Windings as required
by the customer.
The voltage class of 33 KV is under the process of expansion upto 132 KV in the very near future.
Marson's is equipped to meet the special requirements of both domestic
and foreign markets. Transformers can be designed and manufactured according to
their standard specification or customer's specifications in terms of rating,
no load loss, impedance, flux density of core, current density, overall tank
dimension or any other technical parameters.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 39.44 |
|
UK Pound |
1 |
Rs. 78.73 |
|
Euro |
1 |
Rs. 57.69 |
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 |
5 |
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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 |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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