MIRA
INFORM REPORT
|
Report Date : |
26.12.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MICRON
INSTRUMENTS PRIVATE LIMITED |
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Registered Office : |
P O
Box 225, P Block, 4/90, Connaught Circus, New Delhi 110001, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.06.1979 |
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Com. Reg. No.: |
55-9658 |
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CIN No.: [Company
Identification No.] |
U75231DL1979PTC009658 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM10342D |
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PAN No.: [Permanent
Account No.] |
AAACM0386Q |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of defence armaments, complex devices and high precision ordnance stores |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
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
300000 |
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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 normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered/Head Office/ Warehouse/ Factory
: |
P O
Box 225, P Block, 4/90, Connaught Circus, New Delhi 110001, India |
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Tel. No.: |
91-11-23363383/23364722/23742921 |
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Mobile No.: |
91-9899002979 |
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Fax No.: |
91-11-23746449/23361505 |
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E Mail: |
DIRECTORS
|
Name : |
Mr.
Vikram Sehgal |
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Designation : |
Managing Director |
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Address : |
House
No. 76, Sector 5, Chandigarh 16001 |
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Date of Birth/Age : |
02.07.1956 |
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Date of Appointment : |
04.06.1979 |
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Name : |
Mr.
Arjun Sahgal |
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Designation : |
Director
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Address : |
House
No. 2, Sector 5, Chandigarh |
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Date of Birth/Age : |
06.12.1974 |
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Date of Appointment : |
30.09.1997 |
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Name : |
Mr.
Sahgal Kushla |
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Designation : |
Director
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Address : |
2/5,
Chandigarh |
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Date of Birth/Age : |
27.04.1947 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Ms.
Bela Sahgal |
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Designation : |
Director
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Address : |
House
No. 76, Sector 5, Chandigarh |
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Date of Birth/Age : |
28.12.1959 |
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Date of Appointment : |
01.09.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Netar Krishan Sehgal |
3490 |
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Mr.
Vikram Sehgal |
3800 |
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Mr.
Sahgal Kushla |
400 |
|
Ms.
Bela Sahgal |
400 |
|
M/s.
Micron Intertech Private Limited |
10 |
|
Mr.
Arjun Sehgal |
1900 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of defence armaments, complex devices and high precision ordnance stores |
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Product: |
v
Fuzes
of Various Types 9306 v
X
Ray Machine Parts - 9033 |
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Terms : |
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Selling : |
Contract
or Credit (30-60 days) terms |
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Purchasing : |
Cash
or Credit (30 days) terms |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Government bodies Subjects
major customer is- ·
Ministry
of defence and ordnance factory |
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No. of Employees : |
60 |
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Bankers : |
v
Standard
Chartered Bank, New Delhi 110 001, India v
State
Bank of India, Special Commercial Branch, Sector 17, Chandigarh |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Auditors : |
S N
Dhawan & Company Chattered
Accountant |
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Address: |
C
37, Connaught Place, New Delhi 110001 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
20000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 2.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 1.000 Milions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.000 |
1.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
75.718 |
62.439 |
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4] (Accumulated Losses) |
|
(0.745) |
0.000 |
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NETWORTH |
|
75.973 |
63.439 |
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LOAN FUNDS |
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1] Secured Loans |
|
1.473 |
3.540 |
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2] Unsecured Loans |
|
2.681 |
1.739 |
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TOTAL BORROWING |
|
4.154 |
5.279 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
80.127 |
68.718 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
28.751 |
29.021 |
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Capital work-in-progress |
|
0.163 |
0.000 |
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INVESTMENT |
|
36.819 |
22.704 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
26.438 |
9.516 |
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Sundry Debtors |
|
25.886 |
27.742 |
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Cash & Bank Balances |
|
29.039 |
31.037 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
37.692 |
19.269 |
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Total Current Assets |
|
119.055 |
87.564 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
71.056 |
45.346 |
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Provisions |
|
33.605 |
25.318 |
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Total Current Liabilities |
|
104.661 |
70.664 |
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Net Current Assets |
|
14.394 |
16.900 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.093 |
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TOTAL |
|
80.127 |
68.718 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
219.147 |
180.684 |
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Profit/(Loss)
Before Tax |
|
19.627 |
41.653 |
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Provision
for Taxation |
|
6.348 |
11.823 |
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Profit/(Loss)
After Tax |
|
13.279 |
29.830 |
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Total
Expenditure |
|
199.520 |
139.031 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
6.05 |
16.50 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
8.95 |
23.05 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
13.27 |
35.72 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.25 |
0.65 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.43 |
1.19 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.13 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name
of the company |
MICRON
INSTRUMENTS PRIVATE LIMITED |
|
Presented
By |
Mr.
Vikram Sehgal |
|
Date
and Description of the instrument creating charge |
Agreement
of loan for overall limit Agreement
of hypothecation of goods Agreement
of Rledge of goods & assets & letter regarding the grant of
individual limits within the overall limit dated 13.01.2003 |
|
Amount
Secured by the charge or amount owing on security of the charge |
Rs.
2.400 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of plant & machinery to be purchased out of bank finance |
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Gist
of the terms and conditions and extent & operation of charge Margin 25% Rate
of Interst |
Margin
25% Rate
of Interest 12.85% Repayable in quarterly instalment of Rs.
0.200 Millions from 13.04.2003 to 13.01.2006 extent of operation 100% |
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Name,
address and description of the person entitled to charge |
State
Bank of India, Special Commercial Branch, Sector 17, Chandigarh |
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Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
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Name
of the company |
MICRON
INSTRUMENTS PRIVATE LIMITED |
|
Presented
By |
Mr.
Vikram Sehgal |
|
Date
and Description of the instrument creating charge |
Agreement
of loan for overall limit Agreement
of hypothecation of goods Agreement
of Rledge of goods & assets & letter regarding the grant of
individual limits within the overall limit dated 05.05.2003 |
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Amount
Secured by the charge or amount owing on security of the charge |
Rs.
3.340 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Hypothecation
of plant & machinery to be purchased out of bank finance, present &
future at 143-B, 1 A, Phase I, Chandigarh |
|
Gist
of the terms and conditions and extent & operation of charge Margin 25% Rate
of Interst |
Margin
10% Extent
of operation 100% Repayable on demand |
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Name,
address and description of the person entitled to charge |
State
Bank of India, Special Commercial Branch, Sector 17, Chandigarh |
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Date
and brief of the description of instrument modifying the charge |
Not
Applicable |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Not
Applicable |
|
Name
of the company |
MICRON
INSTRUMENTS PRIVATE LIMITED |
|
Presented
By |
Mr.
Vikram Sehgal |
|
Date
and Description of the instrument creating charge |
Deposit
of title deed 25.01.1999 registered on 10.07.2000 modification by recharge of
property vide inland confirmation letter dated 13.01.2003 registered
30.01.2003 again modified vide confirmation letter dated 05.05.2003 |
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Amount
Secured by the charge or amount owing on security of the charge |
Rs.
17.900 Millions |
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Short
particulars of the property charged if property acquired is subject to charge
date of acquisition of property should be given |
Equitable
mortgage of Plot No. 143, Industrial Arae, Phase 1, Chandigarh measuring
9652 Sq. & building 86877 Sq. ft in the name of the company |
|
Gist
of the terms and conditions and extent & operation of charge Margin 25% Rate
of Interst |
Extent
of operation 100% Repayable on demand |
|
Name,
address and description of the person entitled to charge |
State
Bank of India, Special Commercial Branch, Sector 17, Chandigarh |
|
Date
and brief of the description of instrument modifying the charge |
Inland
confirmation letter of deposite of title deeds dated 05.05.2003 for recharge
of property as defined in letter |
|
Particulars
of modification the terms, conditions the extent or operation of the charge
in which modification |
Charge
of property at shed No. 143 B, Industrial area, Phase I, Chandigarh
increased from Rs. 20.300 Millions to Rs. 23.640 Millions with addition of
adhoc Bank Gurnatee of Rs. 3.340 Millions other terms & conditions |
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 Intl 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
companys 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.44.23 |
|
UK
Pound |
1 |
Rs.86.91 |
|
Euro |
1 |
Rs.58.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SCs 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/normal. |
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 |
|