MIRA INFORM REPORT
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Report Date : |
08.01.2007 |
IDENTIFICATION DETAILS
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Name : |
MOLEX
MAFATLAL MICRON PRIVATE LIMITED |
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Registered Office : |
C/7-8, GIDC Electronic Estate, K Road,
Sector 25, Gandhinagar – 382 042, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23.07.1998 |
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Com. Reg. No.: |
04-34430 |
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CIN No.: [Company Identification No.] |
U30009GJ1998PTC034430 |
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TAN No.: [Tax Deduction & Collection Account No.] |
AHMM01103E |
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PAN No.: [Permanent Account No.] |
AABCM3173G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
and Sale of Electronic Connectors |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a venture of Mafatlal Group and Molex Group. Molex Group, once a
well-known and large industrial house has been reduced to a small group due
to mismanagement and family problems. Subject
has incurred initial losses. Its payments are reported as slow but correct. |
LOCATIONS
|
Registered Office/
Factory : |
C/7-8, GIDC Electronic Estate, K Road,
Sector 25, Gandhinagar – 382 042, Gujarat, INDIA. |
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Tel. No.: |
91-2712-225338 / 226910 |
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Fax No.: |
91-2712-226910 / 226906 |
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E-Mail : |
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Area : |
10000
sq.fts. (Leased) |
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Administative Office : |
Plot No. 6 (A),
Sadarmangala Industrial Area, Kadugodi, Bangalore – 560 067, Karnataka |
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Tel. No.: |
91-80-28452911
to 20 |
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Fax No.: |
91-80-28452922 |
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E-Mail : |
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Factory 1 : |
Molex (India) Limited Gut # 143, Sanaswadi
Taluka, Near Marc Industries, A Nagar Road, Shirur, Pune-412208, Maharashtra,
India |
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Tel. No.: |
91-2137-253782/83 |
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Fax No.: |
91-2137-253788 |
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Factory 2 : |
Noida A-74, Sector 4,
Noida-201301, India |
DIRECTORS
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Name : |
Mr.
Niranjan Kantilal Shah |
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Designation : |
Chairman &
Managing Director |
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Address : |
5 Champa, 80 Feet Road, HAL III Stage, Indira
Nagar, Bangalore, Karnataka, India |
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Date of Birth/Age : |
13.05.1949 |
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Name : |
Mr.
Hrishikesh Arvind Mafatlal |
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Designation : |
Director |
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Address : |
10, Altamount Road, Mumbai, India |
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Date of Birth/Age : |
24.11.1954 |
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Name : |
Mr.
Khushaldas Bipin Ghia |
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Designation : |
Director |
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Address : |
A/7, Bank of India Staff Society, Mumbai, India |
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Date of Birth/Age : |
14.10.1946 |
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Name : |
Mr.
S. A. Mohan Iyengar |
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Designation : |
Director (w.e.f. 30.11.1999) |
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Date of Birth/Age : |
23.07.1959 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
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Molex International Inc.,
USA |
3,196,700 |
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Mafatlal Industries
Limited, Mumbai |
4,213,906 |
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Molex (India) Limited,
Bangalore, Karnataka |
4,213,874 |
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Vibhadeep Investments &
Trading Limited, Mumbai |
2,906,120 |
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TOTAL |
14,530,600 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Sale of Electronic Connectors |
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Imports from : |
USA,
Germany, Sweden and UK |
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Terms : |
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Purchasing : |
L/C |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Professional Grade
Connectors |
Nos. |
10,000,000 |
600000 |
4,423,752 |
GENERAL INFORMATION
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No. of Employees : |
100 |
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Bankers : |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
Ramanlal G. Shah &
Company Chartered Accountants |
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Associates/Subsidiaries
: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity
Shares |
Rs.10/- each |
Rs.200.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
14,530,600 |
Equity Shares |
Rs.10/- each |
Rs.145.306 millions |
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 |
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145.306 |
145.306 |
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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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20.833 |
11.089 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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|
166.139 |
156.395 |
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LOAN FUNDS |
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1] Secured Loans |
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11.626 |
13.099 |
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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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11.626 |
13.099 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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177.765 |
169.494 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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45.706 |
58.372 |
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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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1.736 |
0.662 |
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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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25.636 |
19.724 |
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Sundry Debtors
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2.380 |
23.778 |
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Cash & Bank Balances
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87.527 |
78.924 |
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Other
Current Assets
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21.423 |
0.000 |
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Loans & Advances
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|
23.449 |
16.314 |
Total Current Assets
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|
160.415 |
138.740 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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30.092 |
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Provisions
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Total Current Liabilities
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30.092 |
28.280 |
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Net Current
Assets
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130.323 |
110.460 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
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TOTAL
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177.765 |
169.494 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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136.643 |
123.479 |
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Profit/(Loss) Before Tax
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15.709 |
20.119 |
Provision for Taxation
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|
6.026 |
7.076 |
Profit/(Loss) After Tax
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|
9.683 |
13.043 |
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Import Value
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|
120.934 |
103.360 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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7.09 |
10.56 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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11.50 |
16.29 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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10.21 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.13 |
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Debt Equity Ratio
(Total Liability/Networth) |
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3.16 |
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Current Ratio
(Current Asset/Current
Liability) |
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4.90 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The
company was incorporated on 23rd July, 1998 at Gandhinagar in
Gujarat under the name and style of Mafatlal Micro Machines Private Limited
having Company Registration Number 34430.
The
name of the company was changed to present with effect from 14th
August, 1998.
Subject
was actually promoted as a division of Mafatlal Industries Limited – then known
as Mafatlal Micron – the electronic components division of Mafatlal Industries
Limited. This division was having
technical collaboration with Errickson of Germany,
However,
this division was hived off from Errickson to Molex International Inc., USA in
1997.
Thus,
subject became a separate company where Molex has major shareholding. Later subject became a joint venture between
Molex International Inc., USA and Arvind Mafatlal Group of India.
Subject
became a deemed public limited liability company w.e.f. 14.08.1998 since then,
Molex (India) Limited held 25% of the equity in the subject.
However,
as per the I.C. (Amendment) Act, 2000, section 43(A), of ICA, 1956, does not
apply to the subject, since subject is not going to invite the public for issue
of shares or deposits. Hence, subject
will continue to be a private limited liability company. This was confirmed on 29.03.2001 by an Extra
Ordinary General Meeting held and passed on that date for this effect.
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. 44.30 |
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UK
Pound |
1 |
Rs. 85.83 |
|
Euro |
1 |
Rs. 57.92 |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
>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 |