MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MICRO SUPER CABLES PRIVATE LIMITED |
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Registered Office : |
Plot No 20, Street No. 7, Friends Colony, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.07.1992 |
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Com. Reg. No.: |
55-49704 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC049704 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08367C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Wires and Cables
including PVC/Poly/Double Coated PVC Submersible Winding Wire, Enameled Copper/Aluminium
Winding Wire, Three Core Flat Cable, Auto Cable, Telecom Cable, Cable for
Defence and Electric Cable and Wire. |
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 9000 |
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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
businessmen. 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 : |
Plot No 20, Street No. 7, Friends Colony, |
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Mobile No.: |
91-9312431748 |
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E-Mail : |
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Website : |
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Factory 1 : |
36/20, |
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Tel. No.: |
91-11-22114094 |
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Fax No.: |
91-11-22580055 |
DIRECTORS
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Name : |
Mr. Amit Gupta |
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Designation : |
Director |
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Address : |
A-70, Nirmal Vihar, |
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Date of Appointment : |
05.08.1993 |
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Name : |
Mr. Prem Prakash Gupta |
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Designation : |
Director |
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Address : |
A-70, Nirmal Vihar, |
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Date of Appointment : |
27.07.1992 |
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Name : |
Mr. Haresh Chand Goyal |
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Designation : |
Director |
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Address : |
A-8/22 B, Vasant Vihar, |
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Date of Appointment : |
27.07.1992 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Prem Prakash Gupta |
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510 |
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Haresh Chand Goyal |
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510 |
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Amit Gupta |
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10 |
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Renuka Goyal |
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4000 |
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Total |
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5030 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Wires and Cables
including PVC/Poly/Double Coated PVC Submersible Winding Wire, Enameled
Copper/Aluminium Winding Wire, Three Core Flat Cable, Auto Cable, Telecom
Cable, Cable for Defence and Electric Cable and Wire. |
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Products : |
·
PVC/Poly/Double
Coated PVC Submersible Winding Wires (As per IS:8783) for Submersible Pump
Motors ·
Super Enamelled
Copper/Aluminium Winding Wires
·
Three Core Flat
Cables for Submersible Pumps and Domestic Cables (As per IS:694) ·
Auto Cables (As per
IS:2465 & JIS C3406) ·
Telecom Cables ·
Cables for Defence ·
Electric Cables and
Wires |
GENERAL INFORMATION
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Bankers : |
Bank of SME Branch,
Mayapuri Industrial Estate, Standard
Chartered Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prasad Azad and Company Chartered Accountants |
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Address : |
1207, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5030 |
Equity Shares |
Rs. 100/- each |
Rs. 0.503
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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0.503 |
0.503 |
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2] Share Application Money |
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0.219 |
0.219 |
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3] Reserves & Surplus |
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1.638 |
1.457 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.360 |
2.179 |
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LOAN FUNDS |
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1] Secured Loans |
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3.131 |
2.004 |
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2] Unsecured Loans |
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2.718 |
2.539 |
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TOTAL BORROWING |
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5.849 |
4.543 |
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DEFERRED TAX LIABILITIES |
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0.132 |
0.181 |
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TOTAL |
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8.341 |
6.903 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.138 |
1.383 |
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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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0.063 |
0.063 |
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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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3.969 |
3.643 |
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Sundry Debtors |
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2.958 |
1.299 |
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Cash & Bank Balances |
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0.291 |
0.201 |
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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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0.254 |
1.183 |
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Total
Current Assets |
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7.472 |
6.326 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.638 |
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Provisions |
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0.332 |
0.231 |
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Total
Current Liabilities |
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0.332 |
0.869 |
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Net Current Assets |
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7.140 |
5.457 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.341 |
6.903 |
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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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37.702 |
29.630 |
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Other Income |
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6.554 |
4.494 |
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Total Income |
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44.256 |
34.124 |
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Profit/(Loss) Before Tax |
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2.290 |
2.219 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.290 |
2.219 |
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Expenditures : |
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Purchases |
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33.005 |
25.547 |
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Consumption of stores |
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0.032 |
0.035 |
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Conversion Charges |
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0.367 |
0.595 |
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Excise Duty |
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6.133 |
4.206 |
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Freight Cartage |
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0.103 |
0.056 |
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Packing Material |
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0.273 |
0.235 |
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Repairs and Maintenance |
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0.073 |
0.105 |
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Wages |
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0.482 |
0.497 |
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Power & Fuel |
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1.824 |
1.104 |
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Total Expenditure |
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42.292 |
32.380 |
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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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5.17 |
6.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.07 |
7.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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26.40 |
28.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.97 |
1.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.62 |
2.48 |
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Current Ratio (Current Asset/Current Liability) |
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22.51 |
7.28 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number of the company |
U74899DL1992PTC049704 |
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Name of the
company |
MICRO SUPER CABLES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No 20, Street No. 7, Friends Colony, |
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This form is for |
Creation of charge |
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Type of charge |
Hypothecation
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Particular of
charge holder |
Bank of SME Branch,
Mayapuri Industrial Estate, |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Plant and Machinery, stocks and book debts |
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Date of
instrument Creating the charge |
08.08.2006 |
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Amount secured by
the charge |
Rs. 10.0000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The above is to
secure all amounts payable under the following credit facilities granted to
the company together with all interests, costs, charges, expenses, commission
etc S. No. facility Limit Rate of Interest ; Fund Based Cash Credit
[Stocks] : RS. 5.000 Millions 0.25 % below BPLR min, 11.00 % p.a. at monthly
rests Cash Credit [Book
debts] Rs. 5.000 Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
Hypothecation of
the following Stock of raw
materials, semi finished and finished goods comprising copper wire rods, copper
wire, insulating varnish, bop firm, PVC compound, fibre glass Rovings, copper
wire scraps etc, now lying or hereafter stored at company’s premises at New
Delhi to at any other place including those in transit All book debts,
outstanding, moneys receivables, claims and bills which are now due and owing
or which may at any time hereafter during. |
AS PER WEBSITE
Subject
is innovators in the design and manufacturer of high performance wires and cables
for demanding applications. Subject an ISO 9002 certified, have
been in this field since 1969, and have acquired rich expertise over the last
38 years. Today, they are a pioneer in the industry engaged as a manufacturer
of a massive range of Wires and Cables including
PVC/Poly/Double Coated PVC Submersible Winding Wire, Enameled Copper/Aluminium
Winding Wire, Three Core Flat Cable, Auto Cable, Telecom Cable, Cable for
Defence and Electric Cable and Wire.
Subject
maintain internationally standardized quality norms (IS:8783 quality standard
with their PVC/Poly/Double Coated PVC Submersible Winding Wires, IS:694 with
the Three Core Flat Cables, and IS:2465 & JIS C 3406 with the Auto Cables)
for all their products and try to cater customers with the best products in the
industry. This strict adherence to world class quality, combined with their
dedication to achieve full customer satisfaction has made them a highly adorned
brand amongst their patrons. At present, they hold a remarkable presence all
over the country, and some of the most reputed public sector companies like
BSNL, MTNL come in their vast client list.
Backed by almost four decades of rich experience and brilliant expertise, they
exhibit a dominating presence in the domestic market.
Quality
Their quality policy is structured on the principle of meeting all the
requirements of their clients, serve them with the highest quality products,
and offer them the best services. The manufacturing unit of subject equipped
with an in-built quality checking facility where their experts perform
stringent quality checking at every level of manufacturing process, right from
the procurement of raw materials to the final dispatch of finished products.
They use high quality raw materials like copper, aluminium and PVC and
thoroughly check the products to detect even the minute manufacturing flaws
before their delivery.
Infrastructure
They are equipped with a well established infrastructure which helps them to
grow higher at a rapid pace and earn the satisfaction through premium products
and the best services. Subject is empowered with an advanced manufacturing
unit, a highly modern, high performance test laboratory and a well stocked
material warehouse for prompt deliveries. Combined with cutting edge
technology, they are also equipped with a brilliant workforce comprising of
skilled and experienced technocrats.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.81 |
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1 |
Rs.81.57 |
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Euro |
1 |
Rs.54.91 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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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48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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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