MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MICROQUAL TECHNO PRIVATE LIMITED |
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Registered Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai - 400 053, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.08.1999 |
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Com. Reg. No.: |
11-121164 |
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CIN No.: [Company
Identification No.] |
U32200MH1999PTC121164 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM13047G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer for complete range of Passive Components used for Wireless
Networks. |
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 118000 |
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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 / Factory : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road,
Andheri (West), Mumbai - 400 053, Maharashtra, India |
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Tel. No.: |
91-22-26989381 / 23443570 |
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Fax No.: |
91-22-26360909 / 23444025 |
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E-Mail : |
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Website : |
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Branches : |
Located at : Ø
Ø
Chennai Ø
Ø
Kolkata Ø
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DIRECTORS
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Name : |
Mr. Mahesh Balkishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N. Dutta Marg, Four Bunglow Road, Andheri [West],
Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
11.03.1979 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. Poonam Bhisham Bhardwaj |
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Designation : |
Director |
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Address : |
N-439, |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. Premchand Radhakishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N. Dutta Marg, Four Bunglow Road, Andheri [West],
Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
14.07.1944 |
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Date of Appointment : |
12.02.2001 |
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Name : |
Mr. Punamchand Radhakishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N. Dutta Marg, Four Bunglow Road, Andheri [West],
Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
25.05.1947 |
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Date of Appointment : |
12.02.2001 |
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Name : |
Mr. Varunkumar Punamchand Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N. Dutta Marg, Four Bunglow Road, Andheri [West],
Mumbai – 400058, Maharashtra, India |
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Date of Appointment : |
25.03.2004 |
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Name : |
Mr. Balkishan Radhakishan Choudhary |
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Designation : |
Director |
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Address : |
9, Abhishek Bunglow, N. Dutta Marg, Four Bunglow Road, Andheri [West],
Mumbai – 400058, Maharashtra, India |
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Date of Appointment : |
24.09.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Balkishan Choudhary |
|
5010 |
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Premchand Radhakishan Choudhary |
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5000 |
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Punamchand Radhakishan Choudhary |
|
5000 |
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Balkishan Radhakishan Choudhary |
|
10 |
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Punamchand Radhakishan Choudhary – HUF |
|
10 |
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Premchand Radhakishan Choudhary – HUF |
|
10 |
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Balkishan Radhakishan Choudhary – HUF |
|
10 |
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Radhakishan R. Choudhary – HUF |
|
10 |
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Kishnidevi Radhakishan Choudhary |
|
10 |
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Bimladevi Punamchand Choudhary |
|
10 |
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Sushil Punamchand Choudhary |
|
10 |
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Sushiladevi Punamchand Choudhary |
|
10 |
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Meeradevi Balkishan Choudhary |
|
10 |
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Sneh Sushil Choudhary |
|
10 |
|
Prem Dye Chem Industries Private Limited |
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10 |
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Payal Mahesh Choudhary |
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5 |
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Anshu Sushil Choudhary – Rep. by Natural Gardian Mr. Sushil Choudhary |
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5 |
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Total |
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15140 |
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Category |
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Percentage of Holding |
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Bodies corporate |
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0.07 % |
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Directors or relatives of directors |
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99.93 % |
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Total |
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100.00
% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer for complete range of Passive Components used for
Wireless Networks. |
GENERAL INFORMATION
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Customers : |
Ø Hutchison
Max - Ø Hutch
- Ø Airtel
- Ø BPL
- Ø Hughes
Tele.com - Ø Shyam
Telelink - Rajasthan Ø TATA
Cellular - Ø Spice
Telecom - Ø RPG
Cellular - Chennai |
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Bankers : |
Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India Indian Overseas Bank Andheri [West] Branch, Mumbai – 400058 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. H. Ghumara and Company Chartered Accountants |
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Address : |
B-14, Hessika, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15140 |
Equity Shares |
Rs. 10/- each |
Rs. 0.151
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.151 |
0.151 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
29.459 |
14.243 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
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29.610 |
14.394 |
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LOAN FUNDS |
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1] Secured Loans |
|
19.091 |
7.896 |
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2] Unsecured Loans |
|
19.793 |
6.399 |
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TOTAL BORROWING |
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38.884 |
14.295 |
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DEFERRED TAX LIABILITIES |
|
0.716 |
0.256 |
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TOTAL |
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69.210 |
28.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.252 |
4.493 |
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Capital work-in-progress |
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0.045 |
0.000 |
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INVESTMENT |
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0.005 |
0.005 |
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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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7.823 |
1.527 |
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Sundry Debtors |
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78.949 |
52.596 |
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Cash & Bank Balances |
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4.572 |
4.010 |
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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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15.932 |
5.302 |
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Total
Current Assets |
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107.276 |
63.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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31.355 |
31.767 |
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Provisions |
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16.293 |
7.221 |
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Total
Current Liabilities |
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47.648 |
38.988 |
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Net Current Assets |
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59.628 |
24.447 |
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MISCELLANEOUS EXPENSES |
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0.280 |
0.000 |
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TOTAL |
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69.210 |
28.945 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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187.318 |
135.943 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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187.318 |
135.943 |
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Profit/(Loss) Before Tax |
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26.193 |
15.672 |
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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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0.000 |
0.000 |
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Expenditures : |
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Interest |
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2.099 |
0.905 |
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Insurance Expenses |
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0.000 |
0.000 |
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Power & Fuel |
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0.000 |
0.000 |
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Depreciation & Amortization |
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1.497 |
1.176 |
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Other Expenditure |
|
157.529 |
118.189 |
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Total Expenditure |
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161.125 |
120.270 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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13.98 |
11.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.98 |
11.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.47 |
23.07 |
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Return on Investment (ROI) (PBT/Networth) |
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0.88 |
1.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.92 |
3.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.25 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MICROQUAL TECHNO
PRIVATE LIMITED |
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Presented By |
Indian Overseas
Bank Andheri [West]
Branch, Mumbai – 400058 |
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1) Date and description of instrument creating the change |
Letter of
hypothecation of Machinery dated 14th July, 2004 to secure Guarantee
Limits of Rs. 4.500 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
existing machinery of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 25 % Commission : To
be charged as per circular in force. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Andheri [West] Branch, Mumbai – 400058 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U32200MH1999PTC121164 |
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Name of the
company |
MICROQUAL TECHNO PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road,
Andheri (West), Mumbai - 400 053, Maharashtra |
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Type of charge |
Book Debts Macable Property Floating charge |
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Particular of
charge holder |
Yes Bank Limited 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation |
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Date of
instrument Creating the charge |
08.01.2007 |
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Amount secured by
the charge |
Rs. 60.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest In Invoice / Bill
Discounting TBL Prime lending Rate less 2.50 % p.a. [effect rate would be
10.50 % p.a.] and Cash credit YBL Prime lending Rate less 2.00 % p.a.
[effective rate would be 11 % p.a.] Terms of
repayment Invoice / Bill
discounting with in 120 days Cash Credit in
demand or annual review Margin 20 % on invoice
value for facility – Invoice / Bill discounting 25 % on current
assets [Stock and Book debts] for facility – Cash Credit Extent and
operation of the charge First exclusive
charge on Current assets to cover the following facilities First exclusive
charge on Current Assets to cover the following facilities Invoice / Bill
Discounting Cash Credit Letter of Credit
/ Bank Guarantee |
As per
Website
Subject manufactures complete range of Passive Components
much needed for R.F / Microwave Industry. The company can produce any specific type of customized products.
The In-house Assembly & Test facilities are unique and assure the Best
performance of the products to the exact specifications of the customers. The
In-house design capability acts as the major strenght of the company.
Production Facilities - -
Their Production facility includes high precision Machinery which helps us meet
their Target of "Accurate Components". All assembly and test
operations are carried out in Dust Free Environment. It has In-house facilities
to test all R.F parameters. Thus the High Quality standarts are met &
maintained.
Team
Subject consists a team of
people who believe that Quality is not a term but a religion to follow. They
focus on precision which according to them is one of the most important aspect
in the R.F. Industry as they aim to meet International Quality Standards for
the Products.
Team consists of Skilled Technicians & Engineers who if required can work
in the worst possible conditions to live upto the expectations & strive to
develop products which are most exclusive in nature as they always say that their aim is to develop Products before
customer are required.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.78 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.55.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 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/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 |
|