MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MEGHA PUNCH FORMS PRIVATE LIMITED |
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Registered Office : |
No. 24, 11th Cross, 5th Main, Prashanth Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.06.2004 |
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Com. Reg. No.: |
34078 |
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CIN No.: [Company
Identification No.] |
U27107KA2004PTC034078 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM09680G |
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PAN No.: [Permanent
Account No.] |
AAECM2532L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
Precision Sheet Metal Components for Automobile, Electronic, Electrical and
IT industry. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 13908 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Company is
reported to be progressing well. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 24, 11th Cross, 5th Main, Prashanth Nagar, |
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Mobile No.: |
91-9845143599 / 9880522717 / 9845011236 |
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E-Mail : |
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Corporate Office : |
B – 62, 3rd Stage, Peenya Industrial Estate, |
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Tel. No.: |
91-80-41177959 / 41178259 / 28367150 / 23724424 |
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Fax No.: |
91-80-41177959 |
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DIRECTORS
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Name : |
Mrs. Neerajakshi Kubendran |
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Designation : |
Director |
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Address : |
No. 11, |
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Date of Birth/Age : |
27.04.1975 |
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Date of Appointment : |
04.06.2004 |
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Name : |
Mrs. Shoba Siva Kumar |
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Designation : |
Director |
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Address : |
No. E – 2, Diamond Enclave Chikkasandra Opp. Bonemill Bus Stop, T.
Dasarahalli, |
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Date of Birth/Age : |
09.10.1976 |
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Date of Appointment : |
04.06.2004 |
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Name : |
Mr. M.V. Ranganath |
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Designation : |
Director |
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Address : |
No. 24, 11th Cross, 5th Main, Prashanthnagar, |
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Date of Birth/Age : |
29.07.1968 |
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Date of Appointment : |
04.06.2004 |
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Name : |
Mr. B. R. Venugipal |
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Designation : |
Director |
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Address : |
No. 18, 1st Floor, 3rd Main, Vijayanagar 2nd
Stage, |
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Date of Birth/Age : |
10.11.1971 |
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Date of Appointment : |
04.06.2004 |
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Name : |
Mr. P Kubendran |
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Designation : |
Director |
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Address : |
No. 11, |
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Date of Appointment : |
01.04.2005 |
KEY EXECUTIVE
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Name : |
Mr. K Y Nagaraj |
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Designation : |
Company Secretary |
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Address : |
No. 3, 6th Cross, 6th |
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Tel No.: |
91-80-51282261 / 51282262 |
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Fax : |
91-80-51282263 |
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E – Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Neerajakshi Kubendran |
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6200 |
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Mrs. Shoba Siva Kumar |
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6200 |
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Mr. M.V. Ranganath |
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6200 |
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Mr. B. R. Venugipal |
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6200 |
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Mr. Mohan Kumar |
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200 |
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Category |
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Percentage of Holding |
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Directors or Relatives of Directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of precision sheet metal components for automobile,
electronic, electrical and IT industry. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
25 |
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Bankers : |
Syndicate Bank 252, Surekha
Complex, 100ft. Road, Peenya, E-Mail: tr_jairam@vsnl.net |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajbabu and Associates Chartered Accountants |
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Address : |
No. 86, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
0.100 |
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2] Share Application Money |
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0.290 |
0.000 |
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3] Reserves & Surplus |
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0.687 |
0.430 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.477 |
0.530 |
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LOAN FUNDS |
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1] Secured Loans |
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1.897 |
0.000 |
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2] Unsecured Loans |
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0.080 |
0.000 |
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TOTAL BORROWING |
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1.977 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.249 |
0.000 |
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TOTAL |
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5.703 |
0.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.081 |
0.000 |
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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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0.000 |
0.000 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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1.198 |
0.000 |
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Cash & Bank Balances |
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0.036 |
0.080 |
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Other Current Assets |
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0.070 |
0.052 |
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Loans & Advances |
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2.493 |
0.400 |
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Total
Current Assets |
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3.797 |
0.532 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.043 |
0.002 |
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Provisions |
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0.132 |
0.000 |
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Total
Current Liabilities |
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7.175 |
0.002 |
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Net Current Assets |
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(3.378) |
0.530 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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5.703 |
0.530 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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3.784 |
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Other Income |
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0.00 |
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Total Income |
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3.784 |
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Profit/(Loss) Before Tax |
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1.068 |
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Provision for Taxation |
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0.381 |
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Profit/(Loss) After Tax |
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0.687 |
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Expenditures : |
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2.716 |
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Total Expenditure |
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2.716 |
KEY RATIOS
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PARTICULARS |
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31.03.2006
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31.03.2005 |
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PAT / Total Income |
(%) |
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18.15 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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28.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.30 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.06 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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0.52 |
266.00 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
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Name of the company |
MEGHA PUNCH FORMS PRIVATE LIMITED |
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Presented
By |
Syndicate Bank,
Peenya Industrial Estate, |
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1) Date and description of instrument creating the change |
16.06.2006 Composite
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.8.500 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 by
way of first charge on: a. Stocks
consisting of raw materials of M.S. Sheets, S. S. Sheets, Aluminum Sheets,
Brass and Copper sheets and M.S.
angles and M.S. Flats, etc., work in progress and finished goods in the form
of panel boards, swirchgear stems, storage racks, UPS Box, Computer
hardware’s, office system, sheet metal, etc. b. All the
borrower’s present and future other debts, receivable, claims, bills,
contracts, etc. c. All the
existing machineries as per list enclosed to the agreement and those to be
acquired including CNC machine stabilizers, air compressor, and computer. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– PLR + 1.5% at present 12.5%p.a |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank,
252, Surekha Complex, 100ft. Road, Peenya, Bangalore - 560057 |
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Corporate
identity number (CIN) Foreign company registration number |
U27107KA2004PTC034078 |
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Name of the Company
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MEGHA PUNCH FORMS PRIVATE LIMITED |
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Address |
No. 24, 11th Cross, 5th Main, Prashanth Nagar, |
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This form is for |
Creation of Chare |
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Type of Charge |
Movable property
(not being pledge) |
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Particulars of the
charge holder |
Syndicate Bank 252, Surekha
Complex, 100ft. Road, Peenya, E-Mail: tr_jairam@vsnl.net |
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Amount secured by
the charge |
Rs.0.300 million |
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Brief of the
principal terms and conditions |
Rate of Interest: 10.75% Terms of
Repayments: 30 EMI of
Rs.10120/- each. First of such installments shall commence from 11.2.2007 Margin: As per Norms Extent and
operation of the charge: The charge shall operate
to the extent of Rs.0.300 million plus interest, commission, charges, cost
and other expenses thereon |
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Description of
the property creating the charge |
Composite
hypothecation agreement |
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Short particulars
of the property charge (including of the property |
Hypothecation by
way of first charge on Santro Xing XO car bearing engine No. 9045, Chassis
No. 7374, registration No. KA 02 M B 5634 |
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Date of
Instrument creating or modifying the charge |
11.01.2007 |
As Per Web Details
Company Profile:
Subject is a leading
manufacturer of precision sheet metal components for automobile, electronic,
electrical and IT industry. With the experience of more then fifteen years and
offering quality products to their clients, they have established themselves as
a producer of high quality precision racks, electronic modular enclosures,
control panel boards, cable trays and fabrication etc. They try to inculcate
the latest evolvements so as to enhance the life and durability of their
products.
Their Quality
Driven by zeal to constantly enhance the quality horizon, Subject includes
units which are already accredited for world class quality. In real sense, they
have drawn powerfully on their belief in quality. Their full compliance with
these standards has enabled them to satisfy the most demanding requirements
imposed on them by their customers. They are confident to achieve a world-class
quality status and compete in the global market.
Their Infrastructure
They have installed the latest and most sophisticated machineries at their
plants which yield world-class products. Their output is marked for its
efficiency and design which matches the varied requirements of their clients.
With the machines like CNC presses and brakes, CNC shearing, tapping and
welding work machine, etc. they are climbing the higher roads of success day by
day.
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.39.31 |
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1 |
Rs.80.19 |
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Euro |
1 |
Rs.55.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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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27 |
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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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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