MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MICRON SYSTEMS AND CONTROLS PRIVATE LIMITED |
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Registered Office : |
No.45th Cross, Hanumanthanagar, Srigandakaval,
Sunkadakatte, Bangalore – 560091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.1998 |
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Com. Reg. No.: |
08-023623 |
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CIN No.: [Company
Identification No.] |
U85110KA1998PTC023623 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM04377C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Voltage Stabilizers, Electronic Regulators,
Transformers and UPS |
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 4304 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. The company has been successful in wiping-off all its previous losses
during the year 2006-07. Trade relations are fair. Business is active.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
No.45th Cross, Hanumanthanagar, Srigandakaval,
Sunkadakatte, Bangalore – 560091, Karnataka, India |
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Tel. No.: |
91-80-23587575/ 23584545 |
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Fax No.: |
91-80-23587575 |
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Mobile : |
91-9845039307 |
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E-Mail : |
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Website : |
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Branches : |
Chennai V.
Elangovan Mobile
: 91-9840077797 Email
: kkavitronix@yahoo.com Hubli B.
Siddu Mobile
: 91-9448206171 Email
: siddubootihal@yahoo.co.in Coimbatore K.
Shivakumar Mobile
: 91-9994882575 Email : kskumar75@yahoo.com |
DIRECTORS
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Name : |
Mr. S. Sabapathy |
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Designation : |
Chairman |
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Address : |
61, 1st Main, RHCS Layout, Arutapurmeshwaainagar, Bangalore
– 560091, India |
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Date of Birth/Age : |
22.04.1966 |
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Date of Appointment : |
16.04.1998 |
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Name : |
Mr. S. Chandrakala |
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Designation : |
Director |
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Address : |
61, 1st Main, RHCS Layout, Arutapurmeshwaainagar, Bangalore
– 560091, India |
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Date of Birth/Age : |
30.05.1973 |
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Date of Appointment : |
31.05.2005 |
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Name : |
Mr. M N Gurunath |
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Designation : |
Director |
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Address : |
678, 2nd Block, Rajajinagar, Bangalore - 560010 |
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Date of Appointment : |
31.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 03.08.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. S. Sabapathy |
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3762 |
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Mr. S. Chandrakala |
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4388 |
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Total |
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8150 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Voltage Stabilizers, Electronic Regulators,
Transformers and UPS |
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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 : |
Rajajinagar,
Industrial Estate Branch, Bangalore – 560010, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K G Acharya and Company Chartered Accountant |
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Address : |
No.14, Girls School Street, Kumara Park West, Seshadripuram, Bangalore
– 560020, Karnataka, India |
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Memberships : |
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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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8150 |
Equity Shares |
Rs.100/-
each |
Rs.0.815
Million |
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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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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.815 |
0.495 |
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2] Share Application Money |
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0.000 |
0.640 |
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3] Reserves & Surplus |
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0.261 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.462) |
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NETWORTH |
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1.076 |
0.673 |
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LOAN FUNDS |
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1] Secured Loans |
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3.190 |
1.303 |
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2] Unsecured Loans |
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0.000 |
0.068 |
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TOTAL BORROWING |
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3.190 |
1.371 |
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DEFERRED TAX LIABILITIES |
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0.040 |
0.000 |
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TOTAL |
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4.306 |
2.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.660 |
0.744 |
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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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2.210 |
0.562 |
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Sundry Debtors |
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1.040 |
1.577 |
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Cash & Bank Balances |
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0.168 |
0.095 |
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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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0.841 |
0.754 |
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Total
Current Assets |
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4.259 |
2.988 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.425 |
1.597 |
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Provisions |
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0.188 |
0.091 |
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Total
Current Liabilities |
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3.613 |
1.688 |
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Net Current Assets |
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0.646 |
1.300 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.306 |
2.044 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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9.869 |
7.558 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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9.869 |
7.558 |
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Profit/(Loss) Before Tax |
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0.648 |
0.631 |
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Provision for Taxation |
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0.243 |
0.022 |
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Profit/(Loss) After Tax |
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0.405 |
0.609 |
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Expenditures : |
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Depreciation |
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0.127 |
0.054 |
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Other Expenditure |
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9.094 |
6.873 |
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Total Expenditure |
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9.221 |
6.927 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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4.10 |
8.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.57 |
8.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.18 |
16.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.60 |
0.94 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.32 |
4.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.18 |
1.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
MICRON SYSTEMS AND CONTROLS PRIVATE LIMITED |
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Presented By |
State Bank of
India Rajajinagar,
Industrial Estate Branch, Bangalore and Micron Systems
and Controls Private Limited |
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1) Date and description of instrument creating the change |
Dated 18.09.1998 General Agreement
for the Grant of SIA and Hypothecation of Movable, Book Debts and Other
Assets (Working Capital Finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 Million (CC,
Hypothecation of Sts and Rec – Rs.0.400 Million each) |
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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 |
All the present
and future goods, book debts, movable and other assets of the borrower
including documents of title to the goods and other assets such as
outstanding, moneys, receivables, claims, bills, right, to or in movable
properties and movable assets and which are now due, owing or payable or
belonging to the company or which ma at any time hereafter become due, owing,
payable or belonging to the company in the course of its business by any
person, fire, company or body corporate or by all future machinery belonging
to or in possession of or under the control of the borrower whoever lying
stored and kept and whether in possession of the borrower of the bank or of
any third party whether in India or elsewhere thought out world ( including
all such goods, machineries, movables and other assets as may be in course of
shipment, transit or delivery) by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interests: 1.5% above SBAR with a minimum of 14.79% p.a. with quarterly
rests. Repayment : On
Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Rajajinagar
Industrial Estate Branch, Rajajinagar, Bangalore, India |
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6) Date and brief description of instrument modifying the charge |
Dated 04.04.2002 Supplemental
General Agreement for the grant of SIA and hypothecation of goods, Book Debts
and other Assets (WCF) |
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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. |
By the above, the
amount secured by the charge stands increases from Rs.0.800 Million to
Rs.1.560 Million (CC,
Hypothecation of Sts and Rec – Rs.0.400 Million each, CC Clean under SME
Credit Plus Rs.0.160 Million and BG Rs.0.600 Million) Rate of
interests: 1.5% over SBAR, EFF Rate 13% p.a. with quarterly rests. Margin: 25% in
all cases Repayment: On
demand Security of
stocks, goods, book debts, other assets, plant and machinery, etc. already
obtd. And now obtd. both present and future will continue for the entire
credit facilities of Rs.1.560 Million Address of the
charge holder, is modified from State Bank of
India V Block,
Rajajinagar, Bangalore – 560010, to
State bank of India, Rajajinagar, Industrial Estate Branch, Rajajinagar,
Bagalore – 44 consequent to transfer of rights on the assets of the borrower. (All other terms
and conditions remain unchanged) |
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.39.93 |
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UK Pound |
1 |
Rs.79.34 |
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Euro |
1 |
Rs.62.55 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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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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 |
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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 |
|
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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