MIRA
INFORM REPORT
|
Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MICO PLAST INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
No. 55, The Vyasarpadi Co- Operative, Industry Estate, Chennai-600039,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.06.1991 |
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Com. Reg. No.: |
21005 |
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CIN No.: [Company
Identification No.] |
U52599TN1991PLC021005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM01303B |
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PAN No.: [Permanent
Account No.] |
AAACM6176C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of LDPE Bag, PP Bags, HNDE Bags, Tubes and Sheets and
also specialized in Multi Colour FLEXO and Gravure Printing |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 1700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is small established company having satisfactory track. Trade
relations are fair. Financials position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal by business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Uma |
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Designation : |
HR Manager |
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Date : |
21.07.2008 |
LOCATIONS
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Registered Office : |
No. 55, The Vyasarpadi Co- Operative, Industry Estate, Chennai-600039,
Tamilnadu, India |
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Tel. No.: |
91-44-25523925/ 25523965 |
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Fax No.: |
91-44-25523307 |
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E-Mail : |
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Website : |
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Area : |
5200 sq. ft (Owned) |
DIRECTORS
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Name : |
Mr. Agurchand Rangraj |
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Designation : |
Managing Director |
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Address : |
2nd 2-B, Skylark, 08, Diwanrama Iyenagar, Road, Purasai,
Chennai -600007, Tamilnadu, India |
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Date of Birth/Age : |
22.10.1962 |
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Date of Appointment : |
04.06.2007 |
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Name : |
Mr. Naresh Kumar Rangaraj |
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Designation : |
Managing Director |
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Address : |
No. 55, Vysarpadi Co Operative Industrial Estate, Vysarpadi,
Chennai-600039, Tamilnadu, India |
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Date of Birth/Age : |
22.01.1971 |
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Date of Appointment : |
10.06.1994 |
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Name : |
Mrs. A Suraj Kumari |
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Designation : |
Director |
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Address : |
89, Ramaswamy Street, Chennai- 600001, Tamilnadu, India |
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Date of Birth/Age : |
20.10.1962 |
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Name : |
Mrs. N Sumithra |
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Designation : |
Director |
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Address : |
89, Ramaswamy Street, Chennai- 600001, Tamilnadu, India |
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Date of Birth/Age : |
19.08.1973 |
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Name : |
Mr. B. Agarchand |
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Designation : |
Chairman cum director |
KEY EXECUTIVES
|
Name : |
Mrs. Uma |
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Designation : |
HR Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2004
|
Names of Shareholders |
|
No. of Shares |
|
R Agar Chand |
|
81510 |
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R Sjuva Devi |
|
17010 |
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B Rangraj |
|
57510 |
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A Lalitha Devi |
|
400 |
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R Naresh Kumar |
|
57510 |
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Suraj Kumari |
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30010 |
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Saremal Jain |
|
11010 |
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S Jamku Devi |
|
11010 |
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N Sumithra |
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30000 |
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A L Sirajuddin |
|
70000 |
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Hemraj Jagawat |
|
1000 |
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B Lalchand |
|
1000 |
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Sha Behrumal |
|
1000 |
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B Kishore |
|
1000 |
Equity Share Capital Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Others |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of LDPE Bag, PP Bags, HNDE Bags, Tubes and Sheets and also
specialized in Multi Colour FLEXO and Gravure Printing |
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Products : |
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Exports : |
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Countries : |
Colombo |
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Imports : |
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Countries : |
Saudi and Singapore |
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Terms : |
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Selling : |
Credit ( 60- 90 Days) |
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Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
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Facilities : |
CC Rs. 2100.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B P Jain and Company Chartered Accountant |
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Address : |
2 Gee Gee Minar, 23 College Road, Chennai-600006, Tamilnadu, India |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1051800 |
Equity Shares |
Rs. 10/-
each |
Rs.
10.518Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.518 |
10.498 |
3.820 |
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2] Share Application Money |
0.000 |
0.000 |
0.978 |
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3] Reserves & Surplus |
3.027 |
0.456 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.197] |
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NETWORTH |
13.545 |
10.954 |
4.601 |
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LOAN FUNDS |
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1] Secured Loans |
15.246 |
8.388 |
5.640 |
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2] Unsecured Loans |
2.893 |
3.852 |
4.123 |
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TOTAL BORROWING |
18.139 |
12.240 |
9.763 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.684 |
23.194 |
14.364 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.899 |
12.049 |
7.650 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.030
|
7.427 |
3.477 |
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Sundry Debtors |
26.741
|
20.083 |
7.466 |
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Cash & Bank Balances |
1.247
|
0.306 |
0.013 |
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Other Current Assets |
1.054
|
1.877 |
0.807 |
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Loans & Advances |
2.942
|
2.972 |
2.529 |
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Total
Current Assets |
43.014
|
32.665 |
14.292 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
25.229
|
21.521 |
7.581 |
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Provisions |
0.000
|
0.089 |
0.000 |
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Total
Current Liabilities |
25.229
|
21.610 |
7.581 |
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Net Current Assets |
17.785
|
11.055 |
6.711 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.090 |
0.003 |
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TOTAL |
31.684 |
23.194 |
14.364 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
108.496 |
64.380 |
28.982 |
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Other Income |
2.669 |
2.255 |
1.484 |
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Total Income |
111.165 |
66.635 |
30.466 |
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Profit/(Loss) Before Tax |
0.590 |
2.419 |
[0.677] |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.590 |
2.419 |
[0.677] |
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Expenditures : |
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Raw Material Consumed |
93.868 |
53.148 |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.222 |
0.749 |
0.000 |
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Managerial Remuneration |
0.850 |
0.720 |
0.000 |
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Payment to Auditors |
0.064 |
0.049 |
0.000 |
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Interest |
2.934 |
1.646 |
0.000 |
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Depreciation & Amortization |
2.070 |
1.695 |
0.949 |
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Other Expenditure |
9.567 |
6.209 |
30.194 |
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Total Expenditure |
110.575 |
64.216 |
31.143 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.53
|
3.63 |
[2.22] |
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Net Profit Margin (PBT/Sales) |
(%) |
0.54
|
3.76 |
[2.34] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.04
|
5.41 |
[3.09] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.22 |
[0.15] |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.20
|
3.09 |
3.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.51 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company has been shifted from 2/ 1, Armenian,
Street, Chennai-600001, Tamilnadu, India to present address w.e.f 25.06.1991
Trade References:
- Pothys
textile, Chennai
- Aachi Masala,
Chennai
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10058483 |
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Corporate
identity number of the company |
U52599TN1991PLC021005 |
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Name of the
company |
MICO PLAST INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 55, The Vyasarpadi Co- Operative, Industry Estate, Chennai-600039,
Tamilnadu, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Industrial Development Bank of India
Limited, IDBI TowerWTC Complex, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter Dated
12.12.2007 issued by IDBI re-allocating the sub limits of working capital
limits aggregating to Rs. 24.000 Millions by canceling the unavailed LC of
6.000 Million into CC limit thereby increasing the CC limit from 15.000
Millions to 21.000 Millions consequent upon the re allocation of sub limits
the charge created on the current assets vide agreement of hypothecation of
goods an assets on 19.03.2007 in favour of IDBI by the Company shall continue
to remain security for the due repayments of the revised limits. |
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Date of
instrument Creating the charge |
15.02.2008 |
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Amount secured by
the charge |
Rs. 34.200
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment 54 Monthly
installments commencing from October 1, 2007 Margin 25% for rupee term
loan and for working capital 25% margin and for letter of credit 10% Extent and
Operation of the charge The charge
created in favour of IDBI on the current assets of the company shall continue
to remain security for the due repayment of the revised working capital
limits comprising cash credit limit of Rs. 21.000 Millions and letter of
credit of Rs. 3.000 Millions by the Company |
|
Short particulars
of the property charged |
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|
Date of latest
modification prior to the present modification |
15.02.2008 |
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Particulars of
the present modification |
Letter dated 12.12.2007 issued by IDBI
re-allocating the sub limits of working capital limits aggregating to Rs.
24.000 Millions by canceling the unavalied LC of 6.000 Millions into CC Limit
thereby increasing the CC limit from 15.000 Millions to 21.000 Millions consequent
upon the re allocation of sub limits the charge created on the current assets
vide agreement of hypothecation of goods and assets on 19.03.2007 is favour
of IDBI by the Company shall continue to remain security for the due
repayment of the revised limits. |
|
Name of the company |
MICO PLAST INDUSTRIES PRIVATE LIMITED |
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Presented By |
MICO PLAST INDUSTRIES PRIVATE LIMITED Bank of Baroda, Chennai Main Branch, Chennai-1, Tamilnadu, India |
|
1) Date and description of instrument creating the change |
17.08.2004 Composite Hypothecation Agreement, dated 17.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million Together with interest, costs, charges and all other expenses. Facility : Adhoc Cash Credit |
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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 :
which are now lying or stored or to be stored in the Company’s premises/ godowns at Vyasarpadi, Chennai of wherever else the same may be as Security to the Bank fo the Said Adhoc Cash Credit Limit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest for the Adhoc Cash Credit Limit – 15.5% p.a. Margin : 25% All other terms and conditions a stated in the copy of Agreement enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Chennai Main Branch, 28, Rajai Salai, Chennai-600001, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
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.42.71 |
|
UK Pound |
1 |
Rs.85.11 |
|
Euro |
1 |
Rs.67.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|