MIRA
INFORM REPORT
|
Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGAL LVD INDIA PRIVATE LIMITED |
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Formerly Known As : |
MEGAL ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
No. 264/75, 2nd
Main, 36th Cross, 8th Block, Jayanagar, Bangalore- 560082,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.09.1999 |
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Com. Reg. No.: |
08-25662 |
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CIN No.: [Company
Identification No.] |
U02922KA1999PTC025662 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM06551G |
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PAN No.: [Permanent
Account No.] |
AABCM9083D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supply, Service and Consultancy of sheet metal working
machines, metal cutting / forming machines and metal processing / finishing
equipments. |
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 38000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
No. 264/75, 2nd
Main, 36th Cross, 8th Block, Jayanagar, Bangalore- 560082,
Karnataka, India |
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E-Mail : |
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Website : |
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Corporate Office : |
# N 2, 2nd Floor, LIC Row House, 24th Main Road,
J P Nagar, 1st Phase, Bangalore-560078, Karnataka, India |
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Tel. No.: |
91-80-26547337/ 26542182/ 183 |
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Fax No.: |
91-80-26644150 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. M K Narasinga Rao |
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Designation : |
Director |
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Address : |
172, 5th Cross, 5th Main BTM Layout, 2nd
Stage, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
14.07.1961 |
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Date of Appointment : |
01.09.1999 |
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Name : |
Mrs. Sheila Rao |
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Designation : |
Director |
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Address : |
172, 5th Cross, 5th Main BTM Layout, 2nd
Stage, Bangalore-560076, Karnataka, India |
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Date of Birth/Age : |
03.08.1964 |
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Date of Appointment : |
01.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
M K Narasinga Rao |
|
33479 |
|
Sheila N Rao |
|
1 |
|
Total |
|
33480 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supply, Service and Consultancy of sheet metal working
machines, metal cutting / forming machines and metal processing / finishing
equipments |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K.R. Seshadri Chartered Accountant |
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Address : |
12th Main, ‘E’ Block, Rajajinagar, 2nd Stage,
Bangalore-560010, Karnataka, India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33480 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.335
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
0.335 |
0.335 |
0.335 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
7.432 |
5.880 |
3.776 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.767 |
6.215 |
4.111 |
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|
LOAN FUNDS |
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|
|
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1] Secured Loans |
5.327 |
1.583 |
0.870 |
|
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2] Unsecured Loans |
1.100 |
0.000 |
0.000 |
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TOTAL BORROWING |
6.427 |
1.583 |
0.870 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.194 |
7.798 |
4.981 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.163 |
3.886 |
1.584 |
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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 |
0.002 |
0.020 |
0.020 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.024
|
0.808 |
0.432 |
|
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Sundry Debtors |
5.784
|
3.193 |
1.378 |
|
|
Cash & Bank Balances |
2.241
|
4.988 |
3.177 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.679
|
8.905 |
1.136 |
|
Total
Current Assets |
12.728
|
17.894 |
6.123 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
7.699
|
14.005 |
1.707 |
|
|
Provisions |
0.000
|
0.000 |
1.044 |
|
Total
Current Liabilities |
7.699
|
14.005 |
2.751 |
|
|
Net Current Assets |
5.029
|
3.889 |
3.372 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.003 |
0.005 |
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TOTAL |
14.195 |
7.798 |
4.981 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
71.502 |
32.313 |
|
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
71.502 |
32.313 |
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|
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Profit/(Loss) Before Tax |
|
3.162 |
3.710 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
3.162 |
3.710 |
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Imports : |
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Import Value |
|
39.963 |
13.359 |
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Expenditures : |
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Depreciation & Amortization |
|
0.787 |
0.658 |
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Other Expenditure |
|
67.553 |
27.945 |
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Total Expenditure |
|
68.340 |
28.603 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.42
|
11.48 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.42
|
11.48 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.44
|
17.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.59 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.82
|
2.51 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.28 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
During the Year, the company has achieved a turnover of Rs. 71.502 Millions
as against Rs. 32.313 Millions in the year 2005-06. The Company hopes to
further improved its working in the ensuring years.
INFORMATION
REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE DIRECTORS
REPORT) RULES, 1988
Discloser of information on conservation of energy is not applicable to
company as the Company is carrying on the business as trading.
The Question of R and D Technology absorption does not arise.
Foreign Exchange inflow during the year was Rs. 15.031 Millions towards income
and Foreign Exchange outflow during the yare was R.s 39.963 Millions towards
imports Rs. 1.318 Millions
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U02922KA1999PTC025662 |
|
Name of the
company |
MEGAL ENGINEERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
NO. 264/75, 2ND Main,36th
Cross, 8th Block, Jayanagar,
Bangalore- 560082, Karnataka |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Indian Bank, SSI Branch, 130, Ramaiah Complex, 100 ft. Road, Peenya,
Bangalolre-560057, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
Hypothecation of Goods Received Under Advance Payment Guarnatees / LCs etc. |
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Date of
instrument Creating the charge |
28.12.2007 |
|
Amount secured by
the charge |
Rs. 1.276
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Commission on
Import LC as per bank guidelines Terms of
Repayment Period of Import
LC – Four Months Margin 10% Extent and
Operation of the charge The Charge shall
operate to the extent of Rs. 1.276 Millions plus interest, commission, costs,
expenses and other charges thereon. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on machineries, fixed assets, inventory, bookdebts,
outstanding monies, recoverable claims, bills etc. and plant and machineries
and other fixed assets, Stored/ installed at No. 264/75, 2nd Main, 36th Cross, 8th
Block, Jayanagar, Bangalore or at any other place. |
|
Corporate
identity number of the company |
U02922KA1999PTC025662 |
|
Name of the
company |
MEGAL ENGINE3ERING COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
NO. 264/75, 2ND Main, 36th
Cross, 8th Block,
Jayanagar, Bangalore- 560082, Karnataka, India |
|
This form is for |
Modification of
Charge |
|
Type of charge |
Equitable mortgage or mortgage of property by depositing the title
deeds. |
|
Particular of charge
holder |
Indian Bank, SSI Branch, 130, Ramaiah Complex, 100 ft. Road, Peenya,
Bangalolre-560057, Karnataka, India |
|
Amount secured by
the charge |
Rs. 3.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– SOD – BPLR – 1%, TL-BPLR+TP+1% Margin: SOD -25%,
TL – 30% Repayment – TL to
be repaid in 60 monthly installments of Rs. 0.050 Million starting from next
month of date of full disbursal. The said amount of Rs. 3.500 Millions
comprises SOD Rs. 0.500 Million and TL Rs. 3.000 Millions |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
Equitable
mortgage by way of first charge of all that piece and parcel of portion of
industrial Plot No. 121-B and building situated therein formed by Karnataka
Industrial Areas Development Board, Bangalore situate at Bommasandra
Industrial Area, Hebbagodi Village, Attibele Hobli, Anekal Taluk, Bangalore
measuing 10000 sq.ft bounded on the east by Remaining portion of Plot No.
121-B, West by Plot No. 121-C-1; North by road, South by Remaining Portion of
Plot No. 121-B |
|
Charge identification
number of the charge to be modified |
10014647 |
|
Brief description
of the instrument modifying the charge under section 135 |
Memorandum of
Deposit of Title Deeds |
|
Date of
instrument modifying the charge |
21.08.2006 |
|
Particulars of the
present modification |
By the above, the
company has offered additional security of the immovable properties No. 121-B
at Hebbagdi,m Attibele, Bangalore fully described at 13(C) to cover the
credit limits of Rs. 3.500 Millions |
Fixed Assets:
·
Factory Land
·
Factory Building
·
Vehilces
o
Esteem
o
Qualis
o
Santro
o
Bajaj Scooter
o
TVS Moped
o
Hero Puch
o
Kinetic Marval
o
Hero Dawn
o
Honda CD Dawn
o
Honda City Car
o
Ford Fusion
o
Innova
·
Computer
·
Office Equipments
·
Fax Machine
·
PABX
·
UPS
·
Others
·
Furniture and Fixture
AS PER WEBSITE
Profile:
Subject is a Premier One Source Company for Supply, Service
and Consultancy of sheet metal working machines, metal cutting / forming
machines and metal processing / finishing equipments in India.
Set up in 1992 by Mr M K Narasinga Rao, Magal has built up a respectable
clientele, based on principles of technology proficiency, honest dealings and
conscientious customer service.
Magal's primary strength is the technical expertise and insight that has
resulted in building a strong rapport with the principals and customers in
various manufacturing categories.
The expertise has equipped Magal to fulfil needs of customers across the
manufacturing spectrum - from sheet metal working, to metal forming, to metal
finishing machinery.
Growth
Year 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05
Number of customers 240 280 300 325 350 400
Turnover- Rupees in million 60 80 90 115 200 300
The turnover rose from a modest Rs.60 million to Rs.300
million - around Five fold increase and a customer base increase from around
240 to 400 industries.
The Future
Magal envisages adding more state-of-the-art technology-driven machinery that will
enable it to provide more comprehensive solutions to meet the ever growing
product and process demands of customers.
Customer base
The great amount of trust and faith reposed by customers in Magal's
capabilities is evident from its long list of customers, across various
industry sectors, who always turn to Magal to fulfil their ever growing
technology requirements
New products
Add more state of the art technology driven machinery, which
can enable Magal to be more comprehensive to deal with emerging scenarios and
assist customers to cope with more demanding product and process requirements.
Subject to be identified by the industry as one stop shop for all the sheet
metal related machinery distributor and equipped with sufficient, proper
people, technology and trained engineers for sales, service and administration.
Services:
Consultancy, Maintenance and Technical Support
Consultancy
Magal with its vast experience and expertise provides complete
technical consultancy on Presses, CNC Machining Centers, Press Shops and
Machining Projects.
·
Press erection up to 3000 Tons
·
Erection of heaving floor borers, horizontal machining
center and vertical turret lathe
·
Reconditioning of all types of press and Retrofitting of
C-Frame and H-Frame presses up to 3000 Tons (Sheet metal, Forging and Hydraulic
deep drawing)
·
Reconditioning and Retrofitting of CNC Machining Centers,
special purpose machine VTL, H-boring, floor boring, etc
·
Design and fabrication of press automation
Maintenance and Technical Support
·
Magal also offers Annual Maintenance Contracts for Presses,
Shearing Machines, Press Brakes, CNC Punch Press and CNC Profile Cutting.
·
A well-trained and efficient team of engineers ensure that
machines and equipment are maintained in top condition and machine downtime is
kept to the minimum level.
·
Required spares stocks are maintained. The expertise does
help in innovation and development of spares and tools as required by the
industry.
·
An efficient and good CandF network ensures on time delivery
of products and spares.
Folio:
Over the years, the company has built a respectable client
base across various sectors of the industry. The table below gives a
representative sampling of the clientele. References can be provided on
request.
Control panel and Precision Sheet Metal Sector
·
Mag Finishers Private Limited
·
Rittal India Limited
·
Bells Controls Limited
·
Associated Commercial Enterprises.
·
APW President Systems (India) Limited
·
Brakes India.
·
Roots Industries.
·
KOEL, SKF etc.
Automotive Sector
·
TVS Motor Co. Limited Hosur and Mysore
·
Ashok Leyland Limited
·
MICO.
·
Toyota Kirloskar Motors Limited
·
Hindustan Motors Limited
Earth Moving Machinery Sector
·
Larsen and Toubro.
·
BEML.
Consumer Durable Sector
·
TTK Prestige Limited
·
BPL Industries.
Textile Sector
·
Kirloskar Toyoda Textile Machinery.
Food Processing Sector
·
Buhler (India) Limited
Machine Tools and Material Handling Sector
·
Ace Designers.
·
Kennametal-Widia.
·
MICO BOSCH.
·
Maini Materials.
About more than 50% of the customers are looking for
repeated requirements for their expansion projects. Thus the fulfillment of the
vision of a one-source agency for related customer needs.
CMT REPORT
(Corruption, Money Laundering and 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.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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 |
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 |
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. |
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 |
|