MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIDI EXTRUSIONS LIMITED |
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Registered Office : |
8833 Lane 3, Multani Dhanda, Paharganj, New Delhi 110055 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.11.1987 |
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Com. Reg. No.: |
029767 |
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CIN No.: [Company
Identification No.] |
U28111DL1987PLC029767 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05895B / DELM10195D |
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PAN No.: [Permanent
Account No.] |
AAACM1225E |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Aluminium Extrusion, Alloy Ingots and Billets. |
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 1790000 |
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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 a well established company having satisfactory track. Trade relations are fair. 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 : |
8833 Lane 3, Multani Dhanda, Paharganj, New Delhi 110055, India |
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Tel. No.: |
91-11-23543395 / 23674805 / 23679483/23543373 |
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Fax No.: |
91-11-23543395 |
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E-Mail : |
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Website : |
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Factory: |
A 23-26, Phase II Extension, Hosiery Complex, Noida 20305, Uttar
Pradesh, India |
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Tel. No.: |
91-120 – 6516371 / 6516372 / 6516373 |
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Mobile No.: |
91-9811777076 / 9811777074 / 9811777073 /
9811777071 |
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Fax No.: |
91-120-2462028 / 26681070 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ranjit Kumar Kapoor |
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Designation : |
Director |
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Address : |
C-52, Malviya Nagar, New Delhi – 110 017, India. |
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Date of Birth/Age : |
02.10.1950 |
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Date of Appointment : |
13.11.1987 |
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Name : |
Mr. Kiran Kumar Kapoor |
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Designation : |
Director |
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Address : |
135 A, Banguo Avenue, Kolkata, West Bengal, India. |
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Date of Birth/Age : |
16.07.1947 |
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Date of Appointment : |
01.08.2001 |
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Name : |
Mr. S. M. Sundaram |
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Designation : |
Director |
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Address : |
A-101, Ram Vihar, Sector 30, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
07.01.1941 |
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Date of Appointment : |
15.04.1997 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Aluminium Extrusion, Alloy Ingots and Billets. |
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Exports : |
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Products : |
Finished Products |
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Imports : |
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Countries : |
Aluminium sections, ingots, billets and scrap |
GENERAL
INFORMATION
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No. of Employees : |
About 900 |
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Bankers : |
v Canara Bank v Oriental Bank of Commerce |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
G. P. Agarwal & Company Chartered Accountants |
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Address : |
252 A, Vijay Tower, Shahpur Jat, Opposite Panchsheel Pak,
Commercial Complex, New Delhi – 110 049 |
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Tel. No.: |
91-11-26491374/ 26496932 |
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E-Mail : |
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Associates/Subsidiaries : |
Pioneer Aluminium Company Private Limited Date of Incorporation : - 03.05.1989 Line of Business – Design and Manufacturers of Modular Display Systems, Panels, Podiums and Showcases. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5885230 |
Equity Shares |
Rs. 10/-
each |
Rs. 58.852
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
58.900
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48.200
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48.200
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
299.400
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254.700
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252.600
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
358.300 |
302.900 |
300.800 |
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LOAN FUNDS |
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1] Secured Loans |
769.400
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375.400
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243.300
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2] Unsecured Loans |
8.600
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7.500
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9.100
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TOTAL BORROWING |
778.000 |
382.900 |
252.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1136.300 |
685.800 |
553.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
329..000
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339.900
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300.000
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Capital work-in-progress |
169.500
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115.000
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38.500
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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 |
475.600
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156.900
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109.700
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Sundry Debtors |
227.400
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134.800
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123.700
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Cash & Bank Balances |
43.500
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15.100
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16.800
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
31.500
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12.300
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12.900
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Total
Current Assets |
778.000
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319.100 |
263.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
140.200
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88.200
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48.400
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Provisions |
0.000
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0.000
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0.000
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Total
Current Liabilities |
140.200
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88.200 |
48.400 |
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Net Current Assets |
637.800
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230.900 |
214.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1136.300 |
685.800 |
553.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1462.600
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997.100
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925.800
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Other Income |
4.100
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7.200
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1.300
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Total Income |
1466.700 |
1004.300 |
927.100 |
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Profit/(Loss) Before Tax |
7.000
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10.200
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8.600
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Provision for Taxation |
4.800
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5.900
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0.900
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Profit/(Loss) After Tax |
2.200
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4.300
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7.700
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Expenditures : |
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Raw Materials |
1682.700
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909.900
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875.000
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Excise Duty |
3.100
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13.900
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9.200
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Power & Fuel Cost |
5.600
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6.700
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6.900
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Other Manufacturing Expenses |
15.500
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15.00
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9.300
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Employee Cost |
9.300
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8.500
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7.300
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Selling and Administration Expenses |
10.500
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9.300
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5.100
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Miscellaneous Expenses |
2.700
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0.100
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0.000
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Interest & Financial Charges |
28.800
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19.200
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11.200
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Depreciation |
17.200
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15.300
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6.500
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Increase/(Decrease) in Finished Goods |
[315.700]
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[3.800]
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[12.000]
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Total Expenditure |
1459.700 |
994.100 |
918.500 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
4.58 |
3.28 |
3.07 |
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Long Term Debt-Equity Ratio |
3.72 |
2.32 |
1.01 |
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Current Ratio |
2.45 |
1.81 |
1.25 |
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Fixed Assets |
6.68 |
5.32 |
6.73 |
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Inventory |
4.62 |
7.48 |
9.02 |
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Debtors |
8.08 |
7.71 |
8.44 |
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Interest Cover Ratio |
1.24 |
1.30 |
1.77 |
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Operating Profit Margin(%) |
3.62 |
4.04 |
2.84 |
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Profit Before Interest And Tax Margin(%) |
2.45 |
2.51 |
2.14 |
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Cash Profit Margin(%) |
1.33 |
1.77 |
1.53 |
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Adjusted Net Profit Margin(%) |
0.15 |
0.23 |
0.83 |
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Return On Capital Employed(%) |
5.06 |
6.03 |
6.76 |
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Return On Net Worth(%) |
1.74 |
2.38 |
10.71 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
PROFILE
The Aluminium Industry in India comprises of the
Majors in this field – the Primaries – the downstream Actors, the
intermediaries, the end-users, the specifiers and also those who promote the
use of Aluminium for various new applications, with almost religious
fanaticism.
MIDI is proud to be in the last category, cited
above. Riding on the strength of a three-decade presence in Aluminium Trading
activities – in rolled, extruded and foil products, MIDI put up its major
maiden manufacturing facilities through its Extrusion plant at NOIDA, U.P., in
1996.
Subject started commercial operations in 1997 and is
now a well-known source of Quality Aluminium Extrusions.
The company's key emphasis lies in the Automotive
sector, closely followed by Electronic, Electrical, and
Architectural sectors of application
The company obtained its Quality certification under
ISO: 9001-2000, effective 6 March 2003 from BSI Management System Private
Limited. Efforts are underway to achieve more stringent levels of Quality
certification.
Starting with a 900 T – force - Extrusion Press,
MIDI has recently commissioned a 2500 T – force - Extrusion Press. This has
enhanced
Its capacity, to supply 240 mm. wide sections. Current extrusion capabilities will thus cater to the
needs of a large number of potential customers.
For Automotive
Heat Exchanger Tubes application, MIDI has an ongoing Technology
Assistance Agreement with a leading European Consultancy firm, with high
hands-on experience on such critical end-use Automotive applications.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 46.88 |
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UK Pound |
1 |
Rs. 82.97 |
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Euro |
1 |
Rs. 64.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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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 |
YES |
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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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43 |
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
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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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