%20PRIVATE%20LIMITED%2015-Oct-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MIRACLE CABLES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Miracle House, Plot No. A-571, TTC Industrial Area, Mahape, Navi
Mumbai – 400 708, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.07.2002 |
|
|
|
|
Com. Reg. No.: |
11-136501 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U31300MH2002PTC136501 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM18748C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCM1274A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Control Cables, Power Cables, Electric Wires, Uninyvir
Moulded Cords and Wire Harness. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 97000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. |
INFORMATION PARTED
BY
|
Name : |
Ms. Poonam |
|
Designation : |
Accountant |
|
Date : |
14.10.2008 |
LOCATIONS
|
Registered Office/Factory : |
Miracle House, Plot No. A-571, TTC Industrial Area, Mahape, Navi Mumbai
– 400 708, Maharashtra, India |
|
Tel. No.: |
91-22-27782701 / 02 / 03 / 04 / 05 |
|
Mobile No.: |
91-9821141188 |
|
Fax No.: |
91-22-27782706 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
400 Sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Yesudhason Muthayan Nadar |
|
Designation : |
Director |
|
Address : |
B/7, Michael Sadan, Laxmi Udyognagar, Kanjur Marg (West), Mumbai
- 400 078, Maharashtra, India |
|
Date of Birth/Age : |
31.05.1966 |
|
Date of Appointment : |
12.07.2002 |
|
|
|
|
Name : |
Mrs. Latha Yesudhason Nadar |
|
Designation : |
Director |
|
Address : |
B/7, Michael Sadan, Laxmi Udyognagar, Kanjur Marg (West), Mumbai
- 400 078, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1974 |
|
Date of Appointment : |
12.07.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Mahesh Premchand Shah |
1 |
|
Hiten Premchand Shah |
1 |
|
Vikas Premchand Shah |
1 |
|
Harshad Premchand Shah |
1 |
|
Latha Yesudhason |
22996 |
|
Muthyian Yesudhason |
25000 |
|
|
|
|
Total |
48000 |
List of Allotment (As on 31.03.2006)
|
Names of Allottees |
No. of Shares |
|
Muthyain Yesudhason |
75000 |
|
Latha Yesudhason |
75000 |
|
|
|
|
Total |
150000 |
List of Allotment (As on 21.05.2007)
|
Names of Allottees |
No. of Shares |
|
Muthyain Yesudhason |
126000 |
|
Latha Yesudhason |
126000 |
|
|
|
|
Total |
252000 |
List of Allotment (As on 31.03.2007)
|
Names of Allottees |
No. of Shares |
|
Muthyain Yesudhason |
151515 |
|
Latha Yesudhason |
148485 |
|
|
|
|
Total |
300000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Control Cables, Power Cables, Electric Wires, Moulded
Cards and Wire Harness. |
|
|
|
|
Products : |
·
Uninyvin Cables ·
Wire Harness ·
Cable Kits ·
Flexible Single Core
Cables ·
Flexible Multi Core
Cables ·
Power Cables ·
Solid and Stranded Cables ·
Control Cables ·
Instrumentation Cables ·
Co-Axial Cables ·
Moulded Cords |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Singapore |
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30 days / 60 days / 90 days) |
|
|
|
|
Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
|
Customers : |
·
Wholesalers ·
Emerson Network Power (India)
Private Limited ·
Godrej Appliances
·
Hind Rectifiers Limited ·
Kirloskar Electric
Company Limited ·
Larsen and Toubro
Automation ·
Reliance Infocomm ·
A B B
·
Auto Corporation of Goa
Limited ·
PMP Auto Components
Limited ·
D. B. Power Electronics
Private Limited ·
RCF Limited |
|
|
|
|
No. of Employees : |
35 (In Office 20 and In Factory 15) |
|
|
|
|
Bankers : |
·
State Bank of India Bhaichand Textile Compound, L B S Marg,
Bhandup (West), Mumbai – 400 078, Maharashtra, India ·
The Bharat Co-Op Bank (Mumbai) Limited Bhandup Village Road Branch, Sika
Apartments, Oriental Compound, Village Road, Bhandup (West), Mumbai – 400
078, Maharashtra, India |
|
|
|
|
Facilities : |
CC Rs.35.000 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Nilesh Gore and Company Chartered Accountants |
|
Address : |
B-63 Station Plaza, Station Road, Bhandup (West), Mumbai – 400 078,
Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
millions |
(As on 31.03.2007)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
498000 |
Equity Shares |
Rs.10/- each |
Rs.4.980
millions |
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 |
|
|
|
|
|
1] Share Capital |
4.980 |
1.980 |
0.480 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.324 |
9.602 |
7.005 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
19.304 |
11.582 |
7.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.925 |
2.625 |
3.359 |
|
|
2] Unsecured Loans |
1.365 |
1.246 |
2.892 |
|
|
TOTAL BORROWING |
3.290 |
3.871 |
6.251 |
|
|
DEFERRED TAX LIABILITIES |
0.450 |
0.342 |
0.220 |
|
|
|
|
|
|
|
|
TOTAL |
23.044 |
15.795 |
13.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.749 |
9.036 |
7.544 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.667 |
1.067 |
0.520 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7.717
|
6.845 |
5.710 |
|
|
Sundry Debtors |
40.669
|
23.682 |
13.402 |
|
|
Cash & Bank Balances |
0.041
|
0.073 |
0.028 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.887
|
1.062 |
0.223 |
|
Total
Current Assets |
52.314
|
31.662 |
19.363 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
23.786
|
19.498 |
10.435 |
|
|
Provisions |
15.900
|
6.477 |
3.046 |
|
Total
Current Liabilities |
39.686
|
25.975 |
13.481 |
|
|
Net Current Assets |
12.628
|
5.687 |
5.882 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.010 |
|
|
|
|
|
|
|
|
TOTAL |
23.044 |
15.795 |
13.956 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
129.006 |
62.469 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
129.006 |
62.469 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
11.956 |
4.125 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
11.956 |
4.125 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.270 |
0.949 |
|
|
Depreciation & Amortization |
|
0.882 |
0.754 |
|
|
Other Expenditure |
|
114.898 |
56.641 |
|
Total Expenditure |
|
117.050 |
58.344 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.27
|
6.60 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.27
|
6.60 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.58
|
10.14 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.36 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
2.58 |
2.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.22 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Emerson India Private Limited
·
Larsen and Toubro
·
Adore Power
·
Godrej Appliances
Form No. 8
|
Name of the company |
MIRACLE CABLES (INDIA) PRIVATE LIMITED |
|
Presented By |
The Bharat
Co-Operative Bank (Mumbai) Limited Bhandup Village
Road Branch, Mumbai – 400 078. |
|
1) Date and description of instrument creating the change |
1st
July 2003 1.
Hypothecation
of Tangible Movable Property. 2.
Charge and
Hypothecation of Book Debts. (Both the
documents constitute as single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 million |
|
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 |
At the request of
the Borrower, the Bank has sanctioned Cash Credit limits of Rs.0.600 million.
To secure the due repayment the said limits and for interest and other
thereon first charge in favour of the Banks:
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 14.75% p.a. with monthly rest or at such rate as may be prescribed by
Reserve Bank of India from time to time and for all costs, charges and
expenses together with interest, compound interest, additional penal
interest, further interest, liquidated damages, commission, costs, charges,
expenses and all other money payable there on by the said company to the Bank
under the said letters of sanction as amended from time to time. Penal Interest:
2.00% p.a. on the defaulted amount in case of default. Margin : 22% on Hypothecated
Stocks. 40% on
Hypothecated Book Debts 50% on
Machineries etc. |
|
5) Name and Address and description of the person entitled to the charge. |
The Bharat Co-Op Bank (Mumbai) Limited Bhandup Village Road Branch, Sika Apartments, Oriental Compound,
Village Road, Bhandup (West), Mumbai – 400 078, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
16th
November 2004 Hypothecation of
Tangible Movable Property. Charge and
Hypothecation of Book Debts. (Both the documents
constitute as a single charge) as and by way of First Modification. |
|
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. |
At the request of
the borrower, the Bank has enhanced the Cash Credit Limits from Rs.0.600
million to Rs.4.000 millions. To secure the due repayment of the limits and
for interest and other charges thereon, continuance of the existing first
charge and hypothecation over stock and book Debts of the Company, more
clearly described in Column 3 above. There is also
change in the interest rate. Interest at the rate of 12.00% p.a. with monthly
rest of such other rate as may be prescribed by the Bank from time to time. Other terms and
conditions as per the Loaning documents executed by the Borrower Company. The total charge
stands modified from Rs.0.600 million to Rs.4.000 millions. Save and except
the above the terms and conditions mentioned in the Original Agreement for 1.
Hypothecation
of Tangible Movable Property and 2.
Charge and
Hypothecation of Book Debts dated 1st July 2003 for Rs.0.600
million (Both the documents constitute as a single charge) shall remain the
same. |
|
Corporate
identity number of the company |
U31300MH2002PTC136501 |
|
Name of the
company |
MIRACLE CABLES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Miracle House, Plot No. A-571, TTC Industrial Area, Mahape, Navi
Mumbai – 400 708, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Immovable
Property ·
Any interest
in immovable property |
|
Particular of
charge holder |
State Bank of India Bhaichand Textile Compound, L B S Marg, Bhandup (West), Mumbai – 400
078, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum for
recording creation of mortgage by deposit of title deeds. |
|
Date of instrument
Creating the charge |
09.01.2008 |
|
Amount secured by
the charge |
Rs.42.350
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest for CC @
12.75% p.a. with monthly rest Interest for TL @
12.75% p.a. with monthly rest Terms of
repayment ·
CC on Demand ·
TL of
Rs.2.750 millions repayable in 60 monthly installments commencing from
December 07 ·
TL of
Rs.1.600 millions repayable by December 2010 in monthly installments
commencing from November 07 Margin ·
Raw
Material/Finished Goods/LC/BG – 25% ·
Semi
Finished Goods 33.33%, Book debts – 40% Extent and
operation of the charge Security to
secure CC Rs.35.000 millions, New TL Rs.2.750 millions and takeover Loan of
Rs.1.600 millions with interest, cost, expenses, charge, commission etc. |
|
Particulars of
the property charged |
Equitable
mortgage created in respect of 1.
Plot No.
A-571, TTC Indl. Area, MIDC, Mhape, Navi Mumbai – 400 701 2.
Unit No. 51,
First Floor, Shiva, CTS No. 118/1 to 4 Village Bhandup Lake Road, Bhandup
West, Mumbai – 400 078 |
Web Details
Subject an ISO:9001 certified company has a state of the art setup in TTC
Industrial Area, MIDC, Mahape (a Zero Octroi zone situated on the outskirts of
Mumbai, India). ‘POLYFLEX’ (Subject’s brand name) is amongst the fast growing
brand names in the Cable Industry.
With the support of its highly experienced, qualified and dedicated
professionals and a range of imported machineries and equipments Miracle is
recognized for its quality in Uninyvin Cables, Wire Harnesses, Power, Control
and Instrumentation Cables. The company has also started manufacturing L.T.
Power / Control, Instrumentation, House wires and Flexible, Auto/Battery,
Submersible and Uninyvin Cables in India.
The proximity to Mumbai and a network of Indenting Agents across major cities
in India enables prompt delivery to the end customer for the cables being manufactured
by them.
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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
|