MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MERRICTRO PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.11.2005 |
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Com. Reg. No.: |
048148 |
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CIN No.: [Company
Identification No.] |
U25202AP2005PTC048148 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM04615C |
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PAN No.: [Permanent
Account No.] |
AAECM5179P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of PVC Insulation Taps. |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 29000 |
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Status : |
New company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and registered satisfactory
business as per its first financials of 2007. Trade relations are fair.
Business is active. Payments are reported as slow but correct. The company can be considered good for small to mediocre business
dealings, initially. |
LOCATIONS
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Registered Office : |
Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051,
Andhra Pradesh, India. |
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Tel. No.: |
91-40-27136512/ 27261122 |
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Fax No.: |
91-40-27124401 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Darsi Vanaja |
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Designation : |
Managing Director |
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Address : |
LIG B 327, Dr. A.S. Rao Nagar, Hyderabad 500 062, Andhra Pradesh,
India. |
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Date of Birth/Age : |
19.09.1973 |
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Date of Appointment : |
23.11.2005 |
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Name : |
Mr. Dovari Yeshu Das |
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Designation : |
Director |
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Address : |
LIG B 281, Dr. A.S. Rao Nagar, Hyderabad 500 062, Andhra Pradesh,
India. |
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Date of Birth/Age : |
10.02.1948 |
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Date of Appointment : |
23.11.2005 |
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Name : |
Mr. Dovari Amarnath |
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Designation : |
Director |
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Address : |
LIG B 281, Dr. A.S. Rao Nagar, Hyderabad 500 062, Andhra Pradesh,
India. |
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Date of Birth/Age : |
10.03.1972 |
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Date of Appointment : |
23.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
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Ms. Darsi Vanaja |
296000 |
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Mr. Dovari Yeshu Das |
122000 |
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Mr. Dovari Amarnath |
82000 |
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Total |
500000 |
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Names of Allottee |
No. of Shares |
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Ms. Darsi Vanaja |
240000 |
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Mr. Dovari Yeshu Das |
100000 |
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Mr. Dovari Amarnath |
60000 |
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Total |
400000 |
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Equity Share
Break-up (as on 27.09.2007) |
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Percentage
of Holding |
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Directors or relatives of directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC Insulation Taps. |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Kushaiguda Branch Kushaiguda, ECIL Post, Hyderabad 500 062, Andhra Pradesh, India.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.S.V. and Company Chartered Accountants |
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Address : |
D. No. 1-8-485, Chikkadpally, Hyderabad 500 020, Andhra Pradesh,
India. |
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Tel. No.: |
91-40-66610158 |
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Fax No.: |
91-40-27677946 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- Each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
1.000 |
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2] Share Application Money |
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0.227 |
0.000 |
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3] Reserves & Surplus |
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0.504 |
1.680 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.731 |
2.680 |
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LOAN FUNDS |
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1] Secured Loans |
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7.190 |
6.775 |
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2] Unsecured Loans |
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0.342 |
0.000 |
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TOTAL BORROWING |
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7.532 |
6.775 |
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DEFERRED TAX LIABILITIES |
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0.210 |
0.000 |
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TOTAL |
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13.473 |
9.455 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.506 |
4.563 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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7.073 |
0.000 |
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Cash & Bank Balances |
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0.328 |
2.399 |
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Other Current Assets |
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0.000 |
0.055 |
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Loans & Advances |
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1.245 |
2.137 |
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Total
Current Assets |
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8.646 |
4.591 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.803 |
0.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.803 |
0.000 |
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Net Current Assets |
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5.843 |
4.591 |
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MISCELLANEOUS EXPENSES |
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0.124 |
0.155 |
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Pre-Operative Expenses |
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0.000 |
0.146 |
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TOTAL |
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13.473 |
9.455 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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25.04.2006 to
31.03.2007 |
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Sales Turnover |
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8.833 |
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Other Income |
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0.000 |
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Total Income |
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8.833 |
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Profit/(Loss) Before Tax |
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0.779 |
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Provision for Taxation |
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0.275 |
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Profit/(Loss) After Tax |
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0.504 |
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Total Expenditure |
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8.054 |
Note: The subject has commenced its commercial operation w.e.f. April
25, 2006. The P & L is for a period i.e. from 25.04.2006 to 31.03.2007.
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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5.71 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.82 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.82 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.80 |
2.53 |
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Current Ratio (Current Asset/Current Liability) |
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3.08 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The registered office of the company has been shifted from w.e.f.
17 A, Electronic Complex Kushaguda, Hyderabad 500 062, Andhra Pradesh, India
to Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051, Andhra
Pradesh, India w.e.f. 03.05.2006.
FORM 8
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Corporate
identity number of the company |
U25202AP2005PTC048148 |
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Name of the
company |
MERRICTRO PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051,
Andhra Pradesh, India. |
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This form is for |
Creation of
charge |
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Type of charge |
Hypothecation Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
A.P. State
Financial Corporation 5-9-194, Chirag
Ali lane, Hyderabad 500
001, Andhra Pradesh,
India. |
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Nature of
instrument creating charge |
Deed of
Hypothecation and Memorandum of Deposit of Title Deeds to secure the Term
Loan. |
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Date of
instrument Creating the charge |
16.02.2006 |
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Amount secured by
the charge |
Rs.8.975 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: 13.75%
p.a. and Penal Interest @20% Repayment: 21 quarterly
installment payable on 1st day. 1st
installment Rs.0.475 Million and Balance 20 of Rs.0.425 Million. |
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Description of
the property charged indicating whether it is a charged on |
Immovable
Properties Plant and
machinery |
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Particulars of the
property charged |
Land adm. 1809.09
sq yards bearing Plot No.200/9 with Shed in Sy. No. 257 at Phase II, IDA,
Cherrapally, R R District. |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U25202AP2005PTC048148 |
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Name of the
company |
MERRICTRO PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051, Andhra
Pradesh, India. |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of Hyderabad, Kushaiguda Branch Kushaiguda, ECIL Post, Hyderabad 500 062, Andhra Pradesh, India. E-Mail: kushaiguda@sbhyd.com |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
26.12.2006 |
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Amount secured by
the charge |
Rs.4.000 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
SBH PLR, at present the effective rate 11.5% p.a. , further the rate will be
subject to change as per RBI directives and as per the discretion of the bank
from time to time. CC Limit: Rs.2.000 Millions + LC Limit: Rs.2.000 Millions
(sub limit of LC, BG: Rs.0.500 Million) Terms of
Repayment: Working Capital limits repayable on demand. Margin: 25% on
stocks, 50% on book debts (cover period 90 days) Margin on LC : 25% Extent and
Operation of the charge: First charge on and hypothecation of current assets of
the company comprising Stocks, Book debts, Receivables and other current
assets of the company. First charge on and hypothecation of fixed assets
acquired out of bank finance by the company. Others: LC: DA/
DP basis, period of usance is 60 days |
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Short particulars
of the property charged |
First charge on
and hypothecation of current assets of the company comprising Stocks, Book
debts, Receivables and other current assets of the company. First charge on
and hypothecation of fixed assets acquired out of bank finance by the company
situated at Plot No. 200/ 9, IDA Cherlapally Phase II, Hyderabad 500 051,
Andhra Pradesh, India. |
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 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 Intl
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 companys 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.46.34 |
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UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
This score serves as a reference to assess SCs 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 |
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