MIRA
INFORM REPORT
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Report Date : |
01.04.2011 |
IDENTIFICATION DETAILS
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Name : |
MACUREX SENSORS PRIVATE LIMITED |
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Registered
Office : |
21 B, Kaidb Industrial Area, Kumbalagodu, Bangalore-560074, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
06.11.1992 |
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Com. Reg. No.: |
013678 |
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CIN No.: [Company Identification
No.] |
U32109KA1992PTC013678 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01703C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electrical, Electronic,
Electro-Mechanical Part for the Automotive and Appliance Sectors. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 140000 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Ms. Mathew |
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Designation : |
Account Department |
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Date : |
31.03.2011 |
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Name : |
Ms. Sita |
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Designation : |
Finance Department |
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Date: |
31.03.2011 |
LOCATIONS
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Registered Office : |
21 B, Kaidb Industrial Area, Kumbalagodu, Bangalore-560074, |
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Tel. No.: |
91-80-28437834/28437854 |
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Fax No.: |
91-80-28437898/28437834 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. M. Raghu Srinivas |
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Designation : |
Managing Director |
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Address : |
1197 VI Main A Block, Rajaji Nagar, Bangalore-560010, |
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Date of Birth/Age : |
24.12.1953 |
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Date of Appointment : |
07.07.1993 |
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Name : |
Mr. M.B. Muralidhar |
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Designation : |
Director |
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Address : |
903, III Cross, M C Layout, Vijaynagar, Bangalore-560040, |
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Date of Birth/Age : |
08.10.1953 |
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Date of Appointment : |
22.10.1992 |
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Name : |
Mr. H.G. Vasuki |
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Designation : |
Director |
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Address : |
604, III Stage, 1 Block, Basaveshwara Nagar, Bangalore-560040, |
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Date of Birth/Age : |
24.10.1955 |
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Date of Appointment : |
22.10.1992 |
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Name : |
Mr. H.G. Bhaskar |
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Designation : |
Director |
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Address : |
862, IV Cross M C Layout, Vijaynagar, Bangalore-560010, |
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Date of Birth/Age : |
09.09.1953 |
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Date of Appointment : |
22.10.1992 |
KEY EXECUTIVES
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Name : |
Ms. Mathew |
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Designation : |
Account Department |
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Name : |
Ms. Sita |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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H. G. Vasuki |
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41814 |
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M. B. Muralidhar |
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36842 |
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B.M. Mangala |
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800 |
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Hgbhasmr |
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38244 |
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M Raghu Srinivas |
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24142 |
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Srranga Raghu |
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3300 |
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Jaishree Jagannath
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750 |
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M. B. Gayathri |
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450 |
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N. Latha |
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500 |
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M. Sudhindra Kumar |
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600 |
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Arun Kumar V |
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800 |
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S. N. Murthy |
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1000 |
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M. Ramaprakash |
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500 |
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B. Shantaram |
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650 |
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Chltra Jayaram |
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500 |
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S. N. Chandrakala |
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250 |
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S. S. Iyengar |
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400 |
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H |
|
3000 |
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ST Batewara |
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1200 |
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1000 |
As on 30.09.2009
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Electrical, Electronic,
Electro-Mechanical Part for the Automotive and Appliance Sectors. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shekar and Yatish Chartered Accountant |
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Address : |
13/14, 1st Floor, 2nd Main Jayanagar, 7th
Block, Bangalore-560082, |
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Tel. No.: |
91-80-22442726/42 |
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Fax No.: |
91-80-22442726/42 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
162160 |
Equity Shares |
Rs.100/- each |
Rs.16.216
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.216 |
11.616 |
6.616 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.101 |
17.368 |
12.036 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.317 |
28.984 |
18.652 |
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LOAN FUNDS |
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1] Secured Loans |
46.414 |
33.039 |
38.397 |
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2] Unsecured Loans |
15.206 |
14.559 |
7.966 |
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TOTAL BORROWING |
61.620 |
47.598 |
46.363 |
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DEFERRED TAX LIABILITIES |
2.250 |
2.747 |
1.903 |
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TOTAL |
99.187 |
79.329 |
66.918 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.157 |
41.924 |
35.065 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
19.840 |
18.540 |
13.270 |
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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 |
28.539
|
22.052 |
11.647 |
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Sundry Debtors |
39.505
|
36.761 |
25.074 |
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Cash & Bank Balances |
1.563
|
2.138 |
1.460 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.539
|
9.497 |
5.932 |
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Total
Current Assets |
79.146
|
70.448 |
44.113 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.105
|
45.880 |
22.107 |
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Other Current Liabilities |
1.034
|
0.938 |
2.380 |
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Provisions |
2.817
|
4.765 |
1.043 |
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Total
Current Liabilities |
46.956
|
51.583 |
25.530 |
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Net Current Assets |
32.190
|
18.865 |
18.583 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
99.187 |
79.329 |
66.918 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
|
327.614 |
223.257 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
22.084 |
24.599 |
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Less |
FINANCIAL
EXPENSES |
|
11.602 |
8.159 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
10.482 |
16.440 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
7.664 |
5.474 |
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PROFIT BEFORE TAX
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|
2.818 |
10.966 |
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Earnings Per
Share (Rs.) |
|
10.69 |
91.07 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.86
|
4.91 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.23
|
9.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.37 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.07
|
3.42 |
3.85 |
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Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.37 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009
(Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
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|
Raw Material,
Labour, Others |
41.082 |
45.147 |
21.302 |
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Other Creditors |
2.023 |
0.733 |
0.805 |
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Total |
43.105 |
45.880 |
22.107 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90196349 |
|
Corporate
identity number of the company |
U32109KA1992PTC013678 |
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Name of the
company |
MACUREX SENSORS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
21 B, Kaidb Industrial Area, Kumbalagodu, Bangalore-560074, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property |
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Particular of
charge holder |
State Bank of India, Peenya Industrial Estate Branch, 2nd
Cross, Peenya Industrial Estate, Bangalore-560058, Karnataka, India |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of loan cum hypothecation form SME - 4 and letter of confirmation for
extension of mortgage by deposit of title deeds SME - 8 (both pertain to the
same charge) |
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Date of
instrument Creating the charge |
10.02.2011 |
|
Amount secured by
the charge |
Rs.125.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1). WCL- at 5.25%
above BR, effective rate 13.25% p.a. At monthly rests. 2). Open TL- at
5.75% above BR, effective rate 13.75% p.a. At monthly rests. Penal INT: max 2%
p.a. Over the normal rate. Terms of
Repayment WCL - on demand.
Advance is for a period of 12 months and subject to review as per sanction. Open term loan :
in 40 equal monthly installments of Rs. 0.03 crore each, with effect from
September 2011 and ending in December 2014. (Moratorium of 8 months). Margin RM/SFG/FG/RECEIVABLES
- 25% TERM LOAN -
29.41% LC/BG - 25% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent. Others CC stocks Rs.
30.000 millions , CC receivables Rs. 50.000 millions , open term loan Rs.
12.000 millions , LC Rs. 30.000 millions , BG Rs. 3.000 millions , total Rs.
125.000 millions . |
|
Short particulars
of the property charged |
I)
Hypo.
of company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, II)
Stores,
components, furniture and fittings; other movables, plant and machinery,
vehicles and assets to be purchased out of bank finance. III)
EM of
factory land and building measuring 1 acre situated at No. 21-B, Kumbalagodu
Indl Area, IV)
EM of
KIADB land measuring 8806 sq. mtrs situated at No. 1-C, Sy. No. 107-P in
Hassan Growth Centre Indl Area of Doddabasavanahalli, Hobli Shantigrama,
Hassan Taluk - 573201. V)
Extension
of EM of land and building to Multilink situated at No. 497-B, Peenya 4th
Stage, |
|
Date of latest
modification prior to the present modification |
05.02.2010 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 125.000 Millions. The
securities herein above continue for the enhanced limit. All other terms and
conditions remain unchanged. |
Fixed Assets:
- Land
- Land Hasan
- Building
- Plant and Machinery
- Tools and Dies
- Furniture
- Office Equipment
- Vehicles
- Computer
- Laptops
- Technical Know-How
- Air Conditioner
- Software
- Lift
- Testing Equipments
- Interiors
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.