MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PIXEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-19, Industrial Estate, Guindy Madras-32, Chennai-600032, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2009 |
|
|
|
|
Date of
Incorporation : |
18.12.1987 |
|
|
|
|
Com. Reg. No.: |
18-015203 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.306
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33111TN1987PTC015203 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Critical Deep Drawn and Cold Formed Components for the
Automotive and Light Engineering Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 34000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The management
has not filed the latest financial of the company with the government
department. However, trade relations are reported as fair. Business is
active. Payments terms are unknown. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Sreekanth Narasimhan |
|
Designation : |
Director |
|
Date : |
24.08.2011 |
LOCATIONS
|
Registered Office / Factory : |
C-19, Industrial Estate, Guindy Madras-32, Chennai-600032, |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
As on 30.09.2009
|
Name : |
Mr. Venkatachary Srinivasavaradan Narasimhan |
|
Designation : |
Director |
|
Address : |
S-47, 35th Cross, Besant Nagar, Chennai-600090, |
|
Date of Appointment : |
18.12.1987 |
|
Din No.: |
02837530 |
|
|
|
|
Name : |
Mr. Kamala Narasimhan |
|
Designation : |
Director |
|
Address : |
S-47, 35th Cross, Besant Nagar, Chennai-600090, |
|
Date of Appointment : |
09.01.1989 |
|
Din No.: |
02853120 |
|
|
|
|
Name : |
Mr. Sreekanth Narasimhan |
|
Designation : |
Director |
|
Address : |
S-47, 35th Cross, Besant Nagar, Chennai-600090, |
|
Date of Birth: |
05.03.1978 |
|
Date of Appointment : |
28.09.1998 |
|
Din No.: |
02868477 |
|
|
|
|
Name : |
Mr. Sriram Valangaiman Narasimhan |
|
Designation : |
Director |
|
Address : |
S-47, 35th Cross, Besant Nagar, Chennai-600090, |
|
Date of Birth: |
15.06.1981 |
|
Date of Appointment : |
30.09.1999 |
|
Din No.: |
02871962 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Venkatachary Srinivasavaradan Narasimhan |
|
830 |
|
Kamala Narasimhan |
|
480 |
|
Sreekanth Narasimhan |
|
550 |
|
Sriram Valangaiman Narasimhan |
|
450 |
|
Jayam |
|
250 |
|
Venkatachary Srinivasavaradan Narasimhan |
|
250 |
|
V. Srinivas Varadan |
|
250 |
|
|
|
|
|
Total |
|
3060 |
As on 30.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Critical Deep Drawn and Cold Formed Components for the
Automotive and Light Engineering Industry. |
GENERAL INFORMATION
|
Bankers : |
Small Industries
Development Bank of |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K Vasudevan Chartered Accountant |
|
Address : |
Sarathy and Vasu, Room No. 5, Luz Bazzar, Mylapore, Chennai-600004, |
|
Tel. No.: |
91-44-24950756 [Office] 91-44-24893510 [Residential] |
|
E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3060 |
Equity Shares |
Rs.100/- each |
Rs.0.306
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.306 |
0.306 |
0.306 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.206 |
4.966 |
2.622 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
|
|
NETWORTH |
8.512 |
5.272 |
2.928 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.472 |
1.096 |
|
|
2] Unsecured Loans |
3.045 |
1.595 |
0.786 |
|
|
TOTAL BORROWING |
3.045 |
2.067 |
1.882 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.557 |
7.339 |
4.810 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.934 |
4.576 |
3.858 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.119
|
0.372 |
0.574 |
|
|
Sundry Debtors |
14.547
|
13.694 |
3.092 |
|
|
Cash & Bank Balances |
0.486
|
0.380 |
0.767 |
|
|
Other Current Assets |
2.093
|
2.382 |
2.371 |
|
|
Loans & Advances |
1.667
|
1.314 |
1.663 |
|
Total
Current Assets |
18.912
|
18.142 |
8.467 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10.611
|
14.602 |
6.119 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.678
|
0.777 |
1.396 |
|
Total
Current Liabilities |
12.289
|
15.379 |
7.515 |
|
|
Net Current Assets |
6.623
|
2.763 |
0.952 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11.557 |
7.339 |
4.810 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
|
GROSS INCOME |
78.369 |
49.930 |
8.251 |
|
|
|
|
|
|
|
|
GROSS
EXPENSES |
72.770 |
46.345 |
7.400 |
|
|
|
|
|
|
|
|
PROFIT FOR THE
YEAR |
3.239 |
2.461 |
0.133 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.80
|
3.31 |
3.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.18 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
MICRO PIXEL PRIVATE LIMITED |
|
Presented By |
Director |
|
1) Date and description of instrument creating the change |
On 06.08.2004.
Deed of hypothecation executed by the company in favour of small industries
Development Bank of |
|
2) Amount secured by the charge/amount owing on the securities of charge |
A term loan of
Rs.2.500 millions and subsidy of Rs.0.300 million agreed to be lent and
advanced by SIDBI to the company together with interest, further interest,
liquidated damages costs, charges, expenses and all other moneys payable by
the company to SIDBI in terms of the loan agreement dated 6th day
of August 2004 between the company of the one part and SIDBI of the other
part. |
|
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 |
I) All the plant,
machinery, equipments, tools, spars, accessories, miscellaneous fixed assets
and all other assets which have been or proposed to be acquired under the
project / scheme. Whether installed
or not and whether now lying or stored in or about or shall hereafter from
time to time during the continuance of the security by brought into or upon
or be stored or be in or about the company’s premised and godowns or wherever
else the same may be or be hold by any party to the order or disposition of
the company or in the course of transit or on high seas or on order, or
delivery, howsoever and wheresoevr in the possession of the company and
either by way of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a exclusive first charge on all the plant, machinery, equipments,
tools, spares, accessories, miscellaneous fixed assets and all other assets
which have been or proposed to be acquired under the project / scheme. To secured the
due repayment and discharge by the company to SIDBI of its SIDBI of its term
loan of Rs.2.500 millions under TDMFS and a subsidy of Rs.0.300 million under
the credit linked capital subsidy scheme together with interest, liquidated
damages, costs charges, expenses and all other moneis payable under the said
letters of sanction / letter of intent / loan agreement. The company has
undertaken to keep the hypothecated goods in marketable and good condition at
its own costs and to insure the same in the joint names of the company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said deed of hypothecation is to be a continuing
security. |
|
5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of |
FIXED ASSETS:
- Air
Conditioner
- Electrical
Fittings
- Furniture and
Fittings
- Fax
- Plant and
Machinery
- Copier
- Computer and
Printings
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.45.77 |
|
|
1 |
Rs.75.57 |
|
Euro |
1 |
Rs.65.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.