MIRA INFORM REPORT
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Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MICROTEK INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
G 11, Udyog Nagar, |
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Country : |
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Financials (as
on): |
31.03.2010 |
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Date of
Incorporation : |
19.07.1989 |
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Com. Reg. No.: |
55-036999 |
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CIN No.: [Company Identification
No.] |
U74899DL1989PTC036999 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELM08419F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
of Power Products |
RATING & COMMENTS
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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 600000 |
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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 a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct and as per commitments. The company can be considered normal for 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
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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 |
LOCATIONS
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Registered Office : |
G 11, Udyog Nagar, |
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Tel. No.: |
91-11-25967345 / 47 / 49 |
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Fax No.: |
91-11-25472660 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
3/4, East Punjabi Bagh, New Delhi-110026, |
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Date of Birth/Age : |
13.12.1940 |
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Date of Appointment : |
19.07.1989 |
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Name : |
Mr. Nand Kishor Aggarwal |
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Designation : |
Director |
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Address : |
12/22, East Punjabi Bagh, New Delhi-110026, |
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Date of Birth/Age : |
02.12.1948 |
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Date of Appointment : |
19.07.1989 |
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Name : |
Mr. Ajay Kumar Aggarwal |
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Designation : |
Additional Director |
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Address : |
12/22, East Punjabi Baug, New Delhi-110026, |
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Date of Birth/Age : |
23.04.1974 |
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Date of Appointment : |
07.11.2007 |
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Name : |
Mr. Anil Gupta |
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Designation : |
Additional Director |
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Address : |
6/3, East Punjabi Bagh, New Delhi-110026, |
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Date of Birth/Age : |
20.11.1962 |
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Date of Appointment : |
07.11.2007 |
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Name : |
Mr. Amit Aggarwal |
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Designation : |
Additional Director |
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Address : |
12/22, East Punjabi Bagh, New Delhi-110026, |
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Date of Birth/Age : |
07.06.1978 |
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Date of Appointment : |
02.03.2010 |
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Name: |
Mr. Deepanshu Gupta |
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Designation: |
Additional Director |
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Address: |
3/4, East Punjabi Bagh, New Delhi-110026, |
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Date of Birth/Age: |
29.04.1989 |
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Date of Appointment: |
02.03.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Nand Kishore Aggarwal |
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7500 |
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22500 |
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Shanti Devi |
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5000 |
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Shri Raj Kumar Gupta |
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7500 |
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Vinod Kumari |
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7500 |
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Sushma Aggarwal |
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5000 |
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Hari Kishan Aggarwal |
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2500 |
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Navneet Aggarwal |
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5000 |
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Urmil Aggarwal |
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5000 |
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Usha Devi |
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4000 |
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Raj Kumar Gupta |
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5000 |
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Ajay Kumar Aggarwal |
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7500 |
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Amit Aggarwal |
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7500 |
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Ruchi Aggarwal |
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7500 |
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Mange Ram Aggarwal |
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7500 |
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Bimal Prasad Jain |
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6000 |
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Vivek Jain |
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2500 |
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Deepika Jain |
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2500 |
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Rajesh Gupta |
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10000 |
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Subodh Gupta |
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10000 |
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Poonam Gupta |
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16500 |
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Anil Gupta |
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10000 |
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Saroj Gupta |
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16500 |
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Subhash Chand Aggarwal |
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1000 |
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Naresh Kumar Aggarwal |
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1500 |
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Anil Kumar Aggarwal |
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1000 |
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Traun Aggarwal |
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7500 |
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Varun Aggarwal |
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1000 |
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Vishesh Gupta |
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1000 |
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Nikhil Aggarwal |
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1000 |
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Neha Aggarwal |
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5000 |
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Anita Gupta |
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10000 |
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Bimla Devi Gupta |
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9500 |
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Arush Gupta |
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10000 |
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Rekha Aggarwal |
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10000 |
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Shaloo Jyotiprasad Aggarwal |
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11000 |
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TOTAL |
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250000 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Power Products |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
State Bank of |
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Facilities : |
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Auditors : |
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Name : |
Brijendra and Company Chartered Accountant |
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Address : |
76, Daryaganj, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.500
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
147.677 |
142.805 |
136.972 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
150.177 |
145.305 |
139.472 |
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LOAN FUNDS |
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1] Secured Loans |
90.296 |
43.121 |
51.002 |
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2] Unsecured Loans |
29.242 |
0.000 |
13.225 |
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TOTAL BORROWING |
119.538 |
43.121 |
64.227 |
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DEFERRED TAX LIABILITIES |
1.419 |
0.000 |
0.000 |
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TOTAL |
271.134 |
188.426 |
203.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.065 |
34.859 |
29.019 |
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Capital work-in-progress |
97.686 |
53.546 |
0.000 |
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INVESTMENT |
0.398 |
0.398 |
0.398 |
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DEFERREX TAX ASSETS |
0.000 |
3.365 |
3.632 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
228.901
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138.460 |
104.891 |
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Sundry Debtors |
312.489
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212.250 |
131.288 |
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Cash & Bank Balances |
46.458
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31.951 |
24.720 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
84.905
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49.185 |
60.882 |
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Total
Current Assets |
672.753
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431.846 |
321.781 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
529.618
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328.808 |
145.931 |
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Provisions |
6.150
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6.780 |
5.200 |
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Total
Current Liabilities |
535.768
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335.588 |
151.131 |
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Net Current Assets |
136.985
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96.258 |
170.65 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
271.134 |
188.426 |
203.699 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
2778.387 |
1927.399 |
1245.074 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2755.382 |
1910.752 |
1230.852 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.005 |
16.647 |
14.222 |
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Less |
FINANCIAL
EXPENSES (D) |
4.620 |
1.713 |
0.979 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.385 |
14.934 |
13.243 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.570 |
2.038 |
2.143 |
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PROFIT BEFORE
TAX (E-F) (G) |
15.815 |
12.896 |
11.100 |
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Less |
TAX (I) |
10.942 |
7.064 |
4.907 |
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PROFIT AFTER TAX
(G-I) (J) |
4.873 |
5.832 |
6.193 |
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19.49 |
23.33 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.17
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0.30 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
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2.23
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2.76 |
3.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.09 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.36
|
2.61 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.29 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
During the year, the Company have achieved
Bankers Charges
Report as per Registry
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Name of the company |
MICROTEK INTERNATIONAL PVT. LTD. |
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Presented By |
Company & State Bank Of Bikaner &
Jaipur |
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1) Date and description of instrument creating the change |
Hypothecation agreement
dated 20.01.1990 and Regd. On 20.06.1990 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 9.500 Million
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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 |
Hypothecation of
entire stock of company such as raw material, goods in process, finished
goods such as CRT and manufacturing Mono colour Monitor, PCs, Transmiters
computer, book debts and other tangible assets and entire present and future
immovable machinery equipments of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin CC 25% LC 10% Rate of interest @ 16.5% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Supplemental hypothecation
agreement for goods and assets dated 20.01.2004 |
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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. |
Bank’s charge
over stock’s, book debts and other movable assets and fixed assets of the
company increased from Rs. 0.505 Million to Rs. 1.105 Million by granting of
an adhoc LC limit of Rs. 0.600 Million CC(Hyp.) - Rs. 20.000 Million LC - Rs. 30.000 Million BG - Rs. 0.500 Million One time adhoc
LC - Rs. 60.000 Million TOTAL- Rs. 110.500 Million |
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Corporate
identity number of the company |
U74899DL1989PTC036999 |
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Name of the
company |
MICROTECK
INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G 11, |
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This form is for |
Modification
of Charge |
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Charge
identification (ID) number of the charge to be modified |
80046480 |
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Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
Letter regarding
the grant of individual limits within the overall limit Agreement of loan
for overall limit Agreement of hypothecation
of goods and Assets. |
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Date of
instrument Creating the charge |
24.09.2010 |
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Amount secured by
the charge |
Rs. 593.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest 3% Above base
rate i.e. 10.75% P.A. with monthly rests, subject to change from time to time
Terms of
repayment Payable on demand Margin As per Agreement Extent and
operation of the charge 100% Other The above is to
secure the following- Cash credit limit
of Rs. 300.000 Million with sub limit against book debts of Rs. 90.000
Million and sub limit of drawings against clearing of Rs. 10.000 Million Letter of credit
limit of Rs. 290.000 Million Bank guarantee
limit of Rs. 30.000 Million Aggregate limit of Rs. 593.000 Million |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
i) All present
and future current and fixed Assets of the company. ii) Equitable Mortgage
on immoveable property of the company situated at shop no. 103 at First
Floor, Pragati house, 47-48, Nehru place, New Delhi Admeasuring 664 Sq feet. iii) Equitable
Mortgage on immoveable property of the company situated at shop no.104 at,
First Floor, Pragati house, 47-48, Nehru place, New Delhi Admeasuring 544 Sq
feet. iv) Equitable
Mortgage on immoveable property of the company situated at basement no. B-10,
104, Hemkunt towers, 98, v) Equitable Mortgage
on immoveable property of the company situated at G-7, Masjid Moth, G.K. Part
II, |
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Date of
instrument modifying the charge |
31.12.2009 |
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Particulars of
the present modification |
Extent of charge over
the entire fixed and current Assets of the company and equitable mortgage of
the properties as mentioned in col. 15 shall cover the entire enhanced
aggregate limit of Rs. 593.000 Million
of the company. |
FIXED ASSETS
- Land
- Buildings
- Plant &
Machinery
- Computers
- Moulds
- Photocopier
- Vehicles
- Air
Conditioners
- Electric
Installation
- Furniture
& fixtures
- Office
Equipment
- EPABX
- Fax Machine
- Weighing
Machine
- Coolers
WEBSITE DETAILS
PROFILE
Subject is the country's Largest Power Products manufacturer having
products like Line Interactive UPS, ONLINE UPS, DIGITAL and
SINEWAVE INVERTERS/UPS EB/UPS E˛. Eight manufacturing plants,
each specialising in different sphere of the industry has made it possible for
Microtek to harness the World's latest technology, perfect it and incorporate
it in its product range, for the user's benefit. It is this dedication of
mastering its chosen field by continuously upgrading and investing that has won
Microtek national awards and international recognition.
Microtek has been adjudged SD's No.1 (Inverter and
Home UPS) Company of the year. Adjudged being best in Product Quality and After
Sales Service in User Satisfaction Survey, 2008. This same has been announced in the Softdisk
Issue of Nov. 2008.
Microtek has Won SD Award
for being Ranked best in After
Sales Service for ONLINE UPSs below 60KVA and
Also the best in Case Services for Line
Interactive UPS Systems, in SD's User Satisfaction
Survey, 2007.
Microtek has been
awarded 'Channels Choice Silver Award' 2008, for UPS
by IDC-Dataquest. IDC-Dataquest survey is conducted in
Microtek, was
awarded the “EFY Readers' Choice Award” for the year 2008,
consecutively for the 5th year, having won this award in the years 2004, 2005,
2006 & 2007 also. EFY Awards are chosen by
Microtek has been
receiving Awards regularly to acknowledge its leadership in power products.
Microtek was Ranked Best in SD User Satisfaction Survey for
Offline / Line Interactive UPS Systems with A++ Rating for the year 2006.
Microtek has also
been awarded the SMART LIVING AWARD 2005-2006. These
awards covering
Microtek has very strong
infrastructural National Network, which is growing rapidly,
presently they have 255 Service Points, 28 Service Centers and more than 7000
most dedicated and committed Distributors and Dealers spread all across
In pursuit of
excellence, Microtek has initiated several group wide quality management
processes. Its work culture is now dominated by its quality-movement. All the
manufacturing facilities of Microtek have been awarded ISO
9001-2000 Certification. The entire customer
support activity is also ISO 9001-2000 Certified.
At Microtek, this International recognition means a never-ending search for
perfection and total customer satisfaction.
EXPORTED WORLDWIDE
MICROTEK products
have received worldwide acceptance because of its quality and reliability and
are exported to many countries. No wonder the products carry many quality
approvals.
PRODUCTS
Microtek has
Complete Range of Digital and Sinewave Inverters, UPS EB and
UPS E˛ from 400VA to 1550VA, which are designed and
developed using world's latest technologies by Microtek's highly professional
and experienced in-house R&D team, in technical association with Motorola
approved design house in
Microtek Hi-End
Range of Sinewave Inverters from 2KVA to 20KVA, includes models 5.5KVA, 8KVA,
10KVA and 20KVA, specially designed for providing backups to even
air-conditioners. These inverters provide pure sinewave form, which is
absolutely safe for the appliances connected. The applications include BACKUP
for, Air Conditioners, Washing Machines, Water Motor, LCD TV, Petrol Pumps,
small offices, shopping malls etc.
Microtek has Line
Interactive UPS models range from 600VA to 1000VA. It also has External Battery
models, which have been specially designed for various backup time and multi PC
requirements of customers.
Microtek has World
class
- Digital Inverters
- Sine Wave Inverters
- UPS EB / UPS E˛
- High-End Inverters
- External
- Digital Online UPS from 1KVA to 30KVA.
- Inverter UPS Specialist Batteries
- Sealed Maintenance Free (VRLA)
Batteries
State-Of-The-Art Manufacturing
MICROTEK
Group consists of 8 State-of-the-Art, Most Sophisticated Latest Hi-Tech Plants,
Spread all across
The complete
manufacturing process is very consistent and rugged and has been designed in
such a way that each product coming out from the production line has to pass
through more than 200 Quality Control Checks.
In
pursuit of excellence, Microtek has initiated several group wide quality
management processes. Its work culture is now dominated by its
quality-movement. All the
manufacturing facilities of Microtek have been awarded ISO 9001-2000 Certification. At Microtek, this
International recognition means a never-ending search for perfection and total
customer satisfaction.
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.