MIRA
INFORM REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICROTEX ENERGY PRIVATE LIMITED |
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Formerly Known
As : |
MICROTEX SEPARATORS PRIVATE LIMITED |
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Registered
Office : |
42, 2nd Phase, 2nd Main Peenya Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
10.08.1977 |
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Com. Reg. No.: |
08-003190 |
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CIN No.: [Company Identification
No.] |
U71220KA1977PTC003190 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer of PVC Batteries Separators |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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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. Payments 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
|
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 |
|
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
|
Registered Office/ Factory : |
42, 2nd Phase, 2nd Main Peenya Industrial Area, |
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Tel. No.: |
91-80-28392380 |
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Fax No.: |
91-80-28397243 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. |
|
Designation : |
Director |
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Date of Birth/Age : |
04.02.1963 |
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Date of Appointment : |
20.08.1985 |
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|
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Name : |
Mr. Govindan Ambraith |
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Designation : |
Director |
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Date of Birth/Age : |
14.01.1926 |
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Date of Appointment : |
24.11.1983 |
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|
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Name : |
Mrs. Padma R Govindan |
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Designation : |
Director |
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Date of Birth/Age : |
13.04.1967 |
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Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. L Nandalal |
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Designation : |
Secretary |
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Date of Birth/Age : |
26.07.1958 |
|
Date of Appointment : |
01.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
|
920000 |
|
Govindan Ambraith |
328000 |
|
Padma R Govindan |
20000 |
|
Unni K Govindan |
16000 |
|
K Visalakshi Amma |
4000 |
|
K Bhagyaleela |
4000 |
|
Radha Devi G |
4000 |
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Total |
1296000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PVC Batteries Separators |
PRODUCTION STATUS
AS ON 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
PVC Separators |
Nos. |
150 Million |
131773575 |
|
Stationary Batteries |
Nos. |
15000 |
7669 |
GENERAL INFORMATION
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Bankers : |
Scheduled Bank |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajendra Rao and Associates Chartered Accountant |
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Address : |
GF 2, Greenery 16, |
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Name : |
GRSRA and Company Chartered Accountant |
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Address : |
No. 178, 1st Floor, 5th Main, 4th
Cross, 5th Phase, J P Nagar, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1300000 |
Equity Shares |
Rs. 100 each |
Rs.130.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1296000 |
Equity Shares (including 72000 equity shares of Rs. 100 each issued as bonus shares
by capitalization of General Reserves) |
Rs. 100 each |
Rs.129.600 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
129.600 |
129.600 |
9.600 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
150.223 |
104.600 |
73.388 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
279.823 |
234.200 |
82.988 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
444.343 |
368.838 |
248.312 |
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|
2] Unsecured Loans |
51.909 |
29.495 |
106.013 |
|
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TOTAL BORROWING |
496.252 |
398.333 |
354.325 |
|
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DEFERRED TAX LIABILITIES |
6.077 |
1.227 |
1.056 |
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|
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|
|
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TOTAL |
782.152 |
633.760 |
438.369 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
323.340 |
179.659 |
155.654 |
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Capital work-in-progress |
92.267 |
30.983 |
19.853 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
204.094
|
156.018 |
159.996 |
|
|
Sundry Debtors |
311.381
|
214.732 |
105.681 |
|
|
Cash & Bank Balances |
40.278
|
21.233 |
13.170 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
47.673
|
115.061 |
52.775 |
|
Total
Current Assets |
603.426
|
507.044 |
331.622 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
203.347
|
46.772 |
41.050 |
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Other Current Liabilities |
5.099
|
16.364 |
24.661 |
|
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Provisions |
28.435
|
20.790 |
3.049 |
|
Total
Current Liabilities |
236.881
|
83.926 |
68.760 |
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Net Current Assets |
366.545
|
423.118 |
262.862 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
782.152 |
633.760 |
438.369 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
|
|
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Sales |
1275.900 |
1039.000 |
461.800 |
|
|
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Other Income |
2.800 |
3.600 |
17.200 |
|
|
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TOTAL (A) |
1278.700 |
1042.600 |
479.000 |
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Less |
EXPENSES |
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Office Expenses |
|
|
|
|
|
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Administrative Expenses |
1179.900 |
972.800 |
460.600 |
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Advertising Expenses |
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TOTAL (B) |
1179.900 |
972.800 |
460.600 |
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
98.800 |
69.800 |
18.400 |
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|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.800 |
69.800 |
18.400 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
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|
PROFIT BEFORE
TAX (E-F) (G) |
98.800 |
69.800 |
18.400 |
|
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Less |
TAX (H) |
30.500 |
23.400 |
6.400 |
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PROFIT AFTER TAX
(G-H) (I) |
68.300 |
46.400 |
12.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.600 |
0.900 |
1.000 |
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EXCESS INCOME
TAX PROVISION |
0.000 |
0.000 |
0.100 |
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BALANCE CARRIED
TO THE B/S |
72.900 |
47.300 |
13.100 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Export Earnings |
1.491 |
0.083 |
NA |
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
22.088 |
16.234 |
|
|
|
Capital Goods |
NA |
22.032 |
9.208 |
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
52.69 |
94.00 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.34
|
4.45 |
2.50 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.74
|
6.71 |
3.98 |
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.66
|
10.16 |
3.77 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.29 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.64
|
2.06 |
5.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.54
|
6.04 |
4.82 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
The total income
has gone up from Rs. 1042.500 millions to Rs. 1278.700 millions registering a significant
growth of 22% over the previous year. The Profit before Tax has increased to
Rs. 98.800 millions during the year under review as against Rs. 69.800 millions
the previous year, representing a significant
increase of 42%. The
Profit after tax has gone up by over 4736 as compared to the previous year, as
-there has been a substantial increase from General Reserve Proposed Dividend
Tax on Proposed Dividend Balance Carried to Balance Sheet Rs. 46.400 millions to Rs. 68.300
millions during the year under review. The following are the appropriations in
respect of the year under review :
Rs. In Millions
General Reserve 45.000
Proposed Dividend 19.500
Tax on Proposed Dividend 3.200
Balance Carried to Balance Sheet 5.200
FIXED ASSETS:
- Buildings
- Plant and
Machinery
- Vehicles
- Furniture and
Fixtures
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.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.