MIRA
INFORM REPORT
|
Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MANCHUKONDA PRAKASHAM INDUSTRIES INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Manchukonda House, 6-3-347/12A/12/3, Dwarakapuri Colony, Panjagutta, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.12.2008 |
|
|
|
|
Com. Reg. No.: |
062299 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201AP2008PTC062299 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM09046C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Pre-Stressed Cement Concrete (PSCC) Poles in |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Manchukonda Prakasham and Company a
partnership concern started in 1994. It is a company having moderate track. Business is active. Payments
terms are unknown. The company can be considered for business dealings 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 PARTED BY
|
Name : |
Mr. Mohammad Wahab |
|
Designation : |
Accounts |
LOCATIONS
|
Registered Office : |
“Manchukonda House”, 6-3-347/12A/12/3, Dwarakapuri Colony, Panjagutta,
|
|
Tel. No.: |
91-40-44507070/23319715/23321457/66611322 |
|
Fax No.: |
91-40-23352543 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Tirupati Plant |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Survey No. 70, |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Chopan Plant : Village – Bardhiya, Sonebhadra District, |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Survey No. 426, NH. 211, |
|
E-Mail : |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Prakasam Manchukonda |
|
Designation : |
Director |
|
Address : |
6-3-347/12A/12/3, Dwarakapuri Colony, Panjagutta, |
|
Date of Birth/Age : |
14.12.1953 |
|
Directors Profile: |
Manchukonda Prakasham has been a very highly rated
entrepreneur and a business leader during the last 35 years, with more than
26 years in Pre-Stressed Cement Concrete pole business. His experience
coupled with strong sense of business basics, vision and acumen in PSCC
industry has made him the undisputed ‘market leader’ in |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
6-3-347/12A/12/3, Dwarakapuri Colony, Panjagutta, |
|
Date of Birth/Age : |
23.06.1974 |
|
Directors Profile: |
Manchukonda Ravikumar has been associated with MPIL ever since he completed his bachelor of engineering (civil engineering) degree in 1995. As Executive Director, he is responsible for overall business policy, plan, strategy and operations relating to sales and marketing functions. |
|
|
|
|
Name : |
Mr. Surender Manchukonda |
|
Designation : |
Director |
|
Address : |
6-3-347/12A/12/3, Dwarakapuri Colony, Panjagutta, |
|
Date of Birth/Age : |
14.03.1977 |
|
Directors Profile: |
Manchukonda Surender manages production, purchase and technology functions at MPIL since 1998. He is a bachelor of engineering in civil engineering. His primary responsibility includes achieving overall manufacturing operations efficiency, quality and cost effectiveness for the company. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Prakasam Manchukonda |
|
24065423 |
|
Anitha Manchukonda |
|
6941949 |
|
|
|
6941949 |
|
Surender Manchukonda |
|
6941949 |
|
Gayathri Manchukonda |
|
462797 |
|
Meenakshi Manchukonda |
|
462797 |
|
Manchukonda Prakashan and Company Industries Private Limited, |
|
462796 |
|
Total |
|
46279660 |
As on 28.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
1.00 |
|
Directors
or relatives of directors |
|
99.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Stressed Cement Concrete (PSCC) Poles in |
|
|
|
|
Products : |
PSCC Poles Spun Poles |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit |
|
|
|
|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Government
Customers :
Corporate
Customers :
|
|
|
|
|
No. of Employees : |
600 (In office 100 + In factory 500) |
|
|
|
|
Bankers : |
ING Vyasya Bank Limited, 27 to 39, 1st Floor, Neelgiri
Block, Aditya Enclave, Ameerpet, Hyderabad-500 038, Andhra Pradesh, India |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
B Narshingrao and Company Chartered Accountant |
|
Address : |
Flat No.610, Babukhan Estates, Basheer Bagh, Hyderabad-500 001, |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46279660 |
Equity Shares |
Rs.10/- each |
Rs.462.797
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
462.797 |
462.797 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
131.495 |
36.037 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
594.292 |
498.834 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
54.104 |
114.678 |
|
|
2] Unsecured Loans |
|
22.803 |
16.642 |
|
|
TOTAL BORROWING |
|
76.907 |
131.320 |
|
|
DEFERRED TAX LIABILITIES |
|
6.323 |
2.404 |
|
|
|
|
|
|
|
|
TOTAL |
|
677.522 |
632.558 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
373.938 |
355.863 |
|
|
|
|
333.311 |
417.594 |
|
|
|
|
707.249 |
773.457 |
|
|
Capital work-in-progress |
|
1.176 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
150.833 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
94.697 |
127.168 |
|
|
Sundry Debtors |
|
204.081 |
254.982 |
|
|
Cash & Bank Balances |
|
7.857 |
3.208 |
|
|
Other Current Assets |
|
18.970 |
31.217 |
|
|
Loans & Advances |
|
7.706 |
1.019 |
|
Total
Current Assets |
|
333.311 |
417.594 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
107.388 |
91.472 |
|
|
Provisions |
|
74.348 |
52.472 |
|
Total
Current Liabilities |
|
181.736 |
143.944 |
|
|
Net Current Assets |
|
151.575 |
273.650 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
677.522 |
632.558 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
|
1129.922 |
520.977 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
869.888 |
422.817 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
260.034 |
98.160 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
5.316 |
0.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
254.718 |
97.352 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
25.178 |
1.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
229.540 |
95.738 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
79.939 |
32.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
149.601 |
63.108 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
6.037 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
54.143 |
27.074 |
|
|
|
Tax on Dividend |
|
90.000 |
30.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
11.496 |
6.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
3.23 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
13.24 |
12.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
32.46 |
19.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.39 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.44 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.83 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U45201AP2008PTC062299 |
|
Name of the
company |
MANCHUKONDA
PRAKASHAM INDUSTRIES |
|
Address of the
registered office or of the principal place of business in |
“Manchukonda House”, 6-3-347/12A/12/3, Dwarakapuri Colony, Panjaguta, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Immovable
Property Floating Charge Goodwill Others Hypothecation of
Stocks |
|
Particular of
charge holder |
ING Vyasya Bank Limited, 27 to 39, 1st Floor, Neelgiri
Block, Aditya Enclave, Ameerpet, Hyderabad-500 038, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Bank Letter Dated
for creation of charge |
|
Date of
instrument Creating the charge |
05.01.2009 |
|
Amount secured by
the charge |
Rs.210.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest ODSIT/BD : IVRR
-3% p.a. Supply Bills
Discounting : IVRR-5.50% p.a. BG
:Commission:1% on both PBG and FBG Terms of
Repayment ODSIT/BD : On
Demand Supply Bills
Discounting : On Demand BG : On Demand Margin ODSIT/BD : 25% on
stocks and book debts. Supply Bills
Discounting : NIL BG : By way of deposit - 5% Extent and
Operation of the charge Charge extends to
whole of the properties mortgaged and hypothecated the bank for the limits
availed from the bank Others Bank vide its
letter has requested to file form no 8 as the firm has been converted into
private limited company under the provisions of the part ix of the companies
act. Hence this charge creation. This
creation of charge only for the purpose of transfer of limits enjoyed by the
firm to the private limited company registered under the provisions of the
company’s act 1956. No change in terms and conditions. |
|
Short particulars
of the property charged |
All that part and
parcel of property bearing H. NO.4-172-1 together with land admeasuring
Ac.17.14gts., in Sy.No.70, situated at and bounded by :
North : First charge on
entire book debts of the company both present and future. |
Profile:
Subject is No.
1 manufacturers of Pre-Stressed Cement Concrete (PSCC) poles in South Asia
with annual production capacity of 1.5 million poles split across its 4 plants located
in 3 majors states in
The company has currently established itself as the market
leader in
In the year 1995, the company established its first
production unit at Renigunta Mandal, Chittoor District,
In addition to the reputation of being a ‘quantity’ producer
in terms of volume of sales and production capacity, MPIL is also known for
maintaining highest ‘quality’ of its products. Its production processes are
governed by stringent quality norms as per ISO 9000 guidelines. Its raw
material procurement policy is guided more by quality factors than cost
factors. Mr. Manchukonda Prakasham, promoter of MPIL, has been given the
coveted ‘Pearls of Andhra Pradesh’ award as First Best SSI Entrepreneur for ‘Par Excellence’ by the Chief
Minister of Government of Andhra Pradesh in the year 2003-2004.
Subject has put in place a very ambitious pre-cast plant
automation plan and commissioning programs to automate production processes at
its various plants. The comprehensive automation program is being currently
implemented in phased manner.
Subject is diversifying into other PSCC products such as
spun poles, beams, slabs, wall panels, railway sleepers among many others
covering diversified market segments – power, transportation, telecom, building
and construction.
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
2 |
|
--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 |
NO |
|
TOTAL |
|
27 |
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.