MIRA
INFORM REPORT
|
Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
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Name : |
MICRO PLASTICS PRIVATE LIMITED |
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Registered
Office : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.08.2010 |
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Com. Reg. No.: |
08-015731 |
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CIN No.: [Company Identification
No.] |
U19201KA1994PTC015731 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Injection Molding, Tools and Components. |
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 200000 |
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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 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 |
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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 : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
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Tel. No.: |
91-80-27827738 |
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Fax No.: |
91-80-27827761 |
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E-Mail : |
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Factory : |
Khata No.170/1,
Sy.No.330/B, "Subharam Estate",Marsur Gate, |
DIRECTORS
AS ON : 26.08.2010
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Name : |
Mr. Narsimha Kamath |
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Designation : |
Director |
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Address : |
1706, Akarshan, |
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Date of Birth/Age : |
22.11.1949 |
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Date of Appointment : |
08.06.1994 |
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Name : |
Mr. Vijendra Babu N. |
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Designation : |
Director |
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Address : |
# 37, M.S. Mansion, Eswara layout, J.P. Nagar 7th Phase,
Banaglore – 560078, Karnataka, India |
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Date of Birth/Age : |
05.06.1970 |
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Date of Appointment : |
08.02.2005 |
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Name : |
Mr. Govindrajan Anbarsan |
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Designation : |
Director |
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Address : |
182, Ground Floor, Arkere, 5th Cross, Lakshmi Layout, |
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Date of Birth/Age : |
18.10.1954 |
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Date of Appointment : |
08.02.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 26.08.2010
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Names of Shareholders |
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No. of Shares |
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Narasimha Kamat |
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14000 |
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Vijendra Babu N |
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15600 |
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Govindarajan Anbarasan |
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12000 |
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C P Bhat |
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14000 |
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Total |
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55600 |
AS ON : 26.08.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic Injection Molding, Tools and Components. |
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Products : |
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GENERAL INFORMATION
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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 : |
Krishnananda Nayak and Company Chartered Accountant |
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Address : |
8/1, |
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CAPITAL STRUCTURE
AS ON : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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55600 |
Equity Shares |
Rs.100/- each |
Rs. 5.560 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
5.560 |
5.560 |
5.560 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.070 |
22.975 |
20.119 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
48.630 |
28.535 |
25.679 |
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LOAN FUNDS |
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1] Secured Loans |
56.383 |
52.745 |
51.617 |
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2] Unsecured Loans |
0.014 |
0.000 |
0.500 |
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TOTAL BORROWING |
56.397 |
52.745 |
52.117 |
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DEFERRED TAX LIABILITIES |
0.013 |
0.100 |
0.412 |
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TOTAL |
105.040 |
81.380 |
78.208 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.089 |
41.771 |
45.704 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.523 |
0.571 |
0.393 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
29.264
|
24.458 |
25.255 |
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Sundry Debtors |
41.160
|
22.944 |
21.836 |
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Cash & Bank Balances |
10.070
|
12.710 |
14.749 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
30.798
|
27.405 |
22.530 |
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Total
Current Assets |
111.292
|
87.517 |
84.370 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
28.927
|
34.092 |
39.992 |
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Provisions |
20.937
|
14.395 |
12.283 |
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Total
Current Liabilities |
49.864
|
48.487 |
52.275 |
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Net Current Assets |
61.428
|
39.030 |
32.095 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.016 |
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TOTAL |
105.040 |
81.380 |
78.208 |
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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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Income |
257.887 |
233.838 |
211.661 |
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Other Income |
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TOTAL (A) |
257.887 |
233.838 |
211.661 |
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Less |
EXPENSES |
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Administrative Expenses |
216.946 |
213.578 |
186.368 |
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Advertising Expenses |
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TOTAL (B) |
216.946 |
213.578 |
186.368 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.941 |
20.260 |
25.243 |
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Less |
FINANCIAL
EXPENSES (D) |
6.493 |
7.666 |
6.247 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.448 |
12.594 |
18.996 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.591 |
8.473 |
9.236 |
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PROFIT BEFORE
TAX (E-F) (G) |
26.857 |
4.121 |
9.760 |
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Less |
TAX (I) |
5.500 |
1.590 |
3.820 |
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PROFIT AFTER TAX
(G-I) (J) |
21.357 |
2.531 |
5.940 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.973 |
20.120 |
14.141 |
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Less |
APPROPRIATIONS |
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Tax on Dividend |
1.301 |
-- |
(0.039) |
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BALANCE CARRIED
TO THE B/S |
43.070 |
22.975 |
20.120 |
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EARNINGS IN FOREIGN
CURRENCY |
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Export Earnings |
118.433 |
50.901 |
186.676 |
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TOTAL EARNINGS |
118.433 |
50.901 |
186.676 |
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IMPORTS |
NA |
NA |
NA |
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Earnings Per
Share (Rs.) |
384.11 |
361.87 |
106.83 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.28
|
1.08 |
2.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.41
|
1.76 |
4.61 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.83
|
3.18 |
7.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.14 |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.18
|
3.54 |
5.31 |
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Current Ratio (Current Asset/Current Liability) |
|
2.23
|
1.80 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations :
During the year the company achieved 10.29% growth in sales turnover and
recorded 10.42% profit before tax compared to previous year profit of 1.76%.
the business growth in model hobby business and the favorable sterling pound
contributed the higher margin. The domestic area business increased in the
current financial year by 62.40%. the current year consumer durable sector is
added to company’s business portfolio. Further the company is also focusing to
expand its business in heavy machinery segment.
Note :
The registered office address of the company has been shifted from 1706,
Akarshan, Kumaraswamy Layout,
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This form is for |
Modification of
charge |
|
Corporate identity
number of the company |
U19201KA1994PTC015731 |
|
Name of the
company |
MICRO PLASTICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Khat No 170/1, Sy
No 330/3,324,331,323,333/1 & 334/1, |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Corporation Bank,
Industrial Finance Brach, |
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Nature of
instrument creating charge |
Supplemental
Common Deed of Hypothecation of Movables/Assets/Debts |
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Date of
instrument Creating the charge |
20/12/2008 |
|
Amount secured by
the charge |
Rs. 119.300
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : CC - 13.75% p.a.
i.e., 0.5% p.a. above COBAR at resent subject to revision from time to time PC-FDBN/P/D - PCL
- 10.75% p.a. at present FDBN/P/D/RPSFC -
10.75% p.a. at present; Demand bills & Usance bllls upto 90 days Term Loans -
13.75% p.a. (i.e., 0.5% above COBAR at present) subject to revision from time
to time Terms of repayment : CC - Running
account repayable on demand Inland/Import LC
- Tenor - DP/DA (If DA, usance not exceeding 90 days) BG - Vaiidity
period to be specified at the time of issue of BG TL IV Rs.18.500
millions - Not to exceed 56 months including initial moratorium period of 6 months
in 46 monthly instalments, 45 monthly instalment of Rs.0.400 millions each
commencing from 31.3.2009 and last instalment being Rs.0.500 millions to fall
due on 31.10.2013. Interest to be paid separately as and when due. Margin : CC - 25% TL IV - 25% ILC/Imp LC/BG -
15% cash margin Extent and operation of the charge : The charge shall
operate to the extent of Rs.119.300 millions plus interest, commission,
costs, expenses and other charges thereon. Other : The said amount
of Rs.119.300 millions comprises PCL-cum-FDBN/P/D Rs.32.000 millions (with a
sublimit of Rs.5.000 millions for CC); Inland/Import LC Rs.50.000 millions;
BG Rs.1.500 millions; TL I Rs.7.000 millions TL II Rs.0.800 millions ; TL III Rs.9.500 millions;TL IV
Rs.18.500 millions (with a sublimit for Capital Goods LC Rs.7.500 millions ). |
|
Short particulars
of the property charged (Including location of the property) |
First charge by
way of hypothecation of inventory consisting of rawmaterials, stock in process,
finished goods, bookdebts and entire movable fixed assets except vehicles
(present and future) stored/installed at premises/godown at Khata No.170/1,
Sy.No.330/B, "Subharam Estate",Marsur Gate, Anekal Road, Bangalore
562106 or at any other place. |
|
Date of
instrument modifying the charge |
21/12/2006 |
|
Particulars of
the present modification |
By the above, the
amount secured by charge stands reduced from Rs.120.300 millions to
Rs.119.300 millions (All other terms and
conditions remain unchanged) |
Fixed assets :
- Computers
- Electrical Equipments
- Furniture and Equipments
- Lab Equipments
- Plant and Machinery
AS PER WEBSITE DETAILS :
Company Profile :
- Micro Plastics Private Limited was formed in the year 2005 with 100% Export Unit and Tool Room.
- MPPL is spread over a total area of 50000 Sq ft with divisions for EOU, Domestic & Tool room.
- Employee strength of around 240 people, Direct – 150, Indirect – 90.
- The main activities include Plastic Injection Molding, Tool Manufacturing (Inj Molds , Die Cast Molds) and Sub Assemblies.
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. 45.53 |
|
|
1 |
Rs. 72.77 |
|
Euro |
1 |
Rs. 62.14 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
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.