MIRA INFORM REPORT

 

 

Report Date :

30.07.2011

 

IDENTIFICATION DETAILS

 

Name :

METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED

 

 

Registered Office :

B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

21.09.1990

 

 

Com. Reg. No.:

11-058251

 

 

Capital Investment / Paid-up Capital :

Rs.1.500 Millions

 

 

CIN No.:

[Company Identification No.]

U51909MH1990PTC058251

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM08615F

 

 

PAN No.:

[Permanent Account No.]

AACCM4836D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.

 

 

No. of Employees :

55 Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD  118192

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company with good track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported as regular and as per commitments.

 

The company can be considered good for normal business dealings under 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)

India

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. Nagendra Rawat

Designation :

Sales Manager

Contact No.:

91-9930736909

Date :

23.07.2011

 

 

LOCATIONS

 

Registered Office / Factory:

B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra, India 

Tel. No.:

91-22-29203753 / 29203756 / 67830505 / 29250321 / 29251399

91-22-67830525 (Service Department)

Mobile No.:

91-9930736909 (Mr. Nagendra Rawat)

Fax No.:

91-22-29251373

E-Mail :

metpower@vsnl.com

info@metpower.co.in

Website :

http://www.metpowerin.com

Area :

4500 sq ft

Location :

Owned

 

 

Factory 2 :

C-35, 36, 37 and 40, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India

 

 

Branch Office :

Located at:

 

  • Kolkata
  • Chennai
  • Delhi

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Priyadarshan Divyadarshan Pant

Designation :

Chairman cum Managing Director

Address :

11/10, Blossom Society, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India

pdpant@metpowerin.com    

Date of Birth/Age :

26.07.1949

Qualification :

B. Tech ( I.I.T./ Kanpur ) and P.G.D.B.M. ( I.I.M./ Calcutta )

Date of Appointment :

21.09.1990

Profile :

He started Metal Power in 1987 to offer specialized services to Engineering industries. Very soon he diversified the activities, developing markets for special purpose machines and other high tech products, including sophisticated Analytical and Metallurgical Instruments.

 

 

Name :

Mr. Anant Vithal Kulkarni

Designation :

Director

Address :

Flat No.304, B/2, Sai Ashish, Bal Rajeshwar Road, Mulund (West), Mumbai – 400 080, Maharashtra, India

avkulkarni@metpowerin.com

Date of Birth/Age :

27.12.1948

Qualification :

B.E (Met/ Gold Medalist) and M. Tech ( Physical Metallurgy)

Date of Appointment :

21.09.1990

Profile :

He has wide ranging experience in Metallurgy, having worked for over 18 years in various fields like wire drawing, forging, heat treatment and process and quality control in Steel Plants, involving product / process development, quality up-gradation, customer service & failure analysis. He is one of the founder directors of Metal Power Analytical (India) Private Limited. 


As a leading consultant, he has given consultancy to various reputed steel companies. He has played a lead role in developing the eMPower MetKit and the Metallurgical Image Analyzer.

 

 

KEY EXECUTIVES

 

Name :

Mr. Nagendra Rawat

Designation :

Sales Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

No. of Shares

 

Pant Darshan Priya

60

Anant Vithal Kulkarni

10

Mandalik Hari Shashank

14

Priolkar H. Swapna

14

R. Parmeshwaran

24

N. Sampathkumar

20

Negandhai Haren

14

Pant Darshan Priya Joint with Shobha Pant

698

Kulkarni Vithal Anant Joint with Anuradha Kulkarni

654

Mrs. Anuradha Anant Kulkarni joint with Anant Kulkarni

500

Mukund Pant joint with Priya D Pant

464

Shobha P Pant Joint with Priya Darshan Pant

300

Aditi Anant Kulkarni Joint with Anant Kulkarni

228

Total

3000

 

As on 30.09.2010

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

97.00

Others

3.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Spectrometers for Metals, High-tech Analytical and Metallurgical Products.

 

 

Products :

 

 

Exports :

 

Products :

Metallurgical Products

Countries :

Middle East, South East Asia

 

 

Imports :

 

Products :

Raw Materials

Countries :

European Countries

 

 

Terms :

 

Selling :

L/C, Cash and Credit 30 days

 

 

Purchasing :

L/C, Cash and Credit 30 days 

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :

End Users and OEM’s

 

  • Akshay Metals and Alloys
  • Alom Extrusions
  • Anant Enterprises
  • Angel Extrusions
  • Apar Limited
  • Asea Brown Boveri Limited
  • Best Cast Limited
  • Bharat Heavy Electricals Limited
  • Brakes India Limited
  • Endurance Transmission Systems Private. Limited
  • Enkei Castalloys Limited
  • Exide Batteries Limited
  • Garg Casteels Private. Limited
  • Geological and Metallurgical Laboratories
  • Haryana Autocastings Limited
  • Hindalco Industries Limited
  • Hindustan Powerplus Limited
  • Indian Aluminium Company Limited
  • Indian Farmers Fertiliser Co-operative Limited 
  • Indian Institute of Technology
  • Indira Gandhi Centre for Atomic Research
  • Kalyani Brakes Limited
  • Metallurgical Laboratories Private. Limited
  • Mukand Limited, Kalwe
  • Om Corporation
  • Pooja Castings Private Limited
  • Proton Steels Limited
  • Ramkrishna Forgings Limited
  • Rane Engine Valves Limited
  • Regional Testing Centre
  • Shiv Shakti Aluminium
  • Small Industries Service Institute
  • Steel Authority of India Limited
  • Sumangalam Aluminium
  • Sun Aluminium
  • Sundaram-Clayton Limited
  • Suzuki Motorcycle
  • Synergies-Dooray Automotive Limited
  • Tata Steel Limited
  • Tirupati Aluminium Limited
  • Toyo Engineering India Limited
  • Vikas Spectrolab
  • ZF Steering Limited

 

 

No. of Employees :

55 Approximately

 

 

Bankers :
  • State Bank of India, Marol Branch, Silver Arcade, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India
  • State Bank of India, Small and Medium Enterprises City Credit Center, Synergy, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
  • ICICI Bank

 

 

Facilities :

SECURED LOANS

31.03.2010

Rs. in Millions

31.03.2009

Rs. in Millions

Term Loans from Banks

(Secured against hypothecation of Gala)

8.822

1.289

Car loan from ICICI

(Against security of cars)

0.317

0.761

O/D with State Bank of India

(Against security of stocks in trade)

7.456

4.838

Total

16.595

6.888

 

 

 

UNSECURED LOANS

 

 

From Directors

3.525

3.525

From Shareholders

3.040

3.460

Total

6.565

6.985

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

J. J. Mehra and Associates

Chartered Accountants

Address :

11, Laxmi Building, Off Turner Road, Bandra (West), Mumbai – 400 050, Maharashtra, India

Tel. No.:

91-22-26553920

 

 

Memberships :

·          Institute of Indian Foundrymen

·          Aluminium Association of India

·          Engineering Export Promotion Council

·          National Small Industries Corporation

·          Indian Analytical Instruments Association

 

 

CAPITAL STRUCTURE

 

As on 30.09.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

5000

Equity Shares

Rs.500/- each

Rs.2.500 Millions

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

3000

Equity Shares

Rs.500/- each

Rs.1.500 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

1.500

0.748

0.748

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

28.048

21.478

16.105

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

29.548

22.226

16.853

LOAN FUNDS

 

 

 

1] Secured Loans

16.596

6.888

9.805

2] Unsecured Loans

6.565

6.985

3.585

TOTAL BORROWING

23.161

13.873

13.390

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

52.709

36.099

30.243

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

30.650

16.796

11.889

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.386

0.534

0.519

DEFERREX TAX ASSETS

0.000

0.528

0.364

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
24.238
19.484
20.211

 

Sundry Debtors
6.131
3.241
5.782

 

Cash & Bank Balances
2.136
1.001
0.522

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
10.778
11.458
7.646

Total Current Assets
43.283
35.184

34.161

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors
14.131
10.048
12.528

 

Other Current Liabilities
0.000
0.000

0.000

 

Provisions
8.475
7.125
4.325

Total Current Liabilities
22.606
17.173
16.853

Net Current Assets
20.677
18.011
17.308

 

 

 

 

MISCELLANEOUS EXPENSES

0.996

0.230

0.163

 

 

 

 

TOTAL

52.709

36.099

30.243

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

Income

90.684

80.516

65.224

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

90.684

80.516

65.224

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

75.248

67.371

53.904

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

75.248

67.371

53.904

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

15.436

13.145

11.320

 

 

 

 

 

Less

INTEREST                                                          (D)

1.034

1.838

1.378

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

14.402

11.307

9.942

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4.804

3.014

2.666

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

9.598

8.293

7.276

 

 

 

 

 

Less

TAX                                                                  (H)

2.989

2.920

2.592

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

6.609

5.373

4.684

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

21.477

16.104

11.420

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

28.086

21.477

16.104

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Commission/ Reimbursement of Expenses

NA

6.653

3.287

 

TOTAL EARNINGS

NA

6.653

3.287

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Machines and Spares/ Consumables

NA

14.214

11.311

 

TOTAL IMPORTS

NA

14.214

11.311

 

 

 

 

 

 

Earnings Per Share (Rs.)

2203.00

3438.50

NA

 

Particulars

 

 

 

31.03.2010

Sales Turnover

 

 

100.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
7.28
6.39
7.05

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
12.98
15.95
15.80

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.32
0.37
0.43

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
1.54
1.40
1.79

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.91
2.05
2.03

 

 

LOCAL AGENCY FURTHER INFORMATION

 

PERFORMANCE:

The year under review recorded significant growth in turnover. The turnover of the Company increased to Rs. 90.684 millions during the year under review as against Rs. 80.516 millions in the previous year. The Company earned profit after tax of Rs. 6.373 millions during the year under review as against Rs. 5.143 millions in the previous year. The directors have decided to plough back the entire profit in to the business and do not recommend payment of any dividend. The Directors also hope to achieve better results in the current year.

 

BUSINESS OUTLOOK:

The Company has become one of the major suppliers of Analytical and Metallurgical Laboratory Equipment and their spares/accessories. It also prides itself on the high levels of specialised Applications and Service Support it provides for all the products it manufactures/ sells. The Company is expecting a favourable market situation in current fiscal year too and hopes to achieve a higher turnover along with better profitability during the current year.

 

FINANCE:

The Company has paid all interest and principal amounts against Term Loans on due dates

 

Note:

Registered office of the company has been shifted from C-46/47, 1st Floor, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India to the present address w.e.f.01.06.2011

 

 

 

 

 

FORM 8

 

Corporate identity number of the company

U51909MH1990PTC058251

Name of the company

METAL POWER ANALYTICAL (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

B 48, Raj Industrial Complex, Military Road, Marol, Andheri (East), Mumbai 400059, Maharashtra, India

This form is for

Modification of charge

Type of charge

Book debts

Movable property (not being pledge)

Particular of charge holder

State Bank of India, Marol Branch, Silver Arcade, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India

Email: mohan.joshi@sbi.co.in

Nature of instrument creating charge

Supplemental Agreement of Loan-Cum-Hypothecation.

Letter of Arrangement.

Date of instrument Creating the charge

06.06.2011

Amount secured by the charge

Rs. 42.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

TL:- 6.75% above Base Rate of 8.25% i.e. 15.00% at present. (Floating)

WC:- 2.15% above Base Rate of 8.25% i.e. 10.40% at present (Floating).

 

Terms of repayment

WC:- Repayable on demand.

TL: As per Letter of Arrangement

 

Margin

Raw Materials: Imported / Indigenous - 25%

Semi-Finished Goods - 40%

Finished Goods - 33.33%

Domestic Receivables - 40%

Term Loan - 25%

Bank Guarantees - 10%

 

Extent and operation of the charge

Hypothecation of Stock and Raw Material, Semi Finished Goods, Book Debts, Receivables and Plant and Machinery... Refer Schedule B for description of Assets Hypothecated.

 

Other

Total Limits of Rs. 42.000 millions comprising of:-

Fund Based Limits

Cash Credit    - 25.000 millions

Term Loan-I   - 6.700 millions

Term Loan-II  - 9.100 millions

Non Fund Based Limits

Bank Guarantee – 1.200 millions

Short particulars of the property charged (Including location of the property)

Hypothecation of Stock and Raw Material, Semi Finished Goods, Book Debts, Receivables and Plant and Machinery

Date of instrument modifying the charge

23.11.2010

Particulars of the present modification

By present modification, credit facilities revised/renewed/modified/enhanced to Rs. 42.000 millions against hypothecation of Stock, Book Debts and other assets as per. Cash Credit facilities enhanced from Rs. 20.000 millions to Rs. 25.000 millions.

 

 

TRADE REFERENCES:

 

·         Mukund Limited, Kalwe

·         Ramkrishna Forgings Limited

·         Rane Engine Valves Limited

·         Toyo Engineering India Limited

·         Best Cost IT Limited

 

FIXED ASSETS:

 

·         Motor Car

·         Computers

·         Furniture and Fixtures

·         Office Equipments

·         Machinery

·         Office Premises

·         Air Conditioner

·         Work Shop C 39

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.44.15

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

 

49

 

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.