1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MCT CARDS AND
TECHNOLOGY PRIVATE LIMITED |
Principal Name 1 |
Mr. Tonse Guatham S Pai |
|
Status |
Moderate |
Principal Name 2 |
Mr. Tonse Upendra Pai |
|
|
|
Registration # |
08-45316 |
|
Street Address |
|
||
|
Established Date |
19.02.2008 |
SIC Code |
-- |
|
Telephone# |
91-820-2571380 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-820-2571151 |
Business Style 2 |
Import |
|
Homepage |
Product Name 1 |
Membership Cards |
|
|
# of employees |
58 (Office – 8, Factory
- 50) (Approximately) |
Product Name 2 |
Processing of all types of plastic cards |
|
Paid up capital |
Rs. 141900000
/- |
Product Name 3 |
including smart cards |
|
Shareholders |
Foreign holdings 39.98% Bodies corporate 59.97 Directors or
relatives of Directors 0.05% |
Banking |
State Bank of
Mysore |
|
Public Limited Corp. |
NO |
Business Period |
B (26) |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
3 years |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
India
|
Manipal Press Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
77,564,000 |
Current Liabilities |
21,246,000 |
|
Inventories |
18,192,000 |
Long-term Liabilities |
367,967,000 |
|
Fixed Assets |
343,279,000 |
Other Liabilities |
-- |
|
Deferred Assets |
16,834,000 |
Total Liabilities |
389,213,000 |
|
Invest& other Assets |
39,099,000 |
Retained Earnings |
-- |
|
|
|
Net Worth |
105,755,000 |
|
Total Assets |
494,968,000 |
Total Liab. & Equity |
494,968,000 |
|
Total Assets (Previous Year) |
341,982,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
116,094,000 |
Net Profit |
(37,747,000) |
|
Sales(Previous yr) |
12,460,000 |
Net Profit(Prev.yr) |
1,602,000 |
MIRA
INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MCT CARDS AND TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.02.2008 |
|
|
|
|
Com. Reg. No.: |
08-45316 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.141.900 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U72900KA2008PTC045316 |
|
|
|
|
IEC No.: |
0707030757 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCM4088E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Sales, Purchase, Import, Export and Processing of all
types of plastic cards, including smart cards, Debit / Credit Cards for banks
and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip
embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact
and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic
Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards. |
|
|
|
|
No. of Employees
: |
58 (Office – 8, Factory - 50) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 420000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company promoted by manipal press Limited. It is a company
having moderate track. There appears some accumulated losses being recorded
by the company. However, trade relations are fair. Business is active.
Payments are reported to be slow. The company can be considered 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. Rajesh Shet |
|
Designation : |
Head Operations |
|
Contact No.: |
91-9845518223 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-820-2571151 |
|
Fax No.: |
91-820-2571380 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Factory : |
Property on Plot No.22, Survey No.433/1, |
|
Tel. No.: |
91-820-2205370 |
|
Mob No.: |
91-9845518223 |
|
Fax No.: |
91-820-2570831 |
|
E-Mail : |
|
|
Area : |
4000 sq ft |
|
Location : |
Rented |
DIRECTORS
As on : 24.03.2010
|
Name : |
Mr. Tonse Upendra Pai |
|
Designation : |
Director |
|
Address : |
38, Ananthnagar Manipal, |
|
Date of Birth/Age : |
26.11.1941 |
|
Date of Appointment : |
19.02.2008 |
|
Din No.: |
00104361 |
|
|
|
|
Name : |
Mr. Tonse Guatham S Pai |
|
Designation : |
Director |
|
Address : |
38, Ananthnagar Manipal, |
|
Date of Birth/Age : |
26.09.1974 |
|
Date of Appointment : |
19.02.2008 |
|
Din No.: |
00120314 |
|
|
|
|
Name : |
Mr. K. Laxminarayan Rao |
|
Designation : |
Director |
|
Address : |
Vijaylaxmi MGM, Bunder Road, Opp. Paniyadi Uvaka Mandala, Kunjibettu
Post, Udupi – 576102, Karnataka, India |
|
Date of Birth/Age : |
05.03.1940 |
|
Date of Appointment : |
02.04.2008 |
|
Din No.: |
00879383 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Shet |
|
Designation : |
Head Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 24.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
T. Satish U. Pal |
|
5000 |
|
T. Gautam Pai |
|
5000 |
|
Manipal Press Limited, Karnataka |
|
8508000 |
|
Thomas Greg and Sons Limited, Colombia |
|
2836000 |
|
Glory Wise International Limited, Hongkong |
|
2836000 |
|
|
|
|
|
Total |
|
14190000 |
As on : 24.03.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
39.98 |
|
Bodies corporate |
59.97 |
|
Directors or relatives of Directors |
0.05 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Sales, Purchase, Import, Export and Processing of all
types of plastic cards, including smart cards, Debit / Credit Cards for banks
and financial institutions, Membership Cards, Loyalty Cards, Gift Cards, Chip
embedded Cards (Contact and Contactless), Chip embedded smart cards (Contact
and Contactless) RIFD Based Cards, Insurance / Health Cards, Printed Plastic
Cards, SIM Cards, Plastic Scratches off Cards and any Form of Cards. |
|
|
|
|
Products : |
·
smart cards ·
Debit / Credit Cards for banks and financial
institutions ·
Membership Cards ·
Loyalty Cards ·
Gift Cards ·
Chip embedded Cards (Contact and Contactless) ·
Chip embedded smart cards (Contact and
Contactless) ·
RIFD Based Cards ·
Insurance / Health Cards ·
Printed Plastic Cards ·
SIM Cards ·
Plastic Scratches off Cards ·
Any Form of Cards |
GENERAL INFORMATION
|
Customers : |
·
Bank ·
Financial Institutions |
||||||||||||||||||||||||||||||||||||||||||
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|
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||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
58 (Office – 8, Factory - 50) (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Syndicate Bank, Manipal, Karnataka, India ·
State Bank of Mysore |
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Pai Nayak and Associates Charted Accountant |
|
Address : |
3rd Floor, Raaj Tower, Near Cirty Bus Stand, Udupi –
576101, Karnataka, India |
|
|
|
|
Holding Company : |
Manipal Press Limited CIN No. U22219KA2000PLC026222 Address : Press Concern, Manipal Line of Business : Printing |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- Each |
Rs.150.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14190000 |
Equity Shares |
Rs. 10/- Each |
Rs.141.900
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 |
|
141.900 |
80.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
1.601 |
|
|
4] (Accumulated Losses) |
|
(36.145) |
0.000 |
|
|
NETWORTH |
|
105.755 |
81.701 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
361.811 |
233.882 |
|
|
2] Unsecured Loans |
|
6.156 |
3.830 |
|
|
TOTAL BORROWING |
|
367.967 |
237.712 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.011 |
|
|
|
|
|
|
|
|
TOTAL |
|
473.722 |
319.422 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
343.279 |
0.543 |
|
|
Capital work-in-progress |
|
39.078 |
298.151 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.021 |
0.020 |
|
|
DEFERREX TAX ASSETS |
|
16.834 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
18.192
|
5.458 |
|
|
Sundry Debtors |
|
44.606
|
10.638 |
|
|
Cash & Bank Balances |
|
16.688
|
11.083 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
16.270
|
16.089 |
|
Total
Current Assets |
|
95.756
|
43.268 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
|
21.246
|
21.560 |
|
|
Provisions |
|
0.000
|
1.000 |
|
Total
Current Liabilities |
|
21.246
|
22.560 |
|
|
Net Current Assets |
|
74.510
|
20.708 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
473.722 |
319.422 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of Cards |
|
116.094 |
12.460 |
|
|
|
Other receipts |
|
1.144 |
0.367 |
|
|
|
TOTAL (A) |
|
117.238 |
12.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
134.909 |
10.124 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Increase / Decrease in Stock |
|
|
|
|
|
|
TOTAL (B) |
|
134.909 |
10.124 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(17.671) |
2.703 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
24.398 |
0.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(42.069) |
2.669 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
12.448 |
0.057 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
(54.517) |
2.612 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
(16.770) |
1.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
(37.747) |
1.602 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
1.602 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(36.145) |
1.602 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
3.855 |
0.062 |
|
|
TOTAL EARNINGS |
|
3.855 |
0.062 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
48.434 |
1.486 |
|
|
|
Stores & Spares |
|
3.687 |
1.385 |
|
|
|
Capital Goods |
|
160.162 |
22.520 |
|
|
TOTAL IMPORTS |
|
212.283 |
25.391 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
(4.41) |
0.20 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
(32.19) |
12.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
(46.95) |
20.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(12.41) |
5.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.51) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.68 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.50 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
Form : 8
|
Corporate identity number of the company |
U72900KA2008PTC045316 |
|
Name of the company |
MCT CARDS AND TECHNOLOGY PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Udayavani Building, Press Corner, Manipal
– 576104, Karnataka, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Others |
|
Particular of charge holder |
Syndicate Bank, Manipal Branch, Manipal,
Karnataka – 576104, INDIA |
|
Nature of instrument creating charge |
Composite hypothecation Agreement |
|
Date of instrument Creating the charge |
14/11/2009 |
|
Amount secured by the charge |
Rs. 32.500 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Interest @ 11%p.a. being -1% below
Syndicate Bank's Prime Lending Rates (PLR) Terms
of repayment 31 Quarterly installments of Rs.1.020
millions each.1st installment starts from June 2010. 32nd installments Rs.0.880 millions with an
initial repayment holding of 6 months. Margin 5.16% on Hard Costs (24.26% on Overall
Costs) Extent
and operation of the charge Charge extends on all the aforesaid assets
throughout the period of sanctioned limit by way of first charge. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Hypothecation of Plant and Machinery,
Furniture and Office Equipments belonging to the Company. |
FIXED ASSETS :
·
Freehold Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computer
·
Electrical Fittings
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. 44.85 |
|
|
1 |
Rs. 73.29 |
|
Euro |
1 |
Rs. 64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
UES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.