MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAGNETEC MANGAL PRIVATE LIMITED |
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Registered
Office : |
Flat No.305, Sahyog Building, 58, Nehru Place, New Delhi-110019, Delhi |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.06.1999 |
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Com. Reg. No.: |
55-100386 |
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Capital Investment
/ Paid-up Capital : |
Rs. 11.304 millions |
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CIN No.: [Company Identification
No.] |
U31909DL1999PTC100386 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturing of Electro magnet solution. |
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No. of Employees
: |
32 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 55000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Pradeep |
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Designation : |
Director |
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Contact No.: |
91-9811116976 |
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Date : |
30.05.2011 |
LOCATIONS
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Registered Office : |
Flat No.305, Sahyog Building, 58, Nehru Place, New Delhi-110019,
Delhi, India |
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Tel. No.: |
91-124-4299206 |
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Mobile No.: |
91-9811116976 (Mr. Pradeep) |
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Fax No.: |
91-124-4265130 |
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E-Mail : |
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Website : |
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Warehouse : |
D-18, Udyog Vihar, Phase-VI, Gurgaon-122004, Haryana, India |
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Tel. No.: |
91-124-4299206 |
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Fax No.: |
91-124-4265130 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Prakash Singh Gill |
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Designation : |
Director |
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Address : |
T-25/8, DLF Qutab Enclave, Phase-III, Gurgaon-122002, Haryana, India |
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Date of Birth/Age : |
11.11.1933 |
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Date of Appointment : |
24.06.1999 |
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DIN No : |
01190172 |
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Name : |
Mr. Pradeep Singh Gill |
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Designation : |
Director |
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Address : |
T-25/8, DLF Qutab Enclave, Phase-III, Gurgaon-122002, Haryana, India |
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Date of Birth/Age : |
04.01.1968 |
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Date of Appointment : |
24.06.1999 |
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DIN No : |
00990093 |
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Name : |
Mr. Rolf Rodeder |
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Designation : |
Director |
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Address : |
An Der Steinraute-11, D-63628, Bad Soden, Salmuenster |
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Date of Birth/Age : |
23.08.1948 |
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Date of Appointment : |
01.02.2006 |
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DIN No : |
01289968 |
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Name : |
Mr. Martin Ferch |
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Designation : |
Director |
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Address : |
Erlenweg-7A, D-63505, Langenselbold |
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Date of Birth/Age : |
26.07.1959 |
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Date of Appointment : |
01.02.2006 |
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DIN No : |
01379838 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2008
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Names of Shareholders |
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No. of Shares |
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Prakash Singh Gill |
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78250 |
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Pradeep Singh gill |
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142750 |
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Deepali Shekhon |
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30000 |
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Rashmi Sujlana |
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20000 |
|
Punam Stock Broking Private Limited, India |
|
282195 |
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Magnetic GMBH, India |
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565195 |
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Reminder Gill |
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12000 |
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Total |
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1130390 |
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
75.00 |
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Directors or relatives of Directors |
25.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Electro magnet solution. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
·
Wholesalers |
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No. of Employees : |
32 (Approximately) |
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Bankers : |
·
Indian Bank, Nehru Place, New Delhi-110019,
Delhi, India ·
Centurion Bank of Punjab Limited, 472/11, Old Railway
Road, Gurgaon-122001, Haryana, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
S C Verma and Associates Chartered Accountant |
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Address : |
A-3/183, First Floor, Paschim Vihar, New Delhi-110063, Delhi, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1250000 |
Equity Shares |
Rs.10/- each |
Rs. 12.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1130390 |
Equity Shares |
Rs.10/- each |
Rs. 11.304 Millions |
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Note : (Out of the above shares 31750 Shares of R.s
10/- each fully paid allotted otherwise than cash to the promoter of the
company against payment of installment relating to land.)
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 |
11.304 |
11.304 |
11.304 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.612 |
1.943 |
1.671 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.916 |
13.247 |
12.975 |
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LOAN FUNDS |
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1] Secured Loans |
11.607 |
9.230 |
7.345 |
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2] Unsecured Loans |
23.794 |
22.603 |
16.233 |
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TOTAL BORROWING |
35.401 |
31.833 |
23.578 |
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DEFERRED TAX LIABILITIES |
3.150 |
3.235 |
3.366 |
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TOTAL |
52.467 |
48.315 |
39.919 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.120 |
25.894 |
27.155 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.600 |
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 |
29.547
|
18.105 |
16.473 |
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Sundry Debtors |
15.052
|
13.920 |
12.543 |
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Cash & Bank Balances |
1.417
|
1.486 |
0.134 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.616
|
4.321 |
4.695 |
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Total
Current Assets |
55.632
|
37.832 |
33.845 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
22.339
|
12.024 |
18.275 |
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Other Current Liabilities |
7.207
|
3.045 |
2.578 |
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Provisions |
0.353
|
0.370 |
0.270 |
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Total
Current Liabilities |
29.899
|
15.439 |
21.123 |
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Net Current Assets |
25.733
|
22.393 |
12.722 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.028 |
0.042 |
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TOTAL |
52.467 |
48.315 |
39.919 |
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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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SALES |
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Income |
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|
61.062 |
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Other Income |
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TOTAL (A) |
62.133 |
62.133 |
61.062 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
54.843 |
56.244 |
54.901 |
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Advertising Expenses |
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TOTAL (B) |
54.843 |
56.244 |
54.901 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.290 |
5.889 |
6.161 |
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Less |
FINANCIAL
EXPENSES (D) |
4.618 |
3.331 |
2.300 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.672 |
2.558 |
3.861 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.977 |
2.045 |
2.003 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.695 |
0.513 |
1.858 |
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Less |
TAX (I) |
0.026 |
(0.017) |
0.187 |
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PROFIT AFTER TAX
(G-I) (J) |
0.669 |
0.530 |
1.671 |
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EXPORT VALUE |
5.052 |
7.575 |
6.582 |
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Earnings Per
Share (Rs.) |
0.59 |
0.47 |
1.48 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
90.000 |
Expected Sales (2011-2012) : Rs. 153.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.08
|
0.85 |
3.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.85
|
0.81 |
3.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.04 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.92
|
3.81 |
3.70 |
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Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.45 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 19, New Market Double Story, Ramesh Nagar, New Delhi-110015, Delhi,
India
to the present address w.e.f. 01.04.2009
FORM 8
|
Corporate
identity number of the company |
U31909DL1999PTC100386 |
|
Name of the
company |
MAGNETEC
MANGAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
19, New Market Double Story, Ramesh Nagar, New Delhi-110015, Delhi,
India |
|
This form is for |
Creation of charge |
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Type of charge |
Book debts Others |
|
Particular of
charge holder |
Indian Bank, Nehru Place, New Delhi-110019, Delhi, India |
|
Nature of
instrument creating charge |
Agreement
for open cash credit (stocks / book debts) . |
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Date of
instrument Creating the charge |
11.04.2007 |
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Amount secured by
the charge |
Rs. 1.500 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate
of interest @ 16.50% p.a. or as may be determined by the bank from time to
time. Terms of repayment Payable on demand Margin Margin – 25% Extent and
operation of the charge Extent and operation – 100% Other The above is to secure adhoc cash credit facility. |
|
Short particulars
of the property charged (Including location of the property) |
1st Charge by hypothecation of all present and future goods
product and merchandise stored or to be stored in the premises at D-18, Udyog
Vihar, Phase-VI, Gurgaon or wherever else the same may be and present and
future book debts of the company. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
·
Computer and Software
·
Cellular Phone
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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.