MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MILLTEC MACHINERY PRIVATE LIMITED |
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Registered
Office : |
51-A, 1st Phase, K I A D B Industrial Area, Bommasandra, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
28.08.1998 |
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Com. Reg. No.: |
08-024139 |
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CIN No.: [Company Identification
No.] |
U85110KA1998PTC024139 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM02300E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Food Processing Machinery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 826000 |
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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 a well established company having satisfactory track. Trade
relations are fair. 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
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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
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Name : |
Mr. Prithvi |
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Designation : |
Finance Manager |
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Date : |
21.02.2010 |
LOCATIONS
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Registered Office : |
51-A, 1st Phase, K I A D B Industrial Area, Bommasandra, |
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Tel. No.: |
91-80-27831128 |
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Fax No.: |
91-80-27831129 |
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E-Mail : |
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Website : |
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DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Veluru Ramanaiah |
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Designation : |
Whole Time Director |
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Address : |
304, Krishna Jayanthi, 2nd Main, 9th Cross, 3rd
Phase, J.P. Nagar, |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Veluru Girinatha Prakash |
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Designation : |
Whole Time Director |
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Address : |
A-240, Prestige Ozone, |
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Date of Birth/Age : |
15.11.1962 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Ramaiah Ravindranath |
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Designation : |
Whole Time Director |
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Address : |
A-253, |
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Date of Birth/Age : |
20.07.1963 |
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Date of Appointment : |
28.08.1998 |
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Name : |
Mr. Rajendran Joghee |
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Designation : |
Whole Time Director |
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Address : |
A-251, |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
28.08.1998 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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V. Ramanaiah |
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600000 |
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V.G.N. Prakash |
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600000 |
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R. Ravindranath |
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600000 |
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J. Rajendran |
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600000 |
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B.A. Gayathri Devi |
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150000 |
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M. Jyothi Rani |
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150000 |
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R. Uma |
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150000 |
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Manjula |
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150000 |
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Total |
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3000000 |
AS ON 30.09.2009
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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 Food Processing Machinery |
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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 : |
V.A. Venkatram and Company Chartered Accountant |
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Address : |
37/A, 6th Main, 12th A Cross, 3rd
Phase, JP Nagar, |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
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Note : Which includes Bonus Issue of 2900000 Equity
Shares of Rs.10/- each
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
10.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
176.516 |
144.061 |
105.744 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
206.516 |
154.061 |
110.744 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
20.160 |
35.909 |
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2] Unsecured Loans |
4.941 |
8.864 |
5.378 |
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TOTAL BORROWING |
4.941 |
29.024 |
41.287 |
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DEFERRED TAX LIABILITIES |
0.504 |
1.158 |
1.653 |
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TOTAL |
211.961 |
184.243 |
153.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.390 |
73.272 |
77.610 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
93.895
|
62.756 |
76.937 |
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Sundry Debtors |
106.556
|
58.425 |
26.106 |
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Cash & Bank Balances |
84.815
|
68.542 |
23.436 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
45.721
|
37.105 |
39.531 |
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Total
Current Assets |
330.987
|
226.828 |
166.010 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
141.392
|
115.070 |
89.270 |
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Provisions |
42.154
|
0.883 |
0.668 |
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Total
Current Liabilities |
183.546
|
115.953 |
89.938 |
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Net Current Assets |
147.441
|
110.875 |
76.072 |
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MISCELLANEOUS EXPENSES |
0.130 |
0.096 |
0.002 |
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TOTAL |
211.961 |
184.243 |
153.684 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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Income |
881.990 |
634.550 |
569.079 |
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Other Income |
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TOTAL |
881.990 |
634.550 |
569.079 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
761.710 |
550.126 |
492.496 |
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Interest |
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Depreciation |
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TOTAL |
761.710 |
550.126 |
492.496 |
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PROFIT BEFORE TAX |
120.281 |
84.424 |
76.583 |
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Less |
TAX |
41.501 |
29.408 |
26.564 |
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PROFIT AFTER TAX |
78.779 |
55.016 |
50.019 |
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Earnings Per
Share (Rs.) |
26.26 |
55.01 |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
8.93
|
8.67 |
8.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.63
|
13.30 |
13.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.42
|
32.99 |
31.43 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.54 |
0.69 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.94 |
1.18 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.95 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results
and Operations :
They will be pleased to note the remarkable growth of the company during the year under consideration. Sales and other Income for the year was Rs. 839.443 millions as against Rs. 636.164 millions. The Profit before interest, depreciation and tax at Rs. 132.595 millions as against Rs. 101.361millions in the previous year and the profit after tax at Rs. 78.780 millions for the year as against in the previous year of Rs. 55.016 millions.
Future Prospectus
:
The directors are confident that the future prospectus are bright for
the company.
Fixed Assets :
- Computer and Printer
- Furniture and Fixtures
- Cycle
- Plant and Machinery
- UPS Systems
- Electrical Equipments
- Factory Equipments
- Tools and Patterns
- Office Equipments
- Vehicles
- Motor Car
- Generator
- Property at 235R
- Security Systems
- Technical Know-how
Form : 8
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U85110KA1998PTC024139 |
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Name of the
company |
MILLTEC MACHINERY
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No 51/A Phas1
Kiadbe Indl Areabommasandra |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
State Bank Of
India, Electonicity Branch, No.26-A Hosur Road, Bangalore – 560100,
Karnataka, India |
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Nature of
instrument creating charge |
Form C-2
Agreement of Hypothecation of Goods and Assets Form C-5 Letter Regarding
the Grant of individual Limits within the Overall Limit From C.1
Agreement of Loan For Overall Limit Form-B (All relates to
Same Charge) |
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Date of
instrument Creating the charge |
13/07/2007 |
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Amount secured by
the charge |
Rs. 66.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Interest @ 12.75%
for CC & For Term Loan @ 13% p.a. (CC [Hyp.
stks]-Rs.30.000 millions/ CC[Hyp. BD]-Rs.5.000 millions/ Term Loan-I Rs.
14.000 millions/ Term Loan-II-Rs.14.000 millions/ LC-Rs.3.000 millions ) Terms of repayment : Working Capital
on Demand Term Loan I
Repayable in 56 Monthly installments of Rs.0.250 millions each/- Term Loan II
Repayable in 52 Monthly installments. Margin : Margin 25% om
Stock in Process/Raw Materials, finished Goods and EPC and LC Extent and operation of the charge : 100% Till the
Closure of the Loan Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation of
all the Present and Future Goods and Book Debts, receivables Claims,
outstanding monies etc., and other assets are stored at Company's Premises
belonging to the Company. |
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Date of
instrument modifying the charge |
24/06/2005 |
|
Particulars of the
present modification |
Limit increased
form Rs.47.500 millions to Rs.66.000 millions (CC [Hyp. stks]-Rs.30.000
millions/ CC [Hyp. BD]-Rs.5.000 millions / Term Loan-I Rs. 14.000 millions/
Term Loan-II-Rs.14.000 millions / LC-Rs.3.000 millions). Equitable Mortgage
of Property at Plot No.51-A, KIADB Indl. Area, Bommasandra, |
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. 45.18 |
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|
1 |
Rs. 72.79 |
|
Euro |
1 |
Rs. 62.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.