MIRA
INFORM REPORT
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Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LOAD CONTROLS INDIA PRIVATE LIMITED |
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Registered
Office : |
No. 57/6, 19th Main, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.04.2000 |
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Com. Reg. No.: |
08-26881 |
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CIN No.: [Company Identification
No.] |
U33130KA2000PTC026881 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRL00557E / BLRL02559E |
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PAN No.: [Permanent Account No.] |
AAACL6113A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Modular |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 96000 |
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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. There
appears some losses being incurred by the company. However, networth appears
to be satisfactory. 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 : |
No. 57/6, 19th Main, Tank Bund Road, N.S. Palya, 2nd
Stage, BTM Layout, Bangalore – 560076, Karnataka, India |
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Tel. No.: |
91-80-43587000 |
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Fax No.: |
91-80-43587000 |
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E-Mail : |
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Website : |
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Electrical Division : |
347/1A, Bilekahalli, 6th Cross, 2nd Stage, BTM
Layout, Off |
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Tel. No.: |
91-80-43586900 |
DIRECTORS
As on 24.09.2010
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Name : |
Mr. Ramani Mani |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
11.08.1961 |
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Date of Appointment : |
07.04.2000 |
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Name : |
Mr. Sukanya Ramani |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
30.03.1966 |
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Date of Appointment : |
07.04.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2010
|
Names of Shareholders |
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No. of Shares |
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Mr. Ramani Mani |
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15007 |
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Mr. Sukanya Ramani |
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9010 |
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Mr. Raghav Ramani |
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1 |
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Mr. Revathi |
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1 |
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Mr. Ranganathan V. |
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1 |
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Dr. S. Krishnan |
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1 |
As on 24.09.2010
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Modular |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
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Electrical Panel Boards |
Nos. |
1535 |
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 : |
Sundar and Company Chartered Accountant |
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Address : |
No. 69, Ground Floor, First Cross, Off Thipasandra Main Road Hal, 3rd
Stage, Bangalore – 560075, Karnataka, India |
CAPITAL STRUCTURE
As on 24.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
24020 |
Equity Shares |
Rs.100/- each |
Rs.2.402
Millions |
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 |
2.402 |
2.402 |
2.402 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.660 |
28.313 |
23.516 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.062 |
30.715 |
25.918 |
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LOAN FUNDS |
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1] Secured Loans |
20.840 |
20.927 |
28.845 |
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2] Unsecured Loans |
12.400 |
18.129 |
10.172 |
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TOTAL BORROWING |
33.240 |
39.056 |
39.017 |
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DEFERRED TAX LIABILITIES |
0.134 |
0.092 |
0.187 |
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TOTAL |
57.436 |
69.863 |
65.122 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.101 |
15.271 |
13.695 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.090 |
0.090 |
0.090 |
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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 |
42.803
|
25.847 |
23.132 |
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Sundry Debtors |
49.925
|
56.370 |
69.237 |
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Cash & Bank Balances |
5.898
|
11.429 |
4.992 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.654
|
16.549 |
17.311 |
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Total
Current Assets |
119.280
|
110.195 |
114.672 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
74.597
|
52.302 |
59.840 |
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Provisions |
0.443
|
3.397 |
3.501 |
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Total
Current Liabilities |
75.040
|
55.699 |
63.341 |
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Net Current Assets |
44.240
|
54.496 |
51.331 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.006 |
0.006 |
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TOTAL |
57.436 |
69.863 |
65.122 |
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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 |
174.792 |
242.640 |
223.049 |
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Other Income |
2.404 |
11.748 |
2.211 |
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TOTAL (A) |
177.196 |
254.388 |
225.260 |
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Less |
EXPENSES |
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Increase / (Decrease) in Work in Progress |
(9.310) |
(0.568) |
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Raw Materials Consumed |
136.265 |
180.438 |
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Manufacturing Expenses |
18.648 |
27.503 |
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Staff Cost |
20.093 |
17.403 |
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Selling and Distribution Expenses |
5.046 |
5.298 |
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Administrative Expenses |
5.943 |
5.540 |
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Factory Shifting and Relocation Expenses |
0.000 |
1.158 |
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Preliminary Expenses Written Off |
0.000 |
0.001 |
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TOTAL (B) |
176.685 |
236.773 |
219.504 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.511 |
17.615 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
4.323 |
6.855 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3.812) |
10.760 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.799 |
3.103 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
(6.611) |
7.657 |
5.756 |
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Less |
TAX (I) |
(0.041) |
2.859 |
2.430 |
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PROFIT AFTER TAX
(G-I) (J) |
(6.652) |
4.798 |
3.326 |
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IMPORTS |
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Raw Materials |
6.458 |
26.612 |
NA |
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TOTAL IMPORTS |
6.458 |
26.612 |
NA |
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Earnings Per
Share (Rs.) |
(276.93) |
199.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.75)
|
1.89 |
1.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
(3.78)
|
3.15 |
2.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.99)
|
6.10 |
4.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
0.25 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.50
|
3.08 |
3.95 |
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Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.98 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 19/3, 1st
Cross, Pukhraj Layout, Adugodi,
FORM 8 :
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge
identification number of the modified |
10131562 |
|
Corporate
identity number of the company |
U33130KA2000PTC026881 |
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Name of the
company |
LOAD CONTROLS INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
No. 57/6, 19th Main, Tank Bund Road, N.S. Palya, 2nd
Stage, BTM Layout, Bangalore – 560076, Karnataka, India |
|
Type of charge |
Movable Property |
|
Particular of charge
holder |
Syndicate Bank, |
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Nature of
description of the instrument creating or modifying the charge |
Regular limit of Bank
Guarantee of Rs.15.000 millions in cancellation of existing Bank Guarantee
adhoc limit of Rs.7.000 Millions. |
|
Date of
instrument Creating the charge |
28.02.2009 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Cash Margin 25%. Guarantors : Both
Directors in their individual capacity. Collateral
Security : 1)Existing UREM of immovable property, Flat no.D-401, in the name
of M.Ramani, located at Jayanagar, Bangalroe, 2).Hypothecation
of Machineries & Equipements value Rs.85.93 lakhs with II charge on
liability of M/s.Mani Sales ( 3).C.D. with
monthly contribution Rs.10,000-00 to be opened. Margin : Margin : 25% Cash
Margin Extent and
Operation of the charge : Regular limit of
Bank Guarantee of Rs.15.000 millions in cancellation of existing Bank
Guarantee adhoc limit of Rs.7.000 Millions. |
|
Date of
instrument creating or evidencing the charge |
17.02.2009 |
|
Description of
the instrument creating or evidencing the charge |
Bank Guarantee
agreement dt.17-02-2009 |
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Date of
acquisition of the property |
17.02.2009 |
|
Amount of the charge |
Rs.15.000
Millions |
|
Particulars of
the property charged |
Hypothecation of
Machineries and Equipements value Rs.8.593 millions with II charge on
liability of M/s.Mani Sales ( |
FIXED ASSETS :
- Plant and
Machinery
- Tools and
Dies
- Office
Equipments
- Electrical
Fittings
- Furniture and
Fixtures
- Vehicles
- Computer and
Accessories
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.45.11 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.62.56 |
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 |
4 |
|
--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 |
|
44 |
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.