MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MPI MACHINES LIMITED |
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Formerly Known
As : |
MP CAB-COND MACHINES LIMITED |
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Registered
Office : |
MPI House, Gola Ka Mandir, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.09.1987 |
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Com. Reg. No.: |
10-004130 |
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CIN No.: [Company Identification
No.] |
U31200MP1987PLC004130 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLM03661A |
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PAN No.: [Permanent Account No.] |
AACCM0029N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Wire Making Machines and Industrial Plants Machines |
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 121000 |
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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 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
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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. Anil Gupta |
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Designation : |
Director |
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Contact No.: |
91-9993075522 |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
MPI House, Gola Ka Mandir, |
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Tel. No.: |
91-751-4048549 / 4048135 / 2361002 / 4097200 |
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Mobile No.: |
91-9993075522 (Mr. Anil Gupta) |
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Fax No.: |
91-751-2366979 / 4015204 / 4048008 |
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E-Mail : |
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Website : |
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Area : |
3500 Sq.ft. |
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Location : |
Owned |
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Branche Office : |
J-60, First Floor, Lajpat Nagar – III, |
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Tel. No.: |
91-11-29834826 |
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Fax No.: |
91-11-29833771 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Kashiram Gupta |
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Designation : |
Director |
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Address : |
B-5, Basant Vihar, |
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Date of Birth/Age : |
26.08.1926 |
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Date of Appointment : |
24.04.1993 |
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DIN : |
00025096 |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Director |
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Address : |
B-7, Basant Vihar, |
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Date of Birth/Age : |
10.02.1952 |
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Date of Appointment : |
14.09.1987 |
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DIN : |
00023536 |
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Name : |
Mr. Anil Gupta |
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Designation : |
Whole-time Director |
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Address : |
B-14, Basant Vihar, |
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Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
14.09.1987 |
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DIN : |
01142560 |
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Name : |
Mr. Ajay Gupta |
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Designation : |
Director |
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Address : |
B-5, Basant Vihar, |
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Date of Birth/Age : |
06.02.1963 |
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Date of Appointment : |
14.09.1987 |
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DIN : |
00024975 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Kashiram Gupta |
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1000 |
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Mr. Ashok Gupta |
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47800 |
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Mr. Anil Gupta |
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36900 |
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Mr. Ajay Gupta |
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56800 |
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Gita Gupta |
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27000 |
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Usha Gupta |
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3000 |
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Renu Gupta |
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7500 |
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Mr. Kashiram Gupta |
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20000 |
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Anil Gupta |
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4500 |
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Tusharka Gupta |
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5000 |
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Deepshika Gupta |
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9500 |
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Master Arnav Gupta |
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6000 |
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Mr.Rahul Gupta |
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5000 |
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Akriti Gupta |
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8000 |
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Smt. Namrata Gupta |
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10000 |
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Mr. Kashiram Gupta |
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102000 |
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Total |
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350000 |
As on 30.09.2010
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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 Wire Making Machines and Industrial Plants Machines |
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Products : |
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Exports : |
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Products : |
Wire Making Machines Industrial Plants Machines |
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Countries : |
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Terms : |
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Selling : |
Cash / credit (30 / 60 / 90 days) |
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Purchasing : |
Cash / credit (30 / 60 / 90 days) |
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GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Cash Credit – Rs.52.000 Million
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V Bapna and Company Chartered Accoountant |
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Address : |
Sarafa Bazar, |
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PAN No.: |
AABFV3800E |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/-each |
Rs.4.000 million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/-each |
Rs.3.500 million |
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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 |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.755 |
22.384 |
18.979 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.255 |
25.884 |
22.479 |
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LOAN FUNDS |
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1] Secured Loans |
4.965 |
8.984 |
8.319 |
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2] Unsecured Loans |
3.800 |
3.579 |
2.762 |
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TOTAL BORROWING |
8.765 |
12.563 |
11.081 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.020 |
38.447 |
33.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.448 |
11.173 |
3.407 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.376 |
2.376 |
2.376 |
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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 |
17.463
|
29.781 |
16.324 |
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Sundry Debtors |
16.908
|
13.166 |
16.685 |
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Cash & Bank Balances |
4.234
|
8.039 |
3.362 |
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Other Current Assets |
0.409
|
0.404 |
0.651 |
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Loans & Advances |
9.946
|
12.595 |
14.977 |
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Total
Current Assets |
48.960
|
63.985 |
51.999 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
9.055
|
14.184 |
10.158 |
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Other Current Liabilities |
13.509
|
23.653 |
13.016 |
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Provisions |
0.200
|
1.250 |
1.048 |
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Total
Current Liabilities |
22.764
|
39.087 |
24.222 |
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Net Current Assets |
26.196
|
24.898 |
27.777 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.020 |
38.447 |
33.560 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
135.640 |
121.272 |
77.320 |
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Other Income |
0.530 |
0.167 |
0.042 |
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TOTAL (A) |
136.170 |
121.439 |
77.362 |
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Less |
EXPENSES |
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Raw Material Consumed |
79.048 |
82.164 |
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Manufacturing Expenses |
10.811 |
10.237 |
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Other Direct Expenses |
2.187 |
2.503 |
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Administration expenses |
2.777 |
2.780 |
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Payments made to Prov. For Emp. |
4.299 |
4.302 |
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Selling and distribution expenses |
10.009 |
6.076 |
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Duty and taxes |
7.246 |
15.924 |
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Acretion/decretion in stock |
10.172 |
(11.100) |
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TOTAL (B) |
126.549 |
112.886 |
70.396 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.621 |
8.553 |
6.966 |
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Less |
FINANCIAL EXPENSES (D) |
2.849 |
2.664 |
1.738 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.772 |
5.889 |
5.228 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.735 |
1.234 |
0.920 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.037 |
4.655 |
4.308 |
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Less |
TAX (I) |
0.666 |
1.250 |
1.540 |
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PROFIT AFTER TAX
(G-I) (J) |
4.371 |
3.405 |
2.768 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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BALANCE CARRIED
TO THE B/S |
4.371 |
3.405 |
2.768 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
59.103 |
4.166 |
0.000 |
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TOTAL EARNINGS |
59.103 |
4.166 |
0.000 |
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Earnings Per
Share (Rs.) |
12.49 |
9.73 |
-- |
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Expected Sales ( 2010-2011 ) : Rs.150.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.21
|
2.80 |
3.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.71
|
3.84 |
5.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.48
|
6.19 |
7.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.18 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
2.00 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.64 |
2.15 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
- Gulf Cable
and Electrical Industrial Company,
- A R G
Distributors Private Limited,
- Bajrang
Engineering Works,
Years in Retrospect
The director are pleased to place on record
that the audited financial statement for the year 2009-2010, envisage
continuous increase in the topline growth on year on year basis. The company in
its end result of its continuous efforts in penetration of market potentials
that are available in the domestic as well as in the export front, was able to
gain significant share in bagging export orders during the year . New inroads
could be made in opening of business gateways with foreign well established
customers, which the directors are optimistic could bring value added orders in
the years ahead. The domestic customer too show well merited enthusiasm in
placing continuous orders for procurement of their cable machines for
installation in their upcoming projects related to power cable of various
technical specification across the country. The global overall recession
although traveled for a major part of the year , affecting the industrial
players in their country too, could not cause much of concern to their company’s
market procurement of orders, as the projects that were under progress for
establishment of their new units, did not stagger their capital equipment
procurements, as it was meant for usage in the years ahead of the year .the
directors are optimistic that taking note of the present appreciable response
from the market as well as the governments keenness in allocating substantial
investments in establishment of power and other infrastructural projects in the
lines of Public-Private Partnership, anticipating power generation to the tune
of capacity addition of 100000 MW each in the 12th plan (2012-17)
and 13th plan (2017-22), the demand for their cable machines would
continue to be upbeat open in the backdrop of their country’s economic and
industrial potential growth, leading them to one of the upcoming industrial
leader I the global trade.
FIXED ASSETS :
- Building
- Plant and Machine
- Foundation Fittings
- Electric Fittings
- Laboratory Equipments
- Office Equipments
- Air Conditioner
- Furniture and Fixture
- Vehicles
- Computers
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90210382 |
|
Corporate
identity number of the company |
U31200MP1987PLC004130 |
|
Name of the
company |
MPI MACHINES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
|
Particular of
charge holder |
State Bank of Email- mydigitalclients@gmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
1. Letter of
Arrangement 2. Agreement of
Loan cum Hypothecation - SME -2 3. Link Letter -
SME-12 |
|
Date of
instrument Creating the charge |
29.01.2009 |
|
Amount secured by
the charge |
Rs.52.000 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Working Capital : As applicable to SB-7 rated unit. Interest @1.50% above SBAR
(SBAR 12.25% w.e.f. 01.01.09) with a minimum of 13.75% p.a. payable monthly. Corporate Loan :
As applicable to SB-7 rated unit. Interest @1.50% above SBAR (SBAR 12.25%
w.e.f. 01.01.09) plus 0.50% term
premia and 0.50% higher with a minimum of 14.75% p.a. payable monthly. Terms of
Repayment - Working Capital : Repayable on Demand subject to renewal. Corporate Loan :
(Rs. 5.000 million) will be repaid in 35 monthly installments commencing from
Jan.2009. First 20 installments of Rs.0.100 million each and next 15
installments of Rs.0.200 million each. Margin - Working
Capital: Raw Material /
Stock in Process / Finished Goods @25% Receivables
(Cover Period 75 days) 40% Bank Guarantee
(100% for disputed BG) 20% Letter of Credit
15% EPC 10% Corporate Loan 35% Extent and
Operation of the charge - To the extent of Credit Facilities of Rs.52.000 millions, comprising off: Cash Credit Limit
Rs.15.000 million Corporate
Loan Rs. 5.000 million Letter of Credit
Limit Rs.2.000 million crores Bank Guarantee Limit
Rs.30.000 crores Others -
Corporate Guarantee of |
|
Short particulars
of the property charged |
Hypothecation of
entire current assets including stocks of raw material, stores, spares,
finished goods including items in transit and all book debts / receivables. First Charge over
company's entire fixed assets including mortgage of factory land (leasehold)
and building. First charge over
proposed Plant and Machinery to be purchased out of term loan (Corporate
Loan) |
|
Date of latest
modification prior to the present modification |
01.09.2000 |
|
Particulars of
the present modification |
Credit facilities
enhanced and stood at Rs.52.000 millions by sanctioning of Fresh Corporate Loan
of Rs.5.000 million, increase in CC
Limit, LC Limit and Bank Guarantee Limits. Now the fresh limits are as under: Cash Credit Limit
Rs.15.000 million Corporate
Loan Rs. 5.000 million Letter of Credit
Limit Rs.2.000 million Bank Guarantee
Limit Rs.30.0.00 millions |
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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.