MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Plot No.34, CIE Phase II Gandhi Nagar, Opposite IDPL Colony, |
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Country : |
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Financials (as on) : |
31.03.2008 (Summarized) |
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Date of Incorporation : |
23.09.1981 |
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Com. Reg. No.: |
01 – 3205 |
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CIN No.: [Company
Identification No.] |
U24110AP1981PTC003205 |
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PAN No.: [Permanent
Account No.] |
AAACH4982K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Supplier of a comprehensive range of
Industrial Process Equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The financial
of the company are missing from the government records. However, trade relations
are reported as fair. Business is active. Payments terms are not known. The company can be considered for business dealings with some caution.
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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. Naga Reddy |
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Designation : |
Accounts Manager |
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Contact No.: |
91-40-23085905 |
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Date : |
15.03.2011 |
LOCATIONS
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Registered Office/Factory 1: |
Plot No.34, CIE Phase II Gandhi Nagar, Opposite IDPL Colony, |
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Tel. No.: |
91-40-23085905 |
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Mobile No.: |
91-9676776868 (Mr. Nagesh) |
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Fax No.: |
91-40-23086350 / 23085905 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2: |
Plot No.99/AA, Kothur Mandal, Mahboob Nagar District-507 325, |
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Location : |
Owned |
DIRECTORS
As on 27.09.2008
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Name : |
Mrs. Sarita Agarwal |
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Designation : |
Director |
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Address : |
8-2-332/A, Road No.3, Banjara Hills, |
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Date of Birth/Age : |
14.05.1965 |
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Date of Appointment : |
05.08.2006 |
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Name : |
Mrs. Madhu Agarwal |
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Designation : |
Director |
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Address : |
8-2-332/A, Road No.3, Banjara Hills, |
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Date of Birth/Age : |
01.07.1975 |
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Date of Appointment : |
05.08.2006 |
KEY EXECUTIVES
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Name : |
Mr. Naga Reddy |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2008
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Names of Shareholders |
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No. of Shares |
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Urmila Agarwal |
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7830 |
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Sarita Agarwal |
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8182 |
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Madhu Agarwal |
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68618 |
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Shyam Agarwal |
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13300 |
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Chada Agarwal |
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570 |
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Purushotham Agarwal |
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500 |
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Rajesh Agarwal |
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500 |
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Umesh Agarwal |
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500 |
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Total |
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100000 |
As on 27.09.2008
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Category |
Percentage |
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Directors or relatives of Directors |
49.00 |
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Other top fifty shareholders |
51.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of a comprehensive range of
Industrial Process Equipment. |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (30 to 45 days) |
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Purchasing : |
L/C and Credit (30 to 45 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 (Office-20, Factory-10) Approximately |
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Bankers : |
v
State Bank of v
ICICI Bank v
Axis Bank Limited, Credit management Centre,
5-2-4183/184, II rd Floor, R. O. road, Secunderabad, Hyderabad-500 003, |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
N.P. Asawa and Company Chartered Accountant |
CAPITAL STRUCTURE
As on 27.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Share |
Rs.100/- Each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Share |
Rs.100/- Each |
Rs.10.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARIZED FIGURE
|
Particular |
31.03.2008 |
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Share Capital |
10.000 |
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Reserves & Surplus |
19.454 |
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Secured Loans |
0.002 |
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Fixed Assets |
6.068 |
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Turnover |
45.451 |
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Total Expenditure |
44.767 |
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Profit Before Tax |
0.683 |
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Profit After Tax |
0.023 |
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover |
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140.000 |
85.000 |
Expected Sales (2010-2011) : Rs.200.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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20.054 |
13.989 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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30.054 |
23.989 |
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LOAN FUNDS |
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1] Secured Loans |
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3.936 |
3.706 |
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2] Unsecured Loans |
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0.624 |
1.992 |
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TOTAL BORROWING |
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4.560 |
5.698 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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34.614 |
29.687 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.893 |
8.426 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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3.819 |
15.653 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.480 |
6.718 |
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Sundry Debtors |
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4.426 |
6.455 |
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Cash & Bank Balances |
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0.430 |
0.337 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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21.964 |
0.709 |
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Total
Current Assets |
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31.300 |
14.219 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.398 |
8.611 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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8.398 |
8.611 |
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Net Current Assets |
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22.902 |
5.608 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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34.614 |
29.687 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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24.132 |
18.943 |
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Other Income |
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6.577 |
4.835 |
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Total Income |
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30.709 |
23.778 |
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Profit/(Loss) Before Tax |
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7.068 |
4.002 |
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Provision for Taxation |
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1.004 |
0.833 |
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Profit/(Loss) After Tax |
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6.064 |
3.169 |
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Expenditures : |
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Raw Material Consumed |
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11.078 |
9.136 |
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Manufacturing Expenses |
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2.243 |
2.129 |
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Expenditure on Employees |
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4.766 |
4.235 |
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Increase/(Decrease) in Finished Goods |
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2.035 |
0.784 |
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Other Expenses |
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1.923 |
1.997 |
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Interest |
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0.578 |
0.473 |
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Depreciation |
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1.018 |
1.022 |
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Total Expenditure |
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23.641 |
19.776 |
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Earnings Per Share (Rs.) |
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60.64 |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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19.75 |
13.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
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29.29 |
21.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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18.03 |
23.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.28 |
0.36 |
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Current Ratio (Current Asset/Current Liability) |
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3.73 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
·
Bhel
·
Dr. Reddy’s Laboratories
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110AP1981PTC003205 |
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Name of the
company |
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Address of the
registered office or of the principal place of business in |
Plot No.34, CIE Phase II Gandhi Nagar, Opposite IDPL Colony, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10195329 |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Axis Bank Limited, Credit management Centre, 5-2-4183/184, II rd
Floor, |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation. Memorandum of
entry. |
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Date of
instrument Creating the charge |
20.10.2010 |
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Amount secured by
the charge |
Rs.145.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
12.25% p.a payable at monthly rests. Term Loan 12.25%
p.a payable at monthly rests. Terms of
Repayment Cash Credit
Repayable on demand. Term Loan repayment.
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Particulars of
the present modification |
The Limits are
modified as follows: Cash Credit
increase from Rs.25.000 millions to Rs.45.000 millions, Term Loan-I
Rs.30.000 millions, Term Loan-II
Rs.30.000 millions (Fresh sanction), Letter of Credit
increased from Rs.25.000 millions to Rs.40.000 millions. Capex FLC-
Rs.30.550 millions (Sub Limit under Term Loan), Bank Guarantee-Rs.10.000
millions (Sub Limit under LC) and LER-Rs.1.525 millions.(Sub Limit under CC) Total Limit now
stands at Rs.145.000 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.45.27 |
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|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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.