MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIDAS AUTOSOFT ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
204 to 206, 2nd Floor, R Square, Opposite Atul Nagar, Mumbai
Bangalore Bypass, Warje Pune 411052, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.04.2005 |
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Com. Reg. No.: |
11-020578 |
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CIN No.: [Company Identification
No.] |
U29196PN2005PTC020578 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM10117C |
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PAN No.: [Permanent Account No.] |
AAECM5414R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Supplier of all types of Industrial
Weighing Systems, Batching systems, Process Instruments, Process automation
that includes Tank/Hopper/Vessel Weighing, Laddle Weighing, Crane Weighing,
Platform Weighing, Bag/Drum Filling, Check Weighing, Belt Weighing and Weigh
Feeders |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 50000 |
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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. Trade
relations are 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 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office /Factory : |
204 to 206, 2nd Floor, R Square, Opposite Atul Nagar,
Mumbai Bangalore Bypass, Warje Pune 411052, Maharashtra, India |
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Tel. No.: |
91-20-25235781 |
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Fax No.: |
91-20-25235782 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Navanath Babanrao Thite |
|
Designation : |
Director |
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Date of Birth/Age : |
02.06.1970 |
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Date of Appointment : |
18.04.2005 |
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Name : |
Mr. Girish G Latne |
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Designation : |
Director |
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Date of Birth/Age : |
10.04.1968 |
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Date of Appointment : |
18.04.2005 |
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Name : |
Mr. Nikhilesh N Pant |
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Designation : |
Director |
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Date of Birth/Age : |
25.03.1972 |
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Date of Appointment : |
18.04.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Navanath Babanrao Thite |
235000 |
|
Mr. Girish G Latne |
175000 |
|
Mr. Nikhilesh N Pant |
65000 |
|
Mr. Dharma Tulshiram Patil |
25000 |
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Total |
500000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
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Directors or relatives of directors |
|
95.00 |
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Other top fifty shareholders |
|
5.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of all types of Industrial
Weighing Systems, Batching systems, Process Instruments, Process automation
that includes Tank/Hopper/Vessel Weighing, Laddle Weighing, Crane Weighing,
Platform Weighing, Bag/Drum Filling, Check Weighing, Belt Weighing and Weigh
Feeders |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Avinash J Utgikar Chartered Accountant |
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Address : |
517, Sadashiv Peth, Near |
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Tel. No.: |
91-20-24479369 / 24497171 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs. 10 each |
Rs.5.000 millions |
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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 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
5.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.626 |
5.666 |
3.803 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.626 |
7.666 |
5.803 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
1.092 |
2.633 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
1.092 |
2.633 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.072 |
0.057 |
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TOTAL |
12.626 |
8.830 |
8.493 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.491 |
3.826 |
4.186 |
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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 |
2.417
|
0.000 |
0.000 |
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Sundry Debtors |
1.256
|
8.492 |
0.000 |
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|
Cash & Bank Balances |
10.458
|
0.527 |
0.000 |
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|
Other Current Assets |
7.476
|
8.072 |
14.627 |
|
|
Loans & Advances |
0.132
|
0.024 |
0.000 |
|
Total
Current Assets |
21.739
|
17.115 |
14.627 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9.135
|
9.855 |
8.893 |
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Other Current Liabilities |
0.571
|
0.202 |
1.450 |
|
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Provisions |
2.898
|
2.067 |
0.000 |
|
Total
Current Liabilities |
12.604
|
12.124 |
10.343 |
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|
Net Current Assets |
9.135
|
4.991 |
4.284 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.013 |
0.023 |
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TOTAL |
12.626 |
8.830 |
8.493 |
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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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Sales |
15.562 |
11.492 |
4.986 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
15.562 |
11.492 |
4.986 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
10.548 |
8.712 |
3.780 |
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Advertising Expenses |
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TOTAL (B) |
10.548 |
8.712 |
3.780 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.014 |
2.780 |
1.206 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.014 |
2.780 |
1.206 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
5.014 |
2.780 |
1.206 |
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Less |
TAX (H) |
1.566 |
0.918 |
(.085) |
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PROFIT AFTER TAX
(G-H) (I) |
3.448 |
1.862 |
1.291 |
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|
Earnings Per
Share (Rs.) |
6.89 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
22.15
|
16.20 |
25.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
32.21
|
24.19 |
24.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.87
|
13.27 |
6.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.36 |
0.20 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
1.73 |
2.24 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.41 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year under consideration, the turnover of the company has
been satisfactory, the directors hope for better financial result in the
current year.
NOTE:
Registered office of the company has been shifted from S No.
86/1A/1B, Flat No. 13, Drushti, Azaadwadi, Kothrud, Pune 411038,
FIXED ASSETS:
- Computers
- Furniture and
Fittings
- Mobile Phones
- Software
- Air
Conditioner
- Honda Activa
FORM 8
|
Corporate
identity number of the company |
U29196PN2005PTC020578 |
|
Name of the
company |
MIDAS AUTOSOFT ENGINEERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
204 to 206, 2nd Floor, R Square, Opposite Atul Nagar, Mumbai
Bangalore Bypass, Warje Pune 411052, Maharashtra |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
State Bank of India, SMECCC Pune, Sharda Chambers, 3rd
Floor, Shankarsheth Road, Swargate, Pune 411037, Maharashtra, India Email: kiranmahi.matta@sbi.co.in |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan-cum-Hypothecation (SME-4) and Memorandum for recording
extention of Mortgage by Deposit of Title Deeds covering enhanced limits and
/or creation of equitable mortgage on additional properties for existing
limits and enhanced limits and additional facilities (SME-7) and confirmation
thereof .All the documents executed to create a single and exclusive charge
against all the present and future current assets of the Company. |
|
Date of
instrument Creating the charge |
09.09.2010 |
|
Amount secured by
the charge |
Rs. 6.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @5.50%margin
above Base Rate which is presently 7.50% the effective rate:13% p.a. Pental
interest as per norms of RBI on any of the default on borrowers part. Terms of repayment DCC: On Demand.
The tenor would be of 12 months. Margin Raw Materials and
Finished Goods:25% Domestic Receivables:40% BG:15% Extent and operation of the charge SBISMECCC Pune will
have first and exclusive charge against all the present and future current
assets inclusive of book debts and stock in all its elements of the Company.
The Company has extended the collateral security of its Office No 204 to206
opp Atul Nagar Mumbai Bangalore Bypass,Warje Pune-52.The Directors
S/s.Navnath Thite,Girish Latne and Nikhil Pant has extended personal
guarantee to set against the loan facilities to the company. The Charge will
be in continuous mode till the repayment. Other The Company, by virtue
of the Board Resolution passed on 25/08/2010,has given assent to all the
Terms and Conditions, Covenants, as provided in the Bank's Sanction Letter
SMECCC/2010-11/RSA/5301Dated 09/09/2010, have executed the related loan
document(s)/ Agreement(s) through the Director(s),who have received and singed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in nature of the
charge on agreed terms. |
|
Short particulars
of the property charged (Including location of the property) |
All the present
and future current assets - book debts created through the transaction of
credit facilities and its records maintained at the Registered Office &
at Works of the Borrower Company. Office of the Company
: Property laying at 204 to 206 2nd floor, |
|
Date of
instrument modifying the charge |
20.03.2007 |
|
Particulars of the
present modification |
By this present
modification, the internal non fund based limit i.e. BG limit has been
enhanced from Rs.1.500 millions to Rs.5.000 millions while fund based limit remain unchanged the
overall existing limit of Rs.6.000
millions has been raised to Rs.6.500 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 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
48 |
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.