MIRA
INFORM REPORT
|
Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MTL INSTRUMENTS PRIVATE LIMITED |
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Registered
Office : |
No.36, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.12.1989 |
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Com. Reg. No.: |
18-18507 |
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CIN No.: [Company Identification
No.] |
U33112TN1989PTC018507 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM00995B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Surgical and Scientific Instruments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1852000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. There
appears some losses being incurred by the company in current year i.e.
2009-10. However, networth appears to be satisfactory. Trade relations are
reported as fair. Business is active. Payments are 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
|
Registered Office : |
No.36, |
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Tel. No.: |
91-44-44501550 |
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Fax No.: |
91-44-24501657 |
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E-Mail : |
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Branches : |
Located at :
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DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Marquis Dorean Prentice |
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Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
16.04.1962 |
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Date of Appointment : |
05.07.2001 |
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Name : |
Mr. Tiburtius Ignatius |
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Designation : |
Director |
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Address : |
94A, |
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Date of Birth/Age : |
01.02.1971 |
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Date of Appointment : |
07.05.1999 |
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Name : |
Mr. Peter Willis Maxwell |
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Designation : |
Director |
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Address : |
41, Bandury, |
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Date of Birth/Age : |
23.10.1962 |
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Date of Appointment : |
29.05.2009 |
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|
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Name : |
Mr. Ananda Kumar Gupta |
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Designation : |
Director |
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Address : |
C-20, First Floor, West End, |
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Date of Birth/Age : |
15.12.1958 |
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Date of Appointment : |
31.01.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. M. Kandasami |
|
3 |
|
Cooper Crouse Hinds Private Limited ( |
|
44996 |
|
Mr. W. S. Greenhaigh |
|
1 |
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Total |
|
45000 |
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
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Other |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Surgical and Scientific Instruments. |
GENERAL INFORMATION
|
Bankers : |
Allahabad Bank, International Branch, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
10, |
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Tel. No.: |
91-44-39145000 |
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Fax No.: |
91-44-39145999 |
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Holding Company : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000 |
Equity Shares |
Rs.100/- each |
Rs.4.500
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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|
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1] Share Capital |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
458.634 |
475.109 |
383.117 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
463.134 |
479.609 |
387.617 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
463.134 |
479.609 |
387.617 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.541 |
56.333 |
58.372 |
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Capital work-in-progress |
1.654 |
0.530 |
0.032 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.742 |
2.620 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
109.989
|
122.158 |
165.518 |
|
|
Sundry Debtors |
232.583
|
170.286 |
163.419 |
|
|
Cash & Bank Balances |
81.000
|
120.653 |
29.334 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
45.677
|
49.381 |
52.444 |
|
Total
Current Assets |
469.249
|
462.478 |
410.715 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
61.310
|
40.474 |
82.560 |
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|
Provisions |
0.000
|
0.000 |
1.562 |
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Total
Current Liabilities |
61.310
|
40.474 |
84.122 |
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|
Net Current Assets |
407.939
|
422.004 |
326.593 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
463.134 |
479.609 |
387.617 |
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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 |
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Other Income |
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TOTAL (A) |
408.856 |
522.437 |
584.644 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
424.589 |
381.468 |
533.547 |
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PROFIT BEFORE
TAX (A-B) (C) |
(15.733) |
140.969 |
51.097 |
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Less |
TAX (D) |
0.742 |
48.978 |
19.383 |
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PROFIT AFTER TAX
(C-D) (E) |
(16.475) |
91.991 |
31.714 |
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EARNINGS IN
FOREIGN EXCHANGE |
284.261 |
367.381 |
397.162 |
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IMPORTS |
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Raw Materials
and Components |
178.701 |
187.573 |
265.806 |
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Others |
3.138 |
7.527 |
3.994 |
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TOTAL IMPORTS |
181.839 |
195.100 |
269.800 |
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EARNING PER
SHARE |
(366.11) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(4.03)
|
17.61 |
5.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.01)
|
27.17 |
10.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.29 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.13
|
0.08 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
|
7.65
|
11.43 |
4.88 |
LOCAL AGENCY FURTHER INFORMATION
Performance :
Compare to previous year in 2010
their company turnover was down by 23% due to recession in American and
European market. Anticipating good turnover in 2009-2010, their company
strengthened the labour workforce to meet the production requirement. Due to
recession they are unable to give enough work for the their expanded workforce
and stiff competition has forced the company took few orders below the cost.
Over and above the rupee is appreciated heavily during the year compared to
previous year. All these factors lead to their company incur a net loss for the
first time since inception. They are very confident things will change in much
better manner in the next financial year.
As informed in the last year, they
are unable to appoint new distributors for their products to capture the market
due to slow economic growth. They hope this will change in the next financial year
and they can appoint new distributors and agents to enhance the sales.
They are expecting more new
products to be launched in 2010-2011 which will also help us to improve their
sales and overcome the competition.
They have implemented tight credit
control during the year and they are happy to inform you that their debtors
turnover ratio has improved.
Form 8 :
|
This form is for |
Creation of
charge |
||||
|
Corporate
identity number of the company |
U33112TN1989PTC018507 |
||||
|
Name of the
company |
MTL INSTRUMENTS PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
No.36, |
||||
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Allahabad Bank, International Branch, |
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Nature of
description of the instrument creating or modifying the charge |
No Instruments. Letter
of Mortgagor Confirming Deposit of Title Deeds. |
||||
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Date of
instrument Creating the charge |
27.05.2008 |
||||
|
Amount secured by
the charge |
Rs.20.000
Millions |
||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per the
Sanction Letter and as determined by the Banker form time to time. Subject to
review by the banker form time to time. Terms of
Repayment : Terms and
conditions as per the sanction letter and as determined by the banker form
time to time. subject to review by the banker form time to time. Margin : 25% Cash Margin Extent and
Operation of the charge : Operates as First Charge in Favour of the Bank. Charge
on the hypothecated/Mortgaged assets shall be held by the Bank as security
till the complete closure of the Credit Limit
sanctioned to the Company. All other terms and conditions as per the
sanction letter and as determined by the banker form time to time Others :
|
||||
|
Short particulars
of the property charged |
All the Companies
immovable property viz, |
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.45.24 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.