MIRA
INFORM REPORT
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Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MICRON SYSTEMS AND CONTROLS PRIVATE LIMITED |
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Registered Office : |
No. 73 and 74, 7th A Cross, Doddanna Industrial Estate,
Peenya 2nd Stage, Bangalore-560 091, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.04.1998 |
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Com. Reg. No.: |
08-23623 |
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Capital
Investment / Paid-up Capital : |
Rs.0.815 Million |
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CIN No.: [Company
Identification No.] |
U85110KA1998PTC023623 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM04377C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Voltage Stabilizers |
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No. of Employees
: |
30 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 11000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered normal for business dealing 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. S. Sabapathy |
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Designation : |
Director |
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Contact No.: |
91-9845039307 |
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Date : |
16.05.2011 |
LOCATIONS
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Registered Office / Factory : |
No. 73 and 74, 7th A Cross, Doddanna Industrial Estate,
Peenya 2nd Stage, Bangalore-560 091, Karnataka, India |
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Tel. No.: |
91-80-28360700/01 |
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Mobile No.: |
91-9845039307 (Mr. S. Sabapathy) |
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Fax No.: |
91-80-28360703 |
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E-Mail : |
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Website : |
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Branches: |
Located At: v
Chennai v
Hubli v
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. S. Sabapathy |
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Designation : |
Chairman |
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Address : |
61, 1st Main, RHCS Layout, Arutapurmeshwaainagar, Bangalore
– 560091, Karnataka, India |
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Date of Birth/Age : |
22.04.1966 |
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Date of Appointment : |
16.04.1998 |
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Din No: |
00265475 |
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Name : |
Mr. S. Chandrakala |
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Designation : |
Director |
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Address : |
61, 1st Main, RHCS Layout, Arutapurmeshwaainagar, Bangalore
– 560091,Karnataka, India |
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Date of Birth/Age : |
30.05.1973 |
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Date of Appointment : |
31.05.2005 |
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Din No.: |
00265527 |
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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. S. Sabapathy |
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3762 |
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Mr. S. Chandrakala |
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4388 |
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Total |
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8150 |
As on 30.09.2010
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Equity Share
Breakup |
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Percentage
of Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Voltage Stabilizers |
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Products : |
v
Micron Servo Voltage Stabilizers v
Micron Servo Isolation Transformers v
Micron Servo UPS Systems v
Micron Servo CVT
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Terms : |
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Selling : |
Cash and credit |
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Purchasing : |
Cash and credit (Depend on Party) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K G Acharya and Company Chartered Accountant |
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Address : |
No.14, |
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Tel. No.: |
91-80-23461600 |
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Fax No.: |
91-80-23461600 |
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E-Mail : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- Each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8150 |
Equity Shares |
Rs.100/-
each |
Rs.0.815
Million |
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Note:
Of the above share 3000 shares were allotted
as fully paid up pursuant to a contract without payments being restricted in
cash
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 |
0.815 |
0.815 |
0.815 |
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2] Share Application Money |
0.553 |
0.554 |
0.554 |
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3] Reserves & Surplus |
1.499 |
1.131 |
0.761 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.867 |
2.500 |
2.130 |
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LOAN FUNDS |
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1] Secured Loans |
1.629 |
1.502 |
2.217 |
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2] Unsecured Loans |
1.562 |
0.969 |
0.000 |
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TOTAL BORROWING |
3.191 |
2.471 |
2.217 |
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DEFERRED TAX LIABILITIES |
0.143 |
0.054 |
0.057 |
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TOTAL |
6.201 |
5.025 |
4.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.608 |
3.668 |
3.829 |
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Capital work-in-progress |
0.000 |
3.817 |
1.138 |
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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 |
0.178
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0.279
|
0.929 |
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Sundry Debtors |
1.355
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1.488
|
1.395 |
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Cash & Bank Balances |
0.068
|
0.001
|
0.121 |
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Other Current Assets |
0.000
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0.000
|
0.000 |
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Loans & Advances |
0.462
|
0.776
|
0.248 |
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Total
Current Assets |
2.063
|
2.544
|
2.693 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.276
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4.761
|
3.072 |
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Provisions |
0.194
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0.243
|
0.184 |
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Total
Current Liabilities |
5.470
|
5.004
|
3.256 |
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Net Current Assets |
(3.407)
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(2.460)
|
(0.563) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.201 |
5.025 |
4.404 |
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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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GROSS INCOME |
12.640 |
12.876 |
13.694 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
11.926 |
12.098 |
12.722 |
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Advertising Expenses |
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Interest |
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TOTAL |
11.926 |
12.098 |
12.722 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.714 |
0.778 |
0.972 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.164 |
0.173 |
0.172 |
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PROFIT BEFORE
TAX |
0.550 |
0.605 |
0.800 |
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Less |
TAX |
0.179 |
0.234 |
0.302 |
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PROFIT AFTER TAX
|
0.371 |
0.371 |
0.498 |
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Earnings Per
Share (Rs.) |
45.42 |
74.23 |
NA |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
15.000 |
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The above information has been parted by Mr. Sabhapathy.
KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.93 |
2.88
|
3.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.35 |
4.70
|
5.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.71 |
9.74
|
12.27 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.24
|
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.02 |
2.99
|
2.31 |
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Current Ratio (Current Asset/Current Liability) |
|
0.37 |
0.51
|
0.83 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from No.45th
Cross, Hanumantha Nagar, Srigandakaval, Sunkadakatte,
FORM : 8
Bankers Charges
Report as per Registry
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Name of the company |
MICRON SYSTEMS AND CONTROLS PRIVATE LIMITED |
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Presented By |
State Bank of Micron Systems
and Controls Private Limited |
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1) Date and description of instrument creating the change |
Dated 18.09.1998 General Agreement
for the Grant of SIA and Hypothecation of Movable, Book Debts and Other
Assets (Working Capital Finance) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.800 Million (CC,
Hypothecation of Sts and Rec – Rs.0.400 Million each) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the present
and future goods, book debts, movable and other assets of the borrower
including documents of title to the goods and other assets such as
outstanding, moneys, receivables, claims, bills, right, to or in movable
properties and movable assets and which are now due, owing or payable or
belonging to the company or which ma at any time hereafter become due, owing,
payable or belonging to the company in the course of its business by any
person, fire, company or body corporate or by all future machinery belonging
to or in possession of or under the control of the borrower whoever lying
stored and kept and whether in possession of the borrower of the bank or of
any third party whether in India or elsewhere thought out world ( including
all such goods, machineries, movables and other assets as may be in course of
shipment, transit or delivery) by way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interests: 1.5% above SBAR with a minimum of 14.79% p.a. with quarterly
rests. Repayment : On
Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Rajajinagar
Industrial Estate Branch, Rajajinagar, |
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6) Date and brief description of instrument modifying the charge |
Dated 04.04.2002 Supplemental
General Agreement for the grant of SIA and hypothecation of goods, Book Debts
and other Assets (WCF) |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above, the
amount secured by the charge stands increases from Rs.0.800 Million to
Rs.1.560 Million (CC,
Hypothecation of Sts and Rec – Rs.0.400 Million each, CC Clean under SME
Credit Plus Rs.0.160 Million and BG Rs.0.600 Million) Rate of
interests: 1.5% over SBAR, EFF Rate 13% p.a. with quarterly rests. Margin: 25% in
all cases Repayment: On
demand Security of
stocks, goods, book debts, other assets, plant and machinery, etc. already
obtd. And now obtd. both present and future will continue for the entire
credit facilities of Rs.1.560 Million Address of the
charge holder, is modified from State Bank of V Block, Rajajinagar,
Bangalore – 560010, to State bank of
India, Rajajinagar, Industrial Estate Branch, Rajajinagar, Bagalore – 44
consequent to transfer of rights on the assets of the borrower. (All other terms
and conditions remain unchanged) |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80023539 |
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Corporate
identity number of the company |
U85110KA1998PTC023623 |
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Name of the
company |
MICRON SYSTEMS AND CONTROLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No.45th Cross, Hanumantha Nagar, Srigandakaval,
Sunkadakatte, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
State Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of loan
cum hypothecation form SME -2 |
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Date of
instrument Creating the charge |
05.09.2006 |
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Amount secured by
the charge |
Rs.3.000 millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate: WCL/TL- At 0.75
% above SBAR with a minimum of 11.75 % p.a. rising or falling therewith, on
daily products with monthly rests. present effective rate 11.75 % per annum Penal interest
for non compliance of terms of sanction: max 2% per annum over the normal
rate. prepayment penalty as per terms of sanction Terms of
Repayment WCL - On demand.
Advance is for a period of 12 months and subject to review as per sanction. Term loan:
in 50
monthly installments of Rs.32,000/- each per month Margin RM/SFG/FG/BD/Receivables
25% BG-25% Term Loan 41.33% Extent and
Operation of the charge Exclusive First
Charge on the Assets of the Company and to the full Extent. Others CC Rs.1.200
Millions; BG Rs.0.200 millions; TL Rs.1.600 millions Total Rs.3.000 millions |
|
Short particulars
of the property charged |
Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills, rights, stores, components, furniture
and fittings; other movables, plant and machinery, vehicles and assets to be
purchased out of bank finance |
|
Date of latest
modification prior to the present modification |
04.04.2002 |
|
Particulars of
the present modification |
The amount
secured by the charge stands Increased from Rs.1.560 millions to Rs.3.000 millions Rs.3.000 millions only The securities
described and detailed in Col No 14 herein above continue for the enhanced
limit All other terms and conditions remain unchanged |
TRADE REFERENCES :
·
BHEL
·
L and T
·
Hindustan Oil
FIXED ASSETS :
·
Land
·
Buildings
·
Furniture and Fixtures
·
Computer and Accessories
·
Plant and Machinery
·
Office Equipments
·
Tools and Equipments
·
Motor Car
·
Motor Vehicles
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. 45.07 |
|
|
1 |
Rs. 72.97 |
|
Euro |
1 |
Rs. 63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.