MIRA INFORM REPORT
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Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
204, 68th Cross, V Block, Rajaji Nagar, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
16.07.1992 |
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Com. Reg. No.: |
08-13354 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.099 Millions |
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CIN No.: [Company
Identification No.] |
U31200KA1992PTC013354 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00445E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electrical Resistors and Control Panels. |
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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 38000 |
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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 reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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. Karthik |
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Designation : |
Director |
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Contact No.: |
91-80-23151067 |
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Date : |
25.10.2011 |
LOCATIONS
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Registered Office : |
204, 68th Cross, V Block, Rajaji Nagar, |
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Tel. No.: |
91-80-23461600 |
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E-Mail : |
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Factory 1 : |
No. 52, 4th
Cross, SSI Area, Rajajinagar, |
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Tel. No.: |
91-80-23151067 / 23305724 / 23351067 |
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Fax No.: |
91-80-23380315 |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Rangaraju Patnagere Narayanaswamy |
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Designation : |
Managing Director |
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Address : |
204, 68th Cross, V Block, Rajaji Nagar, |
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Date of Birth/Age : |
22.10.1943 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mr. Nagamani S |
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Designation : |
Director |
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Address : |
204, 68th Cross, V Block, Rajaji Nagar, |
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Date of Birth/Age : |
27.08.1945 |
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Date of Appointment : |
16.07.1992 |
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Name : |
Mr. Karthik Rangarajan |
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Designation : |
Director |
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Address : |
204, 68th Cross, V Block, Rajaji Nagar, |
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Date of Birth/Age : |
22.10.1979 |
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Date of Appointment : |
05.06.1998 |
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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Rangaraju Patnagere Narayanaswamy |
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4587 |
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Nagamani S |
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5243 |
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Padmanabhan PN |
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160 |
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Bhuvaneshwari |
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140 |
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Mr. Karthik Rangarajan |
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560 |
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Sowmya R |
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199 |
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Mahalakshmi PN |
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100 |
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Seshadri P |
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1 |
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Rangaswamy PR Jois |
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1 |
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Total |
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10991 |
Equity Share Break up (As on : 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electrical Resistors and Control Panels. |
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Products : |
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Terms : |
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Purchasing
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L/C, Cash |
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Selling : |
L/C, Cash |
GENERAL INFORMATION
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Customer : |
Vedant Aluminium |
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Supplier : |
ABB Limited |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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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 (4 Lines) |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs. 100 /- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10991 |
Equity Shares |
Rs. 100 /- each |
Rs. 1.099 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.099 |
1.099 |
1.099 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.293 |
6.959 |
5.741 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.392 |
8.058 |
6.840 |
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LOAN FUNDS |
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1] Secured Loans |
12.928 |
14.772 |
8.881 |
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2] Unsecured Loans |
0.176 |
0.176 |
0.176 |
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TOTAL BORROWING |
13.104 |
14.948 |
9.057 |
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DEFERRED TAX LIABILITIES |
0.819 |
0.746 |
0.758 |
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TOTAL |
23.315 |
23.752 |
16.655 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.032 |
5.413 |
5.799 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
0.014 |
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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 |
11.549
|
6.187
|
6.045 |
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Sundry Debtors |
13.552
|
24.246
|
12.953 |
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Cash & Bank Balances |
1.688
|
0.501
|
0.387 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
0.266
|
0.281
|
0.532 |
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Total
Current Assets |
27.055
|
31.215
|
19.917 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.500
|
12.513
|
2.061 |
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Sundry Creditors |
8.747
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11.015
|
6.337 |
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Provisions |
0.286
|
0.377
|
0.677 |
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Total
Current Liabilities |
9.786
|
12.890
|
9.075 |
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Net Current Assets |
17.269
|
18.325
|
10.842 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.315 |
23.752 |
16.655 |
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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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34.756 |
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Other Income |
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TOTAL |
62.126 |
60.362 |
34.756 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
60.185 |
58.543 |
33.032 |
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Advertising Expenses |
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TOTAL |
60.185 |
58.543 |
33.032 |
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PROFIT BEFORE
TAX |
1.941 |
1.818 |
1.724 |
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Less |
TAX |
0.606 |
0.600 |
0.589 |
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PROFIT AFTER TAX
|
1.335 |
1.218 |
1.135 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
Nil |
Nil |
0.605 |
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TOTAL EARNINGS |
Nil
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Nil
|
0.605 |
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Earnings Per
Share (Rs.) |
121.44 |
110.85 |
-- |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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90.000 |
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Expected Sales (2011-2012) : Rs. 90.000 millions
The above information has been parted by Mr. Karthik.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.14 |
2.02
|
3.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.86 |
4.96
|
6.70 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.23
|
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.43 |
3.45
|
2.65 |
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Current Ratio (Current Asset/Current Liability) |
|
2.76 |
2.42
|
2.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
----------- |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
-- |
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12. Profitability for last three years |
-- |
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13. Reasons for variation <> 20% |
-- |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
No |
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16. Details of sister concerns |
No |
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17. Major suppliers |
Yes |
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18. Major customers |
Yes |
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19. Payments terms |
Yes |
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20. Export / Import details |
No |
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21. Market information |
------- |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
FORM 8:
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10004892 |
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Corporate
identity number of the company |
U31200KA1992PTC013354 |
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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 |
204, 68th Cross, V Block, Rajaji Nagar, |
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Type of charge |
Immovable
property 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 |
Supplemental Agreement
of Loan Cum Hypothecation From SME – 4
and Memorandum for recording extension of mortgage by deposit of title deed
covering enhanced limits and / or creation of equitable mortgage on
additional properties for exiting limits and enhanced limits and additional
facilities SME – 7. |
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Date of
instrument Creating the charge |
07.11.2007 |
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Amount secured by
the charge |
Rs. 9.987
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Penal interest
for non compliance of terms of sanction maximum 2% p.a. 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
existing as per existing terms of sanction. Margin EM/SIP/Consumable/
BD/Receivables – 25% Extent and
Operation of the charge Exclusive 1st
charge on the assets of the company and to the full extent. Others Total limit Rs.
9.987 Millions |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future movable, fixed assets and current assets like
stocks, raw materials, etc and assets to be purchased out of banks finance EM
of the property factory land and building situated at No. 52, 4th
Cross, SSI Area, Rajajinagar, Bangalore - 5600010 |
TRADE REFERENCES :
- ABB Limited
- Vedant
Aluminium
FIXED ASSETS:
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixtures
- Vehicles
- Computer and
Accessories
- Office
Equipment
- Factory
Building
- Motor Car
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. 50.27 |
|
|
1 |
Rs. 80.07 |
|
Euro |
1 |
Rs. 68.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.