1. Summary Information
|
|
|
Country |
|
|
Company Name |
MICRO PLASTICS PRIVATE LIMITED |
Principal Name 1 |
Mr. Vijendra Babu N. |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Narsimha Kamath |
|
|
|
Registration # |
08-015731 |
|
Street Address |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
||
|
Established Date |
08.06.1994 |
SIC Code |
-- |
|
Telephone# |
91-80-27827738 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-27827761 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Tools |
|
|
# of employees |
Not Available |
Product Name 2 |
Molds |
|
Paid up capital |
Rs.5,560,000/- |
Product Name 3 |
Components |
|
Shareholders |
Directors or
relatives of Directors – 100% |
Banking |
Corporation Bank |
|
Public Limited Corp. |
NO |
Business Period |
17 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
136,659,000 |
Current Liabilities |
37,530,000 |
|
Inventories |
24,391,000 |
Long-term Liabilities |
38,972,000
|
|
Fixed Assets |
47,383,000 |
Other Liabilities |
35,617,000 |
|
Deferred Assets |
351,000 |
Total Liabilities |
112,119,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
91,105,000 |
|
|
|
Net Worth |
96,665,000 |
|
Total Assets |
208,784,000 |
Total Liab. & Equity |
208,784,000 |
|
Total Assets (Previous Year) |
154,904,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
363,349,000 |
Net Profit |
48,036,000 |
|
Sales(Previous yr) |
255,923,000 |
Net Profit(Prev.yr) |
20,095,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.06.1994 |
|
|
|
|
Com. Reg. No.: |
08-015731 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.560 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201KA1994PTC015731 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Injection Molding, Tools and Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 390000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory: |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
|
Tel. No.: |
91-80-27827738 |
|
Fax No.: |
91-80-27827761 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As On 30.09.2011
|
Name : |
Mr. Narsimha Kamath |
|
Designation : |
Director |
|
Address : |
1706, Akarshan, |
|
Date of Birth/Age : |
22.11.1949 |
|
Date of Appointment : |
08.06.1994 |
|
DIN No.: |
01621639 |
|
|
|
|
Name : |
Mr. Vijendra Babu N. |
|
Designation : |
Managing Director |
|
Address : |
# 37, M.S. Mansion, Eswara layout, J.P. Nagar 7th Phase,
Banaglore – 560078, Karnataka, India |
|
Date of Birth/Age : |
05.06.1970 |
|
Date of Appointment : |
11.02.2011 |
|
DIN No.: |
00510415 |
|
|
|
|
Name : |
Mr. Govindrajan Anbarsan |
|
Designation : |
Director |
|
Address : |
182, Ground Floor, Arkere, 5th Cross, Lakshmi Layout, |
|
Date of Birth/Age : |
18.10.1954 |
|
Date of Appointment : |
08.02.2005 |
|
DIN No.: |
00510445 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Narasimha Kamat |
|
14000 |
|
Vijendra Babu N |
|
15600 |
|
Govindarajan Anbarasan |
|
12000 |
|
C P Bhat |
|
14000 |
|
|
|
|
|
Total |
|
55600 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Injection Molding, Tools and Components. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Corporation Bank,
Industrial Finance Brach, |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Krishnananda Nayak and Company Chartered Accountant |
|
Address : |
8/1, |
|
PAN No.: |
AAFPN5334D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55600 |
Equity Shares |
Rs.100/- each |
Rs. 5.560 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.560 |
5.560 |
5.560 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
91.105 |
43.070 |
22.975 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
96.665 |
48.630 |
28.535 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38.958 |
56.383 |
52.746 |
|
|
2] Unsecured Loans |
0.014 |
0.014 |
0.000 |
|
|
TOTAL BORROWING |
38.972 |
56.397 |
52.746 |
|
|
DEFERRED TAX LIABILITIES |
0.297 |
0.013 |
0.100 |
|
|
|
|
|
|
|
|
TOTAL |
135.934 |
105.040 |
81.381 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.383 |
43.088 |
41.771 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.351 |
0.523 |
0.572 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.391
|
29.264
|
24.458 |
|
|
Sundry Debtors |
79.331
|
41.160
|
22.944 |
|
|
Cash & Bank Balances |
16.963
|
10.070
|
12.711 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
40.365
|
30.799
|
27.405 |
|
Total
Current Assets |
161.050
|
111.293
|
87.518 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.814
|
27.832
|
31.685 |
|
|
Other Current Liabilities |
4.716
|
1.095
|
2.408 |
|
|
Provisions |
35.320
|
20.937
|
14.395 |
|
Total
Current Liabilities |
72.850
|
49.864
|
48.488 |
|
|
Net Current Assets |
88.200
|
61.429
|
39.030 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
135.934 |
105.040 |
81.381 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
363.349 |
255.923 |
233.838 |
|
|
|
Other Income |
5.532 |
1.964 |
|
|
|
|
TOTAL (A) |
368.881 |
257.887 |
233.838 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Material |
202.055 |
160.026 |
|
|
|
|
Manufacturing and Other Expenses |
28.868 |
21.175 |
|
|
|
|
Employee Cost |
21.303 |
14.833 |
|
|
|
|
Administrative and Selling Cost |
27.734 |
26.437 |
|
|
|
|
Preliminary Expenses Written Off |
0.000 |
0.008 |
|
|
|
|
(Increase) / Decrease in stock |
10.039 |
(5.533) |
|
|
|
|
TOTAL (B) |
289.999 |
216.946 |
213.578 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.882 |
40.941 |
20.260 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.762 |
6.493 |
7.666 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.120 |
34.448 |
12.594 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.184 |
7.591 |
8.473 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
63.936 |
26.857 |
4.121 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.900 |
6.762 |
1.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.036 |
20.095 |
2.531 |
|
|
|
|
|
|
|
|
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|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.070 |
22.975 |
20.120 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
91.106 |
43.070 |
22.975 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
163.635 |
118.433 |
50.901 |
|
|
TOTAL EARNINGS |
163.635 |
118.433 |
50.901 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
907.13 |
384.11 |
361.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.02
|
7.79
|
1.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.60
|
10.49
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.67
|
17.40
|
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
0.55
|
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
2.19
|
3.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21
|
2.23
|
1.80 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from 1706,
Akarshan, Kumaraswamy Layout,
REVIEW OF
OPERATIONS:
During the year company achieved 42% growth in sales turnover and
recorded 18% profit before tax compared to previous year profit of 10.42%. The
business growth in domestic area business increased in the current financial
year by 80.93%. In The current year the company is looking of further enhancing
the business share with existing customer and also add new business in both
exports and domestic market. The company is also looking at diversifying into new segment.
During the year the company achieved 10.29% growth in sales turnover and
recorded 10.42% profit before tax compared to previous year profit of 1.76%.
The business growth in model hobby business and the favorable sterling pound
contributed the higher margin. The domestic area business increased in the
current financial year by 62.40%. the current year consumer durable sector is
added to company’s business portfolio. Further the company is also focusing to
expand its business in heavy machinery segment.
CONTINGENT
LIABILITY:
(In
Rs. Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Bank Guarantee |
1.195 |
1.473 |
|
Bond Signed to Customs |
23.157 |
21.044 |
|
Letter of Credit |
6.034 |
4.561 |
Note : As at 31st
March, 2011 to bank, in respect of the guarantee given by the banks in favour
of various private parties
FORM 8:
|
Corporate identity number of the company |
U19201KA1994PTC015731 |
|
Name of the company |
MICRO PLASTICS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Khat No 170/1, Sy No 330/3,324,331,323,333/1 & 334/1, E-mail : uday@microplasticsindia.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
80007961 |
|
Type of charge |
|
|
Particular of charge holder |
Corporation Bank, Industrial Finance Brach, E-Mail : cb438@corpbank.co.in
|
|
Nature of instrument creating charge |
Supplemental Common Deed of Hypothecation of Movables/Assets/Debts |
|
Date of instrument Creating the charge |
30.04.2011 |
|
Amount secured by the charge |
Rs.158.200 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of interest CC - 13% p.a. i.e.,3.60% p.a.above Base Rate PC-FDBN/P/D - PCL/ &
FDBN/P/D/RPSFC - 11.65% p.a. at present TLs - 13.6% p.a. i.e., 4.2% above BR subject to revision from time to time Terms of repayment CC - Running account repayable on demand Other limits as per Sanction terms Margin CC - 25%, BG/LC - 15% TL - As per existing/sanction terms Extent and operation of the charge The charge shall operate to the extent of Charge plus interest,
commission, costs, expenses and other charges thereon. Others The said amount of Rs.158.200 Millions comprises PCL-cum-FDBN/P/D
Rs.46.000 Millions (with a sub limit of Rs.6.000 Millions for CC);
BE-DBC/BDD-SBD-LRDS of Rs.7.0 Millions; Inland/Import LC Rs.50.0 Millions; BG
Rs.6.500 Millions ;TL III Rs.0.004 Millions ;TL IV Rs.9.000 Millions (with a
sub limit for Capital Goods LC Rs.7.500 Millions); TL New of Rs.39.300
Millions. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge by way of hypothecation of inventory consisting of raw
materials, stock in process, finished goods, goods meant for export book debts
and entire movable fixed assets except vehicles of the company present and
future, stored/installed at premises/godown at Khata No.170/1, Sy.No.330/B,
"Subharam Estate", Marsur Gate, Anekal Road, Bangalore 562106 or at
any other place |
|
Date of instrument modifying the charge |
20.12.2008 |
|
Particulars of the present modification |
By the above, the amount secured by charge stands revised from
Rs.119.300 Millions to Rs.158.200 Millions. |
FIXED ASSETS:
- Computers
- Electrical Equipments
- Furniture and Equipments
- Lab Equipments
- Plant and Machinery
- Vehicles
AS PER WEBSITE DETAILS:
COMPANY PROFILE:
- Subject was formed in the year 2005 with 100% Export Unit and Tool Room.
- Subject is spread over a total area of 50000 Sq ft with divisions for EOU, Domestic and Tool room.
- Employee strength of around 240 people, Direct – 150, Indirect – 90.
- The main activities include Plastic Injection Molding, Tool Manufacturing (Inj Molds , Die Cast Molds) and Sub Assemblies.
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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.26 |
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 |
YES |
|
--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.