MIRA
INFORM REPORT
|
Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PLASTICS PRIVATE LIMITED |
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Registered
Office : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.06.1994 |
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Com. Reg. No.: |
08-015731 |
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Capital Investment
/ Paid-up Capital : |
Rs. 5.560 Millions |
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CIN No.: [Company Identification
No.] |
U19201KA1994PTC015731 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic Injection Molding, Tools and Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 390000 |
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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) |
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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 : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
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Tel. No.: |
91-80-27827738 |
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Fax No.: |
91-80-27827761 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vijendra Babu N. |
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Designation : |
Managing 1Director |
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Address : |
# 37, M.S. Mansion, Eswara layout, J.P. Nagar 7th Phase,
Banaglore – 560078, Karnataka, India |
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Date of Birth/Age : |
05.06.1970 |
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Date of Appointment : |
08.02.2005 |
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DIN No.: |
00510415 |
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Name : |
Mr. Narsimha Kamath |
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Designation : |
Director |
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Address : |
1706, Akarshan, |
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Date of Birth/Age : |
22.11.1949 |
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Date of Appointment : |
08.06.1994 |
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DIN No.: |
01621639 |
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Name : |
Mr. Govindrajan Anbarsan |
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Designation : |
Director |
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Address : |
182, Ground Floor, Arkere, 5th Cross, Lakshmi Layout, |
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Date of Birth/Age : |
18.10.1954 |
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Date of Appointment : |
08.02.2005 |
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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 |
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Govindarajan Anbarasan |
|
12000 |
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C P Bhat |
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14000 |
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Total |
|
55600 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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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
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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 : |
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Auditors : |
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Name : |
Krishnananda Nayak and Company Chartered Accountant |
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Address : |
8/1, |
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PAN.: |
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55600 |
Equity Shares |
Rs.100/- each |
Rs. 5.560 Millions |
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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 |
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|
|
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1] Share Capital |
5.560 |
5.560 |
5.560 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.106 |
43.070 |
22.975 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.666 |
48.630 |
28.535 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
38.959 |
56.383 |
52.745 |
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2] Unsecured Loans |
0.014 |
0.014 |
0.000 |
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TOTAL BORROWING |
38.973 |
56.397 |
52.745 |
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DEFERRED TAX LIABILITIES |
0.297 |
0.013 |
0.100 |
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TOTAL |
135.936 |
105.040 |
81.380 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.383 |
43.089 |
41.771 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.351 |
0.523 |
0.571 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
24.391
|
29.264
|
24.458 |
|
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Sundry Debtors |
79.331
|
41.160
|
22.944 |
|
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Cash & Bank Balances |
16.963
|
10.070
|
12.710 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
40.366
|
30.798
|
27.405 |
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Total
Current Assets |
161.051
|
111.292 |
87.517 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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|
Sundry Creditors |
32.814
|
27.832 |
31.686 |
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Other Current Liabilities |
4.716
|
1.095 |
2.406 |
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Provisions |
35.319
|
20.937
|
14.395 |
|
Total
Current Liabilities |
72.849
|
49.864 |
48.487 |
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Net Current Assets |
88.202
|
61.428
|
39.030 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
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TOTAL |
135.936 |
105.040 |
81.380 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services |
363.349 |
255.924 |
233.321 |
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Other Income |
5.532 |
1.963 |
0.517 |
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TOTAL
(A) |
368.881 |
257.887 |
233.838 |
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Less |
EXPENSES |
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Consumption of Material |
202.055 |
160.026 |
155.702 |
|
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Manufacturing and Other Expenses |
28.569 |
21.175 |
19.843 |
|
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Employee Cost |
21.604 |
14.833 |
11.990 |
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|
Administration and Selling Cost |
27.731 |
26.437 |
24.385 |
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|
Preliminary Expenses |
0.000 |
0.008 |
0.008 |
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|
Increase and Decrease in Stock |
10.039 |
(5.533) |
1.650 |
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TOTAL (B) |
289.998 |
216.946 |
213.578 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
78.883 |
40.941 |
20.260 |
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Less |
FINANCIAL
EXPENSES (D) |
5.762 |
6.493 |
7.666 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73.121 |
34.448 |
12.594 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.185 |
7.591 |
8.473 |
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PROFIT BEFORE TAX
(E-F) (G) |
63.936 |
26.857 |
4.121 |
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Less |
TAX (H) |
15.904 |
4.762 |
1.266 |
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PROFIT AFTER TAX
(G-H) (I) |
48.035 |
20.095 |
2.855 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
43.070 |
22.975 |
20.120 |
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BALANCE CARRIED
TO THE B/S |
91.105 |
43.070 |
22.975 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
163.635 |
118.433 |
50.901 |
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TOTAL EARNINGS |
163.635 |
118.433 |
50.901 |
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|
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
|
1.22 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
17.60
|
10.49
|
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
30.69
|
17.39
|
3.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
0.55
|
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
2.18
|
3.54 |
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|
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,
CONTINGENT
LIABILITY
The company has outstanding
-
Bank guarantee of Rs. 1.195 Millions (Previous Year
1.473 Millions)
-
Board signed to custom of Rs. 23.158 Millions
(Previous Year 21.044 Millions)
-
Letter of Credit Rs. 6.034 Millions (Previous Year
7.561 Millions)
As on 31st March 2011to 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, 331/1 and 334/1, Email : uday@microplasticsindia.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80007961 |
|
Type of charge |
-
Book
Debts -
Movable
property (not being pledge) -
Floating
charge |
|
Particular of
charge holder |
Corporation Bank,
Industrial Finance Brach, Email : 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.7.000
Millions Inland/Import LC Rs.50.000 Millions, BG Rs.6.500 Millions, TL III
Rs.0.400 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 (All other terms
and conditions remain unchanged) |
Fixed Assets:
- Computers
- Electrical Equipments
- Furniture and Equipments
- Lab Equipments
- Plant and Machinery
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.52.25 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.69.83 |
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.