MIRA
INFORM REPORT
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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Name : |
MICON AUTOMATION SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, Gota
Ahmedabad- 382481, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
31.08.2006 |
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Com. Reg. No.: |
04-48980 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.500 Millions |
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CIN No.: [Company Identification
No.] |
U31909GJ2006PTC048980 |
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IEC No.: |
0807005011 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM08120A |
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PAN No.: [Permanent Account No.] |
AAECM7879C |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturer of plants instrumentation and control panels. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 11000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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. Niket |
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Designation : |
Director |
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Contact No.: |
91-9824006290 |
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Date : |
19.03.2012 |
LOCATIONS
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Registered Office/ Head Office/ Factory : |
No. 5A-5B, Sahajanand, Industrial Estate, Near Railway Crossing, Gota
Ahmedabad- 382481, Gujarat, India |
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Tel. No.: |
91-79-32900400 |
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Mobile No.: |
91-9824006290 (Mr. Parag) |
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Fax No.: |
91-79-2717241598 |
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E-Mail : |
niket@miconindia.com / sales@miconindia.com
/ support@miconindia.com |
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Website : |
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Area : |
Rented |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Niket Gorakhia |
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Designation : |
Director |
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Address : |
21, Shaivali Society, Near ADC Bank, Vejalpur, Ahmedabad- 382451, |
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Date of Birth/Age : |
08.01.1975 |
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Date of Appointment : |
31.08.2006 |
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DIN No.: |
00009662 |
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Name : |
Mr. Parag Shukla |
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Designation : |
Director |
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Address : |
28, Earth Bungalows, Near |
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Date of Birth/Age : |
20.11.1973 |
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Date of Appointment : |
31.08.2006 |
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DIN No.: |
00009633 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
No. of Shares |
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Niket Gorakhia |
4000 |
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Parag Shukla |
4000 |
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Bansari Gorakhia |
1000 |
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Darshana Shukla |
1000 |
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Total |
10000 |
AS ON 30.09.2011
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Equity Shares
Break Up |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of plants instrumentation and control panels. |
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Products : |
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Exports : |
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Products : |
Industrial Controls |
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Countries : |
Srilanka |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Taiwan |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Suppliers : |
·
Audion Automation |
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Customers : |
Dealers ·
Cera Sanitary Ware Limited |
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No. of Employees : |
25 (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 : |
D. D Purswani and Company Chartered Accountant |
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Address : |
4, Prarthna Flats, Near Girish Cold Drinks, Off C.G Road, Navrangpura,
Ahmedabad- 380009, Gujarat, India |
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Pan No.: |
AGSPP7914Q |
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Associates/Subsidiaries : |
Micon Solution, Ahmedabad |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- 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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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500
Million |
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100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000
Million |
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Total |
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Rs. 1.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
0.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.399 |
0.642 |
0.371 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.899 |
1.142 |
0.471 |
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LOAN FUNDS |
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1] Secured Loans |
2.506 |
0.954 |
0.317 |
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2] Unsecured Loans |
2.735 |
3.138 |
1.418 |
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TOTAL BORROWING |
5.241 |
4.092 |
1.735 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.140 |
5.234 |
2.206 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.692 |
0.797 |
0.967 |
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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 |
0.033 |
0.019 |
0.002 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.100
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1.798
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0.852
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Sundry Debtors |
3.148
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2.941
|
1.625
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Cash & Bank Balances |
0.239
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0.189
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0.345
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Other Current Assets |
0.000
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0.000
|
0.613
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Loans & Advances |
4.599
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2.378
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0.044
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Total
Current Assets |
10.086
|
7.306 |
3.479 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.897
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2.590 |
2.079 |
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Other Current Liabilities |
0.416
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0.158
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0.077
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Provisions |
0.365
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0.149
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0.097
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Total
Current Liabilities |
2.678
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2.897 |
2.253 |
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Net Current Assets |
7.408
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4.409
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1.226
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MISCELLANEOUS EXPENSES |
0.007 |
0.009 |
0.011 |
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TOTAL |
8.140 |
5.234 |
2.206 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
24.844 |
15.600 |
10.736 |
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Other Income |
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TOTAL |
24.844 |
15.600 |
10.736 |
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Less |
EXPENSES |
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Administrative Expenses |
24.088 |
15.328 |
10.567 |
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Advertising Expenses |
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TOTAL |
24.088 |
15.328 |
10.567 |
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PROFIT BEFORE
TAX |
0.756 |
0.272 |
0.169 |
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Earnings Per
Share (Rs.) |
5.04 |
26.86 |
16.81 |
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Expected Sales (2011-2012) : Rs. 50.000 Millions.
The above information has been parted by Mr. Niket.
KEY RATIOS
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PARTICULARS |
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31.03.2011 |
31.03.2010 |
31.03.2009 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.99
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3.36
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3.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.24
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0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.73
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6.12
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8.47 |
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Current Ratio (Current Asset/Current Liability) |
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3.77
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2.52
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1.54 |
LOCAL AGENCY FURTHER INFORMATION
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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 |
Yes |
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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 |
Yes |
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12. Profitability for last three years |
Yes |
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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 |
Yes |
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16. Details of sister concerns |
Yes |
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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 |
Yes |
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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 |
Yes |
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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 |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
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30. Major Shareholders, if available |
Yes |
FINANCIAL
HIGHLIGHTS
·
During the year, the Company saw excellent growth
registering more than 60% jump in income from operations as compared to
receding previous year. The net profit before tax and profit after tax rose by
a phenomenal 173% and 178% respectively. The management has kept its promises
of taking the company to new heights. This year also, the management is feeling
extremely confident about the business prospects and will strive hard to take
the company into higher unchartered territories. Following are the highlights
of the performance of the company during this financial year.
·
The company generated revenue of Rs. 24.803
Millions (PY 14.653 Millions), which, as described above, is a 60% increase
over the previous comparable period.
·
The operating profit margin slipped marginally to
18.22% as compared to the previous year’s 21.62%. However, the Net Profit
margin improved from 1.87% to 3.09%.
·
The performance of the company can be compared to
the best in the industry, which is coming out of a slowdown.
·
Now the management has decided to make this dynamic
growth into an exceptional one.
·
However the management has not recommended any
payment of dividend to further consolidate the position of the company.
·
The Board does not propose to transfer any amount
to reserves.
TRADE REFERENCES
· Audion Automation
· Cera Sanitary Ware Limited
FIXED ASSETS
- Land
- Building
- Air Conditioner
- Computer
- Electric Fitting
- Furniture and Fixtures
- Motor Car
- Office Equipments
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. 51.04 |
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|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.