MIRA
INFORM REPORT
|
Report Date : |
16.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
MICRO-TECH CNC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.68/1, Fort Street, Attibele, Anekal Taluka, Bangalore-562107,
Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.04.1995 |
|
|
|
|
Com. Reg. No.: |
08-017661 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 20.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1995PTC017661 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive
Components and Sub-Assemblies, Diesel Engine Components, Hydraulic Valve
Components, Aerospace Components, Press Components and Heavy Fabrication. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established 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 small 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
No.68/1, Fort Street, Attibele, Anekal Taluka, Bangalore-562107,
Karnataka, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 19.09.2011
|
Name : |
Mr. Govindaswamy Muralibabu |
|
Designation : |
Whole Time Director |
|
Address : |
A-100, Sipcot Housing Colony, Krishnagiri, Hosur-635126, Tamilnadu,
India |
|
Date of Birth/Age : |
09.05.1962 |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
01834887 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U85110KA1995PTC017661 |
MICRO-TECH
CNC PRIVATE LIMITED |
Whole-time
director |
24-04-95 |
24-04-95 |
Active |
NO |
|
2 |
U28910TZ2007PTC013572 |
MICRO-TECH
CNC PRESSINGS INDIA PRIVATE LIMITED |
Director |
26-03-07 |
26-03-07 |
Active |
NO |
|
3 |
U29299TZ2009PTC015516 |
HOSUR
SMALL MICRO ENGINEERING COMPONENTS PRIVATE LIMITED |
Director |
30-09-11 |
25-08-11 |
Active |
NO |
|
Name : |
Mr. Pulikkottil Johnsonpaul |
|
Designation : |
Whole Time Director |
|
Address : |
No.147, Sipcot Colony, Krishnagiri, Hosur-635126, Tamilnadu,
India |
|
Date of Birth/Age : |
09.03.1964 |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
01843437 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U85110KA1995PTC017661 |
MICRO-TECH
CNC PRIVATE LIMITED |
Whole-time
director |
24-04-95 |
24-04-95 |
Active |
NO |
|
2 |
U28910TZ2007PTC013572 |
MICRO-TECH
CNC PRESSINGS INDIA PRIVATE LIMITED |
Director |
26-03-07 |
26-03-07 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2011
|
Names of Shareholders |
No. of Shares |
|
G Murali Babu |
770000 |
|
PJohnson Paul |
770000 |
|
P. T. Paul |
55000 |
|
G. Revathi Ammal |
55000 |
|
M. Saraswathi |
140000 |
|
J. Irene Paul |
175000 |
|
G. Gowri |
35000 |
|
Total |
2000000 |
AS ON 19.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Automotive Components and Sub-Assemblies, Diesel Engine Components, Hydraulic
Valve Components, Aerospace Components, Press Components and Heavy
Fabrication. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Product – Diesel Engine Components |
Nos. |
3500000 |
3339889 |
|
Job Works – Labour |
Rs. Lakhs |
100.00 |
140.18 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
City Union Bank Limited, No-12, 1st Floor, Sri Krishna
Complex, Tank Street, Hosur-635109, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
The Tamilnadu Industrial Investment Corporation Limited, ‘Arulmanai’
27, White Rode, Madras, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
M S Raj and Company Chartered Accountant |
|
Address : |
No.A-41/1, TNHB, Bagalur Hudco, Hosur-635109, Tamilnadu, India |
|
Pan No.: |
AFOPS9775B |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000
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 |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18.485 |
15.011 |
12.256 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.485 |
35.011 |
32.256 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
65.452 |
58.832 |
58.502 |
|
|
2] Unsecured Loans |
2.638 |
2.112 |
2.921 |
|
|
TOTAL BORROWING |
68.090 |
60.944 |
61.423 |
|
|
DEFERRED TAX LIABILITIES |
2.469 |
1.842 |
1.476 |
|
|
|
|
|
|
|
|
TOTAL |
109.044 |
97.797 |
95.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
107.617 |
90.095 |
85.991 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.051 |
0.051 |
0.051 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13.503
|
12.994 |
13.711 |
|
|
Sundry Debtors |
24.859
|
19.598 |
25.226 |
|
|
Cash & Bank Balances |
3.627
|
5.388 |
4.512 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.973
|
18.937 |
8.463 |
|
Total
Current Assets |
60.962
|
56.917 |
51.912 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.602
|
7.632 |
4.910 |
|
|
Other Current Liabilities |
39.795
|
37.526 |
35.019 |
|
|
Provisions |
5.189
|
4.108 |
2.870 |
|
Total
Current Liabilities |
59.586
|
49.266 |
42.799 |
|
|
Net Current Assets |
1.376
|
7.651 |
9.113 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
109.044 |
97.797 |
95.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
125.067 |
117.203 |
118.959 |
|
|
|
Other Income |
1.120 |
0.673 |
0.717 |
|
|
|
TOTAL (A) |
126.187 |
117.876 |
119.676 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Production and Other Expenses |
67.261 |
64.930 |
72.301 |
|
|
|
Payments to Employees |
20.265 |
13.976 |
12.774 |
|
|
|
Repairs and Maintenance |
2.760 |
1.745 |
1.641 |
|
|
|
Administrative Expenses |
7.948 |
8.036 |
6.550 |
|
|
|
Stock Differential |
(3.910) |
2.804 |
(0.862) |
|
|
|
TOTAL (B) |
94.324 |
91.491 |
92.404 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.863 |
26.385 |
27.272 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.278 |
14.104 |
14.421 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.585 |
12.281 |
12.851 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.422 |
8.252 |
9.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.163 |
4.029 |
3.749 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.688 |
1.275 |
0.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.475 |
2.754 |
3.029 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.510 |
9.756 |
6.727 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
15.985 |
12.510 |
9.756 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
13.674 |
2.253 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.441 |
0.708 |
0.000 |
|
|
|
Stores & Spares |
0.056 |
0.231 |
0.000 |
|
|
|
Plant and Machinery |
16.254 |
3.226 |
0.000 |
|
|
TOTAL IMPORTS |
16.751 |
4.165 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.74 |
156 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.75
|
2.34 |
2.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
3.44 |
3.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.06
|
2.74 |
2.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.38
|
3.20 |
3.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
1.16 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SALES:
During the period
2010-2011, the company made a turnover of Rs 125.067 millions as against the
turnover of Rs.118.959 millions (Earlier year) which shows an increase of 512%
and hopes to achieve a turnover of Rs.180.000 millions in the coming year
2011-2012 As the Directors are finalizing certain fabrication orders besides
the existing machining activities for better growth and results in the coming
years.
FINANCE
The Company is
enjoying term loan and working capital facilities of Rs.100.000 millions and
Rs. 37.500 millions respectively from City Union Bank Hosur Branch. However
cash credit limit enhanced from Rs.22.500 millions to Rs.37.500 millions.
Further the
earlier year sanction of Term Loan limit of Rs.27.500 millions under expansion
programme has been availed during the year. The repayment against term loan is
being paid regularly.
PERFORMANCE
The company has
earned profit of Rs.4.029 millions as against Rs.3.750 millions in the previous
year. However the Directors are putting at most effort for more production and
for further better results in the coming years.
FIXED ASSETS
·
Land
·
Building
·
Marketing Office
·
Plant and Machinery
·
Electrification
·
Generator Set
·
Furniture and Fittings
·
Tools and Fixtures
·
Office Equipments
·
Computer
·
Motor Cars
WEBSITE DETAILS
PROFILE
Subject is a
pioneer in CNC AIDED CRAFTING and a manufacturer of Automotive Components and
Sub-Assemblies, Diesel Engine Components, Hydraulic Valve Components, Aerospace
Components, Press Components and Heavy Fabrication.
Subject is a
flagship company under MICRO-TECH Group. The Company has successfully sailed
over 20 long years. Over the years, it has gained rich expertise in CNC AIDED
CRAFTING. It has been supplying to the global leaders of OEM Manufacturers,
viz. VISTEON Automotive Systems (India) Private Limited, BOSCH Limited,
CATERPILLAR Power India, LM Glasfiber India Private Limited, FAIVELEY Transport
India Limited, TATRA VECTRA MOTORS, BEHR INDIA,PARKER Hannifin-England, COOPER
Standard-Australia and many more companies in home and abroad besides being a
Tier II supplier to HYUNDAI MOTORS INDIA.
Subject is an
ISO/TS 16949 : 2002 Certified company, having employed about 150 personnel with
various disciplines and skills. It is located in a well developed Industrial
Estate with complete infrastructure at Hosur, near Bangalore, India. It is
financially well positioned having a turnover of US $ 5 million.
A deep passion of
Innovation drives them to seek and offer the better quality, quantity and
prompt service with the utilization of emerging technologies. Over the years,
their Innovation in CNC aided manufacturing has given their customers optimum
solution for their needs.
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. 51.43 |
|
|
1 |
Rs. 79.10 |
|
Euro |
1 |
Rs. 66.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.