1. Summary Information
|
|
|
Country |
|
|
Company Name |
Minox Metal Private Limited |
Principal Name 1 |
Mr. L Jayantilal Bhandari |
|
Status |
Moderate |
Principal Name 2 |
Mr. L Dhiraj Kumar Bhandari |
|
|
|
Registration # |
08-036795 |
|
Street Address |
No. 7, P C Lane,
S P Road Cross, Bangalore – 560002, Karnataka |
||
|
Established Date |
19.07.2005 |
SIC Code |
-- |
|
Telephone# |
91-80-22245777/22213868 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-22217144/22217144 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Metal Products |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.30,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors (100%) |
Banking |
Punjab National
Bank |
|
Public Limited Corp. |
NO |
Business Period |
7 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B
(37) |
|
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 |
217,878,000 |
Current Liabilities |
102,748,000 |
|
Inventories |
112,718,000 |
Long-term Liabilities |
193,568,000 |
|
Fixed Assets |
50,084,000 |
Other Liabilities |
21,882,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
318,198,000 |
|
Invest& other Assets |
2,094,000 |
Retained Earnings |
34,576,000 |
|
|
|
Net Worth |
64,576,000 |
|
Total Assets |
382,774,000 |
Total Liab. & Equity |
382,774,000 |
|
Total Assets (Previous Year) |
276,677,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Total Income |
996,885,000 |
Net Profit |
20,604,000 |
|
Total Income (Previous yr) |
637,643,000 |
Net Profit(Prev.yr) |
23,237,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MINOX METAL PRIVATE LIMITED (w.e.f. 08.05.2007) |
|
|
|
|
Formerly Known
As : |
MYSORE METFIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No. 7, P C Lane, S P Road Cross, Bangalore – 560002, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.07.2005 |
|
|
|
|
Com. Reg. No.: |
08-036795 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109KA2005PTC036795 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Metal Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track. Financial position
of the company is improving. Trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 : |
No. 7, P C Lane, S P Road Cross, Bangalore – 560002, Karnataka, India |
|
Tel. No.: |
91-80-22245777/22213868 |
|
Fax No.: |
91-80-22217144/22217144 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. L Jayantilal Bhandari |
|
Designation : |
Director |
|
Address : |
Mangaldeep, Koppikar Road, Hubll Dharwd -580020 |
|
Date of Birth/Age : |
25.12.1965 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
01362002 |
|
|
|
|
Name : |
Mr. L Dhiraj Kumar Bhandari |
|
Designation : |
Director |
|
Address : |
19, 1st Floor, |
|
Date of Birth/Age : |
25.02.1956 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
01362013 |
|
|
|
|
Name : |
Mr. L Prakash Bhandari |
|
Designation : |
Director |
|
Address : |
14, 1st Floor, |
|
Date of Birth/Age : |
30.12.1969 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
01362032 |
|
|
|
|
Name : |
Mr. D Suresh Bhandari |
|
Designation : |
Director |
|
Address : |
19, 1st Floor, |
|
Date of Birth/Age : |
29.05.1977 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
01362037 |
|
|
|
|
Name : |
Mr. Vijay Bhandari |
|
Designation : |
Director |
|
Address : |
19, 1st Floor, |
|
Date of Birth/Age : |
08.11.1968 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
02582837 |
|
|
|
|
Name : |
Mr. D Kailash Bhandari |
|
Designation : |
Director |
|
Address : |
19, 1st Floor, |
|
Date of Birth/Age : |
05.05.1975 |
|
Date of Appointment : |
19.07.2005 |
|
DIN No.: |
02691299 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
L Dhiraj Kumar Bhandari |
|
2760000 |
|
L Jayantilal Bhandari |
|
60000 |
|
L Vijay Bhandari |
|
60000 |
|
L Prakash Bhandari |
|
60000 |
|
D Kailash Bhandari |
|
30000 |
|
D Suresh Bhandari |
|
30000 |
|
Total |
|
3000000 |
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 Metal Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
Punjab National Bank, Bangalore City Branch, Hudson Circle, Bangalore
– 560027, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D Kothari and Associates Chartered Accountants |
|
Address : |
4th Floor, Pooja Complex, #5, Santhusapet, Bangalore –
560053, Karnataka, India |
|
PAN.: |
AIKPK7115N |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
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 |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.576 |
13.973 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(9.265) |
|
|
NETWORTH |
64.576 |
43.973 |
20.735 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
123.514 |
90.130 |
94.465 |
|
|
2] Unsecured Loans |
70.054 |
58.347 |
51.708 |
|
|
TOTAL BORROWING |
193.568 |
148.477 |
146.173 |
|
|
DEFERRED TAX LIABILITIES |
0.352 |
0.250 |
0.167 |
|
|
|
|
|
|
|
|
TOTAL |
258.496 |
192.700 |
167.075 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
50.084 |
50.181 |
50.908 |
|
|
Capital work-in-progress |
2.029 |
0.542 |
5.479 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
112.718
|
68.184
|
77.907
|
|
|
Sundry Debtors |
166.940
|
101.776
|
99.420
|
|
|
Cash & Bank Balances |
1.514
|
0.766
|
0.565
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
49.424
|
55.095
|
16.183
|
|
Total
Current Assets |
330.596
|
225.821
|
194.075
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
102.748
|
73.062
|
|
|
|
Provisions |
21.530
|
10.915
|
3.009
|
|
Total
Current Liabilities |
124.278
|
83.977
|
83.587
|
|
|
Net Current Assets |
206.318
|
141.844
|
110.488
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.065 |
0.133 |
0.200 |
|
|
|
|
|
|
|
|
TOTAL |
258.496 |
192.700 |
167.075 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
996.885 |
637.643 |
498.492 |
|
|
|
Other Income |
|
|
1.084 |
|
|
|
TOTAL |
996.885 |
637.643 |
499.576 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
965.576 |
606.634 |
508.492 |
|
|
|
Financial Expenses |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
965.576 |
606.634 |
508.492 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
31.309 |
31.009 |
(8.916) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.705 |
7.772 |
0.268 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
20.604 |
23.237 |
(9.184) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Quantity Discount |
0.000 |
0.094 |
0.000 |
|
|
|
Export Earnings |
1.012 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1.012 |
0.094 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
554.077 |
301.858 |
268.107 |
|
|
|
Plant & Machinery |
1.122 |
0.323 |
0.000 |
|
|
|
Consumable Stores &
Spares |
7.913 |
5.689 |
1.452 |
|
|
TOTAL IMPORTS |
563.112 |
307.870 |
269.559 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.86 |
-- |
(3.06) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.06
|
3.64
|
(1.84)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
(1.79)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.22
|
11.24
|
(3.64)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.71
|
(0.43)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.12
|
5.29
|
11.08
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.69
|
2.32
|
LOCAL AGENCY FURTHER INFORMATION
Note: The registered address
of the company #64, New Timber Yard Layout, Mysore Road, Bangalore, Karnataka,
India has been shifted to the present address w.e.f. 25.07.2009
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27109KA2005PTC036795 |
|
Name of the
company |
MINOX METAL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.7, P C Lane, S
P Road Cross, Bangalore – 560002, Karnataka, India Email : info@minoxmetal.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10008949 |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
Punjab National
Bank, Bangalore City Branch, 'Vokkaligara Sangha Building, Hudson Circle,
Bangalore – 560002, Karnataka, India Email : pnb041@yahoo.com |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Block Assets Agreement of
Hypothecation of Goods and Book debts to Secure Cash Credit Facility Agreement of
Hypothecation to secure term loans Deed of
Hypothecation to secure LC (all the above pertain
to the same charge) |
|
Date of
instrument Creating the charge |
27.01.2012 |
|
Amount secured by
the charge |
Rs.600.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC/TL II - BR +
4.25% at present 15% p.a. Other limits as
per existing/sanction terms Terms of
repayment CC - Running
account repayable on demand TL II - TL
Rs.80.000 Millions to be repaid in 84 monthly installments of Rs.0.953
Millions each commencing from 30.9.12. Interest to be serviced as and when
charged LC - Usance - ILC
90 days and FLC 180 days BG - Period - 1
year excluding claim period of 6 months 10 years in case
of guarantees issued against duty draw back |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first charge on stocks, viz., SS Sheets, Strips, SS Articles, Coil
ferrous and non ferrous metals such as PVC flux sheet, various raw materials,
finished/ semi finished goods including Tractors and accessories etc.,
packaging materials, book debts, bills, plant, machineries, and other block
assets/movables present and future Stored/ installed
at No.27/2, and 27/4C, Jigani Link Road, Yarandanahalli, Bommasandra
Industrial area, Off Hosur Road, Bangalore - 562158 and premises at No.7,
P.C. Lane, SP Road Cross, Bangalore-560002,
Karnataka, India or at any other place |
|
Date of
instrument modifying the charge |
25.01.2012 |
|
Particulars of
the present modification |
By the above, the
charge on stocks, plant, machineries, bookects, block assets and other
movables present and future shall cover the present modified limits
aggregating Rs.600.000 Millions (all other terms and
conditions remain unchanged) |
Contingent
Liabilities:
(Rs. in Millions)
|
Particulars |
31.03.2011 |
|
Letter of Credit
Outstanding |
73.087 |
FIXED ASSETS
·
Furniture
·
Computer
·
LCD TV
·
Weight Scale
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
37 |
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.