MIRA
INFORM REPORT
|
Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAINI PLASTICS AND COMPOSITES PRIVATE LIMITED |
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Registered
Office : |
196A2, Bommasandra Industrial Area, Bangalore-560 099, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.12.2009 |
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Com. Reg. No.: |
051684 |
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Capital
Investment / Paid-up Capital : |
Rs.30.100 Millions |
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|
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CIN No.: [Company Identification
No.] |
U25208KA2009PTC051684 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importers, Exporters and
Dealers in Metals, Machinery Apparatus and Accessories of All Types. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 81552 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established proprietory concern having a moderate track
record. There appear some dip in the revenue earned from its operation and it
has incurred loss during 2012. However, trade relations are reported as fair. Business is active.
Payment terms are slow. The concern can be considered normal for business dealings with some
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
196A2, Bommasandra Industrial Area, Bangalore-560 099, Karnataka, India
|
|
Tel. No.: |
91-80-43526702 / 6711 |
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Fax No.: |
91-80-27831560 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Gautam Kumar Maini |
|
Designation : |
Director |
|
Address : |
Flat No.103-104, Silvercrest Apartment, No.13, Resthouse Road,
Bangalore, Karnataka, India |
|
Date of Birth/Age : |
09.11.1967 |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
00667616 |
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|
|
|
Name : |
Mr. Sandeep Kumar Maini |
|
Designation : |
Director |
|
Address : |
G-101, Lyndhurst, no.3, Walton Road, Museum Road, Cobbon Park,
Bangalore, India |
|
Date of Birth/Age : |
31.08.1966 |
|
Date of Appointment : |
01.12.2009 |
|
DIN No.: |
01568787 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dr. Sudarshan Kumar Maini |
|
5000 |
|
Reva Maini |
|
5000 |
|
Maini Materials Movement Private Limited, Karnataka |
|
3000000 |
|
Total |
|
3010000 |
AS ON 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
99.67 |
|
Directors or relatives of Directors |
0.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers, Exporters and Dealers
in Metals, Machinery Apparatus and Accessories of All Types. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
CITI Bank, 506-507, Level 5, Prestige Meridian 2, No.30, M
G Road,, Bangalore - 560001, Karnataka, India |
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Facilities : |
NOTE: The term from
banks is secured by: ·
The first and exclusive charge of the industrial
property situated at sy no.32, chandapur village, Bangalore, Owned by Maini
Material Movement Private Limited ·
The first and exclusive charge of the present and
future fixed assets, Stocks and book dents of the company. ·
Personal guarantee of Sandeep Maini, Director ·
Corporate guarantee of Maini Materials Movement
Private Limited ·
Those loans carry interest at 13.5% p.a. and are
each contracted to be repaid in 60 equal monthly installments. ·
Loan from shareholders carries interest 13.05%
p.a. There are no specific terms as to repayment. ·
The company has not defaulted in the repayment of
loans of the payment of interest thereon. The working
capital loan from bank is secured by: ·
The first and exclusive charge of the present and
future fixed assets, Stocks and book dents of the company. ·
Personal guarantee of Sandeep Maini, Director ·
Corporate guarantee of Maini Materials Movement
Private Limited ·
This loan carry interest at 12.5% p.a. and are
each contracted to be repaid in full, in September 2012.
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Rajendra Rao and Associates Chartered Accountant |
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Address : |
GF-2, "Greenery", 16, Plain street, Bangalore – 560001,
Karnataka, India |
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|
|
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Holding Company: |
Maini Materials Movement Private Limited CIN No.: U60231KA1984PTC006017 |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3010000 |
Equity Shares |
Rs.10/- |
Rs.30.100 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3010000 |
Equity Shares |
Rs.10/- |
Rs.30.100 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
7.593 |
0.000 |
|
|
4] (Accumulated Losses) |
(9.712) |
0.000 |
0.000 |
|
|
NETWORTH |
20.388 |
7.693 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
28.631 |
7.935 |
0.000 |
|
|
2] Unsecured Loans |
5.049 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
33.680 |
7.935 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.393 |
0.356 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
55.461 |
15.984 |
0.100 |
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|
APPLICATION OF FUNDS |
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|
|
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|
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|
|
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FIXED ASSETS [Net Block] |
28.818 |
18.641 |
0.000 |
|
|
Capital work-in-progress |
16.827 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.968
|
14.567 |
0.000 |
|
|
Sundry Debtors |
32.130
|
27.241 |
0.000 |
|
|
Cash & Bank Balances |
5.265
|
1.506 |
0.081 |
|
|
Other Current Assets |
0.047
|
0.007 |
0.000 |
|
|
Loans & Advances |
24.119
|
39.533 |
0.019 |
|
Total
Current Assets |
83.529
|
82.854 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.601
|
20.729 |
|
|
|
Other Current Liabilities |
44.790
|
63.940 |
0.014 |
|
|
Provisions |
1.322
|
0.842 |
|
|
Total
Current Liabilities |
73.713
|
85.511 |
0.014 |
|
|
Net Current Assets |
9.816
|
(2.657) |
0.086 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
55.461 |
15.984 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
109.552 |
135.890 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
124.415 |
124.860 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(16.268) |
(11.030) |
(0.014) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.038 |
(18.637) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(17.306) |
7.607 |
(0.014) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(15.82)
|
5.60 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.49)
|
(123.02) |
(14.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.80)
|
(1.43) |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
1.03 |
NA |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
0.97 |
7.14 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25208KA2009PTC051684 |
|
Name of the
company |
MAINI PLASTICS
AND COMPOSITES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
NO.38, Maini
Sadan, 7th Cross, Lavelle Road, Bangalore – 560001, Karnataka, India |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) Others |
|
Particular of
charge holder |
CITI BANK N.A. |
|
Nature of
instrument creating charge |
Term Loan
Agreement Memorandum of Deposit
of Title Deeds |
|
Date of
instrument Creating the charge |
12/09/2011 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
stipulated by the Bank from time to time Terms of
Repayment Tenor 5 years (60
monthly installments) Margin 10% As agreed from time to time. Extent and
Operation of the charge First Exclusive charge
on all the Borrower's present and future movable plant, machinery, vehicles
and equipments etc. First Exclusive
charge on Equitable Mortgage on Immovable Properties located at Sy.No.32,
Chandapura Village, Hosur Road,
Bangalore - 560081 and properties located at Sy.No,31, Plot No.(S) 196-A2,
Bommasandra Industrial Area, Attibele Taluk, Anekal Taluk, Bangalore -
560081. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First Exclusive
charge on all the Borrower's present and future movable plant, machinery,
vehicles and equipments etc. Equitable
Mortgage on Immovable Properties located at Sy.No.32, Chandapura Village, Hosur Road, Bangalore - 560081. Equitable
Mortgage on Immovable properties located at Sy.No,31, Plot No.(S) 196-A2,
Bommasandra Industrial Area, Attibele Taluk, Anekal Taluk, Bangalore -
560081. |
FIXED ASSETS:
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
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 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 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.54.64 |
|
|
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.