MIRA
INFORM REPORT
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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PNEUMATICS PRIVATE LIMITED |
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Registered
Office : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.04.2001 |
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Com. Reg. No.: |
11-131472 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.519
Million |
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CIN No.: [Company Identification
No.] |
U32109MH2001PTC131472 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM25143G/ MUMM18361A/ MUMM18360G |
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PAN No.: [Permanent Account No.] |
AACCM6130A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial Valves, Ball Valve etc. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 150000 |
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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 record.
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 – 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 |
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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 |
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.
INFORMATION PARTED BY
|
Name : |
Ms. Anita |
|
Designation : |
Accountant |
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Contact No.: |
91-250-2324731 |
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Date : |
23.01.2013 |
LOCATIONS
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Registered Office : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra, India |
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Tel. No.: |
91-250-2324731 |
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Mobile No.: |
91-9422475289 (Mr. Robert Hilary Menezes) |
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Fax No.: |
91-250-2320441 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory/ Marketing Office : |
Plot No. 133-134, Vasai
Municipal Industrial Area, Umela Phata, Papdy, Vasai Road (West), District
Thane - 401207, Maharashtra, India |
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Tel. No.: |
91-250-2320458/ 2320462/ 2324731/ 41/ 73 |
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Fax No.: |
91-250-2324731/ 2323420/ 2320458/ 2320462/ 41/ 73 |
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Email : |
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Overseas Marketing Office : |
29, Araman DR Scarborough,
ONT. MIT 2P5 Toronto, Canada |
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Email : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Robert Hilary Menezes |
|
Designation : |
Director |
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Address : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra, India |
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Date of Birth : |
11.03.1954 |
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Date of Appointment : |
03.04.2001 |
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DIN No.: |
00235071 |
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Name : |
Mr. Jossie Hilary Menezes |
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Designation : |
Director |
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Address : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra, India |
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Date of Birth : |
13.12.1963 |
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Date of Appointment : |
03.04.2001 |
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DIN No.: |
00234954 |
KEY EXECUTIVES
|
Name : |
Ms. Anita |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
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Robert Hilary Menezes |
|
45868 |
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Jossie Hilary Menezes |
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6052 |
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Total |
|
51920 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
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 Industrial Valves, Ball Valve etc. |
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Terms : |
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Selling : |
Cash/ Credit/ Cheque/ DD |
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Purchasing : |
Cash/ Credit/ Cheque/ DD |
GENERAL INFORMATION
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Suppliers : |
·
Duflon India Private Limited ·
Dhanalaxmi Enterprises |
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Customers : |
End Users and Others (Industries) ·
Cipla Limited ·
Asian Paints Limited ·
Colgate India |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Indian Bank, Mangal Ashirwad, S.V. Road, Santacruz
(West), Mumbai - 400054, Maharashtra, India Tel No.: 91-22-26615612 · Axis Bank · ICICI Bank Limited · B.C.C. Bank Limited · IDBI Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. S. Prabhu and Associates Chartered Accountant |
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Address : |
Swagat Bhavan, Near Indian Oil, Opposite MSEB Colony, Station Road,
Vasai Road – East, Thane – 401202, Maharashtra, India |
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PAN.: |
AAIFR9554L |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
51920 |
Equity Shares |
Rs.10/- each |
Rs. 0.519
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
0.519 |
0.519 |
0.519 |
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2] Share Application Money |
0.481 |
0.481 |
2.105 |
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3] Reserves & Surplus |
36.997 |
27.410 |
20.871 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.997 |
28.410 |
23.495 |
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LOAN FUNDS |
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1] Secured Loans |
14.835 |
16.037 |
18.453 |
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2] Unsecured Loans |
0.000 |
0.000 |
1.200 |
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TOTAL BORROWING |
14.835 |
16.037 |
19.653 |
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DEFERRED TAX LIABILITIES |
0.181 |
0.181 |
0.000 |
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TOTAL |
53.013 |
44.628 |
43.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.691 |
25.759 |
21.321 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.837 |
0.511 |
0.819 |
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DEFERREX TAX ASSETS |
0.326 |
0.116 |
0.116 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
9.028
|
10.200 |
7.355 |
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Sundry Debtors |
28.765
|
36.362 |
30.406 |
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Cash & Bank Balances |
1.948
|
1.136 |
0.967 |
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Other Current Assets |
0.000
|
0.000 |
15.327 |
|
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Loans & Advances |
16.815
|
14.782 |
0.000 |
|
Total
Current Assets |
56.556
|
62.480 |
54.055 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.043
|
|
23.386 |
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Other Current Liabilities |
13.071
|
7.577 |
|
|
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Provisions |
14.283
|
12.707 |
9.782 |
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Total
Current Liabilities |
30.397
|
44.240 |
33.168 |
|
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Net Current Assets |
26.159
|
18.240 |
20.887 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.005 |
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TOTAL |
53.013 |
44.628 |
43.148 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
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SALES |
|
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Income |
|
|
142.797 |
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Other Income |
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TOTAL |
|
209.107 |
142.797 |
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Less |
EXPENSES |
|
|
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|
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Office Expenses |
|
|
129.203 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
|
195.234 |
129.203 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(Including
Depreciation Expenses) |
13.594 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
3.949 |
|
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|
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PROFIT BEFORE
TAX |
|
13.873 |
9.645 |
|
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Less |
TAX |
|
4.287 |
NA |
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PROFIT AFTER TAX
|
|
9.586 |
NA |
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|
|
Earnings Per
Share (Rs.) |
|
181.00 |
126.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.58
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.87
|
10.93 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.34 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
2.12 |
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.41 |
1.63 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
---------------------- |
|
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 |
OPERATIONS:
The Company had performed well during the year
and we hope to expand business during the current year. The Directors are
optimistic about the future and hope to do better business in the years to
come.
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U32109MH2001PTC131472 |
|
Name of the
company |
MICRO PNEUMATICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10274482 |
|
Type of charge |
· Book debts · Movable property (not being pledge) · Others (Current and Fixed Assets) |
|
Particular of
charge holder |
Indian Bank, Mangal Ashirwad, S.V. Road, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Medium term loan agreement (D-36) 2. Agreement of hypothecatin of movables (all the above agreement constitute a single charge) |
|
Date of instrument
Creating the charge |
09.08.2011 |
|
Amount secured by
the charge |
Rs. 19.740 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin Secured loan 25 % margin and term loan i-25 % and guarantee 10 % for perf. Guarantee & 25 % for financial guarantee and term loan -ii 25 % and /or as stipulated by bank from time to time Extent and
Operation of the charge First Charge(Present And Future)=Total Limit Rs.19.740 Millions (Secured O.D.=Rs.9.800 Millions, Term Loan -I Rs.2.765 Millions, Guarantee = Rs.5.000 Millions, Term Loan -Ii Rs.2.175 Millions ) and/or as stipualted by bank from time to time Others As stipulated by bank from time to time and as per agreement attached and as per sanction letter of the bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge (present and future on following assets) 1. Hypothecation of all stock / goods / inventory / products / stores / tools kept at borrower place/premises / factories / godowns etc or intransit or whereeverelse inlcuding brought under b.g. / bank finance. 2. Hypothecation of all book debts and receivables 3. Hypothecation of all assets purchased out of bank finance/ term loans 4. Hypothecation of all current, movable and fixed assets, machines, spares and stores and all other assessors of the company 5. Hypothecation of all Plant and Machinery at unit situated at plot no 133-134,vasai municipal industrial area, umela phata, papdy, vasai road (west)-401207 district, thane, Mumbai Maharashtra, India 6. Hypothecation of new machinery to be purchased out of bank finance 7. EMG of lease hold rights of land and building of plot no 133-134,vasai municipal industrial area, survey no 104,umela phata, papdy, vasai road (west) - 401207,district, thane, Mumbai Maharashtra, India |
|
Particulars of
the present modification |
By this modification new term loan of Rs.2.175 Millions has been given, with this total limit will be Rs. 19.740 Millions (secured O.D. = Rs.9.800 Millions, term loan -I Rs.2.765 Millions, guarantee = Rs.5.000 Millions, term loan -ii Rs.2.175 Millions), securities are continued as given by original charge as well as by modifications, terms and conditions as per agreement attached and as per sanction letter of the bank |
FIXED ASSETS:
· Furniture and Fixture
· Tools and Equipment
· Office Equipment
· Air Conditioner
· Type Writer
· Machineries
· Dyes
· Vehicles
· Computer
· Electrical Fittings
· Factory Building
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.53.77 |
|
|
1 |
Rs.85.14 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
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 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.