MIRA
INFORM REPORT
|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICAFAB EXPORT PRIVATE LIMITED (w.e.f. 22.06.2010) |
|
|
|
|
Formerly Known
As : |
MICAFAB INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 7, Door 8, 1st Main Road, Kasturba Nagar, Madras –
600020, Tamil Nadu. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.04.1992 |
|
|
|
|
Com. Reg. No.: |
18-22469 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1.240 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24294TN1992PTC022469 |
|
|
|
|
IEC No.: |
0492005605 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM08194E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCM1442P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Mica Products |
|
|
|
|
No. of Employees
: |
150 [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 |
|
Maximum Credit Limit : |
USD 46544 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 : |
Mr. C. Sundar Reddy |
|
Designation : |
Sales Executive |
|
Contact No.: |
91-9840915124 |
|
Date : |
25.5.2013 |
LOCATIONS
|
Registered Office : |
Plot No. 7, Door 8,1st Main Road, Kasturba Nagar, Madras –
600020, Tamil Nadu, India. |
|
Tel. No.: |
91-44-24430905 |
|
Mobile No.: |
91-9840915124 (Mr. C. Sundar P. Reddy) |
|
Fax No.: |
91-44-24901821 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Goginenicuram Gupur Nellore District - 524102, |
|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Cherukuru Susheel Kumar Reddy |
|
Designation : |
Director |
|
Address : |
No.60, Poes Garden, Gopalapuram, Chennai, 600086, Tamil Nadu, India. |
|
Date of Birth/Age : |
28.09.1988 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
01888980 |
|
|
|
|
Name : |
Ms. Cherukuru Leenaja Reddy |
|
Designation : |
Director |
|
Address : |
60, Poes Garden, Gopalapuram, Chennai, 600086, Tamil Nadu, India. |
|
Date of Birth/Age : |
30.12.1957 |
|
Date of Appointment : |
09.04.1992 |
|
DIN No.: |
01888994 |
|
|
|
|
Name : |
Mr. Cherukuru Sundar Pranay Reddy |
|
Designation : |
Director |
|
Address : |
60, Poes Garden, Gopalapuram, Chennai, 600086, Tamil Nadu, India. |
|
Date of Birth/Age : |
28.06.1980 |
|
Date of Appointment : |
16.12.2010 |
|
DIN No.: |
01907404 |
|
|
|
|
Name : |
Mr. Cherukuru Suresh Kumar Reddy |
|
Designation : |
Managing Director |
|
Address : |
# 60, Poes Garden, Gopalapuram, Chennai, 600086, Tamil Nadu, India. |
|
Date of Birth/Age : |
10.04.1953 |
|
Date of Appointment : |
09.04.1992 |
|
DIN No.: |
01907616 |
KEY EXECUTIVES
|
Name : |
Mr. C. Sundar P. Reddy |
|
Designation : |
Sales Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Cherukuru Suresh Kumar Reddy |
|
70500 |
|
Cherukuru Leenaja Reddy |
|
31000 |
|
Cherukuru Suresh Kumar Reddy HUF |
|
22500 |
|
|
|
|
|
Total |
|
124000 |
AS ON 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Mica Products. |
|
|
|
|
Products : |
§
Mica Block §
Mica Splittings §
Mica Insulator §
Mica Discs §
Mica Plate §
Mica Gauge Glass Gaskets §
Mica Strainer §
Mica Paper §
Mica Scrap §
Wet Ground Mica §
Superfine Mica §
AFM Mica Precision Mica |
|
|
|
|
Exports : |
|
|
Products : |
Mica Products |
|
Countries : |
§
§
§
§
§
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
§
Prasad Mica Supplies |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Customers : |
§
Wholesalers §
End Users §
Distributors §
Mahanth Mica Mines |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
150[Approximately] |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Bank Of Baroda International Business Branch, 45, 4rth Floor, Moore Street, Chennai –
600001, Tamil Nadu, India. |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.S. Reddy S.P. and Associates Chartered Accountant |
|
Address : |
S – 19, E Block, TNHB Complex, No. 4, Luz Church Road, Mylapore,
Chennai - 600004 |
|
Fax No.: |
91-44-24986959 / 24986316 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
Sublime Mica Exports Chennai, (Manufacturer and Exporter of Mica Products) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- |
Rs. 2.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
124000 |
Equity Shares |
Rs.10/- |
Rs. 1.240 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
1.240 |
1.240 |
|
(b) Reserves & Surplus |
10.396 |
8.817 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
(a) long-term borrowings |
0.357 |
1.100 |
|
(b) Deferred tax liabilities (Net) |
0.305 |
0.297 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
|
|
|
|
|
(4) Current liabilities |
|
|
|
(a) Short term borrowings |
7.063 |
5.985 |
|
(b) Trade payables |
5.799 |
4.872 |
|
(c) Other current
liabilities |
0.000 |
0.000 |
|
(d) Short-term provisions |
0.837 |
0.687 |
|
TOTAL |
25.997 |
22.998 |
|
|
|
|
|
II. ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
3.302 |
3.009 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
|
(e) Other Non-current assets |
5.527 |
1.931 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
2.494 |
2.378 |
|
(c) Trade receivables |
9.780 |
13.236 |
|
(d) Cash and cash
equivalents |
0.128 |
0.666 |
|
(e) Short-term loans and
advances |
4.695 |
1.472 |
|
(f) Other current assets |
0.070 |
0.305 |
|
TOTAL |
25.997 |
22.998 |
|
SOURCES OF FUNDS |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
1] Share Capital |
0.940 |
|
|
2] Share Application Money |
0.300 |
|
|
3] Reserves & Surplus |
7.647 |
|
|
4] (Accumulated Losses) |
0.000 |
|
|
NETWORTH |
8.887 |
|
|
LOAN FUNDS |
|
|
|
1] Secured Loans |
7.865 |
|
|
2] Unsecured Loans |
0.100 |
|
|
TOTAL BORROWING |
7.965 |
|
|
DEFERRED TAX LIABILITIES |
0.297 |
|
|
|
|
|
|
TOTAL |
17.149 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.785 |
|
|
Capital work-in-progress |
0.000 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
3.802
|
|
|
Sundry Debtors |
10.272
|
|
|
Cash & Bank Balances |
0.128
|
|
|
Other Current Assets |
0.000
|
|
|
Loans & Advances |
4.134
|
|
Total
Current Assets |
18.336
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
Sundry Creditors |
3.473
|
|
|
Other Current Liabilities |
0.000
|
|
|
Provisions |
0.500
|
|
Total
Current Liabilities |
3.973
|
|
|
Net Current Assets |
14.363
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
|
|
|
|
|
|
TOTAL |
17.14 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
105.560 |
82.068 |
58.957 |
|
|
|
Other Income |
1.228 |
0.126 |
0.124 |
|
|
|
TOTAL |
106.788 |
82.194 |
59.081 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
TOTAL |
104.535 |
80.495 |
57.697 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2.253 |
1.699 |
1.168 |
|
|
|
|
|
|
|
|
|
|
TAX |
0.666 |
0.530 |
0.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.580 |
1.170 |
0.798 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.48
|
1.42 |
1.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.13
|
2.07 |
1.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.67
|
7.388 |
5.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64
|
0.70 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.56 |
1.28 |
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 |
Yes |
|
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
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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.