|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICROQUAL TECHNO LIMITED (w.e.f. 24.09.2010) |
|
|
|
|
Formerly Known
As : |
MICROQUAL TECHNO PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road,
Andheri (West), Mumbai – 400053, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.08.1999 |
|
|
|
|
Com. Reg. No.: |
11-121164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 425.187 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32200MH1999PLC121164 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM13047G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Telecommunication Components. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The management of the company has failed to file its financials with
the government department after 2011. Mr. Santosh (Accounts department) has provided general information and
denied to disclose any financial detail to us. As per the financial data (2011), the company is found normal for
business dealings. Trade relations are reported as fair. Business is active. Payment
terms are unknown. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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. Santosh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40741515 |
|
Date : |
07.11.2013 |
LOCATIONS
|
Registered Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road,
Andheri (West), Mumbai - 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-66989381 / 23443570 |
|
Fax No.: |
91-22-26360909 / 23444025/ 26366699 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office : |
3rd Floor, Techweb Center, Ohsiwara Behrambaug,
Off New Link Road, Jogeshwari (West), Mumbai-400102, Maharashtra, India |
|
Tel. No.: |
91-22-4041515 |
|
Fax No.: |
9-22-40741590 |
|
|
|
|
Factory 1: |
Plot No.3-4, Sector 6 IIF Pant Nagar, Rudrapur – 263153, District
U S Nagar, |
|
Locations : |
Leased |
|
|
|
|
Factory 2: |
No.100, Village Farola, |
|
Locations : |
Rented |
|
|
|
|
Factory 3: |
Located at |
|
|
|
|
Branch Office 1: |
Plot No. 845, 846, Udyog Vihar, Phase V, Gurgaon, |
|
|
|
|
Branch Office 2: |
B 52, Neo Shine House, Ground Floor, Opposite Monginis Factory, Andheri (West), Mumbai – 400102, Maharashtra, India |
|
Tel No.: |
91-22-40741515 |
|
Fax No.: |
91-22-40741590 |
|
|
|
|
Sales/ Branches Office : |
Located at :
|
DIRECTORS
As on: 30.09.2010
|
Name : |
Mr. Mahesh Balkishan Choudhary |
|
Designation : |
Director |
|
Address : |
301, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
11.03.1979 |
|
Date of Appointment : |
05.08.1999 |
|
DIN No.: |
01644880 |
|
|
|
|
Name : |
Mr. Sushilkumar Choudhary |
|
Designation : |
Director |
|
Address : |
302, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
26.09.1968 |
|
Date of Appointment : |
13.06.2007 |
|
DIN No.: |
01436325 |
|
|
|
|
Name : |
Mr. Varunkumar Punamchand Choudhary |
|
Designation : |
Director |
|
Address : |
9, Abhishek Apartments, Four Bunglows Andheri (West), Mumbai-400053, |
|
Date of Birth/Age : |
12.02.1984 |
|
Date of Appointment : |
25.03.2004 |
|
DIN No.: |
01634123 |
|
|
|
|
Name : |
Mr. Koppisetty Srinivas |
|
Designation : |
Director |
|
Address : |
Flat No.304, Building No.15, Mahda Residential Complex, Oshiwara
Andheri (West), Mumbai, |
|
Date of Birth/Age : |
17.05.1963 |
|
Date of Appointment : |
28.06.2007 |
|
Date of Cession : |
28.10.2010 |
|
DIN No.: |
00514607 |
|
|
|
|
Name : |
Mr. Kumar Shiralagi |
|
Designation : |
Nominee Director |
|
Address : |
No. 384, 1st Cross Judges Colony, R.T. Nagar, Bangalore-560032, |
|
Date of Birth/Age : |
15.05.1962 |
|
Date of Appointment : |
29.10.2007 |
|
DIN No.: |
01873430 |
|
|
|
|
Name : |
Mr. Rangarajan Sridhar |
|
Designation : |
Nominee Director |
|
Address : |
|
|
Date of Birth/ Age : |
23.01.1976 |
|
Date of Appointment : |
26.11.2008 |
|
Nominee Company : |
JAFCO Asia Technology Investments III ( |
|
Date of Cession : |
30.03.2011 |
|
DIN No.: |
02399857 |
|
|
|
|
Name : |
Mr. Bhagwan Dass Khurana |
|
Designation : |
Additional Director |
|
Address : |
D-167, Whispering Meadwos, Sushant Lok-I, Gurgaon-122002, |
|
Date of Birth/Age : |
12.05.1944 |
|
Date of Appointment : |
30.12.2009 |
|
DIN No.: |
00005581 |
|
|
|
|
Name : |
Mr. Mithilesh Kumar Sinha |
|
Designation : |
Additional Director |
|
Address : |
1604, |
|
Date of Birth/Age : |
02.09.1935 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
00011506 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
As on: 30.09.2010
|
Names of Equity Shareholders |
No. of Shares |
|
Mahesh Balkishan Choudhary |
503000 |
|
Premchand Radhakishan Choudhary |
500 |
|
Punamchand Radhakishan Choudhary |
500 |
|
Balkishan Radhakishan Choudhary |
500 |
|
Varun Premchand Choudhary |
503500 |
|
Bimaldevi Choudhary |
500 |
|
Sushil Choudhary |
502500 |
|
Sushiladevi Choudhary |
500 |
|
Meeradevi Choudhary |
500 |
|
Sneh Choudhary |
500 |
|
Prem Dyechem Industries Private Limited, India |
500 |
|
Payal Choudhary |
500 |
|
Anshu S Choudhary |
500 |
|
Total |
1514000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Nea- Indo |
456024 |
|
Jafco Asia Technology Investments III (Mauritius) Limited, Mauritius |
273614 |
|
BTS India Private Equity Funds Limited, |
182410 |
|
Total |
912048 |
As on: 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
0.03 |
|
Directors or relatives of Directors |
99.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Telecommunication Components. |
|
|
|
|
Exports : |
|
|
Products : |
Telecommunication Components |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Cables |
Mtrs. |
10000000 |
10000000 |
Notes:
The licensed
capacity is not given as licensing has been abolished vide Press Note No. 9
dated August 2, 1991 and Notification No. S.O. 477 (3E) dated July 25, 1991
issued by the Government of India, Ministry of Industry, Department of
Industrial Development.
* As the Company’s
operation is assembly in nature, the installed capacity of the plant is not
relevant.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
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|
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|
Bankers : |
Tel
No.; 91-22-26590966 |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Rs.
100.000 Millions (From Axis Bank Limited) (Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Chaturvedi and Chaturvedi Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
S R Batliboi and Company Chartered Accountants |
|
Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013,
|
|
Tel. No.: |
91-22-40356300 |
|
Fax No.: |
91-22-40356400 |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Subsidiaries : |
CIN
No.:- U72200MH2008PTC187078
CIN
No.:- U32106MH2010PTC198416
|
|
|
|
|
Enterprises under significant influence of the Company : |
|
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital : Rs. 584.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 534.526
Millions
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3060000 |
Equity Shares |
Rs.10/- each |
Rs. 30.600 Millions |
|
920000 |
Preference Shares |
Rs.445/- each |
Rs. 409.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 440.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1514000 |
Equity Shares |
Rs.10/- each |
Rs. 15.140
Millions |
|
912048 |
Fully Compulsorily Convertible Cumulative
Preference Share |
Rs.445/-
each |
Rs. 405.861
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 421.001
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3060000 |
Equity Shares |
Rs.10/- each |
Rs. 30.600 Millions |
|
920000 |
4.025% Fully Compulsorily Convertible Cumulative Preference Shares |
Rs.445/- each |
Rs. 409.400 Millions |
|
450000 |
0.10% Fully Compulsorily Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs. 4.500 Millions |
|
|
Total
|
|
Rs. 444.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1514000 |
Equity Shares |
Rs.10/- each |
Rs. 15.140
Millions |
|
912021 |
4.025% Fully Compulsorily Convertible Cumulative Preference Shares |
Rs.445/-
each |
Rs. 405.850
Millions |
|
419717 |
0.10% Fully Compulsorily Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs. 4.197
Millions |
|
|
Total |
|
Rs. 425.187 Millions |
Note
OTHER DETAILS
REGARDING SHARE CAPITAL
(1) 1,514,031
equity shares includes, 1,498,860 equity shares (March 31, 2010: 1,498,860)
that have been issued as bonus shares by way of capitalization of reserves.
(2) 27 preference
shares under 4.025% Fully Compulsorily Convertible Cumulative Preference shares
('FCCCPs') were converted into 30 equity shares of Rs 10 each during the year.
(3) During the
year, the Company has issued 419,717 0.10% FCCCPs of Rs 10 each at a premium of
Rs 895.37 per share, fully paid up
(4) Each FCCCPs
shall be compulsorily converted into such number of fully paid and
non-assessable equity shares as is determined pursuant to terms of the Share
Holding Agreement as agreed by the parties i.e. earlier of
(a) The closing of
Initial Public Offer
(b) June 26, 2027
in case of 4.025% FCCCP and November 30, 2030 in case of 0.1% FCCCP, as defined
under the Share Subscription Agreement.
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 |
425.187 |
421.001 |
421.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
832.913 |
249.272 |
170.966 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1258.100 |
670.273 |
591.967 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
932.055 |
745.808 |
385.343 |
|
|
2] Unsecured Loans |
8.061 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
940.116 |
745.808 |
385.343 |
|
|
DEFERRED TAX LIABILITIES |
46.446 |
27.008 |
10.579 |
|
|
|
|
|
|
|
|
TOTAL |
2244.662 |
1443.089 |
987.889 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
573.213 |
537.946 |
539.392 |
|
|
Capital work-in-progress |
43.177 |
41.979 |
12.893 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.245 |
0.205 |
0.104 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
229.635
|
325.066
|
178.329 |
|
|
Sundry Debtors |
1962.860
|
807.685
|
453.929 |
|
|
Cash & Bank Balances |
63.608
|
52.119
|
90.622 |
|
|
Other Current Assets |
61.037
|
80.748
|
0.327 |
|
|
Loans & Advances |
293.285
|
153.487
|
90.544 |
|
Total
Current Assets |
2610.425
|
1419.105 |
813.751 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
790.135
|
486.027
|
350.238 |
|
|
Other Current Liabilities |
172.505
|
64.975
|
25.574 |
|
|
Provisions |
19.758
|
5.144
|
2.439 |
|
Total
Current Liabilities |
982.398
|
556.146 |
378.251 |
|
|
Net Current Assets |
1628.027
|
862.959
|
435.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2244.662 |
1443.089 |
987.889 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3591.929 |
2312.852 |
1255.588 |
|
|
|
Other Income |
14.184 |
41.021 |
8.061 |
|
|
|
TOTAL (A) |
3606.113 |
2353.873 |
1263.649 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stock |
0.000 |
0.000 |
[62.149] |
|
|
|
Material Consumed |
2079.801 |
1607.482 |
1027.195 |
|
|
|
Manufacturing Service Cost |
38.374 |
36.419 |
0.000 |
|
|
|
Contract Cost |
728.557 |
339.170 |
0.000 |
|
|
|
Employee Cost |
117.103 |
78.940 |
36.588 |
|
|
|
Administrative and other expenses |
240.867 |
99.615 |
162.609 |
|
|
|
Prior Period Item |
0.000 |
(0.774) |
5.598 |
|
|
|
TOTAL (B) |
3204.702 |
2160.852 |
1169.841 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
401.411 |
193.021 |
93.808 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.122 |
46.549 |
48.965 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
313.289 |
146.472 |
44.843 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.866 |
29.937 |
9.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
276.423 |
116.535 |
35.105 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
74.485 |
38.229 |
11.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
201.938 |
78.306 |
23.885 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
246.736 |
168.430 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
448.674 |
246.736 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
67.030 |
0.164 |
0.537 |
|
|
TOTAL EARNINGS |
67.030 |
0.164 |
0.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
227.263 |
331.616 |
156.317 |
|
|
|
Trading Goods |
191.341 |
81.948 |
634.703 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
11.048 |
|
|
|
Capital Goods |
10.585 |
1.889 |
290.105 |
|
|
TOTAL IMPORTS |
429.189 |
415.453 |
1092.173 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
120.75 |
39.10 |
3.15 |
|
|
|
Diluted |
74.75 |
30.78 |
3.15 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
4900.000 |
4600.000 |
|
|
|
|
|
Expected Sales (2013-14) : Rs.5000.000 Millions
The above information has been parted by Mr. Santosh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.60
|
3.33 |
1.89
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.70
|
5.04 |
2.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.68
|
5.95 |
2.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.17 |
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
1.11 |
0.65
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
2.55 |
2.15
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE
|
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 three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
---------------------- |
|
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 |
BACKGROUND
Subject was
incorporated on August 5 1999 as a private limited company. The name of the
company was changed to Subject on its conversion to public limited entity
during the year ended March 31, 2011 The Company is primarily engaged in
manufacturing, trading and services related to telecommunication components and
products and providing integration services.
PERFORMANCE
The Company
achieved a turnover of Rs.3591.929 Millions (previous year Rs.2312.852
Millions) which represents 55% growth which is outstanding. The Profit after
tax Rs.201.937 Millions (previous year Rs.78.306 Millions).
The year saw major
events in the Telecom Industry. The US and European markets were stagnant and
the emerging markets in Asia such as India and China experienced tough
competition. The Industry was in the news in India, most of the times for wrong
reasons which diverted the attention of the players and resulted in slower
growth. The industry saw the award of 3G licenses during the year fetching the
highest ever revenues to the Government of India thereby proving the faith of
the investors in the growth of the Indian telecom industry. They expect the
same to result in substantial investments in the telecom infrastructure that
will offer well-positioned companies like Microqual a great opportunity for
growth.
They commenced
their RF Cable factory at Aurangabad in January 2009.The quality of their
product is excellent and matching all the international standards. They have by
now received approvals from almost all the major customers for their product as
well as their infrastructure which is rare in the industry. The copper prices
were volatile during the year and they were not able to pass on the impact of
the same fully to the customer and so had to scale the production accordingly.
They have developed a effective hedging mechanism to address the issue of the
volatility in the copper prices. With a healthy order book position, they
expect to achieve the at least 80% capacity utilization in current year.
In order to cater
to the global markets they have decided to acquire (through their subsidiary in
Singapore) a 100% equity shareholding in a French Company having a
manufacturing facility in China to manufacture RF cables. This will give the company
access to the emerging markets like Russia, EMEA countries. The acquisition
process is expected to be completed soon.
The TSP division
of the Company did exceedingly well. They extended their TSP operations during
the year to new states and now the company has presence in 15 states across the
country. Looking at the current roll out plans of various Telcos as well as the
fact that the 3G rollouts expected later this year, they feel there is an
immense opportunity for them and they are well positioned to cater to the
entire need of customers (operators and OEMs). They decided to follow their
customers to different geographies and have commence TSP business in Nepal,
Bangladesh, UAE, Nigeria, Kenya. As they understand the need of local partners
in difficult yet lucrative terrains, they have identified suitable local
partners in such countries and have formed a joint 49:51 JV in Nigeria directly
as well as a 70:30 JV in Bangladesh through their subsidiary in Singapore.
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2011 |
As
on 31.03.2010 |
|
Other debt
unsecured |
8.061 |
0.000 |
|
|
|
|
|
Total |
8.061 |
0.000 |
|
Note: Details of the same are not provided in the Audited Financial
Statement |
||
NEW BUSINESSES:
As they
continuously strive to address the changing needs of their customers better,
they anticipated that in the years to come, telcos would focus on the reduction
of opex and capex. They started studying the power towers and their potential
use in telecom infrastructure.
They have won a
contract from a national power carrier as well as from a couple of State
Electricity Boards where they won exclusive rights to use their transmission
towers for the purpose of installing the telecom infrastructure. This will not
only reduce the cost of putting up a telecom tower but also significantly
reduce the time taken to complete the same. They are confident that this
project will take the Company to a new platform where it will start owning the
telecom assets. The initial response from the customer is overwhelming and has
encouraged them to come up with more innovative solutions to help operators
reduce their capex and opex. They extended the concept and benefit of cost
reducing solution for operators to In building solutions (IBS) business in
which they provide a solution to enhance the telecom signals and improve the
connectivity under BOOL (Build, Own, Operate Lease) model. They expect this to
bring in substantial revenues in the furture.
Company has also
expanded in providing services and solutions in Enterprise Solutions in
association with the OEMs.
FORMATION OF SUBSIDIARIES:
In line with the
Business Plan of the Company and also as per its decision to spread the
business to the different geographies and thereby having the global footprint
the Company formed a subsidiary in Mauritius namely Microqual Mauritius Limited
which has a step down subsidiary in Singapore namely Microqual Singapore Pte.
Limited.
Microqual
Mauritius Limited formed a 100% subsidiary viz. Microqual Kenya Limited and
Microqual Singapore Pte. Limited formed 100%subsidiaries viz. Microqual Middle
East Limited FZE, Microqual Uganda Limited and Microqual Tanzania Limited.
During the year,
Company through its Subsidiary Microqual Singapore Pte. Limited acquired 70%
shareholding of Safe and Advance Engineering Private Limited (later renamed as
Microqual Bangladesh Limited)
JOINT VENTURES
During the year
the Company formed a 50:50 joint venture (namely ROCS Global Private Limtied)
with M/s. Aerolex Cable Net, Bangalore mainly to carry out its BTS Hotelling
Project which involves use of optical fiber and cable TV network to carry RF
signals there by significantly reducing CAPEX and OPEX of the telecom
operators.
In order to
explore the excellent business opportunities in Nigeria and to reap the
advantages of growth there, Company formed a 49:51 JV with Servetek Engineering
(Nigeria) Limited. The name of the JV is Servequal Limited.
FUTURE PLAN OF ACTION
The Company
proposes to have a very well equipped world class R and D facility and New
Product development team, which will be manned by experienced and dedicated
engineers. The Company considers R and D to be the key for its growth. R and D,
therefore, is an integral part of the Company’s future growth plans. The
Company shall continue to launch new products and do work on import
substitution and optimization.
Aurangabad Plant
a) Development of
7/8 SF Aluminum RF cables.
b) Development of 1/2 F Aluminum RF cables.
c) Development of 1/2 SF Aluminum RF cables.
d) Development of 1-5/8 F Aluminum RF cables.
e) To develop Facility for Repeater Assembly and test Lab.
f) To manufacture ACFCU, DC DG and get site approvals.
g) To develop Hybrid cable for RRU
Rudrapur Plant
a) Resource
optimization
b) Maximize Safety and Minimize Environmental Hazards
c) Enhance productivity through improved working methods, regular
communication information and training.
d) Import substitution for IBS products
e) Plan of action has been taken to develop products in the current FY.
List is as follows.
I) Yagi Antenna
2) Sectorial Antenna
3) Combiner (2:1, 2:2, 3:1)
4) Splitters
5) Couplers
4) Diplexer 1800/2100
4) Triplexer
5) POI (12:4)
Banglore Plant
a) Bangalore Plant to be made dedicated R and D facility passive network
components like connectors, splitters, couplers etc
b) Develop all type of connectors for Cables manufactured in Aurangabad
plant.
c) Non RF Connectors like Multi pole connectors.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Bank Guarantees |
93.712 |
140.668 |
|
Bills Accepted
under Letters of Credit |
181.292 |
9.745 |
|
Open Letters of
Credit |
180.635 |
116.382 |
|
Claims against the
Company not acknowledged as debts - Income Tax |
0.226 |
0.226 |
|
- Custom Duty |
1.265 |
1.265 |
|
Cumulative
Dividend on FCCCPs |
61.854 |
45.035 |
|
EPCG License
(Export obligation against concessional custom duty) |
73.583 |
73.583 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435588 |
21/06/2013 |
50,000,000.00 |
NEW INDIA CO-OPERATIVE BANK LTD. |
Centralized Credit Department, Temple View-1, Raheja Township, Malad (E), Mumbai, Maharashtra - 400097, INDIA |
B79077822 |
|
2 |
10425125 |
15/03/2013 |
14,838,600.00 |
TAMILNAD MERCANTILE BANK LIMITED |
GALA NO 25-27, LAXMI PLAZA,, LAXMI INDUSTRIAL EST |
B74933342 |
|
3 |
10361110 |
12/06/2012 |
50,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, C |
B41821794 |
|
4 |
10354698 |
22/03/2012 |
40,000,000.00 |
TAMILNAD MERCANTILE BANK LIMITED |
GALA NO 25-27, GROUND FLOOR,, LAXMI PLAZA, LAXI INDUSTRIAL ESTATE, ANDHERI (WEST), MUMBAI, Maharashtra - 400053, INDIA |
B39321591 |
|
5 |
10343769 |
21/03/2012 |
59,000,000.00 |
INTEC CAPITAL LIMITED |
701, MANJUSHA, 57 NEHRU PLACE, NEW DELHI, Delhi - |
B35660067 |
|
6 |
10331379 |
21/01/2012 |
60,000,000.00 |
Central Bank of India |
Plot No. C-6, B Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, INDIA |
B30428700 |
|
7 |
10305711 |
18/08/2011 |
150,000,000.00 |
DBS BANK LIMITED |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B20283552 |
|
8 |
10290301 |
21/03/2012 * |
285,000,000.00 |
IDBI Bank Limited |
47, OPUS Centre, Central Road, MIDC, Andheri (East),, MUMBAI, Maharashtra - 400093, INDIA |
B57855199 |
|
9 |
10274523 |
08/02/2011 |
200,000,000.00 |
DHANLAXMI BANK LIMITED |
DHANALAKSHMI BANK BUILDINGNAICKANAL, Naickanal, TRICHUR, Kerala - 680001, INDIA |
B08382889 |
|
10 |
10230189 |
04/06/2010 |
24,000,000.00 |
3i Infotech Trusteeship Services Limited |
6th Floor, Ackruti Centre Point, MIDC Central Road, Next to Marol Tel. Exchange, Andheri (E), Mumbai, Maharashtra - 400093, INDIA |
A89362438 |
|
11 |
10210894 |
29/03/2011 * |
260,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B09957762 |
|
12 |
10179530 |
21/11/2011 * |
400,000,000.00 |
Axis Bank Limited |
Gr. Flr. Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B27411214 |
|
13 |
10154263 |
23/04/2009 |
49,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A60779824 |
|
14 |
10133299 |
10/02/2010 * |
250,000,000.00 |
3i Infotech Trusteeship Services Limited |
6th Floor, Ackruti Centre Point, MIDC Central Rd, Next to Marol Telephone Exchange, Andheri (E), Mumbai, Maharashtra - 400093, INDIA |
A80362320 |
|
15 |
10082356 |
28/01/2008 * |
184,800,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A34940965 |
|
16 |
10107570 |
01/12/2008 * |
250,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A52526639 |
|
17 |
10080312 |
14/09/2010 * |
200,000,000.00 |
Standard Chartered Bank |
90, M G Road, Fort, Mumbai, Maharashtra - 400001, |
A94643186 |
|
18 |
10059718 |
27/06/2007 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
A18776229 |
|
19 |
10037724 |
08/01/2007 |
60,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
A10787687 |
* Date of charge modification
FIXED ASSETS:
·
·
·
Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicle
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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.