|
Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PLASTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.06.1994 |
|
|
|
|
Com. Reg. No.: |
08-015731 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.560 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U19201KA1994PTC015731 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Injection Molding, Tools and Components. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 650000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Sales turnover and profit of the company appears to be decent. Trade relations are fair. Business is active. payment terms are
usually correct. The company can be considered for business dealing 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) |
|
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
10.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A3+” |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
10.09.2012 |
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 (GENERAL DETAILS)
|
Name : |
Mr. Vijendra Babu N |
|
Designation : |
Managing director |
|
Contact No.: |
91-80-27827738 |
|
Date : |
16.10.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Khat No. 170/1, Sy. No. 330/3, 324, 331, 323, 331/1 and 334/1, |
|
Tel. No.: |
91-80-27827738 |
|
Mobile No.: |
91-9880716102 (Mr. Vijendra Babu) |
|
Fax No.: |
91-80-27827761 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.08.2013
|
Name : |
Mr. Vijendra Babu N |
||||||||||||||||||
|
Designation : |
Managing director |
||||||||||||||||||
|
Address : |
# 37, M.S. Mansion, Eswara layout, J.P. Nagar 7th Phase, Bangalore –
560078, Karnataka, India |
||||||||||||||||||
|
Date of Birth/Age : |
05.06.1970 |
||||||||||||||||||
|
Date of Appointment : |
11.02.2011 |
||||||||||||||||||
|
DIN No.: |
00510415 |
||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||
|
|
|
||||||||||||||||||
|
Name : |
Mr. Narasimha Kamath |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
1706, Akarshan, |
||||||||||||||||||
|
Date of Birth/Age : |
22.11.1949 |
||||||||||||||||||
|
Date of Appointment : |
08.06.1994 |
||||||||||||||||||
|
DIN No.: |
01621639 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Name : |
Mr. Govindarajan Anbarasan |
||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||
|
Address : |
182, Ground Floor, Arekere, 5th Cross, Lakshmi Layout, |
||||||||||||||||||
|
Date of Birth/Age : |
18.10.1954 |
||||||||||||||||||
|
Date of Appointment : |
08.02.2005 |
||||||||||||||||||
|
DIN No.: |
00510445 |
||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Narasimha Kamat |
|
14000 |
|
Vijendra Babu N |
|
15600 |
|
Govindarajan Anbarasan |
|
12000 |
|
C P Bhat |
|
14000 |
|
Total |
|
55600 |
As on 31.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Injection Molding, Tools and Components. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
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|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
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|
||||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
250 (Approximately) |
|
|
|
|
Bankers : |
Corporation Bank,
Industrial Finance Brach, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Krishnananda Nayak and Company Chartered Accountants |
|
Address : |
8/1, |
|
Tel. No.: |
91-80-26578391/ 26578392 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFPN5334D |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55600 |
Equity Shares |
Rs.100/- each |
Rs. 5.560 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5.560 |
5.560 |
5.560 |
|
(b) Reserves & Surplus |
157.756 |
122.490 |
91.106 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
163.316 |
128.050 |
96.666 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.254 |
11.808 |
10.414 |
|
(b) Deferred tax liabilities (Net) |
2.104 |
1.191 |
0.297 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.375 |
1.288 |
0.000 |
|
Total Non-current Liabilities (3) |
20.733 |
14.287 |
10.711 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
43.833 |
32.955 |
28.558 |
|
(b) Trade payables |
27.372 |
26.456 |
37.530 |
|
(c) Other current
liabilities |
26.641 |
22.102 |
0.000 |
|
(d) Short-term provisions |
64.051 |
44.774 |
35.320 |
|
Total Current Liabilities (4) |
161.897 |
126.287 |
101.408 |
|
|
|
|
|
|
TOTAL |
345.946 |
268.624 |
208.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
94.012 |
74.405 |
47.383 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.773 |
0.669 |
0.351 |
|
(d) Long-term Loan and Advances |
6.433 |
6.207 |
5.795 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
101.218 |
81.281 |
53.529 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
33.592 |
27.785 |
24.391 |
|
(c) Trade receivables |
104.986 |
84.106 |
79.331 |
|
(d) Cash and cash
equivalents |
33.476 |
24.124 |
16.963 |
|
(e) Short-term loans and
advances |
8.242 |
5.007 |
0.000 |
|
(f) Other current assets |
64.432 |
46.321 |
34.571 |
|
Total Current Assets |
244.728 |
187.343 |
155.256 |
|
|
|
|
|
|
TOTAL |
345.946 |
268.624 |
208.785 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
373.981 |
321.484 |
368.882 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
77.502 |
62.514 |
78.883 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.015 |
7.295 |
5.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70.487 |
55.219 |
73.121 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.541 |
10.145 |
9.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
57.946 |
45.074 |
63.936 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.680 |
13.690 |
15.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
35.266 |
31.384 |
48.036 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
122.490 |
91.106 |
43.070 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
157.756 |
122.490 |
91.106 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of Components and Tooling |
177.133 |
153.489 |
118.433 |
|
|
TOTAL EARNINGS |
177.133 |
153.489 |
118.433 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
634.28 |
564.46 |
863.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.49
|
9.76 |
17.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.79
|
16.82 |
30.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.35 |
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37
|
0.35 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.48 |
1.53 |
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
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80007961 |
07/09/2013 * |
166,500,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, RALLARAM BUILDING, NO.30, MISSION ROAD, BANGALORE - 560027, KARNATAKA, INDIA |
B86066941 |
* Date of charge modification
NOTE
The registered office address of the company has been shifted from 1706,
Akarshan, Kumaraswamy Layout,
CONTINGENT
LIABILITIES:
The company has outstanding:
Bank guarantees of Rs. 1.513 Millions (P.Y. Rs. 1.700 Millions)
Bond signed to customs of Rs. 24.780 Millions (P.Y. Rs. 23.214 Millions)
Letter of Credit Rs. 4.026 Millions (P.Y. Rs. 4.026 Millions)
As at 31st March, 2013 to bank, in respect of the guarantees given by the banks in favour of various private parties.
FIXED ASSETS
· Computers
Electrical
Equipment
Furniture
and Equipment
Lab
Equipment
Office
Equipment
Plant
and Machinery
Factory
Rented Premises
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.61.28 |
|
|
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.