MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
METAL CLOSURES PRIVATE LIMITED |
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Registered
Office : |
No 39/4B, 12th K.M, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.12.1977 |
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Com. Reg. No.: |
08-003254 |
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Capital
Investment / Paid-up Capital : |
Rs.150.000 Millions |
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CIN No.: [Company Identification
No.] |
U34203KA1977PTC003254 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01069F |
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PAN No.: [Permanent Account No.] |
AABCM1666J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of
closures and pilfer proof caps for brewery and pharmaceutical. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1840000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The management has failed to file the financial data with the
government department after 2011. As per the available financial data,
profitability of the company appears to be low during 2011. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealing with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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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
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B- (Long Term) |
|
Rating Explanation |
Have high risk of default. |
|
Date |
July 2013 |
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Rating Agency Name |
ICRA |
|
Rating |
A4 (Short Term) |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
July 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
No 39/4B, 12th K.M, Kanakapura
Main Road, Bangalore – 560062, Karnataka, India |
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Tel. No.: |
91-80-26320501/
2632059/ 26320132 |
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Fax No.: |
91-80-26320020 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Shereen Hegde |
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Designation : |
Director |
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Address : |
261/B, Defence Colony, HAL 2nd
Stage, |
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Date of Birth/Age : |
06.05.1954 |
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Date of Appointment : |
18.09.1995 |
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DIN No.: |
00457563 |
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Other Directorship :
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Name : |
Bannampalli Prashanth Hegde |
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Designation : |
Director |
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Address : |
261/B, Defence Colony, HAL 2nd
Stage, |
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Date of Birth/Age : |
14.07.1949 |
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Date of Appointment : |
07.12.1977 |
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DIN No.: |
00457573 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Bannampalli Prashanth Hegde |
|
1063949 |
|
Shereen Hegde |
|
257000 |
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Sulochana Hegde |
|
168051 |
|
Vijaya Shetty |
|
7000 |
|
Vivek Shetty |
|
4000 |
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Total |
|
1500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of closures
and pilfer proof caps for brewery and pharmaceutical. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
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Actual
Production |
|
Metal Cap Closures – Pilfer
Proof/Lug-Cap/SPC/PMS and |
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|
341.66 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Corporation Bank, 66/1 and 66/2, Aruna Complex, J C Road, Bangalore - 560002, Karnataka, India · Punjab National Bank, Large Corporate Branch, Centenery Building, 28, M G Road, Bangalore - 560001, Karnataka, India · State Bank of India, Specialized Mid Corporate Branch, # 136, Railway Parallel Road, Kumarapark West, Bangalore - 560020, Karnataka, India · UCO Bank, MID Corporate Branch, 13/22, 1st Floor, K.G. Road, Bangalore - 560009, Karnataka, India |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Venkat Kollali and
Murthy Chartered Accountant |
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Address : |
No.25, 1st Floor, Gover Road, Cox
Town, Bangalore – 560005, Karnataka, India |
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Tel No.: |
91-22-25804098/ 41253519 |
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Email: |
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PAN No.: |
AAAFV5784G |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 Millions |
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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 |
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|
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1] Share Capital |
150.000 |
125.000 |
96.200 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
312.361 |
252.047 |
191.612 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
462.361 |
377.047 |
287.812 |
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LOAN FUNDS |
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1] Secured Loans |
1104.052 |
1046.263 |
1007.178 |
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2] Unsecured Loans |
0.000 |
14.330 |
0.000 |
|
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TOTAL BORROWING |
1104.052 |
1060.593 |
1007.178 |
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DEFERRED TAX LIABILITIES |
30.443 |
33.843 |
18.742 |
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TOTAL |
1596.856 |
1471.483 |
1313.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
563.825 |
627.379 |
345.062 |
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Capital work-in-progress |
3.221 |
0.258 |
0.000 |
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INVESTMENT |
0.254 |
0.254 |
0.253 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
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Inventories |
519.900
|
421.223 |
385.371 |
|
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Sundry Debtors |
527.026
|
530.809 |
554.255 |
|
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Cash & Bank Balances |
74.615
|
49.115 |
71.105 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
107.191
|
31.922 |
67.287 |
|
Total
Current Assets |
1228.732
|
1033.069 |
1078.018 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
|
Sundry Creditors |
175.681
|
177.354 |
86.395 |
|
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Other Current Liabilities |
1.410
|
2.709 |
0.000 |
|
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Provisions |
22.085
|
9.414 |
23.206 |
|
Total
Current Liabilities |
199.176
|
189.477 |
109.601 |
|
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Net Current Assets |
1029.556
|
843.592 |
968.417 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
1596.856 |
1471.483 |
1313.732 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
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|
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Other Income |
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TOTAL |
17571.173 |
1587.985 |
1547.676 |
|
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Less |
EXPENSES |
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|
Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
16567.524 |
1446.710 |
1408.776 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1003.649 |
141.275 |
138.900 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
922.198 |
60.447 |
54.317 |
|
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|
PROFIT BEFORE
TAX |
81.451 |
80.828 |
84.583 |
|
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|
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Less |
TAX |
21.137 |
20.393 |
16.018 |
|
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|
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|
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PROFIT AFTER TAX
|
60.317 |
60.435 |
68.565 |
|
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
43.400 |
18.647 |
18.619 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.21 |
48.35 |
71.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.34 |
3.81 |
4.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.54 |
4.87 |
5.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.21 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
2.39 |
2.81 |
3.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.17 |
5.45 |
9.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
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 |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2011 |
As on 31.03.2010 |
|
Other debt unsecured |
0.000 |
14.330 |
|
|
|
|
|
Total |
0.000 |
14.330 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444957 |
31/07/2013 |
77,000,000.00 |
CORPORATION BANK |
66/1 AND 66/2, ARUNA COMPLEX, J C ROAD, BANGALORE, KARNATAKA - 560002, INDIA |
B83030726 |
|
2 |
10402701 |
18/01/2013 |
784,000,000.00 |
STATE BANK OF INDIA |
SPECIALISED MID CORPORATE BRANCH, NO.136, RAILWAY PARALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA - 560020, INDIA |
B67975193 |
|
3 |
10356625 |
19/04/2012 |
100,000,000.00 |
UCO BANK |
MID CORPORATE BRANCH, 13/22, 1ST FLOOR, K.G.ROAD, BANGALORE, KARNATAKA - 560009, INDIA |
B39949805 |
|
4 |
10316332 |
01/02/2013 * |
30,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67948117 |
|
5 |
10285637 |
01/02/2013 * |
50,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B67947176 |
|
6 |
10269627 |
10/02/2011 |
3,000,000.00 |
Department Of Industries |
TRILOKPUR ROAD, KALA-AMB, DISTRICT SIRMOUR, NAHAN, HIMACHAL PRADESH - 173001, INDIA |
B07412802 |
|
7 |
10243611 |
05/07/2013 * |
63,750,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, CENTENERY BUILDING, 28, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B79290821 |
|
8 |
10210350 |
18/04/2013 * |
1,494,000,000.00 |
STATE BANK OF INDIA |
SPECIALIZED MID CORPORATE BRANCH, # 136, RAILWAY PARALLEL ROAD, KUMARAPARK WEST, BANGALORE, KARNATAKA - 560020, INDIA |
B75212159 |
|
9 |
10168287 |
03/07/2008 |
902,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, NO. 30, I FLOOR, RALLA RAM BUILDING, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
A62192760 |
|
10 |
10062910 |
26/10/2009 * |
975,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMINISTRATION UNIT, 3RD FLOOR, RESIDENCY PLAZA, NO. 61, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A73291684 |
|
11 |
80046758 |
22/01/2009 * |
295,125,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, RALLARAM BLDG., NO.30, MISSON ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
A56489255 |
|
12 |
80066073 |
10/03/1997 |
4,900,000.00 |
KSFC |
THIMMAIAH ROAD, , BANGALORE, KARNATAKA - 560042, INDIA |
- |
|
13 |
80066072 |
04/10/1994 |
277,000.00 |
CITI BANK |
ANNA SALAI, MADRAS, TAMILNADU - 600002, INDIA |
- |
|
14 |
80066074 |
26/06/1987 |
237,000.00 |
KSFC |
BANGALORE, KARNATAKA - 560001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· Office Equipments
· Factory Equipments
· Computer Equipments
· Furniture and Fixtures
· Vehicles
· Goodwill
· Knowhow
· Computer Software
· Licenses
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 records 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] 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
26 |
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.