MIRA
INFORM REPORT
|
Report Date : |
18.01.2014 |
|
|
|
|
Tel. No.: |
91-250-2320458/2320462/2324731/41/73 |
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Fax No.: |
91-250-2324731/ 2323420/2320458/2320462/41/73 |
IDENTIFICATION DETAILS
|
Name : |
MICRO PNEUMATICS PRIVATE LIMITED |
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|
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Registered
Office : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
03.04.2001 |
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Com. Reg. No.: |
131472 |
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Capital
Investment / Paid-up Capital : |
Rs.0.519 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U32109MH2001PTC131472 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM25143G / MUMM18361A / MUMM18360G |
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PAN No.: [Permanent Account No.] |
AACCM6130A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacture of Industrial Valves, Ball Valves etc. |
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No. of Employees
: |
120 (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 200000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Profitability of the company seems to be decent. General financial
position of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
Anitha Vishwanathan |
|
Designation : |
Office Executive |
|
Contact No.: |
91-250-2320458 |
|
Date : |
12.12.2013 |
LOCATIONS
|
Registered Office : |
3 Maqskood Industrial Estate, Marol Naka, Andheri (East), Mumbai –
400059, Maharashtra, India |
|
Tel. No.: |
91-250-2320458/2320462/2324731/41/73 |
|
Mobile No.: |
91-9422475289 (Mr.
Robert Menezes ) |
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Fax No.: |
91-250-2324731/ 2323420/2320458/2320462/41/73 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 133-134, Vasai Municipal
Industrial Area, Umela Phata, Papdy, Vasai Road, (West), Vasai - 401207,
Maharashtra, India |
|
Tel. No.: |
91-250-2320458/2320462/2324731/41/73 |
|
Fax No.: |
91-250-2324731/ 2323420/2320458/2320462/41/73 |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Mr. Jossie Hilary Menezes |
|
Designation : |
Director |
|
Date of Appointment : |
03.04.2001 |
|
DIN No.: |
00234954 |
|
Name : |
Mr. Robert Hilary
Menezes |
|
Designation : |
Director |
|
Date of Appointment : |
03.04.2001 |
|
DIN NO.: |
00235071 |
MAJOR SHAREHOLDERS
AS ON 25.09.2013
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Robert Hilary
Menezes |
45868 |
|
Jossie Hilary Menezes |
6052 |
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|
|
|
Total |
51920 |
AS ON 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Equity Share
Break up |
Percentage of Holding |
|
|
|
|
Directors or relatives of Directors |
100.00 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Industrial Valves, Ball Valves etc. |
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Products : |
Ball Valves, Butterfly Valves, Solenoid Valves, Flush Bottom Valves,
Pneumatic Rotary Actuators, etc. |
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Exports : |
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Products : |
Industrial Valves, Ball Valves etc. |
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Countries : |
Kenya |
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Terms : |
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Selling : |
Cash / Credit (30 or 60 Days) |
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Purchasing : |
Cash / Credit (30 or 60 Days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
120 (Approximately) |
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Bankers : |
·
Indian Bank – Mangal Ashirwad, S.V. Road,
Santacruz (West), Mumbai – 400054, Maharashtra, India ·
Bassein Catholic Co-Operative Bank Limited –
Manickpur Branch, Vasai, Maharashtra, India ·
IDBI Bank ·
AXIS Bank |
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Facilities : |
The rates at which terms loans were primarily financed has been
rescheduled by the financial institutions, resulting in a decrease in the
lending rates. The disclosures with regards to the terms of borrowings are as
on the date of balance sheet. Working capital loans are secured by hypothecation of present and
future stock of raw materials, stock in process, finished goods, stores and
spares and book debts. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
R. S. Prabhu and Associates Chartered Accountants |
|
Address : |
Swagat Bhavan, Opposite MSEB Colony, Near Indian Oil, Vasai (East),
Thane – 401202, Maharashtra, India |
|
Tel. No.: |
91-250-6457585 / 59 |
|
PAN
NO.: |
AAIFR9554L |
CAPITAL STRUCTURE
AS ON 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51920 |
Equity Shares |
Rs.10/- each |
Rs.0.519
Million |
|
|
|
|
|
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 |
0.519 |
0.519 |
0.519 |
|
(b) Reserves & Surplus |
48.054 |
36.997 |
27.410 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.481 |
0.481 |
|
Total
Shareholders’ Funds (1) + (2) |
48.573 |
37.997 |
28.410 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5.168 |
5.424 |
6.081 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.181 |
0.181 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
5.168 |
5.605 |
6.262 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
9.351 |
9.412 |
9.956 |
|
(b) Trade payables |
22.674 |
3.042 |
23.956 |
|
(c) Other current
liabilities |
13.457 |
13.071 |
7.577 |
|
(d) Short-term provisions |
6.382 |
14.283 |
12.707 |
|
Total Current Liabilities (4) |
51.864 |
39.808 |
54.196 |
|
|
|
|
|
|
TOTAL |
105.605 |
83.410 |
88.868 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
31.088 |
25.691 |
25.759 |
|
(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 |
0.932 |
0.837 |
0.511 |
|
(c) Deferred tax assets (net) |
0.100 |
0.326 |
0.116 |
|
(d) Long-term Loan and Advances |
6.709 |
14.799 |
14.647 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.002 |
|
Total Non-Current Assets |
38.829 |
41.653 |
41.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
11.166 |
9.028 |
10.200 |
|
(c) Trade receivables |
34.306 |
28.765 |
36.362 |
|
(d) Cash and cash equivalents |
19.557 |
1.948 |
1.136 |
|
(e) Short-term loans
and advances |
1.747 |
2.016 |
0.135 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
66.776 |
41.757 |
47.833 |
|
|
|
|
|
|
TOTAL |
105.605 |
83.410 |
88.868 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
|
|
|
Income |
217.523 |
178.898 |
NA |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
217.523 |
178.898 |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
194.114 |
160.033 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
TOTAL |
194.114 |
160.033 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
23.409 |
18.865 |
NA |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
5.141 |
4.992 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.268 |
13.873 |
NA |
|
|
|
|
|
|
|
|
|
|
TAX |
6.346 |
4.707 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
11.832 |
9.586 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.10/-) |
229 |
181 |
NA |
|
Expected Sales (2013-2014) : Rs.250.000 Millions.
The above information has been parted by- Anitha Vishwanathan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
5.43
|
5.35 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.46
|
16.86 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.36 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.39 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.28
|
1.04 |
0.88 |
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 |
Yes |
|
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) |
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 |
VIEW INDEX OF
CHARGES
|
Sr.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10274482 |
09/08/2011 * |
19,740,000.00 |
INDIAN BANK |
MANGAL ASHIRWAD, S.V.ROAD,SANTACRUZ-WEST,
MUMBAI, |
B19907120 |
|
2 |
10144048 |
29/01/2009 |
20,000,000.00 |
Axis Bank Limited |
WESTERN ZONAL OFFICE, RNA CORPORATE PARK,
3RD FLR, |
A57285272 |
|
3 |
10025342 |
21/06/2007 * |
20,000,000.00 |
INDIAN BANK |
SANTACRUZ (WEST) BRANCH, "MANGAL
ASHIRWAD", S V R |
A27681006 |
FIXED ASSETS
·
Furniture and Fixture
·
Tools and Equipments
·
Office Equipments
·
Air Conditioner
·
Type Writer
·
Machineries
·
Dyes
·
Vehicles
·
Computers
·
Lease Land
·
Electrical Fitting
·
Factory Building
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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] 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.61.52 |
|
|
1 |
Rs.101.47 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
ANT |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
6 |
|
--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 |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.