MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICROQUAL TECHNO LIMITED (w.e.f. 24.09.2010) |
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Formerly Known
As : |
MICROQUAL TECHNO PRIVATE LIMITED |
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Registered
Office : |
306, Laxmi Plaza, Laxmi Industrial Estate, New Link Road,
Andheri (West), Mumbai – 400 053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
05.08.1999 |
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Com. Reg. No.: |
11-121164 |
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Capital
Investment / Paid-up Capital : |
Rs.425.187 millions |
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CIN No.: [Company Identification
No.] |
U32200MH1999PLC121164 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM13047G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is
primarily engaged in manufacturing, trading and services related to
telecommunication components and products and providing integration services. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
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 5032000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The management has failed to file its financial with the Government
Department for the year 2012 and 13. As per previous financial of 2011, the company is found normal for
business dealings. However, trade relations are 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 |
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Contact No.: |
91-22-40741515 |
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 |
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Fax No.: |
91-22-26360909/ 23444025/ 26366699 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
B 52, Neo Shine House, Ground Floor, Opposite Monginis Factory, Andheri (West), Mumbai – 400 102, Maharashtra, India |
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Tel. No.: |
91-22-40741515 |
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Fax No.: |
91-22-40741590 |
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Factory 1: |
Plot No.3-4, Sector 6, I.I.E. Pant Nagar, SIDCUL, Rudrapur – 263 153, District U.S. Nagar, Uttarakhand, India |
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Locations : |
Leased |
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Factory 2: |
Gut No.100, Village Farola, Paithon Road, Aurangabad, Behind ‘Videocon’ Factory, Maharashtra, India |
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Locations : |
Rented |
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Factory 3: |
# 6-29/1-B, Amruth Nagar, Main Road, Konanakunte Cross, Bangalore –
560 062, Karnataka, India |
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Tel. No.: |
91-80-32719436, 26321020 |
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Fax No.: |
91-80-26323679 |
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Sales/ Branch Office : |
Located
at: · Bangalore · Chennai · Trichy · Madurai · Hyderabad · Pune · Ahmedabad · Bhopal · Jaipur · Chandigarh · Lucknow · Gurgaon · Delhi · Kolkata · Cochin · Coimbatore |
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Overseas Office : |
Located
at: ·
Bangladesh ·
Nepal ·
Africa |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Maheshkumar Balkishan Choudhary |
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Designation : |
Director |
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Address : |
301, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
11.03.1979 |
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Date of Appointment : |
16.11.2010 |
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DIN No.: |
01644880 |
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Other Directorship :
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Name : |
Mr. Sushilkumar Choudhary |
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Designation : |
Director |
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Address : |
302, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
26.09.1968 |
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Date of Appointment : |
13.06.2007 |
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DIN No.: |
01436325 |
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Other Directorship :
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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 |
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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 |
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Total |
1514000 |
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Names of Preference Shareholders |
No. of Shares |
|
Nea-Indo US Venture Capital LLC, Mauritius |
456024 |
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Jafco Asia Technology Investments III (Mauritius) Limited, Mauritius |
273614 |
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BTS India Private Equity Funds Limited, |
182410 |
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Total |
912048 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.03 |
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Directors
or relatives of directors |
|
99.97 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily
engaged in manufacturing, trading and services related to telecommunication
components and products and providing integration services. |
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
|
No. of Employees : |
100 (Approximately) |
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Bankers : |
·
Small Industries Development
Bank of India, 11-13, Atlanta Building, 209, First Floor, V.K. Shah Marg,
Nariman Point, Mumbai – 400 021, Maharashtra, India ·
Tamilnad Mercantile Bank Limited, Gala
No.25-27, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri
(West), Mumbai – 400 053, Maharashtra, India ·
Axis Bank Limited, Ground Floor, Axis House,
Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025,
Maharashtra, India ·
Central Bank of India, Plot No.C-6, B Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India
(Tel No.: 91-22-26590966) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Chaturvedi and Chaturvedi Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Auditors 2 : |
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|
Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel,
Mumbai-400013, |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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PAN No.: |
AALFS0506L |
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Subsidiaries : |
·
Microqual Coverage Solutions Private Limited (CIN
No.: U72200MH2008PTC187078) ·
Microqual Global Services Private Limited (CIN
No.: U32106MH2010PTC198416) ·
Microqual (Mauritius) Limited |
|
|
|
|
Enterprises under significant influence of the Company : |
·
Microqual Bangladesh Limited ·
Microqual Singapore Pte Limited |
CAPITAL STRUCTURE
AS ON 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 Shares |
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 |
Notes:
1.
This represents 3,060,000 Equity shares of Rs.10
each
2.
This includes 920,000 - 4.025% Fully Compulsorily
Convertible Cumulative Preference shares ('FCCCPs') of Rs.445
each"-Rs.409.400 millions and 450,000 - 0.10% FCCCPs of Rs.10
each-Rs.4.500 millions
3.
This represents 1,514,031 Equity shares of Rs.10
each fully paid up
4.
This includes 912,021 - 4.025% FCCCPs of Rs.445
each fully paid up and 419,717-0.10% FCCCPs of Rs.10 each fully paid up
5.
This represents 1,514,031 Equity shares of Rs.10
each fully paid up
6.
This includes 912,021 - 4.025% FCCCPs of Rs.445 each
fully paid up and 419,717-0.10% FCCCPs of Rs.10 each fully paid up
7.
This represents 1,514,031 Equity shares of Rs.10
each fully paid up
8.
This includes 912,021 - 4.025% FCCCPs of Rs.445
each fully paid up and 419,717-0.10% FCCCPs of Rs.10 each fully paid up
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 |
|
|
DEFERRED 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 |
|
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
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
421.001 |
421.001 |
425.187 |
|
Reserves & Surplus |
170.966 |
249.272 |
832.913 |
|
Net worth |
591.967 |
670.273 |
1258.100 |
|
|
|
|
|
|
Secured Loans |
385.343 |
745.808 |
932.055 |
|
Unsecured Loans |
0.000 |
0.000 |
8.061 |
|
Total borrowings |
385.343 |
745.808 |
940.116 |
|
Debt/Equity ratio |
0.651 |
1.113 |
0.747 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
1255.588 |
2312.852 |
3591.929 |
|
|
|
84.205 |
55.303 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
1255.588 |
2312.852 |
3591.929 |
|
Profit |
23.885 |
78.306 |
201.938 |
|
|
1.90% |
3.39% |
5.62% |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
LITIGATION
DETAILS:
CASE DETAILS
|
Bench:- |
Bombay |
|
Presentation
Date:- |
31/01/2014 |
|
Lodging No.:- |
CPL/52/2014 |
|
Filing Date:- |
31/01/2014 |
|
Petitioner:- |
DBS BANK LIMITED |
|
Respondent:- |
MICROQUAL TECHNO LIMITED (CIN: 32200MH1999PLC121164) |
|
Petn. Adv.:- |
NASIKWALA LAW OFFICE (I418) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|
Status:- |
Pre-Admission |
|
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
07/02/2014 |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|
Act :- |
Companies Act and Rules 1956 |
|
Under Section:- |
433 & 434 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1.
1 |
10481224 |
05/03/2014 |
150,000,000.00 |
SMALL
INDUSTRIES DEVELOPMENT BANK OF INDIA |
11-13,
ATLANTA BUILDING, 209, FIRST FLOOR, V.K. SHAH MARG, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B97900286 |
|
2.
1 |
10435588 |
21/06/2013 |
50,000,000.00 |
NEW INDIA
CO-OPERATIVE BANK LIMITED |
CENTRALIZED CREDIT
DEPARTMENT, TEMPLE VIEW-1, RAHEJA TOWNSHIP, MALAD (EAST), MUMBAI, MAHARASHTRA
- 400097, INDIA |
B79077822 |
|
3.
2 |
10425125 |
15/03/2013 |
14,838,600.00 |
TAMILNAD
MERCANTILE BANK LIMITED |
GALA NO 25-27, LAXMI
PLAZA, LAXMI INDUSTRIAL ESTATE, NEW LINK ROAD, ANDHERI (WEST), MUMBAI,
MAHARASHTRA - 400053, INDIA |
B74933342 |
|
4.
3 |
10361110 |
12/06/2012 |
50,000,000.00 |
SBI GLOBAL
FACTORS LIMITED |
6TH FLOOR, METROPOLITAN
BUILDING, BANDRA-KURLA, COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051,
INDIA |
B41821794 |
|
5.
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 |
|
6.
5 |
10343769 |
21/03/2012 |
59,000,000.00 |
INTEC CAPITAL
LIMITED |
701, MANJUSHA,
57 NEHRU PLACE, NEW DELHI, DELHI - |
B35660067 |
|
7.
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 |
|
8.
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 |
|
9.
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 |
|
10.
9 |
10274523 |
08/02/2011 |
200,000,000.00 |
DHANLAXMI BANK
LIMITED |
DHANALAKSHMI
BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA |
B08382889 |
|
11.
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
(EAST), MUMBAI, MAHARASHTRA - 400093, INDIA |
A89362438 |
|
12.
11 |
10210894 |
29/03/2011 * |
260,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B09957762 |
|
13.
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 |
|
14.
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 |
|
15.
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 |
|
16.
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 |
|
17.
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 |
|
18.
17 |
10080312 |
14/09/2010 * |
200,000,000.00 |
STANDARD
CHARTERED BANK |
90, M G ROAD, FORT,
MUMBAI, MAHARASHTRA - 400001, |
A94643186 |
|
19.
18 |
10059718 |
27/06/2007 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A18776229 |
|
20.
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
UNSECURED LOAN:
|
Particulars |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
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
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.
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
|
Particulars |
31.03.2011 (Rs.
in Millions) |
31.03.2010 (Rs.
in Millions) |
|
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 |
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 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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.