MIRA
INFORM REPORT
|
Report Date : |
27.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MM METAL MATRIEX PRIVATE LIMITED |
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Registered Office : |
No. 68, Muniyappa Compound, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.10.2005 |
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Com. Reg. No.: |
08-37521 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.950 Millions |
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CIN No.: [Company
Identification No.] |
U04540KA2005PTC037521 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM10064F |
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PAN No.: [Permanent
Account No.] |
AAECM4527D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chairs and False Flooring. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Management of the company has failed to file its financial with the
government department after 2010. As per available financials (2010), there seems dip in sales turnover
and profitability. However, trade relations are reported to be fair. Business is active.
Payments 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 |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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. Prabhuraj Manvi |
|
Designation : |
Director |
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Contact No.: |
91-9845140171 |
|
Date : |
03.03.2014 |
LOCATIONS
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Registered Office/Factory : |
No. 68, Muniyappa Compound, Magadi Main Road, Opposite Veeresh
Theatre, Bangalore – 560 079, Karnataka, India |
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Tel. No.: |
91-80-41689503/23100320/91-9845140171(Mr.
Prabhuraj Manvi) |
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Fax No.: |
91-80-23100319 |
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E-Mail : |
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Website : |
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Corporate Office : |
No. 63, Muniyappa Compound, Magadi Main Road, Opposite Veeresh
Theatre, Bangalore – 560079, Karnataka, India |
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Area : |
10000 Sq.ft |
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Location : |
Owned |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Mallikarjuna Adigannanavar |
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Designation : |
Chairman cum Managing Director |
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Address : |
No.272, 8th Main Road, BCC Layout Vijaynagar, 2nd
Stage, Bangalore – 560040, Karnataka, India |
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Date of Birth/Age : |
11.07.1971 |
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Date of Appointment : |
21.10.2005 |
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Name : |
Mr. Prabhuraj Manvi |
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Designation : |
Director |
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Address : |
No.300, 8th Main, 4th Cross, BCC Layout
Vijaynagar, 2nd Stage, Bangalore – 560040, Karnataka, India |
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Date of Birth/Age : |
08.01.1975 |
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Date of Appointment : |
21.10.2005 |
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Name : |
Mr. Venkataramanppa Chandrashekar |
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Designation : |
Director |
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Address : |
Lakshmi Nilaya, 49, 4th Main, Byraweshwarinagar, Nagar
Bhavi Road, Bangalore – 560072, Karnataka, India |
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Date of Birth/Age : |
17.07.1970 |
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Date of Appointment : |
21.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mallikarjuna Adigannanavar |
15000 |
33.33 |
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Prabhuraj Manvi |
15000 |
33.33 |
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Venkataramanppa Chandrashekar |
15000 |
33.33 |
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Total |
45000 |
100.00 |
As on 25.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chairs and False Flooring. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s Alcatel-Lucent Headstrong Capgemini Brigade Metropolice ST Micro Toyota UB City |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
Bank of India, J.C. Road Branch, No.75,
Farrah Commercial Complex, J.C. Road, Bangalore – 560002, 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 : |
Raghavendra Naik and Associates Chartered Accountants |
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Address : |
No. 128, 2nd Floor, 11th Cross, Sampige Road,
Malleshwaram, Bangalore – 560003, Karnataka, India |
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Name : |
Sheshachala and Company Chartered Accountants |
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Address : |
No.60, 1st Floor, 7th Cross, Sampige Road,
Malleshwaram, Bangalore – 560003, Karnataka, India |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
45000 |
Equity Shares |
Rs.10/- each |
Rs.
0.450 Million |
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Add :Share Application Money Pending Allotment |
|
Rs.
1.500 Millions |
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Total |
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Rs. 1.950 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.950 |
1.950 |
0.450 |
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2] Share Application Money |
0.000 |
0.000 |
1.500 |
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3] Reserves & Surplus |
2.084 |
2.666 |
0.197 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.034 |
4.616 |
2.147 |
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LOAN FUNDS |
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1] Secured Loans |
1.000 |
1.782 |
1.926 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.000 |
1.782 |
1.926 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.034 |
6.398 |
4.073 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.618 |
0.712 |
0.797 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.275 |
0.260 |
0.000 |
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DEFERREX TAX ASSETS |
0.001 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.800
|
1.585 |
2.106
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Sundry Debtors |
3.077
|
6.280 |
2.015
|
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Cash & Bank Balances |
0.236
|
2.618 |
5.047
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Other Current Assets |
0.295
|
0.245 |
0.000
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Loans & Advances |
0.393
|
3.358 |
1.867
|
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Total
Current Assets |
4.801
|
14.086 |
11.035 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.583
|
8.660 |
7.182 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000
|
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Provisions |
0.077
|
0.000 |
0.577
|
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Total
Current Liabilities |
0.660
|
8.660 |
7.759 |
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Net Current Assets |
4.141
|
5.426 |
3.276 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.034 |
6.398 |
4.073 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales Turnover |
18.444 |
54.316 |
9.946 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.354 |
2.610 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.106 |
0.123 |
NA |
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PROFIT BEFORE
TAX |
0.248 |
2.487 |
0.236 |
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Less |
TAX |
0.077 |
0.018 |
0.098 |
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PROFIT AFTER TAX
|
0.171 |
2.469 |
0.138 |
|
Expected Sales (2013-2014): Rs. 180.000 Millions
The above information has been parted by Mr. Prabhuraj Manvi (Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.34
|
4.58 |
2.37 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.58
|
16.81 |
1.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.54 |
0.11 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.25
|
0.39 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
|
7.27
|
1.63 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.450 |
1.950 |
1.950 |
|
Share Application Money |
1.500 |
0.000 |
0.000 |
|
Reserves & Surplus |
0.197 |
2.666 |
2.084 |
|
Net
worth |
2.147 |
4.616 |
4.034 |
|
|
|
|
|
|
Secured Loans |
1.926 |
1.782 |
1.000 |
|
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.926 |
1.782 |
1.000 |
|
Debt/Equity
ratio |
0.897 |
0.386 |
0.248 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9.946 |
54.316 |
18.444 |
|
|
|
446.109 |
-66.043 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9.946 |
54.316 |
18.444 |
|
Profit |
0.138 |
2.469 |
0.171 |
|
|
1.39% |
4.55% |
0.93% |
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 |
Yes |
|
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
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 |
10441087 |
13/07/2013 |
1,384,000.00 |
BANK OF INDIA |
J.C. ROAD BRANCH, NO.4/2, O.T.C ROAD OFF J.C. ROAD, BANGALORE - 560002, KARNATAKA, INDIA |
B81142051 |
|
2 |
10441851 |
01/07/2013 |
4,500,000.00 |
BANK OF INDIA |
J.C. ROAD BRANCH, NO.4/2, O.T.C ROAD OFF J.C. ROAD, BANGALORE - 560002, KARNATAKA, INDIA |
B81582942 |
|
3 |
10061238 |
21/03/2011 * |
10,000,000.00 |
BANK OF INDIA |
J.C. ROAD BRANCH, NO.4/2, O.T.C ROAD OFF J.C. ROAD, BANGALORE - 560002, KARNATAKA, INDIA |
B11008349 |
* Date of charge modification
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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
|
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 |
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 |
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 |
|
27 |
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.