MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MICROQUAL TECHNO LIMITED (w.e.f. 24.09.2010) |
|
|
|
|
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 |
|
|
|
|
Country : |
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|
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Financials (as
on) : |
31.03.2011 |
|
|
|
|
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 |
|
|
|
|
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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|
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|
No. of Employees
: |
Information declined by the Management. |
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 |
|
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, general financial position of the
company seems to be fair. However, trade relations are fair. Business is active. Payment terms
are unknown. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
Management non-cooperative
(Tel. 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 |
|
Fax No.: |
91-22-26360909/ 23444025/ 26366699 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Head Office : |
B 52, Neo Shine House, Ground Floor, Opposite Monginis Factory, Andheri (West), Mumbai – 400 102, Maharashtra, India |
|
Tel. No.: |
91-22-40741515 |
|
Fax No.: |
91-22-40741590 |
|
|
|
|
Factory 1: |
Plot No.3-4, Sector 6, I.I.E. Pant Nagar, SIDCUL, Rudrapur – 263 153, District U.S. Nagar, Uttarakhand, India |
|
Locations : |
Leased |
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|
Factory 2: |
Gut No.100, Village Farola, Paithon Road, Aurangabad, Behind ‘Videocon’ Factory, Maharashtra, India |
|
Locations : |
Rented |
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|
Factory 3: |
# 6-29/1-B, Amruth Nagar, Main Road, Konanakunte Cross, Bangalore –
560 062, Karnataka, India |
|
Tel. No.: |
91-80-32719436, 26321020 |
|
Fax No.: |
91-80-26323679 |
|
|
|
|
Sales/ Branch Office : |
Located
at: · Bangalore · Chennai · Trichy · Madurai · Hyderabad · Pune · Ahmedabad · Bhopal · Jaipur · Chandigarh · Lucknow · Gurgaon · Delhi · Kolkata · Cochin · Coimbatore |
|
|
|
|
Overseas Office : |
Located
at: ·
Bangladesh ·
Nepal ·
Africa |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Maheshkumar Balkishan Choudhary |
|
Designation : |
Director |
|
Address : |
301, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
11.03.1979 |
|
Date of Appointment : |
16.11.2010 |
|
DIN No.: |
01644880 |
|
|
|
|
Name : |
Mr. Sushilkumar Choudhary |
|
Designation : |
Director |
|
Address : |
302, Jeevan Anand, SAB TV Lane, New Link Road, Andheri (West), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
26.09.1968 |
|
Date of Appointment : |
13.06.2007 |
|
DIN No.: |
01436325 |
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 |
|
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 |
|
Total |
1514000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Nea-Indo US Venture Capital LLC, Mauritius |
456024 |
|
Jafco Asia Technology Investments III (Mauritius) Limited, Mauritius |
273614 |
|
BTS India Private Equity Funds Limited, |
182410 |
|
Total |
912048 |
AS ON 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
0.03 |
|
Directors
or relatives of directors |
|
99.97 |
|
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 |
|
R.F.
Components |
Nos. |
N.A.* |
1258278 |
|
Cables |
Mtrs. |
10000000 |
3616302 |
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 : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1 : |
|
|
Name : |
Chaturvedi and Chaturvedi Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Auditors 2 : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
|
Tel. No.: |
91-22-40356300 |
|
Fax No.: |
91-22-40356400 |
|
PAN No.: |
AALFS0506L |
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|
Enterprises owned or significantly influenced by key management
personnel or their relatives : |
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Subsidiaries : |
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Enterprises under significant influence of the Company : |
|
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital : Rs.584.500 millions
Issued, Subscribed & Paid-up Capital : Rs.534.526
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 |
|
1514031 |
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.
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 |
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/
(LOSS) 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/
(LOSS) 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/ (LOSS)
BEFORE TAX (E-F) (G) |
276.423 |
116.535 |
35.105 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
74.485 |
38.229 |
11.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
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 |
|
|
|
Capital Goods |
10.585 |
1.889 |
290.105 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
11.048 |
|
|
TOTAL IMPORTS |
429.189 |
415.453 |
1092.173 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
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
Details of Current Maturities of Long Term
Debt: Not Available
|
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 |
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:- |
25/04/2014 |
|
Lodging No.:- |
CPL/282/2014 |
|
Filing Date:- |
25/04/2014 |
|
Petitioner:- |
BLUE STAR LIMITED |
|
Respondent:- |
MICROQUAL TECHNO LIMITED |
|
Petn. Adv.:- |
POOJA KANAL (I10036) |
|
District:- |
MUMBAI |
|
Bench:- |
SINGLE |
|
Status:- |
Pre-Admission |
|
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
Last Date:- |
02/05/2014 |
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|
Act :- |
Companies Act and Rules 1956 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
10343769 |
21/03/2012 |
59,000,000.00 |
INTEC CAPITAL
LIMITED |
701, MANJUSHA,
57 NEHRU PLACE, NEW DELHI, DELHI - |
B35660067 |
|
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 |
|
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 |
|
10290301 |
21/03/2012 * |
285,000,000.00 |
IDBI BANK
LIMITED |
47, OPUS CENTRE,
CENTRAL ROAD, MIDC, ANDHERI (EAST),, MUMBAI, MAHARASHTRA - 400093, INDIA |
B57855199 |
|
10274523 |
08/02/2011 |
200,000,000.00 |
DHANLAXMI BANK
LIMITED |
DHANALAKSHMI
BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA |
B08382889 |
|
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 |
|
10210894 |
29/03/2011 * |
260,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B09957762 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
10080312 |
14/09/2010 * |
200,000,000.00 |
STANDARD
CHARTERED BANK |
90, M G ROAD, FORT,
MUMBAI, MAHARASHTRA - 400001, |
A94643186 |
|
10059718 |
27/06/2007 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A18776229 |
|
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 an 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 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.60.20 |
|
UK Pound |
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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.