MIRA INFORM REPORT
|
Report No. : |
318745 |
|
Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
MICO PLAST INDUSTRIES PRIVATE LIMITED (w.e.f. 15.04.2005) |
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Formerly Known
As : |
MICO PLAST INDUSTRIES LIMITED |
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Registered
Office : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu |
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Tel. No.: |
91-44-25523925/ 25523965 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.06.1991 |
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Com. Reg. No.: |
18-021005 |
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Capital
Investment / Paid-up Capital : |
Rs. 27.410 Million |
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|
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CIN No.: [Company Identification
No.] |
U52599TN1991PLC021005 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM01303B |
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PAN No.: [Permanent Account No.] |
AAACM6176C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged business is manufacturing in Polybags HMHD Rolls. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company possesses a below average financial profile marked by
modest networth base and huge financial leverage as well as other
liabilities, along with highly working capital intensive operations. Management has witnessed an increase in its revenue, whereas has
reported a loss from its modest scale of operations during FY14. However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow. In view of the aforesaid, the company can be considered for business
dealings with great caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating Explanation |
Suspended ratings with immediate effect as the subject has not furnished the requisite information. |
|
Date |
February 13, 2015 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Uma Maheshwari |
|
Designation : |
Account Head |
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Contact No.: |
91-9940100228 |
|
Date : |
22.04.2015 |
LOCATIONS
|
Registered Office and Factory 1 : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu, India |
|
Tel. No.: |
91-44-25523925/ 25523965 |
|
Mobile No.: |
91-9940100228 (Ms. Uma Maheshwari) |
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Fax No.: |
91-44-25523307 |
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E-Mail : |
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Website : |
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Area : |
24,000 Sq ft |
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Location : |
Owned |
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Factory 2 : |
No: 19, Chinnapuliyur Village, Satyavedu Road, Gummudipundy TK,
Thiruvallur - 601206, Tamilnadu, India
|
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Naresh Kumar Rangraj |
|
Designation : |
Director |
|
Address : |
22.01.1971 |
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Date of Birth/Age : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu, India |
|
Date of Appointment : |
10.06.1994 |
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PAN No.: |
AAKPK1199A |
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DIN No.: |
00157192 |
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|
|
|
Name : |
Mr. Suraj Kumari Agarchand |
|
Designation : |
Director |
|
Address : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu, India |
|
Date of Birth/Age : |
20.10.1962 |
|
Date of Appointment : |
25.06.1991 |
|
PAN No.: |
AAKPK1198B |
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DIN No.: |
00339258 |
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|
|
|
Name : |
Mrs. Sumithra Naresh |
|
Designation : |
Director |
|
Address : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu, India |
|
Date of Birth/Age : |
19.08.1973 |
|
Date of Appointment : |
25.06.1991 |
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PAN No.: |
AAWPS8622E |
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DIN No.: |
00339337 |
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|
|
|
Name : |
Mr. Agarchand Rangraj |
|
Designation : |
Managing director |
|
Address : |
55,Vysarpadi Co-Operative Industrial Estate, Vysar padi, Chennai –
600039, Tamilnadu, India |
|
Date of Birth/Age : |
22.10.1962 |
|
Date of Appointment : |
24.04.2007 |
|
DIN No.: |
01272597 |
KEY EXECUTIVES
|
Name : |
Ms. Uma Maheshwari |
|
Designation : |
Account Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
R Agar Chand |
|
722265 |
|
R |
|
70515 |
|
B Rangaraj |
|
86265 |
|
R Naresh Kumar |
|
761265 |
|
A Suraj Kumari |
|
420015 |
|
M Saremal Jain |
|
16515 |
|
|
|
16515 |
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|
|
390000 |
|
A Sandhay |
|
219600 |
|
Deekay Estate (Private) Limited, India |
|
3000 |
|
Prabhav Industries |
|
10000 |
|
Empower Industries India |
|
10050 |
|
Khushi Industries Limited, India |
|
10000 |
|
Avance Technologie limited, India |
|
5000 |
|
Total |
|
2741005 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
1.39 |
|
Directors or relatives of Directors |
98.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged business is manufacturing in Polybags HMHD Rolls. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B P Jain and Company Chartered Accountants |
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Address : |
2 Gee Minar, 23, College Road, Chennai – 600006, Tamilnadu, India |
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Tel No. |
91-44-28273871/ 28224212 |
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Fax: |
91-44-28255596 |
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Email: |
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PAN: |
AADFB1001F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Million |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,741,005 |
Equity Shares |
Rs.10/- each |
Rs. 27.410 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
27.410 |
27.410 |
27.410 |
|
(b) Reserves & Surplus |
56.613 |
58.322 |
53.268 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
1.277 |
1.278 |
1.279 |
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Total
Shareholders’ Funds (1) + (2) |
85.300 |
87.010 |
81.957 |
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|
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(3)
Non-Current Liabilities |
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|
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|
(a) long-term borrowings |
223.090 |
116.764 |
54.591 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
119.839 |
51.454 |
45.169 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
342.929 |
168.218 |
99.760 |
|
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(4)
Current Liabilities |
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|
|
|
(a) Short term
borrowings |
10.982 |
3.447 |
5.017 |
|
(b) Trade
payables |
7.507 |
4.265 |
7.000 |
|
(c) Other
current liabilities |
0.394 |
3.014 |
1.568 |
|
(d) Short-term
provisions |
2.991 |
1.886 |
1.774 |
|
Total Current
Liabilities (4) |
21.874 |
12.612 |
15.359 |
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TOTAL |
450.103 |
267.840 |
197.076 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
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|
(i)
Tangible assets |
201.323 |
72.970 |
45.772 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
5.501 |
0.038 |
0.288 |
|
(d) Long-term Loan and Advances |
16.320 |
54.195 |
33.416 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
223.144 |
127.203 |
79.476 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.010 |
0.010 |
0.010 |
|
(b)
Inventories |
78.661 |
47.045 |
36.409 |
|
(c) Trade
receivables |
125.941 |
85.657 |
67.009 |
|
(d) Cash
and cash equivalents |
5.701 |
3.359 |
9.688 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current
assets |
16.646 |
4.566 |
4.484 |
|
Total
Current Assets |
226.959 |
140.637 |
117.600 |
|
|
|
|
|
|
TOTAL |
450.103 |
267.840 |
197.076 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES |
|
|
|
|
|
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|
Income |
470.650 |
387.110 |
339.556 |
|
|
|
Other Income |
3.124 |
3.439 |
8.929 |
|
|
|
TOTAL (A) |
473.774 |
390.549 |
348.485 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
386.194 |
318.000 |
276.254 |
|
|
|
Employees benefits expense |
25.664 |
23.639 |
16.269 |
|
|
|
Other expenses |
36.784 |
25.265 |
28.342 |
|
|
|
TOTAL
(B) |
448.642 |
366.904 |
320.865 |
|
|
|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
25.132 |
23.645 |
27.620 |
|
|
|
|
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|
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|
Less |
FINANCIAL EXPENSES (D) |
18.758 |
10.092 |
10.844 |
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|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
6.374 |
13.553 |
16.776 |
|
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|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
13.547 |
6.078 |
5.627 |
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PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(7.173) |
7.475 |
11.149 |
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Less |
TAX (I) |
(5.463) |
2.421 |
0.401 |
|
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PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
(1.710) |
5.054 |
10.748 |
|
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|
Earnings Per
Share (Rs.) |
0.62 |
1.84 |
3.92 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
538.800 |
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|
|
|
|
Expected Sales (2015-2016): Rs. 700.000 Million
The above information has been parted by Mr. Uma Maheshwari (Account
Head)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.36) |
1.31 |
3.17 |
|
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Operating Profit Margin (PBIDT/Sales) |
(%) |
5.34 |
6.11 |
8.13 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.61) |
2.79 |
5.67 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
0.09 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.74 |
1.38 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.38 |
11.15 |
7.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
27.410 |
27.410 |
27.410 |
|
Reserves & Surplus |
53.268 |
58.322 |
56.613 |
|
Share Application money pending allotment |
1.279 |
1.278 |
1.277 |
|
Net worth |
81.957 |
87.010 |
85.300 |
|
|
|
|
|
|
long-term borrowings |
54.591 |
116.764 |
223.090 |
|
Short term borrowings |
5.017 |
3.447 |
10.982 |
|
Total borrowings |
59.608 |
120.211 |
234.072 |
|
Debt/Equity ratio |
0.727 |
1.382 |
2.744 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
339.556 |
387.110 |
470.650 |
|
|
|
14.005 |
21.580 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
339.556 |
387.110 |
470.650 |
|
Profit /Loss |
10.748 |
5.054 |
(1.710) |
|
|
3.17% |
1.31% |
(0.36%) |
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 |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATION:
The Company has recorded a loss of Rs. 1.710 Million during the current year as compared to the profit of Rs. 5.054 Million in the previous year. The performance of the company shall improve in the years to come.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
10.982 |
3.447 |
|
|
|
|
|
Total |
10.982 |
3.447 |
FIXED ASSETS:
- Building
- Office Building
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Plant & Machinery
- Air Compressor
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.63.19 |
|
|
1 |
Rs.94.94 |
|
Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.