|
|
|
MIRA
INFORM REPORT
|
Report No. : |
493761 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MPP TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
487/C, 4th Phase, 14th Cross, Peenya Industrial
Estate, |
|
Tel. No.: |
91-80-41171187 / 41177523 / 28361567 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
08.08.1997 |
|
|
|
|
Com. Reg. No.: |
08-022626 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 48.883 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909KA1997PTC022626 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0794007465 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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|
|
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PAN No.: [Permanent Account No.] |
AABCM8851H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacture of Transformer Tanks, Control Panels, Fire Rated Doors etc. (Registered activity) |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 1600000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
MPP Technologies Private Limited was incorporated in the year 1997. It
is a manufacturer of Fabricated Metal product. For the financial year 2017, the company has achieved 21.44% growth in
its revenue as compared to previous year revenue and has reported average
profit margin of 2.01%. The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to low debt
balance sheet profile. The rating takes into consideration the subject’s long track record of
business operations along with extensive experience of its promoters. However, rating strengths are partially offset by exposure of MTPL’s
profitability to fluctuation in key raw material prices. Business is active. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
03.10.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund Based Limits = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
03.10.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction)
LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 22.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Rangaswami |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-80-43526000 |
|
Date : |
22.02.2018 |
Tel. No.: 91-80-41171187 – Ringing
LOCATIONS
|
Registered Office : |
487/C, 4th Phase, 14th Cross, Peenya Industrial
Estate, Bangalore – 560 058, Karnataka, India |
|
Tel. No.: |
91-80-41171187 / 41177523 / 28361567 |
|
Fax No.: |
91-80-28362704 |
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E-Mail : |
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Website : |
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Corporate Office : |
A 153 and 154, III Cross,
1st Stage, Peenya Industrial Estate, Bangalore - 560058,
Karnataka, India |
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|
|
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Factory 1 : |
B-233, 2nd Stage, Peenya Industrial Estate, Bangalore - 560058,
Karnataka, India |
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Factory 2 : |
No.282 and 282 B, Averahlli Kiadb Industrial Area, Billanakote Sompura
Hobli, Nelamangala, Bangalore – 562111, Karnataka, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Mohandas Dejoo Shetty |
||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||
|
Address : |
No. 41, Kuteera, 80 Feet Road, New Thippasandra Post, Bangalore – 560
075, Karnataka, India |
||||||||||||||||
|
Date of Birth/Age : |
24.11.1943 |
||||||||||||||||
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Qualification : |
BE (Mech), MS (USA) |
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Date of Appointment : |
08.08.1997 |
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PAN No.: |
AEFPS3612C |
||||||||||||||||
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DIN No.: |
00924611 |
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Other Directorship:
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|
||||||||||||||||
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Name : |
Mr. Malleshaiah Devarajaiah |
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Designation : |
Director |
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|
Address : |
No. 228, 15th Cross, 2nd Stage, 2nd
Phase, Mahalakshmi Layout, Bangalore – 560 086, Karnataka, India |
||||||||||||||||
|
Date of Birth/Age : |
24.05.1955 |
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Qualification : |
B COM |
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Date of Appointment : |
31.03.1998 |
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DIN No.: |
00628413 |
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Other Directorship:
|
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|
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Name : |
Mr. Hannah Mohandas Shetty |
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|
Designation : |
Director |
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|
Address : |
No. 41, Kuteera 80, Feet Road, New Thippasandra Post, Bangalore – 560
075, Karnataka, India |
||||||||||||||||
|
Date of Birth/Age : |
18.12.1948 |
||||||||||||||||
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Qualification : |
M.A. (Hons) |
||||||||||||||||
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Date of Appointment : |
08.08.1997 |
||||||||||||||||
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DIN No.: |
00628512 |
||||||||||||||||
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Other Directorship:
|
|||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rangaswami |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mohandas Dejoo Shetty |
|
85750 |
|
Hannah Mohandas Shetty |
|
337010 |
|
Renna Mohandas Shetty |
|
3500 |
|
Malleshaiah Devarajaiah |
|
500 |
|
Harishchandra Dejoo Shetty |
|
50 |
|
Saraswathi A. Shetty |
|
550 |
|
Pushpalatha H. Shetty |
|
50 |
|
Sameer Sheetty |
|
54882 |
|
Harish C. Panth |
|
6540 |
|
Total |
|
488832 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
87.30 |
|
Public – (Individual/ Hindu
Undivided Family – Indian |
12.70 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Transformer Tanks, Control Panels, Fire Rated Doors etc. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
B.K. Ramadhyani and Company LLP Chartered Accountants |
|
Address : |
4 - B, Chitrapura Bhavan, No. 68, 8th Main, 15th Cross, Malleshwaram, Bangalore-560055, Karnataka, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFB1153G |
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
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|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
U31909KA1982PTC004963 |
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Other related
parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
INR 100/- each |
INR 50.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
488832 |
Equity Shares |
INR 100/- each |
INR 48.883 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48.883 |
48.883 |
48.883 |
|
(b) Reserves and Surplus |
511.019 |
472.057 |
385.003 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
559.902 |
520.940 |
433.886 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
467.020 |
327.816 |
93.227 |
|
(b) Deferred tax liabilities (Net) |
13.987 |
10.394 |
0.000 |
|
(c) Other long-term
liabilities |
8.126 |
15.839 |
0.361 |
|
(d) long-term
provisions |
1.158 |
2.714 |
2.197 |
|
Total Non-current
Liabilities (3) |
490.291 |
356.763 |
95.785 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short-term
borrowings |
300.563 |
119.919 |
178.777 |
|
(b) Trade
payables |
169.108 |
213.836 |
121.535 |
|
(c) Other
current liabilities |
69.188 |
95.625 |
72.481 |
|
(d) Short-term
provisions |
7.958 |
4.594 |
5.246 |
|
Total Current
Liabilities (4) |
546.817 |
433.974 |
378.039 |
|
|
|
|
|
|
TOTAL |
1597.010 |
1311.677 |
907.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
834.747 |
662.209 |
259.434 |
|
(ii)
Intangible Assets |
0.428 |
1.126 |
2.286 |
|
(iii) Tangible assets
capital work-in-progress |
11.123 |
0.083 |
31.527 |
|
(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) |
0.000 |
0.000 |
6.422 |
|
(d)
Long-term loans and advances |
2.308 |
36.139 |
3.854 |
|
(e) Other
Non-current assets |
10.531 |
10.157 |
4.812 |
|
Total Non-Current
Assets |
859.137 |
709.714 |
308.335 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
265.964 |
217.656 |
239.714 |
|
(c) Trade
receivables |
347.309 |
258.410 |
296.807 |
|
(d) Cash and
bank balances |
32.968 |
59.153 |
25.007 |
|
(e)
Short-term loans and advances |
59.794 |
44.491 |
27.318 |
|
(f) Other
current assets |
31.838 |
22.253 |
10.529 |
|
Total
Current Assets |
737.873 |
601.963 |
599.375 |
|
|
|
|
|
|
TOTAL |
1597.010 |
1311.677 |
907.710 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1929.829 |
1589.113 |
1507.231 |
|
|
Other Income |
11.493 |
10.253 |
16.846 |
|
|
TOTAL |
1941.322 |
1599.366 |
1524.077 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
972.414 |
862.084 |
827.280 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.279 |
(17.320) |
27.764 |
|
|
Employee benefit expense |
172.775 |
149.585 |
131.312 |
|
|
CSR expenditure |
1.779 |
0.887 |
0.600 |
|
|
Other expenses |
511.399 |
381.614 |
346.149 |
|
|
TOTAL |
1659.646 |
1376.850 |
1333.105 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
281.676 |
222.516 |
190.972 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
91.645 |
44.192 |
46.557 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
190.031 |
178.324 |
144.415 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
139.336 |
46.154 |
46.336 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
50.695 |
132.170 |
98.079 |
|
|
|
|
|
|
|
Less |
TAX |
11.733 |
45.116 |
34.842 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
38.962 |
87.054 |
63.237 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
865.205 |
566.999 |
532.038 |
|
|
TOTAL EARNINGS |
865.205 |
566.999 |
532.038 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials (Including freight & Insurance) |
153.789 |
221.208 |
333.963 |
|
|
Spares for Machines |
7.315 |
2.862 |
2.706 |
|
|
Consumables, packing material |
3.892 |
9.292 |
7.012 |
|
|
Capital Goods (Including
freight inwards) |
34.588 |
41.200 |
7.245 |
|
|
TOTAL
IMPORTS |
199.584 |
274.562 |
350.926 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
79.70 |
178.09 |
129.36 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1.498 |
16.672 |
11.800 |
|
Net cash flows from (used in) operations |
261.563 |
154.511 |
130.324 |
|
Net cash flows from (used in) operating activities |
269.703 |
126.211 |
94.804 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
65.69 |
59.35 |
71.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.56 |
6.15 |
5.08 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
63.48 |
90.54 |
53.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.06 |
1.02 |
0.80 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.33 |
0.34 |
0.65 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.64 |
0.59 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.37 |
0.89 |
0.65 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.98 |
0.83 |
0.87 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.51 |
1.27 |
0.68 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.07 |
5.04 |
4.10 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.02 |
5.48 |
4.20 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.44 |
6.64 |
6.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
6.96 |
16.71 |
14.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.35 |
1.39 |
1.59 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.86 |
0.89 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.35 |
0.40 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
15.73 |
9.50 |
5.81 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.35 |
1.39 |
1.59 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
48.883 |
48.883 |
48.883 |
|
Reserves & Surplus |
385.003 |
472.057 |
511.019 |
|
Net
worth |
433.886 |
520.940 |
559.902 |
|
|
|
|
|
|
Long-term borrowings |
93.227 |
327.816 |
467.020 |
|
Short term borrowings |
178.777 |
119.919 |
300.563 |
|
Current maturities of
long-term debts |
11.800 |
16.672 |
1.498 |
|
Total
borrowings |
283.804 |
464.407 |
769.081 |
|
Debt/Equity
ratio |
0.654 |
0.891 |
1.374 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1507.231 |
1589.113 |
1929.829 |
|
|
0.000 |
5.433 |
21.441 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1507.231 |
1589.113 |
1929.829 |
|
Profit/ (Loss) |
63.237 |
87.054 |
38.962 |
|
|
4.20
% |
5.48
% |
2.02
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND:
Subject was incorporated on 08.08.1997 for manufacturing of light and heavy sheet metal fabrication. The company is a closely held private company with majority shares held by directors and their relatives.
The accompanying financial statements reflect the results of the activities undertaken by the company during the year ended March 31, 2017.
FINANCIAL PERFORMANCE
SALES TURNOVER
During the year the company achieved Net sales INR 1922.500 Million, registering a growth of 21.85% over the previous year.
The following chart furnishes the growth in sales of the company over the past 7 years:
During the year industry has shown slow recovery. However, the company’s initiation of retaining existing customer base and geographic focus market strategy has helped maintain the marginal increase in sales compare to previous year. The export market also reflected a slow recovery in spite of a slowdown in capital and in power industry; export sales were higher by 52.45% compared to 5%of previous year. The domestic market has grown 4.12% compared to growth of 5.35% sales of previous year.
During the year there has been a gradual the shift to the overseas market of corrugated tanks and power transformer tanks. Process capabilities and new product range in terms of export of round tanks and bigger corrugated tanks will contribute significant sales revenues in the coming years. The sales revenue has registered a Compounded Annual Growth Rate (CAGR) of 12.86% in the last 7years
Introducing new product range has contributed to the growth in sales revenue. The sales revenue has been steadily growing year over year with an average growth of 12.99% in the last 6 years.
SEGMENT WISE SALES:
The segment wise/product wise performance for the year 2016-17 is as depicted below:
INR 488.200 Million in the previous year. With the negotiation of long term contract with global sourcing from multinational companies, during the year, the directors’ expect that the business prospects for panels and rectifiers will grow significantly during the ensuing year.
b) Transformer tanks continued to contribute major share of sales firming up to 56.3% as against the immediately preceding year of 51% of sale and emerged as main contributor of total gross revenue, during the year . The focus on the export market will help significantly in sales during the coming years. Corrugated tanks and Round tanks used in the distribution segment of power industry has shown slow recovery during the year., However it continues to command a vast potential in the export market, in addition to the demand from the domestic customers for their export business in the coming years
On account of this new product lines and the anticipated business of traction tanks, both in domestic as well as export market, sales are further expected to grow during the ensuing year
c) Fire rated and Clean room doors manufactured by the company continued to be received well by the market. The Total sales have decreased to INR 184.300. Million compare to INR 189.600 Million during the year. These metal, clean room doors and fire rated doors, which find its utility in in pharmaceutical, IT, commercial and residential complexes etc., are manufactured under an exclusive license from “M/s. System Schröders”, Germany, a pioneers in the design and development of fire rated metal. These doors are patented as “MPP System Schroder’s” in India. Further, based on arrangement with a multinational glass manufacturer for use of fire rated glass, has contributed noticeably to the growth in sale for fire rated doors enabling enhancement of capacity utilization .The directors are confident that the business prospects of door sales (both fire rated and general clean room doors) is poised to increase during the ensuing year.
EXPORTS AND DOMESTIC
SALES BREAK UP:
The steady growth in the overall sales is tabulated alongside.
The Company’s continued focus on exports during the year and has helped to consolidate higher export sales in terms of quantity and value and compared to the preceding year. There is sizable export revenue from Transformer tanks and corrugated tanks, panels which contributed to about 46.76% and domestic market share is 53.24%. This has helped growth of 21.85-% in the gross revenue.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Intercorporate borrowings |
323.723 |
0.000 |
|
Loans and advances from directors |
89.328 |
83.605 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
300.563 |
119.919 |
|
|
|
|
|
Total |
713.614 |
203.524 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G67069963 |
100136140 |
CITI BANK N.A. |
29/08/2017 |
- |
- |
50000000.0 |
3rd Floor, Canberra BlockUB City, 24 Vittal Mallya RoadBangaloreKA560001IN |
|
2 |
G10923225 |
100048276 |
Axis Bank Limited |
29/08/2016 |
- |
- |
1100000.0 |
"Trishul', 3rd Floor, Opp to Samartheshwar TempleLaw Garden, Ellis BridgeAhmedabadGJ380006IN |
|
3 |
G09102948 |
100043558 |
Axis Bank Limited |
16/06/2016 |
- |
- |
900000.0 |
"Trishul', 3rd Floor, Opp to Samartheshwar TempleLaw Garden, Ellis BridgeAhmedabadGJ380006IN |
|
4 |
C80709579 |
10623598 |
Axis Bank Limited |
30/11/2015 |
- |
- |
1425000.0 |
"Trishul', 3rd Floor, Opp to Samartheshwar TempleLaw Garden, Ellis BridgeAhmedabadGJ380006IN |
|
5 |
C81791774 |
10626183 |
Axis Bank Limited |
28/07/2015 |
- |
- |
983000.0 |
"Trishul', 3rd Floor, Opp to Samartheshwar TempleLaw Garden, Ellis BridgeAhmedabadGJ380006IN |
|
6 |
G33994013 |
80016225 |
State Bank of India |
18/02/1998 |
07/01/2017 |
- |
1026300000.0 |
Specialised Mid-Corporate Branch,No. 97,Railway Parallel Road,Kumarapark west,BangaloreKA560020IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees/Counter Guarantees given to the Bankers against guarantees issued by them |
4.053 |
5.748 |
|
Letter of Credit opened for purchase of steel |
83.484 |
29.829 |
|
Capex Letter of Credit issued in respect of import of Machine from Murata Machinery Limited, Japan |
22.275 |
22.275 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Office building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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
|
INR |
|
US Dollar |
1 |
INR 64.52 |
|
|
1 |
INR 90.12 |
|
Euro |
1 |
INR 79.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.