MIRA INFORM REPORT

 

 

Report Date :

23.04.2007

 

IDENTIFICATION DETAILS

 

Name :

MAXMECH EQUIPMENTS

 

 

Registered Office :

Plot No: 2508, GIDC, Estate, Phase IV, Vatva , Ahmedabad:382445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1999

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturer of Construction Equipments such as Vibratory Soil Compactors,

Versatile Hydrostatic Sensor Paver, Tandem Vibratory Roller, Wet Mix Macadam Plant, Hydraulic Sweeping Machine, Concrete Transit Mixer, Concrete Batching Plant, Cement and Fly Ash Silo, Concrete Paver, Etc

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 80000

 

 

Status :

Good

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is well-established concern having satisfactory track. Partners are reported as experienced respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office /Factory:

Plott No: 2508, GIDC, Estate, Phase IV, Vatva , Ahmedabad:382445, Gujarat, India

Tel. No.:

91-79-25841143 / 25841985

Fax No.:

91-79-25841143

E-Mail :

maxmech@d2visp.com

Area :

10000 Sq. ft

Location :

Leased

 

 

PARTNERS

 

Name :

Mr. J. N. Surelia

Designation :

Partners

Date of Birth/Age :

52 Years

Qualification :

Graduate

Experience :

28 Years

 

 

Name :

Mr. Nandish Surelia

Designation :

Partner

 

 

Name :

Mr. Nikunj Surelia

Designation :

Partners

 

 

Name :

Mrs. P.J. Surelia

Designation :

Partners

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Construction Equipments such as Vibratory Soil Compactors,

Versatile Hydrostatic Sensor Paver Finisher, Tandem Vibratory Roller, Wet Mix Macadam Plant, Hydraulic Sweeping Machine, Concrete Transit Mixer, Concrete Batching Plant, Cement and Fly Ash Silo, Concrete Paver, Etc

 

 

Products :

Vibratory Soil Compactors

Versatile Hydrostatic Sensor Paver Finisher

Tandem Vibratory Roller

Wet Mix Macadam Plant

Hydraulic Sweeping Machine

Concrete Transit Mixer

Concrete Batching Plant

Cement and Fly Ash Silo

 Concrete Paver

 

 

Exports :

 

Countries :

Afghanistan, Middle East

 

 

 

 

Terms :

 

Selling :

Credit (30-60 days)

 

 

Purchasing :

L/C, Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

Totla:100 (Office:20, Factory 80)

 

 

Bankers :

Union Bank of India

Bhairavnan, Mani Nagar, Ahmedabad

 

 

Facilities :

--

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mr. Aniket B. Shah

Chartered Accountant

 

 

Associates/Subsidiaries :

Maxmech Equipments Private Limited

Incorporation:30.11.2006

Authorized Capital :Rs.5.000 Millions

 

Maxcon Engineers

Line of Busines: Construction Equipments.

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.10.000Millions

Borrowed :

Rs.10.000Millions

Total :

Rs.20.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

200.000

90.000

 

Expected Sales (2007-08) : Rs.400.000 Millions

 

LOCAL AGENCY FURTHER INFORMATION

 

COMPANY PROFILE:

Building the road to success

 

The Subject act as manufacturers of construction and building equipment. Technical expertise, state of the art production facilities, responsive after sales service and total commitment to market requirements have made the company a trusted and dependable name in the industry. The growing customer list is a fitting tribute to the hard work and long-term vision of the entrepreneurs who started the company in the eighties.


An array of business solutions stand testimony to the fact that good business values pillared by customer commitment can work wonders. Constant redesign and adaptation in manufacturing systems and production lines have helped the company become a pioneer in launching several machines for the first time in India. The entire sister concerns are separately located in a single industrial area amounting to a total of 23000sq.m thereby allowing for flexibility, cost effectiveness and efficient canalization of productivity.


Today the concern Group stands for reliable products and superior service. The high recall value of the company and the growing list of satisfied customers aptly prove this.

 

The company technology is completely indigenous leading to lower costs, faster deliveries and better accessibility.

The company's constant efforts in studying global needs have resulted in up gradation of quality to match international standards.

 

Vibratory Soil Compactors ( Model - MW 1031 )

Introduction
The Company Soil Compactor Model: MW1031, MW1031D & PD is an application designed product built for achieving the best compaction in almost all types of soil occurring in earthworks i.e. non cohesive soils (sand, gravel, crushed stones and light rock), slightly cohesive soils and hydraulically bound materials. 'THE COMPANY' has appointed several sales representatives in all metros and in various capital cities of leading states and thus customer contacts and after sales service is very much prompt. The present population of Vibratory Soil Compactor encompasses all the leading states and the machine can be seen in operation at various places all over India. Right from the beginning the philosophy of the company is to manufacture world best quality-product and thus company has earned very high reputation in the market and all the inputs like; hydraulics, prime mover,Axle,Tyre,Wheel Plate,Hyd.Oil Cooler etc. are number one as available in the world.

Salient Features:

Versatile Hydrostatic Sensor Paver Finisher ( Model: PAVEMAX 1790 )

Introduction
The PAVEMAX 1790 is an Innovative construction product as well as the First Tracked Sensor Paver in India which is capable of placing pavements up to 9mt. width and a depth of 300mm. Designed and Manufactured at the state-of-art plant, it is equipped with the latest and the best components (critical components are all German) making it another winner from the House of THE COMPANY. This versatile Tracked Paver is suitable for all kinds of projects like Highways, Airport, Motorways, Main Roads, Rural roads, etc. achieving a laydown rates of up to 700T/hr. The application areas include Bituminous material layer, Cement Treated Aggregate Base (CTAB), Water Bound Macadam (WBM), Sand & Gravel Layer, etc.

Salient Features:

Tandem Vibratory Roller ( Model: MDVA-925 & 311 )

Introduction
The Company Vibratory Roller Model : MDVA 925 an application designed product built for achieving the best compaction in bituminous road construction. 'THE COMPANY' Vibratory Roller Model : MDVA 925 is developing maximum 25 Tons compaction as per M.O.S.T. (Ministry Of Surface Transport) specifications, has been approved by M.E.S. department (Military Engg. Services) after vigorous tests and trials made on M.E.S. Air Force Station, Gorakhpur in U.P.

 

 Salient Features:

Wet Mix Macadam plant

Introduction
'The Company Wet Mix Macadam Plant, an application designed product built as per M.O.S.T. specifications for achieving Homogeneous Mix material to prepare sub-base/base in road construction projects.
'THE COMPANY' WMM Plant is equipped with forced / positive mixing arrangement like; pugmill unit, controlled addition system of water, four bin feeder unit, operator's cabin etc. Accessories like; Storage silo, Filler (Cement), (C.T.A.B.) system and oversize vibrating screen also provided additionally.
'THE COMPANY' has rich experience in the field of civil construction equipment and machinery and especially for road construction machinery together with the world best technology, guarantee, reliability and productivity. In addition, their stringent quality control checks every construction equipment and machine personally and wear tests ensure the higher quality for all 'THE COMPANY' machineries.

Salient Features:

Hydraulic Sweeping Machine ( Broomer )

Introduction
Construction Equipment - 'MAX' Hydraulic Sweeping Machine Model : MB 20 is built with compact design and state-of-the-art technology. The cleaning brush is driven by a powerful hydraulic motor & dust is collected into a waste collecting container in running condition. Sweeping machine is used for cleaning Road, Street, Highway, Petrol Pump, Parking Plot etc. and specially used for cleanign WMM / WBM layers prior to bituminous coat. The swept material is collected into a waste collection container that may be emptied by cable operation. The machine is powered by a tractor through quick release hydraulic hose attachment.

 

Salient Features:

Concrete Transit Mixer

Introduction
'MAXCON' - Concrete Mixer Truck is a strong well-designed piece of construction equipment meant for transporting concrete / mortar from batch plant directly to the place where it is to be poured. It has a wide range of applications specially for mass concreting works like Construction of Canals, Bridges, Highways, Dams, Multistoried & industrial Buildings, Factories and for Ready Mixed Concrete Works (R.M.C.).

'MAXCON' is a fully hydrostatic Transit Mixer mounted on truck chasis. Hydrostatic power is transmitted by a high pressure axial piston type pump and motor which permits infinite varying drum speed from 0 to 14 R.P.M. in both directions. The control of pump for varying the flow is made by a hydraulic actuator fitted on pump which is operated by a control valve, placed at discharge end. The pump gives flow to a high pressure hydraulic motor which rotates the mixer drum through an epicyclic gear reducer. The mixer drum has double spiral type mixing blade inside it which ensures efficient mixing without segregation and smooth flow of concrete while discharging. The Mixer drum & spiral are made from high wear resistant steel.                                          

 

Salient Features:

·             Zero segregation due to German technology of kicker blades and T caps.

Concrete Batching Mixing Plant

           
Introduction
Most versatile efficient plant used globally. Over 400 plants in operation successfully. Used in constructinon of Bridges, Highways, Airports, Canals, Multi-storey & Inducstrial Buildings and Ready Mix Concrete Plant.

 

Salient Features:

·             Star Batcher with stock piles having 500 M3

Cement & Fly Ash Silo

Introduction
They have designed, developed & practically made successful, a most economical method of cement storing & conveying system. It consist of M.S. Fabricated Cement Storage silo, horizontal screw conveyor, vertical screw conveyor, manual feeding hopper.

 

Salient Features:

Silo
Cement storage silo may be of different capacities as per customers requirement. Although they have standard models of 20, 30, 50, 100 & 150 Ton which are normally adopted by their customers. The silo is made from M. S. plates of suitable thickness depending upon the size of silo. The top of silo is closed & has two openings,one for manhole & another for discharge connection of vertical screw conveyor. Each shell of the silo is overlapped with next shell by 50mm to get maximum strength & leakproofness. The conical portion is designed in such a way that the cement do not stick on the inside surface & smoothly flows to the outlet. The complete silo is vertically installed on four fabricated columns with necessary cross bracings. The columns have base plates on both ends. The top base plate of the column is connected to silo & bottom base plate is connected to foundation bolts. The silo has two ladders, one outside the silo with guard rings to access the top & another monkey ladder inside the silo to reach at the bottom of the silo. Railing is also provided at the top of silo.

Horizontal Screw Conveyor
The horizontal screw conveyor consist of outer casing pipe of 8" N.B. / 10" N.B. & inner rotating pipe of 2" N.B. pipe which has continuous worm segments welded on it in helical mode so that the cement is conveyed in forward direction. The inner rotating pipe having worm segment is supported and centered by means of hanger bearings inside the casing pipe at certain fix intervals. This screw conveyor is placed horizontally on the ground. At the driving end a manual feeding hopper is fitted from which cement is conveyed & brought to the outlet end where it is discharged at the bottom of vertical screw conveyor. From here vertical screw conveyor starts, which lifts the cement vertically at the top of the silo. The horizontal screw conveyor is driven by chain sprocket & worm reducer with adequate size of electric motor.

Vertical Screw Conveyor
The construction of vertical screw conveyor is similar as horizontal screw conveyor. This conveyor is placed vertically & fitted in tangent with the horizontal screw conveyor at the bottom. This conveyor is supported with silo at certain intervals. The cement from the outlet of horizontal screw conveyor is fed to the bottom of vertical screw conveyor from which the vertical screw conveyor lifts the cement & discharge into the silo at the top. This conveyor is driven by chain sprocket & worm reducer with adequate size of electric motor. The drive unit is placed at the bottom.

 

Concrete Paver

Technical Specification

VISION
Peace of mind
The goal is to achieve customer delight everyday through untainted business ethics and complete customer support. This is done by giving full attention to the quality and performance of each machine that rolls out of the factory premises and prompt after sales service.

In the coming years The company has plans to establish its technology and brand in the overseas market. The company has already initiated the process by exporting to countries in Africa and Asian countries.


SERVICE
Quality & Trustworthiness
The R&D department works round the clock updating technology, fine tuning processes and designing superior machines. Its ably supported by the sales and service team who are in constant touch with the market and supply valuable customer feedback. The company has a network of offices, and authorized representatives at key locations and customer bases. A decentralized business policy helps in closing deals faster, shortening response time and increasing business interactions.

Technical service engineers and spare parts are made available in the quickest possible time so that break down time is minimized and work is not hampered.

Today The Company is the preferred choice for various large and small projects.

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.41.67

UK Pound

1

Rs.83.41

Euro

1

Rs.56.61

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions