MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPEC ENGINEERS AND CONSULTANT PRIVATE LIMITED |
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Registered Office : |
2/86, W. H. S., Kirti Nagar, New Delhi – 110 015 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.12.1996 |
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Com. Reg. No.: |
55-83694 |
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CIN No.: [Company
Identification No.] |
U74210DL1996PTC083694 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS11753A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of design and manufacturing of
Plant and Machinery in the field of Vegetable oil Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established consultancy company having satisfactory track
records. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2/86, W. H. S., Kirti Nagar, New Delhi – 110 015, India |
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Tel. No.: |
91-11-51420205/ 6 |
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Fax No.: |
91-11-25413597 / 25193715 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajvinder Singh Bharmrah |
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Designation : |
Director |
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Address : |
G-59, Mansrover Garden, New Delhi – 110 015, India |
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Date of Birth/Age : |
12.02.1961 |
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Date of Appointment : |
06.12.1996 |
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Name : |
Mr. Gopal Singh Bhamrah |
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Designation : |
Director |
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Address : |
G-59, Mansrover Garden, New Delhi – 110 015, India |
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Date of Birth/Age : |
10.4.1933 |
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Date of Appointment : |
06.12.1996 |
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Name : |
Mrs. Anita Bhamrah |
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Designation : |
Director |
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Address : |
G-59, Mansrover Garden, New Delhi – 110 015, India |
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Date of Birth/Age : |
09.06.1963 |
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Date of Appointment : |
01.04.2000 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Gopal Singh Bhamrah |
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100 |
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Mr. Rajvinder Singh Bharmrah |
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9780 |
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Mrs. Anita Bhamrah |
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200 |
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Mrs. Neeru Batra |
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10 |
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Mrs. Deepak Batra |
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10 |
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Total |
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10100 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of design and manufacturing of Plant
and Machinery in the field of Vegetable oil Industry |
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Products : |
Chemical plants and equipments |
GENERAL
INFORMATION
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Customers: |
v S.G Oil Refineries Limited v Costal Energy Limited v Vinda Vashini Oils Private Limited v Vinayak Agrotech Limited v Mega Private Limited v Ritika Projects International /X v Chenab Agro Chem Limited v Naratha Agro Industries Private Limited v Singye Grp Of Companies Private Limited v Ritika Projects / Najib Barakat v Suman Syndet Private Limited/ S.R.L v Mantora Agro Industries Limited v Radha Vanaspati Limited v Mihijam Vanaspati Limited v Bhagwan Vanaspati Mills Limited v Berry Chemicals Limited v Hindustan Lever Limited v United
Vanaspati Limited |
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No. of Employees : |
10 |
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Bankers : |
Punjab and Sind Bank, Kirti Nagar, New Delhi – 110015, India |
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Banking
Relations : |
- |
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Auditors : |
Sunil Abbi and Associates Chartered Accountants |
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Address : |
CC-93 D, Shalimar Bagh, Delhi – 110 088, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10100 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.101
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.101 |
0.101 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.237 |
0.689 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.338 |
0.790 |
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LOAN FUNDS |
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1] Secured Loans |
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1.882 |
2.571 |
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2] Unsecured Loans |
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0.179 |
0.983 |
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TOTAL BORROWING |
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2.061 |
3.554 |
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DEFERRED TAX LIABILITIES |
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0.024 |
0.028 |
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TOTAL |
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3.423 |
4.372 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.728 |
0.509 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.963 |
2.157 |
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Sundry Debtors |
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5.446 |
8.017 |
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Cash & Bank Balances |
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2.736 |
2.479 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.483 |
0.442 |
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Total
Current Assets |
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13.628 |
13.095 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.312 |
8.917 |
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Provisions |
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0.621 |
0.315 |
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Total
Current Liabilities |
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10.933 |
9.232 |
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Net Current Assets |
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2.695 |
3.863 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.423 |
4.372 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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33.920 |
44.465 |
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Total Income |
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33.920 |
44.465 |
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Profit/(Loss) Before Tax |
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0.894 |
0.836 |
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Provision for Taxation |
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[0.343] |
0.147 |
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Profit/(Loss) After Tax |
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1.237 |
0.689 |
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Expenditures : |
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Total Expenditure |
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33.026 |
43.629 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.65 |
1.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.64 |
1.88 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.23 |
6.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.67 |
1.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.71 |
16.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.25 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges
Report as per Registry
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Name of the company |
SPEC ENGINEERS AND CONSULTANT PRIVATE LIMITED |
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Presented By |
Company director and Punjab and Sind Bank,
Kirti Nagar, New Delhi – 110 015, India |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation dated 07.12.1998 between bank and Company |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.045 Million |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
P II, 333 MH2
with MMX Technology (Inter) Computer worth Rs. 0.060 Million and other
Products Funds, Movable property of any kind belonging to the borrower which,
How or hereafter and stored or to be stored in about the borrower’s premises
or godown at 2/86, WHS, Kirti Nagar, New Delhi – 110 015, India |
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4) Gist of the terms and conditions and extent and operation of the charge. |
@17.5% as per
agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab and Sind Bank,
Kirti Nagar, New Delhi – 110 015, India |
Website Details
Attached:
Profile
The foundation of Subject's commitment is simple - They help their clients meet their Goal - Profits - by -
Sincerity
Professionalism
Efficiency
Capability
Subject has served Edible (Vegetable) Oil processing Industry in India & Abroad since 1994. They also serve Dairy & Pharmaceutical Industries for their specific needs.
They specializes in design and manufacturing of plant and machinery in the field of Vegetable Oil Industry. Undertaking projects on concept to commissioning basis as well as turnkey consultants
Subject share the business objectives of clients and in process of work become pseudo business partners who conscientiously keep making suggestions and recommendation on their ultimate needs, problems and opportunities. Tailor made solutions are then offered with dedicated documented support system after projects have been commissioned.
Different client's needs are different but their Goal is same- PROFIT. Thus, they offer complete range of customized solutions which cover design, manufacture & supply of Edible or Vegetable oil processing equipments & plants.
Services:
Vegetable Oil Plant’s
Project Engineering Services:
v Consultancy for the feasibility study
v Consultancy at planning stage
v Designing of Custom-built Plants & support systems
v Supply, erection & commissioning
v Improvements in Existing systems
v Upgradation of Existing systems.
Vegetable Oil Plant’s
Turn key Project Services:
v Consultancy
v Feasibility Reports
v Project Planning - scheduling, monitoring & execution.
v General factory & non factory layouts
v Basic design data for civil engineer works
v Designing of utilities & services system
v Piping & Electrical designs
v Supervision & Erection
v Plant start up
v Staff Training
v After Sales services
Subject’s Methodical and Scientific approach in working Subject leads you step by step closer to your ultimate goal – PROFIT.
Subject has professional workforce expert in their own fields assuring smooth working at all stages of Project - during & after the completion.
Specializations
Speciality:
v Upgradation of Existing plants
v Energy Saving solutions
v CAMA Post Harvesting Facility
v Turbine Systems - 30KW -100KW
Their Strength:
Subject's knowledge and practical experience catalyzed by spirit of innovation led to First time in India –
Multi - fold Capacity Enhancement of Cont. Deodorizers & Physical Refineries (1997)
Up gradation of Butter oil (1999)
Conversion of cont. Deodorizers to Physical Refiners (2000)
These innovations catapulted Subject to front runner position & led to prestigious clientele of Hindustan Lever Limited. and their associates.
Processes
Chemical Process
Plant Equipments:
v
Batch
neutralizing, bleaching & deodorizing
v
Continuous Physical Refining
v
Continuous Chemical Refining
v
Seed Oil Milling & Extraction
Clients
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Clients |
Location |
Plant |
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Project Executed
2007 - 2008 |
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1 S.G Oil Refineries Limited |
Bangladesh |
Vanaspati Plant |
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2 Costal Energy Limited |
Calcutta India |
Biodiesel |
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3 Costal Energy Limited |
Calcutta India |
Conts. esterification |
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4 Costal Energy Limited |
Calcutta India |
Glycerine distillation |
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5 Costal Energy Limited |
Calcutta India |
Toilet Soap Noodle Plant |
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6 Vinda Vashini Oils Private Limited |
West Bengal |
Oil Refinery |
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7 Vinayak Agrotech Limited |
Jaipur |
Physical Refinery |
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Project Executed
2006 - 2007 |
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1 Mega Private Limited |
Bhutan |
Vanaspati Plant |
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2 Ritika Projects International /X |
Jordan |
Cont Deodoriser |
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3 Costal Energy Limited |
Calcutta India |
Biodiesel |
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4 S.G Oil Refineries Limited |
Bangladesh |
Vanaspati Plant |
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Project Executed
2005 - 2006 |
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1 Chenab Agro Chem Limited |
India , J&K |
Cont. Deoderiser |
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2 Naratha Agro Industries Private Limited |
Srilanka |
Vanaspati Plant |
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3 Ritika Projects / Najib Barakat |
Syria |
Cont. Refinery |
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4 Singye Grp Of Companies Private Limited |
Bhutan |
Vanaspati plant |
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5 Suman Syndet Private Limited/ S.R.L |
Mozambique |
Dry Fractionation |
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6 Ritika Projects International /X |
Jordan |
Cont Deodoriser |
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7 Ritika Projects International /X |
Jordan |
Batch Deodoriser |
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Project Executed
2004 - 2005 |
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1 Mantora Agro Industries Limited |
Rania, India |
Crystalliser / Fractionation |
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2 Radha Vanaspati Limited |
Kichcha, India |
Dry Fractionation |
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3 Titika Projects / Najib Barakat |
Syria |
Cont Refinery |
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4 Suman Syndet Private Limited/ S.R.L |
Mozambique |
Palm Oil Refining |
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Project Executed
2003 - 2004 |
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1chenab Agro Chem Limited |
Kathua |
Physical Refinery |
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2 Mihijam Vanaspati Limited |
Mihijam |
Dry Fractionation |
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3 Bhagwan Vanaspati Mills Limited |
Ujhani |
Vanaspati Expansion |
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4 Radha Vanaspati Limited |
Kichcha |
Cont. Deodorisation |
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5 Mihijam VanaspatiLimited |
Mihijam |
Phy. Refinery Expansion |
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6 Berry Chemicals Limited |
Mohan Nagar |
Chemical Refinery |
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7 Mantora Agro Industries Limited |
Rania |
Storage Tanks |
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Project Executed
2002 - 2003 |
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1 United Vanaspati Limited |
Chandigarh |
Physical Refinery |
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2 Ojas ImpexPrivate Limited |
Sikandarabad |
Vanaspati |
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3 Patliputra Industries Limited |
Patna |
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4 Bhagwan Vanaspati Mills Limited |
Ujhani |
Thermic Fluid heater |
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5 Milkacraft Projects |
Noida |
Deodorisation |
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6 Milk Specialities Limited. |
Chandigarh |
Deodorisation |
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7 Jyoti Vanaspati Limited. |
Sonepat |
Physical Refinery |
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Project Executed
2001 - 2002 |
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1 Kanha Vanaspati Limited |
Ujhani |
Physical Refinery |
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2 Patliputra Industries Limited |
Patna |
Hard Oil Plant |
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3 Markandeshwar Foods & Allied Products Limited |
Kurukshetra |
Deodorisation |
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4 Bhagwan Vanaspati Mills Limited |
Ujhani |
Physical Refinery |
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5 Suraj Industries Limited |
Sansarpur |
Physical Refinery |
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6 Arun Vanaspati Udyog Limited |
Nepal |
Vanaspati |
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7 Hindustan Lever Limited |
Trichy |
Physical Refinery |
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Project Executed
2000 - 2001 |
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1 Patliputra Industries Limited |
Patna |
Vanaspati Expansion |
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2 Mihijam Vanaspati Limited |
Mihijam |
Physical Refinery |
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3 Mantora Agro Industries Limited |
Kanpur |
Physical Refinery |
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4 Roses & Forticulture Limited |
Amritsar |
Floriculture |
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5 Hindustan Lever Limited |
Gajaurala |
Physical Refinery |
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6 Mihijam Vanaspati Limited |
Mihijam |
Physical Refinery |
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7 Hindustan Lever Limited |
Trichy |
Physical Refinery |
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Project Executed
1999 - 2000 |
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1 Mihijam Vanaspati Limited |
Mihijam |
Sunflower Oil Packing |
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2 Chenab Agro Chem Limited |
Kathua |
Stearic Acid |
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Vanaspati |
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3 Bridhi Oils Private Limited |
Gorakhpur |
Vanaspati |
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4 Mount Everest Cgus |
Delhi |
Substation & |
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5 Sheel Chand Agro Oils Private Limited |
Rudrapur |
Physical Refinery |
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6 Daily Foods Limited |
Kundli |
Deodorisation |
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7 Smc Foods Limited |
Saharanpur |
Deodorisation |
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8 Patliputra Industries Limited |
Patna |
Vanaspati Expansion |
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Acid Oil |
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9 Vikas Electro Engineers |
Bijnore |
Tanks |
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10 Karnal Milk Foods Limited |
Karnal |
Deodorisation |
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11 Sena Mills Refineries Limited |
Srilanka |
Engg. Goods for Oil Refinery |
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Project Executed
1998 - 1999 |
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1 Shyam Sunder Fabro Alloys Private Limited |
Malanpur |
Vanaspati |
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2 Ramnath Laboratories |
Jhansi |
Supply & Site Fabrication |
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3 Deepharma Limited |
Ghaziabad |
Chilling Unit |
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4 Hari Kewal Agro Limited |
Sunam |
Physical Refinery |
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5 Dinesh Oils Limited |
Kanpur |
Refinery |
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6 Raj Solvex Limited |
Ratlam |
Batch Neutralisation |
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7 Purechem Industries Limited |
Nigeria |
Reactor |
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Project Executed
1997 - 1998 |
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1 Mantora Agro Ind Limited |
Kanpur |
Physical Refinery |
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2 Anil Modi Oils Limited |
Pilibhit |
Physical Refinery |
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3 Pgr Qualivartan Limited |
Bazpur |
Refinery |
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4 Deepharma Lab Limited |
Bhiwadi |
Gen. Engg. |
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5 Patliputra Industries Limited |
Patna |
Vanaspati |
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Refinery |
||||
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Project Executed
1996 - 1997 |
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1 Mihijam Vanaspati Limited |
Mihijam |
Dewaxing |
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2 Raj Solvex Limited |
Ratlam |
Utilities & VNP & SEP |
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3 Intercorp Industries Limited |
Behror |
Utilities & VNP & SEP |
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4 Deepharma Lab Limited |
Bhiwadi |
Gen. Engg. |
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5 Hafed |
Ratia |
Refinery |
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Project Executed
1995 - 1996 |
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|||
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1 Richi Rich Agro Limited |
Jodhpur |
Sep (Speed) |
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2 Intercorp Industries Limited |
Alwar |
Solvent Extraction & Refinery |
||
|
Refinery |
||||
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3 Gupta Products |
Bahadurgarh |
Refinery |
||
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4 Deepharma Limited |
Bhiwadi |
Stearic Injectables |
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5 Deepharma Lab Limited |
Bhiwadi |
Utilities, Bulk duro spent methanol |
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Project Executed
1994 - 1995 |
|
|||
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1 Mantora Oil Products Limited |
Kanpur |
Vanaspati |
||
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2 Mihijam Vanaspati Limited |
Mihijam |
Vanaspati |
||
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3 Sukhanad Cold Storage |
Tapa |
Cold Storage |
||
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4 Century Proteins Limited |
Sampla |
Oxygen Plant |
||
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5 Deepharma Lab Limited |
Bhiwadi |
Chilling Unit |
||
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. 39.36 |
|
UK Pound |
1 |
Rs. 80.58 |
|
Euro |
1 |
Rs. 57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|