MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MOLIND ENGINEERING LIMITED |
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Registered Office : |
A – 7, Industrial Estate, Mohali [Near Chandigarh] 160051, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.06.1960 |
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Com. Reg. No.: |
008893 |
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CIN No.: [Company
Identification No.] |
U29199PB1960PLC008893 |
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Legal Form : |
Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer and Distributor of Cigarette making, packing,
wrapping and parceling machines and general purpose packaging Machines. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 16000 |
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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 old and established Company having moderate track. Company’s profitability is under severe
pressure. It has huge accumulated
losses. Payments are reported as slow
and delayed. The Company can be considered for business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
A – 7, Industrial Estate, Mohali [Near Chandigarh] 160051, Punjab,
India |
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Tel. No.: |
91-172-2225628 / 2224326 |
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Fax No.: |
91-172-2225630 |
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E-Mail : |
moielmhl@sify.com , sales@moiengineering.com , moielmhl@glide.net.in |
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Website : |
DIRECTORS
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Name : |
Mr. S. K. Shrivastava |
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Designation : |
Director |
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Address : |
1116, Phase V, Mohali 160051, Punjab, India |
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Date of Birth/Age : |
04.12.1955 |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. R. K. Shrivastava |
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Designation : |
Director |
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Address : |
3/21, Shanti Niketan, New Delhi 110021, India |
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Date of Birth/Age : |
04.06.1949 |
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Date of Appointment : |
12.10.2005 |
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Name : |
Mr. Madan Lal Jain |
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Designation : |
Director |
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Address : |
83, State Bank Colony, GT Karnal Road, New Delhi, India |
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Date of Birth/Age : |
02.10.1943 |
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Date of Appointment : |
12.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Equity Share
Break-up |
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Bodies Corporate |
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26.69 |
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Directors or relatives of the Directors |
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54.31 |
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Other top Fifty shareholders |
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19.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Distributor of Cigarette making, packing,
wrapping and parceling machines and general purpose packaging Machines. |
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PRODUCTION STATUS
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Particulars |
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Unit |
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Actual
Production |
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Machines for other Industries |
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Nos. |
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18 |
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Component for use in assembly for machines, machines spares and for
supply to Engineering Industries |
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Nos. |
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33906 |
Explanation:
Ø The Products manufacture are not covered by the Industries [Development
and Regulation] Act, 1951
Ø The installed capacity as estimated by the Company is about 60 machines
per annum plus Spare Parts as required.
The number of machines and quanitities of spare parts produced in a year
depends on the product mix.
GENERAL
INFORMATION
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Customers : |
Cigarette Making & Packaging Machines Ø Alpha
Tobacco Manufacturing Company Limited Ø Asia
Tobacco Limited Ø Bangladesh
Tobacco Company Limited Ø Blue
Nile Cigarette Company Limited Ø New
Tobacco Company Limited General Purpose Over Wrapping Machines Ø Cipla
Limited Ø Colgate-Palmolive
India Limited Ø Hindustan
Lever Limited Ø International
Tobacco Company Limited Ø VST
Industries Limited Soap & Biscuit Over Wrapping Machines Ø Bakeman's
Home Product Limited Ø Hindustan
Lever Limited Ø Nirma
Limited Ø Shivam
Foods Ø R M
Chemicals Private Limited Pharmaceutical Machines Ø Dabur
India Limited Ø Glaxo
India Limited Ø ICI
India Limited Ø Ranbaxy
Laboratories Limited Ø
Unichem Laboratories Limited |
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Bankers : |
State Bank of
India Sector 17,
Chandigarh 160017 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. K. Bhambri and Associates Chartered Accountants |
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Address : |
2253, Sector 15-C, Chandigarh 160017, India |
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Associates/Subsidiaries : |
MOI Trading and Engineering [Private] Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2535000 |
Equity Shares |
Rs. 10/-
each |
Rs. 25.350
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.350 |
25.350 |
25.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.217 |
3.217 |
3.217 |
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4] (Accumulated Losses) |
[24.518] |
[27.273] |
0.000 |
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NETWORTH |
4.049 |
1.294 |
28.567 |
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LOAN FUNDS |
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1] Secured Loans |
0.340 |
0.407 |
0.465 |
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2] Unsecured Loans |
20.734 |
39.868 |
27.255 |
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TOTAL BORROWING |
21.074 |
40.275 |
27.720 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
25.123 |
41.569 |
56.287 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.910 |
3.426 |
2.855 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.495 |
0.495 |
0.495 |
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DEFERREX TAX ASSETS |
7.220 |
7.220 |
7.220 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.966 |
36.796 |
31.323 |
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Sundry Debtors |
8.358 |
18.430 |
18.016 |
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Cash & Bank Balances |
2.973 |
5.955 |
2.510 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.203 |
4.884 |
6.148 |
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Total
Current Assets |
44.500
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66.065 |
57.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.672 |
26.291 |
32.718 |
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Provisions |
9.330 |
9.346 |
9.397 |
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Total
Current Liabilities |
30.002 |
35.637 |
42.115 |
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Net Current Assets |
14.498 |
30.428 |
15.882 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
29.835 |
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TOTAL |
25.123 |
41.569 |
56.287 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
42.873 |
27.176 |
67.620 |
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Other Income |
3.813 |
2.750 |
28.722 |
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Total Income |
46.686 |
29.926 |
96.342 |
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Profit/(Loss) Before Tax |
2.940 |
2.715 |
26.490 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
2.940 |
2.715 |
26.490 |
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Earning in Foreign Currency : |
NA |
NA |
0.041 |
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Total Imports |
NA |
NA |
0.107 |
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Expenditures : |
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Raw Material Consumed |
8.863 |
3.824 |
52.580 |
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Consumption of stores and spares parts |
1.156 |
1.011 |
0.000 |
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Increase/(Decrease) in Finished Goods |
5.783 |
[5.522] |
13.495 |
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Salaries, Wages, Bonus, etc. |
14.707 |
16.551 |
0.000 |
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Payment to Auditors |
0.076 |
0.074 |
0.000 |
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Interest |
1.666 |
1.616 |
3.169 |
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Insurance Expenses |
0.174 |
0.074 |
0.000 |
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Power & Fuel |
1.707 |
1.676 |
0.000 |
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Depreciation & Amortization |
0.563 |
0.525 |
0.608 |
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Other Expenditure |
9.051 |
7.382 |
0.000 |
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Total Expenditure |
43.746 |
27.211 |
69.852 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.29
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9.07 |
27.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.85
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9.99 |
39.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.20
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3.90 |
43.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.72
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2.09 |
0.92 |
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Debt Equity Ratio (Total Liability/Networth) |
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12.61
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58.66 |
2.44 |
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Current Ratio (Current Asset/Current Liability) |
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1.48
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1.85 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ø
Land
Ø
Building
Ø
Plant and Machinery
Ø
Furniture
Ø
Design and specification
Ø
Vehicles
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CONTINGENT LIABILITIES NOT ACKNOWLEDGED AS DEBTS |
31.03.2005 [Rs. in
Millions] |
31.03.2004 [Rs. in
Millions] |
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Claims by former employees |
10.321 |
10.321 |
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Disputed income tax demands under appeals |
7.518 |
7.518 |
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Disputed Sales Tax demands under appeals |
0.042 |
0.312 |
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Bank Guarantee issued by Bankers |
0.425 |
0.064 |
The Board for Industrial and Financial
Reconstruction [BIFR] has approved a rehabilitation scheme under section 17[2]
of Sick Industrial Companies [Special Provisions] Act, 1995 [SICA] vide its
order dated 18.06.2004 issued on 05.07.2004.
In compliance with the approved rehabilitation scheme, the promoters
have brought in their share of promoter contribution as envisaged therein. The Company has incorporated in its books of
accounts the financial impact of the transactions in accordance with the terms
as approved by BIFR in the rehabilitation scheme. The Company is also in the process of Co-coordinating and pursuing with Stat Government and other
agencies for pending relief/concessions as provided in the rehabilitation
scheme, the financial impact o the same shall be taken into account in the year
in which these relief/concessions are received by the Company. Moreover as per the terms of rehabilitation
scheme the Company has not provide any interest in case of other loans and
fixed deposits during the current year.
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
MOI ENGINEERING LIMITED |
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Presented By |
B. B. SHARMA
SECRETARY |
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1) Date and description of instrument creating the change |
21.10.1989 hypothecation of Goods Deed |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 10.500
Millions |
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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 |
Primary : Hypothecation of
stocks comprising of raw materials, machinery components used for making
machines, stocks in process, finished goods, bought out components, spares
and stores, book debts/receivables |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest 18 above
SBAR, minimum 17.5% per annum and other non fun facilities, Letter of Credit
Rs. 2.500 Millions and Guarantees Rs. 1.500 Millions. Extent of
operation of charge 100% |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of
India Sector 17,
Chandigarh 160017 |
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6) Date and brief description
of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
AS PER WEBSITE
DETAILS:
PROFILE
Subject is a well known and established name in precision
engineering and machine building since 1965 and an ISO 9001 company. They are
committed to Quality and Customer satisfaction, which demands constant up
gradation of their products to meet international standards.
They design, develop, produce cigarette making and
packing machines, cigarette filter rod making machines, cigarette filter rod
assembling machines, cigarette packet collating and parceling machines,
cigarette wrapping machines, biscuit wrapping machines, capsule making
machines, detergent soap wrapping machines, general purpose wrapping machines,
general purpose collating and parceling machines, toilet soap wrapping
machines, pharmaceutical machines, pharmaceutical strips inspecting, collating
and couting machines, pharmaceutical strips cartooning machines, spares for all
MOI brand of machines, and market various types of customised machines as per
customer's requirement.
They provide total solution to the buyer and meet/exceed
customer's expectation & provide full value for their money. Traceability,
preventive and corrective action are embedded in their system.
PRODUCTS
Ø
Cigarette Making and Packaging Machines
Ø
General Purpose Over rapping Machines
Ø
Soap and Biscuit Wrapping Machines
Ø
Pharmaceutical Machines
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. 39.39 |
|
UK Pound |
1 |
Rs. 78.02 |
|
Euro |
1 |
Rs. 56.77 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
23 |
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 |
|