MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MILLMORE ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
MADRAS FINE TOOLS PRIVATE LIMITED |
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Registered Office : |
289, [Old No. 240], |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.03.1977 |
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Com. Reg. No.: |
18-7290 |
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CIN No.: [Company
Identification No.] |
U29130TN1977PTC007290 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02144C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Modern Rice Milling Machineries. |
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 40000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Trade relations are fair. Financial position is satisfactory Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office : |
289, [Old No. 240], |
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Tel. No.: |
91-44-27474753 / 30963923 / 32963930 |
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Mobile No.: |
91-9840091977
/ 9444081273 / 9840276024 |
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Fax No.: |
91-44-28343782 |
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E-Mail : |
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Website : |
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Factory : |
43, Old Kazhipattur Link Road, Padur, Kelambakkam Post, Chennai-IT Corridor,
Chennai - 603103, Tamil Nadu, India |
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Tel. No.: |
91-44-32963923, 32963930 |
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Fax No.: |
91-44-28343782 |
DIRECTORS
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Name : |
Mr. D. S. Ganapathy |
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Designation : |
Managing Director |
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Address : |
1F, PTR Apartments, |
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Date of Birth/Age : |
06.06.1944 |
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Date of Appointment : |
18.10.1978 |
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Name : |
Mrs. G Endale |
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Designation : |
Director |
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Address : |
1F, PTR Apartments, |
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Date of Birth/Age : |
28.08.1951 |
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Date of Appointment : |
28.06.1991 |
KEY EXECUTIVES
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Name : |
Mr. J Chandrasekaran |
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Designation : |
Company Secretary |
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Address : |
New No. 12, Old No. 43, Sriram Nagar, 2nd Cross Street,
Camp Road, Seleiyur, Chennai – 600073, Tamilnadu, India |
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Tel No. : |
91-44-22275784 |
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Fax No. : |
91-9444025784 |
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Email : |
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Name : |
Mr. N. Sivakumar |
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Designation : |
Sr. Sales Executive |
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Name : |
Mr. M. Sakthivel |
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Designation : |
Marketing Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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D. S. Ganpathy |
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6870 |
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G. Andal |
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2460 |
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G. Shanmuga Sundar |
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810 |
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D. Renuka |
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750 |
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G. Mohan |
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15 |
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S. Bala Subramanian |
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200 |
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B. Sridevi |
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150 |
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Total |
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11255 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Modern Rice Milling Machineries. |
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Products : |
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Exports : |
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Products : |
Rice Milling Machinery |
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Countries : |
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Imports : |
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Products : |
Rubber Rolls Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash – 30 days & Credit – 60 days |
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Purchasing : |
Cash – 30 days & Credit – 60 days |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. Bupathy and Company Chartered Accountants |
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Address : |
Rosy Towers, First Floor, 7, Nungambakkam High Road, Nungambakkam,
Chennai – 600034, Tamilnadu, India |
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Tel No. : |
91-44-28278300 / 28277590 |
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Fax No. : |
91-44-28242302 |
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Email : |
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Memberships : |
EEPC, CFTRI |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11,255 |
Equity Shares |
Rs. 100/- each |
Rs. 1.126
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.126 |
1.125 |
1.125 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.052 |
8.971 |
10.193 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.178 |
10.096 |
11.318 |
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LOAN FUNDS |
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1] Secured Loans |
0.711 |
0.204 |
2.952 |
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2] Unsecured Loans |
0.210 |
0.211 |
0.211 |
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TOTAL BORROWING |
0.921 |
0.415 |
3.163 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
11.099 |
10.511 |
14.481 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.903 |
15.379 |
15.708 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.043 |
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DEFERREX TAX ASSETS |
0.625 |
0.265 |
0.050 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.380
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2.976 |
2.975 |
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Sundry Debtors |
11.888
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10.915 |
8.159 |
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Cash & Bank Balances |
0.319
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0.100 |
0.043 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.341
|
2.732 |
1.459 |
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Total
Current Assets |
22.928
|
16.723 |
12.636 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.307
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20.189 |
12.559 |
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Provisions |
3.050
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1.667 |
1.397 |
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Total
Current Liabilities |
29.357
|
21.856 |
13.956 |
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Net Current Assets |
[6.429]
|
[5.133] |
[1.320] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.099 |
10.511 |
14.481 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
36.811 |
13.245 |
22.371 |
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Other Income |
0.796 |
0.119 |
0.073 |
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Total Income |
37.607 |
13.364 |
22.444 |
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Profit/(Loss) Before Tax |
0.453 |
[1.242] |
[0.821] |
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Provision for Taxation |
0.372 |
[0.020] |
[0.235] |
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Profit/(Loss) After Tax |
0.081 |
[1.222] |
[0.586] |
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Earnings in Foreign Currency : |
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Total Earnings |
0.389 |
0.091 |
NA |
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Imports : |
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Total Imports |
19.220 |
4.702 |
NA
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Expenditures : |
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Consumption of stores and spares parts |
0.000 |
8.192 |
13.627 |
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Manufacturing Expenses |
0.000 |
1.827 |
3.676 |
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Administrative Expenses |
0.000 |
2.143 |
1.891 |
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Financial Charges |
0.000 |
1.325 |
0.546 |
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Selling and Distribution Expenses |
0.000 |
0.256 |
1.848 |
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Directors Remuneration |
0.000 |
0.214 |
0.181 |
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Research and Development |
0.000 |
0.076 |
0.008 |
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Depreciation |
0.616 |
0.475 |
0.519 |
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Loss on sale of Generator |
0.000 |
0.000 |
0.068 |
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Exchange Fluctuation Loss |
0.000 |
0.013 |
0.000 |
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Investments Written off |
0.000 |
0.043 |
0.000 |
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Bad Debts written off |
0.000 |
0.042 |
0.900 |
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Other Expenditure |
36.538 |
0.000 |
0.00 |
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Total Expenditure |
37.154 |
14.606 |
23.264 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.22
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[9.14] |
[2.61] |
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Net Profit Margin (PBT/Sales) |
(%) |
1.23
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[9.38] |
[3.67] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.14
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[3.87] |
[2.90] |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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[0.12] |
[0.07] |
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Debt Equity Ratio (Total Liability/Networth) |
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2.97
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2.21 |
1.51 |
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Current Ratio (Current Asset/Current Liability) |
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0.78
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0.77 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixture
- Electrical
Fittings
- Vehicles
- Computers
Bankers Charges
Report as per Registry
|
Name of the company |
MILLMORE ENGINEERING
PRIVATE LIMITED |
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Presented By |
Indian Overseas
Bank, Nangambakkam Branch, Chennai |
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1) Date and description of instrument creating the change |
12.05.2005
Hypothecation agreement for securing car and other fixed assets of the
company. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.813 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 |
Prime : The Motor
Car Collateral :
First charge on the Fixed assets of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 25 % Interest BPLR 0.5
% at present 11.5 % Repayable in 60
EMI of Rs. 0.018 Millions each from May 2005 |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Nungambakkam Branch, Chennai -
600034 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
PROFILE
The company has been registered with the Registrar of
Companies, Government of India at Chennai as a Private Limited Company and
obtained the certificate of Incorporation in 1977 and commenced its
manufacturing activities in 1979.
The Company has set up a plant at Chennai for the manufacture and supply
of modern Rice Milling Machinery and has an installed capacity of 120 complete
mills per annum. It is a self contained unit having facilities for
manufacturing all post harvest machinery like Rice Milling machinery, Paddy
Parboiling and Drying Plants, Dhall Milling Machinery, Wheat Cleaning Machines,
Pepper Processing Machines, etc.
The Company is well versed in the basic
engineering, design, fabrication, erection and commissioning of the plant and
machinery required for complete modernization of the rice milling industry and
can execute orders on turn key basis. It is one of the reputed companies of its
kind in
Subject designs, manufactures and exports Modern
Rice Milling Machineries
and has an installed capacity of 120 complete mills per annum. It has a state-of-the-art
unit in the Indian city of
The company is well versed in the Basic Engineering, Design,
Fabrication, Erection and Commissioning of Plant and Machineries
required for complete modernization of the Rice Milling Industry
and can execute orders on turn key basis. It is one of the reputed companies of
its kind in
The company has over a thousand customers spread across
Millmore's products include:
- Modern Parboiling and Drying
Plant of two ton per hour capacity
- Vibrating Cleaning, Rotary
Cleaning and Rice Grading Sieves
- Rubber Roller Sheller
- Suction Type Dry Stoner
- Gravity Paddy Separator
- Rice Polishing Machine
- Rice Whitening Machine
The company's continuous research has also resulted in the invention and
manufacturing of new machines of improved designs as per international
standards.These machines have been patented under the Indian Patent Act, 1971.
With its fully computerised system operating in design, drawing, sales,
invoice, purchase, accounts, stores and inventory control, Millmore has been
successful in creating a revolution in the Rice Mill Machinery.
QUALITY - INTERNATIONAL RECOGNITIONQUALITY
The challenge of elevating quality to the highest levels and standard so
as to gain an entry into international markets has indeed brought the company
to the forefront. At Millmore factory the attention to quality begins at the
raw material stage and extendsto the packaging of the finished product. The
most systematic testing coupled with no compromise on quality has resulted in
Millmore machinery being exported to countries like Nepal, Surinam, The
Netherlands and many orders, are on the anvil. The Company's products have been
tested and certified by
THE COMPANY HAS
THE FOLLOWING STATUTORY REGISTRATION
a. RCMC certificate No. EPC/REG/MAD/46/88-89 dated 27-06-88 Issued by
Engineering Export Promotion Council.
b. Importer and Exporter Code No. 0488037140 issued by Joint Chief Controller
of Imports & Exports, Chennai.
c. Exporter Code No. MM001177 allotted by Reserve Bank of
d. CST No. 598706 dated 24th May 1979 and TNGST No. 0920633/95-96
THE COMPANY HAS MEMBERSHIP IN
a. Member - Project Evaluation Committee -
Modernization of Rice Mill industry - Central Food Technological Research
Institute,
b. Member of Panel on Rice Milling Machinery - BUREAU OF INDIAN STANDARDS -
c. Engineering Export Promotion Council.
d. Andhra Chamber of Commerce.
e. Indo-German Chamber of Commerce.
f. industrial Associate - Centre for industrial Consultancy Sponsored Research
Indian Institute of Technology, Chennai.
g. Member Tamilnadu Small and Tiny industries Association
EXPORT FRONT
The Company has participated in the
International Indian Trade Fairs organized by the Trade Fair Authority of India
at Singapore during April'87
and Malaysia during
January'88 and TEAM-89 Kualalumpur, Malaysia Nigeria ,
Luxembourg , Amsterdam
and Miami
The Company's commitment in Export quality machinery enabled it to bag an
Award from Engineering Export Promotion Council for outstanding performance in
Export of Food Processing Machines - industrial for 1993-94
RESEARCH AND DEVELOPMENT MLLMORE
Research and Development
constantly upgrades product features and design in line with latest technology
and in tune with the requirements of millers. The product development division has
modern facilities and provides the key thrust in continued efforts towards
upgrading rice mill technology and customer satisfaction. The Company has close
liaison with research institutions like Post harvest Technology Centre, ITT
Kheragpur, Central Food Technological Research Institute, Mysore
PATENT
Millmore's continuous
Research and Development work have resulted in the invention and manufacture of
new machines of improved designs as per International Standard like Automatic
Rubber Roll Sheller, Humidified Rice Polisher(Rice Glazing Machine)
commercially known as Silk Rice Polisher or Water Jet Polisher and Abrasive -
Friction Polisher. These machines have been patented under the Indian Patent
Act, 1971.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.48 |
|
|
1 |
Rs.82.59 |
|
Euro |
1 |
Rs.55.55 |
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 |
|