MIRA INFORM
REPORT
|
Report Date : |
05.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MODEL BUCKETS & ATTACHMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
601 A, 6th Floor, Dempo Trade Centre, Patto, Panaji, Goa - 403001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
11.11.2003 |
|
|
|
|
Com. Reg. No.: |
24-3328 |
|
|
|
|
CIN No.: [Company Identification No.] |
U29244GA2003PTC003328 |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business : |
Designer and Manufactures of construction equipment for dozers, loaders, excavators and motor graders. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
-- |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company and a part of Model Group of Goa. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for business dealings at usual terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered Office : |
601 A, 6th Floor, Dempo Trade Centre, Patto, Panaji, Goa India-403001 |
|
Tel. No.: |
91-832-2437770 |
|
Fax No.: |
91-832-2437773 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Rented - 1500 sq. ft. |
|
|
|
|
Corporate Office : |
601 A, 6th Floor, Dempo Trade Centre, Patto, Panaji, Goa India-403001 |
|
Tel. No.: |
91-832-2437770 |
|
Fax No.: |
91-832-5644932 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No, L-13, Verna Industrial Area. Verna, Goa – 403 722 |
|
Tel. No.: |
91-832-2453073 / 2453064 / 2887193 |
|
Fax No.: |
91-832-5644932 / 2887193 |
|
Website : |
|
|
Area : |
10390 sq. ft |
|
|
|
|
Factory 2 : |
221, Kiadb, Belur Industrial Area, Dharwad – 580 011, Karnataka |
|
Tel. No.: |
91-836-2486785 |
|
Fax No.: |
91-836-2486659 |
|
Area : |
8000 sq. ft |
DIRECTORS
|
Name : |
Mr. Sukraj Singh |
|
Designation : |
Director |
|
Address : |
Acropolis, 221,
Dona – Paula, Goa |
|
Date of Birth/Age : |
33 years |
|
Qualification : |
B.E., MBA |
|
Experience : |
8 years |
|
|
|
|
Name : |
Col Himmat Sidhu |
|
Designation : |
Director |
|
Address : |
53 years |
|
Date of Birth/Age : |
Plot No. 90,
Defence Colony, Porvorim, Bardez, Goa |
|
Qualification : |
D.F.T. |
|
Experience : |
10 years |
|
|
|
|
Name : |
Mr. Ganesh Kumar Ishwar |
|
Designation : |
Director |
|
Address : |
34 years |
|
Date of Birth/Age : |
304, Sharda Homes,
Saptapur, Dharwad, Karnataka |
|
Qualification : |
B.E., MBA |
|
Experience : |
8 years |
|
|
|
|
Name : |
Mr. A. V. Mulay |
|
Designation : |
Director |
|
Address : |
62 years |
|
Date of Birth/Age : |
Building A-4, Flat
No. 16, Potnis Parisar, Karvenagar, Pune, Maharashtra |
|
Qualification : |
B.E. (Mech.), BE
(Elec.) |
|
Experience : |
39 years |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Sukraj Singh |
78396 |
|
Arya Bhatt Sales Private Limited |
5000 |
BUSINESS DETAILS
|
Line of Business : |
Designer and Manufactures of construction equipment for dozers, loaders, excavators and motor graders. |
GENERAL
INFORMATION
|
Suppliers : |
Engaged in as designer and manufactures of construction equipment for dozers, loaders, excavators and motor graders |
|
|
|
|
Customers : |
˜ Apex Auto Limited ˜ Escorts JSB Limited ˜ Felkenroth Inc ˜ IAL Construction & Agri Equipment Company Limited ˜ Model Heavy Fabricators Private Limited ˜ Oriental Granites ˜ Ransome Equipment Sales ˜ Rockland Manufacturing Company ˜ Telco Construction Equipment Company Limited ˜ Westroc International Incorporated |
|
|
|
|
No. of Employees : |
112 -- 20 persons in office and 92 persons in factory |
|
|
|
|
Bankers : |
The Bank of India Andheri Corporate Banking Branch, Mumbai |
|
|
|
|
Facilities : |
Ø The Bank of India -Credit Limit : Rs. 55.000 millions Ø Cash Credit : Rs. 23.671 Millions Ø ICICI Vehicle Loan : Rs. 1.107 Millions Ø Foreign Currency : Rs. 34.210 Millions Ø BRCL : Rs. 5.544 Millions Ø Mitsui : Rs. 3.725 Millions |
|
|
|
|
Banking Relations
: |
Unknown |
|
|
|
|
Auditors : |
Dagia Associates Chartered Accountants Mumbai |
|
|
|
|
Associates : |
˜ Model Heavy Fabrication Private Limited Jamshedpur, Madhya Pradesh Manufacturer ˜ Model Engineering Works Jamshepur, Madhya Pradesh Manufacturer ˜ Model Project, Dharwad, Karnataka [Financials for the year ended 31.03.2003 enclosed] |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
108802 |
Equity Shares |
Rs.100/- each |
Rs. 10.880 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.880 |
7.890 |
6.889 |
|
|
2] Share Application Money |
10.200 |
2.300 |
|
|
|
3] Reserves & Surplus |
18.712 |
0.240 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH
|
39.792 |
10.430 |
6.889 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
68.257 |
30.922 |
18.341 |
|
|
2] Unsecured Loans |
1.383 |
2.130 |
0.575 |
|
TOTAL BORROWING
|
69.640 |
33.052 |
18.916 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
TOTAL
|
109.432 |
43.482 |
25.805 |
|
|
|
|
|
|
|
APPLICATION OF
FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block]
|
55.285 |
10.892 |
12.440 |
|
Capital
work-in-progress
|
0.000 |
16.562 |
0.000 |
|
Pre-op Exp.
|
0.000 |
2.157 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
30.809
|
11.242 |
10.544 |
|
|
Sundry Debtors
|
21.689
|
7.933 |
6.406 |
|
|
Cash & Bank
Balances
|
10.821
|
3.773 |
3.142 |
|
|
Other Current
Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans &
Advances
|
8.028
|
3.555 |
2.738 |
Total
Current Assets
|
71.347
|
26.503 |
22.830 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
15.930
|
12.619 |
9.507 |
|
|
Provisions
|
1.500
|
0.040 |
|
Total
Current Liabilities
|
17.430
|
12.659 |
9.507 |
|
Net Current Assets
|
53.917
|
13.844 |
13.323 |
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES
|
0.230 |
0.027 |
0.042 |
|
|
|
|
|
|
|
TOTAL
|
109.432 |
43.482 |
25.805 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other
income]
|
128.913 |
5.984 |
51.020 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
9.462 |
0.277 |
2.043 |
Provision for Taxation
|
1.500 |
0.040 |
0.000 |
Profit/(Loss) After Tax
|
7.962 |
0.237 |
2.043 |
|
|
|
|
|
Export Value
|
3.419 |
-- |
-- |
|
|
|
|
|
Import Value
|
14.831 |
-- |
-- |
|
|
|
|
|
Total Expenditure
|
2.756 |
0.109 |
48.977 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
6.18
|
3.96 |
4.00 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
7.34
|
4.63 |
4.00 |
|
|
|
|
|
|
Return on Total
Assets
(PBT/Total Assets} |
(%) |
7.47
|
0.74 |
5.79 |
|
|
|
|
|
|
Return on
Investment (ROI)
(PBT/Networth) |
|
0.24
|
0.03 |
0.30 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
2.19
|
4.38 |
4.13 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current Liability) |
|
4.09
|
2.09 |
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in the manufacture, buying, selling, trading, dealing, packing, distributing, marketing, import, export of earthmoving components and equipments, machineries and merchandise.
The Model Group are serving the heavy earth moving industry since the last three decades. The company is designed to fulfil the needs of the earth moving industry by its unique key features.
Being a market leader and one of the largest manufacturers in the country, its innovative techniques and cost effective products help the company to compete with the best in the world.
Its products range includes :
v Buckets
v Wheel Loaders
v John Deere
Model group is proud of its 3 decades of experience and expertise in the field of manufacturing high quality fabrications. The Group is committed to excellence to match international standards of manufacture.
The company is available for every major brand of construction machinery. Its Buckets and Attachments are designed for specific applications so that the customers can get quality products.
Every MBA product is designed for a specific application and able to successfully maintain a delicate balance between high quality products and sensible pricing.
For product quality, value & service before, during and after the sale, the company shall put its record against anyone in the industry. The company appreciate the business and look forward to serving.
The company operates a state of the art facility in Dharwad, Karnataka where it produces Original Equipments for many world class Earth Moving Equipment Manufacturers. A second modern facility is being developed in Verna, Goa India that will be equipped with latest manufacuring facility available.
It is in trade terms with:
˜ Alex India
˜ Associated Road Carriers Limited
˜ B. Elastro Products Private Limited
˜ Bharti Mobile Limited
˜ Blue Stamping & Forgings Limited
˜ Care System & Construction
˜ Carl Closs
˜ Deepsagar Engineering Works
˜ Desai Enterprises
˜ Dinesh Trading Company
˜ Extract Engineering Works Private Limited
˜ Fabro Tech Engineering Works
˜ Himalaya Machinery Private Limited
˜ Hindustan Agencies
˜ Hindustan Hydraulic Private Limited
˜ Hindustan Udyog
˜ Hypertherm Singapore Pte. Limited
˜ Indian Mineral Company
˜ Jindal Vijaynagar Steel Limited
˜ Jkay Enterprises
˜ Kabir Agencies
˜ Kamal Trading Company
˜ Karnataka Industrial Gases Private Limited
˜ M. S. P. L. Limited, Hospet
˜ Maersk India Limited
˜ Maruti Industrial Services
˜ Mayur Steel Private Limited
˜ Model Engineering Works
˜ Modi Lifting Tackles
˜ N. B. Engineering Works
˜ Orient Impex
˜ P. Castings
˜ Patel Trading Corporation
˜ Pavan Electric Company
˜ Ravi Transport Service
˜ Renuka Engineering Works
˜ SAS Enterprises
˜ Savani Transport Limited
˜ Shraddha Agencies
˜ Shraddha Marketing
˜ Shree Balaji
˜ Shri Basaveshwar Limited
˜ Sigma Hoist Private Limited
˜ Steel Crafts
˜ Sunkad Brothers
˜ Sunkad Hardware
˜ Valji & Brothers
˜ Veereshwar Engineering Works
˜ Telcon, Dharwad, Karnataka
Tel No. 91-836-2486894
Contact Person : Mr. R. P. Nair (Head – Operation)
˜ Telcon, Jamshedpur, Bihar
Tel No. 91-657-2286410
Contact Person : Mr. Kamesh Gupta (Head – Supply Chain Management)
˜ Baden-Baden, Germany
Tel No. +49-7223-966-222
˜ Mr. Peter Lehnhoff
Some of the alliance partners of the company are:
˜ Telcon
˜ JCB Worldwide
˜ John Deere
˜ Volvo
˜ Caterpillar
˜ Ingresoll Rand
As per website
A company is known and driven by the people
involved. MBA boasts of young and energetic professionals who run different
functions independent in charge. All independent functions are monitored and
controlled by strategy management Group which operates out of the corporate
office and reports to the CMD,Sukhraj Singh. MBA employs around 180 people with
an average age being 36 years.The company strives to achieve to become a major
global player in the industry by the year 2010.
Products
·
Semi Finished
Reinforced Excavator Bucket
·
Back Hoe
Bucket
·
Thumbs &
Buckets
·
Large Range
from 0.5 c.m to
6 c.m. Excavator Buckets
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 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.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
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 |
|