MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MOJJ ENGINEERING SYSTEMS LIMITED |
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Registered Office : |
81/B15, MIDC Bhosari, Pune;411026, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.10.1986 |
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Com. Reg. No.: |
11-41406 |
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CIN No.: [Company
Identification No.] |
U29297PN1986PLC041406 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM08503F |
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PAN No.: [Permanent
Account No.] |
AABCM1797L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of drying systems and evaporators |
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 100000 |
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Status : |
Satisfactory |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. 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 : |
81/B15, MIDC Bhosari, Pune;411026, |
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Tel. No.: |
91-20-27120360 |
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Fax No.: |
91-20-27122836 |
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E-Mail : |
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Web site: |
DIRECTORS
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Name : |
Mr. Tejpal Madhusudan Gupta |
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Designation : |
Whole time Director |
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Address : |
Plot No.4/2 and 5/2, S. No.
257/1 Pallor Farms, Baner, Pune 411045 |
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Date of Birth/Age : |
25.12.1954 |
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Date of Appointment : |
01.04.1988 |
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Name : |
Mr. Widyadhar Dhirendra |
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Designation : |
Wholetime Director |
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Address : |
Plot No.81, Lokesh Cooperative Housing Society, Bibavewadi, pune;411
037 |
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Date of Birth/Age : |
05.02.1954 |
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Date of Appointment : |
28.10.1986 |
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Name : |
Mr. Rairkar R. Jayant |
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Designation : |
Director |
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Address : |
433, Shaniwar Peth, Pune |
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Date of Birth/Age : |
27.12.1954 |
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Date of Appointment : |
31.07.1996 |
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Name : |
Mr. Pol Bapusaheb Balraj |
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Designation : |
Director |
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Address : |
E/15 Chitraban Residency |
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Date of Birth/Age : |
25.12.1954 |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mr. Kochar Punamchand Anil Chintamani |
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Designation : |
Director |
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Address : |
51/A Erandawane Off. Prabhat Raod, Pune;411 0004 |
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Date of Birth/Age : |
29.08.1965 |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr. Kulkarni Vidyadhar Nandkishore |
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Designation : |
Director |
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Address : |
A 66/4 |
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Date of Birth/Age : |
20.08.1955 |
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Date of Appointment : |
16.12.2004 |
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Name : |
Mr. Nandkishore Vidyadhar Kulkarni |
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Designation : |
Additional Director |
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Address : |
A 66/4 |
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Date of Appointment : |
16.12.2004 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Vasant Kumar Kamalakar Joshi |
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14626 |
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Dhirendra Widyadhar Oke |
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106734 |
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Rekha Madhusdan Gupta |
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7124 |
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Madhusudan Tejpal Gupta |
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102982 |
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Balraj Bapusaheb Pol |
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93034 |
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Bharat Bhushan Gupta |
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5000 |
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Mayashree Dhirendra Oke |
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5000 |
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Widyadhar Winayak Oke |
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5000 |
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Rajendra Bapusaheb Pol |
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4000 |
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Anjali Balraj Pol |
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4000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of drying systems and evaporators |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Around 100 |
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Bankers : |
Bank of Model Colony,
Branch Pune:411016 |
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Facilities : |
As on 31.03.2005
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Yeravekar and Ranade Chartered Accountant |
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Address : |
1018 Shukrawar peth, |
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Associates/Subsidiaries : |
Comp Engineering And Exports 3025/8 Shreenidhi Chambers Tel: +91-20-5658205, 5658206 Fax: +91-20-5658204 Email: compengg@vsnl.com Website: www.compengg.com Indus Fabricons Pvt. Ltd. 113/1 'S' Bloack, MIDC, Bhosari Pune 411026, Tel: +91-20-7120837, 7125114 Fax: +91-20-7126952 Email: indusfab@vsnl.com |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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695000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.950
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 |
6.950 |
3.476 |
3.475 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.369 |
14.631 |
16.318 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.319 |
18.107 |
19.793 |
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LOAN FUNDS |
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1] Secured Loans |
23.925 |
18.987 |
3.704 |
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2] Unsecured Loans |
3.350 |
3.150 |
0.000 |
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TOTAL BORROWING |
27.275 |
22.137 |
3.704 |
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DEFERRED TAX LIABILITIES |
0.714 |
0.000 |
0.781 |
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TOTAL |
54.308 |
40.244 |
24.278 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.688 |
7.845 |
8.693 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.009 |
0.009 |
0.009 |
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DEFERREX TAX ASSETS |
0.000 |
0.260 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.830
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18.382 |
0.000 |
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Sundry Debtors |
105.329
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69.614 |
0.000 |
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Cash & Bank Balances |
0.164
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0.327 |
0.000 |
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Other Current Assets |
15.755
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4.943 |
81.822 |
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Loans & Advances |
13.233
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10.937 |
0.000 |
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Total
Current Assets |
145.311
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104.203 |
81.822 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
91.373
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67.413 |
66.245 |
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Provisions |
7.376
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4.660 |
0.000 |
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Total
Current Liabilities |
98.749
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72.073 |
66.245 |
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Net Current Assets |
46.562
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32.130 |
15.576 |
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MISCELLANEOUS EXPENSES |
0.049 |
0.000 |
0.000 |
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TOTAL |
54.308 |
40.244 |
24.278 |
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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 |
247.009 |
201.427 |
193.682 |
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Other Income |
1.150 |
0.301 |
0.408 |
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Total Income |
248.159 |
201.728 |
194.090 |
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Profit/(Loss) Before Tax |
9.549 |
(2.726) |
9.977 |
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Provision for Taxation |
2.400 |
0.000 |
3.697 |
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Profit/(Loss) After Tax |
7.149 |
(2.726) |
6.280 |
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Imports : |
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Others |
0.000 |
2.194 |
6.670 |
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Total Imports |
0.000 |
2.194 |
6.670 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
23.673 |
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Raw Material Consumed |
194.648 |
167.887 |
149.912 |
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Salaries, Wages, Bonus, etc. |
12.394 |
9.357 |
7.167 |
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Managerial Remuneration |
1.561 |
1.305 |
1.037 |
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Payment to Auditors |
0.086 |
0.080 |
0.084 |
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Financial Charges |
0.000 |
0.000 |
0.811 |
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Interest |
3.332 |
2.412 |
0.000 |
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Insurance Expenses |
0.304 |
0.136 |
0.000 |
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Depreciation & Amortization |
1.204 |
1.369 |
1.424 |
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Other Expenditure |
25.078 |
21.907 |
0.000 |
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Total Expenditure |
238.607 |
204.453 |
184.108 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.8
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(1.35) |
3.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.86
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(1.35) |
5.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.24
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(2.43) |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36
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(0.15) |
0.50 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.75
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3.98 |
3.34 |
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Current Ratio (Current Asset/Current Liability) |
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1.47
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1.44 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
MOJJ ENGINEERING
SYSTEMS LIMITED |
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Presented By |
Mr. Madhusuda
Gupta- Whole time Director |
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1) Date and description of instrument creating the change |
Memorandum of Records of Equitable Mortgage dated 1st April, 20003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Letter of Credit Limit of Rs. 2.500 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 |
All that piece and
Parcel of leasehold land situate at Pimpri (Bhoari) Industrial Area
bearing No. B1-B/15area
admeasuring about 980 sq. mtrs along
with the buildings, sheds and structure thereon or to be constructed
hereafter in Pimpri Chinchwad
Municipal Corporation registration Sub Dist. Have,li, Dist. Pune and bounded
as follows: On or towards: North : By road East: By Plot No: 81- B/14 West: By Plot No:81-B/16 South: By Plot No: 32 Together with
plant and Machineries and other fixed Assets all the fixture and fittings
attached therto. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per the Rules
of the Bank as prevailing from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Model Colony,
Branch Pune:411016 |
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6) Date and brief description of instrument modifying the charge |
All the above
Documents dated |
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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. |
By executing the
Memorandum of Record of Equitable Mortoage and Composite deed of Hypothection
and agreement relating to opening of an Irrevocable letter of Credit Facility
Limit of Rs. 2.500 Millions was enhanced by an amount of Rs.2.500 Millions
making the total Bank Guarnatee Limit to Rs, 5.000 Millions Security: Hypothecation First and
exclusive charge and security by way of Hypothecation security charge in
favour of the Bank over the Company’s present and future movable plants,
machineries, goods, stock of raw materials, items, inventories, stock in
process, semi finished stock in process, semi finished and finished goods,
stores and Spares not relating to plant and Machinery (consumable Stores and
Spares), stock in trade, goods in process, movables in transit , Bills
Receivables and Book debts and all of the company’s other movable assets and
properties both present and future situated or located at any place and now
lying, being, affixed or installed at any place at any and all outstanding
monies claims, receivables, Book debts, due r become due to the company at
any time or from time to time, and all the company’s rights title or interest
therein. Mortgage: Mortgage of: All that piece
and parcel of leasehold land situated at Pimpri (Bhosari) Industrial Area
bearing No. 81-B/15 area admeasuring about 980 sq. mtrs alon with the
building s, sheds and structure thereon or to be constructed hereafter iin
pimpri Chinchwad Municipal Corporation registration Sub Dist. Haveli, Dit.
Pune and Bounded as Follow: On or towards: North: By road East: By Plot No: B1-B/14 West: By Plot No: 81-B/16 South: By Plot No:32 Together with
plant and Machineries and other fixed assets, all the fixtures and fitting
attached thereto |
Fixed Assets:
Land
Building
Machinery
Furniture and Fixture
Drafting Machines
Electrical Installation
Refrigerators
Office equipments
Computers
Xerox Machine
Electrical
Equipments
Vehicles
Generators
Air Conditioners
R and D Machinery
R and D instruments
R and D Pilot Plant
Tools and Equipment
Book (engineering)
As on 2005:
Contingent Liabilities:
1)
Counter Grauantee given
to bankers and guarantee to customers and suppliers of the company Rs.19.415
Millions
As per web site:
About Them:
Ethanol production has never been as relevant, as important, and as profitable as it is today. Limited crude oil supplies, and refining capabilities, undesirable dependence on foreign imports and new environmental regulations have set the stage to significantly boost production. Creating a need not only to upgrade and expand existing facilities but to build new plants.
A company perfectly poised to be the production partner. From concept to commissioning, From raw material handling to waste treatment. From single-process units to complete, integrated turnkey plants. Mojj Engineering Systems Ltd. has the expertise and skills built up over 12 years and over 300 installations worldwide.
Over the years, Mojj Engineering Systems Ltd. has won several prestigious awards, and earned multiple contracts from renowned multinationals like Ciba and BASF.
Recently, they have joined hands with the US-based ICM Inc, a leading technology solutions provider for ethanol producers - achievements that have further enhanced their confidence and capability. And empowered themto bring to each assignment - and each plant - a unique customer-focus. So that today, they have the comprehensive know how and in-house infrastructure to custom design plant and equipment to suit specific needs, and to manufacture and fabricate equipment with international quality and timely delivery assured.
Ensuring safety, reliability and profitablility for each
project they execute, every customer as partner.
FERMENTATION SYSTEMS
Raw Materials
Theyhave the expertise and capability to deliver systems designed to handle the complete gamut of raw materials:
Cane, molasses, cane juice, cane syrup
Grains (rice, wheat, sorgum, corn, bajra), cereals, tubers(cassava/ tapioca)
Highlights of the Möjj Fermentation Systems:
Minimum side products of fermentation.
Maximum yield
Highest alchol content in fermented wash
Over 200 genetically marked starins in their yeast bank
Special designs for better contact between yeast and fermentable sugar
High osmo tolerant and genetically marked yeast strains
Preclarification of cane miolasses optional
Multi feed fermentation module - for seasonal raw material - also available
Yeast recycle to increase productivity and better quality
DISTILLATION SYSTEMS
At this stage of the process, their emphasis is on more efficient seperation of impurities with reduceed scaling and downtime. Their special designs and customised equipment ensure their customers get distillation plants that are optimised for quality, energy consumption and operational ease.
Highlights of the Möjj Distillation Systems:
Atmospheric, Multipressure amd Extractive Distillation - available under one roof
EQRS / EQNA Potable-grade alchol due to better removal of impurities
Multipressure distillation operates under vaccum and at low operating temperatures which avoids hard scale formation Improved steam economy Impure spirit production less than 7.5% of total spirit Less impurities, hence better organoleptics
FUEL ETHANOL PLANTS
Taking the process one step further, Mojj offers Fuel
Ethanol Plants based on Molecular Sieve Technology in technical collobration
with ICM Inc,
Highlights of the Möjj Fuel Ethanol Plants:
Offers 3 bottle pressure swing adsorption for smoother transitions and longer sieve life Lowest utility consuption per litre of fuel alchol Maximum alchol yield (typical loss less than 0.03%) Moisture content up to 0.1% v/v
Component design and selection to gurantee extensive service life Fully automated with PLC based system
Molecular sieve life gurantee: minimum 8 years Very compact layout Plant designs to suit customer's requrement
Zero pollution
Zero discharge and
water cycle
An intrinsic and critical part of any distillery operatin is management of distillery effluent, especially in view of growing ecological and environmental concerns.
Mojj can carry out High Brix Fermentation to reduce spentwash volume. They source from their Bank of Genetically Modified Strains of Yeast to select the appropriate strains for the required condition.
Another novel development is a Mechanically Scrubbed Heat Exchange/Evaporator. This can enable the distiller to achieve as high as 60% DS in the spentwash, sustainable and without the need for chemical cleaning.
This Evaporator Battery can be integrated to the heat from the alchol columns to minimize the extra steam needed and avoid addition in the boiler capacity.
This spentwash concentrate can be taken for co-composting to make soilconditioner, or can be added to bagasse/coal/rice husk to be used as a fuel or spray-dried to make Organic-rich potassium fertilizer.
The concentrate is also an excellent Animal Feed constituent.
The evaporated water can be re-used in fermentation by using it for dilution of the feed.
Product
DRYERS
Spray
Fluid Bed
Flash
Rotary
Conduction
EVAPORATORS
Falling Film
Forced Circulation
Scraped Surface
Wiped Film
MIXERS
Top Entry
Side Entry
Blenders
Blungers
POLLUTION CONTROL
Fuel Gas Spray Scrubber
Wet Scrubber
Incinerators/Calciners
Bag Filters
Zero Discharge
TURNKEY PLANTS
Powder milk
Starch
Detergents
Industrial Ethanol
Fuel Ethanol
Bio Diesel
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.41.18 |
|
|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/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 |
|