MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MILLTECH ENGINEERING PRIVATE LIMITED |
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Formely Known as: |
Tecmec Colour Services Private limited |
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Registered Office : |
Warden House, 1st Floor, Sir PM Road, Fort, Mumbai –
400001, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.12.1997 |
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Com. Reg. No.: |
112293 |
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CIN No.: [Company
Identification No.] |
U29294MH1997PTC112293 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Disifecants, Fumigents, Biocides, Fogging Machines,
Cell Disintegrators. |
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 125344 |
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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 experience 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 : |
Warden House, 1st Floor, Sir PM Road, Fort, Mumbai –
400001, |
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Tel. No.: |
91-22-22852495 |
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Fax No.: |
91-22-22873475 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Deepak Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
26.08.1964 |
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Date of Appointment : |
01.12.1997 |
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Name : |
Mr. Dev Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
16.04.1969 |
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Date of Appointment : |
05.12.1997 |
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Name : |
Mr. Sebastain |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Deepak Gupta |
3400 |
34.0 |
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Mr. Dev Gupta |
3400 |
34.0 |
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Mrs. Mridula Gupta |
1600 |
16.0 |
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Mr. Sanjana Gupta |
1600 |
16.0 |
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Directors or relative of directors |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Disifecants, Fumigents, Biocides, Fogging Machines,
Cell Disintegrators. |
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GENERAL INFORMATION
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Bankers : |
HDFC Bank, House Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. S.M. Kapoor and Company Chartered Accountants |
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Address : |
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Associates : |
Sanosil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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31.236 |
29.581 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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31.336 |
29.681 |
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LOAN FUNDS |
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1] Secured Loans |
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5.247 |
0.477 |
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2] Unsecured Loans |
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2.000 |
15.659 |
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TOTAL BORROWING |
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7.247 |
16.136 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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38.583 |
45.817 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.002 |
3.903 |
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Capital work-in-progress |
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9.605 |
8.175 |
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INVESTMENT |
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1.677 |
3.583 |
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DEFERREX TAX ASSETS |
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0.164 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.545 |
1.232 |
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Sundry Debtors |
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1.141 |
0.539 |
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Cash & Bank Balances |
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2.443 |
4.460 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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18.026 |
28.377 |
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Total
Current Assets |
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23.155 |
34.608 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.028 |
3.928 |
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Provisions |
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0.997 |
0.530 |
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Total
Current Liabilities |
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6.025 |
4.458 |
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Net Current Assets |
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17.13 |
30.15 |
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MISCELLANEOUS EXPENSES |
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0.005 |
0.006 |
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TOTAL |
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38.583 |
45.817 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.19 |
0.15 |
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Current Ratio (Current Asset/Current Liability) |
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0.73 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate identity number (CIN) Foreign company registration number |
U29294MH1997PTC112293 |
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Name of the Company |
MILL TECH ENGINEERING PRIVATE LIMITED |
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Address |
WARDEN House 1st Floor, Sir PM Road, Fort, Mumbai – 400001,
Maharashtra |
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This form is for |
Creation of charge |
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Type of Charge |
Simple mortgage |
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Particulars of the charge holder
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CIN – L65920MH1994PLC080618 Name – HDFC Bank Limited, HDFC Bank House senapati Bapat Marg, Lower
Parel (West), Mumbai – 400013, Maharashtra E-Mail- siva.subramanian@hadfcbank.com |
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Amount secured by the charge |
Rs.10.000 millions |
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Brief of the principal terms and conditions |
Bank has advanced a credit facility by way of Term Loan Company has
created a mortgage on its immovable property towards security for the
repayments of terms loan with interest, additional interest, costs, expenses,
charges, commission and all other moneys payable by the company to the bank. |
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Description of the property charged indicating |
Immovable Properties |
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Brif description of the instrument modifying the charge under
section |
Mortgage Deed |
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Date of Instrument |
29.04.2006 |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.81.46 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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