MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ANAND ENGINEERS PRIVATE LIMITED |
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Registered Office : |
66, MIDC, Road No.13, Andheri (East), Mumbai-400093, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.06.1973 |
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Com. Reg. No.: |
11-16582 |
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CIN No.: [Company
Identification No.] |
U28920MH1973PTC016582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA18335C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceutical and Chemical Machinery |
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 85000 |
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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 records. 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 : |
66, MIDC, Road No.13, Andheri (East), Mumbai-400093, |
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Tel. No.: |
91-22-28219292/ 98/ 99 |
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Fax No.: |
91-22-28379337 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Jayantilal S Shah |
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Designation : |
Chairman |
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Address : |
Vivek, 59, Hatkesh Society, N S Road No.8, Juhu Scheme, Andheri
(West), Mumbai-400049, |
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Date of Birth/Age : |
02.09.1925 |
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Date of Appointment : |
08.06.1973 |
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Name : |
Mr. Bhadra C Patel |
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Designation : |
Managing Director |
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Address : |
48, Om Shanti, N S Road No.3, Juhu Scheme, Vile Parle (West),
Mumbai-400056, |
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Date of Birth/Age : |
04.01.1954 |
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Date of Appointment : |
27.01.1978 |
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Name : |
Mr. Haresh R Shah |
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Designation : |
Director |
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Address : |
Suraj Baug, J K Mehta Marg, Sanatacruz (West), Mumbai-400054, |
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Date of Birth/Age : |
06.07.1951 |
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Date of Appointment : |
23.09.1983 |
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Name : |
Mr. Ajay J Shah |
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Designation : |
Director |
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Address : |
Vivek, 59, Hatkesh Society, N S Road No.8, Juhu Scheme, Andheri
(West), Mumbai-400049, |
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Date of Birth/Age : |
17.11.1956 |
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Date of Appointment : |
23.09.1983 |
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Name : |
Mrs. Arati R Vora |
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Designation : |
Director |
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Address : |
708, Natasha Tower, 1310, |
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Date of Birth/Age : |
09.03.1960 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Ashok Prasad |
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Designation : |
Director |
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Name : |
Mrs. Nalini J Shah |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Jayantilal S Shah |
3600 |
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Mrs. Nalini J Shah |
1240 |
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Mr. Ajay Kumar J Shah |
600 |
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Mrs. Vidyagauri R Shah |
800 |
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Mrs. Ashwini R Shah |
800 |
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Mrs. Nalini J Shah |
2200 |
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Mr. Haresh R Shah |
800 |
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Mr. Sanjay R Shah |
800 |
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Mr. Bhadrakumar C Patel |
780 |
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Mr. Bhadrakumar C Patel |
1200 |
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Mrs. Sangita B Patel |
1010 |
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Mr. Haresh R Shah |
600 |
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Mr. Sanjay R Shah |
600 |
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Mrs. Arati R Vora |
2000 |
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Mr. Bhadrakumar C Patel (HUF) |
710 |
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Mr. Ajay J Shah |
1000 |
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Mr. Chhotubhai L Patel |
100 |
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Mr. Pragna A Shah |
400 |
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Mrs. Deviben C Patel |
40 |
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Mr. Samrth A Shah |
40 |
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Mr. Siddharth A Shah |
40 |
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Ms. Sonal S Shah |
200 |
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Ms. Panna A Shah |
200 |
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Mr. Rajesh K Vora |
40 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceutical and Chemical Machinery |
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Products : |
v
Maint Aerosols v
Thread Compounds v
Antiseize v
Speciality Lubricants (Greases, Antiseizes, Oils)
v
Maintenance Products (Aerosols,Cleaners &
De-Greasers)
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Brand Name : |
Moly Graph |
GENERAL INFORMATION
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No. of Employees : |
About 75 |
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Bankers : |
Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dhagat & Company Chartered Accountants |
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Address : |
17/17A, 2nd Floor, |
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Associates/Subsidiaries : |
Anand Lubricants Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000
millions |
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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2.000 |
2.000 |
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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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21.434 |
16.434 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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21.443 |
18.183 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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8.712 |
10.493 |
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TOTAL BORROWING |
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8.712 |
10.493 |
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DEFERRED TAX LIABILITIES |
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0.270 |
0.000 |
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Profit and Loss Account |
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1.991 |
0.251 |
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TOTAL |
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34.407 |
29.178 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.399 |
4.371 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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15.499 |
14.860 |
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DEFERREX TAX ASSETS |
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0.584 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.329 |
5.728 |
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Sundry Debtors |
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9.365 |
5.325 |
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Cash & Bank Balances |
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2.960 |
1.381 |
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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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2.322 |
1.770 |
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Total
Current Assets |
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22.976 |
14.204 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.055 |
3.907 |
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Provisions |
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0.996 |
0.350 |
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Total
Current Liabilities |
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11.051 |
4.257 |
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Net Current Assets |
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11.925 |
9.947 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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34.407 |
29.178 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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62.277 |
40.292 |
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Profit/(Loss) Before Tax |
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7.702 |
5.949 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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7.702 |
5.949 |
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Total Earnings |
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0.318 |
0.019 |
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Expenditures : |
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Interest |
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1.117 |
1.108 |
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Depreciation & Amortization |
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0.724 |
0.467 |
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Other Expenditure |
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52.734 |
32.767 |
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Total Expenditure |
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54.575 |
34.342 |
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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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PAT / Total Income |
(%) |
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12.37 |
14.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
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12.37 |
14.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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26.22 |
32.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.36 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.92 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
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2.08 |
3.34 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
ANAND
ENGINEERS PRIVATE LIMITED |
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Instrument of hypothecation of movable machinery dated 10.12.1973 for Rs.1.220 millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.220 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 |
Hypothecation of all movable machinery of the company both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Instrument of hypothecation of movable machinery dated 10.12.1973 for Rs.1.220 millions, OOC to cover as security for Term Loan of rs.1.220 millions. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Saki Naka Branch, J P House, M Andheri (East), Mumbai-400072 |
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6) Date and brief description of instrument modifying the charge |
Instrument of modifying agreement of hypothecation of movable machinery dated 21.07.1983 for increase of Rs.0.2 millions in sub limit of bills purchase under Bills Discounting limit (overall i.e. limit remaining the same i.e. Rs.0.300 millions) |
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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. |
The original instrument of hypothecation of movable machinery dated 10.12.1973 for Rs.1.220 millions with further modification dated 10.01.1976 for Rs.0.225 millions, dated 15.11.1977 for Rs.0.080 millions dated 16.11.1979 for Rs.0.350 millions dated 21.02.1981 for Rs.2.600 millions shall also hold good to cover the increase in sub limit of Bills purchase facility including purchase of cheques of limited companies, by Rs.0.200 millions, sub limit of Rs.0.150 millions for purchase of cheques of parties other than limited companies together withal costs, charges, expenses, interest etc. Total limit increased to Rs.4.475 millions. |
Website
Details :
They are a privately held company established in 1984 with
50 employees. They formulate, manufacture and market Speciality Lubricants
(Greases, Antiseizes, Oils), Maintenance Products (Aerosols, Cleaners and De
Greasers)
Their products are marketed under the brand name of MOLY-GRAPH
All their products are
carefully formulated and developed by having close consultation with their
customers, to solve their problems in tribology (friction, wear and lubrication).
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To educate the customers in scientific
methods for selection of lubricants, its usage and
preservation.
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To study the problem faced by customers
and provide cost effective solutions in the field of
industrial lubricants, so that their customers can
achieve reduced down time, lower their overall cost of
lubrication, enhance the life of operating parts and save on energy
consumption.
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To provide the right lubricant under
all types of extreme conditions of speed, load, temperature
and environment.
To bring delight to their customers.
Manufacturing Set-up:
The company is situated in the heart of the Mumbai city at
Andheri (East), Their company is
ISO 9001:2000 certified. The factory has adequate infrastructure
including all the latest manufacturing and blending facilities for greases,
oils and in-house aerosol filling.
Research & Development Initiatives:
The company has its own Research & Development setup
with a well equipped laboratory having most advance instruments. Formulations
are developed in-house, keeping in mind the ever growing demand of customers
for High Performance Products.
Marketing Set-up:
They have a wide established Distribution network across the
country which is the backbone for their sales and service to their customers.
Their Distributors are backed by a well coordinated marketing team of 25
Application Engineers, whose primary goal is to educate the customer with
problems related to lubricants and help them overcome the same.
Authorized Distributors for
v
Tecsia Lubricants Private Limited,
v
Nye
Lubricants Inc.
v
Values
They are committed to meet the products having highest
quality standards and a work place which is safe for employees and the
environment. To achieve company goals, they are committed to continuously
pursue technical excellence, creativity and the right environment for the
growth of their employees. They support various social causes and regularly
contribute towards it.
Industries
v Automobile
v Polyster Film
v Cold Rolling Mills
v Plastic Moulding
v Food and Pharma
v Soya
v Forging
v Sponge Iron
v Mining
v Sugar
v Offshore Drilling
v Textile
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
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 |
|
47 |
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 |
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