MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION DETAILS
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Name : |
MOLSIEVE DESIGNS LIMITED |
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Registered Office : |
Flat no. 4, IIIrd Floor, 1 Gagan Vihar Extension, Delhi –
110 092 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.02.2002 |
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Com. Reg. No.: |
55-114108 |
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CIN No.: [Company
Identification No.] |
U74999DL2002PLC114108 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08116D |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of PSA Nitrogen Plants/PSA/VSA Oxygen
Plants, Ammonia Dissociators/Oil Skimmers, Hydrogen Purifiers/Pressure Vessels,
Air/Gas Dryers, Gas Analyzers/Manifolds/Piping Contracts, etc. |
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 6000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Financial Position is
satisfactory. Payments are usually correct and as per commitments. Nothing
adverse reported. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Flat No. 4, IIIrd Floor, 1 Gagan Vihar Extension, Delhi –
110 092, India |
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E-Mail : |
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Website : |
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Factory : |
B 40 Sector 60, Noida – 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2490661 |
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91-9350884877 |
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Fax No.: |
91-120-2490664 |
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Website : |
DIRECTORS
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Name : |
Mrs. Ritu Baraira |
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Designation : |
Director |
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Address : |
36-B, DDA Flat Masjid Moth – I, New Delhi – 110 048, India |
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Date of Birth/Age : |
30.06.1972 |
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Date of Appointment : |
31.12.2002 |
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Name : |
Mr. Paresh Baraira |
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Designation : |
Director |
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Address : |
36-B, DDA Flat Masjid Moth – I, New Delhi – 110 048, India |
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Date of Birth/Age : |
03.05.1971 |
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Date of Appointment : |
05.02.2002 |
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Name : |
Mr. Mukul Singhal |
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Designation : |
Director |
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Address : |
A -502, Prince Apartment, 54, I P Extension Delhi – 92, India |
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Date of Appointment : |
05.02.2002 |
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Name : |
Mr Sudhir Bhalla |
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Designation : |
Director |
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Address : |
B -601, Saraswati Apartment, P{Lot No. 097, I P Extension, Patpar Ganj,
Delhi – 92, India |
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Date of Birth/Age : |
30.06.1972 |
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Date of Appointment : |
31.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Sudhir Bhalla |
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22000 |
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Mr. Paresh Baraira |
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22000 |
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Mrs. Swaran lata Chitkara |
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1000 |
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Mr. A K Tiwari |
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1000 |
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Mrs. Ritu Baraira |
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1000 |
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Mr. Devendra Kumar Kumra |
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1000 |
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Mrs. Kiran Bhalla |
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1000 |
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Mr. Rajesh Kumar Jain |
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1000 |
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Total
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50000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of PSA Nitrogen Plants/PSA/VSA Oxygen
Plants, Ammonia Dissociators/Oil Skimmers, Hydrogen Purifiers/Pressure
Vessels, Air/Gas Dryers, Gas Analyzers/Manifolds/Piping Contracts, etc. |
GENERAL
INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
M/s M K Bhatt and Company Chartered Accountants |
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Address : |
302, Triveni Complex, E – 10-12, Jawahar Park, Laxmi Nagar, Delhi –
110 092, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.500
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.131 |
0.451 |
0.491 |
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3] Reserves & Surplus |
0.676 |
0.264 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[0.326] |
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NETWORTH |
1.307 |
1.215 |
0.665 |
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LOAN FUNDS |
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1] Secured Loans |
0.656 |
0.850 |
0.926 |
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2] Unsecured Loans |
1.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.656 |
0.850 |
0.926 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.963 |
2.065 |
1.591 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.386 |
1.867 |
1.853 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.487
|
3.335 |
2.329 |
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Sundry Debtors |
5.503
|
3.042 |
2.509 |
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Cash & Bank Balances |
0.869
|
0.942 |
0.399 |
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Other Current Assets |
0.913
|
0.225 |
0.939 |
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Loans & Advances |
1.596
|
1.109 |
0.591 |
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Total
Current Assets |
14.368
|
8.653 |
6.767 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.326
|
8.139 |
6.844 |
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Provisions |
0.465
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0.326 |
0.204 |
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Total
Current Liabilities |
14.791
|
8.465 |
7.048 |
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Net Current Assets |
[0.423]
|
0.188 |
[0.281] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.010 |
0.019 |
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TOTAL |
2.963 |
2.065 |
1.591 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
35.007 |
31.221 |
13.472 |
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Other Income |
0.367 |
0.096 |
0.182 |
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Total Income |
35.374 |
31.317 |
13.654 |
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Profit/(Loss) Before Tax |
0.707 |
0.711 |
[0.015] |
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Provision for Taxation |
0.294 |
0.121 |
0.072 |
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Profit/(Loss) After Tax |
0.413 |
0.590 |
0.057 |
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Expenditures : |
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Purchases made for re-sale |
26.874 |
23.820 |
9.974 |
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Salaries, Wages, Bonus, etc. |
1.125 |
0.870 |
0.937 |
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Managerial Remuneration |
1.200 |
0.840 |
0.504 |
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Payment to Auditors |
0.009 |
0.009 |
0.009 |
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Interest |
0.091 |
0.151 |
0.079 |
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Insurance Expenses |
0.041 |
0.037 |
0.033 |
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Power & Fuel |
0.105 |
0.097 |
0.086 |
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Depreciation & Amortization |
0.254 |
0.214 |
0.183 |
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Other Expenditure |
4.968 |
4.566 |
1.863 |
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Total Expenditure |
34.667 |
30.604 |
13.668 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.17
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1.88 |
0.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.02
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2.28 |
[0.11] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.98
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6.76 |
[0.17] |
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Return on Investment (ROI) (PBT/Networth) |
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0.54
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0.59 |
[0.02] |
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Debt Equity Ratio (Total Liability/Networth) |
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12.58
|
7.67 |
11.99 |
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Current Ratio (Current Asset/Current Liability) |
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0.97
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1.02 |
0.96 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAIL:
Products / Services :
The company has been a leading innovator in adsorption systems, based on Molecular Sieves, and mainly specializes in the field of various on-site Non-Cryo equipment related to the utility industry, with an accent on Quality, Technology and Customer Service.
PSA Nitrogen Plants/PSA/VSA Oxygen Plants, Ammonia Dissociators/Oil Skimmers, Hydrogen Purifiers/Pressure Vessels, Air/Gas Dryers, Gas Analyzers/Manifolds/Piping Contracts, Compressed Plant/Instrument Air Systems, Low Pressure Dryers, Hydrogen Purifiers, Gas Sampling Systems, Gas Analytical Instruments, Industrial Gas Piping/Gas Manifolds/Pressure Reducing Stations, Pressure Vessels, Oil Skimmers from Abanaki
Company Profile :
The company serves customers in technology, energy, healthcare and industrial markets worldwide with a unique portfolio of products, services and solutions, providing various engineering equipment used in utility segment of the industry. From humble beginnings over a decade ago manufacturing small non-cryo nitrogen generators, The company today has created a niche in non-cryogenic market with equipment based on molecular sieves, and has built leading positions in the catered market share in industries for metal processing, automotive, pipes and tubes, pharmaceuticals, petrochemicals, chemicals processing, tool manufacturing, semiconductors, and food packaging and processing.
The company is mainly into providing turnkey
solutions to on-site Non-Cryogenic production of Nitrogen and Oxygen plants
based on Molecular Sieves. It was founded on the strength of a simple idea of
the "on-site" concept of producing industrial gases.
Maintaining its momentum of growth established in previous years, the company
has expanded its business through internal development and addition of new
improved and improvised yet related products down the line. Today the company
boasts of being the most respected and reliable manufacturers of non-cryogenic
gas equipment in the industry.
The company operates from a full functional set-up with its head office in
Noida, a suburb of New Delhi, India. The company has a sufficient and efficient
manpower base methodically segregated into various functional divisions
supporting all sections of the business.
They have countrywide Marketing and Servicing network. Apart from its Marketing
and Servicing base in Noida, The company has Sales and Service offices in
Mumbai, Chennai, Bangalore, Hyderabad, Kota, Chandigarh, Baroda and Pune.
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 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.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
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. |
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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