MIRA
INFORM REPORT
|
Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MVS ENGINEERING LIMITED |
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Formerly Known As : |
INDCON POLYMECH LIMITED |
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Registered Office : |
E-24, East of Kailash, New Delhi – 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.1986 |
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Com. Reg. No.: |
024102 |
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CIN No.: [Company
Identification No.] |
U74210DL1986PLC024102 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09436A |
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PAN No.: [Permanent
Account No.] |
AAACM0427G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Chemical Plants and Equipment, Gas Generators
and Compressed Air/ Drying Units |
RATING &
COMMENTS
|
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 1332208 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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, respectable and
having satisfactory means of their own. Their trade relations are fair.
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/ Factory : |
E-24, East of Kailash, New Delhi – 110065, India |
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Tel. No.: |
91-11-26424650/ 26436869/ 26438365 |
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Fax No.: |
91-11-26464994/ 26422654 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Dal Chandra Rastogi |
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Designation : |
Chairman cum Managing Director |
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Address : |
B-53, Sarvodaya Enclave, New Delhi – 110017, India |
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Date of Birth/Age : |
03.09.1946 |
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Date of Appointment : |
01.05.1986 |
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Name : |
Mr. Kanwal Nain Narula |
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Designation : |
Director |
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Address : |
C-317, Sarita Vihar, New Delhi – 110076, India |
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Date of Birth/Age : |
27.01.1958 |
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Date of Appointment : |
08.04.1991 |
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Name : |
Mr. Satnam Singh |
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Designation : |
Director |
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Address : |
E-121, East of Kailash, New Delhi – 110065, India |
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Date of Birth/Age : |
01.03.1963 |
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Date of Appointment : |
01.06.2001 |
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Name : |
Mr. Anil Kumar Arora |
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Designation : |
Director |
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Address : |
B-30 Dayanand Colony Lajpat Nagar – 4, New Delhi – 110024, India |
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Date of Birth/Age : |
13.07.1960 |
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Date of Appointment : |
01.06.2001 |
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Name : |
Mr. Sudesh Mohan Bahal |
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Designation : |
Director |
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Address : |
S-210 Greater Kailash – I, New Delhi – 110048, India |
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Date of Birth/Age : |
16.02.1940 |
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Date of Appointment : |
28.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
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No. of Shares |
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Mr. Dal Chandra Rastogi |
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5453900 |
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Mrs. Meena Rastogi |
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3173800 |
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Mrs. Asha Rastogi |
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143800 |
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Mr. Rahul Rastogi |
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109500 |
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Mr. Narendra Veer Rastogi |
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12000 |
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Ms. Anupma Rastogi |
|
93600 |
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Mr. Ram Bahadur Rastogi |
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83200 |
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Ms. Alpana Rastogi |
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25500 |
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Mrs. Savitri Rastogi |
|
7200 |
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Mrs. Asha Rastogi |
|
12400 |
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Mr. R B Rastogi |
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8800 |
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Ms. Anupma Rastogi |
|
5400 |
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Ms. Alpana Rastogi |
|
2400 |
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Mrs. Anubha Rastogi |
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16500 |
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Mr. Siddarth Rastogi |
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2597500 |
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Mr. Anil Kumar Rastogi |
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13500 |
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Mr. Raj Kumar Rastogi |
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15000 |
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Mrs. Sadhana Rastogi |
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26000 |
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Mr. Vipul Rastogi |
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22000 |
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Mrs. Raj Rani Rastogi |
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16500 |
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Mr. Hari Avtar Rastogi |
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11000 |
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Mr. Hari Avtar Rastogi (HUF) |
|
14500 |
|
IBE Services Private Limited |
|
165000 |
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Indo-Berg Limited |
|
316000 |
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Queen Inn Limited |
|
30000 |
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Total |
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12375000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
|
5.42 |
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Directors or relatives of directors |
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94.58 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Chemical Plants and Equipment, Gas Generators
and Compressed Air/ Drying Units |
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Products : |
Gas Generators
Inert Gas
Generators
Compressed Air/
Drying Units
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GENERAL
INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Okhla Industrial Estate, New Delhi – 110020, India
10, Sansad Marg,
New Delhi, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nitin Gupta and Company Chartered Accountant |
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Address : |
9 Punchkuian Road, New Delhi – 110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12375000 |
Equity Shares |
Rs.10/- each |
Rs.123.750 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
123.750 |
123.750 |
123.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
209.302 |
186.194 |
143.719 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
333.052 |
309.944 |
267.469 |
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LOAN FUNDS |
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1] Secured Loans |
326.404 |
165.295 |
7.399 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.00 |
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TOTAL BORROWING |
326.404 |
165.295 |
7.399 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.756 |
1.945 |
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TOTAL |
659.456 |
476.995 |
276.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.938 |
75.350 |
78.326 |
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Capital work-in-progress |
0.000 |
2.663 |
0.000 |
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INVESTMENT |
223.018 |
86.058 |
106.918 |
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DEFERREX TAX ASSETS |
1.092 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.931
|
36.581 |
50.625 |
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Sundry Debtors |
52.483
|
32.444 |
29.836 |
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Cash & Bank Balances |
18.510
|
41.100 |
14.615 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
373.619
|
261.324 |
27.081 |
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Total
Current Assets |
468.543
|
371.449 |
122.157 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
37.695
|
43.091 |
24.144 |
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Provisions |
23.440
|
15.440 |
6.490 |
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Total
Current Liabilities |
61.135
|
58.531 |
30.634 |
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Net Current Assets |
407.408
|
312.918 |
91.523 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.006 |
0.046 |
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TOTAL |
659.456 |
476.995 |
276.813 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
286.167 |
217.729 |
259.257 |
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Other Income |
49.985 |
82.846 |
73.336 |
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Total Income |
336.152 |
300.575 |
332.593 |
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Profit/(Loss) Before Tax |
28.261 |
51.235 |
33.525 |
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Provision for Taxation |
0.000 |
8.600 |
6.340 |
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Profit/(Loss) After Tax |
28.261 |
42.635 |
27.185 |
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Expenditures : |
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Raw Material Consumed |
204.516 |
139.691 |
165.272 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares parts |
3.113 |
17.863 |
25.869 |
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Increase/(Decrease) in Finished Goods |
0.000 |
1.745 |
(2.543) |
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Salaries, Wages, Bonus, etc. |
14.854 |
17.446 |
16.215 |
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Managerial Remuneration |
0.600 |
0.600 |
0.600 |
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Payment to Auditors |
0.073 |
0.073 |
0.072 |
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Interest |
13.027 |
7.735 |
5.712 |
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Insurance Expenses |
0.474 |
0.618 |
0.739 |
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Power & Fuel |
1.198 |
1.424 |
0.803 |
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Depreciation & Amortization |
4.140 |
8.827 |
12.360 |
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Other Expenditure |
65.896 |
53.318 |
73.969 |
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Total Expenditure |
307.891 |
249.340 |
299.068 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
8.41
|
14.18 |
8.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.87
|
23.53 |
12.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.69
|
11.47 |
16.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.16 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
0.72 |
0.14 |
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Current Ratio (Current Asset/Current Liability) |
|
7.66
|
6.35 |
3.99 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
MVS ENGINEERING LIMITED |
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Presented By |
MVS ENGINEERING LIMITED |
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1) Date and description of instrument creating the change |
The Borrower
(Company) has by declaration created the hypothecation on its stock and
receivables in favour of the standard Chartered Bank on 30.11.2005. The Certified
copy of the hypothecation of stock and Book Debts in this regard is enclosed.
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.50.000
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 |
Full Stock and
Book Debts of the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Security for
overdraft facility granted to MVS ENGINEERING LIMITED Charges operate as first and patamount charge in favour of the Bank as
security for all dues under the facility. |
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5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 10, Sansad Marg,
New Delhi, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate
identity number (CIN) Foreign company registration number |
U74210DL1986PLC024102 |
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Name of the
Company |
MVS ENGINEERING LIMITED |
|
Address |
E-24, East of Kailash, New Delhi – 110065, India |
|
This form is for |
Creation of
Charges |
|
Type of Charge |
Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
Canara Bank Okhla Industrial
Estate, New Delhi – 110020, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Can mobile
Agreement dated 19.04.2007 |
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Date of the
instrument creating or modifying the charge |
19.04.2007 |
|
Amount secured by
the charge |
Rs.0.456 Million |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interests: 11.75% p.a. Terms of
Repayments: Repayable in EMI
of Rs.0.010 each beginning from May 2007 Margin: As per Bank’s
norms Extent and
operation of the charge: First Charge on
assets to secure terms loan of
Rs.0.456 Million |
|
Short particulars
of the property charged (including location of the property) |
One Optra 1.6
Royale Vehicle |
|
Particular of the
present modification |
NA |
Profile:
It is an Engineering company specialized in Design and
Manufacturing of Chemical Plants and Equipment. MVS GROUP
was founded in 1977 and during the years the company has established a
position as the leaders in the field for GAS Generators and Air/Gas Drying
Units.
The company employs 150 persons, many of whom are Engineers
involved in Marketing, Servicing, Production and Research and Development. The
manufacturing of components is carried out in-house and also by number of
sub-suppliers with whom they have long standing relationship.
The manufacuring programme covers a complete range of
equipment; like PSA Nitrogen/Oxygen Generators, Inert Gas Generators, Exo/Endo
Gas Generators, CO2 Gas Plants, Air/Gas Blowers, Pollution Control
and Effluent Treatment systems, Ammonia Crackers, Air heaters, Gas Purification
Units, Pneumatic Conveying Systems, Air/Gas Drying Units, Heat Exchangers and
Hydrogen Plants.
In the courses of time subject has supplied around 4000 skid mounted units all over the
country and abroad. The Company has country-wide marketing and servicing
network with offices in Bombay, Baroda and Madras, New Delhi.
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 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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 |
|