MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAS GASAIR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
212, Agarwal Chambers, IV 27 Veer Savarkar Block, Shakarpur, 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 : |
21.01.2005 |
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Com. Reg. No.: |
55-132299 |
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CIN No.: [Company
Identification No.] |
U40200DL2005PTC132299 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM12471E |
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PAN No.: [Permanent
Account No.] |
AAECM1408P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Nitrogen/Oxygen
Gas generators Plants and Projects. |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company has steady business. It’s 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. |
INFORMATION PARTED
BY
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Name : |
Mr. Arun |
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Designation : |
Director |
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Contact No.: |
91-9818147702 |
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Date : |
31.07.2008 |
LOCATIONS
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Registered Office : |
212, Agarwal Chambers, IV 27 Veer Savarkar Block, Shakarpur, Delhi –
110 092, India |
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Tel. No.: |
91-11-22050575, 22021917, 52445097 |
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Fax No.: |
91-11-43054175 |
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Telefax No.: |
91-11-22050575, 22021917 |
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E-Mail : |
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Website : |
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Factory : |
Village Naharpur Rupa, NH-8, Gurgaon, Haryana, India |
DIRECTORS
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Name : |
Mr. Sanjeev Singhal |
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Designation : |
Director |
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Address : |
A-9, GF Parshvnath Paradise, J P Garden Estate, Mohan Nagar, Ghaziabad
- 201005, Uttar Pradesh, India |
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Date of Birth/Age : |
03.09.1968 |
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Qualification : |
B Tech |
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Date of Appointment : |
20.01.2005 |
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Name : |
Mrs. Aruna Singhal |
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Designation : |
Director |
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Address : |
A-9, GF Parshvnath Paradise, J P Garden Estate, Mohan Nagar, Ghaziabad
- 201005, Uttar Pradesh, India |
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Date of Birth/Age : |
10.03.1968 |
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Date of Appointment : |
20.01.2005 |
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Name : |
Mr. Munna Lal Singhal |
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Designation : |
Director |
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Address : |
A-9, GF Parshvnath Paradise, J P Garden Estate, Mohan Nagar, Ghaziabad
- 201005, Uttar Pradesh, India |
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Date of Birth/Age : |
09.07.1942 |
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Date of Appointment : |
20.01.2005 |
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Name : |
Mr. Arun KumarThakkaur |
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Designation : |
Additional Director |
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Address : |
6D, Pocket 3, Mayur Vihar, Phase III, Delhi – 110 096, Delhi, India |
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Date of Birth/Age : |
23.06.1966 |
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Qualification : |
B - Tech |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
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Munna Lal Singhal |
1000 |
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Sanjeev Singhal |
48000 |
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Aruna Singhal |
1000 |
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Total |
50000 |
List of Allottees
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Names of Shareholders |
No. of Shares |
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Sanjeev Singhal |
40000 |
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Total |
40000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Nitrogen/Oxygen
Gas generators Plants and Projects. |
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Products : |
·
Gas Generators Units ·
Purification Systems ·
Compresses Air Systems ·
Air/Gas Drying Units ·
Fabricated Equipments ·
Heat Exchangers ·
FRP Cooling Tower ·
Process Filters and Separators ·
MGS Auto Drain Valve ·
Instrumentation – Accessories ·
Ferrules and Fittings |
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Exports : |
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Countries : |
·
Dubai ·
Gulf Countries |
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Terms : |
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Selling : |
Credit (15 days) |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
·
OEM’s ·
Ashnoor Textile Mills Limited ·
Bharat Electronics Limited ·
CPT Hot Line Group ·
Indo Asian Fuse Gear Limited ·
Polyplex Corporation Limited ·
Atlas Cycle Industries Limited ·
Ind-Swift Laboratories Limited ·
Ranbaxy Laboratories Limited ·
The Tata Iron and Steel Company Limited ·
Bharat Petroleum Corporation Limited ·
Central Electronics Limited |
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No. of Employees : |
42 |
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Bankers : |
Karnataka Bank Limited P B No. 599, Mahaveera Circle, Kankanady, Mangalore – 575 002,
Karnataka, India |
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Facilities : |
CC Limit – Rs.1.500 millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Agarwal Anil and Company Chartered Accountants |
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Address : |
207, Agarwal Chamber IV 27, Veer Savarlar Block, Shakarpur, Vikas
Marg, Delhi – 110 092, Delhi, India |
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Associates/Subsidiaries : |
Thermo Dine |
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CAPITAL STRUCTURE
(As on 29.09.2007)
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 :
|
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 |
0.100 |
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2] Share Application Money |
0.500 |
0.275 |
0.000 |
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3] Reserves & Surplus |
0.535 |
0.038 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.535 |
0.813 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
1.695 |
0.846 |
0.000 |
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2] Unsecured Loans |
0.212 |
0.818 |
0.000 |
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TOTAL BORROWING |
1.907 |
1.664 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.442 |
2.477 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.566 |
0.438 |
0.000 |
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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 |
0.007 |
0.005 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.109
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0.625 |
0.000 |
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Sundry Debtors |
2.861
|
1.869 |
0.000 |
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Cash & Bank Balances |
0.283
|
0.138 |
0.060 |
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Other Current Assets |
0.001
|
0.000 |
0.000 |
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Loans & Advances |
0.460
|
0.182 |
0.000 |
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Total
Current Assets |
5.714
|
2.814 |
0.060 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.546
|
0.777 |
0.042 |
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Provisions |
0.348
|
0.068 |
0.000 |
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Total
Current Liabilities |
2.894
|
0.845 |
0.042 |
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Net Current Assets |
2.820
|
1.969 |
0.018 |
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MISCELLANEOUS EXPENSES |
0.049 |
0.065 |
0.082 |
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TOTAL |
3.442 |
2.477 |
0.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Profit/(Loss) Before Tax |
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0.852 |
0.100 |
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Provision for Taxation |
|
0.354 |
0.063 |
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Profit/(Loss) After Tax |
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0.498 |
0.037 |
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Depreciation & Amortization |
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0.135 |
0.120 |
KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.57
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3.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.56
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0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.13
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3.09 |
0.42 |
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Current Ratio (Current Asset/Current Liability) |
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1.97
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3.33 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Ranbaxy Laboratories Limited
·
BPCL Limited
·
Indian Oils Corporation Limited
Form No. 8
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Corporate
identity number of the company |
U40200DL2005PTC132299 |
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Name of the
company |
MAS GASAIR SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
212, Agarwal Chambers, IV 27 Veer Savarkar Block, Shakarpur, Delhi – 110
092, India |
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This form is for |
Modification of
charge |
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Type of charge |
Book debts |
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Particular of
charge holder |
Karnataka Bank Limited P B No. 599, Mahaveera Circle, Kankanady, Mangalore – 575 002,
Karnataka, India |
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Nature of instrument
creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
11.10.2007 |
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Amount secured by
the charge |
Rs.3.000 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest PLR with a Minimum of 14% p.a. ·
Terms of
repayment On Demand as per OD rules and BG as per BG Terms ·
Margin 25% on Stock and Book Debts, in case of BG 25% Cash Margin ·
Extent and
operation of the charge On all Stock and book debts of the company |
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Particulars of
the property charged |
Stock in trade of
GAS plant equipments and accessories, present and future book debts |
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Particulars of
the present modification |
Limit enhanced from
Rs.1.900 millions to Rs.2.500 millions and a bank guarantee limit of Rs.0.500
millions had also been sanctioned. |
Web Details
Profile
Subject is the most
trusted Project Engineering and Turnkey Contracting organization. They have a dedicated
team of highly experienced and skilled professionals and engineers to provide
world class turn key project services consisting of chemicals process know how,
engineering design, procurement, implementation, commissioning, in the
industrial sector.
Subject is leading manufacturer of PSA Nitrogen/Oxygen Gas
generators, Gas Purification Systems, air/gas Dryer, compressed air systems,
cooling towers, filters, beside that we have well equipped mechanical fabrication
facility. and expertise for manufacturing of other items like Pressure Vessels,
Reactors, Absorbers, Columns, Heat Exchangers, Tanks etc.
At Company, they have a separate quality assurance system.
They have competent staff and use the most modern software including Auto CAD,
Vessels Mechanical Design - ASME, 3D Modeling of plant layouts by PDMS etc.
They endveour to bring tried and tested engineering skills and experience to
provide comprehensive engineering projects and services using most updated and
proven cutting technology.
Company’s Competitive and strong points are
·
Single source of Process Development / Project Engineering /
Construction of Plants.
·
Very good understanding of Client needs.
·
Quick customer response.
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
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 |
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 |
YES |
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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 |
|
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
|
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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