MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAXMECH EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
Plot No. 2102, GIDC Estate, Phase – IV, Vatva, Ahmedabad-382445,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.09.2007 |
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Com. Reg. No.: |
04-49494 |
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CIN No.: [Company
Identification No.] |
U29249GJ2006PTC049494 |
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IEC No.: |
0806015900 |
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PAN No.: [Permanent
Account No.] |
AAFCM8747R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Construction and Building Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a two years old company and in the process of establishing
itself. The management parted general information but declined to part with
financials. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY (General Details)
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Name : |
Mr. Provik Dave |
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Designation : |
Manager |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office : |
Plot No. 2102, GIDC Estate, Phase – IV, Vatva, Ahmedabad-382445,
Gujarat, India |
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Tel. No.: |
91-79-25841985/ 25841143 |
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Mobile No.: |
91-9825603393 |
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Fax No.: |
91-79-25841143 |
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E-Mail : |
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Area : |
2500 sq.ft (Owned) |
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Factory : |
Plot No. 229, Village Varsola, Nadiayad State Highway, Kheda District |
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Area : |
32000 sq. mt. (Owned) |
DIRECTORS
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Name : |
Mr. Jayantilal Surelia |
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Designation : |
Director |
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Address : |
29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar,
Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
06.10.1954 |
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Qualification : |
B.E |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Nikul Surelia |
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Designation : |
Director |
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Address : |
29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar,
Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
03.09.1984 |
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Qualification : |
B.M.A |
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Date of Appointment : |
30.11.2006 |
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Name : |
Mr. Nandish J Surilia |
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Designation : |
Director |
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Address : |
29, Jagabhai Park, Behind Ramkrishna Party Plot, Rambug, Maninagar, Ahmedabad-380008,
Gujarat, India |
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Date of Birth/Age : |
03.09.1984 |
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Qualification : |
B.M |
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Date of Appointment : |
30.11.2006 |
KEY EXECUTIVES
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Name : |
B Patel and Company |
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Designation : |
Company Secretary |
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Address : |
4, First Floor, Bhagwati Chambers, Swastik Char Rasta, Navrangpura,
Ahmedabad-380009, Gujarat, India |
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Mobile No. : |
91-9825310515 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.03.2007
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Names of Shareholders |
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No. of Shares |
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Jayantilal N Surelia |
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159200 |
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Nikul J Surelia |
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157400 |
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Nandish J. Surelia |
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167400 |
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Total |
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484000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Construction and Building Equipments |
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Products : |
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Exports : |
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Products : |
Machinery |
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Countries : |
Afghanistan and Gulf Countries |
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Imports : |
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Products : |
Hydro lie Components |
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Countries : |
Europe |
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Terms : |
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Selling : |
Cash, T.T and 100% Cash |
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Purchasing : |
L/C, Cash, Credit ( 30-60 Days) and T.T |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
425 (Office 125, Factory 300) |
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Bankers : |
Union Bank of India, Bhairavnath Road Branch, Near Radha Vallabh
Mandir, Ahmedabad-380008, Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Aniket B Shah and Company Chartered Accountant |
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Address : |
410, Spectrum Commercial Centre, Salapose Road, Near GPO,
Ahmedabad-380001, Gujarat, India |
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Associates/Subsidiaries : |
Mad Mach Engineering Private Limited |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.000 |
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LOAN FUNDS |
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1] Secured Loans |
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0.637 |
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2] Unsecured Loans |
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8.349 |
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TOTAL BORROWING |
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8.986 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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13.986 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.107 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.918 |
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Other Current Assets |
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0.100 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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1.018 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.395 |
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Provisions |
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0.082 |
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Total
Current Liabilities |
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2.477 |
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Net Current Assets |
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[1.459] |
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MISCELLANEOUS EXPENSES |
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0.338 |
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TOTAL |
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13.986 |
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Notes:
The SC was incorporated on November 30, 2006 and there is no business
activity during the period 30-Nov 2006 to 31-March-2007. Hence, Profit and Loss
not Applicable.
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.29 |
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Current Ratio (Current Asset/Current Liability) |
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0.43 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
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Parameters |
Details |
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Existence Verification |
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Name |
MAXMECH EQUIPMENTS PRIVATE LIMITED |
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Statutory Approvals |
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Income Tax Registration |
AAFCM8747R |
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Central Sales Tax Registration |
24575701572 |
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State Sales Tax Registration |
24575701572 |
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Service Tax Registration |
AAFCM8741R ST-001 |
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Excise Registration |
AAFCM874TRM001 |
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Import Export Code |
0806015900 |
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Credibility Factors |
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Years of Establishment |
2006 |
Trade References:
- CNC
Construction Limited, Gurgaon
- D. Sinaiya
Components, Hyderabad
- Petron Civil
Engineering, Mumbai
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29249GJ2006PTC049494 |
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Name of the
company |
MAXMECH EQUIPMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 2102, GIDC Estate, Phase – IV, Vatva, Ahmedabad-382445,
Gujarat, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Union Bank of India, Bhairavnath Road Branch, Near Radha Vallabh
Mandir, Ahmedabad-380008, Gujarat, India |
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Nature of description
of the instrument creating or modifying the charge |
Composite
Hypothecation Deed |
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Date of
instrument Creating the charge |
14.08.2007 |
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Amount secured by
the charge |
Rs. 20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC Hypothecation
: BPLR + 0.25% i.e. 13.50% Term Loan : BPLR
+ 0.75% i.e. 14.00% Or such other
rate/s as may be prescribed by the bank from time to time. Terms of Repayment Cash Credit
Hypothecation : Amount Repayable on Demand Term Loan :
Amount Repayable in 60 monthly installments along with interest with 6 months
moratorium. Margin Cash Credit
Hypothecation : 25% Term Loan : 20% Extent and Operation of the charge First charge on
Company’s Moveable assets including Stock, Book Debts and Plant and Machinery
to secure Cash Credit Hypothecation Facility of Rs. 10.000 Millions and Term
Loan facility of Rs. 10.000 Millions making aggregate facilities of Rs. 20.000
Millions. |
AS PER WEBSITE
Profile:
Subject is manufacturer and export of construction and building
equipment. Technical expertise, state of the art production facilities, responsive
after sales service and total commitment to market requirements have made the
company a trusted and dependable name in the industry. The growing customer
list is a fitting tribute to the hard work and long-term vision of the
entrepreneurs who started the company in the eighties.
An array of business solutions stand testimony to the fact that good business
values pillared by customer commitment can work wonders. Constant redesign and
adaptation in manufacturing systems and production lines have helped subject
become a pioneer in launching several machines for the first time in India. The
entire sister concerns are separately located in a single industrial area
amounting to a total of 23000 sq. m thereby allowing for flexibility, cost
effectiveness and efficient canalization of productivity.
Vision:
Their vision is Peace of Mind. The goal is to achieve customer delight
everyday through untainted business ethics and complete customer support. This is
done by giving full attention to the quality and performance of each machine
that rolls out of the factory premises and prompt after sales service.
In future, They have plans to establish their technology and brand in the
overseas market. The company has already initiated the process by exporting to
countries in Africa and Asian countries.
Infrastructure
With the enhanced technological capacity, the machinery they manufacture
has been accepted as a leading industry standard. They have an integrated manufacturing
unit assisting them in producing precision hollow block machinery. They
undertake stringent quality control measures that ensure supreme standard of
service. They never compromise on the quality of the machinery and they have a
track record of delivering high quality products with zero defects.
Efficient Manpower
They are supported by an able workforce that is well versed with the
latest technical advancements. They employ advanced technologies and cutting
edge process to create the products. All stages of the production process from
planning and design to development, testing and implementation is conducted
using the latest machinery and skilled personnel.
Quality
Quality is the basis of the operations. Each department makes its
contribution to ensure consistent quality is reflected in all their equipment.
The R and D department works round the clock updating technology and is ably
supported by the sales and service team who are in constant touch with the
market and supply valuable customer feedback. subject has a network of offices,
and authorized representatives at key locations and customer bases. Their
technical service engineers and spare parts are made available in the shortest
possible time so that break down time is minimized and work is carried on
without interruptions.
Continuous R and D
Research and development is an ongoing process at subject that empower
them to face the challenges of the contemporary business world in an efficient
manner. The research and development wing is equipped with sophisticated
devices. It closely observes and adapts the latest technology keeping in mind
the operational performances. The technical service engineers and spare parts
are made available in the quickest possible time so that break down time is
minimized and work is not hampered.
The Clients
They owe a lot to the esteemed customer for the reputation as
manufacturer of all types of construction and building equipment. They have
facilitated them with quality products at the best competitive prices. The high
quality standards, transparent deals, reasonable prices, R and D, timely post
sales service, continuous adaptation and technical expertise has enabled them
in garnering the trust and goodwill of the esteemed clients.
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 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.42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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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