MIRA INFORM REPORT

 

 

 

Report Date :

25.08.2008

 

IDENTIFICATION DETAILS

 

Name :

Mhitraa engineering equipments private limited

 

 

Registered Office :

Survey No. 368/1 and 269/ 3 Maduraivoyal Main Road,Alpakkam, Chennai-600001, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

15.06.1990

 

 

Com. Reg. No.:

18-19307

 

 

CIN No.:

[Company Identification No.]

U28112TN1990PTC019307

 

 

IEC No.:

0404010121

 

 

PAN No.:

[Permanent Account No.]

AAACM2413N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Industrial component cleaning machine for major automobile manufacturing Industries.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 87000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Available information indicates high financial responsibility of the company. Trade relations are fair. The company is doing well.

 

The company is considered good for normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office/

Factory :

Survey No. 368/1 and 269/ 3 Maduraivoyal Main Road,Alpakkam, Chennai-600001, Tamilnadu, India

Tel. No.:

91-44-32902830/ 17

Mobile No.:

91-9381078849

Fax No.:

91-44-24769328

E-Mail :

mhitraa@mhitraa.com

Website :

http://www.mhitraa.com

Area :

10000 sq. ft ( Rented)

 

 

Corporate Office/

Factory :

Plot No. 4 and 5, Maduravoya Main Road, Alapakkam, Chennai-600116, Tamilnadu, India

Tel. No.:

91-44-23908230

Fax No.:

91-44-24769328

E-Mail :

mhitraa@mhitraa.com

Area :

4600 sq.ft. ( Rented)

 

 

DIRECTORS

 

Name :

Mr. Krishnaswamy

Designation :

Director

Address :

Flat No. 1, Sreyas Champakkam, 54, Abhiramapurma 3rd Street, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

25.10.1940

Date of Appointment :

10.04.1994

 

 

Name :

Mrs. Vasantha Krishnaswamy

Designation :

Director

Address :

Flat No. 1, Sreyas Champakkam, 54, Abhiramapurma 3rd Street, Chennai-600018, Tamilnadu, India

Date of Birth/Age :

03.12.1942

Date of Appointment :

05.06.1992

 

 

Name :

Mr. C Badrinarayan

Designation :

Director

Address :

A-6D, Regal Palm Garden, Cee Dee Yes, Complex, VAlachey, Chennai-600042, Tamilnadu, India

Date of Birth/Age :

15.08.1968

Qualification :

BE

Experience :

15 Years

Date of Appointment :

10.11.1998

 

 

Name :

Mrs. B Bhuvana

Designation :

Director

Address :

A-6D, Regal Palm Garden, Cee Dee Yes, Complex, VAlachey, Chennai-600042, Tamilnadu, India

Date of Birth/Age :

30.11.1972

Qualification :

B Tech

Experience :

8 Years

Date of Appointment :

21.10.2002

 

 

KEY EXECUTIVES

 

Name :

Mr. T. Sornam

Designation :

General Manager

Mobile No.: :

91-9382716723

 

 

Name :

Mr. R. Saravanan

Designation :

Manager (Customer Support)

Mobile No.: :

91-9382334614

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 25.09.2004

 

Names of Shareholders

 

 

No. of Shares

S Krishbnaswamy

 

60000

Vasantha Krishnaswamy

 

22500

Ramesh K Srivats

 

15000

Badringarayan

 

15000

B Bhuvana

 

7500

Anju

 

7500

Ganesh Srivastav

 

22500

Total

 

150000

 

Equity Share Breakup (Percentage of total Equity)

As on 25.09.2007

 

Category

 

 

Percentage

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Industrial component cleaning machine for major automobile manufacturing Industries.

 

 

Products :
  • Conveyor Cleaning Machine
  • Rotary Cleaning Machines
  • Custom Built Cleaning Machines

 

 

Terms :

 

Selling :

 

 

 

Purchasing :

Credit ( 90 Days)

 

 

GENERAL INFORMATION

 

Customers :

OEM’s

  • Asian Bearing Limited, Bagalur.              
  • Kirloskar Systems Limited, Bangalore.
  • Audco India Limited, Chennai.                
  • kirloskar Toyoda Textile Machinery Limited, - Bangalore.
  • Automotive Axles Limited, Mysore.         
  • KSB Pumps Limited, Coimbatore.
  • Autotech Industries, Chennai.                 
  • LandT Komatsu Limited, Bangalore.
  • AquaSub Engineering - Coimbatore.        
  • LandT Limited, Bangalore.
  • Bharat forge Limited, Pune.                    
  • Lucas TVS Limited, FIE DVN., Mannur.
  • Bharat forge Limited, Chakan.                 
  • Menon Pistons Limited, Kolhapur.
  • Bimetal Bearings, Coimbatore.               
  • Rane TRW Steering Systems Limited, Chennai.
  • Brakes India Limited, Chennai.               
  • Rane TRW Steering Systems Limited, Viralimalai.
  • Cummins India Limited, Pune.                
  • Same Greaves Limited, Ranipet.
  • Dana India PrivateLimited, Pune.             
  • Voith India Limited, Hyderabad.
  • Eicher Tractors Limited, Alwar / Faridabad.                     
  • Sona koyo Steering Systems Limited, Guragaon.
  • Endurance Transmission Systems (India) Private Limited, Aurangabad. 
  • Sundaram Clayton Limited, Chennai.
  • Gmmco Limited, Nagpur.                       
  • Sundaram Industries Limited, Madurai.
  • Guru Nanak Auto Enterprises Limited, Bundala, Jalandar.  
  • Swaraj Engines Limited, Chandigarh.
  • Heavy Vehicles Factory, Avadi, Chennai.            
  • Tata Holset Limited, Indore.
  • Kasturi EstatesPrivate Limited, Chennai.            
  • TELCO Limited, Pune.
  • Kirloskar Oil Engines Limited,                 
  • TELCO Limited, Jamshedpur.
  • Widia India Limited, Hyderabad.              
  • Tube Products of India Limited, Chennai.
  • VST Tillers, Bangalore.                          

 

 

No. of Employees :

90 (Office 30, Factory 60)

 

 

Bankers :

City Union Bank Limited, Chinmaya Nagar Branch, No. 26, Imain Road, Sayee Nagar, Anaxe, Chinmaya Nagar, Chennai-600092, Tamilnadu, India

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Mr. V Rengarajan

Chartered Accountant

Address :

23/10, Temple Avenue, Sringar Colony, Chennai-600092, Tamilnadu, India

Tel. No.:

91-44-22350975

Fax No.:

91-44-22350975

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs. 10/- each

Rs. 2.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

150000

Equity Shares

Rs. 10/- each

Rs. 1.500 Million

 

Total :

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

1.500

1.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

15.976

10.253

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

17.476

11.753

LOAN FUNDS

 

 

 

1] Secured Loans

 

21.297

5.388

2] Unsecured Loans

 

1.680

1.844

TOTAL BORROWING

 

22.977

7.232

DEFERRED TAX LIABILITIES

 

0.164

0.164

 

 

 

 

TOTAL

 

40.617

19.149

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

13.586

7.369

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

11.441

8.321

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

43.020

19.379

 

Sundry Debtors
 

11.401

11.961

 

Cash & Bank Balances
 

1.027

0.851

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

10.080

5.205

Total Current Assets
 

65.528

37.396

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

49.938

33.937

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

49.938

33.937

Net Current Assets
 

15.590

3.459

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

40.617

19.149

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2008

31.03.2007

Sales Turnover

 

154.813

107.292

Other Income

 

0.437

0.389

Total Income

 

155.250

107.681

 

 

 

 

Profit/(Loss) Before Tax

 

9.781

5.781

Provision for Taxation

 

3.094

1.907

Profit/(Loss) After Tax

 

6.687

3.874

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

119.479

83.792

 

Administrative Expenses

 

24.340

16.858

 

Interest

 

1.011

0.690

 

Depreciation & Amortization

 

0.639

0.560

Total Expenditure

 

145.469

101.900

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2008

31.03.2007

PAT / Total Income

(%)
 

4.30

3.59

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

6.31

5.39

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

12.36

12.91

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.56

0.49

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

4.17

3.50

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.31

1.10

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Bankers Charges Report as per Registry

 

 

Name of the company

MHITRAA ENGINEERING EQUIPMENTS PRIVATE LIMITED

Presented By

MHITRAA ENGINEERING EQUIPMENTS PRIVATE LIMITED

1) Date and description of instrument creating the change

18.09.2003

Hypothecation (Goods) Agreement

Hypothecation (Machinery) Agreement

Agreement of Hypothecation of Book Debts

2) Amount secured by the charge/amount owing on the securities of charge

Bank Guarantee of Rs. 1.000 Million

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

Plant and Machinery, stock in trade, Book Debts landed property situated at S. No. 325/ 3, 325/4 and 325/6 at Kilkattaliaoi Village, Tambarma Tk

4) Gist of the terms and conditions and extent and operation of the charge.

Commission 3% p.a.

5) Name and Address and description of the person entitled to the charge.

City Union Bank Limited, Chinmaya Nagar Branch, No. 26, Imain Road, Sayee Nagar, Anaxe, Chinmaya Nagar, Chennai-600092, Tamilnadu, India

6) Date  and brief description of instrument modifying the charge

EM Extension Letter Dated 26.06.2004

Deposit on title Deed dated 25.06.2004

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.

Bank Guarantee enhanced form Rs. 4.000 Millions to Rs. 6.500 Millions

 

AS PER WEBSITE

 

Profile:

 

Subject is manufacturer of custom-built, dependable and diverse range of industrial cleaning equipment used in various industries. Founded in 1988, the organization today has an exhaustive product range backed by superior quality, design, performance, user-friendly features and 'after-sales' support.


'Quest for the best' has been the hallmark of Mhitraa. Firm belief in continuous improvement and proven quality control practices have lent a clear edge to the products from Mhitraa. Innovatively designed and industry-specific, they reflect Mhitraa's ability to adapt itself to the rapidly changing market scenario through continuous upgradation of technology.


Its infrastructure, equipment and human resources have made Mhitraa the natural choice of any industry looking for reliable, integrated cleaning solutions.

 

 

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.43.13

UK Pound

1

Rs.85.02

Euro

1

Rs.67.77

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions