MIRA
INFORM REPORT
|
Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MARUNTECH ENGINEERING SERVICES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
A-2, Shanthi Apartments, TTK Road, I Cross, Alwarpet, Chennai-600018,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
30.10.1996 |
|
|
|
|
Com. Reg. No.: |
18-36812 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52599TN1996PTC036812 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02364F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in design, engineering and
commissioning of Chemical and Drug manufacturing Plants, Tobacco processing
plants, Solvent Recovery Systems and Air Pollution Control system. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 12000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively small company in its field. Trade relations
are fair. Scale of activity is limited. No complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
A-2, Shanthi Apartments, TTK Road, I Cross, Alwarpet, Chennai-600018,
Tamilnadu, India |
|
Tel. No.: |
91-44-24986765 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
19/ 10 CIT Colony, 1st Cross Street, Mylapore, Chennai-600004,
Tamilnadu, India |
|
Tel. No.: |
91-44-24986765/ 24986399/ 24984149 |
|
Fax No.: |
91-44-24661593 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. B. Deepak Rai |
|
Designation : |
Director |
|
Address : |
A-2, Shanthi Apartments, TTK Road, I Cross, Alwarpet, Chennai-600018,
Tamilnadu, India |
|
Date of Birth/Age : |
26.10.1950 |
|
Qualification : |
BE Chemical |
|
Experience : |
35 Years |
|
Date of Appointment : |
30.10.1996 |
|
|
|
|
Name : |
Mr. Lalitha Kantham Rai |
|
Designation : |
Director |
|
Address : |
A-2, Shanthi Apartments, TTK Road, I Cross, Alwarpet, Chennai-600018, Tamilnadu,
India |
|
Date of Birth/Age : |
22.04.1957 |
|
Date of Appointment : |
01.01.1998 |
|
|
|
|
Name : |
Mr. V Chandramouli |
|
Designation : |
Director |
|
Qualification : |
M Tech Chemical Engineer |
|
Experience : |
35 Years |
|
|
|
|
Name : |
Mr. Stevenson E Leo |
|
Designation : |
Director |
|
Qualification : |
BE Chemical |
|
Experience : |
35 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
B Deepak Rai |
|
3140 |
|
V Chandramouli |
|
30 |
|
Lalitha Kantham Rai |
|
410 |
|
Stevenson E Leo |
|
1420 |
|
Total |
|
5000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
71.00 |
|
Other top fifty (50) shareholders (Other than listed above) |
|
29.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in design, engineering and commissioning
of Chemical and Drug manufacturing Plants, Tobacco processing plants, Solvent
Recovery Systems and Air Pollution Control system. |
|
|
|
|
Products : |
|
GENERAL
INFORMATION
|
Bankers : |
·
ICICI Bank ·
Vijaya Bank ·
Citibank ·
Karur Vysya Bank ·
Corporation Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Krishnan and Rajaram Chartered Accountant |
|
Address : |
15, Murrays Gate Road, Alwarpet, Chennai-600018, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
·
Hytec Industrial Corporation ·
Marundeshwara Enterprises ·
Tandex Process Technologies
Private Limited |
CAPITAL STRUCTURE
As on 30.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Milion |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Milion |
||
Note:
Of the above 2685 Equity Shares fully paid up
have been issued as bonus shares by capitalization of profits
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.089 |
2.085 |
2.049 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.589 |
2.585 |
2.549 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.556 |
0.751 |
0.953 |
|
|
2] Unsecured Loans |
0.660 |
1.113 |
1.754 |
|
|
TOTAL BORROWING |
1.216 |
1.864 |
2.707 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
3.805 |
4.449 |
5.259 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.285 |
1.531 |
1.321 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.040 |
0.019 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.045
|
0.093 |
1.135 |
|
|
Sundry Debtors |
1.834
|
0.854 |
3.978 |
|
|
Cash & Bank Balances |
0.451
|
0.994 |
0.596 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.298
|
1.665 |
0.853 |
|
Total
Current Assets |
3.628
|
3.606 |
6.562 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
0.987
|
0.521 |
2.446 |
|
|
Provisions |
0.161
|
0.186 |
0.178 |
|
Total
Current Liabilities |
1.148
|
0.707 |
2.624 |
|
|
Net Current Assets |
2.480
|
2.899 |
3.938 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3.805 |
4.449 |
5.259 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Receipts from operations |
17.621 |
9.969 |
10.240 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
17.621 |
9.969 |
10.240 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.166 |
0.214 |
0.140 |
|
Provision for Taxation |
0.162 |
0.179 |
0.178 |
|
Profit/(Loss) After Tax |
0.004 |
0.035 |
[0.038] |
|
Total Imports |
|
|
|
|
|
|
|
|
|
Total Expenditure |
17.455 |
9.755 |
10.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.02
|
0.35 |
[0.37] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.94
|
2.15 |
1.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.38
|
4.17 |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.08 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
0.99 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.16
|
5.10 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
Through there has been an increased in turnover, the profits have not
kept pace due to lack of margins and increased borrowing costs. The outlook
looks brighter for the next year.
Fixed Assets:
·
Car- Corsa
·
Car-Zen
·
Car-Baleno
·
Car-Esteem
·
Computers
·
Cellphone
·
Air conditioner
·
EP ABX
·
Fax Machine
·
Television
·
Water Disp.
·
Furniture
AS PER WEBSITE
Profile:
Subject is a
technology based Engineering and Project Management Company managed by
technocrats. The company has grown over time in both sales and experience. The
Company provides cutting edge engineering services and adapts innovative
technologies in conjunction with technology suppliers from overseas to provide
state of art solutions.
Founded, on the strong basis of over 3 decade of experience,
in providing engineering services to Chemical Process Industry Maruntech also
provides customers with a wide range of services in the Pollution Control and
Prevention business. The company designs and implements air pollution control
systems, effluent treatment systems, solvent recovery systems and water
management systems.
The corporate identity established in the last decade of
operation offers an unmatched synergy to the growing business needs.
Maruntech's Approach
·
Customized Applications
·
Engineering and Design
·
Manufacturing capabilities
·
Management, Operation and Maintenance
Associates and Consortium Partners
·
Disti Chemi Metal Works
·
Lars Enviro Private Limited
·
Rite Choice Energy and Systems Engineering Private Limited
Engineering Services:
·
Generation of Process and Instrument Diagrams (PandIDs)
·
Generation of Process Flow Diagrams (PFDs)
·
Generation of Process Datasheets
·
Design Of Process Equipments
·
Carry Out Hydraulic Checks and Pipe Sizing.
·
Carry out Sizing of Safety Relief Valves
·
Generate Area Classification Document
·
Prepare Operating Manual
·
Training
·
Generation of Overall Utility Balance and Sizing of Packages
like Refrigeration, Boiler etc
Management:
Chandramouli
Director
M Tech Chemical Engineering
35 years experience in setting up process plants from concept
to commissioning. Worked in Krebs Swiss providing complete process design and
engineering services to a wide range of large and small process plants.1976–
1977: Designed and commissioned 1000 TPA Detergent Cake and Textile wetting
agent Plant in South India as a consultant.
1978– 1987: As Chief Engineer in charge of Process Design in
Krebs Engineering Private Limited (in collaboration with Krebs and Company
Zurich Limited, Swiss), a reputed Chemical Consultancy organization engaged in
large sized Electro Chemical Plants (Caustic soda, Chlorine and Chlorinated
solvents). Executed many Chlor Alkali Plants and salt upgrading plants in India
and overseas.
Designed and executed medium size chemical plants such as
Oxalic acid, Potassium persulphate, Sodium Chlorate, Potassium Chlorate, Barium
Sulphate and carbonate, Copper Sulphate, Aluminum Sulphate, etc.,
1987 to 1996 General Manager MIL Industries Limited engaged
in Design and commissioning of Air Pollution Control system using wet Scrubbing
Technology of Environmental Elements Corporation (USA) for Steel plants,
Fertilizer plants, Chemical and allied plants. Executed number of systems in
India for Steel plants, Fertilizer plants and Chemical Plants and Boiler
exhaust gases.Also engaged in Design and execution of Solvent Recovery System
to recover solvents from solvent laden gases emanated in Chemical Process
plants, Printing and lamination industry, drugs and Pharmaceutical industry.
Trained at Ameg UK
1997- Till date: Director, Maruntech Engineering Services
Private Limited engaged in design, engineering and commissioning of Chemical
and Drug manufacturing Plants, Tobacco processing plants, Solvent Recovery
Systems and Air Pollution Control system. Executed number of projects in less
than one decade
B.
Deepak Rai
Director
BE
Chemical
35 years experience in process plants with core expertise in
project management
!975 to 1981 worked in Fouress Engineering I Private Limited
as Development Engineer special valves and Business Development Functions. Left
Fouress in 1981 as Manager in Andhra Operations.
Involved in Marketing / Planning and Co-ordination functions
1981 to 1990 Consulting Services to Wesman Engineering
Limited – Manufacturer of Furnaces / Foundry plants etc. Business Development /
Projects Planning / Vendor Development / Site Engineering
1990 to 1996 Associate Director Enmas Group – Business
Development / Project Co-ordination and Customer support.
Was totally in charge of developing the desalination business in association
with IDE of Israel. Finalized the first large size MED orders in India
1996 Started Maruntech Engineering Services Private Limited
a technology based Engineering and Project Management Company that provides
cutting edge engineering services. Maruntech adapts innovative technologies in
conjunction with technology suppliers from overseas to provide state of art
solutions
Stevenson
E Leo
Director
BE Chemical
35 years experience in process plants
Overseas Director Maruntech Engineering Services Private Limited
Involved in marketing Support in SE Asian Countries
Heads Malaysian Office
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.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|