MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAHEE ENGINEERING PRIVATE LIMITED |
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Registered Office : |
28, Ammankulam Road, Coimbatore – 641037, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.11.1998 |
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Com. Reg. No.: |
008657 |
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CIN No.: [Company
Identification No.] |
U29199TZ1998PTC008657 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Agricultural Pumps and Motors. |
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 78000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. Company’s
profitability is low. Trade relations are fair. Scale of activity is limited.
The company can be considered for small to mediocre business
dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Arumugam |
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Designation : |
Finance and Account Manager |
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Contact No.: |
91- 9994343029 |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
28, Ammankulam Road, Coimbatore – 641037, Tamilnadu, India |
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Tel. No.: |
91- 422- 2220734/ 2312861 |
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Mob No.: |
91- 9994343029 (Mr. Arumugam) |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mahindra Ramdas |
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Designation : |
Director |
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Address : |
9A, New Damu Nagar, Coimbatore – 641037, Tamilnadu, India |
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Date of Birth/Age : |
19.05.1958 |
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Date of Appointment : |
07.12.2005 |
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Name : |
Mr. Jaykumar Ramdas |
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Designation : |
Director |
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Address : |
733, P N Palayam Road, Puliakulam, Coimbatore – 641045, Tamilnadu,
India |
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Date of Birth/Age : |
19.04.1963 |
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Date of Appointment : |
07.12.2005 |
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Name : |
Mr. Ramadass Vidyasagar |
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Designation : |
Director |
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Address : |
6/ 433, P N Palayam Road, Puliakulam, Coimbatore – 641045, Tamilnadu,
India |
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Date of Birth/Age : |
14.06.1960 |
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Date of Appointment : |
26.11.1998 |
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Name : |
Mrs. Subhashini Jaykumar |
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Designation : |
Director |
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Address : |
Sarishram, Greenfields Colony, Puliakulam Road, Coimbatore – 641045,
Tamilnadu, India |
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Date of Birth/Age : |
13.03.1970 |
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Date of Appointment : |
26.11.1998 |
KEY EXECUTIVES
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Name : |
Mr. Arumugam |
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Designation : |
Finance and Account Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.09.2007
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Names of Shareholders |
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No. of Shares |
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Mr. Mahindra Ramdas |
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269612 |
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Mrs. Jaykumar Ramdas |
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263342 |
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Mr. J Subashini |
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396117 |
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Mr. Vidhyasagar Ramdas |
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470929 |
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Total |
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1400000 |
AS ON 28.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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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 Agricultural Pumps and Motors. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of India |
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Financial Institution : |
Reliance Capital Limited, H Block, 1st Floor, Dhirubhai
Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. J Surender Chartered Accountant |
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Address : |
53, V H Road, Coimbatore, Tamilnadu, India |
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Group Companies : |
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CAPITAL STRUCTURE
AS ON 28.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1750000 |
Equity Shares |
Rs. 10/- Each |
Rs.17.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1400000 |
Equity Shares |
Rs. 10/- Each |
Rs.14.000 Millions |
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 |
14.000 |
7.493 |
3.618 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.613 |
1.472 |
2.105 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.613 |
8.965 |
5.723 |
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LOAN FUNDS |
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1] Secured Loans |
29.860 |
35.501 |
22.383 |
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2] Unsecured Loans |
17.655 |
29.603 |
6.908 |
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TOTAL BORROWING |
47.515 |
65.104 |
29.291 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.128 |
74.069 |
35.014 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.663 |
13.606 |
11.969 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.534
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26.483 |
12.419 |
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Sundry Debtors |
53.947
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47.881 |
24.025 |
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Cash & Bank Balances |
0.788
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2.710 |
1.986 |
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Other Current Assets |
0.544
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1.437 |
0.500 |
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Loans & Advances |
25.424
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41.427 |
19.812 |
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Total
Current Assets |
107.237
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119.938 |
58.742 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.463
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59.265 |
35.461 |
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Provisions |
0.309
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0.221 |
0.250 |
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Total
Current Liabilities |
56.772
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59.486 |
35.711 |
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Net Current Assets |
50.465
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60.452 |
23.031 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.011 |
0.014 |
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TOTAL |
63.128 |
74.069 |
0.035 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Total Income |
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147.112 |
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Profit/(Loss) Before Tax |
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0.399 |
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Provision for Taxation |
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0.308 |
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Profit/(Loss) After Tax |
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0.091 |
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Total Expenditure |
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146.713 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
00.06
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-- |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
00.27
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-- |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
00.33
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-- |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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-- |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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6.67
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13.89 |
11.35 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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2.11 |
1.64 |
LOCAL AGENCY
FURTHER INFORMATION
Operation
The working of the company during the year under review has resulted in a
net profit of rs.0.450 million after providing for depreciation of rs.2.556
millions
ERP
The directors wish to inform you that the company is in process of
implementing ERP business solution. They expect that the ERP will go on live
from 1st April 2007 onwards and on implementation the company will
minimize the cost on various operations and will be helpful in taking the
decisions at right time.
Group Companies
Today, Mahendra group is represented by a number of companies in various
domains. The first company to be formed was Mahendra Pumps Private Limited .
Established in 1960, it started the production of agricultural pumps and
motors. Then came the inception of Mahee Engineering Private Limited Unit - I.
Instituted in 1973, Mahee Engineering Private Limited Unit - I. deals with the
manufacturing of pumps for portable engines. In 1977 Marvel Engineering
Industries was established. This unit is involved with the manufacture of
domestic pumps and single-phase pumps for agricultural application.
In 1985, Mahendra Submersible Pumps Private Limited dealing with the manufacturing of Submersible pumps and Jet pumps for domestic and agricultural application was founded. The institution of Mahendra Spinning Mills Pvt. Limited. in 1991 marked the extension of Mahendra group's expertise in the textile domain. This unit deals with the production of Cotton Yarn. The Mahee Engineering Private Limited Unit - II, established in 1996 deals with the Manufacture of Bore-well compressor pumps.
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29199TZ1998PTC008657 |
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Name of the
company |
MAHEE ENGINEERING
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
28, Ammankulam Road, Coimbatore – 641037, Tamilnadu, India |
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Type of charge |
Movable Property
(not being pledge) |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
Facility cum
hypothecation agreement between Reliance Capital Limited and Mahee
Engineering Private Limited |
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Date of
instrument Creating the charge |
29.08.2008 |
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Amount secured by
the charge |
Rs.3.400 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11% Terms of
Repayment Monthly EMI of
Rs.0.116 Million First Installment
due date 05.10.2008 Margin Nil Extent and
Operation of the charge A first charge by
way of hypothecation of movable property |
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Short particulars
of the property charged |
Kindly refer to
annexure 1 attached |
Fixed Assets
- Land
- Building
- Machinery
- Vehicles
- Furniture and
Fixture
- Office
Equipment
- Computer
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.52 |
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UK Pound |
1 |
Rs.72.62 |
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Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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 |
NO |
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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 |
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32 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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