MIRA
INFORM REPORT
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Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MODEL BUCKETS & ATTACHMENTS PRIVATE LIMITED |
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Registered Office : |
Acropolis 221, Nagalli Hills, Dona Paula, Panaji, Goa – 403 002 |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of Incorporation : |
11.11.2003 |
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Com. Reg. No.: |
24-3328 |
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CIN No.: [Company Identification No.] |
U29244GA2003PTC003328 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Designer and Manufactures of construction equipment for dozers, loaders, excavators and motor graders. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 640000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Acropolis 221, Nagalli Hills, Dona Paula, Panaji, Goa – 403 002, India |
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E-Mail : |
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Website : |
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Head Office : |
601 A, 6th Floor, Dempo Trade Centre, Patto, Panaji, Goa India-403001 |
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Tel. No.: |
91-832-2437770 |
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Fax No.: |
91-832-2437773 |
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E-Mail : |
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Website : |
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Area : |
Rented - 1500 sq. ft. |
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Corporate Office : |
601 A, 6th Floor, Dempo Trade Centre, Patto, Panaji, Goa India-403001 |
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Tel. No.: |
91-832-2437770 |
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Fax No.: |
91-832-5644932 |
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E-Mail : |
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Factory 1 : |
Plot No, L-13, Verna Industrial Area. Verna, Goa – 403 722 |
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Tel. No.: |
91-832-2453073 / 2453064 / 2887193 |
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Fax No.: |
91-832-5644932 / 2887193 |
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Website : |
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Area : |
10390 sq. ft |
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Factory 2 : |
221, Kiadb, Belur Industrial Area, Dharwad – 580 011, Karnataka |
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Tel. No.: |
91-836-2486785 |
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Fax No.: |
91-836-2486659 |
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Area : |
8000 sq. ft |
DIRECTORS
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Name : |
Mr. Sukhraj Singh |
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Designation : |
Managing Director
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Address : |
4 Inner Circle
Road, Bistupur, Jamshedpur, East, Singhbhum, 831 001, India |
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Date of Birth/Age : |
08.01.1971 |
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Qualification : |
B.E., MBA |
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Date of Appointment : |
11.11.2003 |
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Name : |
Col Himmat Sidhu |
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Designation : |
Director |
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Address : |
Plot No. 90,
Defence Colony, Porvorim, Bardez, Goa |
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Date of Birth/Age : |
04.12.1951 |
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Qualification : |
D.F.T. |
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Date of Appointment : |
11.11.2003 |
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Name : |
Mr. Ganesh Kumar Ishwar |
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Designation : |
Director |
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Address : |
34 years |
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Date of Birth/Age : |
304, Sharda
Homes, Saptapur, Dharwad, Karnataka |
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Qualification : |
B.E., MBA |
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Experience : |
8 years |
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Name : |
Mr. A. V. Mulay |
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Designation : |
Director |
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Address : |
62 years |
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Date of Birth/Age : |
Building A-4,
Flat No. 16, Potnis Parisar, Karvenagar, Pune, Maharashtra |
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Qualification : |
B.E. (Mech.), BE
(Elec.) |
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Experience : |
39 years |
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Name : |
Mr. Bharat Kadyam
Ramnathan |
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Designation : |
Director |
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Address : |
Mona Apartment,
Flat 6 AB, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
23.06.1962 |
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Date of Appointment : |
01.04.2006 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mr. Sukraj Singh |
78396 |
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Arya Bhatt Sales Private Limited |
5300 |
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Col. Himmat Sidhu |
500 |
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Ms. Chandra Prakash |
1 |
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Ms. Prabha Bhatt |
1 |
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Ms. Nikita |
1 |
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Mr. P E Ramakrishna / Mr. P E Shankar |
1 |
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Procton Commerce Private Limited |
3400 |
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Dheepraj Vinmay Private Limited |
2700 |
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Inchook Tracon Private Limited |
2700 |
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Imtihan Merchants Private Limited |
1000 |
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Taral Vincom Private Limited |
1400 |
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Kashikmal Mercantile Private Limited |
2000 |
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Ms. Sonia Kaur |
328 |
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Mr. Ganesh Ishwar |
674 |
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Mr. Ajit Singh |
10400 |
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Names of Shareholders |
% of Holding |
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Bodies Corporate |
8.00 |
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Directors or Relatives of Directors |
92.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Designer and Manufactures of construction equipment for dozers, loaders, excavators and motor graders. |
GENERAL
INFORMATION
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Suppliers : |
Engaged in as designer and manufactures of construction equipment for dozers, loaders, excavators and motor graders |
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Customers : |
˜ Apex Auto Limited ˜ Escorts JSB Limited ˜ Felkenroth Inc ˜ IAL Construction & Agri Equipment Company Limited ˜ Model Heavy Fabricators Private Limited ˜ Oriental Granites ˜ Ransome Equipment Sales ˜ Rockland Manufacturing Company ˜ Telco Construction Equipment Company Limited ˜ Westroc International Incorporated |
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No. of Employees : |
112 (20 persons in office and 92 persons in factory) |
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Bankers : |
* The Bank of India Andheri Corporate Banking Branch, Mumbai |
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Facilities : |
Ř The Bank of India -Credit Limit : Rs. 55.000 millions Ř Cash Credit : Rs. 23.671 Millions Ř ICICI Vehicle Loan : Rs. 1.107 Millions Ř Foreign Currency : Rs. 34.210 Millions Ř BRCL : Rs. 5.544 Millions Ř Mitsui : Rs. 3.725 Millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
Dagia Associates Chartered Accountants Mumbai |
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Associates : |
˜ Model Heavy Fabrication Private Limited Jamshedpur, Madhya Pradesh Manufacturer ˜ Model Engineering Works Jamshepur, Madhya Pradesh Manufacturer ˜ Model Project, Dharwad, Karnataka [Financials for the year ended 31.03.2003 enclosed] |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs. 65.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5219540 |
Equity Shares |
Rs.10/- each |
Rs. 52.195 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 |
52.195 |
23.397 |
10.880 |
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2] Share Application Money |
0.000 |
20.100 |
10.200 |
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3] Reserves & Surplus |
106.934 |
85.467 |
18.712 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
159.129 |
128.964 |
39.792 |
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LOAN FUNDS |
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1] Secured Loans |
277.913 |
86.528 |
68.257 |
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2] Unsecured Loans |
14.570 |
2.500 |
1.383 |
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TOTAL BORROWING |
292.483 |
89.028 |
69.640 |
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DEFERRED TAX LIABILITIES |
3.090 |
0.323 |
0.000 |
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TOTAL |
454.702 |
218.315 |
109.432 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
282.615 |
73.814 |
55.285 |
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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 |
202.484
|
76.006 |
30.809
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Sundry Debtors |
55.587
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68.119 |
21.689
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Cash & Bank Balances |
38.862
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33.023 |
10.821
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
46.287
|
40.502 |
8.028
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Total
Current Assets |
343.220
|
217.650 |
71.347 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
171.263
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73.322 |
15.930
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Provisions |
0.000
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0.000 |
1.500
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Total
Current Liabilities |
171.263
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73.322 |
17.430 |
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Net Current Assets |
171.957
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144.328 |
53.917
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MISCELLANEOUS EXPENSES |
0.130 |
0.173 |
0.230 |
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TOTAL |
454.702 |
218.315 |
109.432 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
Sales Turnover [including other
income]
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128.913 |
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Profit/(Loss) Before Tax
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9.462 |
Provision for Taxation
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1.500 |
Profit/(Loss) After Tax
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7.962 |
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Export Value
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3.419 |
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Import Value
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14.831 |
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Total Expenditure
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2.756 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
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(%)
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-- |
-- |
6.18
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Net Profit Margin
(PBT/Sales) |
(%) |
-- |
-- |
7.34
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Return on Total
Assets
(PBT/Total Assets} |
(%) |
-- |
-- |
7.47
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Return on
Investment (ROI)
(PBT/Networth) |
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-- |
-- |
0.24
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Debt Equity Ratio
(Total Liability/Networth) |
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3.93 |
2.62 |
2.19
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Current Ratio
(Current Asset/Current Liability) |
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2.00 |
2.96 |
4.09
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LOCAL AGENCY
FURTHER INFORMATION
The company is in the manufacture, buying, selling, trading, dealing, packing, distributing, marketing, import, export of earthmoving components and equipments, machineries and merchandise.
The Model Group are serving the heavy earth moving industry since the last three decades. The company is designed to fulfil the needs of the earth moving industry by its unique key features.
Being a market leader and one of the largest manufacturers in the country, its innovative techniques and cost effective products help the company to compete with the best in the world.
Its products range includes :
v Buckets
v Wheel Loaders
v John Deere
Model group is proud of its 3 decades of experience and expertise in the field of manufacturing high quality fabrications. The Group is committed to excellence to match international standards of manufacture.
The company is available for every major brand of construction machinery. Its Buckets and Attachments are designed for specific applications so that the customers can get quality products.
Every MBA product is designed for a specific application and able to successfully maintain a delicate balance between high quality products and sensible pricing.
For product quality, value & service before, during and after the sale, the company shall put its record against anyone in the industry. The company appreciate the business and look forward to serving.
The company operates a state of the art facility in Dharwad, Karnataka where it produces Original Equipments for many world class Earth Moving Equipment Manufacturers. A second modern facility is being developed in Verna, Goa India that will be equipped with latest manufacuring facility available.
It is in trade terms with:
˜ Alex India
˜ Associated Road Carriers Limited
˜ B. Elastro Products Private Limited
˜ Bharti Mobile Limited
˜ Blue Stamping & Forgings Limited
˜ Care System & Construction
˜ Carl Closs
˜ Deepsagar Engineering Works
˜ Desai Enterprises
˜ Dinesh Trading Company
˜ Extract Engineering Works Private Limited
˜ Fabro Tech Engineering Works
˜ Himalaya Machinery Private Limited
˜ Hindustan Agencies
˜ Hindustan Hydraulic Private Limited
˜ Hindustan Udyog
˜ Hypertherm Singapore Pte. Limited
˜ Indian Mineral Company
˜ Jindal Vijaynagar Steel Limited
˜ Jkay Enterprises
˜ Kabir Agencies
˜ Kamal Trading Company
˜ Karnataka Industrial Gases Private Limited
˜ M. S. P. L. Limited, Hospet
˜ Maersk India Limited
˜ Maruti Industrial Services
˜ Mayur Steel Private Limited
˜ Model Engineering Works
˜ Modi Lifting Tackles
˜ N. B. Engineering Works
˜ Orient Impex
˜ P. Castings
˜ Patel Trading Corporation
˜ Pavan Electric Company
˜ Ravi Transport Service
˜ Renuka Engineering Works
˜ SAS Enterprises
˜ Savani Transport Limited
˜ Shraddha Agencies
˜ Shraddha Marketing
˜ Shree Balaji
˜ Shri Basaveshwar Limited
˜ Sigma Hoist Private Limited
˜ Steel Crafts
˜ Sunkad Brothers
˜ Sunkad Hardware
˜ Valji & Brothers
˜ Veereshwar Engineering Works
˜ Telcon, Dharwad, Karnataka
Tel No. 91-836-2486894
Contact Person : Mr. R. P. Nair (Head – Operation)
˜ Telcon, Jamshedpur, Bihar
Tel No. 91-657-2286410
Contact Person : Mr. Kamesh Gupta (Head – Supply Chain Management)
˜ Baden-Baden, Germany
Tel No. +49-7223-966-222
˜ Mr. Peter Lehnhoff
Some of the alliance partners of the company are:
˜ Telcon
˜ JCB Worldwide
˜ John Deere
˜ Volvo
˜ Caterpillar
˜ Ingresoll Rand
As per website
A company is
known and driven by the people involved. MBA boasts of young and energetic
professionals who run different functions independent in charge. All
independent functions are monitored and controlled by strategy management Group
which operates out of the corporate office and reports to the CMD,Sukhraj
Singh. MBA employs around 180 people with an average age being 36 years.The
company strives to achieve to become a major global player in the industry by
the year 2010.
Products
- Semi Finished Reinforced Excavator Bucket
- Back Hoe Bucket
- Thumbs & Buckets
- Large Range from 0.5 c.m to
6 c.m. Excavator Buckets
FORM 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29244GA2003PTC003328 |
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Name of the company |
MODEL BUCKETS & ATTACHMENTS PRIVATE LIMITED |
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Address |
Acropolis 221, Nagalli Hills, Dona Paula, Panaji, Goa – 403 002 |
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Type of Charges |
Movable property, others |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Tata Capital Limited Ewart House, 3rd Floor, 22, Homi Mody Street, Mumbai – 400 001, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Loan agreement dated 21.09.2007 for secured loan upto Rs. 100.000 millions for a period of 36 months on security of hypothecation of all assets created for the Telcon Pip project and personal guarantee of Sukhraj Singh at the rate of interest at one year GSec plus 550 BPS subject to a minimum of 12.5% whichever is higher. GSec to be reset on a monthly basis. |
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Date of the instrument creating charge |
21.09.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 100.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: one year GSec plus 550 BPS subject to a minimum of 12.5% whichever is higher. GSec to be reset on a monthly basis. Terms of Repayment: interest to be paid on monthly basis on reducing balance Principal – monthly repayment to commence after one month of disbursement of the loan Total repayment to be made in 36 months Margin: NA Extent and operatin of the charge: the charge extends to the due repayment of the loan of Rs. 100.000 millions including the interest, additional interest, costs, charges, expenses and all other payable under the loan agreement dated 21.09.2007 |
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Short particulars of the Property charged |
Assets created for the Telcon Pip Project |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Name of the company |
MODEL BUCKETS &
ATTACHMENTS PRIVATE LIMITED |
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Presented
By |
Bank of India, Andheri
Corporate Banking Branch, Andheri (West), Mumbai, Maharashtra, India |
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1) Date and description of instrument creating the change |
No instrument executed equitable mortgage created by deposit of title deeds
vide memorandum of oral asset dated 02.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 68.000 millions |
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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 |
All that piece of land with buildings, shades and structures standing
thereon situated at Plot No. L-13, Verna Industrial Estate, Phase I, Verna,
Panaji, Goa admeasuring 10390 sq. meters bearing survey no 89-92 of village
Quelossim, Taluka Marmugao District South Goa and State Goa. All that piece of land with building, shades and structures standing
thereon situated at Plot No. 221, Belur Industrial Area, admeasuring 4015 sq.
meters bearing survey no. 108/109 located at village mummigatti, taluka
dharwad in the state of Karnataka |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per details
under
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5) Name and Address and description of the person entitled to the
charge. |
Bank of India, Andheri Corporate Banking Branch, Andheri (West),
Mumbai, Maharashtra, India |
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6) Date and brief description of
instrument modifying the charge |
NA |
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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. |
NA |
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.39.38 |
|
UK Pound |
1 |
Rs.76.90 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|