MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
METAFAB ENGINEERS INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. 299, Sector – 24, Faridabad 121 005, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
55 – 34847 |
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CIN No.: [Company
Identification No.] |
U7410HR2002PTC034847 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKM02421G |
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PAN No.: [Permanent
Account No.] |
AACCG8006F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Garage Equipments. Special Service Tools, Jigs and
Fixtures. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 22790 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is well-established company having satisfactory track. Trade
relations are reported as fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Chandraesh |
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Designation : |
Account Department |
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Date : |
17.07.2008 |
LOCATIONS
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Registered office / Factory : |
Plot No. 299, Sector – 24, Faridabad 121 005, Haryana, India |
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Tel. No.: |
91- 129-4026897 / 2238211 / 4027897 / 2234410 |
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Fax No.: |
91-129-4027897 / 2239211 / 2230276 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. mt |
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Location : |
Owned |
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Factory : |
70,71,72 Mushajer , Sector 24, Faridabad, Haryana, India. |
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Area : |
1500 sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Sumit Chopra |
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Designation : |
Director |
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Address : |
House No. 2285, Sector – 9, Faridabad, Haryana – 121 005, India |
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Date of Appointment : |
05.03.2004 |
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Name : |
Mr. Chand Narayan Chopra |
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Designation : |
Director |
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Address : |
House No. 2285, Sector – 9, Faridabad, Haryana – 121 005, India |
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Date of Appointment : |
22.03.2002 |
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Name : |
Mr. Amit Chopra |
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Designation : |
Director |
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Address : |
House No. 2285, Sector – 9, Faridabad, Haryana – 121 005, India |
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Date of Appointment : |
05.03.2004 |
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Name : |
Mr. Veer Prakash Chopra |
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Designation : |
Director |
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Address : |
House No. 2285, Sector – 9, Faridabad, Haryana – 121 005, India |
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Date of Appointment : |
07.03.2004 |
KEY EXECUTIVES
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Name : |
M/s. P C Jain and company |
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Designation : |
Company Secretary |
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Address: |
2382, Sector – 16, Faridabad, 121 002, Haryana, India |
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Tel No.: |
91-129-4088338 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names Of Shareholders |
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No. of Shares |
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Mr. Chand Narayan Chopra |
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13770 |
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Mr. Veer Prakash Chopra |
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1230 |
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Mr. Prem Nath Wadhwa |
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100 |
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Mr. Dharma Prakash Chopra |
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100 |
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Mrs. Suman |
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100 |
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Mrs. Sunita Agarwal |
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100 |
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Mrs. Vinita Kaur |
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100 |
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Mr. Amit Chopra |
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2000 |
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Mr. Sunit Chopra |
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2000 |
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Mrs. Neena Chopra |
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2000 |
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Mrs. Puja Chopra |
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2000 |
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Total |
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23500 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Garage Equipments. Special Service Tools, Jigs and
Fixtures. |
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Products : |
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Export : |
Nepal |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 days and 45 days and 60 days ) |
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Purchasing : |
Cash (30 days and 45 days and 60 days ) |
GENERAL
INFORMATION
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Customers : |
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Bankers : |
v Canara Bank, SSI
Branch, Faridabad v Citi Bank NA v Bank of Baroda,
NIT Faridabad |
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Facility : |
Cash / Credit Rs.35.000 millions
(Bank of Baroda) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Y. K. Joneja and Company Chartered Accountants |
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Address : |
Samadhan Chambers, B-377-78, Nehru Ground, Faridabad – 121 001,
Haryana, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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23500 |
Equity shares |
Rs. 100/- each |
Rs. 2.350 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 |
2.350 |
2.350 |
2.350 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.208 |
11.096 |
0.859 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.558 |
13.446 |
3.209 |
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LOAN FUNDS |
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1] Secured Loans |
3.437 |
1.228 |
4.157 |
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2] Unsecured Loans |
0.983 |
0.964 |
1.236 |
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TOTAL BORROWING |
4.420 |
2.192 |
5.393 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.019 |
0.102 |
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TOTAL |
18.978 |
15.657 |
8.704 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.361 |
8.000 |
7.222 |
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Capital work-in-progress |
0.332 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.183 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.221
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1.908 |
1.422 |
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Sundry Debtors |
26.039
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17.950 |
12.550 |
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Cash & Bank Balances |
6.953
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1.069 |
0.042 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.577
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0.466 |
0.234 |
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Total
Current Assets |
39.790 |
21.393
|
14.248 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
29.688
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13.751 |
12.796 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
29.688 |
13.751
|
12.796 |
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Net Current Assets |
10.102 |
7.642
|
1.452 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.978 |
15.657 |
8.704 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
117.362 |
70.837 |
50.527 |
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Total Income |
117.362 |
70.837 |
50.527 |
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Profit/(Loss) Before Tax |
2.016 |
15.878 |
0.859 |
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Provision for Taxation |
0.904 |
4.823 |
0.306 |
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Profit/(Loss) After Tax |
1.112 |
11.055 |
0.553 |
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Total Expenditure |
115.346 |
54.959 |
49.668 |
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 |
(%) |
0.95
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15.61 |
1.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.72
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22.41 |
1.70 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.17
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52.66 |
4.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44
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1.18 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.51
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1.19 |
5.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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1.56 |
1.11 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8 :
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Name of the company |
M/s Metafab Engineers India Private Limited |
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Presented By |
M/s Metafab Engineers India Private Limited |
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1) Date and description of instrument creating the change |
Cash Credit agreement Dated 28.02.2005. agreement re advance against book debts as prime security dated 28.02.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 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 |
The whole of the borrower present and future stock of raw material, goods in process of manufacturer and all finished manufactured goods and article together with all stores components and spares which now belong to or man hereafter from time to time during the continuance of this security belong to the borrower and which are or shall or may be brought in to or upon about the borrower’s factory, godown and or other premises at plot no 299 sector 24, Faridabad and All of the borrower’s present and future book debts, outstanding moneys receivable, claims
bills right to or in movable properties and movable assets and which are not
due owing or payable or belonging to the borrower or which may at any time
hereafter during the belonging to the borrower in the courses of its
business. First charge on the items describe in Col 3 above to secure cash credit com ODBD limit of Rs.3.500 millions interest to be charged @ 1.75%p.a.above the PLR with a minimum of 12.5%p.a or at such other enhanced or received or revised rate or rates as maybe specified by the bank form time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company stands as one of the guarantor’s lot securing various limits granted to M/s Meta Max amounting to Rs. 1.500 millions and M/s Metannee Engineers, and Traders amounting to Rs. 1.500 millions by Canara Bank, SS Branch, and Faridabad aggregating to Rs. 3.000 millions. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, SSI Branch, Faridabad |
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6) Date and brief description of instrument modifying the charge |
Supplemental Collateral Security Agreement dated 28.02.2005. Latter evidencing deposit of title deeds dated 28.02.2005. Along with schedute ‘A’ and ‘B’ dated 28.02.2005. |
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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. |
The OCC cum ODBD limit of rs. 3.500 millions stand collaterally secured by all plant, machinery, tools, accessories and motor vehicles, tool and accessories already purchased and to be purchased with are erected to be erected / kept / parked or to be kept or in transform being erected at the promises in the occupation of the borrower at plot No 299, Sector 24,Faridabad. Other terms and conditions remain the same. |
FORM 8 :
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Corporate identity number (CIN) Foreign company registration number |
U74140HR2002PTC034847 |
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Name of the Company |
METAFAB ENGINEERS INDIA PRIVATE LIMITED |
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Address |
Plot No. 299, Sector – 24, Faridabad 121 005, Haryana, India |
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This form is for |
Modification of Charge |
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Type of Charge |
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Particulars of the charge holder |
Canara bank , SME Branch, Bata Hardware Road, NIT, Faridabad- 121 001,Haryana. |
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Nature of the instrument modifying charge |
Common Hypothecation Agreement Supplemental Collateral Security Agreement Appendix 16 Equitable Mortgage |
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Date of Instrument charge |
22.08.2007 |
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Amount secured by the charge |
Rs.20.000 Millions |
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Brief of the principal terms and conditions |
Rate of Interests : The borrower shall to bank interest at the rate of 1 per cent per annum below the Beach Marl PLR subject to minimum of 12.25 per cent per annum to be compounded monthly. Terms of Repayment : On demand Margin : The borrower shall maintain such margin as may be prescribed by the bank form time to time. Extent and
operation of the charge: The hypothecated assets shall be a continuing security for repayment of the ultimate balance due to the bank including interest, bank Charges etc. even though the amount actually advanced by the bank may have exceeded the sanctioned limit, The borrower shall keep the security in marketable condition at their own cost. The Borrower shall also keep the security insured against the risks as may be prescerbed by the bank. Other : The Bank shall have the discretion and right to refuse further with drawls by the Borrower for the following reasons
The discretion exercised by bank shall be absolute and unconditional and borrower shall not question or raise any objection. |
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Description of the property charged indicating |
Not Available. |
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Short particular of the property charged |
First charge by way of hypothecation of borrower present and future Stocks of Raw material, stock in process and finished goods together with the stores, Components and Spares as may be stored or lying at Faridabad or elsewhere. 2 First charge by way of Equitable Mortgage on plot No. 199, Sector 24, Faridabad. Measuring 1286.85 Sq. Yds together with building, Sheds, constructed or erected thereon. |
TRADE REFERENCE :
- Hero Honda
Motor Limited
- T.V.S Limited
- Castro Limited
COMPANY PROFILE :
Founded February 1986 Subject with a handful of engineers from India having a vision to address the manufacturing needs eminent at that time. Powered with their experience, steadfastness and background education, they took on this task. They started from the basics and began building what today became one of the best garage equipment manufacturing companies in India In the short span, The company has grown up with two different well equipped engineering units, manufacturing completed set of Garage Equipment’s, Special Service Tools, Jigs & Fixtures for Two Wheeler service industries & Precision sheet metal components along with the design & manufacturing of Dies.
Many years of research and development have resulted in a family of interrelated control equipment which can meet all the needs of a complex automobile repair facility, from ergonomically designed working benches to sophisticated engine working tables with jigs and fixtures.
Their engineers pay attention to the smallest details at every stage of the production process, whether it is pneumatic controls, Working bench ergonomics or the way that wires are run in the control cabinet. They discuss the whole pictures with the customer and advise on the best way to combine equipment, sequence it and optimize it to obtain the highest possible performance.
They also continually strive to build quality, long-term relationship with their customers. Ultimately, assisting entrepreneurs and enterprises become more successful through better garage management is their top priority.
DEALER NETWORK
- For Maharashtra I & Goa
- For
Chattisgarh
- For Tamilnadu
- For Karnataka
- For Kerala
- For Madhya Pradesh
- For Hyderabad
- For Gujarat
- For U.P.
- For Rajasthan
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.42.71 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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/normal. |
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 |
|