MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MICROMATIC GRINDING TECHNOLOGIES LIMITED |
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Registered Office : |
301-302, Vikas Deep, Laxmi Nagar, District Center, New Delhi – 110092 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.03.1982 |
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Com. Reg. No.: |
55-42422 |
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CIN No.: [Company
Identification No.] |
U74899DL1982LC042422 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTM01100B |
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PAN No.: [Permanent
Account No.] |
AAACM9654P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Cylindrical Grinding Machines |
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 1100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well- established and reputed company having satisfactory
track. Trade relations are fair. Business is active. General financial
position is satisfactory. Payments are reported as usually made as per
commitments. The company can be considered good for normal business dealing. |
LOCATIONS
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Registered Office : |
301-302, Vikas Deep, Laxmi Nagar, District Center, New Delhi – 110092,
India |
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Tel. No.: |
91-11-22026874 |
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E-Mail : |
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Website : |
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Corporate Office : |
2600,
Hamilton Road, Kashmere Gate, Delhi, India |
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Tel. No.: |
91-11-471 2137 / 2169 |
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Fax No.: |
91-11-471 7823 |
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E-Mail : |
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Factory 1: |
C-27/ C-28, Meerut Road, Industrial Area,
Ghaziabad - 201003, Uttar Pradesh, India |
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Tel. No.: |
91-120-2712137 / 69 / 79/ 2723216 |
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Fax No.: |
91-121-2717823 |
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E-Mail : |
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Factory 2: |
C-40/1, Meerut Road, Industrial Area, Ghaziabad – 201003, Uttar
Pradesh, India |
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Factory 3: |
5/A, Dobasper Industrial Area, Nelamangala Tuluk, Bangalore, India |
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Branch Office : |
Located at:
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DIRECTORS
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Name : |
Mr. Narendra Kumar Dhand |
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Designation : |
Managing Director |
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Address : |
R5/58, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
09.09.1943 |
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Date of Appointment : |
02.04.1990 |
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Email : |
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Name : |
Mr. Jagdish Pal Malik |
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Designation : |
Joint Managing Director |
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Address : |
203, Sunbreeze Appartment Tower – 111, Vaishali, Sector – 4, Ghaziabad
– 201010, Uttar Pradesh, India |
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Date of Birth/Age : |
16.10.1942 |
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Date of Appointment : |
13.12.2007 |
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Name : |
Mrs. Neelam Dhand |
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Designation : |
Whole Time Director |
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Address : |
R5/58, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
17.08.1950 |
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Date of Appointment : |
15.05.1982 |
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Email : |
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Name : |
Mr. Kapil Dhand |
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Designation : |
Whole Time Director |
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Address : |
R5/58, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
03.02.1978 |
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Date of Appointment : |
05.10.2005 |
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Email : |
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Name : |
Mr. Sidhartha Dhand |
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Designation : |
Whole Time Director |
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Address : |
R5/58, Raj Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Date of Birth/Age : |
22.11.1972 |
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Date of Appointment : |
05.10.2005 |
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Email : |
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Name : |
Mr. Pradeep Dinodia |
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Designation : |
Director |
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Address : |
A-9 A, Maharani Bagh, New Delhi – 110065, India |
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Date of Birth/Age : |
02.12.1953 |
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Date of Appointment : |
24.01.2005 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 05.09.2008)
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Names of Shareholders |
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No. of Shares |
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App-Tech Machines Private Limited |
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684200 |
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N. K. Dhand |
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56200 |
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Neelam Dhand |
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56200 |
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Sidhartha Dhand |
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56200 |
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Kapil Dhand |
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56200 |
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Ramesh Kumar Mahajan |
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10000 |
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Shiv Kumar Dujari |
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5000 |
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Kankta Dujari |
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5000 |
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Total |
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929000 |
(As on 30.09.2008)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Cylindrical Grinding Machines |
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Products : |
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Imports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
250 (Factory – 200 and Office – 50) |
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Bankers : |
Maliwara Chowk, Ghaziabad
- 201001, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M S Kapur and B. K. Kapur
and Company Chartered Accountants |
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Address : |
17, Navyug Market,
Ghaziabad - 201001, Uttar Pradesh, India |
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Collaborators : |
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Parent/ Holding Company : |
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Associates/Subsidiaries : |
4/39,
Roopnagar, Delhi - 110 007, India (Engaged in
hire purchase financing for vehicle, equipment, etc.) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2750000 |
Equity Shares |
Rs.10/- each |
Rs.27.500 Millions |
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25000 |
Preference Share |
Rs.100/- each |
Rs.2.500 Millions |
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Total |
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Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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929000 |
Equity Shares |
Rs.10/- each |
Rs.9.290 Millions |
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Of the above:
40000 Equity Shares of Rs.10/- each were
allotted as fully paid up pursuant to an agreement without payment being
received in cash.
683100 Equity Shares have been allotted as fully
paid up Bonus Shares by capitalization of General Reserve.
67420 Equity
Shares of Rs.10/- each fully paid up are held by App-Tech Machines
Private Limited the holding company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.290 |
9.290 |
9.290 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
218.686 |
184.099 |
136.723 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
227.976 |
193.389 |
146.013 |
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LOAN FUNDS |
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1] Secured Loans |
86.870 |
83.115 |
25.908 |
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2] Unsecured Loans |
20.535 |
17.536 |
6.135 |
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TOTAL BORROWING |
107.405 |
100.651 |
32.043 |
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DEFERRED TAX LIABILITIES |
10.373 |
11.764 |
6.152 |
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TOTAL |
345.754 |
305.804 |
184.208 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
209.544 |
203.232 |
63.986 |
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Capital work-in-progress |
78.514 |
14.692 |
64.847 |
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INVESTMENT |
0.521 |
0.521 |
0.521 |
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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 |
141.993
|
84.380 |
55.576 |
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Sundry Debtors |
58.053
|
91.921 |
44.551 |
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Cash & Bank Balances |
22.239
|
24.406 |
59.010 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
28.680
|
20.994 |
7.549 |
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Total
Current Assets |
250.965
|
221.701 |
166.686 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
193.790
|
134.342 |
106.250 |
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Provisions |
0.000
|
0.000 |
6.356 |
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Total
Current Liabilities |
193.790
|
134.342 |
112.606 |
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Net Current Assets |
57.175
|
87.359 |
54.080 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.774 |
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TOTAL |
345.754 |
305.804 |
184.208 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.3.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
412.099 |
521.910 |
413.839 |
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Other Income |
22.992 |
19.074 |
12.575 |
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Total Income |
435.091 |
540.984 |
426.414 |
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Profit/(Loss) Before Tax |
52.880 |
81.031 |
70.652 |
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Provision for Taxation |
18.294 |
27.299 |
24.590 |
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Profit/(Loss) After Tax |
34.586 |
53.733 |
46.062 |
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Earnings in Foreign Currency : |
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Export Earnings |
13.302 |
23.363 |
NA |
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Commission Earnings |
8.422 |
14.192 |
NA |
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Other Earnings |
1.802 |
4.050 |
NA |
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Total Earnings |
23.526 |
41.605 |
NA |
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Imports : |
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Raw Materials |
84.496 |
45.743 |
NA |
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Stores & Spares |
0.646 |
0.059 |
NA |
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Capital Goods |
4.266 |
40.151 |
NA |
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Others |
8.611 |
0.000 |
NA |
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Total Imports |
98.019 |
85.953 |
NA |
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Expenditures : |
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Administrative Expenses |
65.452 |
68.990 |
48.619 |
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Material and Manufacturing |
257.276 |
331.436 |
254.257 |
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Increase/(Decrease) in Finished Goods |
(31.184) |
(18.022) |
(5.486) |
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Employees Remuneration |
65.402 |
59.891 |
48.631 |
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Depreciation & Amortization |
25.265 |
17.658 |
9.741 |
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Total Expenditure |
382.211 |
459.953 |
355.762 |
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KEY RATIOS
|
PARTICULARS |
|
31.3.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
7.95
|
9.93 |
10.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.83
|
15.53 |
17.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.48
|
19.07 |
30.63 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.42 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32
|
1.22 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.65 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
Contingent
Liability in respect of: (Rs. In Millions)
|
Foreign Letter of Credit Issued by the
banker |
38.425 |
|
Income Tax |
5.093 |
|
Sales Tax |
3.202 |
|
Bank Guarantee |
33.125 |
|
Estimated amount of contract remaining to
be executed on capital account not provided for (Net of Advances) |
53.894 |
Trade Reference:
Ø
Venus Metal
Works
Bangalore, West Bengal, India
Ø
Grand Polycoat Company
Private Limited
Baroda, Gujarat, India
Ø
Annapurna
Machine Tools
Ghaziabad, Uttar Pradesh, India
Fixed Assets:
- Leasehold land
- Building
- Electrical Fittings
- Plant & machinery
- Furniture & Fixtures
- Office Equipment
- Motor Vehicles
- Patterns
Website Details:
History:
1973
Started as a partnership firm “Micromatic Machines” by Mr. N
K Dhand
1982
Same converted into a Private Limited Company (under the
Companies Act) with new name “Parishudh Sadhan Yantra Private
Limited.
1997
01.07.1997 Parishudh Sadhan Yanta Private Limited became a
deemed Public Company. Name changed to subject (to enable distinguish between
the Two ‘Parishudh’ Companies).
Profile:
Established in 1973, Subject today manufactures a wide range of External, Internal, Universal and special purpose cylindrical grinders in CNC, PLC and Hydraulic versions to the exacting requirements of their customers.
The attainment of excellence is an ongoing initiative, and we at company are
constantly seeking new avenues to acquire exemplary technology skills and
quality-centric processes. The dedication towards ensuring the satisfaction
will surely make the experience with MGT a deeply satisfying and memorable one.
Enduring over 30 years of continual evolution and having
changed three different identities, from Micromatic machines (2m) to Parishudh
Sadhan Yantra (PSY) and now Micromatic Grinding Technologies (MGT), consistent
metamorphosis has certainly been synonymous with the Micromatic masthead but
ever since the beginning, complete customer satisfaction has been the guiding
force.
1973 - Established
1977 - First Cylindrical Grinding Machine manufactured
1979 - Best Design & Best Product Award at IMTEX 79
1982 - In- House R& D Center Recognized by Govt. Of India
1983 - Valve Seat Grinding Machine
1985 - Auto Profile Dressing Machine - APD
1986 - First CNC Cylindrical Grinder
1993 - Stroke & Length Match Grinding Machine
1995 - Heavy Duty Cylindrical Grinding Machine
1996 - Piston Ring Profile Grinding Machine
1997 - Production Internal Grinding Machine
1998 - GCH - CNC Heavy Duty Cylindrical Grinder
1999 - Collaboration with Lizzini Spa.Italy for CNC Int. Grinder “i – Grind
300”
2000 - Compact CNC Grinder model “e GRIND 320”
2001 - Compact CNC Grinder model “e GRIND 200”
2002 - Compact Hydraulic Cylindrical Grinder “eco 200”
- Low cost high
performance CNC Grinder model “eco tech 650”
- Sales & Service
agreement with TOYODA-JAPAN for Crankshaft/Cam lobe & other Grinders
2003 – Heavy Duty CNC Grinder “h Grind 360” for Crankshaft Rear and Flange End
grinding.
2006 - Joint new product dev. project viz. Small "Cam Lobe Grinder"
with Toyoda- Japan
Achievements:
Cylindrical Grinder Model GCU 100 won CMT/PMT Trust &
FIE foundation, first prizes for Best
Design & Best Products at IMTEX'79.
‘Merit Certificate' from
National Productivity Council -Govt. of India in 1995.
‘Second Best Productivity Prformance
Award' from National Productivity Council – Govt. of India in 1998.
Technical collaboration with Lizzini
Spa, Italy 1999.
In-House R&D Center,
recognized by Ministry of Science & Technology, Govt. of India since 1982.
ISO - 9001 from R.W. T U V
Germany.
Rs. 10 million investments in Computer Hardware & Software including
company wide ERP solutions, PRO-E 3-D
Modeling Analysis etc.
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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|