MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MOHIT ENGINEERS PRIVATE LIMITED |
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Registered Office : |
E 314, Focal Point Phase IV A, Ludhiana – 141 010, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.1999 |
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Com. Reg. No.: |
16-22431 |
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CIN No.: [Company
Identification No.] |
U29246PB1999PTC022431 |
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IEC No.: |
3000004149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDM03072G |
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PAN No.: [Permanent
Account No.] |
AACCM0791K |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Auto and Automobile Components. |
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 19000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Payments are slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sunil Sharma |
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Designation : |
Manager |
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Contact No.: |
91-9872671318 |
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Date : |
16.10.2008 |
LOCATIONS
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Registered Office : |
E 314, Focal Point, Phase IV A, Ludhiana – 141 010, Punjab, India |
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Tel. No.: |
91-161-5018068 / 2674509 |
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Mobile No.: |
91-9872671318 (Mr. Sunil Sharma) / 9915300314 / 9872971318 |
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Fax No.: |
91-161-4630314 |
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E-Mail : |
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Website : |
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Area : |
9000 Sq.fts |
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Location : |
Leased |
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Factory : |
52 B, New Vishkarma Colony, Focal Point, Ludhiana, Punjab, India |
DIRECTORS
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Name : |
Mrs. Nandita Sharma |
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Designation : |
Director |
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Address : |
H No. 781-C, Urban Estate , Phase II, Focal Point, Chandigarh Road, Ludhiana
– 141 010, Punjab, India |
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Qualification : |
Graduate |
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Date of Birth/Age : |
18.11.1982 |
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Date of Appointment : |
10.08.2002 |
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Name : |
Mr. Mohit Kumar Randev |
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Designation : |
Director |
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Address : |
H No. 781-C, Urban Estate , Phase II, Focal Point, Chandigarh Road,
Ludhiana – 141 010, Punjab, India |
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Qualification : |
Graduate |
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Date of Birth/Age : |
31.03.1979 |
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Date of Appointment : |
06.04.1999 |
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Name : |
Mr. Virender Randev |
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Designation : |
Director |
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Address : |
781, Urban Estate, Focal Point, Phase II, Ludhiana, Punjab, India |
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Date of Appointment : |
05.04.1999 |
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Name : |
Mrs. Asha Rani |
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Designation : |
Director |
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Address : |
842, Urban Estates, Focal point Phase II, Ludhiana, Punjab, India |
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Date of Appointment : |
05.04.1999 |
KEY EXECUTIVES
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Name : |
Mr. Sunil Sharma |
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Designation : |
Manager |
SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 30.09.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Auto and Automobile Components. |
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Products : |
Gear Components · Cluster Gear · Idler Gear and Reverse Gears · Engine Gears · Corona Gears · Bevel Gear · Kick Ratchets · All Types Of Gears Shafts and Axles · Kick Shafts With Gear · Clutch Bell and Kick Ratchet · Front Axles/ Propeller Shafts · Flanges With Sleeves / Slider Block Sets · Main Shafts · Kick Shafts · M.G. Pins · Parts Of Hero Honda · Parts Of Tvs Scooty · Honda Activa and Kb 4 Stroke · Brake Drum · Sunny and Spirit · Kick Gutka · Pivot Pins (Hub Pins) · Parts Of Kinetic Honda · Gear and Kick Levers |
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Exports : |
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Products : |
Gear Parts, Idler Gear |
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Countries : |
European Country |
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Terms : |
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Selling : |
L/C, Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
200 (8 in Office and 192 in Factory) |
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Bankers : |
· Punjab National Bank, SSi Branch, Cheema Chowk, Ludhiana – 141 003, Punjab, India · Karnataka Bank, Ludhiana, – 141 003, Punjab, India · Bank of India |
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Facilities : |
Cash Credit – Rs. 700.000 millions
(Karnataka Bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raju Dinesh and Company Chartered Accountants |
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Address : |
70 First Floor, Central Market, Ludhiana – 141 003, Punjab, India |
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Tel. No.: |
91-161-2547485 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
(As on
30.09.2007):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
182650 |
Equity Shares |
Rs. 10/- each |
Rs. 1.826
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 |
1.826 |
1.826 |
1.826 |
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2] Share Application Money |
0.000 |
0.141 |
0.531 |
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3] Reserves & Surplus |
1.920 |
1.621 |
1.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.746 |
3.588 |
3.957 |
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LOAN FUNDS |
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1] Secured Loans |
5.776 |
2.605 |
1.551 |
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2] Unsecured Loans |
4.033 |
3.200 |
2.721 |
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TOTAL BORROWING |
9.809 |
5.805 |
4.272 |
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DEFERRED TAX LIABILITIES |
0.457 |
0.449 |
0.460 |
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TOTAL |
14.012 |
9.842 |
8.689 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.607 |
6.065 |
4.374 |
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Capital work-in-progress |
0.000 |
0.000 |
0.964 |
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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 |
2.843
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3.414 |
1.579 |
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Sundry Debtors |
8.925
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6.782 |
7.630 |
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Cash & Bank Balances |
0.440
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0.039 |
0.214 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.444
|
1.137 |
0.437 |
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Total
Current Assets |
13.652
|
11.372 |
9.860 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.250
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7.599 |
6.515 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
7.250
|
7.599 |
6.515 |
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Net Current Assets |
6.402
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3.773 |
3.345 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.004 |
0.006 |
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TOTAL |
14.012 |
9.842 |
8.689 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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31.729 |
28.697 |
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Other Income |
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0.089 |
0.000 |
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Total Income |
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31.818 |
28.697 |
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Profit/(Loss) Before Tax |
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0.417 |
0.228 |
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Provision for Taxation |
|
0.118 |
0.100 |
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Profit/(Loss) After Tax |
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0.299 |
0.128 |
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Total Expenditure |
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31.401 |
28.469 |
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 |
(%) |
0.94
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0.45 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.31
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0.79 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.96
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1.31 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.55
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3.74 |
2.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.88
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1.50 |
1.51 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional
Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AACCM0791K XM 001 |
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TIN No.: 03891096682 |
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IEC Code : 3000004149 |
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PAN No.: AACCM0791K |
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Bank Name : Karnataka bank, Bank of India |
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Bank A/c. No.:
D10D402 (Karnataka bank), 11137 (Bank of India) |
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Account Since : 4 years (Karnataka bank) |
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Quality Management Systems : ISO 9001 : 2000 |
TRADE REFERENCES:-
· Kainatic Engineer Limited
· Royal Enfield Limited
FORM 8:-
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Name of the company |
MOHIT ENGINEERS PRIVATE LIMITED |
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Presented By |
Mr. Mohit Randev |
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1) Date and description of instrument creating the change |
Term Loan
agreement and hypothecation agreement for purchase of plant and machinery
dated 29.04.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.525 million
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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 |
Hypothecation of
existing plant and machineries with WDV of Rs. 1.323 millions Hypothecation of
plant and machinery to be acquired out of the proceeds of this Term Loan E M of lease hold
rights of factory building on plot No. E – 314 Phase – IVA, Focal Point,
Ludhiana Measuring 1000 Sq.yds in the name of company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 0.025%
above the KBPLR presently at 12% p.a as revised from time to time with a
minimum of 12.25% p.a compounded
monthly repayable – 52 monthly installments of Rs. 0.010 million p.m and
final installment of Rs. 0.010 million
plus interests commencing from may , 2005. Extent and
operation of charge – 100% |
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5) Name and Address and description of the person entitled to the charge. |
Karnataka Bank
Limited, Ludhiana, Punjab, India |
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Corporate
identity number of the company |
U29246PB1999PTC022431 |
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Name of the
company |
MOHIT ENGINEERS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
E 314, Focal Point Phase IV A, Ludhiana – 141 010, Punjab, India |
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This form is for |
Creation of
charge |
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Type of charge |
· Immovable Property · Others |
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Particular of
charge holder |
Punjab National
Bank, SSI Branch, Cheema Chowk, Ludhiana – 141 003, Punjab, India E-Mail: boi3881@pnb.co.in |
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Nature of
instrument creating charge |
Packing credit agreement
(hypothecation) to secure packing credit specific limit of Rs. 1.000 million |
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Date of
instrument Creating the charge |
27.08.2007 |
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Amount secured by
the charge |
Rs. 1.000 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : BPLR – 3.25%
Effective 9.75% p.a Terms of Repayment : On demand Margin : 25% Extent and Operation of the charge : 100% |
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Short Particulars
of the property charged |
Stocks of raw materials
(present and future ) finished goods, packing goods imported / indigenous,
capital equipment and other mercandise meant for export rep. by document received under ILC / FLC
opened on behalf of the company in favour of goods for export under deposited
with bank etc. EM of Lease deed
no. 8284 dated 01.09.2000 of plot No. E 314 Phase IV A, Focal Point,
Ludhiana, Msg. 1000 Sq.Yds. |
WEBSITES DETAILS:-
Company Profile
Subject established in the year 1987 to manufacture Precession Engineered
automotive components, especially for all types of Two Wheelers. Since then
over the years the company has achieved an impeccable reputation in terms of
quality, reliability and delivery of its products, with the result that the
company at present is meeting the various requirements of all major automotive
components.
An ISO 9001-2000 accredited
company subject is reputed for its cutting edge technology, established quality
processes, and capabilities developed over the years. With Customer satisfaction
commitment to provide the highest quality products, the best customer service,
and the safest operating conditions in the industry.
Subject mission is to retain and reinforce out
position as a leading Indian manufacturer of automotive components and
aggregates and meet the aspirations of customers in domestic and export
markets. This will be achieved through on-time zero defect supplies backed by
responsive service, empowered employees, vendor partner and satisfied
investors.
Subject as a manufacturer and supplier of automotive components has grown an
excellent company based on the continuous R and D investment and quality
improvement during more than 30 Years in Ludhiana.
The main parts which they are manufacturing and supplying are Ring Gears, Clutch Gears, Gear Starters, Kick
Levers, Brake Arms, Sprockets, Pinions, Axles, etc. and are being widely
appreciated by the global Customers as a quality parts supplier across the
globe. 7
CMT REPORT
(Corruption, Money Laundering and 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.48.68 |
|
UK Pound |
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.65.70 |
SCORE and RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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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 |
---- |
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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 |
|
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 and 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 and 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 |
|