MIRA
INFORM REPORT
|
Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIL INDIA LIMITED |
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Formerly Known As : |
MAZZINDIA PRIVATE LIMITED |
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Registered Office : |
Unit No.3F/307 Mamram East Plaza, Plot No.C-1 and 2m LSCBlock G,
Kondli, Gharoli, New Delhi – 110096 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.03.1986 |
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Com. Reg. No.: |
55-23524 |
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CIN No.: [Company
Identification No.] |
U52111DL1986PLC023524 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09121A DELM10638F |
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PAN No.: [Permanent
Account No.] |
AACCM4710E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Soap Making Machinery and Detergent Making Machinery. |
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 600000 |
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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 a well established and reputed company having satisfactory
track. Financial position is good. Payments are correct and as per
commitments. The company is doing well. It can be considered dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit No.3F/307 Mamram East Plaza, Plot No.C-1 and 2m LSCBlock G,
Kondli, Gharoli, New Delhi – 110096, India |
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Mobile : |
91-9818899821/ 9818899811 |
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E-Mail : |
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Website : |
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Factory : |
W-32, Sector XI, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2536772/ 2536773 |
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Fax No.: |
91-120-2553342/ 2542103/ 91-11-26238243 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Shridhar Krishnan |
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Designation : |
Managing Director |
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Address : |
C-44, Sector – 33, Noida, Gautam Budh Nagar, Noida – 201301, Uttar
Pradesh, India |
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Date of Birth/Age : |
25.12.1957 |
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Date of Appointment : |
04.03.1986 |
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Name : |
Mr. S. R. Binyani |
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Designation : |
Whole Time Director |
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Address : |
C-700 Sarita Vihar, New Delhi – 110042, India |
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Date of Birth/Age : |
14.06.1953 |
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Date of Appointment : |
15.10.1999 |
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Name : |
Mr. S. Ram Mohan |
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Designation : |
Whole Time Director |
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Address : |
C-52, Sector 34, Gautam Budh Nagar, Noida – 201301, Uttar Pradesh,
India |
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Date of Birth/Age : |
27.02.1954 |
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Date of Appointment : |
25.09.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.09.2005)
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Names of Shareholders |
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No. of Shares |
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Krishnan K. S. |
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60400 |
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Lalita Krishnan |
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40200 |
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Krishnan Associates Private Limited |
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269400 |
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Ballestra S. P. A. |
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340000 |
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Shridhar Krishnan |
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82500 |
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Master Dhruva |
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7000 |
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Kumari Medha |
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5000 |
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Krisoaps Private Limited |
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420000 |
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S. Ram Mohan |
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2000 |
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Shravan Krishnan |
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500 |
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Kumari Shruti Krishnan |
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500 |
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S. R. Binyani |
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2000 |
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Total |
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1229500 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holdings (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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28.00 |
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Bodies Corporate |
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56.00 |
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Directors or relatives of directors |
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16.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Soap Making Machinery and Detergent Making Machinery. |
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Products : |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Community Center, East of Kailash, New
Delhi – 110065, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Tas Mani and Company Chartered Accountant |
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Address : |
206, Lakshmi Bhawan, 72, Nehru Place, Mew Delhi – 110019, India |
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Membership : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1229500 |
Equity Shares |
Rs.10/- each |
Rs.12.295
Millions |
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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 |
12.295 |
12.295 |
12.295 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
110.107 |
31.129 |
29.140 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.402 |
43.424 |
41.435 |
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LOAN FUNDS |
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1] Secured Loans |
67.218 |
38.771 |
20.038 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
67.218 |
38.771 |
20.038 |
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DEFERRED TAX LIABILITIES |
1.518 |
1.877 |
1.698 |
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TOTAL |
191.138 |
84.072 |
63.171 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
83.899 |
29.737 |
27.487 |
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Capital work-in-progress |
0.000 |
56.773 |
8.793 |
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INVESTMENT |
0.001 |
0.001 |
1.011 |
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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 |
84.668
|
30.826 |
43.092 |
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Sundry Debtors |
141.242
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30.617 |
13.983 |
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Cash & Bank Balances |
116.538
|
68.570 |
22.801 |
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Other Current Assets |
5.236
|
0.668 |
0.611 |
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Loans & Advances |
62.517
|
30.081 |
5.897 |
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Total
Current Assets |
410.201
|
160.762 |
86.384 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
230.852
|
155.604 |
57.695 |
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Provisions |
72.111
|
7.785 |
2.809 |
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Total
Current Liabilities |
302.963
|
163.389 |
60.504 |
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Net Current Assets |
107.238
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(2.627) |
25.880 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.188 |
0.000 |
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TOTAL |
191.138 |
84.072 |
63.171 |
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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 |
794.570 |
203.426 |
213.667 |
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Other Income |
9.381 |
1.757 |
0.000 |
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Total Income |
803.951 |
205.183 |
213.667 |
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Profit/(Loss) Before Tax |
100.604 |
8.501 |
9.381 |
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Provision for Taxation |
17.311 |
4.409 |
1.698 |
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Profit/(Loss) After Tax |
83.293 |
4.092 |
7.683 |
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Expenditures : |
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Raw Material Consumed |
301.060 |
93.253 |
112.626 |
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Consumption of stores and spares parts |
13.355 |
8.672 |
8.657 |
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Increase/(Decrease) in Finished Goods |
30.411 |
11.172 |
0.000 |
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Salaries, Wages, Bonus, etc. |
29.189 |
19.406 |
12.938 |
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Managerial Remuneration |
4.319 |
3.495 |
3.255 |
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Payment to Auditors |
0.485 |
0.590 |
0.496 |
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Interest |
6.331 |
1.944 |
3.197 |
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Insurance Expenses |
2.625 |
2.151 |
1.992 |
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Power & Fuel |
2.729 |
1.906 |
4.412 |
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Depreciation & Amortization |
12.015 |
4.392 |
4.025 |
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Other Expenditure |
300.828 |
49.701 |
52.688 |
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Total Expenditure |
703.447 |
196.682 |
204.286 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.36
|
1.99 |
3.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.66
|
4.18 |
4.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.36
|
4.46 |
8.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.82
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0.20 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.02
|
4.66 |
1.94 |
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Current Ratio (Current Asset/Current Liability) |
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1.35
|
0.98 |
1.43 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from H No.41,
Pocket Asarita Vihar, New Delhi – 110049, India to the present address w.e.f.
01.04.2008.
Form 8:
|
Corporate
identity number of the company |
U52111DL1986PLC023524 |
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Name of the company
|
MIL INDIA LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Unit No.3F/307 Mamram East Plaza, Plot No.C-1 and 2m LSCBlock G,
Kondli, Gharoli, New Delhi – 110096, India
|
|
This form is for |
Modification of Charge |
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Type of charge |
Immovable Property Hypothecation and Mortgage of title deeds. |
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Particular of
charge holder |
Canara Bank, Community Centre, East of Kailash, New Delhi – 110065,
India |
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Nature of
instrument creating charge |
Common
Hypothecation agreement dated 28.05.2008 |
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Date of
instrument Creating the charge |
28.05.2008 |
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Amount secured by
the charge |
Rs.3.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Charge has been
created OCC limit of Rs.3.000 Millions together with interests @ 3.30% p.a.
over and above the on going PLR with a minimum of 14.30% p.a. compounded
monthly or at such rates as may be specified by the bank from time to time. Terms of
Repayment: OCC limit of
Rs.3.000 Millions has been created together with interests Margin: As per Agreement: Extent and
operation of the charge: The above charge
is to secure OCC limit of Rs.3.000 Millions together with interests at such
rates as may be specified by the bank from time to time together with all
costs and charges incurred to be incurred by the bank. |
|
Particulars of the
present modification |
The Present OCC
limit of Rs.12.500 Millions increased to Rs.15.000 Millions as per common
Hypothecation Agreement Dated 28.05.2008 |
Website Details:
Profile:
The inception of company dates back to 1968 when Mr. K. S.
Krishnan initiated a project consultancy activity to serve the soap and
detergent industry.
In addition to representing G. MAZZONI S. p. A., Italy - the
inventors of the continuous soap manufacturing process - Mr. Krishnan also
developed designs for modern soap-making machines and set up an engineering
workshop in 1977 in the name of K. S. Krishnan Associates (Private) Limited to
manufacture and supply these plants.
K. S. Krishnan Associates (Private) Limited & G. MAZZONI
S. p. A. formed MAZZINDIA (Private) Limited as a joint venture company in 1986
to provide plants and equipment for the soap, detergent, fatty acid &
glycerine industries, while meeting stringent international standards.
To reflect the Indian ownership of the company, MAZZINDIA
was renamed Company. (MIL MAZZINDIA LIMITED during the transition).
Current Shareholding:
The share-holding in MILINDIA is presently:
Krishnans: 71%
Ballestra S.p.A.: 28%
Employees and others: 01%
Facilities:
Their company operates on a principle of 'single-point
responsibility' and their infrastructure is well-equipped to meet this
commitment for their customers.
Office & Works:
Headquartered at NOIDA, U. P. (just outside New Delhi, the capital
of India), they have set up modern facilities covering design, procurement and
manufacturing functions.
This facility also houses the marketing, finance, projects,
quality assurance and TQM departments, along with the stores, electronic data
processing and administration departments.
All proprietary equipment is manufactured at the works.
Project Management and CAD Facilities:
The company has invested in the latest software available to
enable precise project implementation, planning and monitoring. Their CAD
software enables to carry out design activities required for any engineering
company.
Pilot Plant and R&D Facilities:
Separate pilot plants & R&D facilities have been set
up to carry out development of new processes, equipment design and product
formulations.
Certified Vendors:
The company has built-up a base of certified vendors. Such
vendors include suppliers of international repute with operations in India.
General Assets:
Over the years they have made substantial investments in their
plants, machinery and office equipment. They continue to invest in
modernisation and upgradation of their facilities on a regular basis.
Manufacturer
Outsourcing:
Their focus on Quality, Service and Cost-effectiveness has
made the Industry Leader in India in the area of their specialisation.
They now leverage their strength in manufacturing Special
Purpose Machines for the Soaps & Detergent Industry to manufacture custom-built
machines required by various process industries.
Their Engineering and Manufacturing Facilities of 10.000 m˛
located near New Delhi, India are well equipped to manufacture precision
components and assemblies.
They add value to engineering companies worldwide wishing to
get machines manufactured as per their proprietary designs with guaranteed
quality, timely delivery & defined globally competitive costs.
They can provide maximum advantage to manufactures of
Special Purpose Assembled (i.e., not mass-produced) Machines for example:
- Mixing Equipment
- Homogenisers
- Liquid Filling Equipment / Lines
- Tablet-making Machines
- Packaging Machines
- Printing Machines
- Machine Tools
- Wood Working Machines
- Machines required by the Textile Industry
Required by the Pharmaceutical, Cosmetic, Paints, Food
Processing, Packaging Industry, Textile .
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.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|