MIRA INFORM REPORT

 

 

Report Date :

07.08.2010

  

IDENTIFICATION DETAILS

 

Name :

M TECH INNOVATIONS LIMITED

 

 

Registered Office :

Plot No. P-1/2, Rajiv Gandhi Infotech Park, Phase I, Hindewadi, Taluka Mulshi, Dist. Pune – 411057, Maharashtra.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

20.02.1992

 

 

Com. Reg. No.:

25-65521

 

 

CIN No.:

[Company Identification No.]

U45402PN1992PLC065521

 

 

IEC No.:

3192006200

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEM01213C

 

 

PAN No.:

[Permanent Account No.]

AADCM8512F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Smart Cards.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

 

 

 

Maximum Credit Limit :

USD 430000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some losses incurred by the company in the current year.  However trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

 

 NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Avinash Saraf

Designation :

AGM- Finance

Date :

06.08.2010

 

LOCATIONS

 

Registered Office/

Corporate Office/ Factory :

Plot No. P-1/2, Rajiv Gandhi Infotech Park, Phase I, Hindewadi, Taluka Mulshi, Dist. Pune – 411057, Maharashtra.

Tel. No.:

91-20-22932032

Fax No.:

91-22933139

E-Mail :

info@mahavirindia.com

info@m-techindia.com 
sales@m-techindia.com 
purchase@m-techindia.com

cs@m-techindia.com

Website :

http://www.m-techindia.com

Location :

Owned

 

 

Factory 2 :

33 KM Stone, Pune - Satara Highway,  Before Nasrapur Turn,  Gat No. 79,  Village - Kelawade,  Tal. – Bhore, Pune, India

Tel. No.:

91-2113-272273

Fax No.:

91-2113-272856

Location :

Owned

 

 

Factory 3:

Hinjewadi Office

 

Plot No. P-1/2, Rajiv Gandhi Infotech Park, Phase-Il, Hinjewadi, Taluka Mulshil, District Pune, Maharashtra, India

Tel. No.:

91-20-22933139

 

 

Factory 4:

Belapur Office

‘303’ Mayuresh Chamber CBDl, Belapur, “New Mumbai”

Tel. No.:

91-22-27560410

 

 

Marketing Offices :

Located at:

 

South Zone

·         Hyderabad

 

House No. 3-4-827, Flat No.104, Saisubhi, Laxmi Complex, Barkat Pura, Hyderabad – 500027, India.

Tel No.: 91-40-6534751.

Fax No.: 91-40-6534753

Email : sdhanshri@eth.net

 

·         Bangalore

 

2nd Floor, No 10/O,Dr. Rajkumar Road, Rajajinagar 4th "N" Block., Opposite, State Bank of Mysore, Bangalore 10.
New Phone No :- 080-23132628
Mobile :- 09342278776
Contact Person . Mr. Gurunath Kudte, Assit Manager – Marketing

 

·         Chenna

 

D2, Sumanth Apartments No-2, Bheemanna 1st, Alwarpet, Chennai-18
Mob.- 09841442041

 

North Zone

·         New Delhi

2nd floor, H. No.- 67/9, Miglani Gali,Main Market, Old Faridabad, Haryana – 121001Mobile No- 098117550232nd floor, H. No.- 67/9, Miglani Gali,Main Market, Old Faridabad, Haryana – 121001

Mobile No- 09811755023

 

East Zone

·         Kolkata

H-428,B.Township

PatuliKolkata-700094
MO: +91-8981010004,9088230624

 

 

DIRECTORS

 

As on 30.09.2009

 

Name :

Mr. Vijay M. Gandhi

Designation :

Chairman cum Managing Director

Address :

686-1A, HEM Vijay Chandrika Society, Bibwewadi, Pune – 411037

Date of Birth/Age :

09.09.1962

Qualification :

Diploma in Mechanical Engineering

Date of Appointment :

20.02.1992

 

 

Name :

 Mr. Rajkumar Milapchand Gandhi

Designation :

Whole-Time Director

Address :

E 203, Shree Rajyog Society, Bibwewadi, Pune – 411 037, Maharashtra, India

Date of Birth/Age :

22.02.1967

Qualification :

Printing engineering

Date of Appointment :

01.04.2004

 

 

Name :

Mr. Milind S. Bhagat

Designation :

Director

Address :

C-605, Rajyog Society, Bibwewadi, Pune – 411 037, Maharashtra

Date of Birth/Age :

17.10.1960

Qualification :

Mechanical Engineering

Date of Appointment :

20.02.1992

 

 

Name :

Mr. Murgappa Baburao Halvekar

Designation :

Director

Address :

26, Vijayanti Apartment, Kadam Plaza, Katraj, Pune - 411046

Date of Birth/Age :

06.03.1960

Qualification :

Automobile Engineering

Date of Appointment :

20.02.1992

 

 

Name :

Mr. Vishal Prakash Katariya

Designation :

Independent Director

Address :

Flat No. 5, Bhagyashree Apartments, BMCC Road, Deccan Gymkhana, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

19.05.1976

Date of Appointment :

17.08.2006

 

 

Name :

Mr. Niranjan Sadanand Nadkarni

Designation :

Independent Director

Address :

301, Swojas Swararaj, Krishna path, Off Law College road, Plot No. 6A, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

08.06.1965

Date of Appointment :

17.08.2006

 

 

Name :

Mr. Ramesh Harakchand Gugle

Designation :

Independent Director

Address :

162, Jamkhed, District – Ahmednagar – 413 201, Maharashtra, India

E-Mail:

dshoshing@rediffmail.com

Date of Birth/Age :

25.12.1955

Date of Appointment :

17.08.2006

 

 

Name :

Mr. Rajeev  R

Designation :

Director

Address :

1696 East End, A Main Road, 9th Block, East, Jayanagar, Bangalore-560069, Karnataka, India

Date of Birth/Age :

10.11.1965

Date of Appointment :

06.09.2008

 

 

Name :

Mr. Karan Jasjit Singh

Designation :

Director

Address :

1696-2Bl, Swanalok, L. Jagmohandas Marg, Nepeansea Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

23.07.1979

Date of Appointment :

24.09.2007

 

 

Name :

Mr. Roy Mathew

Designation :

Whole Time Director

Address :

Flat No. 24, Anuradha Apartments, Bhau Patil Road, Bopodi, Pune – 411 020, Maharashtra, India

Date of Birth/Age :

15.05.1973

Date of Appointment :

20.02.1992

 

 

KEY EXECUTIVES

 

Name :

Mr. K P N Rajan

Designation :

Manager

 

 

Name :

Ms. Madhura Jayant Sardar

Designation :

Secretary

Address :

E- 4, Suvarna Nagari, Behind Sanjeevan Hospital, Karve Road, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

26.01.1983

Date of Appointment :

15.07.2006

 

 

Name :

Mr. Aniket Arvind Deshpande

Designation :

Secretary

Address :

Flat No. 2, Plot No. 42, Ashiwini Ankur Society, Gurrat Colony, Pune-411029, Maharashtra, India

Date of Birth/Age :

30.03.1984

Date of Appointment :

04.09.2009

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2009

 

Names of Shareholders

 

 

No. of Shares

Vijay M. Gandhi

 

1170350

Sanjay M Gandhi

 

88400

Murgaoppoa B Halvegar

 

98718

Anita V Gandhi

 

367106

Rajkumar M Gandhi

 

527100

Kanchanbai M Gandhi

 

13290

Shobana R Chopada

 

15840

Mansukhlal Phulchand Munot

 

470550

Geeta M Mutghiyan

 

8340

Sangeeta Ma Muthiyan

 

10340

Sanjay Mishrilal Shingvi

 

1668

Suvarna Sanjay Gandhi

 

8340

Milind Shridharl Bhagwat

 

31780

Padma R Gandhi

 

30970

Vasantlal P Munot

 

435856

 

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2009 

 

Category

 

Percentage of Holding

Bodies corporate (not mentioned above)

 

8.65

Venture Capital

 

33.83

Directors or relatives of directors

 

35.94

Other top fifty (50) shareholders (other than listed above)

 

18.85

Others

 

2.73

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Smart Cards.

 

 

Products :
  • Health Care Products

 

  • Dr Flosser Tooth Picks
  • Dr Flosser Toner
  • Herboral Liquid Gargle
  • Hexoral Anticeptic and Antiplaque Mouthwash
  • Security Cards Products

 

  • Pre-paid Scratch Cards
  • ATM Cards
  • Photo ID Cards


  • Smart Cards Products
  • Smart Cards and Readers


·         RFID Products

·         RFID Tags

·         RFID Readers and Solutions

·         Industrial / Consumer Electronics Products

·         Membrane Switches

·         Automotive and Home Appliances Products

·         Aluminium Labels

·         In Mould Decoration

·         Labels and Stickers

·         Dome Labels

·         Flexible Speaker Grills

·         Moulded Logos

·         All logos, monograms, trademarks and designs are the property of their respective owner

 

 

Product Description

ITC Code

Identity Cards

490199

Smart Cards

852352

Self Adhesive Plastic Stickers

391990

 

 

Exports :

 

Products :

Adhesive Film and Sheets

Countries :

Australia, Arabian countries

 

 

Imports :

 

Products :

Raw Materials

Countries :

China, Taiwan, Germany

 

 

Terms :

 

Selling :

Cash, Credit, L/C (30 DAYS)

 

 

Purchasing :

Cash, Credit, L/C (30 DAYS)

 

 

PRODUCTION STATUS

 

Particulars

 

 

 

Actual Production

Identity and prepaid Card

 

 

 

67786486

In mould Prod

 

 

 

1601190

 

 

GENERAL INFORMATION

 

Suppliers :
  • Tsutsunake Plastic Industry Company Limited, Japan
  • Swastik Engineering Works, Pune, Maharashtra
  • Plus One Machine Fabrik, Belgaum, Maharashtra
  • Tiajin Boyuan New Material Company, China
  • Mahavir Industries, Pune, Maharashtra

 

 

Customers :

·         Electrolux Voltas Limited (WIM ) – Nagpur, Maharashtra

Refrigeration project, 25 Vidya

Tel No : 91-712-222192

·         Mindarika Limited – Gurgaon, Haryana

·         ALLAHABAD BANK

·         SPICE

·         Jet Airway

·         Reliance Communications

 

·         Mirc Electronics Limited – Mumbai, Maharashtra

 

·         Pinnacle Exports Private Limited, S No 273, Madhavnagar, Burhanagar, Ahmednagar, Maharashtra

Tel No : 91-241-2324736

 

·         Matsushita Washing Machine India Limited, Pune, Maharashtra

204, Green Terrace,  Koregaon Park

 

·         Videocon Appliances Limited, 228, Jyoti Nagar, Aurangabad, Maharashtra

Tel No : 91-240-2328283

 

·         Videocon International Limited, 30, Pratapnagar, Aurangabad, Maharashtra

Tel No : 91-240-2321315

 

·         Whirlpool of India Limited, Pondicherry

·         Base Corporation Limited, Bangalore, Karnataka

·         Rajendra Sinhji Institute, Pune, Maharashtra

·         Demak S.A.S., Italy

·         GE Plastics India Limited, Pune, Maharashtra

·         Graphics India, Mumbai

·         Bombay Tape Manufacturing Company, Mumbai

·         Precision Distribution Private Limited, Mumbai

·         Sun Beam Industries, Delhi

·         Premier Colourscan Instruments, Mumbai

 

 

No. of Employees :

500

 

 

Bankers :
  • Small Industries Development Bank of India

      SIDBI Tower, 15, Ashoka Marg, Lucknow - 226001

  • Vishweshwar Sahakari Bank Limited
  • Pune People’s Co-operative Bank Limited
  • Vishweshwar Bank
  • ICICI Bank
  • State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, India
  • State Bank of India, Air Cargo Complex, Mumbai
  • State bank of India, IFB, Pune
  • Axis Bank Limited, Wakdewadi Branch, Pune
  • State Bank of India, Dhankawadi, Pune
  • Bank of Maharashtra, Bibwewadi, Pune
  • HDFC Bank Limited, S S Road, Pune
  • ABN Amro Bank, Camp Branch, Pune
  • State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune-411003, Maharashtra, India

 

 

Facilities :

 

Secured Loans

31.03.2009

Rs. In Millions

Term Loan

 

From Bank

(Secured by a first charge on certain immovable and / or movable fixed assets and personal guarantee of the directors of the company)

192.219

Working Capital Facilities form Bank Rupee Loan

(Secured by hypothecation of Inventories, Book Debts and other current assets of the company, first charge on certain movable and immovable fixed assets and personal guarantees  of the directors of the company)

50.313

Total

242.532

 

 

Unsecured Loans

31.03.2009

Rs. In Millions

From Directors

3.260

From Relatives of Directors

0.582

From Others

12.245

Interoperate Deposits

1.000

Government Schemes

3.773

Total

20.860

 

 

 

Banking Relations :

-

 

 

Auditors :

 

Name :

Mr. Dayananda Shetty and Company,

Chartered Accountants

Address :

15, Dalal Chambers, Market Yard, Pune 411 037, Maharashtra, India

Tel. No.:

91-20-24269352

 

CAPITAL STRUCTURE

 

As on 31.03.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

9416400

Equity Shares

Rs. 10/- each

Rs. 94.164 Millions

333600

B Class Equity Shares

(The Issued and Unsubscribed 66400 “B” Class Equity Shares of Rs. 10/- each have been cancelled an reclassified as 66400 “A” Class Equity Shares of Rs. 10/- each, by passing appropriate resolution at the Extra ordinary General Meeting of the company held on 29.01.2007

Rs. 10/- each

Rs. 3.336 Millions

 

Total

 

Rs. 97.500 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

6666876

A Equity Shares

Rs. 10/- each

Rs. 66.669 Millions

333600

B Class Equity Shares

Out of the above 1434361 “A” Class Equity Shares and 93600 “B” Class Equity Shares of Rs. 10/- each  have been issued as fully paid up shares by capitaling the free reserves in the earlier)

 

(Out of the above 10000 “A” Class Equity Shares of Rs, 10/- each have been issued to the promoters as fully paid up for consideration received other than in cash)

Rs. 10/- each

Rs. 3.336 Millions

 

Share Application money

 

Rs. 0.886 Million

 

Total

 

Rs. 70.891 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2010

Sales Turnover (Approximately)

 

 

300.000

 

Expected Sales (2010-11 : Rs. 500.000 millions (Expected)

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

70.891

70.891

51.907

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

38.800

50.909

33.129

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

109.691

121.800

85.036

LOAN FUNDS

 

 

 

1] Secured Loans

242.532

155.732

113.467

2] Unsecured Loans

20.860

8.625

5.487

TOTAL BORROWING

263.392

164.357

118.954

DEFERRED TAX LIABILITIES

23.988

10.452

8.934

 

 

 

 

TOTAL

397.071

296.609

212.924

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

336.173

160.455

130.621

Capital work-in-progress

38.555

110.864

26.310

 

 

 

 

INVESTMENT

0.000

0.189

0.189

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
31.660
29.123
26.533

 

Sundry Debtors
39.461
36.955
38.874

 

Cash & Bank Balances
6.781
6.012
17.317

 

Other Current Assets
0.000
0.000
3.887

 

Loans & Advances
24.103
17.913
10.471

Total Current Assets
102.005

90.003
97.082

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
72.010
47.349
28.397

 

Provisions
8.762
18.698
13.214

Total Current Liabilities
80.772
66.047
41.611

Net Current Assets
21.233
23.956
55.471

 

 

 

 

MISCELLANEOUS EXPENSES

1.110

1.145

0.333

 

 

 

 

TOTAL

397.071

296.609

212.924

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2009

31.03.2008

31.03.2007

Sales Turnover

247.815

244.105

224.207

Other Income

9.024

7.424

6.221

Total Income

256.839

251.529

230.428

 

 

 

 

Profit/(Loss) Before Tax

2.732

11.479

8.629

Provision for Taxation

13.841

4.227

4.993

Profit/(Loss) After Tax

[11.109]

7.252

3.636

 

 

 

 

Imports :

 

 

 

 

Raw Materials

NA

NA

21.113

 

Capital Goods

NA

NA

37.400

Total Imports

NA

NA

58.513

 

 

 

 

Export Value

NA

NA

11.087

 

 

 

 

Expenditures :

 

 

 

 

Cost of goods sold

106.827

105.393

90.901

 

Increase/ Decrease in Stock

0.252

[0.259]

0.301

 

Cost of Employment

50.076

46.661

36.772

 

Manufacturing Expenses

20.906

14.089

47.871

 

Interest and Financial Charges

26.745

12.604

8.982

 

Depreciation and amortization

17.959

21.123

11.314

 

Directors remuneration

3.550

3.060

2.120

 

Auditor’s Remuneration

0.055

0.054

0.045

 

Deferred Revenue Expenses w/off

0.376

0.371

0.135

 

Administrative and selling expenses

36.747

36.954

23.358

 

Excess Depreciation Provision of Earlier year written back

[9.386]

0.000

0.000

Total Expenditure

254.107

240.050

221.799

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

PAT / Total Income

(%)
[4.33]
2.88
1.57

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
1.10
4.70
3.84

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
0.63
4.58
3.39

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.02
0.09
0.10

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
3.14
1.89
1.88

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.26
1.36
2.33

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sundry Creditors Detaills Not Available

 

TRADE REFERENCES:

 

  • Electrolux Voltas Limited, Nagpur
  • Videocon Appliances Limited, Aurangabad.

 

Opportunities and Outlook of the company:

 

The company expects increasing business opportunities for the company  in automatic fare collection, Unique Identity Card project, Rashtriya Swasthya Bima Yojna, EMV cards and automotive business. With the expanded use of e-commerce, the smart card related activities are expected to increase manifold.

 

Expansion and Capital Expenditures:

 

The company continued with the expansion at Hinjewadi and Kelawade Plant, as per the project plan. The company has invested at amount of Rs. 350.946 Millions and Rs. 25.725 Millions in Hinjewadi and Kelawade Project respectively upto 31st March, 2009.

 

Bankers Charges Report as per Registry

 

 

Corporate identity number of the company

U45402PN1992PLC065521

Name of the company

M – TECH INNOVATIONS LIMITED

Address of the registered office or of the principal place of  business in India of the company

Mahavir Chambers, 12 – Premananda Society, Balaji Nagar, Pune – 411043, Maharashtra, India

This form is for

Modification of charge

Charge identification number of the modified 

90094241

Type of charge

Book Debts

Movable Property

Others

Particular of charge holder

State Bank of India, Tara Chambers, Pune Mumbai Road, Wakdewadi, Pune – 411003, Maharashtra, India

Archana.bapat@sbi.co.in 

Nature of instrument creating charge

Supplemental Agreement of hypothecation of goods and assets for increase in overall limit dated 30th June, 2009

Date of instrument Creating the charge

30.06.2009

Amount secured by the charge

Rs. 277.500 Millions

Brief of the principal terms and conditions and extent and operations of the charge 

Rate of Interest

For earlier sanctioned amounts, as interest as per earlier sanction letter

For adhoc Fund-based facility of Rs. 10.000 Millions Interest: 1% above SBAR as per earlier sanction.

 

Terms of Repayment

For Term Loans, as per earlier sanction letter

Fro Adhoc Fund Based Working Capital limit of Rs. 10.000 Millions = 3 months

For Adhoc Non-fund based working capital limit of Rs. 10.000 Millions = 6 months

 

 

Margin

Raw material Margin: 25% Book debts/ receivables (cover period for others 90 days and BSNL 120 days) Margin: 25%

 

Extent and Operation of the charge

By the present modification the goods, book debts and movable assets hypothecated to SBI for Rs. 264.400 Millions have been now hypothecated for the enhanced amount of Rs. 277.500 Millions

Short particulars of the property charged

All Present and future goods, book-debts and all other movable assets of the company

Date of latest modification prior to the present modification

27.02.2009

Particulars of the property charged

The limit/ amount secured increased from Rs. 264.400 Millions to Rs. 277.500 Millions

 

  

Name of the company

M – TECH INNOVATIONS LIMITED

Presented By

Mr. Murgesh B Halvegar, Director

1) Date and description of instrument creating the change

Indenture of Mortgage

Dated 1st September 2005

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 156.000 Millions

Demand Cash Credit : Rs. 27.500 Millions

Stand by Line of Credit: Rs. 4.000 Millions

Term Loan : Rs. 117.000 Millions

Letter of Credit: Rs 2.500 Millions

Bank Guarantee: Rs. 5.000 Millions

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

1) Property at Gat No. 78, 79 at Kelawade Taluka Bhor, District – Pune, more particularly described in Schedule-I

 

2) Property at Prennand Co-operative housing society in plot no. 12, Dhankawdi, Pune more particularly described in Schedule II

 

3) Property at Gultekdi, Market Yard, Pune more so particularly described  in Schedule III

4) Gist of the terms and conditions and extent and operation of the charge.

Rate of Interest at the rate of 2% over the SBI Advance Rate with minimum of present 12.5% p.a.

5) Name and Address and description of the person entitled to the charge.

State Bank of India, Industrial Finance Branchll, Tara Chambers, Wakdewadi, Pune-Mumbai Road, Pune-411003, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

N.A

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.

N.A

 

 

Fixed Assets

 

v      Free Hold Land

v      Land and Building

v      Plant and machinery

v      Computer

v      Dies and Moulds

v      Furniture and Fixtures

v      Motor Vehicle

v      Wind Electric Generator

v      Computer Software

v      Other Equipments

 

AS PER WEBSITE

 

Profile

 

The M-Tech (formerly Mahavir) Group of Industries was set up in 1987 and is a pioneer in Engineering Plastics printing. Within a short span of time, M-Tech achieved market leader status and is today among the leading manufacturers of printed plastics for the consumer electronic industries, telecom, automotive companies, banking, process control industry, industrial electronics and instrumentation companies.

 

The product range includes Labels and Stickers, Flexible Speaker Grills, Membrane Switches, In Mould Decoration, Security Cards and Smart Cards. The M-Tech Group was awarded the ISO 9002 certification in 1996. The people, technology and production capability have all been key elements in establishing themselves as a market leader.

 

Customer Satisfaction is the primary aim of business and the Quality Policy Management System is designed to meet this goal. The basic principle of the Quality Management System is preventing non-conformities and deviation in product and processes, which assure quality to the organization and its customers. Through stringent quality parameters and management system, and adhering to high standards of customer satisfaction, M-Tech has had the privilege of having among its customers Government Organizations, Public Sector Undertakings, Banks, Telecom companies and leading multinational organizations.

 

History

 

1988: Company started in 1988 as M/s. Mahavir Screen Printers, a small unit set up for printing of letter heads and visiting cards.

1990: Manufacturing of plastic labels started for the electronic industry with a range of around 200 items.

1993: Changes the name as Mahavir Decorative Products Private Limited and Production of Membrane switches and panels commenced and during the last ten years they are established as a preferred supplier.

1995: Introduction of polyurethane coated Emblems and Dome Labels

1997: Major diversification with the setting up of the Security Cards Division, manufacturing PVC cards for varied applications. Manufacturing of Prepaid and ATM cards also started in the same year.

1999: A major product innovation in the form of Flexible Speaker Grills for the TV industry and Prepaid Scratch Cards for mobile phones.

2000: Commenced the supply of Smart Cards (Chip/RFID cards) and associated peripherals in addition to offering smart card-based solutions. An in-house R AND D facility was set up to study specific user requirements and suggests cost-effective solutions with respect to cards/readers appropriate to a given application.

2002: Health Care Division of M-Tech launches "Dental Toner" and "Dental Floss" [Tooth Pick] under the brand name "Dr. Flosser". Dr. Flosser can be called a new generation product in dental care.

2002: Completed the development and started the production of In-mold components.

2003: Health Care Division of M-Tech launches Herbal Mouthwash.

2004: Health Care Division of M-Tech launches Hexoral - Allopathic Mouthwash.

2004: Started the supply of Automotive Dials and Contactless Cards and Readers.

2005: Development of I-Code RFID Tags.

Achievements

 

2005: Doing a project with Tamilnadu Road Development Corporation (TNRDC) for the smart card reader deployment for Toll collection.

 

2003: Income Tax PAN Card’s contract awarded to M-Tech:

M-Tech Innovations Private Limited (formerly Mahavir Decorative Products Private Limited) based in Pune, India was recently awarded the prestigious order for the manufacture and personalization of PAN cards of the Income Tax department of the Government of India. The order was bagged through national competitive bidding initiated by the channelising agency UTI-ISL, a government undertaking.

 

This is a first of its kind government card project in India on a national scale with very high card volumes and would be looked at as a pilot for the proposed National ID Card project and other government schemes.

 

Awards

M-Tech is the recipient of several prestigious awards.

 

2002: The Golden Elan Award for selection as finalist in the best phone card design category awarded by International Card Manufacturers Association, USA.

 

2001: GS Parkhe Industrial Award for Product Innovation.

 

2000: The International Golden Image Award (2000) for Best Product Quality by the Screen Printing and Graphic Imaging Association, USA.

 

1997: The Dahanukar Best Entrepreneur Award for best Entrepreneurship by MCCI.

 

1997: The Tata Honeywell Award for best quality system by the Maratha Chambers of Commerce and Industry (MCCI).

 

1994: The Industrial Safety Performance Award for best safety practices given by the Directorate of Industrial Safety and Health Pune.

 

Detailed Product Description


Aesthetics is as important as the technical specifications of the product. At m-tech they will show you how to attract the buyer’s attention and help you to do that.


M-tech is the first company in India to win ISO 9001-2000 accreditation in the labels industry. A decade long investment in innovation and development in material science, printing and high precision punching is backed by state-of-the art tool room, computerized artwork facility, automatic and dust free a/c printing area. Here only top grade raw materials like PVC, polyester, poly carbonate and aluminium is put to use, by a work force devoted to quality.


They develop as well as manufacture graphic overlays, dials and automotive dials as per customers’ requirement.

They are always looking forward in getting more business and greater cooperation with overseas customers based on mutual benefits.

 

More Products

 

  • In Mould Speedo Meter Dials For Automobiles
  • PC Based Reader
  • Pc Based Contactless Card Readers
  • Pc Based Reader

 

 

BOARD OF DIRECTORS:

 

Mr. Vijay M. Gandhi      

 

He is the Chief promoter of the company. He started his career by working as a operator in Bajaj Auto Limited, Pune Assembly line. While working he completed the Diploma in Mechanical engineering from government polytechnic college. In 1989 he started a small unit along with his fellow promoters a firm called Mahavir Industries from the intital work of Printing letterheads and visiting cards, he went on higher milestones of Printed Electronics Business to make the company what it is today. Mr. Gandhi is the Managing Director and Chairman of the company. He is a winner of “Dahanukar Award of MCCI” in 1997, under his leadership company has won the award for “Good Quality System and Practices” in their establishment from MCCI - Tata Honeywell award in 1997 also company has won the merit award in 2001 for the product “Prepaid Cards”.

 

Mr. Rajkumar M. Gandhi

             

 He has completed the Diploma in printing engineering. Mr. R. M. Gandhi is the Executive Director of the comapany and is looking after the material sourcing and production of Membrane Division.

 

Mr. Milind S. Bhagwat              

 

 Mr. Milind S. Bhagwat is a Mechanical Engineer and Embedded Software Engineer, Member of ISHRAE. He is looking after the R AND D Division, Smart Card Division and all the Technical Aspects of the company's operations. He has total experience of 25+ years in engineering field. Closely associated with business partners within and outside country. Providing guidance and direction to the technical team of the company to develop Innovative products particularly in latest technology like RFID etc.

 

Mr. Murgesh B. Halvegar          

 He is the Automobile Engineer. He have developed good team of work round-the-clock 365 days with safety, good environment and understanding changes needed to shop floor in line with global compitition.

 

Mr. Niranjan Nadkarni              

 

 Mr. Niranjan Nadkarni has Degree in Mechanical Engineering, Master Degree in Management, Diploma in Business Management, Diploma in Marketing Management and Diploma in PC Software. Also he has the technical qualifications like IQA and RAB Assessor, GM, Daimler-Chrysler, Ford Qualified QS 9000 Lead Auditor, VDA 6.1 Qualified Auditor, TUV Cert and TMS Registered Lead Auditor, VETO person for all automotive standards and ISO/TS 16949:2002 Qualified Lead Auditor.

 

Mr. Niranjan Nadkarni is a Member of the Institute of Engineers (Mechanical) and Chartered Engineers (Mechanical). He has total working experience of 20 years. He is currently working as Vice President, Testing Services for TUV Southasia. He has international exposure in countries Germany, France, Italy, Switzerland, UK, USA, South Korea, South Africa, Philippines, China, Singapore, Middle East and Japan. This includes international audits, business meetings, conducting trainings, seminars, conferences etc.


Mr. Niranjan Nadkarni is a Non-Executive Independent Director of the Company.

 

 

Mr. Ramesh Gugale    

 

 He is an independent non-executive director of the Company. He is a person with progressive ideas. Nobody could have thought of having "A BANANA TISSUE CULTURE" business Jamkhed with the view to enrich the farmers. But Mr. Ramesh Gugle with his foresight has a developed a huge tissue culture business at Jamkhed.


Mr. Ramesh Gugle has vast experience in cloth, tissue culture, medicines, healthcare and electronics.


Untiring hardwork, Iron will power, pleasant personality, gentle behavior and devotion made him pride and glory of his business. Mr. Ramesh Gugle believes "A good business is social work"

 

Mr. Vishal Katariya     

 

 Mr. Vishal Katariya is an independent non-executive director of the Company.


Mr. Vishal Katariya, LL.B., LL.M (UK), LL.M (US), is the Chair-Professor of IPR (Intellectual Property Rights) of Pune University. His dynamic vision and foresight will see a growing awareness of Intellectual Property Rights in industrial and academic circles.


Mr. Katariya received his law degree at ILS Law College, Pune. He stood 2nd in the merit ranking in University of Pune and was awarded the coveted DFID scholarship by the British Government, in recognition for his outstanding academic achievements and to study law in the University of Bristol, England. The University of Bristol is one of the most reputed universities of England with excellence to match the fame of Oxford and Cambridge. His master's course in law enabled him to deepen his knowledge in intellectual property law and European law.


Mr. Katariya was awarded another scholarship to study masters of law in the United States. His focus of study was on Intellectual property (IP). He studied at Franklin Pierce Law Center to sharpen his Intellectual Property skills and study finer details of patent, trademark and copyright law. Franklin Pierce law Center is one of the premier institutes in the US which imparts Intellectual Property education. WIPO (World Intellectual Property Organization) officials and nominees for patent office from various countries prefer to study IP law at this institute.


He worked in the Atlanta office of Holland and Knight LLP, one of the top most law firms in the US. His work in the US enriched his experience and motivated him to come back to India and to start working in the field of Intellectual Property as it was in its infancy.

 

MR. Karan Singh

             

Mr. Karan Singh has been nominated as a director of the company from 24th September, 2007. He is a non-executive director of the Company. Mr. Karan Singh has done his graduation in the year 2002 from Michigan University, USA with specialization in Organizational Science and Engineering. Apart from graduation, he has attained International Baccalaureate Diploma in Singapore from the United World College of South East Asia in 1997. Also, he has completed his Business School Program from Harvard in the year 2004 and has completed the Leadership Program from Indian School of Business. He was one of the speakers in the panel discussion held by Hewlett Packard for it’s prestigious clients in New Delhi on 17th October, 2006. He is a director of ACG Group.

 

Ms. RAJEE R.  

 

Ms. Rajee R. is B.Tech [Electronics] and has also completed her MBA with specialisation in Finance. She is the nominee director of Canbank Venture Capital Fund Limited on the Board of M-Tech Innovations Limited w.e.f. 6th September, 2008. She has over 19 years of experience in the Private Equity and Venture Capital business in India with deep and thorough practical knowledge of the industry, extensive knowledge of evaluation and analysis of deals, valuation of enterprises and fund management and expertise in credit (project finance, working capital).

 

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.46.02

UK Pound

1

Rs.73.20

Euro

1

Rs.60.70

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

32

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.