MIRA
INFORM REPORT
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Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MLEW ENG PRIVATE LIMITED |
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Registered
Office : |
24/63, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.08.1998 |
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Com. Reg. No.: |
21-087730 |
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Capital
Investment / Paid-up Capital : |
Rs.1.979 Millions |
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CIN No.: [Company Identification
No.] |
U24114WB1998PTC087730 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALM09749F / CALM03451A |
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PAN No.: [Permanent Account No.] |
AACCM2166Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of paper cup forming machine, semi automatic
punching machine, fully automatic RFPB, monoextruder, co extruder, etc. |
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No. of Employees
: |
80 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 32000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Niladri Das |
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Designation : |
Executive Director |
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Contact No.: |
91-9831343539 |
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Date : |
14.12.2011 |
LOCATIONS
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Registered Office / Factory 1 : |
24/63, |
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Tel. No.: |
91-33-24947888 |
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Mobile No.: |
91-9831343539 (Mr. Niladri Das) |
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Fax No.: |
91-33-24948504 |
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E-Mail : |
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Website : |
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Area : |
Partly Owned and Partly Rented |
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Factory 2 : |
76/1, |
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Tel. No.: |
91-33-24945429 / 30 |
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Fax No.: |
91-33-24945430 / 24948504 |
DIRECTORS
As on 15.09.2011
|
Name : |
Mr. Shankar Samanta |
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Designation : |
Whole Time Director |
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Address : |
24/63, |
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Date of Birth/Age : |
20.04.1965 |
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Date of Appointment : |
14.08.1998 |
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Election Commission Identity Card No.: |
WB/18/112/351162 |
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DIN : |
00817613 |
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Name : |
Mr. Nirmal Kumar Das |
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Designation : |
Whole Time Director |
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Address : |
24/63, |
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Date of Birth/Age : |
11.10.1959 |
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Date of Appointment : |
14.08.2010 |
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Election Commission Identity Card No.: |
WB/18/112/351268 |
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DIN : |
00817631 |
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Name : |
Ms. Rita Das |
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Designation : |
Whole Time Director |
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Address : |
24/63, |
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Date of Birth/Age : |
30.08.1965 |
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Date of Appointment : |
14.08.1998 |
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Election Commission Identity Card No.: |
WB/18/112/351269 |
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DIN : |
00817620 |
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Name : |
Mr. Suvra Samanta |
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Designation : |
Whole Time Director |
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Address : |
24/63, |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
14.08.1998 |
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Election Commission Identity Card No.: |
WB/18/112/351161 |
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DIN : |
00955437 |
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Name : |
Mr. Niladri Das |
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Designation : |
Director |
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Address : |
24/63, |
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Date of Birth/Age : |
22.04.1986 |
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Date of Appointment : |
01.12.2008 |
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Election Commission Identity Card No.: |
HLG3542925 |
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DIN : |
02354656 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nirmal Kumar Das |
|
8119 |
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Shankar Samanta |
|
4724 |
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Rita Das |
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3425 |
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Suvra Samanta |
|
3025 |
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Niladri Das |
|
500 |
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Total |
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19793 |
As on 15.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of paper cup forming machine, semi automatic
punching machine, fully automatic RFPB, monoextruder, co extruder, etc. |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Actual
Production |
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Moulds and Dies Injection Mould |
Nos. |
41 |
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Spares for Moulds and Dies |
Nos. |
1856 |
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Thermoforming M/c [all models] |
Nos. |
20 |
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Extruders and blown film plant |
Nos. |
2 |
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Spares doe M/c |
Nos. |
45 |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s |
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No. of Employees : |
80 [Approximately] |
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Bankers : |
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
DRC and Associates Chartered Accountants |
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Address : |
17/2/1, |
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Tel. No.: |
91-33-24942602 |
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E-Mail : |
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PAN : |
ACIPR1556J |
CAPITAL STRUCTURE
As on 15.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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35,000 |
Equity Shares |
Rs.100/- each |
Rs.3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
19,793 |
Equity Shares |
Rs.100/- each |
Rs.1.979
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.979 |
1.889 |
1.889 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.221 |
5.797 |
5.474 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.200 |
7.686 |
7.363 |
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LOAN FUNDS |
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1] Secured Loans |
15.835 |
14.361 |
12.075 |
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2] Unsecured Loans |
2.616 |
1.012 |
1.353 |
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TOTAL BORROWING |
18.451 |
15.373 |
13.428 |
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DEFERRED TAX LIABILITIES |
0.170 |
0.201 |
0.126 |
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TOTAL |
26.821 |
23.260 |
20.917 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
16.556 |
12.944 |
7.858 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
35.131
|
29.456
|
31.801 |
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Sundry Debtors |
11.949
|
10.181
|
3.435 |
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Cash & Bank Balances |
1.551
|
4.962
|
1.928 |
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Other Current Assets |
2.353
|
1.484
|
1.512 |
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Loans & Advances |
2.034
|
3.174
|
3.487 |
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Total
Current Assets |
53.018
|
49.257
|
42.163 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.213
|
22.512
|
19.790 |
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Other Current Liabilities |
17.943
|
15.406
|
8.977 |
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Provisions |
0.597
|
1.023
|
0.337 |
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Total
Current Liabilities |
42.753
|
38.941
|
29.104 |
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Net Current Assets |
10.265
|
10.316
|
13.059 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
26.821 |
23.260 |
20.917 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
51.698 |
59.704 |
49.778 |
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Other Income |
0.074 |
(0.249) |
0.033 |
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TOTAL (A) |
51.772 |
59.455 |
49.811 |
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Less |
EXPENSES |
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Purchase of raw material |
13.667 |
9.833 |
9.842 |
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Manufacturing expense |
31.533 |
35.241 |
30.132 |
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|
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Selling, administrative and other expense |
7.415 |
8.254 |
6.647 |
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Increase in inventories |
[5.675] |
2.345 |
0.478 |
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TOTAL (B) |
46.940 |
55.673 |
47.099 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.832 |
3.782 |
2.712 |
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Less |
FINANCIAL
EXPENSES (D) |
1.898 |
1.248 |
1.082 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.934 |
2.534 |
1.630 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.001 |
1.607 |
1.093 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.933 |
0.927 |
0.537 |
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Less |
TAX (H) |
0.509 |
0.604 |
0.511 |
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PROFIT AFTER TAX
(G-H) (I) |
0.424 |
0.323 |
0.026 |
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EARNINGS IN FOREIGN
CURRENCY |
17.570 |
8.864 |
10.960 |
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Earnings Per
Share (Rs.) |
21.43 |
17.08 |
1.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.82
|
0.54
|
0.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.80
|
1.55
|
1.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.34
|
1.49
|
1.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.12
|
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.46
|
7.07
|
5.78 |
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.26
|
1.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
|
Construction of the firm |
Yes |
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Premises details |
Yes |
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Type of Business |
Yes |
|
Line of Business |
Yes |
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Promoters background |
- |
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No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of contact
person |
Yes |
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
No |
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
No |
|
Capital the business |
No |
|
Details of sister
concerns |
- |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payment Terms |
Yes |
|
Export / Import Details
[If Applicable] |
Yes |
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
No |
|
Incorporation details, if
applicable |
- |
|
Last accounts filed at
ROC |
- |
|
Major Shareholders, if
applicable |
- |
Note : Registered office
address of the company has been shifted from 24/63,
NATURE OF
OPERATIONS :
Subject is a company registered under Indian companies Act, 1956. The
company is primarily engaged in the business of manufacturing of thermoforming
machine. Extruder, paper cup machine, thermoforming moulds and dies. Injection
moulds etc. The company presently holds two units, one is machinery unit and
other one is for moulds and dies, both the units are located at Kolkata.
FINANCIAL RESULTS
:
The performance of the company during the financial year 2010-11 has
registered a good performance in respect of turnover. The export turnover has
been increased considerably. Moreover unit price of mould and machine fetched
much better price than that of last year both in the domestic and export
markets.
OPERATIONS AND FUTURE OUTLOOK:
The company developed one thermoforming
machine called as “Swivel” with a device of automatic stacking requires a less
number of man power than that of conventional machine. The demand of this in
the domestic as well as export market is very good.
|
Name of the company |
MLEW
ENGINEERING PRIVATE LIMITED |
|
Presented By |
BANK OF |
|
1) Date and description of instrument creating the change |
1. Instrument of Hypothecation of Goods dated 26.08.2000 for
Rs.3.600 millions 2.Instrument of Hypothecation of Book Debts dated 26.08.2000 for Rs.3.600 millions 3.
Instrument of Hypothecation of Machinery dated 26.08.2000 for Rs.7.200 millions Subsequently
modified on 21.08.2002 for Rs.7.915 millions. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Rs. 3.600 millions Term Loan Rs. 3.600 millions Rs. 7.200 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 |
Hypothecation
by way of first charge in favour of the
Bank all stocks of Raw Materials, work in
Progress Finished Goods and Semi finished Goods. All Book
Debts owning to the Company and also the Book Debts which may at any time
during the continuance
of the security become owing to the Company in course of its business by any person,
Firm, Company, Body Corporate, Government, central or State or
Indian Railways or any Government department office or any municipal local or
public, Semi Government body or authority or any body Corporate or under
taking or Project whatever in the Public Sector. All
Plant and Machinery and all moveable machineries existing and to be purchased and/or acquired. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest/Commission
as may be fixed by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of |
|
6) Date and brief description of instrument modifying the charge |
1. Instrument
of Hypothecation of Goods dated 29.03.2005 for
Rs.6.500 millions 2. Hypothecation of Book Debts dated 29.03.2005 for Rs.6.500 millions 3. Instrument of Hypothecation of moveable Machinery dated 29.03.2005 for Rs.6.500 millions |
|
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. |
By this
modification the overall limit has been reduced from 7.915 millions to Rs.6.500 millions consisting of following facilities : Cash Credit Rs. 5.000 millions Term Loan Rs. 1.500 millions Rs.6.500
millions Outstanding
Term Loan [0!d) balance of Rs. 1.415 millions has been repaid/adjusted. Interest
/ Commission as may be fixed by the Bank from time to time. Other
terms and conditions remain unchanged. |
Fixed Assets:
- Land
- Factory Shed/ Boundary Wall
- Plant and Machinery
- Motor Car
- Scooter and Cycle
- Electrical Equipments
- Tools and Equipments
- Technical Know-How
- Woodern Pattern
- Furniture and Fixtures
- Office Equipments
- Computer
- Electrical Installation
- Tube Well
- Patent
- Technical Know-how
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.52.95 |
|
|
1 |
Rs.82.03 |
|
Euro |
1 |
Rs.68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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 & 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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.