MIRA
INFORM REPORT
|
Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
MECHMEN CONSTRUCTIVE SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
NH.12, Ratanpur, Near |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.03.2004 |
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Com. Reg. No.: |
10-16490 |
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CIN No.: [Company Identification No.] |
U45207MP2004PTC016490 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLM04962G |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Dealer of Earthmoving Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5700 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. Profit and loss account for the year 2010 is not available |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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
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Name : |
Mr. Dinesh Agarwal |
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Designation : |
Director |
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Date : |
13.01.2011 |
LOCATIONS
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Registered Office : |
NH.12, Ratanpur, Near |
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Tel. No.: |
91-755-4254776 |
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E-Mail : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Dinesh Agarwal |
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Designation : |
Managing Director |
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Address : |
E 1/168, Arera Colony, Bhopal-462 016, |
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Date of Appointment : |
24.03.2004 |
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Name : |
Ms. Jyothi Agarwal |
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Designation : |
Director |
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Address : |
E 1/168, Arera Colony, Bhopal-462 016, |
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Date of Appointment : |
08.11.2004 |
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Name : |
Ms. Pragati Agarwal |
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Designation : |
Director |
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Address : |
E 1/168, Arera Colony, Bhopal-462 016, |
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Date of Appointment : |
24.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Dinesh Agarwal |
|
54000 |
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Jyothi Agarwal |
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330000 |
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Pragati Agarwal |
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593000 |
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Prashant Agarwal |
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23000 |
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Total |
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1000000 |
As on 30.09.2010
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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 : |
Dealer of Earthmoving Equipments. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
IDBI Bank Limited, |
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Facilities : |
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Financial Institution: |
Housing and Urban Development Corporation Limited, |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Rath Dinesh and Associates Chartered Accountants |
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Address : |
F-1, Plot No. 70, Zone - 1, M.P. Nagar, Bhopal- 462011, Madhya
Pradesh, India |
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Tel. No.: |
91-755-2559744/2556113 |
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Fax No.: |
91-755-2559744 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
4.535 |
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2] Share Application Money |
0.000 |
0.000 |
0.160 |
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3] Reserves & Surplus |
4.158 |
2.987 |
1.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.158 |
12.987 |
6.628 |
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LOAN FUNDS |
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1] Secured Loans |
124.353 |
110.033 |
58.877 |
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2] Unsecured Loans |
26.842 |
13.374 |
6.654 |
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TOTAL BORROWING |
151.195 |
123.407 |
65.531 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
165.353 |
136.394 |
72.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.879 |
1.339 |
1.549 |
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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 |
144.007
|
61.665 |
43.195 |
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Sundry Debtors |
18.954
|
26.477 |
16.212 |
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Cash & Bank Balances |
3.605
|
4.502 |
1.758 |
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Other Current Assets |
17.678
|
9.529 |
6.380 |
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Loans & Advances |
7.061
|
48.780 |
5.741 |
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Total
Current Assets |
191.305
|
150.953 |
73.286 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
57.085
|
13.941 |
1.002 |
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Other Current Liabilities |
0.000
|
0.674 |
0.675 |
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Provisions |
0.746
|
1.283 |
1.010 |
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Total
Current Liabilities |
57.831
|
15.898 |
2.687 |
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Net Current Assets |
133.474
|
135.055 |
70.599 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.011 |
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TOTAL |
165.353 |
136.394 |
72.159 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
290.126 |
288.979 |
125.468 |
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Other Income |
7.460 |
11.750 |
9.780 |
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TOTAL |
297.586 |
300.729 |
135.248 |
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Less |
EXPENSES |
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Cost of Goods Sold |
NA |
267.235 |
115.897 |
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Selling, Administrative Expenses |
NA |
31.283 |
17.437 |
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TOTAL |
NA |
298.518 |
133.334 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
2.211 |
1.042 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
0.476 |
0.436 |
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PROFIT BEFORE
TAX |
NA |
1.735 |
1.478 |
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Less |
TAX |
NA |
0.680 |
0.492 |
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PROFIT AFTER TAX |
NA |
1.055 |
0.986 |
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Expected Sales (2010-2011 ) : Rs.350.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
0.35 |
0.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.58 |
1.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.14 |
1.98 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.01 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
14.76
|
10.73 |
10.29 |
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Current Ratio (Current Asset/Current Liability) |
|
3.31
|
9.50 |
27.27 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
57.085
|
13.941 |
1.002 |
Note:
Registered office of the company has been shifted from 11-C
Industrial Area, Govindpura, Bhopal-462 023,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45207MP2004PTC016490 |
|
Name of the
company |
MECHMEN
CONSTRUCTIVE SOLUTIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
NH.12, Ratanpur, Near |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Movable
Property ·
Immovable
Property |
|
Particular of
charge holder |
IDBI Bank Limited, |
|
Nature of
description of the instrument creating or modifying the charge |
1.Sanction Letter 2.Home Loan
Agreement 3. Power of
Attorney |
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Date of
instrument Creating the charge |
28.03.2010 |
|
Amount secured by
the charge |
Rs.35.377
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR as
applicable from time to time plus margin of 12.75% (-1) =11.75% Terms of
Repayment Monthly repayment
of 1. Interest on the
amount disbursed till lap loan is not fully disbursed or 12 months have not
lapsed from the date of first disbursement, whichever is earlier 2. Equated
monthly installments Rs.0.419 milion thereafter Margin NA Extent and
Operation of the charge Home loan
facility with limit upto Others Corporate
guarantee of Mechmen Motors Private Limited
given to IDBI BANK on the behalf of Mechmen Constructive Solutions
Private Limited |
|
Short particulars
of the property charged |
Commercial
property on Plot 105/6, located at Panchwati Colony Lavanya Gurukul Graha
Nirman Sahakari Samiti, |
Trade Reference:
·
TATA
Fixed Assets:
·
Computer
·
Office Equipments
·
Furniture and Fixture
·
Working Tools
·
Vehicle
·
Panchwati Mall
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.