MIRA
INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
MACNEILL ENGINEERING LIMITED |
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Registered Office : |
Konchoki Bhasa, Bishnupur Diamond Harbour Road, 24 Parganas
(South)-743503, West Bengal |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.02.1988 |
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Com. Reg. No.: |
21-43836 |
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Capital
Investment / Paid-up Capital : |
Rs. 61.086 Millions |
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CIN No.: [Company
Identification No.] |
U74210WB1988PLC043836 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALM01618B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Battery Operated and Diesel Engine
Grieve. |
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No. of Employees : |
450 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 38000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. 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
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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 |
LOCATIONS
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Registered Office / Factory / Eastern Regional Office : |
Konchoki Bhasa, Bishnupur Diamond Harbour Road, 24 Parganas
(South)-743503, West Bengal, India |
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Tel. No.: |
91-33-24978127 / 24978112 / 8124 / 24531904/05 |
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Mobile No.: |
91-9874414000 (Mr. Pradip) 91-9874414005 (Mr. Chakraborty) 91-9874414006 (Mr. Sanyal) 91-9874414007 (Mr. Bhattacharya) |
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Fax No.: |
91-33- 24978119, 24531904, 22102388 |
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E-Mail : |
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Website : |
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Regional Office
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WESTERN REGIONAL OFFCE MUMBAI
Tel No. :91-22-6668 3005 / 6 / 7 Fax No.:91-22- 6668 3008 Mobile : 91-9930451491 (Mr. R. M. Kadam)
91-9322915855 (Mr. T N Ganeshan) E-mail : macneill@bom5.vsnl.net.in
BARODA BHOPAL DAMAN
Office No. 202, Shivam Complex, Main Road, Dabhel, Amalia, Navi Daman - 396210, India Phone :
91-260-2244776 Mobile :
91-9374860927 (Mr. A. K. Sahoo) SEWRI
SERVICE CENTRE ‘R’ Plot, Kolsa Bunder Road, Sewri East, Mumbai 400 033, Maharashtra, India Phone :
91-22-2371 0439 Telefax :
91-22-2375 4811 Mobile : 0
9324386691 (Mr. Mahesh Yadav) NAGPUR
2nd Floor, ‘Varun Apartment’, Plot No. 48, Kotwal Nagar, Ring Road, Nagpur 440 022, Maharashtra, India Phone :
91-712-3255827 Telefax :
91-712-2283231 Mobile : 0
9923879775 (Mr. V R Matey) E-mail : mel.ngp@gmail.com Pune
Vimal Laxmi, Ground Floor, Opposite Deenanath Mangeshkar Hospital, Erandawane Cooperative Society, Erandwane, Pune 411 004, Maharashtra, India Phone :
91-20-25449918, Fax:
91-20-25449916 Mobile :
91-9372413165 (Mr. R S Khadilkar) Mobile : 91-9763494523
(Mr. G. B. More) E-mail : macneillpu@vsnl.net GOA Joraram Mistri Street, B-6/A4 Vijaynagar Housing Society, Morar, Korlem, Old Goa – 403 110, Maharashtra, India Mobile:
91-932538804 (Mr. Sudhir R Bhat) SOUTHERN REGIONAL OFFICE CHENNAI
11/6, Ramakrishna Street,1st Floor, Nehru Nagar, (Near MIT), Chrompet, Chennai 600 044, Tamil Nadu, India Phone :
91-44-2223 3847 Telefax :
91-44-22233836 Mobile :
91-9962012181 (Mr. C. Udaykumar) E-mail : peagasus@md3.vsnl.net.in HYDRABAD
Flat No. 201, 1st Floor, Sangamitra Apartments, Entrechment Road, Marredpalley, Secunderabad-500 026, Andhra Pradesh, India Phone :
91-40-2773 0126 Mobile :
91-9391198486 (Mr. X. Eugine) E-mail : mel.hyd@gmailcom SARAPAKA
H. No. 11/63, Near Narthaki Theater Road, Sarapaka 507 128, District Khammam, Andhra Pradesh, India Phone :
91-8743-242 653 Mobile :
91-9700948676 (Mr. K. S. P Chari) BANGALORE
7th Floor, Tower Block, Unity Building, J C Road, Bangalore 560 0002, India Phone :
91-80-22294400 / 32922688 Mobile :
91-9342527441 E-mail : melban@vsnl.net GUNTUR 6-6-23/6/1, Arundelpet, Guntur – 522 002, India Telefax : 91-863-2353952 Mobile : 91-939780609 (Mr. Chandrasekhar Rao) NORTHERN REGIONAL OFFICE DELHI
H.No.16/784-85, 2nd Floor, Desh Bandhu Gupta Road, Karol Bagh, New Delhi 110 005, Delhi, India Phone :
91-11-2361 6616/6648 Fax :
91-11-2352 3001 E-mail : http://macneillforklift.com Mobile :
91-9654364301 (Mrs. A. Chatterjee,) Mobile : 91-9654364302
(Mr. S. K. Pundir) PANIPAT Mobile :
91-9896716495 (Mr. C R Mukherjee) E-mail : siteioclmacneill@gmail.com HARIDWAR Mobile: 91-
9412531205 (Mr. R. P. Dubey) JAIPUR Mobile : 91-9928601645
(Mr. Manoj Kumar) NOIDA E-190 Gama I, Greater Noida, Uttar Pradesh, India EASTERN REGIONAL OFFICE BALASORE OFFICE Family quarters : Birla Tyres, AT/PO Chhanpur Via Karuda, District
Balasore:756056, Orissa, India Mobile : 91-99937171169 (Ms. Surya Kanta Nayak) HALDIA Mobile :
91-98744-14022 (Mr. S. Bhanja) |
DIRECTORS
AS ON : 30.09.2009
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Name : |
Mr. Pradip Kumar Churiwala |
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Designation : |
Director |
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Address : |
42/1A, |
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Date of Birth/Age : |
07.06.1958 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Tushar Chaki |
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Designation : |
Director |
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Address : |
176/A, |
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Date of Birth/Age : |
17.09.1969 |
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Date of Appointment : |
30.01.2004 |
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Name : |
Mr. Gaurav Churiwala |
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Designation : |
Director |
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Address : |
8/4, |
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Date of Birth/Age : |
27.06.1978 |
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Date of Appointment : |
01.11.2004 |
KEY EXECUTIVE
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Name : |
Mr. T. Bhatacharya |
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Designation : |
Business Development Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Category |
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Percentage |
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Bodies corporate |
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71.05 |
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Directors or relatives of directors |
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27.92 |
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Other top fifty shareholders |
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1.03 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Battery Operated and Diesel Engine
Grieve. |
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Products : |
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Brand Name : |
“MACNEILL” |
PRODUCTION STATUS AS ON 31.03.2009
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Power Trucks |
Nos. |
900 |
158 |
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Non Power Trucks |
Nos. |
500 |
-- |
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Spares* |
Nos. |
Not
Ascertainable |
-- |
Note:
* In view of varying sizes and types as well
as units, it is not possible to quantify the production.
GENERAL INFORMATION
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Customers : |
Manufacturer
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No. of Employees : |
450 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Raj Kumar Kothari and Company Chartered Accountants |
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Address : |
32 Ezra Street, Kolkata-700001, West Bengal, India |
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PAN No. : |
AAGFR8858M |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital : Rs. 100.000 millions
Issued, Subscribed & Paid-up Capital : Rs.63.086 millions
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
61.086 |
54.086 |
46.586 |
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2] Share Application Money |
0.000 |
0.000 |
4.700 |
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3] Reserves & Surplus |
68.458 |
68.776 |
69.094 |
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4] (Accumulated Losses) |
(120.093) |
(121.579) |
(139.299) |
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NETWORTH |
9.451 |
1.283 |
(18.919) |
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LOAN FUNDS |
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1] Secured Loans |
2.305 |
26.497 |
31.713 |
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2] Unsecured Loans |
28.751 |
9.727 |
45.919 |
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TOTAL BORROWING |
31.056 |
36.224 |
77.632 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.507 |
37.507 |
58.713 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
163.236 |
140.465 |
145.179 |
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Capital work-in-progress |
4.117 |
5.976 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
66.955
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49.119
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37.475 |
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Sundry Debtors |
39.119
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34.751
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36.724 |
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Cash & Bank Balances |
9.854
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6.536
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2.135 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
95.751
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85.532
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91.299 |
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Total
Current Assets |
211.679
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175.938
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167.633 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
328.219
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233.091
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150.474
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Other Liabilities |
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40.094
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88.035 |
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Provisions |
10.406
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11.787
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15.690 |
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Total
Current Liabilities |
338.625
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284.972
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254.199 |
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Net Current Assets |
(126.946)
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(109.034)
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(86.566) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.507 |
37.507 |
58.713 |
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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 |
176.336 |
126.565 |
156.233 |
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Other Income including Services Income |
36.262 |
53.663 |
38.658 |
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TOTAL (A) |
212.598 |
180.228 |
194.891 |
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Less |
EXPENSES |
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Cost of materials |
119.761 |
99.306 |
109.857 |
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Manufacturing Expenses |
11.600 |
8.564 |
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Selling and Services Expenses |
70.722 |
48.900 |
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TOTAL (B) |
202.083 |
156.770 |
180.169 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.515 |
23.458 |
14.722 |
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Less |
FINANCIAL
EXPENSES (D) |
2.295 |
0.579 |
0.085 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.220 |
22.879 |
14.637 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.734 |
5.159 |
5.090 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.486 |
17.720 |
9.547 |
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Less |
TAX (I) |
0.000 |
0.000 |
0.860 |
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PROFIT AFTER TAX
(G-I) (J) |
1.486 |
17.720 |
8.687 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(121.579) |
(139.299) |
(147.986) |
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BALANCE CARRIED
TO THE B/S |
(120.093) |
(121.579) |
(139.299) |
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EARNINGS IN
FOREIGN CURRENCY |
NA |
0.000 |
0.247 |
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C. I. F. Value
of Imports |
NA |
23.370 |
23.641 |
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Earnings Per
Share (Rs.) |
NA
|
03 |
-- |
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Particulars |
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31.03.2011 |
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Sales Turnover (Approximately) |
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280.000 |
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Expected Sales (2011-2012) : Rs. 350.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.70 |
9.83 |
4.46 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.84 |
14.00 |
6.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.40 |
5.60 |
3.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
13.81 |
(0.50) |
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Debt Equity Ratio (Total Liability/Networth) |
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39.12 |
250.35 |
(17.54) |
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Current Ratio (Current Asset/Current Liability) |
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0.63 |
0.62 |
0.66 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
MACNEILL ENGINEERING LIMITED |
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Presented By |
Of Macneill Engineering Limited |
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1) Date and description of instrument creating the change |
Deeds of Hypothecation dated the 24 day of 1998 executed by MACNEILL ENGINEERING LIMITED (therein and hereinafter referred to as “the Company”) in favour of ICICI Limited (therein and hereinafter referred to as “ICICI”). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.60.000 millions (hereinafter referred to the Loan) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the moveable properties of the Company situate at Mouza Bhasa in the District of 24-Parganas South in the State of West Bengal including the Company’s moveable plant and machinery, machinery spares, tools and accessories and book debts and other moveable both present and future (therein and hereinafter referred to as “the said goods”). |
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4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of ICICI having agreed to lend and advance to the Company the Loan, agreement and declaration by the Company, inter alia, as follows :- 1. The said goods were thereby hypothecated to ICICI as and by way of First Charge as security for and be charged with the repayment of the Loan with interest thereon at the respective agreed rates, additional interest, liquidated damages, commitment charge, premium on prepayment or on redemption, costs, charges and other expenses payable by the Company to ICICI in respect thereof provided that the charge of ICICI on the said goods will be subject to the charge or charges to be created by the Company in favour its bankers on its stocks of raw materials, semi finished and finished goods, consumable stores and book debts and such other moveable as may be specially permitted by ICICI, in writing, to secure borrowings for working capital requirements. 2. The Company to duly repay to ICICI at 3. The Company to keep the said goods in marketable and good condition and also insured as provided therein. 4 Power of entry, power to take charge and/or possession, seize, recover, receive, appoint receiver of and remove and/or sell by public auction or private contract, despatch for realisation or otherwise dispose of or deal with all or any part of the said goods etc. as provided therein. |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Limited, C-23, G Block,, Sandra Kurla Complex Bandra
(East), Mumbai-400051, |
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6) Date and brief description of instrument modifying the charge |
No instrument was executed but on the 26th day of March, 1999, a joint mortgage was created by the Company in favour of ICICI and The Federal Bank Limited (FBL’) by deposit of title deeds with ICICI, ICICI acting for itself and as agent of FBL in respect of the Company’s immovable properties situate at Mouza Bhasa in the District of 24 Parganas South in the State of West Bengal in order to create a security thereon as and by way of mortgage by deposit of title deeds pursuant to the resolution passed by the Company on the 1st day of March, 1999. |
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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. |
The Loan together with interest thereon at the respective agreed rates, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Company to ICICI in respect thereof secured under the abovementioned Deed of Hypothecation is also now secured, inter alia, by the said mortgage by deposit of title deeds by way of constructive delivery in respect of the Company’s immovable properties situate at Mouza Bhasa in the District of 24-Parganas South in the State of West Bengal together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened anything attached to the earth. |
FIXED ASSETS
- Land
- Building
- Plant and machinery
- Motor Vehicles
- Electrical Installation
- Tools and Spares
- Patent and Trade Mark
AS PER WEB DETAILS
BACKGROUND
Subject was established in the year 1964 with collaboration with
Lansing Bagnall for manufacture of Forklift Trucks and subsequently it became a
part of Williamson Magor Group (presently a Member of the STARTRACK Group). It
manufactures Electric and Diesel forklift trucks and other industrial material
handling equipment in the light to medium range, under the brand name "MACNEILL"
PRODUCT RANGE
- Hand operated Pallet Trucks upto 3.0
ton capacity
- Battery Operated Stackers upto 1.0 ton
capacity
- Powered Pallet Trucks upto 3.0 ton
capacity
- Heavy Duty Stackers upto 2.0 ton
capacity
- Battery operated Forklift Trucks upto
4.0 ton capacity
- Heavy Duty Moving Mast Reach Trucks
–1.5 ton
- Tow Trucks upto 10.0 ton and Platform
Trucks upto 4.0 ton.
- Diesel Forklift Truck upto 3.0 ton
capacity
- Scissors Lift Tables and Dock Levellers
- Storage Systems
In addition, the
company trades in electrical equipment such as Motor Control Gears, Flame-proof
Starters, Electrical Control Panels(LT and HT), Vacuum Circuit Breakers,
Vacuum Cantatactors and similar products.
GROWTH PERSPECTIVE AND FORESIGHT FOR THE FUTURE
The expansion of the Indian economy, especially in the core
and infrastructure sectors automatically implies requirements for storage and
material handling services. With the superior product, well-established market
reputation and a reliable service back up, Macneill Engineering Limited is a
name to reckon in the Industry.
In order to cater to the potentially explosive growth
scenario, Macneill Engineering Limited has expanded its production capacities
in a substantial manner by setting up a new state of art unit on the outskirts
of Calcutta. This will double the production capacity in the existing range of
products apart from introduction of many new models including those with diesel
engines to give it a wider market coverage.
Battery operated Auto-rickshaws
Subject an
erstwhile Williamson Magor Group company, is planning to make battery-operated
auto-rickshaws soon. The company primarily manufactures forklifts.
The company, which
is on course to post a turnaround during the current year, will be leveraging
its strength in manufacturing battery-operated forklifts for making the
auto-rickshaws. Subject will be the first Indian company to make such vehicles.
Subject chairman
Pradip Churiwal told FE that the environment-friendly vehicle holds a lot of
potential for plying short distances, especially in the city suburbs.
“Battery-operated
auto-rickshaws hold a lot of potential. In fact, in the rural areas too this
will be very useful. They are planning to develop a prototype within the next
three months and thereafter begin manufacturing in their own factory,” Mr
Churiwal said.
The company will
also make the motor for the auto-rickshaws at its own factory which will be
sold under the Macneill brandname. However, the company is yet to decide on the
price but feels that the operating cost of these vehicles will be significantly
cheaper, compared to the conventional diesel auto-rickshaws. Subject has lined
up a Rs 6-crore capital expenditure in 2005 which will be used for expanding
its manufacturing capacity at its only plant in the southern fringes of
Kolkata. The plant, currently, makes 850 forklifts a year.
According to Mr
Churiwal, Macneill is in talks with Reliance and IPCL for supplying fire-proof
forklifts for the companies’ PTA plants. It has designed a new fire-proof
forklift that can be used in high-risk areas as a glass ceiling cut-off oxygen
during ignition.
Subject ering will
also be in charge of maintaining the equipment in these plants. The company has
recently bagged a Rs 14-crore order from engineering major Larsen and Toubro
for supplying 78 forklifts in the current year.
Subject is eyeing a turnover of Rs 400.000 millions in 2005,
from an accumulated loss of Rs 100.000 millions in 2003. “They have lost market
share to new entrants like Godrej and Voltas who have gained ground at our
expense. Their immediate target is to regain those customers who have shied
away from them,” added Mr Churiwal. Macneill, which sells around 800 forklifts
a year in a 4,000-unit market, is also reviving some of its old businesses like
manufacturing of electrical switches.
Subject has launched its Diesel Forklift Trucks along with
its standard features of smooth and step less drive, high speed, maneuverability
and gradability. The trucks have an aesthetically designed overhead guard and
fibre glass multi-instrument dash panel.
Counterbalanced Electric Forklift Truck
- Clear view mast.
- Strong and Low Chassis Height.
- 8 kW Drive Motor.
- Drive control with High and Safe
- Travelling Speeds.
- Ergonomically Positioned Controls.
- Higher Voltage Batteries (48V).
- Large Diameter Wheels with Easy Removal
of mast unit.
- Mast Unit.
- Drive Axle and Rear Axle.
- Hydraulic System Designed for
- High Pressure Operation.
- Gear Pump.
- Hydraulic Oil Tank.
- Brakes-Hydraulic and Mechanical.
- Options for Power Steering, Lights
etc...
LIFTING HOPES: PLANNING FOR A TURNAROUND
Subject has been a forerunner in manufacturing of forklifts and other material
handling equipment in the country. The company hopes to post a turnaround in
2005 and has embarked upon an ambitious target of achieving a turnover of Rs
500.000 millions by end-2006. A strong brand equity and a near monopoly in
making of battery operated forklifts had attracted the current management, led
by its chairman Pradip Churiwal, to take over the company from the Khaitans in
January 2004. According to Mr Churiwal, an unwarranted delay in executing
orders and an “extra cushion” provided by the former management had pulled the
company down over the years. However, having cleared the backlog and trimmed
the workforce, the company is gung-ho on the prospects for 2005 as it prepares
to dispatch the first consignment of 78 fire-proof forklifts for engineering
heavyweight L and T. The order is estimated at Rs 140.000 millions.
“They have developed this special air-tight
forklifts for L and T for the first time in the country. So far imported from
Germany, it is ideal for use in high risk or Zone 22 areas,” says Mr Churiwal.
“Their competitors have made inroads simply
because we did not cater to them on time. It is simply a matter of time before
we begin winning back those customers who have shied away from us,” says Mr
Churiwal.
New Growth Areas
Subject has
identified forklift leasing as a new revenue earning model. The company is in
talks with IPCL and Indo Rama for leasing out forklifts. Macneill is also
entering the spares and after-sales services business by floating a subsidiary
called Macneill Forklift Services Ltd by the end of the current fiscal. The
company estimates the size of the spares business to be in the region of Rs 8
millions a year. It is also bullish on the prospects of material handling
equipment like hand pallet trucks.
Although the company has not changed its product-mix after the change in
its management, the focus will remain on introduction of new equipment handling
tools in the future. “Macneill always banked on big customers and the effort
will be to retain them and bring in new ones. But the focus for the time being
will be on stabilizing the operations,” says Mr Churiwal.
Another new area
that Macneill will be entering soon is battery operated auto-rickshaws. Ideal
for plying short distances, Macneil plans to develop a prototype of this
vehicle within the next three months.
Export Thrust
Subject is exploring the possibility of sending export consignments to
the neighbouring countries like Bangladesh, Nepal and Sri Lanka. While it has
already exported forklifts for use at Tribhuban airport in Kathmandu, talks are
currently on for appointing an agent in Sri Lanka.
“Sri Lanka is an
untapped market. Currently all their requirements are imported and there are no
forklift manufacturers in that country. Since we also have a free trade
agreement with Sri Lanka in place, their products will be significantly
cheaper,” says Mr Churiwal.
HR Focus
Employee
motivation has played a key role in bringing about a turnaround in the company.
Says Mr Churiwal, “The employees were pampered with a lot of benefits by the
previous management. After repeated meetings with the unions, they had to
convince them that the curtailing of certain perks and benefits were actually
for their own good. They trimmed the workforce but recalled some old hands
which went down well with the company employees.
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.44.52 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
27 |
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.