MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
MACNEILL ENGINEERING LIMITED |
|
|
|
|
Registered Office : |
Konchoki Bhasa, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
24.02.1988 |
|
|
|
|
Com. Reg. No.: |
21-43836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 61.086 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210WB1988PLC043836 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALM01618B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Battery Operated and Diesel Engine
Grieve. |
|
|
|
|
No. of Employees : |
450 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 38000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
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. Pradip Kumar Churiwala |
|
Designation : |
Director |
|
Date : |
15.06.2011 |
LOCATIONS
|
Registered Office / Factory: |
Konchoki Bhasa, Diamond Harbour Road, P.O.
Bishnupur, 24 PGS (S)-743503, West Bengal, India |
|
|
|
|
Tel. No.: |
91-33-24978127 / 24978112 / 8124 / 24531904/05 |
|
Mobile No.: |
91-9874414000 (Mr. Pradip) |
|
Fax No.: |
91-33- 24978119, 24531904, 22102388 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Office
: |
Located at: · Mumbai · Baroda · Bhopal · Nagpur · Nani Daman · Pune · Chennai · Bangalore · Secunderabad ·
Guntur ·
Sarpaka ·
Hyderabad ·
Panipat ·
Haridwar ·
Jaipur ·
Noida |
DIRECTORS
|
Name : |
Mr. Pradip Kumar Churiwala |
|
Designation : |
Director |
|
Address : |
42/1A, |
|
Date of Birth/Age : |
07.06.1958 |
|
Date of Appointment : |
01.11.2004 |
|
|
|
|
Name : |
Mr. Tushar Chaki |
|
Designation : |
Director |
|
Address : |
176/A, |
|
Date of Birth/Age : |
17.09.1969 |
|
Date of Appointment : |
30.01.2004 |
|
|
|
|
Name : |
Mr. Gaurav Churiwala |
|
Designation : |
Director |
|
Address : |
8/4, |
|
Date of Birth/Age : |
27.06.1978 |
|
Date of Appointment : |
01.11.2004 |
KEY EXECUTIVE
|
Name : |
Mr. T. Bhatacharya |
|
Designation : |
Business Development Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2009)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
71.05 |
|
Directors or relatives of directors |
|
27.92 |
|
Other top fifty shareholders |
|
1.03 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Battery Operated and Diesel Engine Grieve. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Name : |
“MACNEILL” |
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Battery Operated and Diesel Engine Grieve. |
||||||
|
Countries : |
·
Nepal ·
Bangladesh |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Parts |
||||||
|
Countries : |
|
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Purchasing : |
Depend |
PRODUCTION STATUS AS ON 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Power Trucks |
Nos. |
900 |
158 |
|
Non Power Trucks |
Nos. |
500 |
-- |
|
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
|
Customers : |
Manufacturer
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
No. of Employees : |
450 [Approximately] |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Raj Kumar Kothari and Company Chartered Accountants |
|
Address : |
32 Ezra Street, Kolkata-700001, West Bengal, India |
|
PAN No. : |
AAGFR8858M |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Share |
Rs.10/- Each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital : Rs.63.086 millions
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
61.086 |
54.086 |
46.586 |
|
|
2] Share Application Money |
0.000 |
0.000 |
4.700 |
|
|
3] Reserves & Surplus |
68.458 |
68.776 |
69.094 |
|
|
4] (Accumulated Losses) |
(120.093) |
(121.579) |
(139.299) |
|
|
NETWORTH |
9.451 |
1.283 |
(18.919) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.305 |
26.497 |
31.713 |
|
|
2] Unsecured Loans |
28.751 |
9.727 |
45.919 |
|
|
TOTAL BORROWING |
31.056 |
36.224 |
77.632 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.507 |
37.507 |
58.713 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
163.236 |
140.465 |
145.179 |
|
|
Capital work-in-progress |
4.117 |
5.976 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
66.955
|
49.119
|
37.475 |
|
|
Sundry Debtors |
39.119
|
34.751
|
36.724 |
|
|
Cash & Bank Balances |
9.854
|
6.536
|
2.135 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
95.751
|
85.532
|
91.299 |
|
Total
Current Assets |
211.679
|
175.938
|
167.633 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
328.219
|
233.091
|
150.474
|
|
|
Other Liabilities |
|
40.094
|
88.035 |
|
|
Provisions |
10.406
|
11.787
|
15.690 |
|
Total
Current Liabilities |
338.625
|
284.972
|
254.199 |
|
|
Net Current Assets |
(126.946)
|
(109.034)
|
(86.566) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.507 |
37.507 |
58.713 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
176.336 |
126.565 |
156.233 |
|
|
|
Other Income including Services Income |
36.262 |
53.663 |
38.658 |
|
|
|
TOTAL (A) |
212.598 |
180.228 |
194.891 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials |
119.761 |
99.306 |
109.857 |
|
|
|
Manufacturing Expenses |
11.600 |
8.564 |
|
|
|
|
Selling and Services Expenses |
70.722 |
48.900 |
|
|
|
|
TOTAL (B) |
202.083 |
156.770 |
180.169 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.515 |
23.458 |
14.722 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.295 |
0.579 |
0.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.220 |
22.879 |
14.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.734 |
5.159 |
5.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.486 |
17.720 |
9.547 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1.486 |
17.720 |
8.687 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(121.579) |
(139.299) |
(147.986) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(120.093) |
(121.579) |
(139.299) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
0.000 |
0.247 |
|
|
|
|
|
|
|
|
|
|
C. I. F. Value
of Imports |
NA |
23.370 |
23.641 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA
|
03 |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
280.000 |
|
|
|
|
|
Expected Sales (2011-2012) : Rs. 350.000 Millions
The above information has been parted by Mr. Pradip [Director].
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.70 |
9.83 |
4.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.84 |
14.00 |
6.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40 |
5.60 |
3.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
13.81 |
(0.50) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
39.12 |
250.35 |
(17.54) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.63 |
0.62 |
0.66 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
MACNEILL ENGINEERING LIMITED |
|
Presented By |
Of Macneill Engineering Limited |
|
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”). |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.60.000 millions (hereinafter referred to the Loan) |
|
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”). |
|
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. |
|
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, |
|
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. |
|
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"
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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.