MIRA
INFORM REPORT
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Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MAK CONTROLS AND SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
7/41-B, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.03.1994 |
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Com. Reg. No.: |
18-8827 |
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CIN No.: [Company Identification
No.] |
U29199TZ1994PTC008827 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Ircraft Ground
Support Equipments Ground Power Units For 40-180 Kva, Jet Airstarters Form 130-400
Ppm, Pre Airconditioned Air Units Upto 200 Tr, Main Deck Cargo Loaders Etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 555000 |
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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. |
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 DENIED BY
Management is Non Co-operative
LOCATIONS
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Registered Office : |
7/41-B, |
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Tel. No.: |
91-422-4005000 |
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Fax No.: |
91-422-4005000 |
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E-Mail : |
DIRECTORS
As on 24.08.2010
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Name : |
Mr. Saravanan Manickam |
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Designation : |
Director |
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Address : |
7/41-B, |
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Date of Birth/Age : |
08.09.1979 |
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Date of Appointment : |
03.05.1999 |
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Name : |
Mrs. Malliga Manickam |
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Designation : |
Director |
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Address : |
7/41-B, |
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Date of Birth/Age : |
01.04.1979 |
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Date of Appointment : |
23.03.1994 |
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Name : |
Mr. Athappa Gounder Manickam |
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Designation : |
Director |
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Address : |
7/41-B, |
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Date of Birth/Age : |
22.12.1949 |
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Date of Appointment : |
23.03.1994 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.08.2010
|
Names of Shareholders |
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No. of Shares |
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Mr. Athappa Gounder Manickam |
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3988423 |
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Mrs. Malliga Manickam |
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1440500 |
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Mr. Saravanan Manickam |
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2031077 |
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Mr. Jeyasathya Manickam |
|
300000 |
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Total |
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7760000 |
As on 24.08.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ircraft Ground
Support Equipments Ground Power Units For 40-180 Kva, Jet Airstarters Form
130-400 Ppm, Pre Airconditioned Air Units Upto 200 Tr, Main Deck Cargo
Loaders Etc. |
GENERAL INFORMATION
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No. of Employees : |
Information not divulged by the management |
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Bankers : |
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Facilities : |
Notes :- Security for Cash Credit and Other Working Capital Limits : Hypothecation of current assets viz. Raw materials, Stock-in-process,
Finished goods and receivables. The charges of Security for Term Loan assistance : First charge on the existing fixed assets and future assets. The
charges of Syndicate Bank, rank parri passu in favour of Technology
Development Board. Secured by hypothecation of all equipment, apparatus,
machineries, spares, tools and other accessories and/other movable property
with Syndicate Bank. Landed property standing in the name of the company in
SF No. 791/2 ad 791/1 – 5.00 acres.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Sesadri Associates Chartered Accountant |
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Address : |
No. 160A, 1st Floor, Dr. Rajarathinam Street, Behind Katoor
Pilayar Koil Street, Coimabtore – 641009, Tamilnadu, India |
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Associates/Subsidiaries : |
Mak India Limited CIN NO.:- U05110TZ1981PLC001059 Perur Tex Private Limited |
CAPITAL STRUCTURE
As on 24.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7760000 |
Equity Shares |
Rs.10/- each |
Rs.77.600
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 |
77.600 |
57.600 |
57.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.161 |
60.642 |
52.951 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
138.761 |
118.242 |
110.551 |
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LOAN FUNDS |
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1] Secured Loans |
210.811 |
239.313 |
216.318 |
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2] Unsecured Loans |
40.117 |
61.342 |
48.478 |
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TOTAL BORROWING |
250.928 |
300.655 |
264.796 |
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DEFERRED TAX LIABILITIES |
1.359 |
1.183 |
1.211 |
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TOTAL |
391.048 |
420.080 |
376.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
99.277 |
75.504 |
74.717 |
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Capital work-in-progress |
0.000 |
76.328 |
55.415 |
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INVESTMENT |
23.431 |
23.431 |
23.431 |
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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 |
94.865
|
135.127 |
148.488 |
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Sundry Debtors |
122.060
|
122.543 |
94.614 |
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Cash & Bank Balances |
18.297
|
10.173 |
33.716 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
44.199
|
39.048 |
51.824 |
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Total
Current Assets |
279.421
|
306.891 |
328.642 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
52.787
|
64.915 |
105.374 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.600
|
7.200 |
12.100 |
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Total
Current Liabilities |
55.387
|
72.115 |
117.474 |
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Net Current Assets |
224.034
|
234.776 |
211.168 |
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MISCELLANEOUS EXPENSES |
44.306 |
10.041 |
11.827 |
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TOTAL |
391.048 |
420.080 |
376.558 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
284.304 |
326.931 |
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Other Income |
|
4.989 |
1.771 |
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TOTAL (A) |
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289.293 |
328.702 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
251.501 |
276.385 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
37.792 |
52.317 |
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Less |
FINANCIAL
EXPENSES (D) |
|
24.784 |
30.409 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
13.008 |
21.908 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
11.314 |
8.646 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
1.694 |
13.262 |
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Less |
TAX (I) |
|
1.175 |
5.571 |
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PROFIT AFTER TAX
(G-I) (J) |
|
0.519 |
7.691 |
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Earnings Per
Share (Rs.) |
|
0.06 |
1.34 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.18
|
2.34 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.59
|
4.06 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.45
|
3.47 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.11 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
3.15 |
3.46 |
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Current Ratio (Current Asset/Current Liability) |
|
5.04
|
4.25 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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For Trade |
34.091 |
46.000 |
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For Expenses |
17.091 |
16.987 |
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For Others |
1.605 |
1.928 |
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Total |
52.787 |
64.915 |
105.374 |
OPERATIONS :
During the year company earned a gross
sales receipt of Rs.289.293 Millions as against Rs.328.702 Millions. In the
year company has earned a net profit after tax of Rs.0.519 Million as against
Rs.7.691 million in the previous year. The company could not achieve estimate
sales of Rs.342.520 Millions due to postponement export orders and delays in
execution of certain defence orders. The Setback in the working results of the
company attributable to increased in fixed overhead cost under recessionary
market condition.
Aviation Industry is facing tough
business environment with substantial fall both incomes and profits. They
expect that there would be better clarity and improvements in business
operations during current calendar year or early next year and hence coming six
to nine months should be better utilize to consolidate themselves by
controlling cost and improve their customer delivery capabilities so that they
are well equipped to capitalise on future opportunities as and when the
business improves.
The company has already entered into
newer markets and successfully executed projects, which are not in traditional
line of activities. Therefore the company is confident that their objective for
average long term growth will be maintained. The company has bagged various
prestigious contract/orders in the complete power supply requirements of
project AKASH and Major subsystem of Project ADITHYA under Ministry of Defence.
Growth opportunities are significant and the company was able to meet
expectations of the customers in quality, delivery schedules and volumes.
CHANGE OF ADDRESS
:
Registered address of the company has been shifted from 122,
FORM 8 :
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90001625 |
|
Corporate
identity number of the company |
U29199TZ1994PTC008827 |
|
Name of the
company |
MAK CONTROLS AND SYSTEMS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
7/41-B, |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
property Other |
|
Particular of
charge holder |
Syndicate Bank, |
|
Nature of
description of the instrument creating or modifying the charge |
1. Composite Hypothecation
Agreement for SODH limit of Rs.80.000 Millions; 2. Comprehensive Pre and Post
shipment agreement; 3. Omnibus Counter Guarantee; 4. Confirmation of Creation
of Second/Subsequent Equitable Mortgage. |
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Date of
instrument Creating the charge |
31.05.2010 |
|
Amount secured by
the charge |
Rs.323.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: SODH-PLR
(Presently 12%); PCL - PLR minus 2.50% (Presently 9.5%) Terms of
Repayment : Each PCL to be
closed within 180 days. FUBP to be closed within 180 days. ILC/FLC/UBILC to
be closed within 180 days. Margin : SODH-25% margin;
PCL-25% margin; ILC/FLC/UBILC/BG/FBG-10% margin. Extent and
Operation of the charge : The charge
operates as additional security for the due repayment of all liabilities in
respect of the aforesaid loan including costs, charges and expenses and all
other monies due to the bank. The bank reserves the right to change the rate
of interest on the charges in Bank's PLR or otherwise. Others : The PCL limit to
be arranged against confirmed orders/LC. The FDBP/FUBP to be released on
purchase/negotiation of documents. Hypothecation of stock/book debts of less
than 90 days 100% inter-changeability from SODH limit of Rs.80.000 millions
to PCL limit based on Export Orders and 50% of PCL limit of Rs.60.000
millions to SODH subject to prior approval from Regional Office in both the
cases permitted. |
|
Short particulars
of the property charged |
All present and
future goods, book debts, plant and machinery, movables and immovable
properties of the company. |
|
Date of latest
modification prior to the present modification |
30.03.2009 |
|
Particulars of
the present modification |
Pursuant to the execution
of the agreements referred to in the field No.9, the amount secured by the
existing charge on the properties stands reduced from Rs.393.000 millions to
Rs.323.000 millions. |
FIXED ASSETS :
- Land
- Borewell
- Plant and Machinery
- Furniture and
Fittings
- Office
Equipments
- Vehicles
- Leased
Equipments
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.45.05 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.63.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.