%20TECHCENTRE%20PRIVATE%20LIMITED%20-%20141921%2014-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MEIKO ( |
|
|
|
|
Registered
Office : |
No.65/8, 1st Floor, Agara, |
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|
Country : |
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Financials (as
on) : |
31.03.2010 |
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|
|
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Date of
Incorporation : |
18.05.2007 |
|
|
|
|
Com. Reg. No.: |
08-042846 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs.49.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28996KA2007FTC042846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM11788A |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturing and
Distribution of specialized Commercial Dishwashing Machines and Systems. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 86000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Meiko Group. Engaged in manufacturing and
distribution of specialized commercial dish washing machines and systems. It is an established company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
fair. Business is active. Payments are reported to be slow but correct. 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 |
LOCATIONS
|
Registered Office : |
No.65/8, 1st Floor, Agara, |
|
Tel. No.: |
91-80-25729216/ 17/ 18 |
|
Fax No.: |
91-80-25729219 |
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E-Mail : |
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|
Website : |
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Gurgaon Office : |
207, |
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Tel. No.: |
91-124-2567741/ 2567742/ 4101091 |
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|
|
Overseas Office : |
MEIKO Maschinenbau GmbH and Company KG – Englerstr. 3- D-77652 |
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Tel. No.: |
+49 781 203-0 |
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Fax No.: |
+49 781 203-1179 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.08.2010
|
Name : |
Mr. Virendra Dutt |
|
Designation : |
Managing Director |
|
Address : |
793, 9th Main, 3rd Block, Koramangala, |
|
Date of Birth/Age : |
14.05.1946 |
|
Date of Appointment : |
01.07.2007 |
|
DIN No.: |
00434955 |
|
|
|
|
Name : |
Mr. Thakur Rituparan Singh |
|
Designation : |
Managing Director |
|
Address : |
A/7/18, DLF Qutab Enclave, Phase I, Gurgaon – 122 002, |
|
Date of Birth/Age : |
24.12.1943 |
|
Date of Appointment : |
01.07.2007 |
|
Other Directorship : |
CIN of company: U74210KA1994PTC015696 Name of the company: Wotek Engineering Services Private Limited Designation: Executive Director |
|
DIN No.: |
01327253 |
|
|
|
|
Name : |
Mr. Juergen Thomas Sachs |
|
Designation : |
Director |
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Address : |
Orsteil buehl, St-Peter UND Paul STR. 6, |
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Date of Birth/Age : |
27.12.1965 |
|
Date of Appointment : |
18.05.2007 |
|
DIN No.: |
01489571 |
|
|
|
|
Name : |
Burkhard Joachim Wolfgang Randel |
|
Designation : |
Director |
|
Address : |
Schlehenweg 40, Lahr Schwarzwald, 77933 |
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Date of Birth/Age : |
30.09.1950 |
|
Date of Appointment : |
18.05.2007 |
|
DIN No.: |
01302817 |
|
|
|
|
Name : |
Dr. Stefan Andreas Georg Scheringer |
|
Designation : |
Director |
|
Address : |
Ortseil Suedoststadt, Franz-Ludwig-Mersy-Strasse 17, |
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Date of Birth/Age : |
17.01.1959 |
|
Date of Appointment : |
18.05.2007 |
|
DIN No.: |
01302839 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Satish Srinivasan |
|
8000 |
|
Kapila Sankar Pattah |
|
2000 |
|
Meiko Beteiligungs |
|
4606000 |
|
Virendra Dutt |
|
142000 |
|
Thakur Rituparan Singh |
|
142000 |
|
Total
|
|
4900000 |
As on 30.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Distribution of specialized Commercial Dishwashing Machines and Systems. |
|
|
|
|
Products : |
Dishwashers |
GENERAL INFORMATION
|
Bankers : |
ICICI Bank
Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
T. Sriram and Company Chartered Accountants |
|
Address : |
2974, 17th Cross, |
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|
|
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Holding Company : |
Meiko Beteiligungs |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4900000 |
Equity Shares |
Rs.10/- each |
Rs.49.000
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.000 |
29.000 |
19.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(27.494) |
(18.085) |
(8.278) |
|
|
NETWORTH |
21.506 |
10.915 |
10.722 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.448 |
1.062 |
1.489 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.400 |
|
|
TOTAL BORROWING |
0.448 |
1.062 |
1.889 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.068 |
|
|
|
|
|
|
|
|
TOTAL |
21.954 |
11.977 |
12.679 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.253 |
4.195 |
5.476 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.824 |
0.320 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.374
|
9.347 |
4.785 |
|
|
Sundry Debtors |
19.799
|
8.028 |
2.600 |
|
|
Cash & Bank Balances |
10.370
|
2.729 |
6.074 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.338
|
2.345 |
3.382 |
|
Total
Current Assets |
44.881
|
22.449 |
16.841 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23.671
|
12.722 |
8.329 |
|
|
Other Current Liabilities |
1.107
|
1.059 |
1.188 |
|
|
Provisions |
2.226
|
1.206 |
0.121 |
|
Total
Current Liabilities |
27.004
|
14.987 |
9.638 |
|
|
Net Current Assets |
17.877
|
7.462 |
7.203 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21.954 |
11.977 |
12.679 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
|
Income |
53.000 |
33.682 |
8.386 |
|
|
|
Other Income |
|
|
8.131 |
|
|
|
Increase/ Decrease in Inventory |
3.869 |
4.561 |
4.785 |
|
|
|
TOTAL |
56.869 |
38.243 |
21.302 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
35.272 |
20.277 |
28.600 |
|
|
|
Personnel Expenses |
18.109 |
16.374 |
|
|
|
|
Operating Costs |
12.358 |
10.111 |
|
|
|
|
TOTAL |
65.739 |
46.762 |
28.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(8.870) |
(8.519) |
(7.298) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
1.042 |
1.437 |
0.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(9.912) |
(9.956) |
(8.089) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.503) |
(0.149) |
0.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(9.409) |
(9.807) |
(8.278) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10.753 |
12.984 |
7.620 |
|
|
TOTAL EARNINGS |
10.753 |
12.984 |
7.620 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.92) |
NA |
NA |
|
%20TECHCENTRE%20PRIVATE%20LIMITED%20-%20141921%2014-May-2011_files/image003.gif){kind=small}
%20TECHCENTRE%20PRIVATE%20LIMITED%20-%20141921%2014-May-2011_files/image004.gif){kind=small}
%20TECHCENTRE%20PRIVATE%20LIMITED%20-%20141921%2014-May-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(16.55)
|
(25.64) |
(38.86) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(96.46) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.59) |
(37.37) |
(36.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.46) |
(0.91) |
(0.75) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.28
|
1.47 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.50 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE PROSPECTS:
The Operations of the Company will reflect the expected results in the
coming year.
FIXED ASSETS:
v
Computers
v
Office Equipments
v
Tools and Accessories
v
Vehicles
v
Furniture and Fixtures
WEBSITE DETAILS:
COMPANY PROFILE
OVERVIEW:
The Meiko Group
founded in 1927 at
Meiko has 18 wholly
owned subsidiaries in
The endeavour is to
bridge the gap between Germany and India by establishing a nation wide
specialized professional service which will ensure that even the most remote locations
will receive the Service support, distribution network with easy availability
of spares from the local bonded warehouse and reducing the lead and reaction
time.
Meiko is well
established in the Indian Market since the early 90‘s and they have a long list
of patrons and satisfied users. Most leading chains such as Taj Group, Oberoi,
Welcomgroup, Marriott, etc have standardized on Meiko Dishwashing machines due
to their reliability and low operating costs. The attached list of
installations is a testimony of the success.
Kindly find below
the Meiko range of equipments:
v
Automatic
Dishwashers with Stationary Operations
v
Automatic
Pass through Washing Units.
v
Special
Dishwashing Systems.
v
Conveyor
Systems
v
Food
Waste Treatment Systems
v
Industrial
Kitchen Equipment (Shelving, Tables, Dish Shower, Baskets)
v
Hygiene
Equipment for Hospitals and Homes.
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.