MIRA
INFORM REPORT
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Report Date : |
16.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MAG TECH PROCESS EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
S-22, Industrial Area, Anand Parbat, Street No. 12, New Rohtak Road,
New Delhi-110005 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.06.2008 |
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Com. Reg. No.: |
55-179975 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.100 Millions |
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CIN No.: [Company
Identification No.] |
U29220DL2008PTC179975 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Process Equipments for Chemical Industry. |
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No. of Employees
: |
75 (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 12000 |
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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 a company having moderate track. Profitability of the
company appears to be low. 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
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Riazuddin Tomar |
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Designation : |
Director |
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Contact No.: |
91-9818159190 |
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Date : |
12.05.2011 |
LOCATIONS
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Registered Office : |
S-22, Industrial Area, Anand Parbat, Street No. 12, New Rohtak Road,
New Delhi-110005, India |
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Mobile No.: |
91-9818159190 (Mr. R N Tomar) |
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E-Mail : |
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Area : |
Owned |
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Corporate Office : |
B-17, |
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Tel. No.: |
91-120-6452536 |
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Fax No.: |
91-120-4158030 |
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Area : |
Owned |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Riazuddin Tomar |
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Designation : |
Director |
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Address : |
B-832, |
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Date of Birth/Age : |
01.06.1973 |
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Qualification : |
MBA |
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Date of Appointment : |
24.06.2008 |
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DIN No.: |
0217705 |
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Name : |
Mr. Parveen Hashmi |
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Designation : |
Director |
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Address : |
B-832, |
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Date of Birth/Age : |
23.09.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
24.06.2008 |
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DIN No.: |
02188970 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Riazuddin Tomar |
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105000 |
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Parveen Hashmi |
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105000 |
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Total |
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210000 |
As on : 30.09.2010
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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 Process Equipments for Chemical Industry. |
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Products : |
·
Fabricated Reactors ·
Crystallizers ·
Centrifuges ·
Heat Exchangers ·
Evapoirators ·
Storage Vesssels ·
Distillation Systems ·
Industrial Drying Equipments ·
P-FRP and FRP Vessels ·
Material Handling Equipments ·
Water Management Systems |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
Depends |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
75 (Approximately) |
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Bankers : |
Vijaya Bank,
Indirapuram, Ghaziabad, Uttar Pradesh – 201010, INDIA |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinay Satya and Company Chartered Accountant |
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Address : |
SF-18, 2nd Floor, New Central Market, Ambedkar Road,
Ghaziabad – 201001, Uttar Pradesh, India
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Tel. No: |
91-120-4135770 |
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Associates/Subsidiaries : |
Megatech Engineers Address: Line of Business: Manufacturer of Process Equipments for Chemical Industry. |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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210000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.100
Millions |
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As on : 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.100 |
2.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.788 |
0.292 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2.888 |
2.392 |
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LOAN FUNDS |
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1] Secured Loans |
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5.350 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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5.350 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.072 |
0.000 |
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TOTAL |
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8.310 |
2.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.014 |
1.208 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.007 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.194
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7.041 |
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Sundry Debtors |
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3.265
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1.750 |
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Cash & Bank Balances |
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0.063
|
0.288 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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1.418
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0.868 |
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Total
Current Assets |
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9.940
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9.947 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
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5.004
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8.428 |
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Provisions |
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0.640
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0.342 |
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Total
Current Liabilities |
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5.644
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8.770 |
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Net Current Assets |
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4.296
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1.177 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.310 |
2.392 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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TOTAL INCOME |
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30.114 |
22.090 |
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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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29.375 |
21.674 |
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Interest |
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Depreciation |
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TOTAL |
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29.375 |
21.674 |
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PROFIT BEFORE
TAX |
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0.739 |
0.416 |
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Less |
TAX |
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0.243 |
0.123 |
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PROFIT AFTER TAX
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0.496 |
0.293 |
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Earnings Per
Share (Rs.) |
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2.36 |
1.40 |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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57.700 |
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The above information has been parted by Mr. Mr. Riazuddin Tomar.
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
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1.64 |
1.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.29 |
3.72 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.80 |
3.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.76 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULT
OF THE COMPANY :
The company has earned a Net Profit of Rs. 0.495 millions for the year
ended 31st March, 2010 (Previous Year Rs. 0.292 millions) the Directors
are making sincere efforts to strengthen the company and are hopeful that the
company would further progress during the year to come.
FORM : 8
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Corporate identity number of the company |
U29220DL2008PTC179975 |
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Name of the company |
MAG TECH PROCESS EQUIPMENTS PRIVATE
LIMITED |
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Address of the registered office or of the
principal place of business in |
S - 22, Industrial Area Anand Parbat,
Street no. 12, New Rohtak Road, New Delhi – 110005, Delhi, India |
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This form is for |
Modification of charge |
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Type of charge |
Book debts Movable property (not being pledge) |
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Particular of charge holder |
Vijaya Bank, Indirapuram, Ghaziabad, Uttar
Pradesh – 201010, INDIA |
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Nature of instrument creating charge |
Hypothecation Agreement (Doc-56) For
Hypothecation of Stock and Receivable Loan Sanction Documents And Signed Demand
Acceptance Letter |
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Date of instrument Creating the charge |
30.03.2011 |
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Amount secured by the charge |
Rs. 10.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Rate Of Interest - Base Rate + 4.50% Per
Annum ( At Present Base Rate is 9.50%) Terms
of repayment Not Applicable Being Cash Credit Limit Margin Margin - 25% On Stock And 50% On Book
Debts Extent
and operation of the charge Stock and Book Debts Other
Nil |
|
Particulars of the present modification |
Total Bank Finance Increase From 6.000
millions To 10.000 millions - Vijaya Bank, Indirapuram Branch. |
FIXED ASSETS :
·
Computer
·
Air Conditioner
·
Car
·
Generator
·
Machinery
·
R.O. Water
·
Voltage Stabilizer
·
Inverter
·
Fax Machines
·
Mobile
·
Cycles
·
Scooter
·
Furniture
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 |
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|
1 |
Rs. 73.05 |
|
Euro |
1 |
Rs. 64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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.