MIRA
INFORM REPORT
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Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MEC SHOT BLASTING EQUIPMENT PRIVATE LIMITED |
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Registered Office : |
E-279, Marudhar Industrial Area, Phase – II, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.08.1990 |
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Com. Reg. No.: |
17 – 5537 |
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Capital
Investment / Paid-up Capital : |
Rs.14.550 Millions |
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CIN No.: [Company
Identification No.] |
U29299RJ1990PTC005537 |
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IEC No.: |
1393005187 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHM03594D |
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PAN No.: [Permanent
Account No.] |
AABCM5857D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Abrasive Blasting Machines, Dust Collectors and
Spares for Blasting Machines |
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No. of Employees
: |
525 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 330000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported to be experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for 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 |
LOCATIONS
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Registered/ Corporate Office/Factory : |
E-279, Marudhar Industrial Area, Phase – II, |
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Tel. No.: |
91-291-2740609 / 2744068 |
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Fax No.: |
91-291-2742409 |
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E-Mail : |
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Website : |
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Area : |
43624 Sq.ft |
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Location : |
Owned |
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Branches : |
Located at:
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DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Anand Kishore Modi |
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Designation : |
Managing Director |
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Address : |
47-B-5, PWD Colony, |
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Date of Birth/Age : |
16.06.1955 |
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Qualification : |
B.Com, L.L.B |
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Experience : |
24 Years |
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Date of Appointment : |
09.08.1990 |
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Din No.: |
00164249 |
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Name : |
Mr. Vaibhav Modi |
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Designation : |
Executive Director |
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Address : |
47-B-5, PWD Colony, |
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Date of Birth/Age : |
29.01.1983 |
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Qualification : |
B.Com, M.B.A |
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Experience : |
5 Years |
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Date of Appointment : |
16.06.2005 |
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Din No.: |
00164396 |
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Name : |
Mr. Madho Das Modi |
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Designation : |
Whole time Director |
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Address : |
982, |
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Date of Birth/Age : |
03.06.1940 |
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Date of Appointment : |
09.08.1990 |
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Din No.: |
00164441 |
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Name : |
Mrs. Pushpa Modi |
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Designation : |
Director |
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Address : |
47-B-5, PWD Colony, |
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Date of Birth/Age : |
12.02.1960 |
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Date of Appointment : |
14.02.2006 |
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Din No.: |
00164300 |
KEY EXECUTIVES
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Name : |
Mr. S.N Sharma |
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Designation : |
Management Representative |
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Name : |
Mr. Shiv Prakas |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2010
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Names of Shareholders |
No. of Shares |
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Anand Kishore Modi |
671760 |
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Puspha Modi |
173230 |
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Vaibhav Modi |
600010 |
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Total |
1445000 |
LIST OF ALLOTTEES :
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Names of Shareholders |
No. of Shares |
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Anand Kishore Modi |
250000 |
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Vaibhav Modi |
250000 |
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As on : 30.09.2010
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Equity Share
breakup (percentage of total equity) |
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Abrasive Blasting Machines, Dust Collectors and
Spares for Blasting Machines |
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Products : |
ITC CODE |
Product Description |
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8424.80 |
Abrasive
Blasting Machines |
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8421.10 |
Dust Collectors |
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8424.99 |
Spares for
Blasting Machines |
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GENERAL INFORMATION
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No. of Employees : |
525 (Approximately) |
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Bankers : |
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Facilities : |
Particular |
31.03.2010 (Rs. In Millions) |
31.03.2008 (Rs. In Millions) |
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SECURED LOAN [A] ICICI Bank
Limited, Vehicle loan against hypothecation of motor car A. Mercedes – Benz B. BMW C. Prado – Toyota D. Jetta Car E. Mercedes – Benz 280 CDI [B] From State
Bank of India [Secured against lien over bills discounted and charged over book
debts and equitable mortgage of factory land and building and hypothecation
of plant and machinery (b) Book Debts (b) Term Loans (a) Term Loans - II |
0.754 0.158 2.355 0.870 1.833 25.054 1.492 --- |
1.961 1.059 0.000 1.360 2.833 19.078 2.393 3.986 |
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Total |
32.519 |
32.674 |
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Particular |
31.03.2010 (Rs. In Millions) |
31.03.2008 (Rs. In Millions) |
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From Managing Director Shri A K Modi Deposits Account (including Interest Accrued and Due) From Other Director (including Interest Accrued and Due) Shri Vaibhav Modi Deposit Account Smt. Pushpa Modi Deposit Account From Others Miss Ruchita Modi Deposits Account Mrs. Vibhuti Modi Deposits Account Shri A K Modi HUF Deposit Accounts |
1.700 2.500 2.900 3.050 0.600 1.500 |
1.700 2.500 1.500 1.999 0.400 1.500 |
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Total |
12.250 |
9.599 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nauratna Mertia Chartered Accountant |
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Address : |
Vatsalya, 244, Kamla Nehru Nagar, Opposite, Prakritik Chikitsa,
Kendra, Chopasani Road, Jodhpur – 342008, Rajasthan, India |
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Tel. No.: |
91-291-2760694 |
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Fax No.: |
91-291-2760696 |
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E Mail: |
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Pan No : |
AAVPM3318C |
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Memberships : |
Ř
American Society of Mechanical Engineers (ASME) –
Ř
Surface Engineering Society – Ř
Confederation of Indian Industries – Ř
Bureau of Indian Standards - |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- Each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1205000 |
Equity Shares |
Rs.10/- Each |
Rs.12.050
Millions |
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250000 |
Equity Shares |
Rs.10/- Each |
Rs.2.500
Millions |
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Total |
Rs.14.550 Millions |
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AS ON : 30.09.2010
Authorised Capital : Rs. 20.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 19.550
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 |
14.550 |
14.550 |
14.550 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
67.507 |
66.248 |
62.536 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.057 |
80.798 |
77.086 |
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LOAN FUNDS |
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1] Secured Loans |
32.519 |
32.674 |
21.787 |
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2] Unsecured Loans |
12.250 |
9.599 |
0.000 |
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TOTAL BORROWING |
44.769 |
42.273 |
21.787 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
126.826 |
123.071 |
98.873 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.379 |
58.316 |
44.737 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.004 |
0.006 |
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DEFERREX TAX ASSETS |
0.219 |
0.623 |
0.070 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
86.038
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77.112 |
79.267
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Sundry Debtors |
97.831
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86.054 |
50.747
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Cash & Bank Balances |
15.457
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18.194 |
21.012
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
40.494
|
25.514 |
30.563
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Total
Current Assets |
239.820
|
206.874 |
181.589 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
78.629
|
63.071 |
102.040
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Sundry Creditors |
74.066
|
53.666 |
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Provisions |
19.902
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26.009 |
25.489
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Total
Current Liabilities |
172.597
|
142.746 |
127.529 |
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Net Current Assets |
67.223
|
64.128 |
54.060 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
126.826 |
123.071 |
98.873 |
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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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Turnover |
450.322 |
421.855 |
352.016 |
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Other Income |
NA |
NA |
1.520 |
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TOTAL (A) |
NA
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NA |
353.536 |
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EXPENSES |
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Cost of Sales |
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|
218.148 |
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Production and Operational Expenses |
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|
14.889 |
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Administrative and Other Expenses |
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|
40.841 |
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Selling Expenses |
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|
23.149 |
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Increase / Decrease in Stock |
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|
6.655 |
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Other Expenditure |
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|
0.190 |
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TOTAL (B) |
431.977 |
387.902 |
303.872 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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|
49.664 |
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Less |
FINANCIAL EXPENSES (D) |
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|
18.291 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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|
31.373 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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|
3.571 |
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PROFIT BEFORE TAX
(E-F) (G) |
18.648 |
26.833 |
27.802 |
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Less |
TAX (I) |
8.036 |
10.263 |
10.000 |
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PROFIT AFTER TAX
(G-I) (J) |
10.612 |
16.570 |
17.291 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
33.200 |
NA |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
NA |
NA |
3.500 |
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Dividend |
NA |
NA |
1.855 |
|
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Tax on Dividend |
NA |
NA |
0.070 |
|
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BALANCE CARRIED
TO THE B/S |
NA |
NA |
33.200 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
98.643 |
51.979 |
54.667 |
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TOTAL EARNINGS |
98.643 |
51.979 |
54.667 |
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IMPORTS |
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Raw Materials |
6.340 |
11.949 |
NA |
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TOTAL IMPORTS |
6.340 |
11.949 |
NA |
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Earnings Per
Share (Rs.) |
12.82 |
18.44 |
11.88 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
NA |
NA |
4.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
NA |
7.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.03 |
13.34 |
12.28 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.33 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.64 |
2.28 |
1.65 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.44 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The Company has earned a Net Profit of Rs. 1061.200 millions during the
year as against Rs. 1657.000 millions during the previous year. Sales and other
income increased to Rs. 4620.79 Lac during the year as against Rs. 424.189
millions during the previous year.
Form: 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90113732 |
|
Corporate identity
number of the company |
U29299RJ1990PTC005537 |
|
Name of the
company |
MEC SHOT BLASTING EQUIPMENT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
E-279, Marudhar Industrial
Area, Phase II, |
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Type of charge |
Immovable
Property Book debts Others All type of
stocks |
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Particular of
charge holder |
State Bank of E-Mail: sbi.04081@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
arrangement dated 31.05.2008 Board resolution
dated 31.05.2008 Link letter dated
31.05.2008 Agreement of loan
cum hypothecation dated 31.05.2008 Counter guarantee
dated 31.05.2008 Extension of
Mortgage dated 31.05.2008 |
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Date of
instrument Creating the charge |
31.05.2008 |
|
Amount secured by
the charge |
Rs.79.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @1% above star
rising or falling therewith on daily products with monthly rests. Present
SBAR is 12.25%. Present effective rate 13.25%. Terms of
Repayment Repayable on
demand sanctioned for 12 monthly from date of sanction Margin On book debts and
receivables (cover days) – 40% (90 days) On Bank guarantee
– 10% Extent and
Operation of the charge The charge is operational
by way of hypothecation of all type of stocks in form of machines
manufactured and all book debts, receivables belonging to the company and by
way of equitable mortgage of land and building situated at E-279, M.I.A Phase
– II, Basni, |
|
Short particulars
of the property charged |
1) Hypothecation
of all stocks in form of machines manufactured and all book debts,
receivables belonging to the company 2) Equitable
mortgage of land and building situated at E-279, M.I.A, Phase II, Basni, |
|
Date of latest
modification prior to the present modification |
10.09.2007 |
FIXED ASSETS:
- Land
- Building
- Plant and Machinery
- Vehicles
- Furniture and Fixtures
- Moulds Dies and Tools
AS PER WEBSITE
HISTORY:
Subject is a total solution provider in the field of surface preparation through air-operated and airless blasting machine. Embarked on its journey of surface preparation on the surface of oasis of Rajasthan. Company aroused as a pioneer in the arena of designing and manufacturing of shot blasting and shot peening machine with media conveying dust collectors, painting and baking rooms and there accessories. Around two decades before company started manufacturing of blasting machines commonly used low cost machines and roused to supply custom oriented machines with robotic orientations. In 1996 Subject became the first organisation to be accredited with ISO 9001:2000 by BVQI in the field of surface preparation for Quality Management System by procedural working with continuously improvements. After assessing the market potential in the shot blasting field, company started its operation by fronting its products as low cost products against the giant international rivals.
The continuous research by agile and qualified workforce continuously
improved and innovated new custom built machines for different industrial
applications in the field of Aerospace, Railway, Defence,
Shipyard,
Procurement of Laser cutting machines, CNC Press Brake
machines, Tig and Mig welding machines for automation and further improvements
in product quality is in the process to follow the commitments given in company
policy of Subject. This not being the end, the company has targeted the
worldwide leadership, with the international quality products. Now after
setting up the branches in all big cities the country JV company in Dubai to
penetrate the Middle East and distributor channel in the rest of the world,
they anticipate with big surge in the Top and bottom line in the coming years.
After accreditation of 'CE' marking company further marching for Nadcap
Certification, able to provide services to aerospace industries.
Tucked in the industrial zone of Jodhpur, stands the neatly kept manufacturing facility of Subject. The lush gardens, spotless premises and the absence of any telltale smoke; the production unit churning out varieties standard and custom built Air/shot Blasting Machines, Shot Peening Machines, Dust Collectors, Blast Rooms and intermediates.
Subject was established in 1992 under the leadership of Mr. A.K. Modi as a Managing Director in the field of manufacturing air operated shot blasting/peening machines.
In 1996 company was accredited with ISO 9001 by BVQI and re-certified with ISO 9001:2008 which speak about their quality systems with their constant efforts to achieve Quality. Now, their organization has been accredited with ISO 14001:2004. With the constant improvement and developments in product quality a feather was inducted in the crown of MEC SHOT with 'CE' marked accreditation.
Subject works closely with its customers to develop new applications to improve their product quality, manufacturing efficiencies and reduce overall costs. Currently, Subject focuses on Surface Finishing Technology for the automotive, aerospace, ship building, foundry, casting, electric, electronic industries etc and has a range of quality products for Blasting, cleaning etching, Deburring, Degreasing, Descaling and Shot Peening Applications.
NEWS AND EVENTS:
4th Workshop on Shot Peening, Blast Cleaning and Thermal Spray
Technology-2009 at
Mec Shot a premier company in the field of Surface
Preparation and Thermal Spray Technology has been imparting related
Developments to Indian Industries by conducting Workshop at different location
in
In workshop, prominent guest faculty shall be from various
renowned Institutes and research scholars from various Institutions and
experienced person from our own Industries will give their presentation on
topics like, what is peening, peening process, application, what is shot
blasting, process, application and type of thermal spray process, applications,
new technology developments and general operational failures. In addition to
table talk discussions for in-depth knowledge on peening, blasting and thermal
spray technology and its application shall be carried out.
The organizers are pleased to invite the engineering
professionals, engineers engaged in design, manufacturing and erection, quality
control functions, and academicians can also get benefit from Workshop by presenting
their research work. The workshop aims at providing a technical platform for
professionals to offer knowledge on the key issue of useful mechanical tool for
increasing the fatigue life of various components by inducing the compressive
stresses by peening, cleaning by blasting and coating by thermal spray related
to Aerospace, Railway, Automobile, Forgings and Casting, Structures,
Pharmaceutical, Textile and Power Plant Industries.
They are sure that you would take advantage of this and
nominate a few officials from your organizations. A nomination form is also
enclosed here with the brochure. The last date for nomination along with the
participation fee is 30th June, 2009.
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. 46.01 |
|
|
1 |
Rs. 75.42 |
|
Euro |
1 |
Rs. 66.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.