MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MASYC PROJECTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
20, Community Centre, Mayapuri Phase-I, New Delhi - 110064 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.01.1990 |
|
|
|
|
Com. Reg. No.: |
55-038957 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9.225
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1990PTC038957 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM08960A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0173D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Conveyors, Material Handling Equipments, Bucket
Elevator, Screw/ Chain Conveyor etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2170000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well-established company having satisfactory track
record. Management has failed to file the latest financial of 2013 with the
government department. As per available financials, the company possesses an acceptable
financial profile marked by adequate networth base during 2013. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced. The
defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-11-28115453)
LOCATIONS
|
Registered Office : |
20, Community Centre, Mayapuri Phase-I, New Delhi – 110064, India |
|
Tel. No.: |
91-11-28113383/ 28115453/ 28115745 |
|
Fax No.: |
91-11-28116850 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
2008 - 2011 M.I.E., Bahadurgarh, District Jhajjar - 124507, Haryana, India |
|
Tel. No.: |
91-1276-267496/ 267996/ 324051/ 324052 |
|
|
|
|
Factory 2 : |
2434 - P, M.I.E. Bahadurgarh, District Jhajjar - 124507, Haryana, India |
|
Tel. No.: |
91-1276-325559 |
|
|
|
|
Factory 3 : |
Plot No. E-12, Old Industrial Area, Bahadurgarh, District Jhajjar, Haryana, India |
|
Tel. No.: |
91-1276-215998 |
|
|
|
|
Factory 4 : |
Opposite M.I.E. Bahadurgarh, Plot No. 76/6/2, Bank Road, Bahadurgarh, District Jhajjar, Haryana, India |
|
|
|
|
Factory 5 : |
B-14 (Khasra No. 37/01), Opposite 1437 M.I.E., M.I.E. Mama Chowk, Bahadurgarh, District Jhajjar - 124507, Haryana, India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Vijay Bikhchnadani |
|
Designation : |
Managing director |
|
Address : |
B-2/233, Paschim Vihar, New Delhi – 110063, India |
|
Date of Birth/Age : |
25.11.1950 |
|
Qualification : |
Bachelor of Engineering [B.E.], Master of Business Administration [MBA] |
|
Experience : |
39 Years |
|
Date of Appointment : |
18.01.1990 |
|
DIN No.: |
01149285 |
|
|
|
|
Name : |
Mr. Ved Bhushan Bhatia |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 338, Modern Apartment, Plot No. 5, Sector 15, Rohini, New
Delhi – 110085, India |
|
Date of Birth/Age : |
04.01.1959 |
|
Date of Appointment : |
10.07.1992 |
|
DIN No.: |
01149755 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Bikhchnadani |
|
73440 |
|
Vandana Harpalani |
|
9639 |
|
Ved Bhushan Bhatia |
|
9171 |
|
|
|
|
|
Total |
|
92250 |
AS ON 29.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Conveyors, Material Handling Equipments, Bucket
Elevator, Screw/ Chain Conveyor etc. |
PRODUCTION STATUS (AS ON 31.03.2011)
Licensed Capacity: NA
Installed
Capacity: 10000 MT (As certified by the Management)
|
Particulars |
Unit |
Actual
Production |
|
Conveyors |
Nos. |
0 |
|
|
Sets |
16 |
|
Conveyors (In Segments) |
Nos. |
36 |
|
|
Sets |
399 |
|
Material Handling Equipments |
Sets |
51 |
|
Material Handling Equipments (In Segments) |
Sets |
0 |
|
Spares including Others |
Nos. |
7247 |
|
|
Sets |
9 |
|
|
Lots |
0 |
|
Bucket Elevator (In Segments) |
Sets |
7 |
|
Screw/ Chain Conveyor |
Nos. |
8 |
|
MS Scrap |
Kg. |
46060 |
GENERAL INFORMATION
|
Customers : |
Steel
Industry ·
Aarti Steel Limited,
Cuttack ·
Bhushan Power and Steel Limited ·
Bhushan Steel
Limited, New Delhi ·
Essar Steel
Limited, Hazira ·
Hindalco
Industries Limited (Birla Copper) ·
Jindal Steel
and Power Limited ·
JSW ·
Monnet Ispat
and Power Limited ·
Rathi Steel
Udyog Limited, Ghaziabad ·
Sterlite
Industries Limited, Tuticorin ·
Tata Iron and
Steel Company Limited ·
Tata Sponge
Iron Limited · Visa Steel Cement
Industry · Al Katrana Cement · Chettinad Cement · Calcom Pulp
and Paper Industry · J.K. Paper Limited · Star Paper Mills Glass
Industry · HNG · AGI Glaspac Hyderabad Fertilizers/
Chemical Industry · Duncans Ind. Limited Kanpur · National Fertilizers Limited Panipat Rock/Ore
Crushing and Screening Plant Projects · Duncans Ind. Limited Kanpur · Essel Mining and Industries Limited Coal Handling/ Solid
Fuel Handling/ Ash Handling Plants · Birla Copper · Hindustan Lever Limited Sugar Plant · Bajaj Hindustan Sugar Limited ·
Indian Sugar and General Engg. Corp |
||||||||||||||||||
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|
||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Bank of India Rajouri Garden, New Delhi - 110027, Delhi, India |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Bansal and Associates Chartered Accountants |
|
Address : |
26, Ist Floor, A-215 Chawla Complex, Shakarpur Vikas Marg, Delhi –
110092, India |
|
Tel. No.: |
91-11-22430020 |
|
Mobile No.: |
91-8800408908/ 9891160431 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AARFS7044K |
|
|
|
|
Company having
common Directors : |
Beltyne Products (India) Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92,250 |
Equity Shares |
Rs. 100/- each |
Rs. 9.225
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
9.225 |
9.225 |
|
(b) Reserves & Surplus |
|
533.647 |
435.279 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
542.872 |
444.504 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
2.402 |
1.696 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
2.793 |
2.167 |
|
Total
Non-current Liabilities (3) |
|
5.195 |
3.863 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
17.979 |
7.318 |
|
(b)
Trade payables |
|
209.834 |
194.802 |
|
(c)
Other current liabilities |
|
112.512 |
98.375 |
|
(d)
Short-term provisions |
|
190.655 |
142.957 |
|
Total
Current Liabilities (4) |
|
530.980 |
443.452 |
|
|
|
|
|
|
TOTAL |
|
1079.047 |
891.819 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
102.377 |
86.689 |
|
(ii)
Intangible Assets |
|
1.504 |
0.000 |
|
(iii)
Capital work-in-progress |
|
32.188 |
18.478 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.036 |
0.036 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
0.298 |
0.293 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
136.403 |
105.496 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
103.002 |
67.210 |
|
(c)
Trade receivables |
|
213.107 |
111.522 |
|
(d)
Cash and cash equivalents |
|
385.049 |
421.945 |
|
(e)
Short-term loans and advances |
|
240.908 |
185.643 |
|
(f)
Other current assets |
|
0.578 |
0.003 |
|
Total
Current Assets |
|
942.644 |
786.323 |
|
|
|
|
|
|
TOTAL |
|
1079.047 |
891.819 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9.225 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
337.402 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
346.627 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1.518 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1.518 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.888 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
350.033 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
58.179 |
|
|
Capital work-in-progress |
|
|
9.461 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.036 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
28.310 |
|
|
Sundry Debtors |
|
|
106.468 |
|
|
Cash & Bank Balances |
|
|
413.401 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
159.120 |
|
Total
Current Assets |
|
|
707.299 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
240.177 |
|
|
Other Current Liabilities |
|
|
63.759 |
|
|
Provisions |
|
|
121.012 |
|
Total
Current Liabilities |
|
|
424.948 |
|
|
Net Current Assets |
|
|
282.351 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
350.033 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
757.935 |
740.902 |
665.107 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
606.483 |
585.364 |
519.383 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
151.452 |
155.538 |
145.724 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.962 |
2.481 |
2.324 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
PERIOD ITEMS |
0.701 |
2.709 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
147.789 |
150.348 |
143.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
48.349 |
51.396 |
48.895 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
99.440 |
98.952 |
94.505 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
235.279 |
137.402 |
243.972 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
200.000 |
|
|
|
Dividend |
0.922 |
0.922 |
0.922 |
|
|
|
Tax on Dividend |
0.150 |
0.153 |
0.153 |
|
|
BALANCE CARRIED
TO THE B/S |
333.647 |
235.279 |
137.402 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.663 |
1.966 |
1.132 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Others |
8.761 |
3.286 |
1.503 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1078 |
1073 |
1024 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.12
|
13.36 |
14.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.12
|
17.22 |
18.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.22 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.77 |
1.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
9.225 |
9.225 |
|
Reserves & Surplus |
435.279 |
533.647 |
|
Net
worth |
444.504 |
542.872 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
7.318 |
17.979 |
|
Total
borrowings |
7.318 |
17.979 |
|
Debt/Equity
ratio |
0.016 |
0.033 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
665.107 |
740.902 |
757.935 |
|
|
|
11.396 |
2.299 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
665.107 |
740.902 |
757.935 |
|
Profit |
94.505 |
98.952 |
99.440 |
|
|
14.21% |
13.36% |
13.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10006809 |
19/06/2006 |
95,000,000.00 |
BANK OF INDIA |
RAJOURI GARDEN BRANCH, RAJOURI GARDEN, DELHI, DELHI - 110027, INDIA |
A01849637 |
|
2 |
10012435 |
19/06/2006 |
95,000,000.00 |
BANK OF INDIA |
RAJOURI GARDEN BRANCH, RAJOURI GARDEN, DELHI, DELHI - 110027, INDIA |
A02102507 |
|
3 |
80005790 |
19/06/2006 * |
15,000,000.00 |
BANK OF INDIA |
RAJOURI GARDEN BRANCH, RAJOURI GARDEN, DELHI, DELHI - 110027, INDIA |
- |
* Date of charge modification
MERGER OF GROUP COMPANIES
The scheme of amalgamation of their erstwhile group company namely Elcoma Engineers Private Limited (Transferor Company) with the company Masyc Projects Private Limited (Transferee Company) at the appointed date April 1, 2008 was approved by Hon'ble High Court of Delhi order dated. Nov., 21st 2008, the effective date of merger is 17/12/2008.
The amalgamation would result in synergy of business including consolidation of business resulting in achievement of economies of scale and management efficiency, reduction in administrative cost, optimization of resources, enhanced flexibility in funding of expansion plan, expansion of asset base, improvement in profitability and stronger balance sheet of merged entity etc.
Consequent upon the approval of the scheme of amalgamation, the copy of the order dated Nov. 21, 2008 of the Hon’ble high court of Delhi was filed by the respective companies with the registrar of companies on Dec.17, 2008 and from the said date, being the effective date the transferor company stood merged with the company. As per the exchange ratio provided in the approved scheme, the shareholder of the transferor company (Elcoma Engineers Private Limited), have been allotted the 250 Equity Shares of Rs. 100/- each of Masyc Projects Private Limited in the Swap Ratio of 1:4 of the transferee company on Jan. 16, 2009.
The Amalgamation has been accounted for under the "Pooling of Interests Method" as prescribed by "Accounting Standard 14 – Accounting for Amalgamation [AS-14] issued by the Institute of Chartered Accountants of India. Accordingly, the assets. The liabilities, and reserve of the transferor company have been taken over at their book values on the appointed date.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
1) Bank Guarantees Rs.162.996 Millions (Previous year Rs.163.219 Millions, which includes Foreign Bank Guarantee NIL)
2) FDR's amounting to Rs.155.000 Millions are pledged to secured the Bank guarantees and other working capital limits. (Previous year Rs.150.423 Millions).
3) Letter of Credit (Foreign) Rs.1.967 Millions (Previous year NIL)
FIXED ASSETS:
· Land
· Buildings
· Office Flat
· Plant and Machinery
· Electrical Machinery Fans and Fittings
· Computers
· Dies and Tools
· Furniture and Fittings
· Office Equipments
· Motor Car
· Air Conditioners
· Computer software
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 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 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. 60.13 |
|
|
1 |
Rs. 99.65 |
|
Euro |
1 |
Rs. 82.91 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.