MIRA INFORM REPORT

 

 

Report No. :

353475

Report Date :

08.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MENZEL ENGINEERING PRIVATE LIMITED

 

 

Registered Office :

Agrawal Udyog Nagar, Gala No. 9, Building No.2, Extension, Village Waliv, Near Revathi Engineering Company, Vasai (East), Thane – 401208, Maharashtra

Tel. No.:

91-22-26181264

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.08.2006

 

 

Com. Reg. No.:

11-164015

 

 

Capital Investment / Paid-up Capital :

Rs. 4.500 Million

 

 

CIN No.:

[Company Identification No.]

U29219MH2006PTC164015

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader of Textile Machineries and Related Spare Parts. (Registered Activity)

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 98900

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2006 having satisfactory track.

 

General financial position of the company is normal and acceptable for business dealings.

 

The rating further takes into consideration debt free balance sheet of the company.

 

Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

SE2B

Rating Explanation

High performance capability and moderate financial strength

Date

September, 2014

 

 

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 31-03-2015.

 

 

LOCATIONS

 

Registered Office/ Factory 1 :

Agrawal Udyog Nagar, Gala No. 9, Building No.2, Extension, Village Waliv, Near Revathi Engineering Company, Vasai (East), Thane – 401208, Maharashtra India

Tel. No.:

91-22-26181264

Fax No.:

Not Available

E-Mail :

menzelindia@gmail.com

 

 

Factory 2:

31, Dewan and Shah Industrial Estate, Near Heft Engineers, Behind IPOL, Waliv Phata, Vasai (East), Thane – 401208, Maharashtra, India

 

 

DIRECTORS

 

AS ON 22.09.2014

 

Name :

Mr. Harish Gunvantrai Mehta

Designation :

Director

Address :

301, Matruchhaya, Khandubhai Desai Road, Vileparle (West), Mumbai - 400054, Maharashtra, India

Date of Birth :

24.10.1954

Date of Appointment :

24.08.2006

PAN No.:

AEUPM3020Q

DIN No.:

00289937

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U17100MH1987PLC044296

JUST TEXTILES LIMITED

Director

27/07/2004

27/07/2004

01/01/2013

Active

NO

2

U29260MH2004PTC148137

BIANCO TEXTILE SOLUTIONS INDIA PRIVATE LIMITED

Director

06/12/2004

06/12/2004

-

Active

NO

3

U29219MH2006PTC164015

MENZEL ENGINEERING INDIA PRIVATE LIMITED

Director

24/08/2006

24/08/2006

-

Active

NO

4

AAE-6778

INDOEURO ENGINEERING LLP

Designated Partner

01/09/2015

01/09/2015

-

Active

NO

 

 

Name :

Mr. Dhaval Bipinchandra Gandhi

Designation :

Director

Address :

24, Lavina Premises, 52-A, Tagore Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth :

03.04.1956

Date of Appointment :

24.08.2006

PAN No.:

AABPG0460H

DIN No.:

00374604

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Company/ LLP Status

Defaulting status

1

U29200MH1977PTC019736

COMTEX ENGINEERING (BOMBAY) PRIVATE LIMITED

Managing director

31/03/2010

15/05/1979

Active

NO

2

U17114GJ1985PTC008200

RADIANT TEX PRO CHEM PRIVATE LIMITED

Director

15/07/1988

15/07/1988

Strike off

NO

3

U29269MH1996PTC104224

VIBA FIBRE PRIVATE LIMITED

Director

25/05/2000

25/05/2000

Strike off

NO

4

U29260MH2004PTC148137

BIANCO TEXTILE SOLUTIONS INDIA PRIVATE LIMITED

Director

06/12/2004

06/12/2004

Active

NO

5

U29219MH2006PTC164015

MENZEL ENGINEERING INDIA PRIVATE LIMITED

Director

24/08/2006

24/08/2006

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 22.09.2014

 

Names of Shareholders

No. of Shares

 

Dhaval B. Gandhi/ Bipinchandra  C. Gandhi

90000

Harish G. Mehta/ Gunvantrai Ratilal Mehta

90000

Peter Menzil

135000

Constantin Menzil

135000

 

 

Total

 

450000

 

 

AS ON 22.09.2014

 

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]

60.00

Directors or relatives of directors

40.00

 

 

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader of Textile Machineries and Related Spare Parts. (Registered Activity)

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

--

 

 

Imports :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name:

--

Branch:

--

Person Name (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

--

Account Operation:

--

Remarks:

--

 

·         Citi bank N. A.

·         HDFC Bank Limited

·         Union Bank of India

 

Auditors :

 

Name :

ASA and Associates LLP

Chartered Accountants

Address :

68, Filmcenter, C-34, 3rd Floor, J Dadaji Road, Tardeo, Mumbai – 400034, Maharashtra, India

Tel. No.:

91-22-49214000

Fax. No:

91-22-49214099

Income-tax PAN of auditor or auditor's firm :

AAAFA4690A

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates Companies :

·         Shreenath Textile engineering

·         Bianco Textile solutions India Private Limited

·         Special Finishes Unlimited 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

450,000

Equity Shares

Rs. 10/- each

Rs. 4.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

450,000

Equity Shares

Rs. 10/- each

Rs. 4.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

4.500

4.500

4.500

(b) Reserves & Surplus

29.916

27.008

23.367

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.199

0.199

0.199

Total Shareholders’ Funds (1) + (2)

34.615

31.707

28.066

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

79.751

53.641

49.039

(c) Other current liabilities

39.437

40.862

36.395

(d) Short-term provisions

3.271

1.820

11.781

Total Current Liabilities (4)

122.459

96.323

97.215

 

 

 

 

TOTAL

157.074

128.030

125.281

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.720

1.770

2.097

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.100

4.000

4.000

(c) Deferred tax assets (net)

0.137

0.109

0.102

(d)  Long-term Loan and Advances

5.117

1.244

0.974

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

8.074

7.123

7.173

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.209

44.499

31.030

(c) Trade receivables

74.057

39.486

35.717

(d) Cash and cash equivalents

1.105

2.316

4.582

(e) Short-term loans and advances

38.629

34.606

46.779

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

149.000

120.907

118.108

 

 

 

 

TOTAL

157.074

128.030

125.281

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

 

156.020

 

 

Other Income

 

 

NA

 

 

TOTAL                                    

274.884

152.926

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

270.564

147.608

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4.320

5.318

NA

 

 

 

 

 

Less

TAX                                                                 

1.412

1.677

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

2.908

3.641

4.815

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

0.890

0.168

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.46

8.09

10.7

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

NA

NA

3.09

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.75

4.29

NA

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.17

NA

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.22

1.26

1.21

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

4.500

4.500

4.500

Reserves & Surplus

23.367

27.008

29.916

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.199

0.199

0.199

Net worth

28.066

31.707

34.615

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

152.926

274.884

 

 

79.750

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

Total Income

152.926

274.884

Profit

3.641

2.908

 

2.38%

1.06%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY 

BACKGROUND

 

The company is joint venture between Mr. Peter Menzel, Germany, Mr. Harish Mehta and Mr. Dhaval B. Gandhi. The company was incorporated on 24th august, 2006. The company is engaged in the manufacturer and trading of the textile machineries and related spare parts.

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the Company has been shifted from 301, Pressman House, 70-A, Nehru Road Extn., Vile Parle (East), Mumbai – 400057, Maharashtra, India to the present address w.e.f. 06.03.2009.


FIXED ASSETS:

 

·         Plant and Equipment

·         Furniture and Fixture

·         Office Equipment

·         Computer

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.66.80

UK Pound

1

Rs.100.49

Euro

1

Rs.72.52

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.