MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
HLE
ENGINEERS PRIVATE LIMITED |
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Registered Office : |
A-6,
Maroli Udyognagar, Maroli Bazar, Maroli, Navsari – 396436, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.10.2004 |
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Com. Reg. No.: |
04-44905 |
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CIN No.: [Company
Identification No.] |
U29199GJ2004PTC044905 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTH00841B |
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PAN No.: [Permanent
Account No.] |
AABCH4724N
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Manufacturers
of specialized chemical process equipments and chemical plants on turnkey
basis. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
20000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are correct and as
per commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
A-6,
Maroli Udyognagar, Maroli Bazar, Maroli, Navsari – 396436, Gujarat, India |
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Tel. No.: |
91-2637-272060
/ 272062 |
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Fax No.: |
91-2637-272240 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr.
Himanshu Khushalbhai Patel |
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Designation : |
Director
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Address : |
21,
Purnima Ociety Station Road, Navsari, Gujarat, India |
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Name : |
Mr. Harsh
Himanshu Patel |
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Designation : |
Director
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Address : |
21,
Purnima Ociety Station Road, Navsari, Gujarat, India |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Himanshu K Patel |
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54000 |
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Dr.
Khusal H Patel |
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9000 |
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Mr.
Nilesh K Patel |
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4500 |
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Mr.
Swati Patel |
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4500 |
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Mr.
Harsh H Patel |
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13500 |
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Mr.
Shardbhai Patel |
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4500 |
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Mr.
Yashwati K Patel |
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4500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of specialized chemical process equipments and chemical plants on turnkey
basis. |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Bank
of India Navsari,
Gujarat, India |
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Facilities : |
Cash
Credit Limit Rs. 5.373 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
C M
Patel and Associates Chartered
Accountants “Vasudhara”
Pashi Sheri, Navsari, Gujarat, India |
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Tel. No.: |
91-2637-2240287
/ 5581728 |
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Group Companies : |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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100000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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90000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.900 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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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.900 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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5.083 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.983 |
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LOAN FUNDS |
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1] Secured Loans |
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5.373 |
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2] Unsecured Loans |
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45.777 |
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TOTAL BORROWING |
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51.150 |
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DEFERRED TAX LIABILITIES |
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0.091 |
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TOTAL |
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57.224 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.250 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.097 |
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Sundry Debtors |
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16.511 |
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Cash & Bank Balances |
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8.584 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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23.037 |
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Total Current Assets |
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60.229 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.545 |
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Provisions |
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12.710 |
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Total Current Liabilities |
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19.255 |
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Net Current Assets |
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40.974 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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57.224 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover [including other income] |
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50.390 |
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Profit/(Loss)
Before Tax |
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7.348 |
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Provision
for Taxation |
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2.210 |
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Profit/(Loss)
After Tax |
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5.138 |
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Export
Value |
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0.799 |
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Total
Expenditure |
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43.042 |
Provision
for Tax for Year 2005-06 Rs. 10.500 Millions
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
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PAT / Total Income |
(%) |
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10.20 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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14.58 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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9.61 |
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Return
on Investment (ROI) (PBT/Networth) |
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1.23 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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11.77 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.13 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
also undertakes Jobworks of Engineering Items.
Fixed Assets
- Land
- Building
- Furniture and Fixture
- Plant and Machinery
As Per Website
Introduction
Subject is manufacturers of specialized chemical process equipments and
chemical plants on turnkey basis. They have successfully built more than 12
chemical plants in small and medium scale industries from conception to
commissioning. During their operation they have developed, fabricated and
perfected some process equipments such as: Agitated Filter Nutches, Filter Dryers,
Ribbon Blenders, Rotary Vacuum Paddle Dryers, High Pressure Autoclaves, to name
a few. The company was started in 1981 with modest operations, today their
products are widely accepted in the Chemical, Pharmaceutical, Agro Chemical and
other industries. No wonder, they have fabricated and exported Ribbon Blenders
to USA. H L E Engineers Private Limited is a part of 12 Million US $ Patel
Group.
The
People
The backbone of the company, Dr. K. H. Patel, doctorate in chemical engineering
from USA, is assisted by his sons Himanshu and Sharad, also engineers. The
designing, manufacturing and quality control are looked after by experienced
and dedicated staff, comprising of engineers, expert in their field of
operation. Assisted by energetic staff of more than 100 people.
Manufacturing
Facility
The infrastructural facility at their shop gives them an edge over others, when
it comes to precision manufacturing and prompt delivery. In their modern
fabrication shop they have 15000 sq.ft. area covered by fully automatic
overhead travelling cranes (6 Nos). The other manufacturing facilities include
computerised welding with column and boom, well equipped machine shop, special
purpose machines for automatic limpet coil winding and welding, test bench for
testing of Autoclaves and Reactors. They have all relevant testing facilities,
in line and in tune with their manufacturing to satisfy customer needs.
The
Range
They have expertise in fabrication using different MOC like AISI 316 &
316L, Hastalloy, Alloy-20, Monel, Aluminium, Titanium and Claded plates etc.
They have manufactured more than 30 Autoclaves (Pressure vessels) upto 15KL
capacity and working at 40Kg/cm2 Pressure to manufacture PNA and similar
products. They have manufactured Ribbon Blenders upto 22KL capacity for Amal
Products Limited, Rotary Vacuum Paddle Dryer upto 15KL for Mitsu Industries
Limited They have fabricated more than 60 AISI 316L Autoclaves and Reaction
Vessels upto 30KL capacity for Colourtex Group, Surat, under third party
inspection. They have made Hastalloy Agitated Filter Nutsche for Chemco
Dyestuff. The other products they have made are Distillation Columns,
Reboilers, Calendria, Heat exchangers, Evaporating Pans, Spray Dryers, Induced
gas bubbling type Hydrogenaters etc.
The
Customer Satisfaction
Customer satisfaction is the foremost concern in their work culture . To study
customers’ needs they have built prototypes and discharged exact requirements
as per their specifications. That is why a few of their products viz. Agitated
Filter Nutsche and Rotary Vacuum Paddle Dryer are very popular among users.
They have met stringent delivery schedules and accepted challenges of precision
manufacturing. They have extended their services to small scale and large scale
customers equally, and bagged repeat orders.
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 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.44.24 |
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UK
Pound |
1 |
Rs.86.95 |
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Euro |
1 |
Rs.57.33 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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