MIRA
INFORM REPORT
|
Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
HIND HYDRAULICS AND ENGINEERS – DIVISION
OF HIND FLUID POWER PRIVATE LIMITED |
|
|
|
|
Registered Office : |
E – 43 / 1, Okhla Industrial Area, Phase II, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
18.09.1989 |
|
|
|
|
Com. Reg. No.: |
55-037731 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1989PTC037731 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH04163F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH0598K |
|
|
|
|
Legal Form : |
Private Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacturers of Hydraulic and Power
Presses, Mechanical Presses, SPM's (Special Purpose Machines), Hydraulic
Cylinders and Pneumatic Presses. Subject is specialists in Rubber machinery
and moulds. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 40000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject appears to be an established company having sales of Rs.
20.000 millions – 30.000 millions. Its trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
|
Registered Office : |
E – 43 / 1, Okhla Industrial Area, Phase II, |
|
Email : |
|
|
|
|
|
Head Office / Works : |
Plot No. 13, Sector 24, |
|
Tel. No.: |
91-129-4029005 / 06 / 07, 2230041, 2233308, 2234295 |
|
Fax No.: |
91-129-2234294 |
|
E-Mail : |
|
|
Website: |
|
|
Area : |
4620 sq. yards. |
DIRECTORS
|
Name : |
Mr. Sukhdev S Singh |
|
Designation : |
Director |
|
Address : |
1129 / 15, |
|
Mobile No.: |
91-98110 70485 |
|
E-Mail : |
|
|
Date of Birth/Age : |
18.05.1954 |
|
Date of Appointment : |
18.09.1989 |
|
|
|
|
Name : |
Mr. Mohan S Singh |
|
Designation : |
Director |
|
Address : |
1129 / 15, |
|
Mobile No.: |
91-98110 78150 |
|
E-Mail : |
|
|
Date of Birth/Age : |
22.12.1952 |
|
Date of Appointment : |
18.09.1989 |
|
|
|
|
Name : |
Mrs. Sucha S Singh |
|
Designation : |
Director |
|
Address : |
1129 / 15, |
|
Mobile No.: |
91-98111 54323 |
|
E-Mail : |
|
|
Date of Birth/Age : |
01.12.1947 |
|
Date of Appointment : |
18.09.1989 |
|
|
|
|
Name : |
Mr. Buta S Singh |
|
Designation : |
Director |
|
Address : |
1129 / 15, |
|
Date of Birth/Age : |
06.02.1922 |
|
Date of Appointment : |
18.09.1989 |
|
Profile : |
Who had a long stint in the engineering industry at
Kolkata, founded the company. His sons, named below, are qualified engineers
and today form the core group steering the growth of the company. |
|
|
|
|
Name : |
Mr. Samrat Singh |
|
Designation : |
Director |
|
Mobile No.: |
91-9899299888 |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sukhdev Singh |
|
5780 |
|
Mr. Mohan Singh |
|
5780 |
|
Mrs. Sucha Singh |
|
7430 |
|
Mrs. Jyoti Singh |
|
3550 |
|
Mr. Jatinder Kaur |
|
650 |
|
Mr. Samrat Singh |
|
2750 |
|
Mr. Vijayant Singh |
|
2250 |
|
Mr. Vikrant Singh |
|
2400 |
|
Mr. Zinni Singh |
|
1950 |
|
Mrs. Balbir Kaur |
|
6050 |
|
Mrs. Harpreet Kaur |
|
3250 |
|
Mohan Singh (HUF) |
|
5400 |
|
Sucha Singh (HUF) |
|
4250 |
|
Ms. Sabrina Singh |
|
1050 |
|
Sukhdev Singh (HUF) |
|
4500 |
|
Mr. Sarwam Singh Dolla |
|
100 |
|
Mr. Vikramjeet Singh |
|
1650 |
|
Total |
|
58790 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Hydraulic and
Power Presses, Mechanical Presses, SPM's (Special Purpose Machines),
Hydraulic Cylinders and Pneumatic Presses. Subject is specialists in Rubber
machinery and moulds. |
|
|
|
|
Products : |
ˇ
Hydraulic Presses ˇ
Mechanical Presses ˇ
SPM's (Special Purpose Machines) ˇ
Hydraulic Cylinders ˇ
Pneumatic Presses ˇ
Rubber Machinery ˇ Moulds |
GENERAL INFORMATION
|
No. of Employees : |
About 60 |
|
|
|
|
Bankers : |
Bank of 2A/6,
NIT, |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Kantoor and Company Chartered Accountants |
|
Address : |
2659/ 2, |
|
Tel. No.: |
91-11-41450621 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
58790 |
Equity Shares |
Rs. 100/- each |
Rs. 5.879 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.879 |
5.879 |
|
|
2] Reserves & Surplus |
|
4.092 |
3.467 |
|
|
NETWORTH |
|
9.971 |
9.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
17.622 |
13.195 |
|
|
2] Unsecured Loans |
|
8.282 |
8.316 |
|
|
TOTAL BORROWING |
|
25.904 |
21.511 |
|
|
DEFERRED TAX LIABILITIES |
|
2.681 |
2.548 |
|
|
|
|
|
|
|
|
TOTAL |
|
38.556 |
33.405 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
17.542 |
14.216 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.162 |
0.162 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
20.836 |
32.425 |
|
|
Sundry Debtors |
|
9.826 |
5.146 |
|
|
Cash & Bank Balances |
|
5.703 |
4.563 |
|
|
Loans & Advances |
|
1.040 |
1.670 |
|
Total
Current Assets |
|
37.405 |
43.804 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
14.899 |
23.668 |
|
|
Provisions |
|
1.654 |
1.113 |
|
Total
Current Liabilities |
|
16.553 |
24.781 |
|
|
Net Current Assets |
|
20.852 |
19.023 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
|
38.556 |
33.405 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
78.428 |
74.062 |
56.677 |
|
Other Income |
0.621 |
0.293 |
0.159 |
|
Total Income |
79.049 |
74.355 |
56.836 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.420 |
0.916 |
0.912 |
|
Provision for Taxation |
0.328 |
0.335 |
0.297 |
|
Profit/(Loss) After Tax |
0.092 |
0.581 |
0.615 |
|
|
|
|
|
|
Total Expenditure |
73.092 |
68.557 |
51.427 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
0.11
|
0.78 |
1.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
1.23 |
1.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
1.66 |
1.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
--
|
5.52 |
6.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
--
|
2.25 |
1.76 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporation identity number (CIN) or foreign company registrations number of the company |
U74899DL1989PTC037731 |
|
Name of the company |
HIND FLUID POWER PRIVATE LIMITED |
|
Address |
E – 43 / 1, Okhla Industrial Area, Phase II, |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Bank of 2A/6, NIT, |
|
Amount Secure by the charge |
Rs. 20.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Commission and charges are applicable |
|
Description of the property charge whether it is a charge on |
Stock in trade |
|
Modification charge Charge identification number of the charge to be modified |
90061330 |
|
Brief description of the instrument modifying the charge under section 135 |
L-481A (Stock) Form A Agreement dated 09/06/2006 |
|
Date of instrument modifying the charge |
09/06/2006 |
|
Particulars of the Property charged |
Hypothecation of all tangible assets of the borrower including in particular all stock of raw materials such as MS Steel, Plates, Pipes, Shafts, Rounds, Channels, Electric Motors, Pumps, Valves, Components, etc, semi-finished goods/ stock in process, finished goods such as hydraulic and power presses, cylinders, moulds and other machinery, etc. in borrower premises situated at Faridabad and / or wheresoever situated and / or in transit. |
|
Particular of the present modification |
The Inland Bank Guarantee limit stands enhanced from 10.000 millions to 20.000 millions. |
|
Name of the company |
HIND
FLUID POWER PRIVATE LIMITED |
|
Presented
By |
Bank of |
|
1) Date and description of instrument creating the change |
Deed of hypothecation of tangible movable property dated 13.01.1998 modified on 13.01.1998 for charge in terms and conditions. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all tangible movable assets of the borrower including in particular all stock of raw material such as M. S. Steel Plates, Pipes, Shafts, Rounds, Channels, Electric Motors, Pumps, Valves, Components, etc., semi-finished goods, stock in process, finished goods, such as hydraulic and power presses, cylinders, moulds and other machinery etc. in borrower’s premises situated at Faridabad and / or wheresoever situated and / or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is hypothecated to secure an Inland Guarantee issued limit of Rs. 4.000 millions. All amounts payable under Guarantee issued limt shall carry interest at the rate of 4.35% over BOI PLR with a minimum of 17.35% p.a. on defaulted payments plus commission / other charges as per Bank’s rules. Margin – 25% Payable on demand / due date |
|
5) Name and Address and description of the person entitled to the charge. |
Bank
of 2A/6,
NIT, |
|
6) Date and brief description of instrument modifying the charge |
No instrument. Bank’s letter dated 13.01.1998 conforming regarding of oral assent for creation of equitable mortgage |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Inland Guarantee Issued limit of Rs. 4.000 millions shall now also be additionally secured by way of equitable mortgage by deposit of title deeds in respect of company’s immovable property situated at Plot No. 13, Sector 24, Faridabad, Haryana, India, comprising land and building and other structures, fixed machinery and plant, fixtures and fittings erected/ installed thereon. |
As Per Web:
History:
The company is
located in the industrial city of
Introduction:
subject is
design, manufacture, supply and export Hydraulic Presses, Machines Hydraulic
Cylinders, Mechanical Presses, Rubber Machinery, Moulds and Special Purpose
Machines by adopting advanced Technology, offering most competitive prices with
timely delivery and after sales services to the full satisfaction of our
customers in accordance with Quality Management Systems keeping in view of
continual improvement of its processes.
MACHINES
The Company has excellent machining facilities capable of achieving a very high
degree of accuracy. The engineering division of the company is equipped with
the following machines:
ˇ
SKODA Ram
Type Horizontal Floor Boring & Milling Machine having 200 mm Spindle dia
with horizontal travel 11 meters and vertical travel 3.5 meters, with digital
readout of 0.005 (5 micron) accuracy.
ˇ
Precision
Richard U.K. make Horizontal Floor Type Boring, Drilling and Milling Machine.
Horizontal travel 6 meters, vertical travel 3 meters, with digital readout of
0.005 (5 micron) accuracy.
ˇ
SWERDT
Table Type Horizontal Boring and Milling Machine, Spindle dia 110 mm.
WMW German make Center Lathes for turning of big rolls, hydraulic cylinders,
rams, other precision parts, etc.
ˇ
Russian
make Center Lathes for turning of big rolls, hydraulic cylinders, rams etc.
Indian make Center Lathes
ˇ
ˇ
HMT and
Mass make Radial Drilling Machine, RM-62 imported Radial Drilling Machine
Capacity 60 mm and many other drilling machines.
ˇ
WMW
Plano Miller Table 2 mtr. x 1.2 mtr. x 1 mtr.
ˇ
Hind
make Hydraulic Straightening Press - 3 meter wide for plates and shafts.
ˇ
Advani
Oerlikon make MIG Welding Sets and Rectifiers and Welding Generators for high
class welding.
ˇ
Indian
make Deep Hole Drilling Machines 50 mm x 2.5 mtr. long drill.
ˇ
Universal
Milling Machine FN2U and EM3H 1317 of HMT make.
ˇ
Foundry
unit for precision ferrous and non-ferrous castings.
ˇ
Material
Handling - Overhead Crane 40 Tons / 5 Tons.
ˇ
Testing
equipments
ˇ
Kirloskar
/ Remco make Generators total 285 KVA
INHOUSE
ACTIVITIES
The excellent facilities and team of professionals enable all the important
activities to be carried out inhouse:
ˇ
3D
Designing using Auto CAD 2004, PRO Engineer (Wildfire), Solid Works 2005
ˇ
Stress
Analysis using COSMOS
ˇ
Fabrication
including metal cutting, welding
ˇ
All
machining activity
ˇ
Superfinishing
ˇ
Sub-assembly
of Cylinders
ˇ
Sub-assembly
of Power packs
ˇ
Sub-assembly
of Electric Control Panels
ˇ
Testing
of sub-assemblies and complete assemblies
ˇ Hydraulic Metal Working Presses.(up to 3000 Ton)
ˇ
Power
Presses. (up to 500 Tons)
ˇ
Rubber
Moulding Presses. {10,000 Ton & Heated Platen up to 11 meter long & 3
meter wide}
ˇ
Laminating
and Plywood Presses.
ˇ
Scrap
Bailing Presses for Steel, Aluminium & Paper.
ˇ
Comprerssion,
Transfer, Injection Moulding Presses for Plastic, Rubber, Melamine &
Ceramic.
ˇ
Rubber
Bale Cutters.
ˇ
Rubber
Calendars.
ˇ
Rubber
Extruders.
ˇ
Vulcanizers
/ Auto Claves
ˇ
Full
Head Auto Balancing Cutting Presses.
ˇ
Traveling
Head Clickers For Shoe Upper Cutting.
ˇ
Leather
Embossing Press.
ˇ
Hose
Crimping Machine.
ˇ
Automatic
Bias Cutting & Slitting.
ˇ
Hydraulic
Cylinders.
ˇ
Hydraulic
Power Packs.
ˇ
Electrical
Control Panels.
ˇ
Special
Purpose Machines.
MACHINERY & PLANTS ON TURNKEY BASIS FOR
ˇ
Sheet Metal Parts.
ˇ
Industrial V-Belts.
ˇ
Auto Raw Edge & Poly Belts.
ˇ
Tyres & Tubes.
ˇ
Conveyor Belts.
ˇ
Brake Lining & Disc Brake Pads.
ˇ
Rubberized Coir Foam Mattresses.
ˇ
Oil Seals, Rubber Parts.
ˇ
Shoes, Eva Rubber Sheet.
ˇ
Hoses
TEST RIGS AND LABORATORY EQUIPMENT
Compressibility Testing Machine For Disc Brake Pads. V-Belts - Raw-Edge
& Poly Belts, Life Testing Machine With Power Generation.
WITH PLC AND
COMPUTER COMPATIBLE AUTOMATIC CONTROLS
ˇ
The complete designing and manufacturing activities
are supervised and monitored by a team of qualified Engineers and
Professionals, equipped with full-fledged Computer Aided Design and drawing
office.
ˇ
The company undertakes complete responsibility for
successful installation and commissioning of most sophisticated and modern
machines and plants of any large capacity whether imported or indigenous
located in
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.40.75 |
|
|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
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 |
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 |
|
<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 |
|