MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HYDROMECH INDUSTRIES |
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Registered Office : |
Plot No. 9/1, Sy. No. 321, 2nd |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRH01588G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers of Hydraulic Equipments for Automotive Applications. |
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 80000 |
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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 well-established and reputed concern having satisfactory
track. Partners are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 9/1, Sy. No. 321, 2nd |
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Tel. No.: |
91-80-831-2443154 |
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Fax No.: |
91-831-2443579 |
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E-Mail : |
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Area : |
20000 sq. fts |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Cherian sam |
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Designation : |
Partner |
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Date of Birth/Age : |
45 Years |
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Qualification : |
Diploma Elec. Engg. |
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Experience : |
25 Years |
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Name : |
Mr. Vilas K. |
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Designation : |
Partner |
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Date of Birth/Age : |
47 Years |
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Qualification : |
Diploma Mech. Engg. |
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Experience : |
27 Years |
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Name : |
Mr. Nayan H. |
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Designation : |
Partner |
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Date of Birth/Age : |
37 Years |
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Qualification : |
B. E. (Mech) |
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Experience : |
14 Years |
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Name : |
Mr K. Paramanand |
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Designation : |
Partner |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B. E. (Mech) |
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Experience : |
12 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Hydraulic Equipments for Automotive Applications. |
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Products : |
Ø Non-Ferrous Extrusion Presses Ø De-casting Machines Ø Deep Drawing Presses Ø Rubber Moulding Presses Ø Closed Frame Presses Ø 'C' Type Presses Ø Power Packs Ø Stretcher Machines Ø Cartridge Valves Ø Pre Fill and Exhaust Valves up to PV300 Ø Extrusion Press Spares and Toolings. |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C / Sight / Credit (30 – 40 days) |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
Ø
Bosch Rexroth Limited Ø
Rukmani Forgingd, Ø
Southern Ferro Limited, Dharwad |
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Customers : |
Ø
Gal Alloys (Private Limited, Ahmednagar Ø
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K B Sam Almn. (Private), Ø
Hebatulla Bros Ltd. Ø
Nuhas Ø
Bright Star Industries. Mumbai Ø
Angel Extrusions Pvt. Ltd., Ø
Shri Balaji Aluminium, Chennai Ø
Sangli Aluminium Extrusions Pvt. Ltd., Sangli Ø
Euro Ceramics Pvt. Ltd., Kutch, Ø
Rajmoti Extrusions (P) Ltd., Ahmednagar Ø
Kwality Metal Crafts (P) Ltd., Ø
Shreeji Aluminium Pvt. Ltd., Silvassa. |
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No. of Employees : |
45 (40 In Production / Technical, 5 In Other) |
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Bankers : |
Canara Bank Chilkwadi Branch, |
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Facilities : |
About Rs. 1.000 million |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajendra and Company Chartered Accountants |
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Address : |
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Memberships : |
Ø
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Federation of KNK Chamber of Commerce Ø
BENCIL |
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Associates/Subsidiaries : |
Hydromech Technologies, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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35.000 |
28.000 |
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Profit/Loss for the year |
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About 10% |
About 10% |
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Export Value |
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5.000 |
4.500 |
Average value of inventories at any given time Rs. 15.000 millions
LOCAL AGENCY FURTHER INFORMATION
As per website
details:
Profile:
Standing high on the grounds of innovation, technological excellence and
continuous improvements, they, subject, have set the new paradigm of brilliance
in this industry. Incepted in the year 2001, they have progressed by leaps and
bounds to become one of the most distinguished manufacturers and exporters of
Metal Extrusion Press for the Extrusion of Aluminium, Brass and Copper Alloys
and are also capable of offering Presses of capacities from 360 MT to 1600 MT
and above. They also take up retrofitting, modification and upgradation of Old
Extrusion Presses and have successfully modified the Extrusion Presses in
Due to the sincere efforts being made in manufacturing by
their experienced and proficient staff over the past years, their products are
highly recommended by the customers throughout the world for their excellent
quality and practicality. Through their range of products, they are catering to
a large number of industries across the domestic and international territories.
They have a dedicated and well equipped research and development unit that
continually endeavors to make breakthroughs in offering world class products to
the customers. Today, they are exporting their products to almost every part of
the globe including
Features of The
Extrusion Press
Some of the special features of the Extrusion Presses manufactured by Hydromech
Industries are:
Ø Oversized pre-stressed columns
Ø Main cylinder of forged steel
Ø Main ram of chilled cast iron
Ø Adjustable compression for the main cylinder chevron packing
Ø Fixed dummy block with degassing arrangement
Ø Automatic lubrication system
Ø Compact type design for short dead cycle time.
Their Quality
With the belief that "quality is the key to customer satisfaction",
they leave no stone unturned in taking firm measures to assure superior
quality. They have developed processes and mechanisms by which they ensure that
their products are of pre-defined standards and as per specific requirements of
the customers. The quality assurance process begins with the sourcing of
quality raw materials. They scrutinize these raw materials before they are
subjected to production. The manufacturing process passes through stringent
quality control measures at all the stages under the stringent vigilance of
quality control inspectors. Moreover, delivery of quality proven components
within the scheduled time has accredited their company with a large customer
base. Their facility houses a functionally independent research and development
unit that is manned by a dedicated team of talented engineers.
Their Infrastructure
The company has got ultra-modern manufacturing facilities at Belgaum Works
compromising of Table Type Horizontal Boring Machines, Heavy Metal Cutting
Lathes, Radial Drilling Machines, MIG Welding Machines and other machines
required for the manufacturing of Extrusion and other types of Presses. They
have a full-fledged infrastructure with all the necessary production facilities
equipped with sophisticated technology. Their team of astute, dexterous and
proficient technocrats, quality conscious professionals and diligent workers
work with utmost passion and utilise their skills to offer an impeccable range
of products. Their modern, spacious and technologically advance warehouse has
the capability to store and execute bulk amount of products as per the changing
requirements of the market.
Their Customers
With consistent quality, cost effective and durable products, they have achieved
the trust, confidence and assurance of their worldwide customers.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.66 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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45 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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