MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HYDERABAD PRECISION MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
B -16, Technocrats Industrial Estate, Phase II, Balanagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.10.1987 |
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Com. Reg. No.: |
01-7849 |
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CIN No.: [Company
Identification No.] |
U74140AP1987PTC007849 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDH00099B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Precession Engineering Sheet Metal Components, Turned Machined
Components, Forgings Castings. |
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 84708 |
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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 a well-established and reputed company having satisfactory track
records. Directors 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 company can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B -16, Technocrats Industrial Estate, Phase II, Balanagar, |
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Tel. No.: |
91-40-23079149/9059/9342 |
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Mobile No.: |
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Fax No.: |
91-40-3326748/23079342 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sunil Kumar Patodia. |
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Designation : |
Chairman Cum Managing Director |
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Address : |
281N, Road No. 10B, Jubilee Hills, |
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Date of Birth/Age : |
14.12.1950 |
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Date of Appointment : |
08.10.1987 |
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Name : |
Mr. Pawan Kumar Patodia. |
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Designation : |
Director |
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Address : |
227/1B, |
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Date of Birth/Age : |
30.11.1953 |
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Date of Appointment : |
01.02.2002 |
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Name : |
Mr. Anil Patodia. |
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Designation : |
Director |
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Name : |
Mr. Sudhir Kumar Patodia. |
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Designation : |
Director |
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Name : |
Mr. Naveen Patodia. |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms. R and A Associates |
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Designation : |
Company Secretary |
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Address : |
Flat #11, Sapthagiri Residence, 1-10-98/A, |
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Tel No.: |
91-40-40032244 |
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Fax: |
91-40-40032255 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Sunil Kumar Patodia |
8,250 |
6.60 |
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Mr. Anil Kumar Patodia |
36,750 |
29.40 |
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Mr Pawan Kumar Patodia |
25,000 |
20.00 |
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Mr. Sudhir Kumar Patodia |
22,000 |
17.60 |
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Mr. Naveen Patodia |
7,000 |
5.60 |
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Mr. Sushil Patodia |
16,000 |
12.80 |
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RST Holding Pvt. Ltd. |
10,000 |
8.00 |
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Total |
1,25,000 |
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Equity Share Breakup (Percentage of total Equity) as on 31.03.2006
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S. No. |
Category |
Percentage |
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1 |
Bodies corpotate (not mentioned above) |
8.00 |
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2 |
Directors or relatives of directors |
92.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precession Engineering Sheet Metal Components, Turned
Machined Components, Forgings Castings. |
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Products : |
Engineering Sheet Metal Components, Turned Machined Components,
Forgings Castings. |
GENERAL INFORMATION
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No. of Employees : |
Around 75 |
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Bankers : |
UTI Bank Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. K. Asthana and Charted Accountant |
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Address : |
6-1-67/1/3, Opp. DGP Office, Saifabad Hyderabad, Andhra Pradhesh -500
004 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,50,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,25,000 |
Equity Shares |
Rs. 10/-
Each |
Rs.1.250 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.250 |
1.250 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.927 |
18.053 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
21.177 |
19.303 |
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LOAN FUNDS |
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1] Secured Loans |
3.936 |
15.963 |
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2] Unsecured Loans |
12.064 |
10.531 |
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TOTAL BORROWING |
16.000 |
26.494 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
37.177 |
45.797 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.224 |
5.778 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.030 |
0.030 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.053
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13.764 |
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Sundry Debtors |
8.052
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7.745 |
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Cash & Bank Balances |
0.625
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0.452 |
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Other Current Assets |
2.501
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19.713 |
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Loans & Advances |
16.852
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2.875 |
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Total
Current Assets |
39.083
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44.549 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.859
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2.814 |
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Provisions |
1.300
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1.765 |
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Total
Current Liabilities |
7.159
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4.579 |
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Net Current Assets |
31.924
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39.970 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
37.148 |
45.748 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
48.973 |
58.230 |
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Total Income |
48.973 |
58.230 |
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Profit/(Loss) Before Tax |
3.461 |
5.042 |
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Provision for Taxation |
1.587 |
1.753 |
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Profit/(Loss) After Tax |
1.874 |
3.289 |
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Total Expenditure |
44.275 |
51.869 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.83
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5.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.07
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8.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.81
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10.01 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.09
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1.61 |
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Current Ratio (Current Asset/Current Liability) |
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5.46
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9.73 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
Hyderabad Precision Mfg. Co. Pvt. Ltd. |
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Presented By |
Mr. Sunil Kumar Patodia, Managing
Director |
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1) Date and description of instrument creating the change |
1 Agreement for CC – Hypothecation of goods
Dated 04.05.2000 2 Agreement for CC – Hypothecation of
debts And
assets dated 04.05.2000 3 Agreement for Hypothecation of fixed
assets Dated 18.11.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4000 Millions |
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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 |
Security :- Hypothecation of raw materials, work-in-progress, finished goods, book debts and all current assets of the company, present and future Exclusive first charge of the entire fixed assets of the company present and future Personal guarantee of Mr. Sunil Kumar Patodia and Mr. Sushil Patodia |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash credit :- Interest :PLR + 1.50%, i.e. presently at 13.50% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
UTI
Bank Ltd. 6-3879/B, |
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6) Date and brief description of instrument modifying the charge |
1 Letter of arrangement for cash credit advances 2 Agreement for hypothecation of machinery and Other movable fixed assets. 3 Deed of hypothecation of machinery and other Movable fixed assets. The above agreement is in favour of UTI Bank Limited. All
are dated |
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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. |
Changes in sanction terms :- Interest rate on cash credit facility of Rs. 50 lacs is reduced BPLR-0.20% p.a. i.e. 11.80% p.a. at present at monthly rests and payable as and when debited. The facility is secured by personal guarantee of Mr. Sunil Kumar Patodia and Mr. Pawan Kumar Patodia. There are no other changes in the terms and conditions. Now fresh documents executed by the company on 12.03.2005 are being filed. |
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.40.73 |
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1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.44 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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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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