MIRA
INFORM REPORT
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Report Date : |
26.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HORIZON POLYMERS ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
RESISUTOLINE INDIA PRIVATE LIMITED |
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Registered Office : |
C – 1, B, 1605, GIDC, Chhatral Dist. Mehsana, Ahmedabad – 382729, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.06.1981 |
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Com. Reg. No.: |
04-4456 |
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CIN No.: [Company
Identification No.] |
U29259GJ1981PTC004456 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07396E |
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PAN No.: [Permanent
Account No.] |
AAACM1385C |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Fabrication Fittings, Ball Valves, Pumps and Pump Spares. |
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 56000 |
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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 / Factory : |
C – 1, B, 1605, GIDC, Chhatral Dist. Mehsana, Ahmedabad – 382729, |
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Tel. No.: |
91-2764-233623 |
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Fax No.: |
91-2764-233624 |
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E-Mail : |
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Website : |
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Corporate Office : |
204, |
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Tel. No.: |
91- 22 - 24965031-36 ( 6 lines ) |
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Fax No.: |
91- 22 - 24961073 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Peter Joseph Andrade (Foreigner) |
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Designation : |
Managing Director |
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Address : |
C-7, Sangam Cinema, Colaba, Mumbai – 400005, |
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Date of Birth/Age : |
03.01.1947 |
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Date of Appointment : |
26.06.1981 |
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Name : |
Mr. Hasmukh C Sheth |
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Designation : |
Director |
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Address : |
301/401, Om |
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Date of Birth/Age : |
04.02.1939 |
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Date of Appointment : |
01.06.1990 |
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Name : |
Ms. Kirti Kantilal Shah |
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Designation : |
Whole Time Director |
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Address : |
Madhu Mahal Ground Floor, Shraddhanand Cross Road, King Circle,
Marunga, Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
02.08.1948 |
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Date of Appointment : |
01.01.1997 |
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Name : |
Mr. Gautam H. Sheth |
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Designation : |
Director |
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Address : |
301/401, Om |
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Date of Birth/Age : |
15.06.1968 |
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Date of Appointment : |
11.05.2005 |
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Name : |
Mr. Tom Gordon (Foreigner) |
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Designation : |
Director |
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Address : |
91, |
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Date of Birth/Age : |
22.02.1941 |
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Date of Appointment : |
15.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sheth C. Hasmukh |
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27251 |
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Andrade Joseph Peter |
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20376 |
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Ramaswamy Melanie |
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12 |
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Andrade Claire Felicity |
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12 |
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Shah K. Virendra |
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3480 |
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Shah K. Kirti |
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4548 |
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Shah V. Devi |
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786 |
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Shah K. Rupa |
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786 |
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Shah P. Kruti |
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12 |
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Sanghavi M. Sheetal |
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7212 |
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Sheth C. Hasmukh – HUF |
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12 |
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Sheth H. Gautam |
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22512 |
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Sheth H. Ushaben |
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600 |
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Andrade Nigel |
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8400 |
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Sheth C. Hasmukh, Sheth G. Gautam and Andrade Joseph Peter |
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1 |
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Total |
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96000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.01 |
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Directors of relatives of directors |
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99.99 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Fabrication Fittings, Ball Valves, Pumps and Pump Spares. |
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Products : |
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Agencies Held : |
Leading
manufacturers of Gland, Packed and Bellow
Sealed Valves for wet/dry Chlorine applications. Approved by
Chlorine Institute and Eurochlor. Manufacturing programme includes, High
Pressure and High Temperature Valves, 3-2 way Jacketed Valves and Angle
Valves, Double Sealing Actuated Valves for liquefied storage tanks for toxic
applications, such as, C12, HCL, HF, UF6, CoC12, (Phosgene) VCM, CFC, etc. DE
DIETRICH EQUIPMENT CHIMIQUE, FRANCE The
oldest and one of the largest manufacturer world wide of a full range of
Glass equipment including Vessels, Agitators, Valves and Pipes. De
Dietrich Glass-lined Equipment uses the most modern technologies and the
highest quality control procedures in producing its DD 3009 glass. The
formulation of this multi purpose enamel gives the optimum properties of
chemical resistance to acidic and alkaline mediums, of mechanical resistance
to shocks and abrasion, of easy cleaning and anti-adhesion. Across
the world, all DeDietrich Glass-lined Equipment plants apply the same quality
of enamel, the production of which is centralized in FLUOROCARBON
COMPANY LIMITED Fluorocarbon
Company Limited is a British owned company established to manufacture and
supply PTFE semi-finished and finished products, fluoropolymer lined
pipe-work and fittings, PTFE expansion bellows, fluoropolymer coatings and
vessel ancillaries such as dip-pipes, sight glasses and level gauges. Further
expansion has added PTFE hoses, PTFE semi-finished sheet and tape products
and chemically resistant pumps to the range, PTFE SLIDE BEARINGS (maintenance
free) and the lastest investment has provided one of the largest isostatic
moulding facilities in Europe. |
GENERAL INFORMATION
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Bankers : |
Oriental Bank of Commerce, Prabhadevi Branch, Mandvi Branch, A. G. H. Chambers, 379/381, Narsi
Natha Street, Mumbai – 400025, Maharashtra, India |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
S. P. Jain and Associated Chartered Accountants |
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Address : |
F 13, Dadar Manish Market, Senapati Bapat Marg, Dadar [West], Mumbai –
400028, Maharashtra, India |
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Tel No.: |
91-22-24316201, 24316202 |
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Fax No.: |
91-22-24320931 |
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Collaborators : |
BTR Silvertown Limited, |
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Associates/Subsidiaries : |
Hs Engineering & Marketing Services A Professionally Managed Marketing Organisation representing In India more than 20 leading manufacturers from Europe, U.K., U.S.A. & Japan catering to the requirement of the Fertilizer, Chemical, Petrochemical, Man-Made Fibre, Refinery and Thermal & Nuclear Power Stations and Oil Exploration Applications. Airoil-Flaregas ( A joint venture company with Airoil-Flaregas Limited, Tlt Engineering India Private Limited A joint venture company with Turbo Lufttechnik Gmbh, Koerting Engineering Private Limited A joint venture company with M/S. Körting Hi - Tech Engineering Private Limited One of the leading manufacturers of Gate, Globe, Check, Ball & Butterfly Valves In Cs, Ss, Alloy-20, Hastelloy Etc. Also Manufacture Forged Steel Valves In Cs & Ss. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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96000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.600
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.600 |
9.600 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.624 |
0.745 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.224 |
10.345 |
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LOAN FUNDS |
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1] Secured Loans |
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10.675 |
5.496 |
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2] Unsecured Loans |
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8.894 |
8.426 |
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TOTAL BORROWING |
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19.569 |
13.922 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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33.793 |
24.267 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.635 |
12.422 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.502 |
11.270 |
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Sundry Debtors |
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20.612 |
10.756 |
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Cash & Bank Balances |
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2.123 |
2.000 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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3.707 |
5.558 |
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Total
Current Assets |
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43.944 |
29.584 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.408 |
14.497 |
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Provisions |
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1.378 |
3.242 |
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Total
Current Liabilities |
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24.786 |
17.739 |
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Net Current Assets |
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19.158 |
11.845 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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33.793 |
24.267 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover and Other Income |
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66.463 |
55.613 |
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Total Income |
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66.463 |
55.613 |
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Profit/(Loss) Before Tax |
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4.909 |
4.258 |
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Provision for Taxation |
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1.344 |
0.656 |
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Profit/(Loss) After Tax |
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3.565 |
3.602 |
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Earnings in Foreign Currency : |
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Export Sales |
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10.316 |
7.383 |
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Commission Received |
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3.125 |
0.424 |
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Total Earnings |
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13.441 |
7.807 |
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Import Value |
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7.510 |
4.827 |
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Expenditures : |
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Total Expenses |
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59.456 |
49.791 |
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Depreciation |
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2.098 |
1.564 |
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Total Expenditure |
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61.554 |
51.355 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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5.36 |
6.48 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.39 |
7.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.38 |
10.14 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35 |
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.12 |
3.06 |
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Current Ratio (Current Asset/Current Liability) |
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1.77 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
HORIZON POLYMERS
ENGINEERING PRIVATE LIMITED |
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Presented By |
ORIENTAL BANK OF
COMMERCE, PRABHADEVI BRANCH, MUMBAI -
400025 |
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1) Date and description of instrument creating the change |
01.11.1988 Agreement of
Hypothecation of goods |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.750
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 |
Hypothecation of
stocks of raw materials, stock in process, finished goods and stores, and spares
belonging to the company or kept at company’s premises, factories or Godown
anywhere in |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at 5.50
% OBR with a minimum of 17 & p.a. or at such other rate as may be
determined by the Bank from time to time as per RBI Directions. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Prabhadevi Branch, Mandvi Branch, A. G. H. Chambers, 379/381, |
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6) Date and brief description of instrument modifying the charge |
27.11.2005 No instrument –
Extension of Charge on the immovable property of the immovable property of the
company for enhanced Cash Credit Limits of Rs. 6.000 Millions as and by way
of Eight Modification. |
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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. |
At the request of
the borrower company the Bank has enhanced the Cash credit Limits from Rs.
5.000 Millions to Rs. 6.000 Millions by sanction of additional limits of Rs.
1.000 Millions to secure the due repayment of the aforesaid limits and for
all costs, interest and other charges thereon at the request of the Bank the
Borrower company has continued to extent, the first charge on the Immovable
property consisting or a piece of land known a Plot No. 1605 and 1618 in the
Chhatral Industrial Estate consisting revenue survey No. Nil within the
Village adm 1406 sq. mtrs. Thereabouts and CIB type shed No. 1605 and 1618
built up on the above Plot immovable property situated at 1606, Phase II,
GIDC Chhatral Gujarat together with all buildings, super structure, Plant and
Machinery, constructed and to be constructed installed and or to be installed and all accretion thereto. Other terms and
conditions as per loaning documents executed by the borrower company with the
Bank. The banking
limits of the company are transferred and controlled by Oriental Bank of
Commerce The total charge
stands unaltered at Rs. 6.000 Millions. |
AS PER WEBSITE
Profile
Subject
is a manufacturer in
They are a member of the HS Group of
Companies. Their products are manufactured at a well equipped and modern
facility at Chhatral (near Ahmedabad), India, with technical know - how
provided under a license agreement with BTR Silvertown Limited, U.K., who in
turn were the Licensees of Crane Resistoflex Company, U.S.A., the innovators
and the world's largest manufacturer of FLUOROPOLYMER LINED PIPING SYSTEMS.
The
products they manufacture comply with the current ASTM standards and the stringent quality control programmes of
their collaborators.
In 1987,
They at HORIZON had set
their selves the task to continuously develop and offer in a phased manner a
complete range of Lined Piping Products which would provide to the Chemical
Processing Industry a total solution to their corrosion problems.
In 1988,
they were the first in
In 1993,
Lined Sight Flow Indicators were introduced which were followed by the
successful lining of S.S. CORRUGATED & BRAIDED METAL HOSES using a smooth
bore PTFE tube. The "Chemical Transfer Hose" is being used for a wide
range of applications especially for loading and unloading purposes in the
Chemical Process Industry.
In 1996,
They introduced LINED BALL VALVES which are available fully lined with PVDF and
PFA. With the technical support provided to them by their overseas polymer
manufacturer.
In 2000,
they introduced PTFE and FEP LINING OF PIPING PRODUCTS to include Lined Ball
Valves, Fittings and Sight Flow Indicators at very competitive prices.
In 2001,
established its own Teflon Tube Extruding shop to produce PTFE Tubes from sizes
ranging from 25 mm to 80 mm.
In 2004,
the project of manufacturing PTFE Tubes upto sizes 200 mm is under completion.
They are an engineering organisation specialised in the manufacture, marketing and sales of a wide range of products to the Fertilizer, Petrochemical, Chemical, Refinery, Power and Man-made Fibre Industries and Oil Exploration Applications.
Their Company was incorporated on 1st May, 1980.
Because of their professional and service oriented approach to marketing problems, the Company has gained wide acceptance and the confidence of Indian customers.
Between the years 1980 till date, the sales turnover has consistently increased.
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.40.81 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
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 |
|