MIRA
INFORM REPORT
|
Report Date : |
09.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
HANS MACHINERIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
13.04.1994 |
|
|
|
|
Com. Reg. No.: |
062931 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74999WB1994PTC062931 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALH01325C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH7484E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and exporter of Drawing machines for Jute processing, components
as per customers drawing and specification, Rollers, Pins, Shafts, Housings,
Cams, etc. |
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 5600 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory
track. 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
|
Registered Office / Factory : |
|
|
Tel. No.: |
91-33-2679-2105 |
|
Mobile No.: |
91-9331020398 |
|
Fax No.: |
91-33-26793036 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
15,575 Sq. fts. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Chandrajit Kundu |
|
Designation : |
Director / Finance Manager |
|
Address : |
|
|
Date of Birth/Age : |
33 years |
|
Qualification : |
Graduate |
|
Experience : |
10 years |
|
Date of Appointment : |
01.04.2001 |
|
|
|
|
Name : |
Mr. Samik Sett |
|
Designation : |
Director / Quality Assurance Manager |
|
Address : |
|
|
Date of Birth/Age : |
28 years |
|
Qualification : |
B.Tech |
|
Experience : |
4 years |
|
Date of Appointment : |
15.10.2003 |
|
|
|
|
Name : |
Mrs. Minakshi Sett |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
54 years |
|
Qualification : |
B.A. |
|
Experience : |
13 years |
|
Date of Appointment : |
01.06.1995 |
|
|
|
|
Name : |
Mr. Pradeep Kumar Das |
|
Designation : |
Director / Production Manager |
|
Address : |
Jhorehat, Andul, |
|
Date of Birth/Age : |
08.04.1948 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mrs. Sukla Samir Sett |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
01.04.2006 |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Sett |
|
Designation : |
Design and Planning Manager |
|
|
|
|
Name : |
Mr. R. Roy |
|
Designation : |
Marketing and Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Swapan Kumar Sett |
|
81500 |
|
Mrs. Minakshi Sett |
|
114000 |
|
Particulars |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of Drawing machines for Jute processing, components
as per customers drawing and specification, Rollers, Pins, Shafts, Housings,
Cams, etc. |
|
|
|
|
Products : |
Organizations. |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L / C, Credit (30 days) |
|
|
|
|
Purchasing : |
L / C, Credit (30 days) |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
Drawing Machines |
|
|
96 mac / year |
76 mac / year |
GENERAL INFORMATION
|
Customers : |
Abroad:
Precision
Engineering Equipment:
|
|
|
|
|
No. of Employees : |
42 (Office: 6; Factory: 36) |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Credit Limit of Rs. 3.00 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Agrawal Jajodia and Company Chartered Accountants |
|
Address : |
|
|
Registration
No.: |
62931 |
|
|
|
|
Associates/Subsidiaries : |
M/s Hans Enterprise Address: Line of Business: Jute machinery Spares |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10.00 each |
Rs. 2.00 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
197500 |
Equity Shares |
Rs. 10.00 each |
1.975
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.955 |
1.955 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
16.849 |
11.851 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
18.804 |
13.806 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
9.700 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
9.700 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
1.721 |
1.356 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.225 |
15.162 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14.598 |
9.877 |
|
|
Capital work-in-progress |
|
13.190 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
4.265 |
1.807 |
|
|
Sundry Debtors |
|
2.043 |
1.755 |
|
|
Cash & Bank Balances |
|
0.000 |
0.248 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
8.151 |
6.154 |
|
Total
Current Assets |
|
14.459 |
9.964 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
8.286 |
2.944 |
|
|
Provisions |
|
3.736 |
1.735 |
|
Total
Current Liabilities |
|
12.022 |
4.679 |
|
|
Net Current Assets |
|
2.437 |
5.285 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.225 |
15.162 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
7.057 |
0.000 |
|
|
Other Income |
|
0.045 |
0.000 |
|
|
Total Income |
|
38.332 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.598 |
0.000 |
|
|
Provision for Taxation |
|
0.132 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.466 |
0.000 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
0.000 |
0.000 |
|
|
Commission Earnings |
|
0.000 |
0.000 |
|
|
Other Earnings |
|
0.000 |
0.000 |
|
Total Earnings |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
Stores & Spares |
|
0.000 |
0.000 |
|
|
Capital Goods |
|
0.000 |
0.000 |
|
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
5.913 |
0.000 |
|
|
Manufacturing Expenses |
|
0.000 |
0.000 |
|
|
Administrative Expenses |
|
0.515 |
0.000 |
|
|
Raw Material Consumed |
|
0.000 |
0.000 |
|
|
Purchases made for re-sale |
|
0.000 |
0.000 |
|
|
Consumption of stores and spares parts |
|
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.000 |
0.000 |
|
|
Managerial Remuneration |
|
0.000 |
0.000 |
|
|
Payment to Auditors |
|
0.000 |
0.000 |
|
|
Interest |
|
0.071 |
0.000 |
|
|
Insurance Expenses |
|
0.000 |
0.000 |
|
|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
0.004 |
0.000 |
|
|
Other Expenditure |
|
0.000 |
0.000 |
|
Total Expenditure |
|
6.503 |
0.000 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.22 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
8.47 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.06 |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.16 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.20 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
HANS MACHINERIES
PRIVATE LIMITED |
|
Presented By |
|
|
1) Date and description of instrument creating the change |
On 19.05.2005,
Deed of Hypothecation executed by the company, in favour of small industries
development of |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs. 4.00 millions agreed to be lent and advanced by SIDBI to the company
together with interest, additional interest, liquidated damages, costs,
charges expenses and all other moneys payable by the company to SIDBI in
terms of the loan Agreement dated 19.05.2005 executed between the company of
the one part and SIDBI of the other part. |
|
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 |
Exclusive first
charge by way of hypothecation over CNC Horizontal machining Centre [Maxpro
H440E] manufactured by Bharat Fritz Werner Limited situated at factory
premises of Hans Machineries Private Limited at Satyen Bose Road, Banipur,
Howrah. The whole of its movables, plant, machinery, machinery spares, tools
and accessories and fixtures and other movables, both present and future,
whether installed or not and whether now lying loose or in cases or which are
now lying or stored in or about or shall hereafter from time to time during
the continuous of these presents be brought into or upon or be stored or be
in or about all the Borrower’s premises, factory, showroom and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the Borrower or in the course of transit or on high seas or on
order or delivery are hereby hypothecated as an by way of exclusive charge. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as exclusive first charge to secure the due repayment and discharge
by the company to SIDBI of its Term Loan of Rs. 4.00 millions together with
interest, additional interest, liquidated damages, costs, charges, expenses
and all other moneys payable by the company under the said loan agreement. The company has
undertaken to keep the hypothecated goods in marketable and good condition at
its own costs and to insure the same in the joint names of the Company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
|
5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development bank of |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
PROFILE OF THE COMPANY:
Subject is in business since 1997 on
manufacturing of Jute and Textile machineries.
The company has technically and commercially qualified Personnel and
enough resources for manufacturing and development of Jute and Textile machines
of any magnitude in
The attractiveness of the Subjects includes
the following:
- Established brand name
- Assured order from the Jute and Textile Industries
- Availability for diversification
- Developing new products (Through in house efforts)
- Good infrastructure and abilities engineering.
Diversification:
The company has also taken up manufacturing / machining
of precision engineering components on their existing C N C Vertical machining
Centre, C N C Turning Center and Induction hardening machine. Further improvement on this subject will be
achieved on receiving of already Horizontal machining Centre.
Laboratory and Testing Facilities Available:
- Hardness
Testing Machine (blue Star – RAB 250)
- Universal
Testing machine 40 Ton Capacity (Blue Star)
- Shore
Hardness Tester
- Vernier
height Gauge. 0 – 1000 mm
- Different
Dial Type Bore Gauges. Range 18 – 155 mm
- Different
Vernier range 1000mm
- Dial
Calipers. 0 to 35 mm
- Different
Outside Meters range 0 – 225 mm
- Different
Feeler Gauges
- Tool
Presetter (Zooler)
- Depth Meter
range 150mm
- Depth Vernier
range 200mm
- Sleeve Gauge
Set 80 Pcs
- Chemical Test
and Flaw Detection is carried out by outside agencies.
Quality Policy:
The subject is dedicated towards manufacturing
of Precision Engineering Products which would meet their customer’s
requirements and always adhere to the delivery schedule.
They will strive for improving their system
and their products as well as increase their product range by continually
taking customers’ feedback and thereby aim at maximum customer satisfaction.
Trade References:
- CBF manufacturing, LLC
- Arihant Multi Fibres Limited
- M/s Stone India Limited , 16,
- M/s Tata Growth Shop,
- Tata Steel Limited,
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. 41.34 |
|
|
1 |
Rs. 81.81 |
|
Euro |
1 |
Rs. 55.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|