MIRA
INFORM REPORT
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Report Date : |
14.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINDUSTAN PRESSINGS PRIVATE LIMITED |
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Registered Office : |
619, Sadashiv Peth, Pune – 411030, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.03.1985 |
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Com. Reg. No.: |
35686 |
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CIN No.: [Company
Identification No.] |
U36102PN1985PTC035686 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEM02495D |
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PAN No.: [Permanent
Account No.] |
AABCM2660C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Auto Components |
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 54000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced, respectable and having
satisfactory means of their own. Trade relations are fair. Business is
active. Payments are reported as 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 : |
619, Sadashiv Peth, Pune – 411030,
Maharashtra, India |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory 1 : |
S-211, MIDC, Bhosari, Pune - 411 026,
INDIA |
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Tel. No.: |
91 20 27122870 / 27122192 |
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Fax No.: |
91 20 27126074 |
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E-Mail : |
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Factory 2 : |
Location J-63, MIDC Bhosari, Pune |
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Factory 3 : |
Location J-507, MIDC Bhosari, Pune |
DIRECTORS
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Name : |
Mr. Rakesh Agarwal (Mittal) |
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Designation : |
Director |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B. E. [Mech] |
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Name : |
Mr. Sunil Agarwal |
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Designation : |
Director |
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Address : |
37 Years |
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Qualification : |
C. A. |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Auto Components |
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Products : |
Component Range – Fabricated
Component
Range - Pressings & Fabricated ·
CR / HR Pressed Parts (Surface
Coated) ·
Clutch Plates (Cork Based &
CRCA Steel) |
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Exports : |
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Countries : |
Gulf Countries, Third party export to Europe |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
15 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sachin R. Bansal and Company Chartered Accountants |
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Address : |
Office No. 115, B Wing, Parmar Chamber, ľ, B. J. Road, Camp, Pune –
411001, Maharashtra. India |
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Collaborators : |
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Associates/Subsidiaries : |
Address : Location J-63, MIDC Bhosari, Pune
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24250 |
Equity Shares |
Rs. 100/- each |
Rs. 2.425
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.425 |
2.425 |
2.425 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.132 |
8.909 |
6.679 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.557 |
11.334 |
9.104 |
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LOAN FUNDS |
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1] Secured Loans |
1.982 |
3.484 |
1.595 |
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2] Unsecured Loans |
7.950 |
8.683 |
6.509 |
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TOTAL BORROWING |
9.932 |
12.167 |
8.104 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.489 |
23.501 |
17.208 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.533 |
5.790 |
3.667 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.198 |
4.443 |
5.282 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
11.833
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11.577 |
8.583 |
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Cash & Bank Balances |
1.871
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0.793 |
1.547 |
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Other Current Assets |
3.042
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6.822 |
6.127 |
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Loans & Advances |
19.038
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6.386 |
3.773 |
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Total
Current Assets |
35.784
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25.578 |
20.030 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
20.026
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12.312 |
11.771 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
20.026
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12.312 |
11.771 |
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Net Current Assets |
15.758
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13.266 |
8.259 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
23.489 |
23.500 |
17.208 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
76.015 |
61.781 |
63.611 |
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Profit/(Loss) Before Tax |
3.727 |
3.747 |
3.511 |
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Provision for Taxation |
1.503 |
1.518 |
1.365 |
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Profit/(Loss) After Tax |
2.224 |
2.229 |
2.146 |
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Import Value |
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Raw Materials |
1.857 |
2.269 |
0.000 |
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Capital Goods |
0.000 |
0.000 |
0.400 |
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Total Imports |
1.857 |
2.269 |
0.400 |
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Expenditures : |
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Salaries |
0.600 |
0.274 |
0.133 |
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Managerial Remuneration |
0.180 |
0.000 |
0.180 |
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Bank Charges |
0.061 |
0.050 |
0.074 |
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Payment to Auditors |
0.012 |
0.012 |
0.006 |
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Interest |
0.054 |
0.000 |
0.000 |
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Insurance Expenses |
0.011 |
0.018 |
0.023 |
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Depreciation & Amortization |
0.900 |
0.685 |
1.083 |
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Other Expenditure |
70.470 |
1.039 |
58.601 |
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Total Expenditure |
72.288 |
56.392 |
60.100 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
2.93
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3.61 |
3.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.90
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6.06 |
5.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.02
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11.95 |
14.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.33 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.21
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2.16 |
2.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.79
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2.08 |
1.70 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Insurance Details
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Unit’s Assets Covered |
Policy No. / Cover Note |
Validity |
Sum Assured |
Risk Covered |
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Building |
16/908/11/07 |
15/09/07 |
Rs.1.000 Million |
All under std fire and special perils
policy |
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Plant and Machinery |
11/0000369 |
14/09/2008 |
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Amount of the Modified Value added Tax credits availed of or utilized
during the previous year and its treatment in the profit and loss account and
treatment of outstanding Modified Value Added Tax credits in the account
Cenvat on Raw Material Rs. 6.493 Millions,
Education Cess Rs. 0.128 Million and Secondary and Higher Education Cess Rs.
0.003 credited to Purchase Account. Cevant and Education Cess on Machinery Rs.
0.199 Millions reduced from cost of machinery. Out of this Rs. 0.097 + 0.002 is
availed during the year. Balance Rs. 0.097 Million + Rs. 0.002 is shown in
Cenvat Receivable Account and Education Cess Receivable Account respectively.
Cenvat and Education Cess on Tools Rs. 0.015 Million reduced from cost of
Tools. Out of this Rs. 0 is availed during the year. Balance Rs. 0.014 Million
+ 423/- is shown in Cenvat Receivable account and education cess receivable
account respectively.
Other Business Interests of the Promoters : Real Estate, Car Dealership and Warehousing
FIXED ASSETS
- Leasehold Land
- Building
- Machinery
- Air Conditioner
- Computer
- Fax Machine
- Cycle
- Cars
- EPABX System
- Furniture
- Office Equipments
- Tools and Equipments
- Water Cooler
As per website
Subject was established in the year of 1992, which now has three
units.
It is mainly into sheet pressed Components, Fabrication, Clutch, Pressure
Plates etc.
It also has a proposed expansion
plan at Markal in 10 acre land for sheet metal pressings (50 to 1000 tons),
precision fabrication and CNC machining.
Industrial Business (Core
Competence) :
• Sheet Metal Pressed Components
• Fabrication / Welded Sub Assy /
Surface Treated Components (Material Grade : Stainless Steel / Aluminium / MS)
• Clutch / Pressure Plates /
Rotors
• Machined Components
• Design & Manufacturing of
Tooling
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.39.94 |
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UK Pound |
1 |
Rs.78.81 |
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Euro |
1 |
Rs.63.05 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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. |
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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