MIRA
INFORM REPORT
|
Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HEXTECH ENGINEERS [INDIA] PRIVATE LIMITED |
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Registered Office : |
B 76, MIDC Industrial Area, Ambad, Nashik 422010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.02.1986 |
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Com. Reg. No.: |
039012 |
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CIN No.: [Company
Identification No.] |
U28920MH1986PTC039012 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKH00178D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides superior CAD/CAM/CAE
services and Customized Software Development |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 31000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company. The Company has improved its performance and has been
successful in wiping off all its previous losses. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
B 76, MIDC Industrial Area, Ambad, Nashik 422010, Maharashtra, India |
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Tel. No.: |
91-253-2382576 / 381730 / 384730 |
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ISDN No.: |
91-253-2385858 |
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Fax No.: |
91-253-2381789 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Santha Pichaya |
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Designation : |
Director |
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Address : |
Plot No. 5, Ashwin Society, Cidco, New Nashik 422009, Maharashtra,
India |
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Date of Birth/Age : |
27.11.1937 |
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Date of Appointment : |
25.02.2007 |
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Name : |
Mr. Ravi Captain Pichaya |
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Designation : |
Director |
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Address : |
B-76, MIDC, Ambad, Nashik 422010, Maharashtra, India |
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Date of Birth/Age : |
07.12.1957 |
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Date of Appointment : |
21.02.1986 |
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Name : |
Mr. Vijay Kaliapillai Pichaya |
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Designation : |
Director |
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Address : |
5, Ashwin Nagar, Sector ASA, Cidco, New Nashik 422009, Maharashtra,
India |
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Date of Birth/Age : |
24.12.1960 |
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Date of Appointment : |
30.12.2001 |
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Name : |
Mr. Rajiv Malhotra |
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Designation : |
Director |
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Address : |
2237, Sector 15-C, Chandigargh Punjab, Chandigarh, Punjab, India |
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Date of Birth/Age : |
08.09.1952 |
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Date of Appointment : |
02.02.1986 |
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Name : |
Mr. Rajiv Nair |
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Designation : |
Director |
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Address : |
C – 85, Ground Floor, Panchasheel Enclave, New Delhi 110017, India |
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Date of Birth/Age : |
04.10.1960 |
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Date of Appointment : |
02.02.1986 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Ravi Pichya |
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231150 |
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Rajiv Malhotra |
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1850 |
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Rajiv Nair |
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15000 |
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Vijay Pichya |
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2000 |
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Total |
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250000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Director or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject provides superior CAD/CAM/CAE
services and Customized Software Development |
GENERAL
INFORMATION
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Bankers : |
Ø
The Shamrao Vithal
Co-operative Bank Limited Parshwanath
Co-operative Housing Society, N. H. Shrawan Sector, Ambad CIDCO, Nashik
422009, Maharashtra, India Ø
Bank of
Maharashtra Ambad Industrial
Estate Branch, Nashik 422010, Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
S. R. Rahalkar and Associates Chartered Accountants |
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Address : |
667, Telli Lane, Raviwar Peth, Nashik 422001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
2.500 |
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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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2.753 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[1.575] |
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NETWORTH |
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7.753 |
0.925 |
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LOAN FUNDS |
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1] Secured Loans |
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14.550 |
20.201 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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14.550 |
20.201 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.303 |
21.126 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.759 |
14.025 |
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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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7.485 |
5.447 |
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Sundry Debtors |
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0.803 |
0.522 |
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Cash & Bank Balances |
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2.667 |
1.285 |
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Other Current Assets |
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4.087 |
2.952 |
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Loans & Advances |
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2.254 |
1.506 |
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Total
Current Assets |
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17.296 |
11.712 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.041 |
4.330 |
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Provisions |
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1.711 |
0.281 |
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Total
Current Liabilities |
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11.752 |
4.611 |
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Net Current Assets |
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5.544 |
7.101 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.303 |
21.126 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Total Income |
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74.420 |
34.511 |
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Profit/(Loss) Before Tax |
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5.220 |
[0.608] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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5.220 |
[0.608] |
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Expenditures : |
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Interest |
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4.292 |
3.556 |
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Depreciation & Amortization |
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2.120 |
3.856 |
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Other Expenditure |
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62.788 |
27.707 |
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Total Expenditure |
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69.200 |
35.119 |
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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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7.01 |
[1.76] |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.01 |
[1.76] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.32 |
[2.36] |
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Return on Investment (ROI) (PBT/Networth) |
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0.67 |
[0.65] |
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Debt Equity Ratio (Total Liability/Networth) |
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3.39 |
26.82 |
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Current Ratio (Current Asset/Current Liability) |
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1.47 |
2.54 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges Report
as per Registry
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90220475 |
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Corporate
identity number of the company |
U28920MH1986PTC039012 |
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Name of the
company |
HEXTECH ENGINEERS
[INDIA] PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B 76, MIDC
Industrial Area, Ambad, Nashik 422010, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Ø
The Shamrao
Vithal Co-operative Bank Limited Parshwanath
Co-operative Housing Society, N. H. Shrawan Sector, Ambad CIDCO, Nashik
422009, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. However, the equitable
mortgage has been extended over the immovable properties |
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Date of
instrument Creating the charge |
03.07.2007 |
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Amount secured by
the charge |
Rs. 45.361
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As may be
decided, from time to time by the bank. [b] Terms of
repayment As may be decided
from time to time by the bank. [c] Margin As may be decided
by the Bank [d] Extent and
operation of the charge To secure the due
repayment of various credit facilities of Rs. 45.361 Millions granted by the
Bank to the Company. |
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Short particulars
of the property charged |
All that piece and
parcel of land situated lying and being at MIDC Ambad, Taluka and District
Nashik bearing Plot No. B-76, admeasuring 3065 sq. mtrs. alongwith factory
building constructed thereon within the limits of Nashik Municipal
Corporation and within the limits of Registration and Sub Registration
District of Nashik, together with factory building and plant and machineries
installed therein, belonging to the company. |
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Date of latest
modification prior to the present modification |
20.09.2006 |
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Particulars of the
present modification |
By this
modification, the charge has been enhanced from Rs. 24.800 Millions to Rs.
45.361 Millions on account of additional credit facilities of Rs. 19.137
Millions granted by the Bank to the Company. Therefore, the
overall charge now stands at Rs. 45.361 Millions. |
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Name of the company |
HEXTECH
ENGINEERS [INDIA] PRIVATE LIMITED |
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Presented By |
Director of the
company |
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1) Date and description of instrument creating the change |
Hypothecation of Plant and Machinery Goods dated 31.03.2006 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 4.125
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 |
Charge of the
bank by way of hypothecation of the bank machineries i.e.
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest: 13%
p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the
charge. |
Ø
Bank of
Maharashtra Ambad Industrial Estate
Branch, Nashik 422010, Maharashtra |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE DETAILS:
PROFILE:
Hextech provides superior CAD/CAM/CAE services and Customized Software Development
for use in a business enterprise.
They apply leading-edge technology in the field of Productivity
Solutions to achieve the specific business objectives. They accomplish this by
delivering solutions and professional services on time and on budget. They have
solutions for CAD/CAM/CAE
on major industrial platforms including I-DEAS.
They are also in the field of manufacturing precision components using CNC
machines.
DEVELOPMENT
Subject has a team of skilled Software Developers who are constantly
exploring the limits of Software Applications for enhancing the Quality of Business
Automation. Their range of in house Products developed through arduous testing
and deployment stand out as proof of the commitment they place on Quality and
Well Engineered Software Solutions. All the software products have been
successfully implemented and have obtained rave reviews from highly satisfied
customers and partners.
PRODUCTS:
Axon's P7 Payroll is a powerful standalone
software package designed for ease of use and comprehensive employee pay
processing and reporting. Payroll features flexible time entry, Statutory Tax
Form printing, Leave calculations, Earnings / Deductions templates, employee
benefits tracking, pay slip printing and with optional time clock interface.
Extremely versatile, P7 Payroll is excellent for Businesses and Industry and
for Trading operations with 5 or 500 employees. P7 Payroll can maintain payroll
for multiple companies at multi locations.
e7 ERP is an
online, truly integrated Web based ERP Software for manufacturing industries.
e7 ERP Applications provide optimal support to businesses through powerful,
flexible and open IT infrastructure in order to respond rapidly to change.
Axon’s e7 ERP software is based on very simple operational philosophy. “e7 ERP
ensures that all accounting (Finance, Inventory & Production ) activities
are properly and in sequence registered day by day, by end users , there and
then”.
CADEx Entity
Master is a powerful standalone Attribute Reading tool designed to read the DWG
Files. The Entity Master reads all the text and dimension from the DWG Files
with the Special characters such as °, ø and ±.
CADEx Entity
Master will help you to Sort and group the files as per Part No and Class ID.
CADEx Entity Master is designed specially for Fast Reading of DWG Files and
Fast Sorting to Part Numbers.
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 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. 39.98 |
|
UK Pound |
1 |
Rs. 78.57 |
|
Euro |
1 |
Rs. 59.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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. |
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 |
|