MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HRUSHIKESH WATER SCIENCES PRIVATE LIMITED |
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Formerly Known As : |
HRUSHIKESH ENGINEERING PRIVATE LIMITED |
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Registered Office : |
A-122, Jai Ganesh Vision, Akrudi, Pune - 411035, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.02.1996 |
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Com. Reg. No.: |
096817 |
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CIN No.: [Company
Identification No.] |
U28992MH1996PTC096817 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH05051E |
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PAN No.: [Permanent
Account No.] |
AABCH2605Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Water Treatment Plant |
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 1160 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Scale of activity
is limited. Payments are however reported as usually correct and as per
commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Uday Joshi |
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Designation : |
Director |
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Contact No.: |
91-9764447129 |
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Date : |
24.05.2008 |
LOCATIONS
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Registered Office : |
A-122, Jai Ganesh Vision, Akrudi, Pune - 411035, Maharashtra, India |
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Tel. No.: |
91-20-27451031 |
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Mobile No.: |
91-9422516303/ 9764447129 |
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E-Mail : |
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Website : |
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Area : |
700 sq. ft. |
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Location : |
Owned |
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Factory : |
MIDC, Bhosari, India |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Uday Joshi |
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Designation : |
Director |
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Address : |
C-2/11, Kakade Corner, Chinchwad Gaon, Behind Surya Sahakari Bank
Limited, Pune – 411035, India |
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Date of Birth/Age : |
46 years |
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Qualifications : |
Engineering |
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Date of Appointment : |
01.02.1996 |
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Name : |
Mrs. Vibhavari Joshi |
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Designation : |
Director |
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Address : |
C-2/11, Kakade Corner, Chinchwad Gaon, Behind Surya Sahakari Bank Limited,
Pune – 411035, India |
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Date of Birth/Age : |
40 years |
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Qualifications : |
Graduate |
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Date of Appointment : |
01.02.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No of Shares |
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Mr. Uday Joshi |
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10 |
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Mrs. Vibhavari Joshi |
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1010 |
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Mr. Balkrishna D. Joshi |
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1010 |
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Mr. Uday Joshi (HUF) |
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6000 |
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Mr. Shodhan Kembhavi |
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1000 |
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Mr. Manjusha S. Kembhavi |
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1000 |
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Total |
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10030 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Water Treatment Plant |
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Products : |
Water Treatment Plant |
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Exports : |
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Countries : |
· UAE – Sharjah · Thailand · Nepal · Bangladesh |
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Terms : |
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Selling : |
L/C |
GENERAL
INFORMATION
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Customers : |
· Industries
· EAGAT
Thailand. · Thai
Oil Company Limited, Thailand · National
Petroleum Company [NPC] Thailand · Ziska
Pharmaceuticals Limited,Bangladesh · BEXIMCO
Pharmaceuticals Limited,. Bangladesh · Metito
Overseas Limited, UAE · Uttara
foods and feeds. At 5 locations India · Cipla
Limited, India · Plathico
Pharmaceuticals Limited,India · Dudhganga SSK IndiaI · Behr
I. Limited,India · Coca-Cola
India India · Finolex
Plastro Plasson Limited,., India · Apar
Limited, India · Peri
Nitrates Private Limited,India · Manikchand
Switches India · VSR
Foods and Beverages Private Limited,. India · ISC
(South Asia) Private Limited,India · Wohardt
Limited,India · Animal
Husbandry Research Institute India · J.N.
Marshall Limited,India · BALCO
India · S.
R. Thorat milk products Private Limited, India · Godavari
Dudh utpadak sangh India · MIMER
Medical College India · Alfa
Laval I. Limited,India · Shah
Memorial Hospital India |
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No. of Employees : |
12 |
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Bankers : |
· Axis Bank,
Pimpari, Chinchwad Branch · Janta Sahakari
Bank, Chinchwad Gaon Branch · IDBI Bank,
Chinchwad Branch |
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Facilities : |
CC – Rs.0.700 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M G Kelkar and Company Chartered Accountant |
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Address : |
279, Shivajinagar, Behind Congress House, Pune – 411005, Maharashtra,
India |
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Name : |
R M Rajapurkar Chartered Accountant |
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Address : |
1A, Swojas House, Sadashiv Peth, Pune – 411030, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10130 |
Equity Shares |
Rs.10/- each |
Rs.0.101
Million |
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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 |
0.101 |
0.101 |
0.101 |
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2] Share Application Money |
0.000 |
0.398 |
0.398 |
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3] Reserves & Surplus |
0.189 |
0.163 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.065) |
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NETWORTH |
0.290 |
0.662 |
0.434 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.683 |
0.549 |
0.504 |
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TOTAL BORROWING |
1.683 |
0.549 |
0.504 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.973 |
1.211 |
0.938 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.413 |
0.899 |
0.849 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.002 |
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DEFERREX TAX ASSETS |
0.045 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.362
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0.000 |
0.010 |
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Sundry Debtors |
0.598
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0.342 |
0.189 |
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Cash & Bank Balances |
0.369
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0.390 |
0.051 |
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Other Current Assets |
0.117
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0.000 |
0.162 |
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Loans & Advances |
0.000
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0.305 |
0.053 |
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Total
Current Assets |
1.446
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1.037 |
0.465 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.770
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0.624 |
0.199 |
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Provisions |
0.171
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0.111 |
0.18 |
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Total
Current Liabilities |
0.941
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0.735 |
0.379 |
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Net Current Assets |
0.505
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0.302 |
0.086 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.001 |
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TOTAL |
1.973 |
1.211 |
0.938 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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7.54
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1.94 |
2.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.54
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1.41 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Reliance Gas Transportation Infrastructure, Mumbai
· Plathico Pharmaceutical, Indore
· Beximco Pharmaceutical Limited, Bangladesh
Trust seal Acceptance Chart:
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Parameters |
Details |
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Statutory Approvals |
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Income Tax
Registration (PAN) |
AABCH2605Q |
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TIN Registration |
27590071452V |
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Import Export
Code |
3106019557 |
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Name of Bank |
Axis Bank |
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Current Account
Number |
103010200003094 |
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Account Since |
4 years |
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Emp PF
Registration Number |
No |
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Company ESI
Registration Number |
No |
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Credibility Factors |
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Indiamart Client
Since |
New Member |
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Trade Affiliations |
No |
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Standards and Certifications |
No |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.85 |
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UK Pound |
1 |
Rs.84.74 |
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Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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36 |
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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