MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
HD FIRE PROTECT PRIVATE LIMITED |
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Formerly Known As : |
DH FIRE PROTECT PRIVATE LIMITED |
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Registered Office : |
K – 98, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
24.04.1997 |
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Com. Reg. No.: |
107536 |
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CIN No.: [Company
Identification No.] |
U29270MH1997PTC107536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKD01560G |
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PAN No.: [Permanent
Account No.] |
AABCD0020D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of broad and comprehensive Water and Foam Based Fire
Protection Equipment. |
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 152000 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are correct
and as per commitment. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
K – 98, MIDC, |
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Tel. No.: |
91-257-2211996, 2211876 |
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Fax No.: |
91-257-2212396 |
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E-Mail : |
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Website : |
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Corporate Office : |
C – 3/ 6, The Nandanvan Industrial Estate, LBS Marg, Thane – 400 604, |
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Tel. No.: |
91-22-25826958,
25826793 |
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Fax No.: |
91-22-25812524, 55969049 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harish N. Dharamshi |
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Designation : |
Managing Director |
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Address : |
A – 7, Madhur Milan, Mulund (West), |
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Date of Birth/Age : |
12.02.1954 |
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Qualification : |
B.E. (Mech.) |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Narendra V. Dharamshi |
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Designation : |
Director |
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Address : |
A / 20, Madhur Milan, 3rd Floor, Mulund (West), |
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Date of Birth/Age : |
11.05.1952 |
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Date of Appointment : |
24.04.1997 |
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Name : |
Mr. Sushil L. Shah |
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Designation : |
Director |
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Address : |
Niket 148, Adarsha Nagar, |
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Date of Birth/Age : |
03.07.1961 |
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Date of Appointment : |
24.04.1997 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.08.2008
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Names of Shareholders |
No. of Shares |
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Narendra V. Dharamshi |
5000 |
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Sushil L. Shah |
5000 |
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Bharati Sushil Shah |
500 |
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Sushil Shah as a Karta of Sushil Laxmichand Shah HUF |
1000 |
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Hiren Dharmashi as a Karta of Hiren Dharmashi HUF |
1400 |
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Frenal Rishi Lodaya |
900 |
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Harish N. Dharamshi |
64790 |
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Kusum H. Dharamshi |
42260 |
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Ratanbai N. Dharamshi and Kusum H. Dharamshi |
100 |
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Anik N. Dharamshi |
4000 |
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Rameshchandra D. Dagha |
50 |
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Total |
125000 |
As on 26.08.2008
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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98.04 |
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Others |
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1.96 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of broad and comprehensive Water and Foam Based Fire
Protection Equipment. |
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Products : |
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PRODUCTION STATUS As on 31.03.2008
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Non Ferrous Casting |
Kgs. |
NA |
240000 |
133878 |
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GENERAL INFORMATION
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No. of Employees : |
About 400 |
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Bankers : |
Union Bank of |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
--- |
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Auditors : |
N. Chandulal and Company Chartered Accountants Address: 88-94, Big Hitesh Dedhia and Company Chartered Accountants Address: 17, mulji Devesh Building, 116, Keshavji Nayak Road, Masjid
Bunder, Mumbai – 400 009, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Shares |
Rs.100/-
each |
Rs.12.500
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.500 |
7.017 |
7.017 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.925 |
10.343 |
5.004 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.425 |
17.360 |
12.021 |
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LOAN FUNDS |
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1] Secured Loans |
41.934 |
19.573 |
20.708 |
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2] Unsecured Loans |
23.062 |
20.703 |
16.377 |
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TOTAL BORROWING |
64.996 |
40.276 |
37.085 |
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DEFERRED TAX LIABILITIES |
1.866 |
0.958 |
1.062 |
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TOTAL |
97.287 |
58.594 |
50.168 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.934 |
24.947 |
20.401 |
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Capital work-in-progress |
0.000 |
0.000 |
0.829 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
32.928
|
37.756 |
27.623 |
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Sundry Debtors |
61.644
|
49.642 |
38.895 |
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Cash & Bank Balances |
0.981
|
0.717 |
1.140 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.799
|
10.046 |
6.650 |
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Total
Current Assets |
107.352
|
98.161 |
74.308 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.856
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55.766 |
42.700 |
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Provisions |
10.143
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8.748 |
2.670 |
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Total
Current Liabilities |
51.999
|
64.514 |
45.370 |
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Net Current Assets |
55.353
|
33.647 |
28.938 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.287 |
58.594 |
50.168 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
285.200 |
272.300 |
170.727 |
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Other Income |
0.000 |
0.000 |
2.532 |
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Total Income |
285.200 |
272.300 |
173.259 |
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Profit/(Loss) Before Tax |
18.831 |
13.421 |
9.155 |
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Provision for Taxation |
7.348 |
4.619 |
3.357 |
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Profit/(Loss) After Tax |
11.483 |
8.802 |
5.798 |
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Earnings in Foreign Currency : |
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Export Earnings |
49.049 |
43.729 |
NA |
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Total Earnings |
49.049 |
43.729 |
NA |
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Imports : |
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Raw Materials |
22.866 |
59.743 |
NA |
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Capital Goods |
1.692 |
0.000 |
NA |
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Total Imports |
24.558 |
59.743 |
NA |
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Expenditures : |
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Interest |
4.100 |
3.673 |
2.706 |
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Depreciation & Amortization |
4.140 |
3.059 |
1.963 |
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Other Expenditure |
258.129 |
252.147 |
159.435 |
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Total Expenditure |
266.369 |
258.879 |
164.104 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
4.03
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3.23 |
3.35 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.61
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4.93 |
5.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.61
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10.90 |
9.58 |
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Return on Investment (ROI) (PBT/Networth) |
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0.62
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0.77 |
0.76 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.85
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6.04 |
6.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.06
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1.52 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
HD FIRE PROTECT PRIVATE LIMITED ( Formerly known as DH Fire Protect Private Limited) |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement of Goods and Debts (SD-06), dated 10.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.14.500
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
entire stock lying in trade and entire book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
12.25% p.a. with monthly rests. Margin 25 and 40% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80037008 |
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Corporate
identity number of the company |
U29270MH1997PTC107536 |
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Name of the
company |
HD FIRE PROTECT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
K – 98, |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Union Bank of E-Mail: cbsmulund@unionbankofindia.com |
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Nature of description
of the instrument creating or modifying the charge |
Extension
Memorandum of Entry |
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Date of
instrument Creating the charge |
22.05.2008 |
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Amount secured by
the charge |
Rs.30.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
The rate of interest is 11.75% Terms of
Repayment: As per Agreement Margin: As per
Agreement Extent and
Operation of the charge: As per Agreement |
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Short particulars
of the property charged |
(a) Plot bearing No. K – 98 admeasuring 4624
sq mtrs. , Jalgaon, more particularly described in schedule II of the
agreement. (b) Unit No.C/6 admeasuring 1290 sq ft.,
(Built-up), Thane, more particularly described in schedule IV of the
agreement. |
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Date of latest
modification prior to the present modification |
19.01.2008 |
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Particulars of
the present modification |
Extension of
title deeds of immovable properties mentioned in Schedule II, IV for the additional
CC facility of Rs.5.000 millions totaling to Rs.30.000 millions. |
Dividend:
The company paid an Interim Dividend of Rs.20/- per equity share (20%)
on 19.03.2008. The Board of Directors now recommends a Final Dividend of
Rs.27.50 per equity share (27.5%) against previous years Rs.35/- per equity
share (35%). The total dividend will absorb Rs.3.437 millions previous years
Rs.3.004 millions besides Rs.0.584 million as tax on dividend, previous year
Rs.0.458 million.
Increase in Capital:
The authorized share capital of the company was increased from Rs.10.000
millions to Rs.15.000 millions and subsequently the company has allotted 54830
equity shares of Rs.100/- each to its members.
Performance:
During the year, the company has progressed on the path of sustained
profitable growth. Sales and other income for the year have been Rs.285.200
millions compared to Rs.272.300 millions last year registering a growth of
4.73%. The manufacturing sales during the year has been Rs.243.900 millions as
compared to Rs.180.700 millions showing growth of 35%. Profit before
depreciation and tax for the year has been Rs.23.000 millions as compared to
Rs.16.500 millions last year showing a growth of 39% and net profit after tax
for the year has been Rs.11.500 millions as compared to Rs.8.800 millions last
year showing growth of 30%. Growth in profit was possible as a result of
increased production and higher sales realization, better cost management and
operational efficiencies.
Contingent
Liabilities:
|
Particulars |
31.03.2008 Rs.
In Millions |
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Guarantee given by the Company’s banker on behalf of the company |
3.283 |
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Excise Duty and Penalty |
0.155 |
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FIXED ASSETS:
- MIDC Plot
(Leasehold)
- Administrative
Building
- Plant and Machinery
- Tools and
Equipments
- Testing and
Handling Equipments
- Tool Room
Machinery
- Electric
Installation
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Computers
- Software
WEBSITE DETAILS:
Subject, is
Since inception in 1990, the prime focus has been customer satisfaction,
and quality products were the key to early success. Over the years, the
products were tried, tested and accepted worldwide. They have been involved in
ever-changing and demanding industries, necessitating pushing the boundaries
with aggressive designing and innovative products, to keep par with the demand
created by the change and to provide effective solutions to the industry.
They are committed to reliability and consistency of performance, hence
no product leaves the hands before it is thoroughly tested. The majority of
products manufactured by them are UL Listed, FM Approved or Certified by Bureau of
Indian Standards as per details provided in the brochures for
individual products.
They have attempted at giving in the product catalogue, the essential
information for selecting the product suitable to the application. However,
they do realise that every application has specific requirements and
complexities and may warrant a different approach. They, therefore, put the
experience of 15 years as a qualification to work, to assist you in choosing
the correct product for the application.
While looking back, they humbly acknowledge with all humility, that
whatever they have achieved, is because of the valued customers, and to them,
the satisfaction is the top most priority.
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.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|