MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HITEIN BUSHINGS PRIVATE LIMITED |
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Registered Office : |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.05.1999 |
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Com. Reg. No.: |
25-13642 |
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CIN No.: [Company
Identification No.] |
U25209PN1999PTC013642 |
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IEC No.: |
3104005338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH05418A |
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PAN No.: [Permanent
Account No.] |
AABCH1095C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Insulating 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 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Profit margin is low. Payments are slow but correct. However, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hrishikesh Pawar |
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Designation : |
Director |
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Contact No.: |
91-9960034422 |
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Date : |
26.09.2008 |
LOCATIONS
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Registered Office : |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra, India |
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Tel. No.: |
91-20-24318453 |
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Fax No.: |
91-20-24317291 |
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E-Mail : |
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Website : |
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Area : |
800 Sq. ft. |
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Location : |
Owned |
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Factory : |
Sr. No. 43/1-4-1, Jambulwadi Road, Next to Datta Vihar Complex, Datta
Nagar, Pune – 411 046, Maharashtra, India
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Tel. No.: |
91-20-24317291 |
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Mobile No.: |
91-9890645119 / 9373311226 |
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Fax No.: |
91-20-24318453 |
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Area : |
10000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Girish Ashok Pawar |
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Designation : |
Director |
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Address : |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra, India |
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Date of Birth/Age : |
17.01.1971 |
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Qualification : |
B.Com. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
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Name : |
Mr. Shirish Ashok Pawar |
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Designation : |
Director |
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Address : |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra, India |
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Date of Birth/Age : |
24.03.1968 |
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Qualification : |
D.ME |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
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Name : |
Mr. Hrishikesh Ashok Pawar |
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Designation : |
Director |
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Address : |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra, India |
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Date of Birth/Age : |
30.12.1974 |
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Qualification : |
B.E. Prod. |
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Tel No. : |
91-20-24222349 |
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Date of Appointment : |
19.05.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Girish Ashok Pawar |
6000 |
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Shirish Ashok Pawar |
6100 |
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Hrishikesh Ashok Pawar |
6100 |
|
Smitha Girish Pawar |
1000 |
|
Balakrishna Ramasa Dhongadi |
1000 |
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Vasant Vithal Mutalik |
1300 |
|
Prashant Prakash Shah |
1000 |
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Kishor Mahadeo Tatke |
1500 |
|
Martand Gorrappa Tambre |
2000 |
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Lalita Balkrishna Khode |
1500 |
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Total |
27500 |
List of Allotment (As on 30.09.2005)
|
Names of Allottees |
No. of Shares |
|
Girish Ashok Pawar |
6000 |
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Shirish Ashok Pawar |
6100 |
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Hrishikesh Ashok Pawar |
6100 |
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Smitha Girish Pawar |
1000 |
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Total |
19200 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Insulating Components. |
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Products : |
·
Electrical Insulation Material ·
Electrical Insulation Tubes ·
Low Voltage Insulation Tubes ·
Medium Voltage Insulation Tubes ·
High Voltage Insulation Tubes ·
Insulation Pipes ·
Glass Epoxy Insulation Tubes ·
Fibre Reinforced Insulation Tubes ·
Fibre Reinforced Insulation Pipes ·
Fibre Composite Material Insulation Tubes |
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Imports : |
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Countries : |
Germany |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
OEM’s ·
CTR Manufacturing Company Limited ·
Inox India Limited ·
Madhav Capacitors Private Limited ·
Crompton Greaves Limited ·
Thermax Limited |
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No. of Employees : |
16 (In Office 3 and In Factory 13) |
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Bankers : |
·
Janata Sahakari Bank Limited 1444, Shukrawar Peth, Thorale Bajirao
Road, (Through its Market Yard Branch), Pune – 411 002, Maharashtra, India ·
Punjab National Bank |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Sagar Vaidya and Associates Chartered Accountants |
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Address : |
Shree Prabhu Krupa, 1624, Sadashiv Peth, Pune – 411 030, Maharashtra,
India |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.500 |
0.275 |
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2] Share Application Money |
|
1.043 |
0.220 |
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3] Reserves & Surplus |
|
0.000 |
0.468 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
3.543 |
0.963 |
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LOAN FUNDS |
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1] Secured Loans |
|
2.441 |
1.157 |
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2] Unsecured Loans |
|
0.989 |
1.359 |
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TOTAL BORROWING |
|
3.430 |
2.516 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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6.973 |
3.479 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.888 |
2.501 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.516 |
0.013 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.138 |
0.281 |
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Sundry Debtors |
|
5.743 |
2.465 |
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Cash & Bank Balances |
|
0.887 |
0.285 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.229 |
0.064 |
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Total
Current Assets |
|
6.997 |
3.095 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
4.518 |
1.883 |
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Provisions |
|
0.910 |
0.252 |
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Total
Current Liabilities |
|
5.428 |
2.135 |
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Net Current Assets |
|
1.569 |
0.960 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.005 |
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TOTAL |
|
6.973 |
3.479 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
13.179 |
9.464 |
8.442 |
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Other Income |
0.002 |
0.006 |
0.023 |
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Total Income |
13.181 |
9.470 |
8.465 |
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Profit/(Loss) Before Tax |
0.575 |
0.158 |
0.120 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.575 |
0.158 |
0.120 |
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Expenditures : |
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Financial charges |
0.209 |
0.221 |
0.090 |
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Depreciation & Amortization |
0.557 |
0.423 |
0.185 |
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Other Expenditure |
11.840 |
8.668 |
8.070 |
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Total Expenditure |
12.606 |
9.312 |
8.345 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.36
|
1.67 |
1.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.36
|
1.67 |
1.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.84
|
2.82 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.16 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
4.83 |
NA |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.45 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
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Existence Verification |
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Name |
HITEIN BUSHINGS PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited Company |
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Income Tax Registration |
AABCH1095C |
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VAT/ TIN Registration |
27390038679V |
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Excise Registration |
AABCH1095C X001 |
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Import Export Code |
3104005338 |
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Name of Bank |
Janata Sahakari Bank Limited |
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Current Account Number |
1605 |
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Account Since |
1989 |
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Credibility Factors |
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IndiaMART Client Since |
3 Years |
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Trade Affiliations |
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SSI Registration |
270251201258 |
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Standards & Certifications |
ISO – AI – QMS – 0728 issued on 26.12.2006
Expired on 25.12.2009 |
Trade References
·
Crompton Greaves
·
ARDE, Pune
Form No. 8
|
Corporate
identity number of the company |
U25209PN1999PTC013642 |
|
Name of the
company |
HITEIN BUSHINGS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Renuka 38, Walvekar Nagar, Pune – 411 009, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Janata Sahakari Bank Limited 1444, Shukrawar Peth, Thorale Bajirao Road, (Through its Market Yard
Branch), Pune – 411 002, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum of
agreement of equitable mortgage |
|
Date of
instrument Creating the charge |
19.09.2007 |
|
Amount secured by
the charge |
Rs.20.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Commission @ 2.50% ·
Terms of
repayment 12 Months ·
Margin As may be mutually decided between bank and the company ·
Extent and
operation of the charge Type of credit facility : Bank Guarantee (Non Fund Base) |
|
Particulars of
the property charged |
S. No. 43/1/2/1,
S No. 43/1/1/3A/1/2/2, S No. 43/1/2/1/1 at Village Ambegaon (Bk), Tal Haveli,
Dist. Pune and Plot no. 38 out of sanctioned Lay out, S No. 50-52 and 53-A
along with construction standing thereon, Walvekar Nagar, Parvati, Tal.
Haveli Dist. Pune. |
Web Details
Subject works in the area of high performance composites. Subject has been associated in
the developments of composites with various sectors like Electrical, Cryogenic, Aerospace,
Process and Sports industries.
Subject serves an ever expanding range of industries for their
Fiber Reinforced Composites applications. They work from conception to realisation,
supported equally well by a strong R and D team and an equally competent
engineering team.
Today the company is endowed with a
rich goodwill that can come only through consistent customer satisfaction which
governs the thinking and focuses the activities.
Applications
Electrical
Insulation
- Glass Epoxy Laminations
- Epoxy Castings
- Glass Fiber Barrier Cylinders
- Flats, Rods, Tuubes and various sections
- Hot Line Tools & Derrickks for Electrical Yards
Transportation.
- Transportation boxes
- SMC Panels for Cars
Defense, Aerospace
Components and Assemblies
- Carbon Spacers aand sections
- Aramide Panels and Classified High Perrformance Applications.
- Precision Metal and Composiite Components and Assemblies for
Defense
Test Facilities
- Breakdown Voltage Tester. 0 - 100 kV range
- Computerized Universal Testing Machines 60 Ton Cappacity
- Mass Spectro Leak detector
- Hydrostattatic High Pressure test machine
- Comparative Trackinng Index Tester
- Heat Distortion Tester
- Arc Re Resistance Tester
Process of Manufacturing
They believe that one of the most important
aspects of any setup is the process and how different processes are managed.
They can manufacture composites by four basic processes.
Filament Winding
Filament Winding is the process of placing or winding continuous fibers on a
mandrel surface in a precise geometric pattern. Most filament-wound products
are manufactured of continuous fiberglass roving saturated with resins.
Variations in reinforcement materials and resins can be used in the winding
process. Filament wound fiberglass tubes provide a very high strength - to -
weight ratio, excellent electrical insulation properties and high resistance to
corrosion. This process makes high strength, hollow and generally cylindrical
products such as pipe, storage tanks, pressure vessels and rocket motor cases.
Finishes can include painting, UV-resistant coatings, and a variety of
specialties. Pigments can be formulated into the resins during manufacture, so
the color of the finished pieces can't nick, scratch, or wear off. UV
inhibitors in the resin, and applied to the finished surface, protect against
damage from exposure to sunlight over time.
Lamination Process
They possess a lamination presses for production of 'laminates'. These are
without air voids and consistent in quality and density. They also have
in-house facility to machine the components thereof as per customer
specifications.
Epoxy Casting
Epoxy casting is a closed mould process in which moulds are clamped to form
composite components for electrical insulation. The molded component is cured
in the mould.
Autoclave
They have a capability to autoclave components to cure them under high pressure
to get a tougher and high strength composite.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
|