MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HEX NUTS PRIVATE LIMITED |
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Registered Office : |
D-319, Phase VIII, Focal Point, Ludhiana-141010, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.08.2003 |
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Com. Reg. No.: |
16-26313 |
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CIN No.: [Company
Identification No.] |
U28991PB2003PTC026313 |
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IEC No.: |
3004008700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDH00937G |
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PAN No.: [Permanent
Account No.] |
AABCG3346Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Tensile Fasteners |
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 52000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay K Sharma |
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Designation : |
Executive Business Development |
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Contact No.: |
91-9872651771 |
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Date : |
06.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
D-319, Phase VIII, Focal Point, Ludhiana-141010, Punjab, India |
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Tel. No.: |
91-161-2674771 |
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Mobile No.: |
91-9872651771 |
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Fax No.: |
91-161-2672471 |
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E-Mail : |
care@hnpl.co.in , sanjay@hindfasteners.com , info@hexnuts.co.in |
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Website : |
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Area : |
30000 sq ft ( Leased) |
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Branch office : |
E-733, Phase VIII, Focal Point, Ludhiana-141123, Punjab, India |
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Tel. No.: |
91-161-2674271/ 2675871 |
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Fax No.: |
91-161-2676104 |
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E-Mail : |
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Area : |
20000 sq.ft ( Leased) |
DIRECTORS
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Name : |
Mr. Rajinder Kumar |
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Designation : |
Director |
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Address : |
3167, Sector 38, Chandigarh Road, Ludhiana-141010, Punjab, India |
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Date of Birth/Age : |
35 Years |
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Qualification : |
BA |
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Experience : |
18 Years |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mr. Gurvinder Kumar |
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Designation : |
Managing Director |
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Address : |
3167, Sector 38, Chandigarh Road, Ludhiana-141010, Punjab, India |
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Date of Birth/Age : |
32 Years |
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Qualification : |
BA |
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Experience : |
13 Years |
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Date of Appointment : |
01.06.2007 |
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Name : |
Mr. Dilip Chand |
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Designation : |
Director |
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Address : |
438, Lajpat Nagar, Jalandhar,-144001, Punjab, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
SSC |
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Experience : |
31 Years |
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Date of Appointment : |
27.08.2003 |
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Name : |
Ms. Lajwanti Devi |
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Designation : |
Director |
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Address : |
3167, Sector 38, Chandigarh Road, Ludhiana-141010, Punjab, India |
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Date of Birth/Age : |
54 Years |
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Qualification : |
S.S.C |
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Date of Appointment : |
27.08.2003 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay K Sharma |
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Designation : |
Executive Business Development |
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Mobile No. : |
91-9872651771 |
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Name : |
Harsh Goyal and Associates |
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Designation : |
Company Secretary |
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Address : |
4th Floor, Noble Enclave, Bhai Wala Chowk, Ludhiana,
Punjab, India |
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Tel No.: |
91-161-5018501 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
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No. of Shares |
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Dilip Chand |
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38450 |
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Rajinder Kumar |
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650 |
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Gurvinder Kaur |
|
8450 |
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Lajwanti Devi |
|
3050 |
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Seema |
|
5500 |
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Jaswinder |
|
2000 |
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Saloni |
|
2100 |
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Parveen |
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2150 |
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Rajinder Kumar and Sons |
|
2650 |
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Total |
|
65000 |
As on 29.09.2006
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List of Allottees |
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No. of Shares Allotted |
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Rajinder Kumar |
|
200 |
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Gurwinder Kaur |
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1000 |
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Ljwanti Devi |
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1500 |
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Seema |
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1100 |
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Jaswinder |
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500 |
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Saloni |
|
500 |
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Rajinder Kumar and Sons ( HUF) |
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1000 |
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Dilip Chand |
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2000 |
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Total |
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7800 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of High Tensile Fasteners |
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Products : |
·
Nuts Bolts ·
Washers ·
Threaded Bar |
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Brand Names : |
HNPL |
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Exports : |
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Products : |
High Tensile Fasteners |
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Countries : |
·
UAE ·
Saudi Arabia ·
Mexico Middle east ·
Europe ·
USA |
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Terms : |
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Selling : |
L/C, Credit ( 30- 60 Days) |
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Purchasing : |
Cash and Credit ( 30-60 Days) |
GENERAL
INFORMATION
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Customers : |
End Users and Oem’s |
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No. of Employees : |
150 ( Office 25, factory 125 ) |
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Bankers : |
·
State Bank of India, SCB, Deol Complex, Civil Lines, Ludhiana, Punjab,
India ·
Canara Bank ·
HDFC Bank |
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Facilities : |
Rs. 32.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinay and Associates Chartered Accountant |
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Address : |
30, 2nd Floor, Feroze Gandhi Market, Ludhiana-141001,
Punjab, India |
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Name : |
S K Hans and Company Chartered Accountant |
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Address : |
438, Lajpat Nagar Market, Jalandhar-144001, Punjab, India |
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Associates/Subsidiaries : |
Hind Fasteners Address: E-733, Phase VIII, Focal Point, Ludhiana-141123, Punjab,
India Line of Business: Manufacturer and Exporter of High Tensile Fasteners. |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
65000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.500 Millions |
||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
6.500 |
1.600 |
0.450 |
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2] Share Application Money |
0.000 |
0.680 |
0.000 |
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3] Reserves & Surplus |
3.984 |
1.849 |
0.144 |
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4] (Accumulated Losses) |
[0.056] |
[0.077] |
0.000 |
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NETWORTH |
10.428 |
4.052 |
0.594 |
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LOAN FUNDS |
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1] Secured Loans |
11.444 |
0.465 |
0.706 |
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2] Unsecured Loans |
0.145 |
3.515 |
0.295 |
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TOTAL BORROWING |
11.589 |
3.980 |
1.001 |
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DEFERRED TAX LIABILITIES |
0.010 |
0.000 |
0.000 |
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TOTAL |
22.027 |
8.032 |
1.595 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.586 |
5.399 |
2.257 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
17.477
|
6.080 |
3.380 |
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Sundry Debtors |
13.125
|
13.891 |
4.538 |
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Cash & Bank Balances |
1.806
|
1.762 |
0.411 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.338
|
3.772 |
0.040 |
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Total
Current Assets |
44.746
|
25.505 |
8.369 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.324
|
21.937 |
8.962 |
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Provisions |
0.981
|
0.935 |
0.090 |
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Total
Current Liabilities |
31.305
|
22.872 |
9.052 |
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Net Current Assets |
13.441
|
2.633 |
[0.683] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.021 |
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TOTAL |
22.027 |
8.032 |
1.595 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
115.930 |
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Other Income |
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|
0.000 |
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Total Income |
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|
115.930 |
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Profit/(Loss) Before Tax |
|
|
3.126 |
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Provision for Taxation |
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|
0.991 |
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Profit/(Loss) After Tax |
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|
2.135 |
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Total Expenditure |
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|
112.804 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.84
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.69
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.86
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.11
|
6.63 |
16.92 |
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Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.12 |
0.92 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Address of the company has been shifted from 3167, Sector
38, Chandigarh Road, Ludhiana-141010, Punjab, India to present address w.e.f
01.06.2007
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : AABCH3346QST001 |
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Excise Registration No.: AABCH3346QXM001 |
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VAT / TIN : 03591112367 |
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IEC Code : 3004008700 |
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PAN / TAN : AABCH3346Q |
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Bank Name : STATE BANK OF INDIA |
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Bank Address : SCB BRANCH, Deol Complex, Civil Lines, Ludhiana-141010 |
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Bank A/c. No.: 30276854524 |
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Account Since : 1 Years |
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In case of any affiliations / memberships / certifications : |
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Name : TUV Certified ISO 9001 : 2000, NSIC, D and B, RCF |
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28991PB2003PTC026313 |
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Name of the
company |
HEX NUTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D-319, Phase VIII, Focal Point, Ludhiana-141010, Punjab, India |
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Type of charge |
Book Debts Movable Property Immovable Property
|
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Particular of
charge holder |
State Bank of
India, SCB, Civil Lines, Ludhiana-141001, Punjab, India |
|
Nature of
description of the instrument creating or modifying the charge |
1.
Letter of
Arrangement –SME-1 2.
Agreement of
Loan-Hypothecation – SME-2 3.
Agreement to
Mortgage |
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Date of
instrument Creating the charge |
12.10.2007 |
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Amount secured by
the charge |
Rs. 27.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital :
1.00% Above SBAR with a minimum of 13.75% p.a. with monthly rests Term Loan: 0.75%
above SBAR with a minimum of 13.50 p.a. with monthly rests. Terms of
Repayment Working Capital :
On Demand Term Loan: Term Loan is payable
in 54 installments of Rs. 0.139 Million each and a Final installments of Rs.
0.139 Millions each, with the First installments to commence on October 2007 Margin A Fund Based
Limits b) Raw Materials
: Indigenous : 25% c) Semi-Finished
Goods: 25% d) Finished
Golods : 25% e) Components/
Consumable/ Spares : 25% f) Domestic
Receivables : 40% g)Term Loan
(Proposed) : 25% Extent and
Operation of the charge Extent and
Operation of the Charge is : 100 % Others Bifurcation of
Credit facilities is as under: a)
Fund Based
Limits: A)
CC (
Hypothecation) : 17.500 Millions B)
CC (
Hypothecation) : [5.000 ] Millions C)
EPC : 2.500
Millions D)
EBP :
[2.500] Millions E)
Tern Loan :
7.500 Millions Total Rs. 27.500
Millions |
|
Short particulars
of the property charged |
Hypothecation of
all current assets of the company both present and future including stocks
and book debts Hypothecation of
existing and future plants and machinery situated at Ludhiana] E. Mortgage of
Leasehold rights of Factory L and B bearing Plot No. D-319 Phase – VIII,
Focal Point, Dhandari Kalan, Ludhiana measuring 2572.77 sq. yards. |
AS PER WEBSITE
Overview:
Subject is a growth oriented manufacturer and exporter of quality fasteners.
since the Inception in the year 1978, they have been constantly keeping in
peace with the customer requirements.
Mr Dalip Chand, the Founder and Chairman, who started manufacturing of Fasteners.
It was only in 1978, Mr Dalip Chand set up the plant and expanded the business
to the manufacturing of all types of Industrial Fasteners in the name of Hex
Nuts Industries which later on became Hex Nuts Private Limited
The Company is now one of the most accepted standard in manufacturing of
all automotive fasteners, nuts & bolts, screws and industrial fasteners
products.
They strive hard to maintain the quality of the products they
manufacture and export so proudly to the world market. The application of
stringent quality measures makes the components' working capability
incomparable and also lessens the maintenance requirements.
They the team of subject. they are well equipped for manufacturing of
high quality products.
Infrastructure
Maintaining High Quality Standards ISO 9001 - 2000 Certified Company.
Exporting products to Europe, USA , Mexico Middle east.
Best Infrastructure, Best Machines, Qualified Engineers.
Specalist in hot & cold forged Bolts, Specialist, Middle East
‘HNPL’ is a fast growing, vertically integrated and professionally
managed unit having state of are vertical line process right from Heating,
Forging, Pressing, Countering, Threading, Finishing and Packing.
All under one roof further allows us to maintain the quality at all
stages of production and excel in the sphere of manufacturing with quality.
The machinery installed is the most modern available in the industry.
Sophisticated instruments in chemical and mechanical laboratories are
additional features of the plant, functions in perfect synchronization with the
customer and are capable of achieving highest quality standards set by the
customer.
They believe that the satisfied customer is an investment which only
appreciates over the years and a perfect product is the bond for such continued
relationship
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.47.46 |
|
UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|