MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HI – TECH APPLICATOR |
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Registered Office : |
1102 – B, Phase 3, GIDC Ind. Estate Vatva, Ahmedabad – 382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1994 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00202G |
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PAN No.: [Permanent
Account No.] |
AABFH4181L |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer and Exporter of Teflon Lined 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 25000 |
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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 concern having satisfactory track
records. Partners are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr.Hardik Shah |
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Designation : |
Partner |
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Date : |
25.08.2008 |
LOCATIONS
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Registered Office/Factory : |
1102 – B, Phase 3, GIDC Ind. Estate Vatva, Ahmedabad – 382445, Gujarat |
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Tel. No.: |
91-79-25833040 / 25891740 |
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Mobile No.: |
91-9879504425 |
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Fax No.: |
91-79-25833461 |
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E-Mail : |
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Website : |
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Area : |
1000sq.fts (Owned) |
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Factory: |
Plot No. 1101, Phase, III GIDC Vatva Ahmedabad-382445, Gujarat, India |
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Area : |
1000 sq.ft (Owned) |
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Factory: |
Plot No. 86/2, I Phase, GIDC, Vatva, Ahmedabad-382445, Gujarat, India |
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Area : |
4000 sq.ft ( Owned) |
PARTNERS
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Name : |
Mr. Dilip Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B. E. Mech |
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Experience : |
25 Years |
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Name : |
Mr. Subash Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
42Years |
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Qualification : |
Diploma Plastic and Polymn Engineering |
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Experience : |
20 Years |
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Name : |
Mr. Hardik Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
25 Years |
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Qualification : |
Post Graduate, MBA, B.E. |
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Experience : |
6 Years |
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Name : |
Mrs. Deepika Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B.A LLB |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Teflon Lined Components. |
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Products : |
Lined Valves ▪
Ball Valve ▪
Butterfly Valve ▪
Diaphragm Valves ▪
Non-Return Valves
▪
Plug Valves
▪
Sampling Valve Lined Fittings ▪
Elbows ▪
Equal/Un-Equal Cross ▪
Equal/Un-Equal Tee ▪
Instrument Tee
▪
Reducers
▪
Reducing Flanges Lined Piping ▪
Jacketed Piping
▪
Non-Jacketed Piping Reactor
Accessories ▪
Dip Pipes & Spargers ▪
Flush Bottom Valves ▪
Manhole Covers ▪
Sight Flow Indicators |
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Exports : |
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Products : |
Finished products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Credit ( 60 Days) and T.T. Based |
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Purchasing : |
Credit ( 30 Days) and T.T Based |
GENERAL
INFORMATION
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Customers : |
End Users, OEM’s |
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No. of Employees : |
110 |
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Bankers : |
Bank of India Vatva Industrial Branch, Vatva, Ahmedabad Citi Bank Ahmedabad |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Techno – Coat Systems, India Address: 1101, Phase – 3, GIDC, Vatva, Ahmedabad – 382445 Line of Business: Coating Services |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 Millions |
PARTNER CAPITAL ACCOUNT FOR THE YEAR 2006 – 2007
(Rs. In Millions)
|
Name of Partner |
Share (%) |
Opening Balance |
Addition |
Interest |
Remu |
Profit/ Loss |
Withdrawn |
Closing Balance |
|
Dilipbhai L. Shah |
20.00 |
0.000 |
0.345 |
0.029 |
0.146 |
0.189 |
0.270 |
0.437 |
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Dipikaben D. Shah |
30.00 |
2.099 |
0.099 |
0.214 |
0.146 |
0.093 |
0.880 |
1.772 |
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Hadik D. Shah |
10.00 |
1.686 |
0.099 |
0.183 |
0.146 |
0.280 |
0.263 |
2.032 |
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Suhasbhai L. Shah |
40.00 |
3.277 |
0.198 |
0.291 |
0.292 |
0.373 |
1.610 |
2.822 |
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TOTAL |
100.00 |
7.062 |
0.741 |
0.717 |
0.730 |
0.935 |
3.023 |
7.063 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Partner Capital |
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15.970 |
7.062 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
7.799 |
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4] (Accumulated Losses) |
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2.420 |
0.000 |
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NETWORTH |
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18.390 |
14.861 |
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LOAN FUNDS |
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1] Secured Loans |
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3.365 |
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2] Unsecured Loans |
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6.101 |
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TOTAL BORROWING |
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4.081 |
9.466 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.471 |
24.327 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.177 |
16.712 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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7.624 |
6.090 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.425 |
4.988 |
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Sundry Debtors |
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19.283 |
12.819 |
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Cash & Bank Balances |
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1.780 |
1.091 |
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Prepaid Expenses |
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0.000 |
0.152 |
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Other Expenses |
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0.605 |
0.017 |
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Loans & Advances |
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6.353 |
0.951 |
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Total
Current Assets |
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32.446 |
20.018 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.181 |
17.859 |
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Provisions |
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2.595 |
0.634 |
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Total
Current Liabilities |
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35.776 |
18.493 |
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Net Current Assets |
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(3.330) |
1.525 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.471 |
24.327 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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92.783 |
68.850 |
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Other Income |
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5.358 |
0.437 |
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Total Income |
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98.141 |
69.287 |
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Profit/(Loss) Before Tax |
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2.420 |
0.933 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.420 |
0.933 |
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Expenditures : |
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Advertisement Expenses |
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0.000 |
0.215 |
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Exhibition Expenses |
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0.000 |
0.368 |
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Salaries, Wages, Bonus, etc. |
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0.929 |
0.000 |
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Interest |
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1.454 |
0.127 |
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Depreciation & Amortization |
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0.000 |
1.414 |
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Other Expenditure |
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93.338 |
66.230 |
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Total Expenditure |
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95.721 |
68.354 |
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Expected Sales (2008-09) : Rs.130.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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02.46 |
01.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
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02.60 |
01.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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04.15 |
02.17 |
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Return on Investment (ROI) (PBT/Networth) |
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13.15 |
06.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.16 |
1.88 |
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Current Ratio (Current Asset/Current Liability) |
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0.90 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References;
©
Nile Limited, Bangalore
©
Gujarat Marketing Manufacturer Limited, Ahmedabad
©
Sandoz Limited, Mumbai
©
Bayer Corporation Science Limited, Aakleshwar
Websites Details
Attached:
Company Details:
Root of Subject incorporated in the success of story of TECHO-COAT system(India)[ formally
TEFNO-COAT systems(India)] a leading pioneer of TEFLON
spray coating & thick lining(up to 1 mm) in India. A group of dedicated
technocrats, who are committed to serve the industry through technological
innovations, started TECHNO-COAT SYSTEM (INDIA) in 1986 with the primary
objective of implementing a world class polymer processing technology. In 1992,
under the technical support of E.I.Dupont
Inc., these
technocrats was geared up with TEFLON Mould Lining Technology Which is specially developed to serve
chemical & allied industries with corrosive resistant Lined Valves, Piping
systems, Fittings & Reactor accessories. And the result was formation of a
dedicated applicator of Plastic Lined System Technology- HI-TECH APPLICATOR.
Subject was established in 1994 with the
complete range of Lined Valves, Piping, Fitting, and Reactor Accessories &
Sheet lining facility for chemical equipments. AS a part of a primary
objective, company has developed full range of polymer lining like TEFLON PTFE|
FEP| PFA, PVDF, Tefzel (ETFE), PP ,HDPE AND PEEK for their complete range of products. Experience over 20 years in
polymer processing, continuous improvement in manufacturing technology &
commitment towards world class quality made Hi-Tech one of the leading pioneers
in Lined Products within India. Today Hi-Tech provides their quality products to
many Indian & International Chemical processing industries, Bulk Drug
Manufacturing Industries, Petroleum Industries, Paper & Pulp Industry, and
Water Treatment Units & Fertilizer Industries. Consistent commitment to
Quality of Product, Customer Service & Business Strategic Policy, and
HI-TECH APPLICATOR has been certified as in ISO 9001:2000
organization. Recently Hi-Tech
Applicator has been Selected As a Preferred processor of Fluoropolymers by
Support India Ltd and awarded Dupont’s Preferred Network membership.
FIXED ASSETS
- Air Conditioner
- Attendance Machines
- Close Circuit Camera
- Comp Machine
- Dead Stock
- Eco Ventilator on
- Electric Installation
- Factory Building
- Furniture
- Honda Eternal
- Land GIDC Plot
- Machinery
- Mobile
- Motor Car
- Mould and Pattern
- Oven Purchase
- Scooter
- Toyota Corolia
- Water Filter Eureka
- Zerox Machine
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.48.74 |
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UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
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/normal. |
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 |
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