MIRA
INFORM REPORT
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Report Date : |
11.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HINDON FORGE PRIVATE LIMITED |
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Registered Office : |
KE – 94, Kavi Nagar, Ghaziabad – 201001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.10.1980 |
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Com. Reg. No.: |
20-5123 |
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CIN No.: [Company
Identification No.] |
U27320UP1980PTC005123 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTH00158E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of flanges, typical forge
products, shafts, bearing blocks etc. |
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 340000 |
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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
records. Trade relations are fair. Payments are reported as slow but correct. However, the company can be considered normal for business dealing at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
KE – 94, Kavi Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
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Mobile No.: |
91-9811377660 |
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E-Mail : |
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Website : |
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Factory : |
C-173, B S Road, Industrial Area, Ghaziabad – 201001, Uttar Pradesh,
India |
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Tel. No.: |
91-120-2700924/ 2700935/ 2781547/ |
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Mobile No.: |
91-9811377660 |
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Fax No.: |
91-120-2702100/ 2800889 |
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Email : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajesh Agarwal |
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Designation : |
Managing Director |
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Address : |
KE – 94, Kavi Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
11.07.1951 |
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Date of Appointment : |
31.01.1984 |
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Name : |
Mr. Urmil Agarwal |
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Designation : |
Director |
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Address : |
KE – 94, Kavi Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
09.07.1951 |
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Date of Appointment : |
19.11.1998 |
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Name : |
Mr. Ankur Agarwal |
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Designation : |
Director |
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Address : |
KE – 94, Kavi Nagar, Ghaziabad – 201001, Uttar Pradesh, India |
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Date of Birth/Age : |
04.04.1977 |
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Date of Appointment : |
19.11.1998 |
KEY EXECUTIVES
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Name : |
Jasvinder Kaur and Company |
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Designation : |
Company Secretary |
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Address : |
KF-83, New Kavi Nagar, Ghaziabad – 201002, India |
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Mobile No.: |
91-9891290253 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Urmil Agarwal |
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9510 |
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Rajesh Agarwal |
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14574 |
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Ankur Agarwal |
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7880 |
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Pramod Kumar |
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500 |
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Vijay Kumar |
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1000 |
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R D Chemicals Private Limited |
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1 |
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P R Gupta |
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475 |
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Surendra Kumar |
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700 |
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Ram Lal Gupta |
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750 |
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R L Sharma |
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450 |
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Ram Kumar |
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450 |
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Richa Agarwal |
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8710 |
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Lord Ganapati Trust |
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1000 |
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Lord KrishanjiTrust |
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1000 |
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Lord Vishnuji Trust |
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1000 |
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Lord Bhawaniji Trust |
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1000 |
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Lord Hanumanji Trust |
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1000 |
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Total |
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50000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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81.35 |
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Other top fifty shareholders (Other than Listed above) |
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18.65 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of flanges, typical forge
products, shafts, bearing blocks etc. |
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Products : |
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Exports : |
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Countries : |
USA and Worldwide |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
SSI Branch, Patel Nagar, Ghaziabad – 201002, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhpesh Gupta and Associates Chartered Accountant |
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Address : |
C-22, RDC, Raj Nagar, Ghaziabad – 201002, India |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
4.500 |
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2] Share Application Money |
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0.000 |
0.358 |
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3] Reserves & Surplus |
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63.226 |
8.424 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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68.226 |
13.282 |
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LOAN FUNDS |
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1] Secured Loans |
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90.386 |
68.629 |
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2] Unsecured Loans |
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5.122 |
9.566 |
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TOTAL BORROWING |
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95.508 |
78.195 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.004 |
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TOTAL |
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163.734 |
91.481 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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58.086 |
7.983 |
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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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0.500 |
0.570 |
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DEFERREX TAX ASSETS |
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0.047 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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53.180 |
40.193 |
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Sundry Debtors |
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53.791 |
48.400 |
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Cash & Bank Balances |
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0.146 |
1.803 |
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Other Current Assets |
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6.629 |
2.512 |
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Loans & Advances |
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4.241 |
6.012 |
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Total
Current Assets |
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117.987 |
98.920 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.562 |
14.222 |
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Provisions |
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4.324 |
1.770 |
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Total
Current Liabilities |
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12.886 |
15.992 |
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Net Current Assets |
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105.101 |
82.928 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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163.734 |
91.481 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.59 |
7.09 |
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Current Ratio (Current Asset/Current Liability) |
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9.16 |
6.19 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
Subject is a
highly acclaimed name among manufacturers and exporters of flanges, typical
forge products, shafts, bearing blocks etc. They are committed to consistently
produce and supply these products at highly competitive prices for varied industrial
sectors.
Established in 1978, they have
grown into a highly matured and experienced company in manufacturing forged
products. Their exceptional growth rate over the years has reaffirm their faith
in dedicated and committed service to trade and industry. With consistent and
regular supply of these products at economical prices, they have gained huge
customer respect and loyalty.
The manufacturing unit is based in
Ghaziabad (U.P), India, which is equipped with all the latest machines
and technology to produce products of international quality standards. Using
these sophisticated infrastructural facilities, their skilled and trained work
force is capable of producing precision engineered products to satisfy
different industrial requirements from varied sectors.
At the time of inception, they started by venturing into open forgings from
manufacturing rings and rolls. Over these years, they have specialized in
various types of forgings for many critical applications in almost every key
sector of industry.
They governed by a team of young entrepreneurs, who believe in innovation,
dedication and follow international practices to produce superior quality world
class products.
Being a customer company, they take every care and measure to ensure quality,
reliability, dependability, timely delivery, competitive pricing and excellent
after sales service. The raw material they use is sourced only from reliable
and established vendors and is checked at different stages of production and
supply. The final product is further checked from various perspectives, viz.
Chemically, physically and ultrasonically, which depend on the quality of steel
and the requirements of customers.
Manufacturing
Process
With their state-of-the-art manufacturing unit, they are able
to produce high performance zero defect products that can satisfy most customer
requirements. Their manufacturing is highly sophisticated and advanced and in
compliance with international industry standards. They have set stringent
quality control checks, to check quality of raw material and finished product
from different perspectives, depending upon the customer requirements and
quality of steel desired.
With their vast experience, they know about reliable sources of raw material
and can acquire superior quality raw material. The material is then forged into
desired shapes and forms as required by different core sectors of industry and
have always enjoyed patronage from their customers.
Their all forgings are tested by destructive and non-destructive methods, if
demanded by their customers. They have facilities to conduct these tests at
their premises but the tests can also be conducted with third parties to ensure
complete adherence with quality.
Manufacturing
Facilities
The sophisticated in-house facilities with advanced
equipment and latest technology produce superior quality products as per the
needs. With most advanced designs and manufacturing systems and a comprehensive
technical support, they utilize state-of the art equipment and technology to
develop the unrivaled products to help their clients to get success in market
place.
They are having a well-equipped machine and forge shop, cutting shop and
material handling cranes to produce high precision and quality products. They
have installed an integrated ERP system, which controls material, production
and inspection schedule to ensure committed deliveries.
They spend a big share of their revenues on research and development and continuous
upgradation of technology to keep track with changing environment and
technology. Their research team works closely with their industrial clients to
know their needs and to produce need satisfying products thereafter.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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