MIRA
INFORM REPORT
|
Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HONEST ENTERPRISES LIMITED |
|
|
|
|
Registered Office : |
Shop No.24 and 25, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar
Road, Vadodara – 390004, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
12.08.1999 |
|
|
|
|
Com. Reg. No.: |
04-36414 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27209GJ1999PLC036414 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDH00137E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Exporter and Importer of Stainless Steel Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 85000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hitesh Vaghela |
|
Designation : |
Director |
|
Date : |
19.09.2008 |
LOCATIONS
|
Registered Office : |
Shop No.24 and 25, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar
Road, Vadodara – 390004, Gujarat, India |
|
Tel. No.: |
91-265-2424057/ 2434057 |
|
Mobile No.: |
91-9376218378/ 9426270780 |
|
Fax No.: |
91-265-2422960 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
800 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
17 Rangwala Building, 58 Islampur Street, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-67496128 |
DIRECTORS
|
Name : |
Mr. Laxmichand Vaghela |
|
Designation : |
Chairman |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
01.05.1952 |
|
Date of Appointment : |
12.08.1999 |
|
|
|
|
Name : |
Mrs. Samudevi Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
16.03.1957 |
|
Date of Appointment : |
12.08.1999 |
|
|
|
|
Name : |
Mrs. Usha Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
27.04.1978 |
|
Date of Appointment : |
12.08.1999 |
|
|
|
|
Name : |
Mr. Hitesh Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
13.09.1977 |
|
Date of Appointment : |
12.08.1999 |
|
|
|
|
Name : |
Mr. Pravin Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
29.10.1972 |
|
Date of Appointment : |
12.08.1999 |
|
|
|
|
Name : |
Mrs. Indu Vaghela |
|
Designation : |
Director |
|
Address : |
13 Bhogilal Park, R. V. Desai Road, Vadodara – 390004, Gujarat, India |
|
Date of Birth/Age : |
27.10.1972 |
|
Date of Appointment : |
12.08.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.08.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Laxmichand Vaghela |
|
165100 |
|
Laxmichand Vaghela (HUF) |
|
40500 |
|
Samudevi Vaghela |
|
59800 |
|
Usha Vaghela |
|
234100 |
|
Hitesh Vaghela |
|
250100 |
|
Dipti Vaghela |
|
2400 |
|
Pravin Vaghela |
|
152900 |
|
Indu Vaghela |
|
45000 |
|
Ramanlal D. Sanghvi |
|
100 |
|
|
|
|
|
Total |
|
950000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Stainless Steel Products. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Credit |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
12 (Office – 10 and Branches – 2) |
|
|
|
|
Bankers : |
Dandia Bazar, Vadodara – 390001, Gujarat, India |
|
|
|
|
Facilities : |
CC – Rs.12.500 Millions |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Financial Institution : |
GE Capital Transportation Financial Services Limited Aifacs Building, 1 Rafi Marg, New Delhi – 110001, Delhi, India |
|
|
|
|
Auditors : |
|
|
Name : |
Manish P. Maloo and Associates Chartered Accountant |
|
Address : |
F-10, Dev Commercial Centre, Near Natubhai Circle, Gotri Road,
Vadodara – 390023, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Date |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1150000 |
Equity Shares |
Rs.10/- each |
Rs.11.500
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
11.500 |
8.000 |
|
|
2] Share Application Money |
|
0.400 |
0.000 |
|
|
3] Reserves & Surplus |
|
5.007 |
3.916 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
16.907 |
11.916 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
46.638 |
43.362 |
|
|
2] Unsecured Loans |
|
4.465 |
8.684 |
|
|
TOTAL BORROWING |
|
51.103 |
52.046 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
68.010 |
63.962 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.165 |
1.992 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.011 |
0.014 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
49.904
|
19.992 |
|
|
Sundry Debtors |
|
41.047
|
64.461 |
|
|
Cash & Bank Balances |
|
6.831
|
4.530 |
|
|
Other Current Assets |
|
6.370
|
1.316 |
|
|
Loans & Advances |
|
13.092
|
13.029 |
|
Total
Current Assets |
|
117.244
|
103.328 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
51.421
|
41.392 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
51.421
|
41.392 |
|
|
Net Current Assets |
|
65.823
|
61.936 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.010 |
0.020 |
|
|
|
|
|
|
|
|
TOTAL |
|
68.010 |
63.962 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
443.375 |
259.862 |
|
|
Other Income |
|
7.010 |
4.269 |
|
|
Total Income |
|
450.385 |
264.131 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.784 |
1.298 |
|
|
Provision for Taxation |
|
0.708 |
0.622 |
|
|
Profit/(Loss) After Tax |
|
1.076 |
0.676 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
417.990 |
245.510 |
|
|
Salaries, Wages, Bonus, etc. |
|
0.930 |
0.819 |
|
|
Managerial Remuneration |
|
1.104 |
0.888 |
|
|
Payment to Auditors |
|
0.052 |
0.040 |
|
|
Interest |
|
10.072 |
4.666 |
|
|
Insurance Expenses |
|
0.470 |
0.468 |
|
|
Power & Fuel |
|
0.074 |
0.055 |
|
|
Depreciation & Amortization |
|
0.399 |
0.426 |
|
|
Other Expenditure |
|
17.510 |
9.961 |
|
Total Expenditure |
|
448.601 |
262.833 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.24 |
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.40 |
0.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.49 |
1.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.06 |
7.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.34 |
2.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U27209GJ1999PLC036414 |
|
Name of the
company |
HONEST ENTERPRISES LIMITED0 |
|
Address of the registered
office or of the principal place of
business in India of the company |
Shop No.24 and 25, Meghdoot Apartment, Near Apsara Cinema, Pratapnagar
Road, Vadodara – 390004, Gujarat, India |
|
This form is for |
Creation of Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
GE Capital Transportation Financial Services Limited Aifacs Building, 1 Rafi Marg, New Delhi – 110001, Delhi, India L63040DL 1985PLC021324 |
|
Nature of
instrument creating charge |
Master Loan and
Security Agreement Dated 26.02.2008 |
|
Date of
instrument Creating the charge |
26.02.2008 |
|
Amount secured by
the charge |
Rs.0.850 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: 6.56% Term of
Repayment: 35 equal
installment of Rs.0.029 Millions Margin: Rs.0.151 Millions Extent and
Operation of the charge: 100% |
|
Particulars of
the property charged |
One No. Action
make 12 Ton Capacity Hydraulic Mobile Crane Vide Engine No.4330979011 and
Chassis No.179019 |
Website Details:
Profile:
Their reputed company was incepted in the year 1999 under the
kind guidance of honorable Mr. Laxmichand V Vaghela (Chairman & Managing
Director) who has vast experience in the Stainless Steel Field & with his
strong support their team could face the problem with ease & with his
excellent knowledge he led the company on New Horizon. Honest Enterprise
Limited. is one of the well-established and leading enterprise engaged as a
exporter, importer and trading company of engineering products, Stainless Steel
Coil / Sheet / Plates, Welded Stainless Steel Pipes, Hot Rolled Stainless Steel
Plates, Fasteners, Flanges, Fittings, Electrical Light Poles from India. They
have formed a dominant position in this highly competitive qualitative business
environment owing to Qrs policy (quality, reasonable rates, service par excellence)
and over increasing product range. They are widely well reckoned as one of the
most prominent Stainless Steel Coils exporters from India. Their main source of
Stainless Steel Material are the leading Indian manufacturers such as jindal,
salem & shah alloys and are also importing Stainless Sheets, Coils, Plates
from all parts of the world direct from Stainless Steel Mills and also from big
Stainless Steel Traders.
Performance:
They have achieved a significant target in comparison to the
last year performance. During this year, their total sales crossed worth USD 40
million, i.e. more than 3 times from the last year.
With their focused view, they have been given the status as “STAR EXPORT HOUSE”
by the Government of India (Foreign Trade Department) for excellence in Export.
“Honest Enterprise Limited”, business is not an activity but a religion. Giving
good service to its customers has been the business mantra for the company.
“Team work is the ability to work together towards a common vision. It is the
ability to direct individual accomplishment towards organizational objectives.
It is the fuel that allows common people to attain uncommon results.”
Pharma Machinery:
They at company
are in the Sale Purchase of Old Industrial Units with or without Land as &
where is basis & they have successfully completed many projects like this –
Their latest project is Sarabhai Chemical plant, divsion of Ambalal Sarabhai
Enterprise Limited, Vadodara-Gujarat underwhich they acquire Pharma Machineries
with all accessories related to drugs manufacturing-
Detailed list of all Machinery in the plant as under: -
- Equipment of Engg Services New Pharma
- New Pharma Building Machineries
- Old Pharma Building Machineries
- Penicilin Building Machineries
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 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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|