MIRA
INFORM REPORT
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Report Date : |
06.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HITECH ENGINEERING CORPORATION INDIA PRIVATE LIMITED |
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Registered Office : |
G-17, MIDC, Baramati, Pune-413102, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
25.06.2008 |
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Com. Reg. No.: |
25-132311 |
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CIN No.: [Company
Identification No.] |
U74200PN2008PTC132311 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH05900G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer
of cane handling systems, cane feeding systems, cane mills, and providing
services of turnkey sugar plants. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 70000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is just three years old company establishing itself gradually.
The management has not filed the latest financials of the company with the
Government Departments. However, trade relations are reported as fair.
Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Rajendra Ingawale |
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Designation : |
Director |
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Contact No.: |
91-9922985800 |
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Date : |
02.04.2011 |
LOCATIONS
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Registered Office/ Factory : |
G-17, MIDC, Baramati, Pune-413102, |
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Tel No.: |
91-2112-244252 |
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Mobile No.: |
91-9922985800 (Mr. Rajendra Ingawale) |
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Fax No.: |
91-2112-243229 |
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E-Mail : |
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Website: |
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Area : |
2500 sq.ft. |
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Location : |
Owned |
DIRECTORS
As On: 30.09.2009
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Name : |
Mr. Rajendra Ingawale |
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Designation : |
Director |
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Address : |
At Post Khandaj, Taluka Baramati, Pune-413102, |
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Date of Birth/Age : |
12.07.1969 |
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Qualification : |
Engineer |
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Experience : |
14 Years |
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Date of Appointment : |
25.06.2008 |
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Name : |
Mr. Sanjay Awate |
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Designation : |
Director |
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Address : |
Flat No. 9, Sai Park, Ozarde Estate, T.C. Coll Road, Baramati,
Pune-413402, Maharashtra, India |
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Date of Birth/Age : |
15.04.1969 |
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Qualification : |
Engineer |
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Experience : |
14 Years |
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Date of Appointment : |
25.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On: 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Rajendra Ingawale |
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5000 |
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Sanjay Awate |
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5000 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As On: 30.09.2009
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Category |
Percentage |
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Directors or
relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of cane handling systems, cane feeding systems, cane mills, and providing
services of turnkey sugar plants. |
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Terms: |
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Selling: |
Cash
/ Credit (30 days / 60 days / 90 days) |
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Purchasing: |
Cash
/ Credit (30 days / 60 days / 90 days) |
GENERAL INFORMATION
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Customers: |
End Users, OEM’s |
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No. of Employees: |
150 (in office + in factory) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dinesh B Gandhi and Associates Chartered Accountant |
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Address : |
1, Ground Flora, Gauri Apartments, 250/A, Shaniwar Peth, Pune-411030, |
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Tel. No.: |
91-24477603/ 24494240 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20,00,000 |
Class A Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
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30,000 |
Class B Equity Shares |
Rs. 1000/- each |
Rs. 30.000 Millions |
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Total |
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Rs. 50.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2010 |
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Sales Turnover (Approximately) |
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700.000 |
Expected Sales (2010-2011) : Rs. 800.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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7.954 |
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3] Reserves & Surplus |
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10.299 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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18.353 |
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LOAN FUNDS |
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1] Secured Loans |
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0.113 |
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2] Unsecured Loans |
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1.308 |
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TOTAL BORROWING |
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1.421 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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19.774 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.440 |
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Capital work-in-progress |
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2.743 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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113.085 |
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Sundry Debtors |
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12.194 |
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Cash & Bank Balances |
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129.378 |
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Other Current Assets |
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210.702 |
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Loans & Advances |
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104.150 |
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Total
Current Assets |
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569.509 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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92.114 |
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Current Liabilities |
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426.400 |
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Provisions |
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56.788 |
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Total
Current Liabilities |
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575.302 |
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Net Current Assets |
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(5.793) |
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MISCELLANEOUS EXPENSES |
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0.384 |
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TOTAL |
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19.774 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
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Sales Turnover |
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559.805 |
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Other Income |
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2.302 |
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Total Income |
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562.107 |
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Profit/(Loss) Before Tax |
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15.980 |
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Provision for Taxation |
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5.681 |
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Profit/(Loss) After Tax |
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10.299 |
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Imports : |
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Import Value |
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4.519 |
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Total Imports |
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4.519 |
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Expenditures : |
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Consumption of goods |
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481.224 |
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Manufacturing Expenses |
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45.658 |
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Administrative Expenses |
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5.754 |
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Other Expenditure |
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13.491 |
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Total Expenditure |
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546.127 |
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Earnings Per Share (Rs.) |
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1029.90 |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
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PAT / Total Income |
(%) |
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1.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.70 |
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Return on Investment (ROI) (PBT/Networth) |
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0.87 |
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Debt Equity Ratio (Total Liability/Networth) |
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31.42 |
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Current Ratio (Current Asset/Current Liability) |
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0.99 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
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Particulars |
31.03.2009 Rs.
In Millions |
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Sundry Creditors |
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For Expenses |
0.487 |
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For Goods and Services |
89.776 |
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For Fixed Assets |
1.851 |
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Total |
92.114 |
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U74200PN2008PTC132311 |
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Name of the
company |
HITECH ENGINEERING CORPORATION INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G-17, MIDC, Baramati-413102, |
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This form is for |
Creation of
Charge |
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Type of charge |
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Particular of
charge holder |
Bank of Maharashtra, |
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Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities |
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Date of
instrument Creating the charge |
05.08.2009 |
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Amount secured by
the charge |
Rs. 150.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit and
Term Loan – BPLR minus 0.75% presently 12.00% with monthly rests (as per
credit risk rating) Bank Guarantee
and Foreign/ Inland Letter of Credit – Commission as per the rules Terms of
Repayment As stipulated by
the bank Margin CC: 20%, TL 25% Extent and
Operation of the charge
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Short particulars
of the property charged |
Hypothecation of
stocks, book-debts, machinery and other equipments, spares etc. Hypothecation of present
and future moveable plants, and/ or machineries, articles, installations,
equipments, tools, implements and vehicles etc |
Fixed Assets:
·
Factory Shed At Plot No.
G-17
·
·
Office Premises at
Baramati
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Air Conditiner
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Borewell
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Computer
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Electrification
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Furniture and Fixture
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Machinery
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Office Equipments
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Mobile Handset
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Tools and Equipments
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Innova Car
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Honda City
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Swift Car
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Tuckson Car
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Hydra Crane
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Vehicle- Platina
·
Vehicle - Platina
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.45 |
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1 |
Rs.71.58 |
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Euro |
1 |
Rs.63.01 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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27 |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.