MIRA
INFORM REPORT
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Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
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Name : |
HYT ENGINEERING CO PRIVATE LIMITED |
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Registered
Office : |
Plot No. 18, Vishrambaug Society, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.06.1989 |
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Com. Reg. No.: |
11-052195 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.000 Millions |
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CIN No.: [Company Identification
No.] |
U29299MG1989PTC052195 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of manufacture and trading of
special purpose machines, accessories and rendering related services. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 840000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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. Dkulkarni |
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Designation : |
HOD |
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Contact No.: |
91-20-66303872 |
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Date : |
10.08.2011 |
LOCATIONS
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Registered Office : |
Plot No. 18, Vishrambaug Society, |
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Tel. No.: |
91-20-66303981 / 66303800 |
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Mobile No.: |
91-9422310978 / 9765560117 (Mr. Jivraj Teli – Manager) |
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Fax No.: |
91-20-66303980 / 27470508 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
29/10, D-2, Block, MIDC, Chinchwad, Pune – 411019, |
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Tel. No.: |
91-20-66303801 / 66303802 /
66303803 / 66303800 / 66303846 |
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Fax No.: |
91-20-27470508 / 66303848 |
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Market Office : |
7th Floor, 716, Navrang House, K.G. Marg,
Cannaught Place |
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Tel. No.: |
91-11-7372 3391 / 92 |
DIRECTORS
AS ON 31.12.2010
|
Name : |
Mr. Bhojaraj Hemraj Teli |
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Designation : |
Director |
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Address : |
Plot No. 18, Vishrambaug Society, |
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Date of Birth/Age : |
13.12.1950 |
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Qualification : |
B.E. Mechanical |
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Date of Appointment : |
14.06.1989 |
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DIN No : |
00323882 |
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Name : |
Mrs. Shailaja Bhojaraj Teli |
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Designation : |
Director |
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Address : |
Plot No. 18, Vishrambaug Society, |
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Date of Birth/Age : |
04.08.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
21.03.1994 |
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DIN No : |
00347607 |
KEY EXECUTIVES
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Name : |
Mr. Dkulkarni |
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Designation : |
HOD |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
|
Bhojraj H. Teli |
11700 |
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Shailaja B. Teli |
24290 |
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Hirabai H. Teli |
20 |
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Rajlaxmi B. Teli |
31567 |
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Rajashree B. Teli |
30869 |
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Bhojraj Hemraj Teli (HUF) |
1549 |
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Total |
99995 |
AS ON 31.12.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the business of manufacture and trading of special
purpose machines, accessories and rendering related services. |
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Products : |
·
Mica
Undercutting Machine 2-Armature Banding Lathe ·
Universal
Armature Machine 4-Tig Welding Machine ·
Edge
Winding Machine 6-Commutator Seasoning Plant ·
Duplex
Head SPM Boring Machine 8-Multistation Special Purpose Machine 1 & 2 ·
Surface
Wheel lathe. 10-CNC Surface Wheel Lathe ·
Underfloor
wheel lathe 12-New generation Underfloor wheel lathe ·
Vertical
Boring machine. 14-Vertical Boring machine for graphite Mould. ·
Fully
Automatic Coach Washing Plant ·
Flow
Forming Machine ·
Coach
Washing Plant ·
CNC
Sprue Grinding Machine ·
Vertical
Turret Lathe ·
Surface
Wheel Lathe ·
Axle
Journal Turning And Burnishing Machine ·
CNC
Under Lower Wheel Lathe ·
CNC
Surface Wheel Lathe |
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Exports : |
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Products : |
·
Pole Seat Milling Machine |
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Countries : |
·
Malaysia |
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Imports : |
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Products : |
·
CNC Systems |
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Countries : |
·
Germany |
GENERAL INFORMATION
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Customers : |
End
Users 1. INDIAN RAILWAYS
1. Maintenance Workshop (Mech.) 2.
Diesel Loco Shed. 3.
Electrical Loco Shed. 4.
Traction Motor Shop. 5.
Production units. 6.
Other Maintenance Depot. 2. DEFENCE 1.
Army Base Workshop 2.
Ordinance factories 3. PSU’s Under MOD 4. PSU’s:- DGNP i.e. MDL Shipyards etc., MECON, NALCO, SAIL, HOC, BHEL, BEML |
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No. of Employees : |
250 (Approximately) |
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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 : |
Prashant V. Deo Chartered Accountant |
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Address : |
Flat No. 11, Building No. 8B, Laxminarayan Nagar, No. 4, Co. Op. Soc.
Erandwana, Pune – 411004, Maharashtra, India |
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PAN No. : |
ABAPD7786M |
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Tel No. : |
91-20-25465542 |
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Sister Concern : |
Innovative Project Private Limited, Pune |
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Other Related Parties : |
·
HYT Machines Private Limited ·
HYT Innovative Projects Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
99995 |
Equity Shares |
Rs.100/-
each |
Rs. 10.000
Millions |
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After 31.12.2010
Authorised Capital : Rs. 21.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 20.411
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
8.409 |
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2] Share Application Money |
37.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
161.666 |
91.633 |
63.103 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
208.766 |
101.633 |
71.512 |
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LOAN FUNDS |
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1] Secured Loans |
278.466 |
128.836 |
70.763 |
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2] Unsecured Loans |
152.611 |
56.971 |
5.083 |
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TOTAL BORROWING |
431.077 |
185.807 |
75.846 |
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DEFERRED TAX LIABILITIES |
2.340 |
0.012 |
0.000 |
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TOTAL |
642.183 |
287.452 |
147.358 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.235 |
62.503 |
13.953 |
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Capital work-in-progress |
29.323 |
1.500 |
0.274 |
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INVESTMENT |
11.541 |
8.441 |
8.441 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.215 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
171.367
|
130.880
|
10.050 |
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Sundry Debtors |
386.404
|
236.360
|
173.847 |
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Cash & Bank Balances |
53.171
|
60.831
|
16.595 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
66.598
|
46.656
|
18.648 |
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Total
Current Assets |
677.540
|
474.727 |
219.140 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
55.697
|
225.214
|
82.627 |
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Other Current Liabilities |
82.433
|
27.565
|
8.835 |
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Provisions |
34.326
|
6.940
|
3.203 |
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Total
Current Liabilities |
172.456
|
259.719 |
94.665 |
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Net Current Assets |
505.084
|
215.008
|
124.475 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
642.183 |
287.452 |
147.358 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1403.293 |
679.740 |
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Other Income |
2.856 |
0.015 |
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TOTAL (A) |
1406.149 |
679.755 |
435.577 |
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Less |
EXPENSES |
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Material Consumed and Manufacturing Expenses |
1116.176 |
557.526 |
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Employees Emoluments |
44.432 |
26.981 |
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Administrative Expenses |
85.124 |
48.100 |
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Prior Period Items |
0.643 |
(0.020) |
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TOTAL (B) |
1246.375 |
632.587 |
420.865 [Including
Financial and Depreciation Expenses] |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
159.774 |
47.168 |
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Less |
FINANCIAL
EXPENSES (D) |
44.166 |
22.524 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.608 |
24.644 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.533 |
4.235 |
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PROFIT BEFORE
TAX (E-F) (G) |
109.075 |
20.409 |
14.712 |
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Less |
TAX (I) |
(39.041) |
(10.539) |
4.730 |
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PROFIT AFTER TAX
(G-I) (J) |
70.034 |
9.870 |
9.982 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
34.140 |
24.270 |
14.288 |
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BALANCE CARRIED
TO THE B/S |
104.174 |
34.140 |
24.270 |
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IMPORTS |
61.709 |
18.222 |
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Earnings Per
Share (Rs.) |
700.37 |
98.71 |
118.71 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
1500.000 |
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The above information has been parted by Mr. D Kulkarni.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.98
|
1.45 |
2.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.77
|
3.00 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.10
|
3.80 |
6.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.20 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
4.38 |
2.38 |
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Current Ratio (Current Asset/Current Liability) |
|
3.93
|
1.83 |
2.31 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY OVERVIEW:
Subject is a private limited company incorporated under the Companies
Act, 1956. The company is engaged in the business of manufacture and trading of
special purpose machines, accessories and rendering related services.
CONTINGENT
LIABILITY
Rs in millions
|
Contingent
liabilities no provided for in respect of : |
As
on 31.03.2010 |
|
|
|
|
Bank Guarantee Issued |
478.935 |
|
Letters of Credit |
4.398 |
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Claim against the Company not acknowledged as debs relating to issues of applicability of
indirect taxes and classification |
55.613 |
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Guarantees given on behalf of other company |
101.600 |
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Estimated amount of contract remaining to be executed on capital
account and not provided for |
33.764 |
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FORM 8
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Corporate
identity number of the company |
U29299MH1989PTC052195 |
|
Name of the
company |
HYT ENGINEERING CO
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 18, Vishrambaug Society, |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
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Particular of
charge holder |
Bank of Baroda, Pimpari Chinchwad Branch, Olympic House, Mumbai – Pune
Road, Pimpri, Pune – 411018, Maharashtra, India |
|
Nature of
instrument creating charge |
1. Joint deed of
hypothecation dated 11th march 2011 2. Deed of joint
mortgage dated 11th march 2011 (both the
documents constitute a single charge in favour of bank of Baroda and state
Bank of India) |
|
Date of
instrument Creating the charge |
11.03.2011 |
|
Amount secured by
the charge |
Rs. 1626.800
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As Per Agreement Terms of repayment Bank of Baroda: 1)Term loan I-
Rs. 0.450 million per month; 2) Term loan vii-
Rs 1.250 millions per month and last installment Rs 0.428 million; State bank of
India: Term loan-within
60 months (including moratorium period of 15 months) repayment commence from
September 2011. For bank of
Baroda and state bank of India: Cash credit limit
and inland/import letters of credit facility and bank guarantee - on demand Margin As Per Agreement Extent and operation of the charge 1) First pari passu
charge by way of mortgage in the joint favour of the BOB and SBI and each of
them severally over the immovable properties of the borrower. 2) First pari
passu charge on all the tangible movable assets. Other Consortium Limits
:- Bank Of Baroda : Rs.
931.800 millions State Of India :
Rs. 695.000 millions Total : Rs.
1626.800 millions |
|
Short particulars
of the property charged (Including location of the property) |
First pari passu
charge on the whole of the borrowers stock, both present and future and
including but without prejudice to the generality of the foregoing words, all
stocks of raw materials, work in process, semi finished goods and finished
goods, belonging to the borrower and all the present and future book debts,
out standings, monies, receivables, bills, contracts, engagements and
securities due and owing to the borrower and all the tangible movable
machinery and plant and cranes, boats, crafts, vehicles, together with
spares, tools and accessories and other movables, furniture, fixtures,
fittings and office equipments being and lying at the place of the borrower
at MIDC Pune or wherever else the same may be kept. First pari passu
charge on extended on the immovable proprieties of the borrower:- 1) all that
piece and parcel of land at Plot No-29/10,D-II Block, Pimpri Industrial Area
Village Akurdi, Taluka Haveli, Dist - Pune admeasuring 600 sq. Mtrs. 2)all that piece
and parcel of land at 29/12, D-II Block, MIDC Chinchwad, Pimpri Chinchwad
Area, Taluka Haveli, Dist. Pune-411019 admeasuring 600 sq. Mtrs. 3)all the piece
and parcel of land at plot no 56/23, D-II Block, Pimpri Industrial Area
Village Akurdi, Taluka Haveli, Dist - Pune admeasuring 630 sq. Mtrs. 4)additional security-all
that piece and parcel of Plot No 18 admeasuring 5490 sq fts, final Plot
No-430, out of cts no-987, tp Scheme No-1,At Vishrambaug Co-Operative Housing
Society, Shivaji Nagar, Pune 5) all that piece
or parcel of land at Plot No. 29/10/2, D-II Block (additional land for
expansion), Pimpri Industrial Area, Village Akurdi, Taluka Haveli, Dist.
Pune admeasuring 4796.00 sq. Mtrs.
Together with building, structure, standing thereon or to be constructed
hereafter and all fixed plants and machineries, installed I to be installed
thereon, and fixtures and fittings annexed thereto. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. |
Yes |
|
If yes, in whose
name it is registers |
Shri Bhojraj Teli
|
|
Charge
identification number of the charge to be modified |
90082457 |
|
Date of
instrument modifying the charge |
28.10.2009 |
|
Particulars of
the present modification |
By way of present
modification, bank of Baroda and State Bank of India entered into consortium
agreement and Bank of Baroda acting as lead bank. BOB enhanced
existing bank guarantee limit from Rs. 480.000 millions to Rs. 660.000
millions and total credit facilities enhanced from Rs. 797.500 millions to
Rs. 931.800 millions. SBI already
sanctioned limits of Rs. 695.000 millions as on 17th June 2010, where further
secured by movable and immovable properties under consortium agreement. Total consortium
limits: Rs. 1626.800 millions. |
Fixed assets
·
Leasehold
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
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 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.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
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.