MIRA
INFORM REPORT
|
Report Date : |
22.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEMENDRA METAL INDUSTRIES |
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Registered Office : |
17, Patthe Bapurao Marg, Near |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Year of Establishment : |
1974 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Lead Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 78000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitment. The concern 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. Manish Doshi |
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Designation : |
Director of Sister Concern |
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Contact No.: |
91-9619053231 |
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Date : |
07.02.2011 |
LOCATIONS
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Registered Office : |
17, Patthe Bapurao Marg, Near |
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Tel. No.: |
91-22-23811916/ 64526978 |
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Fax No.: |
91-22-23811916/ 23811917/ 8353033 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. |
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Location : |
Rented |
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Factory : |
231/1 GIDC, |
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Area : |
15000 sq. ft. |
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Location : |
Owned |
PARTNERS
|
Name : |
Mrs. Shaila V Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
68 Years |
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Name : |
Dr. Panna Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Name : |
Mr. Hemendra K. Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
56 years |
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Name : |
Mr. Abhay R. Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
56 years |
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|
Name : |
Mrs. Dipika J. Doshi |
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Designation : |
Partner |
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Date of Birth/Age : |
54 years |
KEY EXECUTIVES
|
Name : |
Mr. Manish Doshi |
|
Designation : |
Director of Sister Concern |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Lead Products. |
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Products: |
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Exports : |
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Products : |
Lead Products |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users ·
Indira Gandhi Centre for Atomic Research ·
Grasim Industries Limited ·
Bhabha Atomic Research Centre ·
Hindustan Copper
Limited ·
Bharat Heavy Electricals Limited ·
Sterlite Industries ( ·
National Thermal Power Corporation ·
Hindustan Zinc Limited ·
Vikram Sarabhai Space Centre ·
Manganesse ·
Gharda Chemicals Limited ·
Bharat Electronics Limited ·
Bayer Crop Science ( ·
GE BE Limited ·
Grauer and Well ( ·
Century Rayon ·
Sriram Rayon |
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No. of Employees : |
Approximately 30 (Office 8, Factory 22) |
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Bankers : |
HDFC Bank, Worli Branch, Mumbai, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khandwana and Shah Chartered Accountant |
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Memberships : |
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Parent Company : |
Standard Metalworks Private Limited Year of Establishment - 1946 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.261 Millions |
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Borrowed : |
Rs. 15.374 Millions |
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Total : |
Rs. 19.635
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
4.261 |
5.084 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.116 |
0.117 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
4.377 |
5.201 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
15.374 |
12.170 |
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TOTAL BORROWING |
|
15.374 |
12.170 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
19.751 |
17.371 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.681 |
1.792 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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|
11.692 |
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Sundry Debtors |
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|
5.961 |
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Cash & Bank Balances |
|
16.070 |
3.985 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
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|
3.109 |
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Total
Current Assets |
|
16.070 |
24.747 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
0.000 |
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Current Liabilities |
|
0.000 |
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Provisions |
|
0.000 |
0.480 |
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Total
Current Liabilities |
|
0.000 |
9.168 |
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Net Current Assets |
|
16.070 |
15.579 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
19.751 |
17.371 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
36.083 |
33.148 |
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Other Income |
|
3.625 |
4.345 |
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TOTAL (A) |
|
39.708 |
37.493 |
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Less |
EXPENSES |
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Raw Material Consumed |
|
30.426 |
28.501 |
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Payment to and Provision for
Employees |
|
1.423 |
1.459 |
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Manufacturing Expenses |
|
2.124 |
2.417 |
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Establishment and Administrative Expenses |
|
2.191 |
1.334 |
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Selling Expenses |
|
0.621 |
0.647 |
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TOTAL (B) |
|
36.785 |
34.358 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
2.923 |
3.135 |
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Less |
FINANCIAL
EXPENSES (D) |
|
2.507 |
2.150 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.416 |
0.985 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.493 |
0.322 |
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NET PROFIT/ LOSS |
|
[0.077] |
0.663 |
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Expected Sales (2009-10): Rs.37.500 Millions
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
[0.19] |
1.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[0.21] |
2.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[0.39] |
2.50 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.02] |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
3.51 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
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|
0.00 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
·
Rayon Mills
FIXED ASSETS:
·
·
Building
·
Furniture and Fixture
·
Typewriters
·
Plant and Machinery
·
Hydraulic Press
·
Rolling Mills
·
Motor Bike
·
Computer
·
Oil Tank
WEBSITE DETAILS:
PROFILE:
Subject (referred to as HMI) was established in the year
1946 by Doshi Brothers. HMI, since then, is known for its quality and expertise
in the manufacture of lead products and turnkey projects involving fabrication,
erection and lead lining. HMI are the manufacturers of Lead Products in
The manufacturing unit of HMI is located at Andheri
(Mumbai),
The technical staff is competent to take up complex jobs and
ensure best quality. They also have a fully equipped laboratory to test the
samples and perform physical and chemical analysis.
A State-of-the-art manufacturing unit, an experienced
technical team, and professional quality management systems are all aimed at
one objective – to provide a single-point solution to their customers for all
their Lead requirements.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
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 |
NO |
|
--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 |
YES |
|
--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.