MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
Note : Given address of the company could not be confirmed.
IDENTIFICATION DETAILS
|
Name : |
HI – TECH ELASTOMERS LIMITED |
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Registered
Office : |
2, Chirag Appartment, Near Triveni Three Bunglows, Behind Government
Polytechnic, Ahmedabad-380015, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.05.1992 |
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Com. Reg. No.: |
11-017680 |
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CIN No.: [Company Identification
No.] |
U51909GJ1992PLC017680 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMH00152F |
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PAN No.: [Permanent Account No.] |
AAACH3814N |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of marine rubber
and engineering products. |
RATING & COMMENTS
|
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 154000 |
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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 records.
Trade relation 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
|
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 |
LOCATIONS
|
Registered Office : |
2, Chirag Appartment, Near Triveni Three Bunglows, Behind Government
Polytechnic, Ahmedabad-380015, |
|
Fax No.: |
91-79-2630 3078 / 2630
3079 |
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E-Mail : |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Vinod A. Soni |
|
Designation : |
Director |
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Address : |
34, Lad Society, Near Bodakdev, Vastrapur, |
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Date of Birth/Age : |
15.05.1945 |
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Date of Appointment : |
01.04.1994 |
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DIN No : |
00936757 |
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|
Name : |
Mrs. Hansaben V. Soni |
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Designation : |
Director |
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Address : |
34, Lad Society, Near Bodakdev, Vastrapur, |
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Date of Birth/Age : |
10.12.1946 |
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Date of Appointment : |
01.04.1994 |
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DIN No : |
00936760 |
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|
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Name : |
Mr. Rupenbhai V. Soni |
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Designation : |
Director |
|
Address : |
34, Lad Society, Near Bodakdev, Vastrapur, |
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Date of Birth/Age : |
13.07.1970 |
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Date of Appointment : |
01.04.1994 |
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DIN No : |
01598882 |
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Name : |
Ms. Mansi M. Parikh |
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Designation : |
Director |
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Address : |
18, Samir Amrakunj Society, Opposite Government Polychnic Ambawadi, |
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Date of Birth/Age : |
17.03.1973 |
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Date of Appointment : |
30.03.1996 |
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DIN No : |
00936763 |
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Name : |
Mrs. Roshni R. Soni |
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Designation : |
Director |
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Address : |
34, Lad Society, Near Bodakdev, Vastrapur, |
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Date of Birth/Age : |
13.06.1973 |
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Date of Appointment : |
30.03.1996 |
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DIN No : |
01598948 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Hansaben V. Soni |
|
286200 |
|
Vinodbhai A. Soni |
|
339200 |
|
Rupenbhai V. Soni |
|
332600 |
|
Mansi M. Parikh |
|
277420 |
|
Roshni R. Soni |
|
122020 |
|
Mohanlal T. Vaishnavi |
|
28500 |
|
Tulsiram B. Vaishnavi |
|
111500 |
|
Kalpesh J. Lakhani |
|
20000 |
|
Master Jay R. Soni (Minor) (Guardian : Rupen Soni) |
|
80000 |
|
Master Jay R. Soni (Minor) (Guardian : Hansaben Soni) |
|
100000 |
|
Sumitra Soni |
|
10000 |
|
Master Jay R. Soni (Minor) (Guardian : Roshni Soni) |
|
20000 |
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Master Yash R. Soni (Minor) (Guardian : Roshni Soni) |
|
200000 |
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|
|
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Total
|
|
1927440 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of marine rubber
and engineering products. |
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|
Products : |
v Pneumatic Fender v
Cell Fenders v
Nova Cone Fender v
Marine Fenders v
Marine Buoys v
Tug-Barge Fenders v Offshore rubber
products |
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|
|
GENERAL INFORMATION
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Bankers : |
·
Punjab National Bank, ·
Union Bank of ·
Punjab National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RRS and Associates Chartered Accountant |
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Address : |
211, Kamal Complex, Opposite State Bank of Saurashtra, Near Stadium
Circle C. G. Road, Ahmedabad-380009, Gujarat, India |
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CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1927440 |
Equity Shares |
Rs. 10/- each |
Rs. 19.274
millions |
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|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
19.274 |
19.274 |
19.274 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.105 |
18.450 |
13.232 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
38.379 |
37.724 |
32.506 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
84.736 |
51.739 |
1.358 |
|
|
2] Unsecured Loans |
7.273 |
2.425 |
33.076 |
|
|
TOTAL BORROWING |
92.009 |
54.164 |
34.434 |
|
|
DEFERRED TAX LIABILITIES |
4.055 |
1.422 |
1.448 |
|
|
TRADE DEPOSITS |
3.650 |
3.650 |
2.350 |
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|
|
|
|
|
|
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TOTAL |
138.093 |
96.960 |
70.738 |
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APPLICATION OF FUNDS |
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|
|
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|
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|
FIXED ASSETS [Net Block] |
36.181 |
31.061 |
28.112 |
|
|
Capital work-in-progress |
0.000 |
2.457 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.002 |
0.002 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
36.982
|
37.616 |
12.731 |
|
|
Sundry Debtors |
105.291
|
46.449 |
59.153 |
|
|
Cash & Bank Balances |
8.912
|
11.283 |
7.283 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
29.569
|
17.253 |
8.076 |
|
Total
Current Assets |
180.754
|
112.601 |
87.243 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
70.958
|
42.984 |
35.647 |
|
|
Provisions |
7.886
|
6.175 |
8.968 |
|
Total
Current Liabilities |
78.844
|
49.159 |
44.615 |
|
|
Net Current Assets |
101.910
|
63.442 |
42.628 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
138.093 |
96.960 |
70.740 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
212.624 |
231.642 |
162.622 |
|
|
|
Other Income |
1.544 |
3.914 |
1.593 |
|
|
|
TOTAL (A) |
214.168 |
235.556 |
164.215 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
104.323 |
144.158 |
84.419 |
|
|
|
Manufacturing Expenses |
38.455 |
43.850 |
36.229 |
|
|
|
Administrative Overheads |
7.961 |
7.118 |
4.606 |
|
|
|
Selling Overheads |
24.232 |
31.034 |
17.852 |
|
|
|
Managerial Remuneration |
3.804 |
2.062 |
-- |
|
|
|
Auditors Remunerations |
0.140 |
0.126 |
1.965 |
|
|
|
Loss on sales of Fixed Assets |
0.188 |
0.029 |
0.110 |
|
|
|
Increase / Decrease in stock |
11.874 |
(14.961) |
2.523 |
|
|
|
TOTAL (B) |
190.977 |
213.416 |
147.704 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.191 |
22.140 |
16.511 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
11.186 |
10.290 |
5.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.005 |
11.851 |
10.621 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.390 |
2.262 |
2.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.615 |
9.588 |
8.472 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.950 |
3.175 |
2.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.665 |
6.413 |
5.803 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.436 |
6.838 |
5.052 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.500 |
0.500 |
0.500 |
|
|
|
Dividend |
3.371 |
3.382 |
3.382 |
|
|
BALANCE CARRIED
TO THE B/S |
9.666 |
9.436 |
6.838 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
16.887 |
68.215 |
42.300 |
|
|
TOTAL EARNINGS |
16.887 |
68.215 |
42.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.13 |
3.36 |
2.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.11
|
2.72 |
3.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.52
|
4.13 |
5.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.43
|
6.67 |
7.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.45
|
2.73 |
2.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.29 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
FORM : 8
|
Corporate
identity number of the company |
U51909GJ1992PLC017680 |
|
Name of the
company |
HI-TECH
ELASTOMERS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
2 Chirag
Appartment Near Trivenithree, Bunglows, Behind Govt Polytechnic, Ahmedabad, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Punjab National
Bank, Shashtri Park, Nehru Nagar Char Rasta, Ahmedabad – 380015, Gujarat,
India |
|
Nature of
instrument creating charge |
Letter of
Hypothecation dated 25.05.2010 |
|
Date of
instrument Creating the charge |
25/05/2010 |
|
Amount secured by
the charge |
Rs. 0.320
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : 11% Terms of repayment : 36 Equated Monthly
instalment of Rs. 0.010 millions Margin : 25% Extent and operation of the charge : The Charge shall
Cover hypothecation of One New Maruti A Star VXI Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
The Charge shall
Cover hypothecation of One New Maruti A Star VXI |
Operations :
Profit has increased 36% as compared to previous year.
Fixed Assets :
·
Land
·
Building
·
Plant and machinery
·
Furniture and Fixture
·
Vehicles
·
Computers
·
Office Equipments
·
Borewell
·
Electric Installation
As Per Website
Details :
Profile :
They are an ever-propelling company, chiefly expert in the design and manufacture of a wide range of Marine Rubber and Engineering Products. They are rapidly expanding, keeping pace with the latest Engineering Technologies and possess state-of-the art manufacturing infrastructure. They have crossed barriers, that today, has raised us to pioneering heights.
They have the experience and resources required, to provide our customers with the highest quality service that they deserve.
" They can bridge Theory and Application to
meet your special needs.’’
The company is backed up by Technocrats having experience of over 30 years in the field of Import Substitution of Rubber and Engineering Products. Innovation being the basic aspect of our working philosophy, has caused us to maintain a very consistent growth-rate over these years.
HI-TECH offers its services on turnkey basis, for Marine Fendering Systems, Channel Marking Buoys, Mooring Buoys and Navigational Aids. These includes Design, Manufacturing, Testing, Installation, Commissioning, Maintenance and After-sales services.
HI-TECH is
The whole range of HI-TECH products conforms to all popular Engineering Standards and Specification viz. ISI, JIS, ASTM, BS, ISO and others. All the products have been inspected and approved by major Engineering Consultants and are widely accepted by reputed Multinational Companies.
HI-TECH maintains an in-house Testing Division, which holds
HI-TECH’s superlative Plant and Manufacturing facilities are capable of catering to requirements of any Size and Shape. The Shop-floor is equipped with multiple machineries which has caused the company to match and achieve stringent delivery schedules. Fast commissioning of the projects by the company has benefitted the clients by saving in Plant Commissioning and Production downtime costs.
Major
Achievements and.
- HI-TECH
is a pioneer in introducing the latest Fendering Systems and have the
largest Fender manufacturing capacity in
- HI-TECH
has manufactured the Largest Diameter Fender, ever used in the World.
- HI-TECH
has designed, manufactured & Installed the Fendering System for the
Largest capacity (3,50,000 Dwt.) Vessel berthing.
- HI-TECH
has maintained the record since 1994, as the only company to have
manufactured the Largest sized Fenders, in
- The
Largest size of NOVA CONE FENDER / BOLLARD (300T) ever used in
- HI-TECH
is the only company to Develop and Introduce RUBBER Marker / Mooring BUOYS
in
- HI-TECH
possesses one of the largest Load Deflection Testing Press in World.
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. 45.45 |
|
|
1 |
Rs. 72.90 |
|
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 |
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.