%20PRIVATE%20LIMITED%20147041%2007-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HITZE EQUIPMENTS ( |
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|
|
|
Registered Office
: |
45-B, 2nd Phase, Peenya Industrial Area, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
14.10.1980 |
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|
|
|
Com. Reg. No.: |
3969 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U03190KA1980PTC003969 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRH02785G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACH4833M |
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|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturers of Industrial
Boilers, Dryers, Water Softners and Thermic Fluid Heaters. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12000 |
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|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an old and established company having moderate track. There
appears some accumulated losses being recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Purshotham |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9343736558 |
|
Date : |
04.07.2011 |
LOCATIONS
|
Registered Office : |
45-B, 2nd Phase, Peenya Industrial Area, |
|
Tel. No.: |
91-80-28395610 / 23722281 |
|
Mobile No.: |
91-9343736558 (Mr. Purushothaman) |
|
Fax No.: |
91-80-41171143 / 23722281 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Gopalkrishnan Purushothaman |
|
Designation : |
Managing Director |
|
Address : |
No. 9, 18th Cross, Bhuvaneswari Nagar, |
|
Date of Appointment : |
21.10.1980 |
|
DIN No. : |
00829678 |
|
|
|
|
Name : |
Mr. Guruprasad Rao |
|
Designation : |
Director |
|
Address : |
Nakshatra No. 9, 18th Cross, Bhuvneswari, Nagar, |
|
Date of Appointment : |
24.04.2004 |
|
DIN No. : |
00829728 |
|
|
|
|
Name : |
Mrs. Latha Purushothaman |
|
Designation : |
Director |
|
Address : |
No. 9, 18th Cross, Bhuvaneswari Nagar, |
|
Date of Appointment : |
07.08.1989 |
|
DIN No. : |
00800975 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Gopalkrishnan Purushothaman |
|
5296 |
|
Mrs. G. Baby |
|
100 |
|
Mrs. Isabella Maria Kon |
|
100 |
|
Dr. M. I. Raja Gopalan |
|
100 |
|
R. Kalyana Raman |
|
500 |
|
N. Anantha Krishnan |
|
50 |
|
M. P. Manalar |
|
50 |
|
P. Suresh |
|
10 |
|
K. Prabhakaran Nair |
|
10 |
|
Mrs. Vinaya Ramamoorthy |
|
10 |
|
Mrs. Radha Gopalakrishnan |
|
100 |
|
K. Anand Varma |
|
100 |
|
Mrs. Latha Purushothaman |
|
2806 |
|
Mary Thomas Kuruvikunel |
|
25 |
|
Mathew L. Chakola |
|
25 |
|
Ouseph L. Chakola |
|
25 |
|
John N. Chakola |
|
25 |
|
Chakolas Spinning and Weaving Mills Limited ( |
|
133 |
|
Joseph John |
|
300 |
|
Guruprasad Rao |
|
235 |
|
Total |
|
10000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Industrial
Boilers, Dryers, Water Softners and Thermic Fluid Heaters. |
GENERAL INFORMATION
|
Bankers : |
Syndicate Bank, No. 252, Surekha Complex, Peenya Industrial Area,
Bangalore – 560057, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
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|
Name : |
M. Sundara Moorthi and Company Chartered Accountant |
|
Address : |
41, 7th Cross, |
|
Tel. No.: |
91-80-25366966 |
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Fax No.: |
91-80-41521988 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/-each |
Rs.1.000
Million |
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 |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
4.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.079 |
0.079 |
0.079 |
|
|
4] (Accumulated Losses) |
(1.956) |
(2.090) |
(2.210) |
|
|
NETWORTH |
3.123 |
(1.011) |
(1.131) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1.459 |
3.928 |
3.793 |
|
|
TOTAL BORROWING |
1.459 |
3.928 |
3.793 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.582 |
2.917 |
2.662 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.899 |
0.819 |
0.109 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.262 |
0.229 |
0.148 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.952
|
0.308 |
0.319 |
|
|
Sundry Debtors |
4.526
|
3.669 |
3.805 |
|
|
Cash & Bank Balances |
0.748
|
0.402 |
0.443 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.392
|
0.337 |
1.046 |
|
Total
Current Assets |
7.618
|
4.716 |
5.613 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.488
|
1.200 |
1.458 |
|
|
Other Current Liabilities |
1.879
|
0.958 |
1.695 |
|
|
Provisions |
0.830
|
0.689 |
0.055 |
|
Total
Current Liabilities |
4.197
|
2.847 |
3.208 |
|
|
Net Current Assets |
3.421
|
1.869 |
2.405 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.582 |
2.917 |
2.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
6.158 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
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|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
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|
|
|
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TOTAL |
NA |
6.009 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.149 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.028 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
0.121 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
12.00 |
|
|
%20PRIVATE%20LIMITED%20147041%2007-Jul-2011_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%20147041%2007-Jul-2011_files/image004.gif){kind=small}
%20PRIVATE%20LIMITED%20147041%2007-Jul-2011_files/image005.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
1.96 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
--
|
2.69 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
--
|
(0.15) |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
(6.70) |
(6.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.66 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 :
|
Corporate
identity number of the company |
U03190KA1980PTC003969 |
|
Name of the
company |
HITZE EQUIPMENTS ( |
|
Address of the
registered office or of the principal place of business in |
45-B, 2nd Phase, Peenya Industrial Area, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable property Floating charge |
|
Particular of
charge holder |
Syndicate Bank, No. 252, Surekha Complex, Peenya Industrial Area,
Bangalore – 560057, Karnataka, India |
|
Nature of
instrument creating charge |
Composite
Hypothecation Agreement |
|
Date of
instrument Creating the charge |
12.03.2011 |
|
Amount secured by
the charge |
Rs.0.250 Million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: 1 year
BR+1%(Presently 10.50%p.a) II year BR+1.5% III year onwards
BR+2% Terms of
repayment : The loan shall be
repayable in 48 EMI at ROI being 10.5% for 1st year 11% for second year and
11.5% from Third Year onwards. The first EMI falls due on 30/04/2011 and subsequent
EMI fall due on last day of each month. Last EMI and remaining balance
outstanding falls due on 31/03/2015(subject to change in Bank Rate) Margin : 25% Extent and
operation of the charge : The charge shall
operate to the extent of the loan amount plus interest commission costs
expenses and other charges thereon. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way first charge on purchase of Four Wheeler vehicle of Maruthi Alto
LXIM bearing Registration no KA02MF2846. |
FIXED ASSETS :
- Plant and Machinery
- Tools and
Equipments
- Office
Equipments
- Motor Cycle
- Air
Conditioner
- Computer and
Accessories
- Furniture and
Fittings
- Electrical
Installations
- Motor Car
- Motor Bike
- Motor Cycles
- UPS System
- Welding
Machine
- Welding Set
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.