MIRA
INFORM REPORT
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Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HARVE MASCHINENTECHNIQ PRIVATE LIMITED |
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Registered
Office : |
616, 6th Floor, Raheja Palm Spring Complex, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.11.2007 |
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Com. Reg. No.: |
11-175818 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000 millions |
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CIN No.: [Company Identification
No.] |
U29100MH2007PTC175818 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH11272C |
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PAN No.: [Permanent Account No.] |
AABCH9948L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers, Trader and Commission agent for Engineering products. |
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No. of Employees
: |
35 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Recently commenced Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in 2007, the company started its Commercial
business activities recently in the year November, 2010. Business is active.
Payment terms are unknown. Initially, the company can be considered for business dealings on a
secured 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) |
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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 : |
Mrs. Padmaja R. Harve |
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Designation : |
Director |
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Contact No.: |
91-9821288947 |
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Date : |
02.07.2011 |
LOCATIONS
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Registered Office : |
616, 6th Floor, Raheja Palm Spring Complex, |
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Tel. No.: |
91-22-28805161/ 28445116 |
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Mobile No.: |
91-9821288947 (Mrs. Padmaja R. Harve) |
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Fax No.: |
91-22-28445116/ 28805161 |
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E-Mail : |
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Website: |
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Area : |
9630 sq. mt. |
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Location : |
Owned |
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Factory : |
714/715, G I D C Estate Manjusar Savli, Manjalpur,
Vadodara- 390001, Gujarat, India |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rajesh Shyam Harve |
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Designation : |
Director |
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Address : |
Plot No. 58, Sharda Sadan, 3rd Floor, Jai Prakash Nagar,
Road No. 3, Goregaon (East), Mumbai-400063, Maharashtra, India. |
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Date of Birth/Age : |
19.04.1970 |
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Qualification : |
B. E. |
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Date of Appointment : |
08.11.2007 |
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Name : |
Mrs. Padmaja R. Harve |
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Designation : |
Director |
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Address : |
Plot No. 58, Sharda Sadan, 3rd Floor, Jai Prakash Nagar,
Road No. 3, Goregaon (East), Mumbai-400063, Maharashtra, India. |
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Date of Birth/Age : |
16.12.1971 |
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Qualification : |
M. A. |
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Date of Appointment : |
08.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Rajesh S. Harve |
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200000 |
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Padmaja R. Harve |
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200000 |
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Harve Tube Tekniqs Limited, |
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1600000 |
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Total
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2000000 |
Equity Share Breakup (Percentage of Total
Equity)
As on 30.09.2010
|
Category |
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Percentage of Holding |
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Bodies
corporate |
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80.00 |
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Directors
or relatives of directors |
|
20.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Trader and Commission agent for Engineering products. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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No. of Employees : |
35 [Approximately] |
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Bankers : |
Bank of |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukund M. Chitale and Company Chartered Accountants |
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Address : |
205, Aggarwal Shyamkamala, Vile Parle (East), Mumbai – 400 057, |
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Holding Company : |
Harve Tube Tekniqs Limited, CIN No.: U27100MH2004PTC146430 Line of Business: Construction |
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 :
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No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
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(Out of above 1600000 Equity Shares (P.Y.
40000 Equity Shares) of Rs. 10 each are held by Holding Company Harve Tube Tekniqs
Private Limited) |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
0.500 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.697) |
(0.333) |
(0.046) |
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NETWORTH |
18.303 |
0.167 |
0.054 |
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LOAN FUNDS |
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1] Secured Loans |
6.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
6.950 |
12.430 |
0.030 |
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TOTAL BORROWING |
12.950 |
12.430 |
0.030 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.253 |
12.597 |
0.084 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.176 |
10.058 |
0.000 |
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Capital work-in-progress |
12.377 |
2.420 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.461
|
0.000
|
0.000 |
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Sundry Debtors |
0.000
|
0.000
|
0.000 |
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Cash & Bank Balances |
4.557
|
0.135
|
0.100 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
5.654
|
0.030
|
0.000 |
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Total
Current Assets |
10.672
|
0.165
|
0.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1.840
|
0.008
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Other Current Liabilities |
0.100
|
0.006
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Provisions |
0.032
|
0.032
|
0.004 |
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Total
Current Liabilities |
1.972
|
0.046
|
0.043 |
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Net Current Assets |
8.700
|
0.119
|
0.057 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.027 |
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TOTAL |
31.253 |
12.597 |
0.084 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
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|
31.03.2010 |
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SALES |
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Income |
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Other Income |
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TOTAL |
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0.039 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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1.403 |
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Advertising Expenses |
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TOTAL |
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1.403 |
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PROFIT BEFORE
TAX |
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[1.364] |
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Less |
TAX |
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0.000 |
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PROFIT AFTER TAX
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[1.364] |
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Earnings Per
Share (Rs.) |
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[5.51] |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[3497.44]
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[6.54]
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.07]
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.82
|
74.71 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
|
5.41
|
3.59 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company incorporated in November 2007, it has not started its
business. They will start the business in the month of September 2010.
|
Corporate
identity number of the company |
U29100MH2007PTC175818 |
|
Name of the
company |
HARVE MASCHINENTECHNIQ PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
616, 6th Floor, Raheja Palm Spring Complex, E-Mail: account@harvegroup.com |
|
This form is for |
Creation of
charge |
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Type of charge |
Immovable
Property Book Debts Movable Property |
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Particular of
charge holder |
Bank of E-Mail: goreas@bankofbaroda.com |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds, hypothecation of movable machinery, composite
hypothecation agreements were executed by the company in favour of Bank of
Baroda for the aggregating limits of Rs.62.500 millions consisting of term
loan Rs.37.500 millions, cash credit limits of Rs.20.000 millions and BG of
Rs.5.000 millions. |
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Date of
instrument Creating the charge |
25/02/2010 |
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Amount secured by
the charge |
Rs.62.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
11% p.a. Terms of
Repayment: 1. Cash credit -
repayable on demand subject to annually review. 2. Term Loan I
and II - repayable in 60 monthly installment commencing 12 months after 1st
disbursement. Interest to be
paid as and when charged. Margin: 1. Cash credit -
25% on stock and book debts 2. Term loan I -
25.50% 3.Term loan II -
26.20% 4.Bank guarantee
- 10% Extent and Operation
of the charge: First charge of
the bank Others: Stock and
book-debts statements to be submitted on monthly basis Corporate
guarantee of M/s Harve Tube Techniq Private Limited Personal
guarantee of the directors, Party to deal
exclusively with Bank of Baroda Properties to be
properly insured |
|
Short particulars
of the property charged |
Land Bearing Plot
Nos.714 and 715 at GIDC Estate Manjusar, Taluka Savli, District Vadodara
admeasuring 9630 sq mtrs with buildings constructed / to be constructed
thereon All plant and
machineries including electrification and movables at the above location
owned by the company, present and future. All kinds of
stocks lying at the above location owned by the company. All book-debts of
the company. |
Fixed Assets:
·
·
Computers
·
Air Conditioners
·
Furniture and Fixtures
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.32 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.