MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HARI KRUSHNA MACHINETECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Block No. 369, Near Popatiya Kuva, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
04-046156 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33110GJ2005PTC046156 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMH01841A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH5667G |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of High Grade Packaging Machines. |
|
|
|
|
No. of
Employees: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 120000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Pankaj |
|
Designation : |
Accountant |
|
Contact No.: |
91-9879544826 |
|
Date : |
21.06.2011 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Block No. 369, Near Popatiya Kuva, |
|
Tel. No.: |
91-79-26463903 |
|
Mobile No.: |
91-9879544826 (Mr. Pankaj) |
|
Fax No.: |
91-79-26463906 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
Owned |
|
|
|
|
Factory 2: |
306, 3rd Floor, 3rd eye-2, |
|
Tel. No.: |
91-79-26463903 |
|
Fax No.: |
91-79-26463906 |
|
|
|
|
Corporate Office : |
Plot No. C-1, 4310, Phase IV, Near Neeka Tube Cross Roads, Area GIDC,
Vatva, Ahmedabad-382445, |
|
Tel. No.: |
91-79-25840112/ 3/ 4 |
|
Fax No.: |
91-79-25840010 |
|
E-Mail : |
|
|
Area : |
Owned |
|
|
|
|
Overseas offices : |
Located at:
|
DIRECTORS
As on 02.08.2010
|
Name : |
Mr. Maulik Vishnuprasad Dave |
|
Designation : |
Chairman and Managing Director |
|
Address : |
9/A, Bhagyanghar Co Operative Housing Society, Near Rambag, Maninagar,
Ahmedabad-380008, |
|
Date of Birth/Age : |
20.05.1972 |
|
Date of Appointment : |
31.05.2005 |
|
|
|
|
Name : |
Mr. Pranav Vishnuprasad Dave |
|
Designation : |
Managing Director |
|
Address : |
9/A, Bhagyanghar Co Operative Housing Society, Near Rambag, Maninagar,
Ahmedabad-380008, |
|
Date of Birth/Age : |
14.01.1982 |
|
Date of Appointment : |
30.04.2008 |
|
|
|
|
Name : |
Mr. Nimesh Chandravadan Thakar |
|
Designation : |
Director |
|
Address : |
10/769, Takar Khadki, Opposite Bhaesh Pan House, Kansara Bazar,
Kheda-387001, |
|
Date of Birth/Age : |
21.08.1969 |
|
Date of Appointment : |
07.05.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Maulik Vishnuprasad Dave |
|
990000 |
|
Nimiesh Chandravadan Thakar |
|
10000 |
|
Total |
|
1000000 |
As on 31.03.2011
|
List of Allottees |
|
No. of Shares Allotted |
|
Maulik Dave |
|
28335 |
|
Daxa Moulik Dave |
|
21665 |
|
Total |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of High Grade Packaging Machines. |
|
|
|
|
Exports : |
|
|
Products : |
Machines |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s Domestic Clients: ·
Amtik (Penzoil) ·
Balaji Distilleries Limited (Mcdowell) ·
Bausch and Lomb Eyecare ( ·
Cadila- Sydus ·
Cipla Limited ·
Claris Life Science ·
Dabur India Limited ·
Emami ·
Empee Breweries Limited ·
Health ·
Hyderabad Chemical Products Limited ·
J.B. Chemicals International Clients: ·
Asad Pharmaceuticals Nigeira ·
Aqua Vengo-Mozambique ·
Bag Jang ·
Dawa Limited- ·
Evident ·
Ferm A.S – ·
Fidson Pharmaceuticals- ·
Nielmed Pharmaceuticals- ·
Pal ·
Slaam Pharmaceuticals, |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
150 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institute: |
|
|
|
|
|
Auditors : |
|
|
Name : |
ANA and Associates Chartered Accountant |
|
Address : |
A, 4th Floor, Galaxy Line, |
|
|
|
|
Memberships : |
·
Member of Engineering Export Promotion Council ·
Federation of Indian Chamber of Commerce Industry ·
Indian Pharma Machinery Manufacturers Association
|
CAPITAL STRUCTURE
As on 02.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 10.500
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 10.000
Millions |
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 |
10.000 |
10.000 |
5.000 |
|
|
2] Share Application Money |
0.000 |
0.464 |
0.025 |
|
|
3] Reserves & Surplus |
19.022 |
12.913 |
9.461 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.022 |
23.377 |
14.486 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
39.154 |
17.045 |
13.114 |
|
|
2] Unsecured Loans |
9.071 |
14.480 |
12.812 |
|
|
TOTAL BORROWING |
48.225 |
31.525 |
25.926 |
|
|
DEFERRED TAX LIABILITIES |
0.475 |
0.421 |
0.520 |
|
|
|
|
|
|
|
|
TOTAL |
77.722 |
55.323 |
40.932 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.788 |
28.681 |
23.635 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
52.448
|
29.485 |
13.031 |
|
|
Sundry Debtors |
8.673
|
80.659 |
57.558 |
|
|
Cash & Bank Balances |
3.508
|
6.883 |
0.690 |
|
|
Other Current Assets |
0.804
|
2.344 |
5.000 |
|
|
Loans & Advances |
4.028
|
3.357 |
3.346 |
|
Total
Current Assets |
69.461
|
122.728 |
79.625 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8.029
|
86.285 |
53.856 |
|
|
Other Current Liabilities |
7.572
|
7.247 |
4.086 |
|
|
Provisions |
3.000
|
2.653 |
4.518 |
|
Total
Current Liabilities |
18.601
|
96.185 |
62.460 |
|
|
Net Current Assets |
50.860
|
26.543 |
17.165 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.074 |
0.099 |
0.132 |
|
|
|
|
|
|
|
|
TOTAL |
77.722 |
55.323 |
40.932 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
196.900 |
|
157.985 |
|
|
|
Other Income |
1.419 |
1.248 |
|
|
|
|
TOTAL (A) |
198.319 |
170.653 |
157.985 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
160.575 |
130.297 |
|
|
|
|
Manufacturing Expenses |
3.928 |
6.120 |
|
|
|
|
Administrative, Selling and Other Expenses |
17.897 |
21.304 |
|
|
|
|
Miscellaneous Expenditure written off |
0.025 |
0.032 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL (B) |
182.425 |
157.753 |
152.322 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.894 |
12.900 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.251 |
5.164 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.643 |
7.736 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.381 |
1.513 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.262 |
6.223 |
5.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.153 |
1.471 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.109 |
4.752 |
5.663 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.913 |
8.161 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
19.022 |
12.913 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.11 |
4.75 |
11.33 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
240.000 |
The above information has been parted by Mr. Pankaj (Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.08
|
2.78 |
3.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.20
|
3.67 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.58
|
4.11 |
5.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.27 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.30
|
5.46 |
6.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.73
|
1.28 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
V. B. Chemicals
·
Godrej
·
Cipla Limited
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U33110GJ2005PTC046156 |
|
Name of the
company |
HARI KRUSHNA MACHINETECH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Block No. 369, Near Popatiya Kuva, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10149597 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat,
India |
|
Nature of
instrument creating charge |
Supplemental simple
mortgage executed at Nadiad |
|
Date of
instrument Creating the charge |
07.09.2010 |
|
Amount secured by
the charge |
Rs. 46.756
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
Sanction letter of bank. Terms of
Repayment As per the
Sanction letter of bank. Margin As per the
Sanction letter of bank. Extent and
Operation of the charge Property
mortgaged Block No. 369 Part, Nadiad and Plot No. CIB – 4310, GIDC, Vatva |
|
Short particulars
of the property charged |
All that piece
and parcel of Non agricultural
freehold land admeasuring about 3958 sq.mtrs. of Block No. 369 part (land of
old survey no. 306) situate lying and being a Mouje: Salun Vanto, Taluka:
Nadiad. All that piece
and parcel of Non agricultural leasehold property bearing Plot No. CIB-4310
adm. Abt. 704 sq.mtrsa. with industrial construction standing thereon in
Vatva Industrial Estate of Phase IV in GIDC situated on land bearing Revenue
survey no. 436 situate, lying and being at Mouje, Ramol, Taluka City in the
registration district of Ahmedabad and sub district of Ahmedabad – 5 (Narol) |
|
Date of
instrument modifying the charge |
23.08.2010 |
|
Particulars of
the present modification |
Extension of mortgage
of secure due repayment of principal amount along with interst, add,
interest, charges etc. The present charge is in addition of earlier charge. The total charge
secured is of Rs. 46.756 Millions |
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.44.91 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
|
45 |
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.