MIRA
INFORM REPORT
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Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HRS PROCESS SYSTEMS LIMITED (w.e.f.
06.03.2010) |
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Formerly Known As : |
HRS PROCESS SYSTEMS PRIVATE LIMITED |
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Registered Office : |
201, 2nd
Floor, Karan Selene, 851, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.04.2003 |
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Com. Reg. No.: |
25-17846 |
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Capital
Investment / Paid-up Capital : |
Rs.5.100 millions |
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CIN No.: [Company
Identification No.] |
U29198PN2003PTC017846 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04305A |
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Legal Form : |
A closely held
public limited company |
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Line of Business : |
Manufacturer and
Exporter of Ecoflux, Shell Tube Heat Exchangers, Endangers, Corrugated
Exchangers etc. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 400000 |
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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. 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) |
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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 : |
Mr. Vinay Gokhale |
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Designation : |
Accountant |
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Contact No.: |
91-20-25663581 |
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Date : |
24.06.2011 |
LOCATIONS
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Registered Office : |
201, 2nd
Floor, Karan Selene, 851, |
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Tel. No.: |
91-20-25663581 /
82 |
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Fax No.: |
91-20-25663583 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory : |
Gat No.565/1, Koregaon Bhima, Tal. Shirur, District- Pune- 412216, |
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Tel. No.: |
91-2137-676701 |
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Fax No.: |
91-2137-676705 |
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E-Mail : |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Steven John Pither |
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Designation : |
Director |
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Address : |
10-12, |
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Date of Appointment : |
13.06.2003 |
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Name : |
Mr. Jesus Miguel Pagan |
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Designation : |
Director |
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Address : |
Avda Miguel De, 43/30, |
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Date of Appointment : |
13.06.2003 |
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Name : |
Mr. Venugopalan Gokuldas |
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Designation : |
Managing Director |
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Address : |
Flat No.12, Anushka, |
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Date of Birth/Age : |
03.06.1963 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Anil Deshpande |
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Designation : |
Additional Director |
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Address : |
C-34, Abhishilpa Apartments, Shilpa Society, Near MIT College, Pune-
411029, Maharashtra, India |
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Date of Birth/Age : |
21.10.1948 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Rajendra Kantrao Dawkar |
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Designation : |
Additional Director |
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Address : |
Building No. F1-6, |
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Date of Birth/Age : |
06.02.1967 |
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Date of Appointment : |
24.03.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Gokhale |
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Designation : |
Accountant |
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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HRS International Limited, England |
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469146 |
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HRS Heat Exchangers Limited, England |
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51 |
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Venugopalan Gokuldas |
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40799 |
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Das Elizabeth |
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01 |
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Francisco Javier Abad Ruiz |
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01 |
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Pither Edward Steven |
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01 |
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Twydle Michael Robert |
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01 |
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Total |
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510000 |
As on : 30.09.2010
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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92.00 |
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Directors or relatives of directors |
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8.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Ecoflux, Shell Tube Heat Exchangers, Endangers, Corrugated
Exchangers etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users Process Industry
Pharmaceutical and
Formulations
Food Industry
OEM Industry
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Cash Credit: Rs.15.000 millions (from State Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Naniwadekar and Company Chartered Accountant |
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Address : |
2, Nalini Apartments, Plot No.3/10, Opposite SNDT College, Erandawane,
Pune – 411004, Maharashtra, India |
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Tel. No.: |
91-22-25439238 / 25448641 |
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Fax No.: |
91-22-25439238 |
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E-mail: |
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Holding Company : |
HRS International Limited, UK |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Share |
Rs.10/- Each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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510000 |
Equity Share |
Rs.10/- Each |
Rs.5.100
millions |
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NOTE
Of the above
I)
469146 equity shares of Rs.10 each (previous
year 509949) are held by HRS International Limited the holding company.
II)
Out of the above shares
500000 equity shares of Rs.10 each (previous year 500000 equity shares) are allotted as fully paid
up by way of bonus shares, by way of capitalistion of the profit in profit and
loss account.
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 |
5.100 |
5.100 |
5.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
95.865 |
71.361 |
57.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
100.965 |
76.461 |
62.421 |
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LOAN FUNDS |
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1] Secured Loans |
29.291 |
31.294 |
30.674 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
29.291 |
31.294 |
30.674 |
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DEFERRED TAX LIABILITIES |
3.339 |
1.625 |
1.636 |
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TOTAL |
133.595 |
109.380 |
94.731 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.920 |
64.809 |
65.372 |
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Capital work-in-progress |
0.000 |
0.000 |
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 |
54.170 |
26.298 |
28.597 |
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Sundry Debtors |
50.338 |
47.799 |
23.274 |
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Cash & Bank Balances |
18.185 |
4.476 |
4.029 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
12.667
|
12.300
|
10.891 |
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Total
Current Assets |
135.360
|
90.873
|
66.791 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
41.431
|
27.375
|
27.627 |
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Other Current Liabilities |
11.930
|
11.272
|
7.444 |
|
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Provisions |
16.324
|
7.655
|
2.361 |
|
Total
Current Liabilities |
69.685
|
46.302
|
37.432 |
|
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Net Current Assets |
65.675
|
44.571
|
29.359 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.595 |
109.380 |
94.731 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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|
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Income |
300.952 |
226.305 |
198.000 |
|
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Other Income |
5.323 |
2.422 |
|
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TOTAL (A) |
306.275 |
228.727 |
198.000 |
|
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
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Cost of Operations |
151.802 |
114.775 |
|
|
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Personnel expenses |
40.572 |
23.983 |
|
|
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Other Expenses |
50.639 |
49.961 |
|
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|
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TOTAL (B) |
243.013 |
188.719 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
63.262 |
43.008 |
|
|
|
|
|
|
|
168.330 |
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Less |
FINANCIAL
EXPENSES (D) |
2.609 |
3.909 |
(Including
Interest and depreciation) |
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
60.653 |
39.099 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.015 |
4.267 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
56.638 |
34.832 |
29.660 |
|
|
|
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|
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Less |
TAX (I) |
20.240 |
12.440 |
10.930 |
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|
PROFIT AFTER TAX
(G-I) (J) |
36.398 |
22.393 |
18.730 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
69.121 |
57.320 |
NA |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.639 |
2.239 |
NA |
|
|
|
Dividend |
0.000 |
41.767 |
NA |
|
|
|
Tax on Dividend |
10.200 |
3.570 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
89.986 |
69.121 |
57.320 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
|
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Export Earnings |
9.970 |
20.852 |
3.945 |
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TOTAL EARNINGS |
9.970 |
20.852 |
3.945 |
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|
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|
Earnings Per
Share (Rs.) |
71.37 |
43.91 |
-- |
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Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
350.000 |
|
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|
The above information has been parted by Mr. Vinay Gokhale.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.88 |
9.79 |
9.46 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
18.81 |
15.39 |
-- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.86 |
22.37 |
22.44 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.56 |
0.46 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.98 |
1.01 |
1.09 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.94 |
1.96 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
FUTURE PLANS
The company is confident of achieving
substantial improvement in operational performance in view of the fact that the
products of the company are accepted all across the industry.
The Company
envisages expansion in its product portfolio by adding synergistic products to
encompass all 'heat transfer' applications. They shall strengthen our regional
operations to help us focus better on core growth sectors and our reach to
Customers. Food systems business is being further strengthened to tap the huge
market potential generated due to rapid urbanization and increasing consumer
demand. Other sectors like Parma, Fertilizer, Steel, Chemicals continue with a
healthy growth and will be our focus sectors too.
Evaporation system
is an interesting area of business for our Company which we shall be allocating
resources to develop in coming year. International business is another area
which the company plans to invest during the year.
Manpower
development is high on the Company's agenda and we shall be investing in human
capital asset buildup. We have already started adding resources in the
Marketing segment and will augment resources in other areas to ensure proper
utilization of business opportunity.
NOTE
Registered Office
of the company has been shifted from Pune – 411021,
Form : 8
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10029876 |
|
Corporate identity
number of the company |
U29198PN2003PTC017846 |
|
Name of the
company |
HRS PROCESS SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
201, 2nd
Floor, Karan Selene, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of Deccan Gymkhana,
Pune-411004, E-Mail ID: herlekarsr@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
hypothecation |
|
Date of
instrument Creating the charge |
11.12.2006 |
|
Amount secured by
the charge |
Rs.65.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For cash credit
interest rate @12.50% at monthly rests. For Term loan
interest rate @13%p.a at monthly rests Terms of Repayment Working capital
facilities of Rs.35.000 millions (Cash credit Rs.15.000 millions + Bank
guarantee Rs.15.000 millions+ Letter of credit Rs.5.000 millions) repayable
within 12 months, subject to renewal Term loan of
Rs.30.000 millions repayable in 60 months including moratorium of 8 months.
The first installment commences in July 2007. Margin Stocks - 25% Receivables – 40% Letter credit –
25% Bank guarantee –
25% Term loan – 20% Extent and Operation of the charge First charge on
the assets of the company |
|
Short particulars
of the property charged |
Stock and book
debts, plant and machinery to be purchased out of bank finance, and existing
machineries, computer, furniture, office equipments located at the factory of
the company at S. No. 748 Sanaswadi, Pune- 412207. |
|
Particulars of
the present modification |
Additional
security of the immovable property (i.e land and building) of the company,
more specifically described in Schedule I of the deed of mortgage, provided.
Other terms and conditions, including the amount of total facilities remain
unchanged. |
FIXED ASSETS
- Land
- Building
- Vehicles
- Computers
- Furniture and Fixtures
- Office Equipment
- Plant and machinery
AS PER WEB DETAILS
PROFILE
For the purpose of heat generation and treatment, various forms of heat exchangers are in great demand in the processing industries. Keeping abreast with the evolving requirements of heat exchangers, they, subject, are one of the leading manufacturers and exporters of ECOFLUX Corrugated Tube Heat Exchangers, UNICUS Dynamic Scrapped Surface Heat Exchangers, Shell & Tube Heat Exchangers, Food/Fruit Processing Plants, Evaporation Systems, The Hygienic Piston Pumps, Heat Recovery Units, etc.
Established in the year 2003, the company achieved phenomenal growth in a very short span of time. Owing to their commitment to provide world class range, they have carved a niche for their selves in this business domain and have become one of the most sought after companies for supplying and exporting products in pharmaceutical, petrochemical, food processing, chemical and many other industries.
They are a specialist in designing, manufacturing and installing complete heat treatment systems for the food industry for the purpose of aseptic filling, hot filling or any other form of filling. The different elements incorporated into various systems are judiciously selected using their wide experience of food processing installations.
The Company has seen a sustained
growth since its inception and has gradually widened its distribution net all
over the world. They have distributors in countries such as
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. 44.94 |
|
|
1 |
Rs. 71.89 |
|
Euro |
1 |
Rs. 64.09 |
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 |
YES |
|
--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.