MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
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Name : |
HEINEN AND HOPMAN ENGINEERING INDIA PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2009 |
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Date of
Incorporation : |
17.06.1999 |
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Com. Reg. No.: |
21-089644 |
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CIN No.: [Company Identification
No.] |
U74210WB1999PTC089644 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Air Conditioning Equipment and Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 130000 |
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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 a subsidiary of Heinen and Hopman Engineering B.V,
Netherland. It 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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-33-64991293/1294/1295/1296/65367075 |
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Fax No.: |
91-33-25235297 |
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E-Mail : |
DIRECTORS
As on 21.06.2010
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Name : |
Mr. Cornelis Hopman |
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Designation : |
Director |
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Address : |
Havenstraat 21, Spakenburg, Bunschoten-3752 AA, |
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Date of Birth/Age : |
12.12.1938 |
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Date of Appointment : |
17.06.1999 |
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Name : |
Mr. Samarendra Kumar Banerjee |
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Designation : |
Director |
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Address : |
EE-191, Flat No. 4, Sector 2, |
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Date of Birth/Age : |
12.12.1942 |
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Date of Appointment : |
21.12.2001 |
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Name : |
Mr. Tapas Kumar Mullick |
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Designation : |
Director |
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Address : |
6 C, |
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Date of Birth/Age : |
27.02.1958 |
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Date of Appointment : |
17.06.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Heinen and |
|
159980 |
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Tapas Kumar Mullick |
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10 |
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Deepali Mullick |
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10 |
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Total |
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160000 |
As on 21.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier of Air Conditioning Equipment and Parts. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Royal Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.K. Sen and Associates Chartered Accountant |
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Address : |
62, |
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Holding Company: |
Heinen and |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 21.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000 |
Equity Shares |
Rs.100/- each |
Rs.16.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.918 |
14.534 |
9.586 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.918 |
17.534 |
12.586 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
19.494 |
20.430 |
0.000 |
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TOTAL BORROWING |
19.494 |
20.430 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.231 |
0.215 |
0.202 |
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TOTAL |
54.643 |
38.179 |
12.788 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.826 |
17.408 |
1.883 |
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Capital work-in-progress |
32.915 |
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 |
7.560
|
9.464 |
9.252 |
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Sundry Debtors |
85.270
|
67.760 |
59.377 |
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Cash & Bank Balances |
8.911
|
23.496 |
19.556 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.314
|
8.854 |
8.224 |
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Total
Current Assets |
113.055
|
109.574 |
96.409 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
90.757
|
62.144 |
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Other Current Liabilities |
19.396
|
26.659 |
84.571 |
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Provisions |
0.000
|
0.000 |
0.933 |
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Total
Current Liabilities |
110.153
|
88.803 |
85.504 |
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Net Current Assets |
2.902
|
20.771 |
10.905 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.643 |
38.179 |
12.788 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Income |
268.987 |
270.908 |
115.162 |
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Other Income |
0.163 |
0.962 |
41.678 |
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TOTAL (A) |
269.150 |
271.870 |
156.840 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
260.140 |
262.283 |
153.186 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.010 |
9.587 |
3.654 |
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Less |
FINANCIAL
EXPENSES (D) |
0.496 |
0.252 |
0.003 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.514 |
9.335 |
3.651 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.350 |
0.328 |
0.256 |
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PROFIT BEFORE
TAX (E-F) (G) |
8.164 |
9.007 |
3.395 |
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Less |
TAX (H) |
2.700 |
3.182 |
(0.652) |
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PROFIT AFTER TAX
(G-H) (I) |
5.464 |
5.825 |
4.047 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.945 |
0.797 |
0.627 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
3.000 |
4.800 |
3.000 |
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Dividend |
1.200 |
0.750 |
0.750 |
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Tax on Dividend |
0.204 |
0.127 |
0.127 |
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BALANCE CARRIED
TO THE B/S |
2.005 |
0.945 |
0.797 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of FOB Basis |
9.353 |
34.871 |
NA |
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Services Rendered Locally
against Foreign Exchange Inward Remittances |
4.171 |
7.899 |
NA |
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TOTAL EARNINGS |
13.524 |
42.770 |
NA |
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IMPORTS |
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Components |
23.302 |
28.290 |
NA |
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TOTAL IMPORTS |
23.302 |
28.290 |
NA |
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Earnings Per
Share (Rs.) |
34 |
194
|
135 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
2.03
|
2.14 |
2.58 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
0.03 |
2.95 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.19
|
7.09 |
3.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.51 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.71
|
6.23 |
6.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.23 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from DB 8 Sector 1 Salt Lake,
Bidhan Nagar, Kolkata-700064, West Bengal, India to the present address w.e.f.
15.02.2010
Operation:
During the Tenth year of operation total revenues stood at Rs.269.150
millions operating profit was Rs.8.160 millions and profit after tax was
Rs.5.460 millions
In the year 2009, the company executed export orders of the value of
Rs.9.350 millions. The value of order in hand is Rs.977.180 millions.
Barring unforeseen circumstance, the directors are optimistic about the
future of the company.
Fixed Assets:
- Land
- Plant and
Machinery
- Office
Equipment
- Furniture
- Computer
- Air
Conditioner and Cooler
- Vehicle
- Cycle
AS PER WEBSITE DETAILS:
PROFILE:
Subject has been incorporated in 1999 at Kolkata, West
Bengal as 100% subsidiary of Heinen and Hopman Enginering B. V. incorporated in
During the last 45 years , Heinen and Hopman Engineering B.V. has to its credit successful engineering, supply installation and commissioning of air Conditioning and ventilation plant for over 7500 ships.
Knowledge based support from the holding company is extended to its subsidiary in India for high velocity Air Distribution System, Low Temperature Cooling and specialized design and application in Offshore Platforms. The company is already acquainted with the specialized requirement, Classification requirement and the safety requirement as per latest Regulations in the various types of Ships getting built at Indian Shipyards.
Since then, the Company has consolidated its presence for both Public/Private shipyard and also for offshore sites. H and H India supplied AC , Ventilation and Refrigeration systems are now fitted in Oil tankers , Dredgers , Diving Support vessels, Platform Supply Vessels, Passenger Ships, Interceptor Boats, Multipurpose vessels, Tugs and Offshore Platforms of ONGC.
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
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 |
NO |
|
--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 |
|
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.