MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
HYDRO PROKAV PUMPS INDIA PRIVATE LIMITED |
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Registered
Office : |
3 170 A 4 A Sivasakthi Colony, Industrial Estate, Post
Coimbatore-641021, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.09.2001 |
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Com. Reg. No.: |
18-009881 |
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CIN No.: [Company Identification
No.] |
U31103TZ2001PTC009881 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBH03066A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Various Process Machineries like Filter Presses, Classifiers,
Cyclones, High Speed Circular Knitting Machines, etc. |
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 33000 |
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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
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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 / Marketing Head Quarters / Factory: |
3 170 A 4 A Sivasakthi Colony, Industrial Estate, Post
Coimbatore-641021, |
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Tel. No.: |
91-422-2679624/3242220/4301900 |
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Fax No.: |
91-422-2679476/2672102 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sivasankaran Thekkinath Kuttan |
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Designation : |
Director |
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Address : |
No. 190/A7, Sai Nagar, LIC Colony, Kurichi Industrial Estate Post,
Coimbatore-641023, Tamilnadu, India |
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Date of Appointment : |
17.09.2001 |
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Name : |
Mr. Srinivas Kadandale Bhat |
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Designation : |
Director |
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Address : |
Shryas No. 87, |
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Date of Appointment : |
17.09.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Srinivas Kadandale Bhat |
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53333 |
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Sivasankaran Thekkinath Kuttan |
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53333 |
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Srinivasa Varadalari |
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53334 |
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Total |
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160000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Various Process Machineries like Filter Presses, Classifiers,
Cyclones, High Speed Circular Knitting Machines, etc. |
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Exports : |
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Countries : |
Hongkong Sultanate of Sulatanate of Maroc |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Meethalal Jain and Company Chartered Accountant |
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Address : |
424, |
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Tel. No.: |
91-422-2470973/6554563/3209633 |
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Fax No.: |
91-422-4370881 |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs.10/- each |
Rs.2.400 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000 |
Equity Shares |
Rs.10/- each |
Rs.1.600
Millions |
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 |
1.600 |
1.600 |
1.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.817 |
4.727 |
3.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.417 |
6.327 |
4.700 |
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LOAN FUNDS |
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1] Secured Loans |
17.430 |
10.948 |
12.646 |
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2] Unsecured Loans |
3.108 |
9.861 |
0.880 |
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TOTAL BORROWING |
20.538 |
20.809 |
13.526 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.955 |
27.136 |
18.226 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.667 |
15.084 |
15.076 |
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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 |
0.229 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
13.167
|
19.729 |
14.758 |
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Cash & Bank Balances |
3.684
|
2.800 |
0.338 |
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Other Current Assets |
11.148
|
8.553 |
3.517 |
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Loans & Advances |
1.015
|
1.762 |
0.000 |
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Total
Current Assets |
29.014
|
32.844 |
18.613 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.793
|
20.062 |
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Other Current Liabilities |
3.961
|
0.757 |
15.692 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
14.754
|
20.819 |
15.692 |
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Net Current Assets |
14.260
|
12.025 |
2.921 |
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MISCELLANEOUS EXPENSES |
0.028 |
0.027 |
0.000 |
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TOTAL |
28.955 |
27.136 |
18.226 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
85.211 |
73.683 |
61.982 |
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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 |
83.122 |
72.056 |
60.694 |
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PROFIT BEFORE
TAX |
2.089 |
1.627 |
1.288 |
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Less |
TAX |
0.000 |
0.000 |
0.509 |
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PROFIT AFTER TAX
|
2.089 |
1.627 |
0.779 |
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Earnings Per
Share (Rs.) |
13.06 |
10.17 |
4.87 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.45
|
2.21 |
1.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
3.39 |
3.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
|
0.26 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.19
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6.58 |
6.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.97
|
1.58 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
Trading Operation:
The company for the ninth period has done well and achieved a sales turnover
of Rs.85.211 millions and the company made a net profit of Rs.2.089 millions.
The company with the best effort of directors in the fields of sales, marketing
and purchase are likely to achieve further mile stone in turnover in the
ensuring year with the best effort of directors.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90001251 |
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Corporate
identity number of the company |
U31103TZ2001PTC009881 |
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Name of the
company |
HYDRO PROKAV
PUMPS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3 170 A 4 A Sivasakthi Colony, Industrial Estate, Post
Coimbatore-641021, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
Indian Overseas Bank, Ram Nagar Branch, Coimbatore-641009, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1. Letter of
Hypothecation (For securing machineries / vehicles /goods/Book debts) 2. Letter of Confirmation
for deposit of title deeds |
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Date of
instrument Creating the charge |
03.03.2010 |
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Amount secured by
the charge |
Rs.23.418
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit -
BPLR minus 0.75% (currently 11.25%) Term Loans - BPLR
minus 0.75% (currently 11.25%) Packing
credits - As per circulars in force FDDBP/FDUBD - As
per circulars in force Terms of
Repayment CC - on demand Term Loan - I - 60
EMI of Rs.43,990/- Term Loan - II -
60 equal monthly installments of Rs.10,700 each the last being Rs.8,700. Margin 20% margin for
stock and 25% margin for book debts
for Cash credits, Term Loans, Packing Credits and Letter of Guarantee. Nil margin for
FDDBP/FDUBD for purchase of resultant export bills -- Sub limit 10% margin
for advance against bills sent for collection. Extent and
Operation of the charge First charge on
the current and fixed assets of the company both present and future excluding
those financed by other financial institutions. |
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Short particulars
of the property charged |
I)
First
charge on the current and fixed assets of the company both present and future
excluding those financed by other financial institutions. II)
Equitable
mortgage of 47.87cents or 20850 sq. ft of land and building at SF. No 170/2 and
170/3 at Coimbatore Private Industrial Estate, Kurichi village, in the
name of the Company |
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Date of latest
modification prior to the present modification |
18.07.2008 |
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Particulars of
the present modification |
Enhancement of
overall loan facilities form Rs.21.305 millions to Rs.23.418 millions as detailed below:- Cash credit
from Rs.7.500 millions to
10.000 millions Letter of
Guarantee from Rs.2.000 millions to
2.500 millions
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AS PER WEBSITE DETAILS:
PROFILE:
Subject based at Industrial city of
As a part of diversification programme, we have commenced manufacturing the complete range of Positive Displacements such as,
- Internal Gear Pumps
- Rotary Lobe Pumps
- Progressive Cavity Pumps
- Twin Screw Pumps
- Triple Screw Pumps
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--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.