MIRA
INFORM REPORT
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Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HITA TECHNOLOGY PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
21.04.2003 |
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Com. Reg. No.: |
21-096070 |
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CIN No.: [Company Identification
No.] |
U32109WB2003PTC096070 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH02110D |
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PAN No.: [Permanent Account No.] |
AABCH3254M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of UPS and Power Equipments |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 43) |
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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 43000 |
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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. 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 : |
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Tel. No.: |
91-33-23675316 / 40032402 / 40032403 / 40062167 /64510010 |
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Fax No.: |
91-33-23675317 |
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E-Mail : |
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Website : |
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Branch : |
Flat 205, 2nd Floor, Gopal Sadan, |
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Branches : |
Located at :
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DIRECTORS
AS ON : 30.09.2009
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Name : |
Mr. Arun Das Ghosh |
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Designation : |
Chairman Cum Managing Director |
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Address : |
20A, Ballygunge, Place (East), Kolkata – 700019, West |
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Date of Birth/Age : |
17.04.1961 |
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Date of Appointment : |
21.04.2003 |
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Name : |
Mrs. Leena Das Ghosh |
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Designation : |
Director |
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Address : |
20A, Ballygunge, Place (East), Kolkata – 700019, West |
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Date of Birth/Age : |
01.01.2003 |
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Date of Appointment : |
01.07.2003 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Mr. Arun Das Ghosh |
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26500 |
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Mrs. Leena Das Ghosh |
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6500 |
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Total |
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33000 |
AS ON : 30.09.2009
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of UPS and Power Equipments |
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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 : |
Ghoshal and Ghosal Chartered Accountant |
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Address : |
4, |
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CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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33000 |
Equity Shares |
Rs.100/-
each |
Rs.3.300
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.300 |
3.300 |
2.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.417 |
4.643 |
2.510 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.717 |
7.943 |
5.310 |
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LOAN FUNDS |
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1] Secured Loans |
44.810 |
33.955 |
25.417 |
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2] Unsecured Loans |
12.021 |
10.906 |
7.500 |
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TOTAL BORROWING |
56.831 |
44.861 |
32.917 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
67.548 |
52.804 |
38.227 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.275 |
1.587 |
1.983 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.610 |
3.377 |
3.377 |
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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 |
51.742
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41.240 |
36.025 |
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Sundry Debtors |
54.076
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36.108 |
22.931 |
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Cash & Bank Balances |
2.596
|
0.213 |
0.220 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.532
|
0.935 |
1.096 |
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Total
Current Assets |
111.946
|
78.496 |
60.272 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
47.894
|
29.560 |
26.724 |
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Provisions |
1.389
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1.120 |
0.705 |
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Total
Current Liabilities |
49.283
|
30.680 |
27.429 |
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Net Current Assets |
62.663
|
47.816 |
32.843 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.024 |
0.024 |
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TOTAL |
67.548 |
52.804 |
38.227 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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214.075 |
177.510 |
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Other Income |
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TOTAL (A) |
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214.075 |
177.510 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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217.031 |
176.580 |
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Interest |
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Depreciation |
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TOTAL |
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217.031 |
176.580 |
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PROFIT BEFORE
TAX |
|
4.163 |
3.253 |
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Less |
TAX |
|
1.390 |
1.120 |
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PROFIT AFTER TAX
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2.773 |
2.133 |
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Earnings Per
Share (Rs.) |
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Nil
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Nil
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
1.29
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1.20 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.94
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1.83 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
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2.66 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.38
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0.40 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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9.90
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9.51 |
11.36 |
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Current Ratio (Current Asset/Current Liability) |
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2.27
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2.55 |
2.19 |
LOCAL AGENCY FURTHER INFORMATION
Note : The registered office address of the company has been shifted
from 304/305, Sikkim Commerce House3rd Floor,
Form : 8
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Corporate
identity number of the company |
U32109WB2003PTC096070 |
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Name of the
company |
HITA TECHNOLOGY
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Kolkata - 700091,
West |
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This form is for |
Modification of
charge |
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Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
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Particular of
charge holder |
UCO Bank, Kolkata
Main Branch, 10, B. T. M. Sarani, ( |
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Nature of
instrument creating charge |
(1) Deed Of
Hypothecation Of Goods To Secure Demand Cash Credit. (2) Deed Of Hypothecation
Of Book Debts To Secure Demand Cash Credit. (3) Agreement For
Extension Of Charge By Way Of Hypothecation Over Current Assets To Secure
Non-Fund Based Facilities. |
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Date of
instrument Creating the charge |
19/09/2008 |
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Amount secured by
the charge |
Rs. 45.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : @ 2.50% Above
Bplr I.E. @ 17% P.A. With Monthly Rests
Or At Such Other Rate As May Be Prescribed By The Bank/Rbi From Time To Time. Terms of repayment : Repayable On
Demand. Margin : 25% On Stocks and
Book Debts. Extent and operation of the charge : Exclusive First
Charge In Favour Of Uco Bank, Kolkata Main Branch. Other : The Charged Goods
And All Sales, Realisations And Insurance Proceeds Thereof And All The Said
Book Debtsand Realisation Thereof And All Tthe Document Under This Security
Shall Be Held As The Bank's Exclusive Properties And The |
|
Short particulars
of the property charged (Including location of the property) |
Hypo. Of Entire
Stocks Of Computer Peripherals, Ups, Batteries And Other Electronics Items
Etc. And All Other Products, Goods and Movable Property Of Any Kind Which Now
Or Hereafter From Time To Time During This Security Shall Be Brought Into
Stored Or Be In Or About The Borrower's Premises/Godowns At Madurdaha, P.S.
Tiljala, Kolkata-700107 Or Wherever Else And All Present and Future Book
Debts, Receivables, Claims Etc. |
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Date of
instrument modifying the charge |
18/05/2006 |
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Particulars of
the present modification |
By This
Modification The Overall Credit Limit Has Been Enhanced From Rs. 25.000
millions To Rs. 45.000 millions Comprising Of Cash Credit Of Rs. 40.000
millions and L/C Of Rs. 5.000 millions. All Other Terms, Conditions and
Properties Charged As Security Remain Unaltered. |
Fixed Assets :
- Computer And
Accessories
- Furniture and
Fixtures
- Office
Equipments
- Electrical
Fittings
- Motor Car
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. 44.65 |
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|
1 |
Rs. 71.91 |
|
Euro |
1 |
Rs. 63.28 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
43 |
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.