MIRA
INFORM REPORT
|
Report Date : |
25.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HONEYCOMB TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, “Khaleeli Centre”, No.4, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.01.2006 |
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Com. Reg. No.: |
18-058554 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
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CIN No.: [Company Identification
No.] |
U51503TN2006PTC058554 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH04025A |
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PAN No.: [Permanent Account No.] |
AABCH7408K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Honey Comb Core Products and Machinery. |
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No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Recently Commenced Business |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2006, the company has
started its commercial business activities recently in the financial year
2010-11. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sundararajan Ravishankar |
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Designation : |
Director |
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Contact No.: |
91-9884416680 |
|
Date : |
24.05.2011 |
LOCATIONS
|
Registered Office : |
2nd Floor, “Khaleeli Centre”, No.4, |
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Tel. No.: |
91-44-28414144 |
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Mobile No.: |
91-9884416680 (Mr. Sundararajan Ravishankar) |
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Fax No.: |
91-44-28414145 |
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E-Mail : |
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Area : |
1000 sq ft (Approximately) |
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Location : |
Owned |
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Plant/ Factory : |
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DIRECTORS
As on 27.09.2010
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Name : |
Mr. Sundararajan Ravishankar |
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Designation : |
Managing Director |
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Address : |
7, Mannar Reddy Street, T. Nagar, Chennai
- 600 017, |
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Date of Birth/Age : |
05.04.1956 |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00768471 |
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|
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Name : |
Mr. Srinivasan Arvind, IAS (Retired)
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|
Designation : |
Director |
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Address : |
8, |
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Date of Birth/Age : |
28.03.1944 |
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Date of Appointment : |
12.01.2006 |
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DIN No.: |
00331182 |
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Name : |
Mr. Ramaseshan Rangarajan |
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Designation : |
Director |
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Address : |
1009, TVS Colony, Annanagar West
Extension, Chennai - 600 101, |
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Date of Birth/Age : |
21.04.1945 |
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Date of Appointment : |
29.02.2008 |
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DIN No.: |
00284367 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
S. Ravishankar |
|
5000 |
|
S. Aravind |
|
5000 |
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Total |
|
10000 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Honey Comb Core Products and Machinery. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
Oriental Bank of Commerce, Midcorp Branch, 121, |
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Facilities : |
Cash Credit – Rs.79.500 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Sriram and Company Chartered Accountants |
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Address : |
New No.36, Old No.53, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each
|
Rs.0.100
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
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|
2] Share Application Money |
34.536 |
25.853 |
16.999 |
|
|
3] Reserves & Surplus |
0.240 |
0.112 |
0.025 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
34.876 |
26.065 |
17.124 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
1.955 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
1.955 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
34.876 |
26.065 |
19.079 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.277 |
9.163 |
5.331 |
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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 |
0.502
|
0.000 |
0.000 |
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|
Sundry Debtors |
0.012
|
0.000 |
0.000 |
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|
Cash & Bank Balances |
5.386
|
1.358 |
2.049 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans, Advances & Deposits |
6.093
|
3.663 |
3.573 |
|
Total
Current Assets |
11.993
|
5.021 |
5.622 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.534
|
0.157 |
0.502 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.045
|
0.019 |
0.008 |
|
Total
Current Liabilities |
0.579
|
0.176 |
0.510 |
|
|
Net Current Assets |
11.414
|
4.845 |
5.112 |
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MISCELLANEOUS EXPENSES |
14.185 |
12.057 |
8.636 |
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TOTAL |
34.876 |
26.065 |
19.079 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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|
SALES |
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Turnover (including Other Income) |
|
0.202 |
0.136 |
|
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|
Less |
TOTAL EXPENSES |
|
0.012 |
0.010 |
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|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
0.190 |
0.126 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.000 |
0.000 |
|
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|
|
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|
PROFIT BEFORE
TAX |
|
0.190 |
0.126 |
|
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Less |
TAX |
|
0.063 |
0.039 |
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PROFIT AFTER TAX
|
|
0.127 |
0.087 |
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Earnings Per
Share (Rs.) |
|
12.70 |
NA |
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|
Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
0.300 |
Expected Sales (2011-2012): More than Rs.2.500 millions
The above information has been parted by Mr. Sundararajan Ravishankar
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
62.87
|
63.97 |
NA |
|
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.89
|
0.89 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.01 |
0.14 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
20.71
|
28.53 |
11.02 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
For Expenses |
|
|
|
|
- TDS Payable |
0.137 |
0.137 |
0.070 |
|
- Audit Fee
Payable |
0.030 |
0.020 |
0.010 |
|
- Duties and
Taxes |
0.000 |
0.000 |
0.000 |
|
For Others |
|
|
|
|
- Dorken-Mks-GmbH
and Company Kg |
0.358 |
0.000 |
0.000 |
|
- SAI Shipping
Agencies |
0.009 |
0.000 |
0.000 |
|
- Mpire
Consultants Private Limited |
0.000 |
0.000 |
0.422 |
|
|
0.534 |
0.157 |
0.502 |
OPERATIONS OF THE
COMPANY
SHARE ADVANCE
MONEY
During the period
the Company received Rs.8.684 millions as share application money from the
promoters and their associates in addition to Rs.25.953 millions already in the
account.
The Directors
propose to go in for allotment of shares after increasing the authorized
capital of the Company after financial closure.
APPLICATION FOR
ALLOTMENT OF LAND
The company has
been allotted land in SIPCOT Industrial Complex, Sriperumbudur vide allotment
order no. DI/HCTPL/10 dated 22.6.2010. It is likely that SIPCOT will enter into
a lease agreement of land at SIPCOT Industrial Complex, Sriperumbudur by end of
September 2010.
PUNE UNIT TAKE
OVER
The company
propose to expand its activities and plan to take over the assets of a running
company and the commercial discussions are on going and will be concluded along
with financial closure.
TECHNICAL
ASSISTANCE:
During the year the company has entered into a technical collaboration
agreement with Dorken MKS GmbH for supply of raw material, technical assistance
and marketing.
TERM LOAN
The company has
submitted a revised business plan to Canara Bank and Oriental Bank of Commerce
for a total project cost of Rs.615.000 millions with a term exposure of
Rs.400.000 millions in addition to working capital. The proposal is being
actively considered by Canara Bank and accorded sanction of Rs.200.000 millions
along with financial and technical appraisal. Oriental Bank of Commerce has
agreed to fund the balance of term loan.
DIRECTORS
Mr. Sundararajan
Ravishankar and Mr. S. Arvind, IAS (Retired), who are the First Directors of
the company continue to be the Directors of the company.
Mr. R. Rangarajan,
a Senior Chartered Accountant has been inducted into the Board from February
2008 continues to be in the Board.
PROFIT AND LOSS
ACCOUNT
During the
reporting period the Company has not commenced its business operations. So the
expenses incurred are kept under Project under implementation / preoperative
expenses during the construction period pending capitalization at the time of
business commencement.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10098630 |
|
Corporate
identity number of the company |
U51503TN2006PTC058554 |
|
Name of the
company |
HONEYCOMB TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor, “Khaleeli Centre”, No.4, |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Oriental Bank of Commerce, 121, E-Mail: honeycombindia@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Confirmation
letter for deposit of title deed |
|
Date of
instrument Creating the charge |
29.03.2008 |
|
Amount secured by
the charge |
Rs.79.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1.25% p.a. over
the PLR with a minimum of 14.50% p.a. Terms of
Repayment: Term Loan- 84
equal monthly instilments of Rs.1.141 millions starting from 28.03.2009 Margin: 25% Extent and
Operation of the charge: Term Loan -
Rs.60.000 millions Cash Credit -
Rs.19.500 millions (with a sub limit of Book Debt for Rs.17.500 millions) |
|
Short particulars
of the property charged |
First Charge by
way of mortgage on pari passu basis with SIDBI on the leasehold land of the
borrower at Plot No.E21, Phase II, Expansion II, SIPCOT Industrial estate,
Hosur and the building to be constructed and other movable assets present and
future on hypothecation. Hypothecation of
stock and raw materials, stock in process and finished goods of auto
components and receivables of the company. |
|
Particulars of
the present modification |
The current modification
is for deposit of title deed only for
the loan obtained on 28.02.2008 |
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 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.45.25 |
|
|
1 |
Rs.72.83 |
|
Euro |
1 |
Rs.63.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.