MIRA
INFORM REPORT
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Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
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Name : |
HIRO NISHA SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
2112, Phase – III, GIDC, Vatva, Ahmedabad – 382445, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.10.1986 |
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Com. Reg. No.: |
04-009080 |
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Capital
Investment / Paid-up Capital : |
Rs.2.250 Millions |
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CIN No.: [Company Identification
No.] |
U29219GJ1986PTC009080 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer
of High Pressure, Positive Displacement Triplex Plunger Pumps |
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No. of Employees
: |
Not Available |
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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USD 58000 |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
2112, Phase – III, GIDC, Vatva, Ahmedabad – 382445, |
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Tel. No.: |
91-79-25890853 |
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Fax No.: |
91-79-25893286 |
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E-Mail : |
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Website : |
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All |
Located at :
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DIRECTORS
As on 22.09.2011
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Name : |
Mr. Hiren Rasiklala Gajjar |
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Designation : |
Director |
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Address : |
16, Sanidya Bunglows, Krupesh CHS Limited, on the way to Jodhpur Gam,
Vejalpur, Ahmedabad – 380015, |
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Date of Birth/Age : |
28.11.1961 |
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Date of Appointment : |
15.10.1986 |
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DIN : |
00257186 |
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Other Directorship : |
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Name : |
Mr. Chirantan Rohit Gajjar |
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Designation : |
Director |
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Address : |
16, Satellite Society, |
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Date of Birth/Age : |
28.03.1979 |
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Date of Appointment : |
15.10.1986 |
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DIN : |
00295126 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.09.2011
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Names of Shareholders |
No. of Equity
Shares |
No. of
Preference Shares |
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Hiren Rasiklala Gajjar |
3710 |
750 |
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Chirantan Rohit Gajjar |
2405 |
0 |
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Rohit R Gajjar |
4490 |
750 |
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Varsha R Gajjar |
2025 |
500 |
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Rita H Gajjar |
5210 |
500 |
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Sayuktaben Gajjar |
160 |
0 |
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Jeenal C Gajjar |
1000 |
0 |
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Royal H Gajjar |
1000 |
0 |
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Total |
20000 |
2500 |
As on 22.09.2011
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Equity Share
Break Up Category |
Percentage |
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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 High Pressure, Positive Displacement Triplex Plunger Pumps |
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Products : |
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PRODUCTION STATUS [As on 31.03.2011]
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Welore Controlled Volume Metering Pump, Simplex Pump and Other Pump |
Nos. |
Not Applicable |
Not Fixed |
18846 |
GENERAL INFORMATION
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Customers : |
FERTILIZERS • Gujarat State
Fertilizers Company Limited, REFINERIS and PETROCHEMICALS • IOCL CHEMICALS • Atul Products Limited
STEEL INDUSTRY • Steel Authority of
India Limited, OIL AND GAS • OIL and Natural Gas Corporation,
Uran. PHARMACEUTICALS INDUSTRIES • Sarabhai Chemicals
Limited PAPER PLANTS INDUSTRY • Seurity Paper Mills • Fact Paper Mill OTHER IMPORTANT CUSTOMERS • BHEL WATER TREATMENT • Aqua Treat STEEL PIPE AND TUBES • Raajratna Metal
Industries |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
197,500 |
Equity Shares |
Rs.100/- each |
Rs.19.750
millions |
|
2,500 |
12% Non-cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 0.250 millions |
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Total |
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Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
20,000 |
Equity Shares |
Rs.100/- each |
Rs.2.000
millions |
|
2,500 |
12% Non-cumulative Redeemable Preference Shares [fully paid up] |
Rs.100/- each |
Rs.0.250 million |
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Total |
|
Rs.2.250
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.250 |
2.250 |
2.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.462 |
11.028 |
9.717 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.712 |
13.278 |
11.967 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.342 |
0.190 |
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2] Unsecured Loans |
7.635 |
4.931 |
3.721 |
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TOTAL BORROWING |
7.635 |
5.273 |
3.911 |
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DEFERRED TAX LIABILITIES |
0.202 |
0.171 |
0.000 |
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TOTAL |
22.549 |
18.722 |
15.878 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.472 |
5.409 |
4.950 |
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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 |
0.050 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.701
|
2.251 |
4.739 |
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Sundry Debtors |
20.377
|
18.569 |
9.155 |
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Cash & Bank Balances |
17.912
|
7.404 |
6.887 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.307
|
2.325 |
2.535 |
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Total
Current Assets |
43.297
|
30.549 |
23.316 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.816
|
13.147 |
8.280 |
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Other Current Liabilities |
1.120
|
0.150 |
0.298 |
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Provisions |
4.435
|
4.139 |
3.860 |
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Total
Current Liabilities |
25.371
|
17.436 |
12.438 |
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Net Current Assets |
17.926
|
13.113 |
10.878 |
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MISCELLANEOUS EXPENSES |
0.151 |
0.200 |
0.000 |
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TOTAL |
22.549 |
18.722 |
15.878 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
71.967 |
60.495 |
48.754 |
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Other Income |
2.795 |
2.372 |
2.203 |
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TOTAL (A) |
74.762 |
62.867 |
50.957 |
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Less |
EXPENSES |
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Raw Material Consumed and Other Manufacturing expenses |
47.199 |
35.536 |
33.481 |
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Salary, Wages &
Other benefits |
3.208 |
2.807 |
2.170 |
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Administrative and Operative Expenses |
11.582 |
9.693 |
10.342 |
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Remuneration to managing director and director |
5.281 |
4.667 |
1.630 |
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Increase / [Decrease] in stocks |
[0.200] |
2.905 |
[2.560] |
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TOTAL (B) |
67.070 |
55.608 |
45.063 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.692 |
7.259 |
5.894 |
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Less |
FINANCIAL
EXPENSES (D) |
0.691 |
0.478 |
0.534 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.001 |
6.781 |
5.360 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.998 |
1.017 |
1.073 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
6.003 |
5.764 |
4.287 |
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Less |
TAX (H) |
2.202 |
2.078 |
1.616 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
3.801 |
3.686 |
2.671 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.695 |
0.384 |
0.287 |
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Excess provision of Corporate Dividend Tax |
0.008 |
0.000 |
0.000 |
|
|
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Amount transferred from general reserve |
0.000 |
0.000 |
0.300 |
|
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|
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BALANCE
AVAILABLE FOR APPROPRIATION |
4.504 |
4.070 |
3.258 |
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Less |
APPROPRIATIONS |
|
|
|
|
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|
General Reserve |
1.000 |
1.000 |
0.500 |
|
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Proposed Dividend on Preference Shares |
0.030 |
0.030 |
0.030 |
|
|
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Proposed Dividend on Equity Shares |
2.000 |
2.000 |
2.000 |
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Corporate Dividend Tax |
0.345 |
0.345 |
0.344 |
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BALANCE CARRIED
TO THE B/S |
1.129 |
0.695 |
0.384 |
|
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EARNINGS IN
FOREIGN CURRENCY |
3.048 |
1.801 |
1.255 |
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IMPORTS |
0.183 |
0.351 |
0.435 |
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Earnings/[Loss]
Per Share (Rs.) |
188.30 |
182.55 |
131.82 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.08
|
5.86 |
5.24 |
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|
(PBT/Sales) |
(%) |
8.34
|
9.53 |
8.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.57
|
16.03 |
15.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.43 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.24
|
1.71 |
1.37 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.75 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
Operation and
Production
During the year ended the company achieved sales of Rs.71.967 millions
[excluding excise duty and vat] as against the sales of Rs.60.495 millions for
the yea 2009-2010. The directors of the company put their all efforts to
increase the sales during the current year
Contingent
Liabilities [As on 31.03.2011]
- The company
has given guarantees to State Bank of
- There may be
contingent liability in respect of the guarantee given by the bank to
third parties on behalf of the company Rs.1.291 millions against that the
company has made term deposit of Rs.2.000 millions [previous year Rs.0.922
millions]
FIXED ASSETS :
§
Land
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Computer
§
Electrical Installations
§
Vehicles
§
Motor Cycle
§
Fax Machine
§
Air Conditioner
§
Water Cooler
§
Patterns
§
Computer Software
§
Intercom Systems
§
Mobile Phones
WEBDETAILS
Company Profile
Subject is a widely held Indian manufacturer of High Pressure, Positive
Displacement Triplex Plunger Pumps confirming to API 674. Company provides an
unmatched combination of application expertise and positive displacement
pumping products to meet pumping needs of its customers
.
They offer one of the industry’s broadest selections of pumping technologies
and product designs, and are dedicated to assist their customers to achieve the
best performance of their systems. Their product range includes pumps having
capacity up to 80 m3/hr and pressure up to 700 kg/cm2. They are well known for
their ability to manufacture built-to-order custom pumps for specific
applications.
Hiro Nisha works continuously to achieve its aim of providing real partnership
- from pumps to processes. The company has been supplying High Pressure Triplex
Plunger Pumps right from its inception and over a period of last 29 years for
the prestigious companies like Reliance, ONGC, Cairn Energy, IFFCO, IPCL, GSFC,
ICL, IDMC and Permionics etc. Under T. P. I. Agencies, Lloyds, BVIS, Aker
Kvaerner, Power Gas, SGS and Germanischer Lloyds.
These pumps are successfully working and giving trouble free service at various
locations with refineries, chemicals, petrochemicals, oil and natural gas expropriation
and other allied chemical processing industries.
Though they can give many reasons to explain their strong market position and
excellent reputation they enjoy in the industry for their products, they
mention below just a few.
• A dedicated work force
• An efficient production line
• Quality and Workmanship
• Dependable products
Service is always available to their customers whenever and wherever they need
it. All
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.44 |
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 |
NO |
|
--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.