MIRA
INFORM REPORT
|
Report Date : |
28.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIGH VOLT ELECTRICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
J-46, M.I.D.C., Tarapur Industrial Estate, Boisar, Thane – 401 506, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.03.1995 |
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Com. Reg. No.: |
11-086616 |
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Capital
Investment / Paid-up Capital : |
Rs. 22.292 Millions |
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|
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CIN No.: [Company Identification
No.] |
U99999MH1995PTC086616 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04558B |
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PAN No.: [Permanent Account No.] |
AABFH1723L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers
and Repairer of Power, Distribution, Locomotive and Special Purpose
Transformers. |
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No. of Employees
: |
Information not given by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 180000 |
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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 Current year profit and loss account is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Pramod |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-28361716 |
|
Date : |
27.04.2012 |
LOCATIONS
|
Registered Office/ Factory : |
J-46, M.I.D.C., Tarapur Industrial Estate, Boisar, Thane – 401 506, |
|
Tel. No.: |
91-2525-272556/ 272776 |
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Fax No.: |
91-2525-272776 |
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E-Mail : |
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Website : |
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Corporate Office : |
203,
Saurabh, Above Andhra Bank, |
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Tel. No.: |
91-22-28361716/ 28211658 |
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Fax No.: |
91-22-28375682 |
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E-Mail : |
DIRECTORS
AS ON 27.09.2010
|
Name : |
Mr. Rajeshkumar Vardhilal Shah |
|
Designation : |
Director |
|
Address : |
52, Anuja
Apartment, Manek Nagar, |
|
Date of Birth/Age : |
02.01.1950 |
|
Date of Appointment : |
20.03.1995 |
|
DIN No.: |
00247442 |
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|
|
|
Name : |
Mr. Praful Manubhai Shah |
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Designation : |
Director |
|
Address : |
103, Girnar
Apartment, Opposite Himmat Nagar, Boriwali, Mumbai – 400 092, |
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Date of Birth/Age : |
14.02.1955 |
|
Date of Appointment : |
20.03.1995 |
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DIN No.: |
01265615 |
KEY EXECUTIVES
|
Name : |
Mr. Pramod |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2010
|
Names of Shareholders |
No. of Shares |
|
Rajesh V. Shah |
929920 |
|
P.M. Shah |
455533 |
|
N R Shah |
108747 |
|
P.M. Shah (HUF) |
190833 |
|
Bhumita R Shah |
116667 |
|
Shiromani P. Shah |
97500 |
|
Shagun P Shah |
80000 |
|
Mithen R. Shah |
105000 |
|
P M Shah HUF |
85000 |
|
R V Shah HUF |
60000 |
|
Total
|
2229200 |
AS ON 27.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Repairer of Power, Distribution, Locomotive and Special Purpose Transformers.
|
GENERAL INFORMATION
|
No. of Employees : |
Information not given by the management. |
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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 : |
Raman S. Shah and Company Chartered Accountants |
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Address : |
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Pan No.: |
ADYPS0704L |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2229200 |
Equity Shares |
Rs.10/- each |
Rs. 22.292
Millions |
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|
|
|
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 |
22.292 |
19.842 |
14.842 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.974 |
18.801 |
10.957 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
45.266 |
38.643 |
25.799 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78.272 |
67.720 |
36.837 |
|
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2] Unsecured Loans |
7.932 |
10.193 |
7.523 |
|
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TOTAL BORROWING |
86.204 |
77.913 |
44.360 |
|
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DEFERRED TAX LIABILITIES |
2.629 |
1.696 |
0.787 |
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|
|
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TOTAL |
134.099 |
118.252 |
70.946 |
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
56.337 |
52.214 |
31.805 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.600 |
0.600 |
0.600 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.405
|
20.097
|
13.221 |
|
|
Sundry Debtors |
38.092
|
48.379
|
34.942 |
|
|
Cash & Bank Balances |
3.730
|
3.601
|
3.473 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
9.394
|
12.760
|
8.047 |
|
Total
Current Assets |
100.621
|
84.837 |
59.683 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20.772
|
14.639
|
17.282 |
|
|
Other Current Liabilities |
1.184
|
1.145
|
0.874 |
|
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Provisions |
1.503
|
3.615
|
2.986 |
|
Total
Current Liabilities |
23.459
|
19.399 |
21.142 |
|
|
Net Current Assets |
77.162
|
65.438
|
38.541 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
134.099 |
118.252 |
70.946 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
116.288 |
78.539 |
|
|
|
Other Income |
|
0.464 |
0.285 |
|
|
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TOTAL (A) |
|
116.752 |
78.824 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
64.051 |
|
|
|
Administrative Expenses |
|
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Advertising Expenses |
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|
|
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TOTAL (B) |
|
93.865 |
64.051 |
|
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|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
22.887 |
14.773 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
8.709 |
4.345 |
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
14.178 |
10.428 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.624 |
1.020 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
11.554 |
9.408 |
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Less |
TAX (H) |
|
3.710 |
3.440 |
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PROFIT AFTER TAX
(G-H) (I) |
|
7.844 |
5.968 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5.773 |
1.081 |
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|
|
|
Adjustment for short/ excess provision |
|
0.000 |
0.052 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
|
0.000 |
1.224 |
|
|
BALANCE CARRIED
TO THE B/S |
|
13.617 |
5.773
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
3.95 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
6.72
|
7.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
9.94
|
11.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
8.43
|
10.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.30
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.48
|
2.52
|
2.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.29
|
4.37
|
2.82 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last two years |
Yes |
|
12. Profitability for last two years |
Yes |
|
13. Reasons for variation <> 20% |
------- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
No |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
20.772
|
14.639
|
17.282 |
FORM 8
|
Corporate identity
number of the company |
U99999MH1995PTC086616 |
|
Name of the
company |
HIGH VOLT
ELECTRICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
J-46, M.I.D.C., Tarapur Industrial Estate, Boisar, Thane – 401 506, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan - Cum - Hypothecation. |
|
Date of
instrument Creating the charge |
06.01.2012 |
|
Amount secured by
the charge |
Rs. 120.900
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest WC: 6.75% above
base rate (BR=10% p.a.) with a minimum of 16.75% p.a., rising or falling
therewith, on daily products with monthly rests. Terms of repayment Working capital:
repayable on demand. Term loan: for
the existing term loans the existing repayment will continue. Margin RM: Domestic 25.00% SIP
40.00% FG
33.33% Receivables
(Cover 120 days) 30.00% Letter of
Credit
15.00% BG 15.00% Extent and operation of the charge Demand cash
credit Rs.65.000
Millions Existing medium
term loan-I Rs.3.500 Millions Existing medium
term loan-II Rs.17.400 Millions Bank guarantee Rs.25.000 Millions Letter of
credit Rs.10.000
Millions
================== TOTAL
Rs.120.900 Millions |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Stock of Raw Materials, Stock In Process, Finished Goods, Trade Bills And
Entire Current Assets of The Company Kept At The Factory Premises J 46 and J
47, MIDC, Tarapur Industrial Area, Boisar or Elsewhere. |
|
Charge
identification number of the charge to be modified |
10069290 |
|
Date of
instrument modifying the charge |
15.10.2009 |
|
Particulars of
the present modification |
The Original Charge
Was Created on 12.09.2007 For Rs. 74.000 Millions. 1stly Modified On
08.09.2008 For Rs.124.000 Millions. 2ndly Modified on 08.09.2008 For Mortgage
of Immovable Property. 3rdly Modified on 25.04.2009 For Addl. Security. 4thly
Modified on 15.10.2009 For Rs.129.000 Millions. 5thly Modified on 15.10.2009
For Addl. Security. Now By This Modification The Limit Stands At Rs. 120.900
Millions |
FIXED ASSETS:
·
Land (Leasehold)
·
Building
·
Furniture and Fixtures
·
Electrical Items
·
Vehicles
·
Machinery
·
Computer
·
Technical Know How
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. 52.68 |
|
|
1 |
Rs. 85.12 |
|
Euro |
1 |
Rs. 69.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
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.