MIRA INFORM REPORT

 

 

Report Date :

17.08.2012

 

IDENTIFICATION DETAILS

 

Name :

HORIZON CHUTES PRIVATE LIMITED

 

 

Registered Office :

S/No - 11/16/2 Village Nanded, Sinhagarh Road, Vadgaon Dhairy, Pune – 411041, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

30.05.2006

 

 

Com. Reg. No.:

11-128528

 

 

Capital Investment / Paid-up Capital :

Rs.5.100 Millions

 

 

CIN No.:

[Company Identification No.]

U29299PN2006PTC128528

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEH05539C

 

 

PAN No.:

[Permanent Account No.]

AABCH7154E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Garbage Chutes and Steel Doors

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (35)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 37000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small business dealings at usual trade terms and condition.

 

Profit and Loss A/c for the current year of the company 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.

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

LOCATIONS

 

Registered Office Factory 1:

S/No - 11/16/2 Village Nanded, Sinhagarh Road, Vadgaon Dhairy, Pune – 411041, Maharashtra, India

Tel. No.:

91-20-2439445

Fax No.:

91-20-2439617

E-Mail :

rahul@horizonchutes.com

info@horizonchutes.com

Website :

www.horizonchutes.com

 

 

Factory 2 :

Gat. No.6B, Village Kasurdi, Shivapur Saswad Road, Taluka. Bhor, District Pune - 412205. Maharashtra, India

 

 

Branch Office :

A / 5, Bhagyalaxmi Residency, Phase -1, Off Suncity Road, Anandnager, Pune Sinhagad Road, Pune – 411051

Tel. No.:

91-20 24356411

Fax No.:

91-20-24356412

 

 

DIRECTORS

 

As on 29.09.2011

 

Name :

Mr. Mahesh Madhav Limaye

Designation :

Director

Address :

7, Mahabali Housing Society, Karvenagar, Pune – 411052, Maharashtra, India

Date of Birth/Age :

06.09.1965

Date of Appointment :

30.05.2006

DIN No.:

00173615

 

 

Name :

Mrs. Neelam Sandeep Bhosekar

Designation :

Director

Address :

No.87/7/2B, Flat No. 20, Mangalmurti Park, Near Sutar Hospital Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

25.12.1967

Date of Appointment :

09.02.2007

DIN No.:

01690527

PAN No. :

ACRPB7930P

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2011

 

Names of Shareholders

 

No. of Shares

Mahesh Madhav Limaye

 

255000

Neelam Sandeep Bhosekar

 

255000

Total

 

510000

 

 

As on 29.09.2011

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Garbage Chutes and Steel Doors

 

 

GENERAL INFORMATION

 

Suppliers :

(As on 31.03.2010)

·         Adgraph

·         Agrawal Agencies

·         Ajinkya Industrial Suppliers Private Limited

·         Ajit Electricals

·         Ameya Software Systems

·         Ardor Fire and Safety Systems

·         Ashirawad Industrial Products

·         Ashwamegh Engineering Works

·         Avinash Utgikar - CA

·         Blue Star International

·         Clean Power Equipments

·         Darshana Industries Private Limited

·         Disha Profile Industries Dreamtech Solutions

·         Durga Enterprises

·         F. Gulamali

·         Fidelity Tax Consultants Private Limited

·         Fortibus Engineering Private Limited

·         Geekay Industries

·         Ghule Patil Crane Service

·         G. P.Timbers and Packers

·         Harshil Enterprises

·         Hotel Bholenath

·         Hotel Sidhi Om

·         Inflow Systems

·         Innovative Coating Industries

·         Jayashree Electron Private Limited

·         Kabbur Gasses

·         Kapur Engineering Works

·         Keshriya Ply

 

 

Customers :

(As on 31.03.2010)

·         Home Construction Limited

·         Plam Residency Limited

·         Ascent Hotels

·         Brigade Enterprises - Shereton Hotel

·         Chalet Hotels Limited

·         Eves Garden Co-Operative Society Limited

·         Fire Portection Section

·         Habitat

·         Horizon Enterprises - S.Drs.

·         Hotels Leelaventures Limited

·         Icc Reality (India) Private Limited

·         Kalpataru Properties Private Limited (Thane)

·         Kamdhenu Construction

·         Kingston Properties Private Limited

·         Kishor Builders

·         Lake Plaza Hotels Private Limited

·         Magarpatta Club Resort and Private Limited

·         Mfar Construction Private Limited

·         Nexus

·         Orbit Resorts

 

 

No. of Employees :

Not Available

 

 

Bankers :

Syndicate Bank, 47/23, Erandavane Off Karve Road, Law College Road, Near Nal Stop, Pune - 411004, Maharashtra, India

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2011

As on

31.03.2010

Syndicate Bank Machinery Loan Account

13.899

0.782

Total

13.899

0.782

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Avinash Jeevan Utgikar

Chartered Accountants

Address :

Flat No 2,Dnyanda Society,Near Dnyanprabodhini, 517,Sadashivpeth, Pune – 411030, Maharashtra, India

PAN.:

AAGPU7227B

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

550000

Equity Shares

Rs.10/- each

Rs.5.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

510000

Equity Shares

Rs.10/- each

Rs.5.100 Millions

 

 

 

 

 

 


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.100

5.100

0.300

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

4.371

2.357

6.942

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

9.471

7.457

7.242

LOAN FUNDS

 

 

 

1] Secured Loans

13.899

0.782

1.291

2] Unsecured Loans

0.000

0.000

(0.163)

TOTAL BORROWING

13.899

0.782

1.128

DEFERRED TAX LIABILITIES

0.265

0.019

0.000

 

 

 

 

TOTAL

23.635

8.258

8.370

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

16.140

2.731

3.145

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

4.885

2.200

1.750

 

Sundry Debtors

13.081

9.304

7.187

 

Cash & Bank Balances

0.734

1.706

2.868

 

Other Current Assets

0.688

2.130

0.041

 

Loans & Advances

1.298

1.298

2.640

Total Current Assets

20.686

16.638

14.486

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

Sundry Creditors

8.331

8.493

7.931

 

Other Current Liabilities

 

(0.760)

0.108

 

Provisions

4.860

3.378

1.240

Total Current Liabilities

13.191

11.111

9.279

Net Current Assets

7.495

5.527

5.207

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.018

 

 

 

 

TOTAL

23.635

8.258

8.370

 


PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

 

31.157

34.784

 

 

Other Income

 

0.121

0.492

 

 

TOTAL                                    

 

31.278

35.276

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Direct Expenses

 

4.462

4.043

 

 

Indirect Expenses

 

3.603

3.146

 

 

Purchase Accounts

 

20.528

22.364

 

 

(Increase) / Decrease in Stock

 

(0.450)

1.900

 

 

TOTAL                                    

 

28.143

31.453

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

3.135

3.823

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

0.415

0.243

 

 

 

 

 

 

PROFIT BEFORE TAX

 

2.720

3.580

 

 

 

 

 

Less

TAX                                                                 

 

0.000

0.000

 

 

 

 

 

 

PROFIT AFTER TAX

 

2.720

3.580

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

 

2.720

3.580

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

5.00

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

NA

8.70

10.15

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

NA

8.73

1029

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

NA

16.35

20.31

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

NA

0.36

0.49

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.86

1.59

1.44

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.57

1.20

1.56

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

(Yes)

2]

Locality of the firm

(Yes)

3]

Constitutions of the firm

(Yes)

4]

Premises details

(No)

5]

Type of Business

(Yes)

6]

Line of Business

(Yes)

7]

Promoter's background

(No)

8]

No. of employees

(No)

9]

Name of person contacted

(No)

10]

Designation of contact person

(No)

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

(Yes)

16]

Details of sister concerns

(No)

17]

Major suppliers

(Yes)

18]

Major customers

(Yes)

19]

Payments terms

(No)

20]

Export / Import details (if applicable)

(No)

21]

Market information

----------------------

22]

Litigations that the firm / promoter involved in

----------------------

23]

Banking Details

(Yes)

24]

Banking facility details

(Yes)

25]

Conduct of the banking account

----------------------

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)

31]

Date of Birth of Proprietor/Partner/Director, if available

(Yes)

32]

PAN of Proprietor/Partner/Director, if available

(Yes)

33]

Voter ID No of Proprietor/Partner/Director, if available

(No)

34]

External Agency Rating, if available

(No)

 

 

Bankers Charges Report as per Registry

Corporate identity number of the company

U29299PN2006PTC128528

Name of the company

HORIZON CHUTES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

S/No - 11/16/2 Village Nanded, Sinhagarh Road, Vadgaon Dhairy, Pune – 411041, Maharashtra, India

rahul@horizonchutes.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10220655

Type of charge

·         Book debts

·         Movable property (not being pledge)

Particular of charge holder

Syndicate Bank, 47/23, Erandavane Off Karve Road, Law College Road, Near Nal Stop, Pune - 411004, Maharashtra, India

nvgopalcs@gmail.com

Nature of instrument creating charge

Composite Hypothecation Agreement.

Date of instrument Creating the charge

08.5.2010

Amount secured by the charge

Rs.12.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Rate of Interest @ 12.00% p.a.

 

Terms of Repayment

The principal sum of Rs.12.500 Millions is to be liquidated together with interest in 60 monthly installments. First such installment of Rs.0.208 Million together with interest till then accrued falls due on or before 30.06.2010 subsequent installments at the same rate together with the accrued interest fall due on or before the last working day of every month. Last such installment together with interest being due on or before 31.05.2015.

 

Margin

25%

 

Extent and Operation of the charge

Charge on Turret Punch Press, CNC Press Break, CNC Shear and various other machineries to be purchased from loan proceeds and all the existing machineries of the company are CNC hydraulic press brake, Hydraulic shearing machine, spot welding machine, Riveting machine, Longitudinal steam welding machine, welding fixtures etc. Situated at S. No. 11/16/2, Village Nanded, Pune - Sinhagad Road, Pune 411041, Maharashtra, India

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Turret Punch Press, CNC Press Break, CNC Shear and various other machineries to be purchased from loan proceeds. CNC hydraulic press brake, Hydraulic shearing machine, spot welding machine, Riveting machine, Longitudinal steam welding machine, welding fixtures etc. situated at S.No.11/16/2,Village Nanded, Pune, Maharashtra, India

Particulars of the present modification

By this present modification the additional security of the machineries as mentioned above given by way of hypothecation for the existing term loan of Rs.12.500 Millions

 

 

 

FIXED ASSETS

·         Computer and Printer

·         Furniture and Fixture

·         Inverter

·         Plant and Machinery

 

AS PER WEBSITE

 

COMPANY PROFILE


Directors, of Subject Mr. Mahesh Limaye who is A.M.I.E.(Mech.) and Gold Medallist in Piping Technology and another Director and Mr. Sandeep Bhosekar with such a dynamic and earnest efforts have lead the Horizon Enterprises to diversify in to the allied branch of Chute business.


Steady growing real estate business, the availability of space lead the real estate business to high rise buildings boom in the growing cities, consequently the problems of water, electricity and collection of garbage rose with the height of the projects. Horizon Chutes played a vital role by providing garbage chutes in the buildings and helped to keep the environment clean and green.


Horizon Chutes bagged a very prestigious 'G.S.Parkhe Award' given by Maratha Chambers of Commerce, Industries and Agriculture for Automated System for Centralised Collection of Wet and Dry Garbage separately.


They are proud to say that they are supplying their chutes in Pune, Mumbai, Bangalore, Kolkata, and Vaizag and exporting to Gulf and West Indies and receiving lot of enquiries from Malta, Shri Lanka, Mauritius and Warsa also.


They are having modern machinery with skilled workers, a dynamic sales and maintenance team, without which such a steps were impossible.

 

 


CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.55.99

UK Pound

1

Rs.87.55

Euro

1

Rs.68.69

 

 

INFORMATION DETAILS

 

Report Prepared by :

NTH

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--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

 

35

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.