MIRA
INFORM REPORT
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Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
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Name : |
hi-fab engineers private limited |
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Registered Office : |
D – 148, Bonanza Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
05.01.1982 |
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Com. Reg. No.: |
11-026049 |
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Capital
Investment / Paid-up Capital : |
Rs.0.700 Million |
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CIN No.: [Company
Identification No.] |
U28125MH1982PTC026049 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07564E |
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PAN No.: [Permanent
Account No.] |
AAACH1125L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Mechanical Seals. |
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No. of Employees
: |
100 (Office 30, Factory 70) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 172000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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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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 |
INFORMATION PARTED BY
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Name : |
Mr. Kishore |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office/ Factory : |
D – 148, Bonanza Industrial Estate, |
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Tel. No.: |
91-22-40766530 / 40766555 (30 Lines) |
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Fax No.: |
91-22-40766556 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Mahesh Vrajlal Shah |
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Designation : |
Director |
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Address : |
303, Meera Apt, |
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Date of Birth/Age : |
01.08.1954 |
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Date of Appointment : |
05.01.1982 |
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DIN No.: |
00109196 |
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Name : |
Mr. Rajendra Krishanlal Damania |
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Designation : |
Director |
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Address : |
4th Floor, Shreeji Bungalow Shantilal Mody Marg, Kandivali
(W), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
09.10.1953 |
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Date of Appointment : |
05.01.1982 |
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DIN No.: |
00109183 |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Kishore |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Mahesh Vrajlal Shah |
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3500 |
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Rajendra Krishanlal Damania |
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3500 |
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Total |
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7000 |
Equity Share Breakup
(Percentage of Total Equity)
As on 30.09.2011
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Mechanical Seals. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
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Particulars |
Installed
Capacity |
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Mechanical Seals and Spares (for pumps and compressors) |
50000 units |
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Circulation System |
100 units |
Note : It is explained that the company is small scale
industry and therefore license to manufacture in nor require.
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
100 (Office 30, Factory 70) Approximately |
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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 : |
A. N. Parikh and Company Chartered Accountant |
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Address : |
203 / 204, Balaji Arcade, |
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Tel. No. : |
91-22-28615690 / 28012880 |
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PAN : |
AADPP2594F |
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Associates/Subsidiaries |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Share |
Rs. 100 /- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000 |
Equity Share |
Rs. 100 /- each |
Rs. 0.700 Million |
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Note: Out of above shares 5250 equity shares of Rs.100/- each were allotted as
fully paid up by way of Bonus Shares by capitalization of Revenue Reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.700 |
0.700 |
0.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.321 |
34.203 |
25.486 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.021 |
34.903 |
26.186 |
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LOAN FUNDS |
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1] Secured Loans |
0.694 |
2.212 |
4.219 |
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2] Unsecured Loans |
7.100 |
5.600 |
5.600 |
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TOTAL BORROWING |
7.794 |
7.812 |
9.819 |
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DEFERRED TAX LIABILITIES |
0.723 |
0.701 |
0.989 |
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TOTAL |
51.538 |
43.416 |
36.994 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.887 |
21.052 |
24.362 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.050 |
0.998 |
1.137 |
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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 |
27.462
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17.209
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14.792
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Sundry Debtors |
28.453
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24.755
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16.494
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Cash & Bank Balances |
13.298
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5.566
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2.563
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
25.390
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20.041
|
13.077
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Total
Current Assets |
94.603
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67.571
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46.926
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
42.348
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27.909
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16.337
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Other Current Liabilities |
4.498
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4.240
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6.634
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Provisions |
18.156
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14.056
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12.460
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Total
Current Liabilities |
65.002
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46.205
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35.431
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Net Current Assets |
29.601
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21.366
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11.495
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.538 |
43.416 |
36.994 |
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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 |
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Other Income |
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TOTAL (A) |
147.412 |
NA |
122.010 |
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Less |
EXPENSES |
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Import (Including Duty) |
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Manufacturing Expenses |
131.250 |
NA |
103.159 |
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Selling and Administrative Expenses |
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Auditors Remuneration |
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TOTAL (B) |
131.250 |
NA |
103.159 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.162 |
17.411 |
18.851 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.922 |
4.241 |
4.062 |
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PROFIT BEFORE
TAX (E-F) (G) |
12.240 |
13.170 |
14.789 |
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Less |
TAX (H) |
4.122 |
4.453 |
7.091 |
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PROFIT AFTER TAX
(G-H) (I) |
8.118 |
8.717 |
7.698 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.041 |
19.524 |
12.026 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
0.200 |
0.200 |
0.200 |
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BALANCE CARRIED
TO THE B/S |
35.959 |
28.041 |
19.524 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
20.045 |
15.498 |
23.089 |
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TOTAL EARNINGS |
20.045 |
15.498 |
23.089 |
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IMPORTS |
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Raw Materials |
8.272 |
5.119 |
6.425 |
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Plant and Machinery |
0.000 |
0.000 |
10.384 |
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Others |
0.000 |
0.000 |
0.188 |
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TOTAL IMPORTS |
8.272 |
5.119 |
16.997 |
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Earnings Per
Share (Rs.) |
1159.71 |
1245.28 |
1337.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
5.51 |
NA |
6.31 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
10.60 |
14.86 |
20.75 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.38 |
0.56 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.69 |
1.55 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.45 |
1.46 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Operations: Due to revival of
economy and investments in new projects / modernization of exiting projects by
various customers, the company could achieve a decent growth in sales. But due
to severe competition, the margins are still under pressure. The company by keeping
control on the overheads could achieve better profit.
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80031035 |
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Corporate
identity number of the company |
U28125MH1982PTC026049
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Name of the
company |
hi-fab engineers private limited |
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Address of the
registered office or of the principal place of business in |
D – 148, Bonanza Industrial Estate, A.C. Road, Kandivali (E), Mumbai –
400101, Maharashtra, India |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower W, Mumbai – 400013,
Maharashtra, India CIN :
L65920MH1994PLC080618 Email : rbbform8@hdfcbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum relating to Hypothecation of stocks, book debts and
machinery. |
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Date of
instrument Creating the charge |
20.02.2008 |
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Amount secured by
the charge |
Rs. 17.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate
as may be communicated by the Bank from time to time. Terms of
Repayment On demand Margin Company shall at
all times during the continuous of this security maintain the said debts of a
sufficient amount to provide the margin of security as may from time to time
advised by the bank. Extent and
Operation of the charge Hypothecation by
way of 1st charge on stocks, book debts and machinery to secure as
a continuing security for repayment of monies dues and payable by the company
to the bank. |
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Short particulars
of the property charged |
Hypothecation 1st
charge over the stocks, book debts and machinery |
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Date of latest
modification prior to the present modification |
19.02.2008 |
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Particular of the
present modification |
The bank having at
the request of company has agreed to increased credit facility therefore
hypothecation charge increased from Rs.14.500 millions to Rs.17.000 millions |
Fixed Assets:
- Owner Ship
Office
- Factory Shed
- Plant and
Machinery
- Typewriter
- Electronic
Typewriter
- Franking
Machine
- Office
Equipment
- Motor Cars
- Furniture and
Fixture
- Electrical
Installation
- Telephone
- Air
Conditioner
- Fax
- Computers
- Water Filter
- Xerox Machine
- Refrigerator
WEBDETAILS
Company Profile
Subject was established in
1982 by a team of young technocrats having many years of experience in
designing, manufacturing and troubleshooting of Mechanical Seals. HI-FAB has earned a reputation for offering
some of the most progressive, innovative and proven fluid sealing solutions to
the processing industry.
HI-FAB has modern
manufacturing facilities which employ specialized production procedures and
techniques. The works at
HI-FAB Agitator Seals and Engineered
Sealing Systems have established a formidable With sales and service centres in
major cities of the country, HI-FAB seals have been able to mark their presence
in various market segments of the industry.
HI-FAB Valve Automation Division offers
automatic ON-OFF control valves in association with BAR GmbH, a German
manufacturer of Pneumatic Value Actuators with an excellent reputation for
innovative designs and quality.
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 |
|
Rs.52.22 |
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|
1 |
Rs.80.83 |
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|
Euro |
1 |
Rs.66.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
yes |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
no |
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--OTHER MERIT FACTORS |
YES/NO |
yes |
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TOTAL |
|
51 |
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.