MIRA INFORM REPORT

 

 

Report Date :

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

H T C DIESEL ENGINES PRIVATE LIMITED

 

 

Registered Office :

27/33, Beaumon Chambers, Nagindas Master Road, Fort, Mumbai – 400002, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

08.07.1960

 

 

Com. Reg. No.:

11-011749

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U23100MH1960PTC011749

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMH07230G

 

 

PAN No.:

[Permanent Account No.]

AAACH0542A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader and Exporter of Diesel Engines, Diesel Generator and Diesel Pump Sets.

 

 

No. of Employees :

65 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 134000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old and a well 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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Aayush

Designation :

Business Development

Contact No.:

91-9930614666

Date :

13.01.2012

 

 

LOCATIONS

 

Registered Office/ Factory  :

27/33, Beaumon Chambers, Nagindas Master Road, Fort, Mumbai – 400002, Maharashtra

Tel. No.:

91-22-22653892/22652188

Mobile No.:

91-9930614666(Mr. Aayush)

Fax No.:

91-22-22650548

E-Mail :

sales@htcgroupindia.com

aayush@htcgroupindia.co.in

Website :

www.htcgroupindia.com

Location :

Owned

 

 

DIRECTORS

 

As on 27.09.2011

 

Name :

Mr. Samir Fakirchand Shah

Designation :

Director

Address :

Plot No. 41, Neerav, Nutan Laxmi Society, N.S. Road No.9, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

27.08.1958

Date of Appointment :

01.11.1980

DIN No.:

00271054

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U23100MH1960PTC011749

H T C Diesel Engines Private Limited

Director

01-11-80

01-11-80

-

Active

NO

2

U29290MH1966PTC013578

H T C Fuel Injection Private Limited

Director

15-05-81

15-05-81

-

Active

NO

 

 

Name :

Mrs. Meena Samir Shah

Designation :

Director

Address :

Plot No. 41, Neerav, Nutan Laxmi Society, N.S. Road No.9, JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

27.09.1962

Date of Appointment :

10.12.2007

DIN No.:

00272926

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U29290MH1966PTC013578

H T C Fuel Injection Private Limited

Director

06-06-95

06-06-95

-

Active

NO

2

U23100MH1960PTC011749

H T C Diesel Engines Private Limited

Director

10-12-07

10-12-07

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Aayush

Designation :

Business Development

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 27.09.2011

 

Names of Shareholders

 

No. of Shares

HTC Fuel Injection Private Limited, India

 

5

Samir Shah and Meena Shah

 

3907

Varsha C Desai

 

1090

TOTAL

 

5002

 

Equity Share Break up (Percentage of Total Equity)

 

As on 27.09.2011

 

Category

Percentage

Bodies corporate

0.09

Directors or relatives of Directors

99.91

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader and Exporter of Diesel Engines, Diesel Generator and Diesel Pump Sets.

 

 

Products :

Product Description

Item Code Number

Internal Combustion Engines

84.08

Generating Sets

85.02

Servicing/ Repairs of Machinery other than Electrical 

976100002

 

 

Exports :

 

Products :

Diesel Engines

Countries :
  • East Africa
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Korea

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers and Retailer

 

 

No. of Employees :

65 (Approximately)

 

 

Bankers :
  • Axis Bank, Fort Branch
  • State Bank of India, Kandivali, Bombay, Maharashtra, India

 

 

Facilities :

Unsecured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

From Shareholders

0.017

0.017

Security Deposits from Dealers

0.220

0.220

Deposit for Andheri Office

1.550

0.500

Total

1.787

0.737

 

Banking Relations :

--

 

 

Auditors :

 

Name :

RMJ and Associates

Chartered Accountant

Address :

3/1109, Navjivan Society, lamington Road, Mumbai Central, Mumbai – 400008,Maharashtra, India

PAN.:

AAAFD1615J

 

 

Sister Concern :
  • H T C Fuel Injection Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5100

Equity Shares

Rs.100/- each

Rs.0.510 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5002

Equity Shares

Rs.100/- each

Rs.0.500 Million

 

 

 

 

 

Notes:

Of the above shares 1566 equity shares of Rs.100 each have been issued as fully paid bonus shares by capitalization of general reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

32.968

26.968

18.423

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

33.468

27.468

18.923

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1.787

0.737

1.337

TOTAL BORROWING

1.787

0.737

1.337

DEFERRED TAX LIABILITIES

1.386

1.710

0.000

 

 

 

 

TOTAL

36.641

29.915

20.260

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.858

5.751

5.772

Capital work-in-progress

0.000

0.000

0.000

Capital Goods

0.000

0.602

0.100

 

 

 

 

INVESTMENT

1.666

1.671

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
16.109

7.711

8.114

 

Sundry Debtors
16.306

14.899

11.478

 

Cash & Bank Balances
14.028

12.958

3.042

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
14.412

10.604

10.205

Total Current Assets
60.855

46.172

32.839

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
16.871

13.418

14.956

 

Other Current Liabilities
0.000

0.000

 

 

Provisions
14.867

10.863

3.495

Total Current Liabilities
31.738

24.281

18.451

Net Current Assets
29.117

21.891

14.388

 

 

 

 

MISCELLANEOUS EXPENSES

0.00

0.000

0.000

 

 

 

 

TOTAL

36.641

29.915

20.260

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

93.763

79.921

71.210

 

 

Other Income

4.223

NA

2.499

 

 

TOTAL                                    

97.986

NA

73.709

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

88.985

55.652

 

 

Employee Remuneration

 

 

3.447

 

 

Selling and Distribution Expenses

 

 

3.899

 

 

Establishment Expenses

 

 

2.768

 

 

Increase and Decrease in Stock

 

 

0.265

 

 

TOTAL                                    

88.985 (Including Financial Expenses)

NA

66.031

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7.678

 

 

 

 

Less

FINANCIAL EXPENSES                        

 

0.054

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

9.001

10.240

7.624

 

 

 

 

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.522

0.380

0.407

 

 

 

 

 

 

PROFIT BEFORE TAX

8.479

9.860

7.217

 

 

 

 

 

Less

TAX                                                                 

2.476

1.315

3.618

 

 

 

 

 

 

PROFIT AFTER TAX

6.003

8.545

3.599

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

26.925

18.380

14.781

 

 

 

 

 

Less

Prior Period Expenses

0.003

0.000

0.000

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

32.925

26.925

18.380

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Sales

0.000

1.119

2.023

 

TOTAL EARNINGS

0.000

1.119

2.023

 

 

 

 

 

 

Earnings Per Share (Rs.)

1200.12

1708.32

719.51

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
6.13

NA

4.88

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
9.04

12.34

10.13

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
12.71

18.99

18.69

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.36

0.38

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.00

0.91

1.06

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.92

1.90

1.78

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check list by Info Agents

 

Available in Reports ( Yes/No)
  1. Year of Establishment

Yes
  1. Locality of the Firm

Yes
  1. Constitutions of the Firm

Yes
  1. Premises Details

Yes
  1. Type of Business

Yes
  1. Line of Business

Yes
  1. Promoter’s Background

--
  1. No. of Employees

Yes
  1. Name of person contacted

Yes
  1. Designation of contact person

Yes
  1. Turnover of Firm fort last three years

No
  1. Profitability for last three years

No
  1. Reasons For Variation<>20%

--
  1. Estimation for coming financial year

No
  1. Capital in Business

Yes
  1. Details of Sister Concern

Yes
  1. Major Suppliers

No
  1. Major Customers

No
  1. Payment Terms

Yes
  1. Export / Import Details (if Applicable)

Yes
  1. Market Information

--
  1. Litigations that the firm / Promoter involved in

--
  1. Banking Details

Yes
  1. Banking Facility Details

No
  1. Conduct of the banking account

--
  1. Buyer visit details

--
  1. Financial, if provided

No
  1. Incorporation details, if applicable

--
  1. Last Account filed at ROC

--
  1. Major shareholder , if available

--

 

OPERATION

Due to efforts made during the year operation the company’s turnover has gone up to Rs.93.763 Millions from Rs.79.921 Millions. The directors are making all out efforts to ensure good rate of growth both in terms of profit and turnovers, so that there is sufficient plough back of profits in business to expand activities by bringing in new business etc. and to meet the working capital requirement. Barring unforeseen circumstances the directors foresee the year to end with good growth.

 

FIXED ASSETS

 

  • Plant and Machinery
  • Furniture and Fixture
  • Office and Factory Equipments
  • Computers
  • Air Conditioners
  • Refrigerator
  • Cooling Tank
  • Vehicles
  • Office Premises

 

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 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.51.65

UK Pound

1

Rs.79.10

Euro

1

Rs.65.32

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

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

NO

--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

 

47

 

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.