MIRA
INFORM REPORT
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Report Date : |
21.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
HRITHIK TOOLS PRIVATE LIMITED |
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Registered
Office : |
EL 37/4 'J' Block, M.I.D.C Bhosari, Pune – 411026, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.08.2000 |
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Com. Reg. No.: |
25-015206 |
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Capital
Investment / Paid-up Capital : |
Rs.7.000 Millions |
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CIN No.: [Company Identification
No.] |
U29299PN2000PTC015206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04341B |
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PAN No.: [Permanent
Account No.] |
AAACN9291F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Regrinding of Cutting Tools and also Trading of
Kennametal Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial
position of the company is under pressure. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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) |
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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 |
LOCATIONS
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Registered Office/ Factory : |
EL 37/4 'J' Block, M.I.D.C Bhosari, Pune – 411026,
Maharashtra, India |
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Tel. No.: |
91-20-27111871/72/ 30621873/ 4/ 5 |
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Mobile No.: |
91-9822024765 [Mr. S. L. Mittal] |
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Fax No.: |
91-20-27111872/ 30621874/5 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Suresh Laxminarayan Agarwal Mittal |
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Designation : |
Whole time Director |
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Address : |
Flat No.04, Plot No.82/11, Kakade Paradise,
Ashok Path, Law College Road, Pune – 411004, Maharashtra, India |
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Date of Appointment : |
11.08.2000 |
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DIN No.: |
01102926 |
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Name : |
Mrs. Ranidevi Suresh Mittal |
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Designation : |
Whole time Director |
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Address : |
55/11, Kakade Paradise, Ashok Path, |
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Date of Appointment : |
11.08.2000 |
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DIN No.: |
01931514 |
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Name : |
Ms. Anjali Suresh Mittal |
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Designation : |
Director |
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Address : |
Flat No.04, Plot No.82/11, Kakade Paradise,
Ashok Path, Law College Road, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
17.04.1987 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
01886327 |
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Name : |
Mr. Anand Ishwarchand Mittal |
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Designation : |
Director |
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Address : |
Flat No.701, Building A/6 701, Ganga
Satellite, Wanowrie, Pune – 411040, |
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Date of Birth/Age : |
07.10.1978 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
01886362 |
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Name : |
Mrs. Leena Juriasinghani |
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Designation : |
Director |
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Address : |
Flat No. E-601, 10 Kasturkunj, S. No. 132B,
ICS Colony, Off |
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Date of Birth/Age : |
05.06.1967 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
01886512 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Suresh L Mittal |
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13498 |
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Ranidevi S Mittal |
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16500 |
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Leena Juriasinghani |
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15001 |
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Anand Mittal |
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15001 |
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Anjali Mittal |
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10000 |
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Total |
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70000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
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 : |
Manufacturing and Regrinding of Cutting Tools and also Trading of
Kennametal Products. |
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Products : |
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GENERAL INFORMATION
|
Supplier: |
·
Aayud Toots ·
Airkom Electronics ·
Anand Tools
Manufacturing ·
Ankit Trading ·
AS0 Exim Enterpriser ·
A.S. Enterprises ·
AVS Luminaries ·
Disha lnfotech ·
Elegant Technology ·
Galaxy Digital Services ·
Global Networking
Resources ·
Global Tools ·
G.S. Cutting Tools ·
Hauzer Techno Coating ·
Hi Cut Tools ·
Hindustan Pressing Private Limited ·
Ideal Toots ·
Jai Ganesh Enterprises ·
Jai Mata's Crane Service ·
J.M. Mobile Shoppe ·
KENSHA ·
Kirti Trading Corporation ·
Kolye Patil Industries ·
Krupa Steel ·
Laxmi Traders |
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Customer: |
·
Avi Oilless Die Cop
India Private Limited ·
Balaji CNC Technologies ·
Balaji Enterprises IS) ·
Bhakta Industries ·
Bharat Machine Tools ·
Bhavani Industries ·
Bhurjee Machine Tools ·
Biorad Medisys Private Limited. ·
Birdev Engineers ·
C.N.C. Precisions ·
Cobra Carbide Private Limited. ·
Cogent Engineers Private Limited ·
Cooper Automotive Limited ·
Creative Engineering ·
Creative Industries ·
Crown Enterprises ·
C.T.Tools ·
Dalpat Forge (India) ·
Dawn Engg. Enterprises ·
Dawn Motors
Private Limited ·
DCM Engineering
Products |
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No. of Employees : |
Not Available |
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Bankers : |
·
HDFC Bnak House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400013, Maharashtra, India
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rohit Agarwal and Company Chartered Accountant |
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Address : |
212/6, Sandvik colony Road, Behind Indrayani Nursing Home, Bhosari,
Pune – 411039, |
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PAN.: |
AFYPA2764Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
75000 |
Equity Shares |
Rs.100/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
70000 |
Equity Shares |
Rs.100/-
each |
Rs.7.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
7.000 |
7.000 |
7.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
4.537 |
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4] (Accumulated Losses) |
(3.644) |
(3.678) |
0.000 |
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NETWORTH |
3.356 |
3.322 |
11.537 |
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LOAN FUNDS |
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1] Secured Loans |
65.111 |
72.893 |
72.805 |
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2] Unsecured Loans |
13.778 |
14.450 |
7.363 |
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TOTAL BORROWING |
78.889 |
87.343 |
80.168 |
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DEFERRED TAX LIABILITIES |
1.562 |
0.000 |
0.000 |
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TOTAL |
83.807 |
90.665 |
91.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.907 |
64.551 |
73.386 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.153 |
0.125 |
0.125 |
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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 |
2.832
|
5.209 |
5.263 |
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Sundry Debtors |
22.566
|
18.368 |
11.667 |
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Cash & Bank Balances |
1.441
|
0.827 |
0.421 |
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Other Current Assets |
0.175
|
6.845 |
8.602 |
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Loans & Advances |
6.594
|
2.054 |
0.102 |
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Total
Current Assets |
33.608
|
33.303 |
26.055 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
3.775
|
4.876 |
5.364 |
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Other Current Liabilities |
1.537
|
1.556 |
1.596 |
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Provisions |
1.549
|
0.882 |
0.913 |
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Total
Current Liabilities |
6.861
|
7.314 |
7.873 |
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Net Current Assets |
26.747
|
25.989 |
18.182 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.012 |
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TOTAL |
83.807 |
90.665 |
91.705 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
52.968 |
37.258 |
24.170 |
|
|
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Other Income |
0.036 |
0.466 |
1.196 |
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TOTAL |
53.004 |
37.724 |
25.366 |
|
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Less |
EXPENSES |
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|
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
51.018 |
45.937 |
28.184 |
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PROFIT/(LOSS)
BEFORE TAX |
1.986 |
(8.213) |
(2.818) |
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Less |
TAX |
0.370 |
0.000 |
2.011 |
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PROFIT/(LOSS) AFTER TAX |
1.616 |
(8.213) |
(4.829) |
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Earnings/(Loss)
Per Share (Rs.) |
23.09 |
0.00 |
0.00 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.05
|
(21.77) |
(19.04) |
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Net Profit Margin (PBT/Sales) |
(%) |
3.75
|
(22.04) |
(11.11) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.91
|
(24.66) |
(10.82) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.59
|
(2.47) |
(0.24) |
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Debt Equity Ratio (Total Liability/Networth) |
|
25.55
|
28.49 |
7.63 |
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Current Ratio (Current Asset/Current Liability) |
|
4.90
|
4.55 |
3.31 |
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 |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE:
The Registered Office of the company has been shifted from 71/1B/11,
Paras 10 – OP Industrial Premises, T Block, MIDC, Bhosari, Pune – 411026,
Maharashtra to the present address w.e.f. 31.08.2006.
BANKERS CHARGES REPORT
AS PER REGISTRY
|
Corporate
identity number of the company |
U29299PN2000PTC015206 |
|
Name of the
company |
HRITHIK TOOLS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
EI 37/4, J
Block, MIDC Bhosari, Pune – 411026, Maharashtra, India Email: hrithiktools@vsnl.net |
|
This form is for
|
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10132198 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Corporation Bank, Shivaji Nagar, Pune – 411005, Maharashtra, India Email: cb690@corpbank.co.in |
|
Nature of
instrument creating charge |
1. Supplemental
Common Deed of Hypothecation of Movables /Assets / debts dated 23/11/2011 2.Bank Credit
Sanction Letter |
|
Date of
instrument Creating the charge |
23.11.2011 |
|
Amount secured
by the charge |
Rs.82.460
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : 11.000 Millions Base Rate + 4.60% i.e. 15.25% p.a. at present Term Loan : 41.460 Millions and Import LC Cum Term Loan : 30.000
Millions Base Rate +5.20% i.e 15.85%
p.a. at present Terms of Repayment 1.Cash Credit Running Account on Demand subject to Annual Renewal 2. Term Loan as per original repayment terms and conditions. Interest
to be paid separately as and when due. 3. Import LC cum term Loan: Not to exceed 72 Months including initial
moratorium period of 12 Months, in 60 monthly installments of Rs. 0.500 Million
each from the day of availment of loan. Interest to be paid separately as and
when due. Margin 1. Cash credit : Stock 25%, book Debts 40% 2. Term Loan : 35.95% 3. Cash Margin on Import LC : 10% Extent and Operation of the charge Exclusive 1st charge on the entire stock all present, future and in
transit consisting of raw material, work in process & finished goods,
meant for sales and exports and spares including other stock lying with job
workers. Entire sales and exports receivable/ book debts. Extension of charge
on the entire fixed assets of the borrower except vehicles. Extension of
charge on stock material imported / procured under L/C or locally. extension
of hypothecation charge on inventory and book debts. |
|
Short
particulars of the property or asset(s) charged (including complete address
and location of the property) |
Exclusive 1st
Charge by way of hypothecation of movable such as entire stock all present,
future and in transit consisting of raw Materials. Work in process
and Finished goods, meant for export and spares including other stock lying
with job workers Entire export
receivable/ book debts, extension of charge on the entire fixed assets of
the borrower except vehicles Extension of charge
on stock material imported/ procured under L/c. Extension of hypothecation
charge in inventory and book debts. Address : plot
No El 37/4, "J" block, MIDC , Bhosari, pune-411026 Or at any other
place or places and/ or godowns or any other premises or wherever else to be
intimated by the Company to the Bank. |
|
Date of
instrument modifying the charge |
02.07.2010 |
|
Particulars of
the present modification |
Cash Credit
limit is same as earlier Rs. 11.000 Millions and Term Loan reduced From Rs.
54.600 Millions to Rs. 41.460 Millions. New Import LC cum Term Loan of Rs.
30.000 Millions is giving by Bank. Total charge amount is Rs. 82.4.60
Millions |
FIXED ASSETS
- Land
- Building
- Machinery
- Furniture
- Electrical Equipments
- Tools and Fixtures
- Air Conditioners
- Computer
- Electrical Fittings
- Motor Vehicles
- Telephone Equipment
- Motor Car
- Hero Honda
- Honda Activa
- Office Equipment
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
|
28 |
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.