MIRA INFORM REPORT
|
Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIGHTEMP FURNACES LIMITED |
|
|
|
|
Registered
Office : |
27-29, Supariwala Building, 1st Floor, E M Merchant Road,
Khadak, Mumbai-400009, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.04.1971 |
|
|
|
|
Com. Reg. No.: |
11-015115 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 144.000 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1971PLC015115 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH00615G MUMH07713G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1727L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Furnaces and Heat Treatment for Automotive Industries |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track.
Directors are reported as experienced, respectable and resourceful
industrialist. Trade relations are fair. Payments are reported to be usually
correct and as per commitment. The company can be considered 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 – 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
The risk of default is current low. The capacity of payment of
financial commitments is considered adequate but adverse business or economic
conditions are more likely to compare this capacity. |
|
Date |
February 2012 |
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 : |
27-29, Supariwala Building, 1st Floor, E M Merchant Road,
Khadak, Mumbai-400009, Maharashtra, India
|
|
Tel. No.: |
91-80-28391446 / 28395917 |
|
Fax No.: |
91-80-28392661 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Corporate Office : |
1C, 2nd Phase, Peenya Industrial Area Bangalore, Karnataka,
India |
|
Tel. No.: |
91-80-28391406 / 28391376 |
|
Fax No.: |
91-80-28391376 |
|
Email : |
|
|
|
|
|
Factory 1 : |
Gat No.615, Village Kuruli, Taluka Khed, Chakan, Pune-410050,
Maharashtra, India |
|
|
|
|
Factory 2 : |
12 KM Stone SohanRoad, Opposite Geethanand Ashram, Bhondsi Village,
Gurgaon, Haryana, India |
|
|
|
|
Factory 3 : |
Thandalam Village, Sriperumpudur Taluka, Kancheepuram-602105,
Tamilnadu, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Varadharajan Rangachari |
|
Designation : |
Whole Time Director |
|
Address : |
D11, 8th White House, 6th Main, 15th Cross,
R T Nagar, Bangalore-560032, Karnataka, India |
|
Date of Birth/Age : |
12.12.1953 |
|
Date of Appointment : |
01.01.2007 |
|
PAN No.: |
AAIPV7436P |
|
DIN No.: |
00710160 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U85110KA2000PTC028003 |
CERAMIC
OXYTROL SYSTEMS PRIVATE LIMITED |
Director |
20/10/2000 |
20/10/2000 |
Active |
NO |
|
2 |
U74999MH1971PLC015115 |
HIGHTEMP
FURNACES LIMITED |
Whole-time
director |
02/12/2011 |
01/01/2007 |
Active |
NO |
|
3 |
U74210MH2003PTC188261 |
HIGHTEMP-TECHMAT
PRIVATE LIMITED |
Director |
01/03/2008 |
01/03/2008 |
Amalgamated |
NO |
|
Name : |
Mr. Mahadevan Gopal |
|
Designation : |
Managing Director |
|
Address : |
#432/28, 11th Main RMV Extension, Bangalore-560080,
Karnataka, India |
|
Date of Birth/Age : |
27.10.1956 |
|
Date of Appointment : |
10.10.1985 |
|
PAN No.: |
AAMPG8759N |
|
DIN No.: |
00710190 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74999MH1971PLC015115 |
HIGHTEMP
FURNACES LIMITED |
Managing
director |
02/12/2011 |
10/10/1985 |
- |
Active |
NO |
|
2 |
U74210MH1988PLC045916 |
CERAMED
ENGINEERS LIMITED |
Director |
18/01/1988 |
18/01/1988 |
- |
Active |
NO |
|
3 |
U74210MH2003PTC188261 |
HIGHTEMP-TECHMAT
PRIVATE LIMITED |
Director |
07/02/2003 |
07/02/2003 |
- |
Amalgamated |
NO |
|
4 |
U27310KA2005PTC037551 |
HIGHTEMP
VAC AERO PRIVATE LIMITED |
Director |
26/10/2005 |
26/10/2005 |
- |
Active |
NO |
|
5 |
U35999KA2008PTC045485 |
ROSLER
SURFACETECH PRIVATE LIMITED |
Director |
07/03/2008 |
07/03/2008 |
26/09/2011 |
Active |
NO |
|
Name : |
Mr. Narayan Mahadevan |
|
Designation : |
Whole Time Director |
|
Address : |
#432/28, 11th Main RMV Extension, Bangalore-560080,
Karnataka, India |
|
Date of Birth/Age : |
14.09.1962 |
|
Date of Appointment : |
06.04.2007 |
|
PAN No.: |
ACLPM7152J |
|
DIN No.: |
02431070 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74210MH1988PLC045916 |
CERAMED
ENGINEERS LIMITED |
Director |
18/01/1988 |
18/01/1988 |
Active |
NO |
|
2 |
U27310KA2005PTC037551 |
HIGHTEMP
VAC AERO PRIVATE LIMITED |
Director |
26/10/2005 |
26/10/2005 |
Active |
NO |
|
3 |
U74999MH1971PLC015115 |
HIGHTEMP
FURNACES LIMITED |
Whole-time
director |
02/12/2011 |
06/04/2007 |
Active |
NO |
|
Name : |
Mr. Akihiro Sato |
|
Designation : |
Director |
|
Address : |
1-43-1-311, Sato-Cho Naka-Ku, Hamamatsu-Si, Sizuoka-Ken, Hamamatsu,
Japan-4300807 |
|
Date of Birth/Age : |
01.09.1960 |
|
Date of Appointment : |
30.09.1999 |
|
Date of Cessation : |
01.12.2011 |
|
DIN No.: |
03013468 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
M Gopal |
963588 |
|
Dowa Thermotech Company Limited, Japan |
3854349 |
|
Santosh Muttalli Nominee of Dowa Thermotech Company Limited, Japan |
1 |
|
Saty Prasad Yadav Tekumatla Nominee of Dowa Thermotech Company
Limited, Japan |
1 |
|
Ranganath Harirao Kuttetur Nominee of Dowa Thermotech Company Limited,
Japan |
1 |
|
Shyamalend Mukherjee Nominee of
Dowa Thermotech Company Limited, Japan |
1 |
|
Ganapathi Subramaniam Mahadevan Nominee of Dowa Thermotech Company
Limited, Japan |
1 |
|
TOTAL
|
4817942 |
AS ON 24.05.2012
|
Names of Allottees |
No. of Shares |
|
M Gopal |
120000 |
|
Dowa Thermotech Company Limited, Japan |
1080000 |
|
TOTAL |
1200000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
80.00 |
|
Bodies corporate |
20.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Furnaces and Heat Treatment for Automotive Industries |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Heat Treatment Plants |
Sets |
9 |
|
Furnaces |
Nos. |
32 |
|
Automotive Components |
Nos. |
2,618,337 |
|
Accessories for Furnaces |
Lots |
7,290 |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State
Bank of India
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountant |
|
Address : |
13th Floor, Bakhtawar,Nariman Point, Mumbai-400021, Maharashtra, India
|
|
PAN No.: |
AAQFS7647M |
|
|
|
|
Associates : |
CIN NO.: - U27310KA2005PTC037551 |
|
|
|
|
Enterprise in
which Key management Personnel and their relatives exercise Significant
control / influence : |
CIN NO.: - U63040KA1988PTC009301
|
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11500000 |
Equity Shares |
Rs.10/- each |
Rs. 115.000 Millions |
|
10000000 |
Cumulative Convertible Redeemable Preference Shares |
Rs.10/-each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. 215.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4817942 |
Equity Shares |
Rs.10/- each |
Rs. 48.179
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11500000 |
Equity Shares |
Rs.10/- each |
Rs. 115.000 Millions |
|
10000000 |
Cumulative Convertible Redeemable Preference Shares |
Rs.10/-each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. 215.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
4400000 |
Equity Shares |
Rs.10/- each |
Rs. 44.000
Millions |
|
|
10000000 |
Cumulative Convertible Redeemable Preference Shares |
Rs.10/-each |
Rs. 100.000 Millions |
|
|
|
TOTAL |
|
Rs. 144.000
Millions |
|
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11500000 |
Equity Shares |
Rs.10/- each |
Rs. 115.000 Millions |
|
10000000 |
Cumulative Convertible Redeemable Preference Shares |
Rs.10/-each |
Rs. 100.000 Millions |
|
|
TOTAL |
|
Rs. 215.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6017942 |
Equity Shares |
Rs.10/- each |
Rs. 60.179
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 |
144.000 |
44.000 |
44.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
242.001 |
203.954 |
200.485 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
386.001 |
247.954 |
244.485 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
404.951 |
376.433 |
381.034 |
|
|
2] Unsecured Loans |
2.529 |
2.489 |
19.410 |
|
|
TOTAL BORROWING |
407.480 |
378.922 |
400.444 |
|
|
DEFERRED TAX LIABILITIES |
76.274 |
85.040 |
73.703 |
|
|
|
|
|
|
|
|
TOTAL |
869.755 |
711.916 |
718.632 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
545.288 |
505.668 |
509.038 |
|
|
Capital work-in-progress |
127.903 |
67.210 |
43.220 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.180 |
9.164 |
7.841 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
120.304
|
90.094 |
101.803 |
|
|
Sundry Debtors |
200.505
|
138.347 |
140.258 |
|
|
Cash & Bank Balances |
26.212
|
13.122 |
11.218 |
|
|
Other Current Assets |
0.000
|
0.000 |
11.958 |
|
|
Loans & Advances |
65.506
|
62.121 |
61.136 |
|
Total
Current Assets |
412.527
|
303.684 |
326.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
133.318
|
114.404 |
103.931 |
|
|
Other Current Liabilities |
89.268
|
56.486 |
54.926 |
|
|
Provisions |
2.557
|
2.920 |
8.983 |
|
Total
Current Liabilities |
225.143
|
173.810 |
167.840 |
|
|
Net Current Assets |
187.384
|
129.874 |
158.533 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
869.755 |
711.916 |
718.632 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
864.001 |
608.293 |
703.136 |
|
|
|
Other Income |
9.154 |
4.541 |
9.700 |
|
|
|
TOTAL (A) |
873.155 |
612.834 |
712.836 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
362.069 |
253.015 |
|
|
|
|
Manufacturing service costs |
269.836 |
168.549 |
598.828 |
|
|
|
Employee related expenses |
71.327 |
60.453 |
|
|
|
|
Administrative selling other expenses |
52.524 |
38.394 |
|
|
|
|
TOTAL (B) |
755.756 |
520.411 |
598.828 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
117.399 |
92.423 |
114.008 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.184 |
42.803 |
39.905 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
72.215 |
49.620 |
74.103 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.451 |
30.030 |
28.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.764 |
19.590 |
45.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.840) |
13.556 |
18.520 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
40.604 |
6.034 |
27.328 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
149.243 |
148.274 |
133.520 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
2.500 |
10.000 |
|
|
|
Dividend |
2.200 |
2.200 |
2.200 |
|
|
|
Tax on Dividend |
0.357 |
0.365 |
0.374 |
|
|
BALANCE CARRIED
TO THE B/S |
182.290 |
149.243 |
148.274 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.308 |
24.516 |
53.376 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
2.466 |
|
|
TOTAL EARNINGS |
0.308 |
24.516 |
55.842 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
33.192 |
13.674 |
34.421 |
|
|
|
Capital Goods & Components |
0.000 |
0.000 |
5.924 |
|
|
TOTAL IMPORTS |
33.192 |
13.674 |
40.345 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.23 |
1.37 |
6.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.65
|
0.98 |
3.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.60
|
3.22 |
6.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
2.42 |
5.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.08 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.84
|
2.57 |
2.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.75 |
1.94 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three 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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
BACKGROUND
Subject was incorporated
on 16 April 1971.The Company is engaged in the business of manufacturing,
buying and selling all types and kinds of furnaces, ovens, kilns and other heat
treatment machineries. The Company is geographically located at Gurgaon, Pune,
Chennai Banglore and Nelamangala.
PERFORMANCE
During the year,
as in the past years
• The company’s
endeavour continued, to maximize the strong customer base for industrial
furnaces and for commercial heat treatment by maintaining the impeccable track record
of quality and delivery efficiency which resulted in comparatively better
strength in revenue considering the effect of recessionary trends in the
economy specifically affecting the automobiles/Auto components industry
• As a natural
consequence the customers placed continuous orders for the company’s products
and services
• Inspite of the
slowdown in the economy, broadly affecting the industries, the company achieved
total income of Rs.873.155 Millions registering a increase of only 42.47% over
that of the previous year
• After absorbing
additional cost of technical knowhow for new projects, the company has posted
profit before taxes of Rs.39.767 Millions as compared to Rs 19.590 Millions in
the previous year inspite of higher provision for depreciation owing to the
implementation of expansion project
• The profit after
tax after provision for deferred tax liability, for the year, stood at Rs.
40.604 Millions as compared
to Rs . 6.034
Millions in the previous year.
• Directors assure
that, all efforts shall continue, to sustain satisfactory margins, and to
further consolidate retained earnings.
PROSPECTS AND OUTLOOK
The revival of the
National economy with a decent GDP growth and in particular in the Automobile
and Auto Components sector, provides huge scope for the companies products and
services which have application in the
Automobiles and
Auto Components sector to a large extent. The slowdown noticed in the global
economy is still posing a challenge though there are signs of recovery in some
markets and the company is confident of achieving revenue growth in the years
to come by substantial exposure to domestic markets. The company is watching
the trend of demands from the target sectors and making all efforts to position
itself, at the right time, and at the right place, and retain the position of
being the market leader in all segments of business where it has its presence.
The Company’s consistent efforts in constant upgrading of products and
services, maintaining excellent quality, in keeping with the advancing
technological trends, maintaining superiority by innovations and unblemished
timely service support, shall ensure that the Company retains the market
leadership and registers phenomenal growth. The Directors are also pleased to
inform that the company has been expanding operations by increasing capacity in
the four commercial heat treatment plants at Bangalore, Pune, Gurgaon and
Chennai and spreading the Special processes initially started in Bangalore
Plant to other units. To provide for additional scope for expansion in
Commercial Heat Treatment Plant in Bangalore, and to augment the capacity for
manufacture of industrial furnaces the company is expanding the manufacturing
capacity in the premises at Nelamangala, near Bangalore. In the current
financial year the manufacturing division has seen enhanced activity with
substantial orders for industrial furnaces and the immediate outlook looks
bright with more customers going ahead with their plants for expansion,
diversification and modernization. The company is confident of increasing the
turnover further in the current year with consequent improvement in
profitability. The company has taken up implementation of project for setting
up facility for Austempering of Ductile Iron in the Pune Plant and the project
is in an advanced stage of completion.
FINANCE
During the year,
additional borrowings for expansion project were initiated and overall
monitoring of the finances by efficient management of inventory, receivables and
overheads at optimum levels was effected to manage under difficult conditions
caused by high interest regime and effects of slowdown in the economy. The
company allotted Preference Shares of face value Rs 100.000 Millions to M/s.IL
and FS Trust Company Limited, Trustee Axis Venture Capital trust a/c ISOF
during the last financial year which has been bought back by the promoters
subsequent to date of Balance Sheet and converted into equity capital as per
members approval. No dividend on preference shares has been paid or provided
for since the said transactions do not provide for any dividend.
FORM 8
|
Corporate
identity number of the company |
U74999MH1971PLC015115 |
|
Name of the
company |
HIGHTEMP FURNACES
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
27-29, Supariwala Building, 1st Floor, E M Merchant Road, Khadak, Mumbai-400009, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80013276 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, Specialised Mid-Corporate Branch, No.136, Railway Parallel Road, Kumarapark West, Bengaluru-560020, Karnataka, India |
|
Nature of
instrument creating charge |
Agreement Of
Hypothecation Of Goods And Assets Letter Regarding
The Grant Of Individual Limits Within The Overall Limit |
|
Date of instrument
Creating the charge |
29.02.2012 |
|
Amount secured by
the charge |
Rs. 643.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As stated in the
agreement Terms of repayment WC : 12 months
(valid up to 28.11.2012). However Bank has inherent powers to recall the
loans on demand. TL : As per
annexure Margin A) CC- Raw
Material - 25%, Stock in Process (SIP) - 25%, Finished Goods (FG) - 25%,
Receivables (Cover period :120Days) 25% B) 10% of FOB
value of the order/LC C) 25%(Cover
period:120days) D) Inland and
Foreign LC - 20% E) BG - 15% (100%
in case of BGs related to disputed amounts). Extent and operation of the charge The Bank is
first charge on all the assets
throughout the period of sanctioned
limits. |
|
Short particulars
of the property charged (Including location of the property) |
Primary : Hypothecation of all stocks of Raw
Materials, Work-in-progress, Finished Goods, Bills Receivables, Book Debts
and other Current Assets financed-present and future. Collateral :
Equitable mortgage of Land and Building belonging to the Company as detailed
below: a)
EM of
Factory land measuring 771750 sq ft and Building measuring 44000 sq ft
belongs to the Company @ 1C, 2nd Phase, Peenya, Bangalore. b)
EM of
Factory at Gat No.615 measing 4.12 Acre
and Building belongs to Company @ Kuruli (Chakan) Taluka: Khed
District: Pune. c)
EM on
land and Building on site of 3.65 acre land at site no.1/2B and 2/2B with built
up area of 17040sq.ft. Veerananjipura village, Kasaba Hobli, Nelamangala
Taluk, Tumkur. d)
EM of
Land and Building at Killa No.5, 6/1, 6/2 Village Bhondasi Tehsil Sohna
District Gurgaon measuring 3.65 Acre in the name of the Company. e)
EM of
Factory Land measuring 198 cents and Building in the name of the company @
Thandalam village, Sriperumbadur Taluka, Kancheepuram, Tamilnadu-602105 f)
Hypothecation
on residual unencumbered Fixed Assets. g)
2nd
Charge on Fixed Assets financed by the Bank (first charge to TL) Corporate
Guarantee of DOWA Thermotech Company Limited, Japan. |
|
Date of
instrument modifying the charge |
03.02.2011 |
|
Particulars of
the present modification |
The present
modification necessitated as the existing limits were renewed with reduction from
Rs. 665.900 Millions to Rs. 643.800 Millions as under: 1) CC:Rs. 180.000
Millions (enhanced from Rs. 150.000 Millions), 2) TLs: Rs. 361.800 Millions
(reduced from Rs. 460.900 Millions), 3) LC: Rs. 40.000 Millions (enhanced from
Rs. 15.000 Millions), 4) BG: Rs. 60.000 Millions (enhanced from Rs. 40.000
Millions), 5) FC : Rs. 2.000 Millions (Fresh Limit) |
FIXED ASSETS
- Building
- Computers
- Electrical
Installation
- Factory
Equipments
- Furniture and
Fixtures
- Generator
- Lab Equipments
- Land
- Motor
Vehicles
- Office
Equipment
- Plant and
Machinery
- Bore Well
- Tools and
Equipments
- Plant and
Machinery
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 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. 51.97 |
|
|
1 |
Rs. 83.67 |
|
Euro |
1 |
Rs. 67.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.