MIRA INFORM REPORT
|
Report Date : |
27.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEINEN AND HOPMAN ENGINEERING INDIA PRIVATE LIMITED |
|
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|
Registered
Office : |
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Country : |
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|
|
Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
17.06.1999 |
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|
|
|
Com. Reg. No.: |
21-089644 |
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CIN No.: [Company Identification
No.] |
U74210WB1999PTC089644 |
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Capital
Investment / Paid-up Capital : |
Rs.16.000
Millions |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Supplier of Air Conditioning Equipment and Parts. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 164212 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company appears to be low. However, trade relations are reported as decent. Business is active.
Payments are reported to be usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
LOCATIONS
|
Registered Office : |
79 B.T. Road, Panihati, P.S. Khardah, Kolkata – 700014, West Bengal,
India |
|
Tel. No.: |
91-33-64991293/ 1294/ 1295/ 1296/ 65367075 |
|
Fax No.: |
91-33-25235297 |
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E-Mail : |
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Web Site: |
DIRECTORS
AS ON 21.06.2011
|
Name : |
Mr. Cornelis Hopman |
|
Designation : |
Director |
|
Address : |
Havenstraat 21, Spakenburg, Bunschoten-3752 AA, |
|
Date of Birth/Age : |
12.12.1938 |
|
Date of Appointment : |
17.06.1999 |
|
|
|
|
Name : |
Mr. Samarendra Kumar Banerjee |
|
Designation : |
Director |
|
Address : |
EE-191, Flat No. 4, Sector 2, |
|
Date of Birth/Age : |
12.12.1942 |
|
Date of Appointment : |
21.12.2001 |
|
|
|
|
Name : |
Mr. Tapas Kumar Mullick |
|
Designation : |
Director |
|
Address : |
6 C, |
|
Date of Birth/Age : |
27.02.1958 |
|
Date of Appointment : |
17.06.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.06.2011
|
Names of Shareholders |
No. of Shares |
|
Heinen and |
159980 |
|
Tapas Kumar Mullick |
10 |
|
Deepali Mullick |
10 |
|
|
|
|
Total |
160000 |
AS ON 21.06.2011
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Air Conditioning Equipment and Parts. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
· Royal Bank of Scotland NV Azimganj House, Camac Street, Kolkata-700017, West Bengal, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
P.K. Sen and Associates Chartered Accountant |
|
Address : |
62, |
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|
|
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Holding Company: |
· Heinen and Hopman Engineering BV, The Netherlands |
|
|
|
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Associates/Subsidiaries : |
·
Heinen and Hopman Engineering Singapore PTE
Limited ·
Heinen and Hopman Marine Equipment (Changshu)
Company Limited |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000 |
Equity Shares (all the shares are3 held by the Holding Company,
Heinen and Hopman Engineering – B V . the Netherland including 20 equity
shares held jointly with 2 individuals.) |
Rs.100/- each |
Rs.16.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.000 |
16.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25.053 |
18.918 |
14.534 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.053 |
34.918 |
17.534 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
13.860 |
19.494 |
20.430 |
|
|
TOTAL BORROWING |
13.860 |
19.494 |
20.430 |
|
|
DEFERRED TAX LIABILITIES |
0.944 |
0.231 |
0.215 |
|
|
|
|
|
|
|
|
TOTAL |
55.857 |
54.643 |
38.179 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
70.689 |
18.826 |
17.408 |
|
|
Capital work-in-progress |
0.000 |
32.915 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
20.444
|
7.560
|
9.464 |
|
|
Sundry Debtors |
71.931
|
85.270
|
67.760 |
|
|
Cash & Bank Balances |
16.853
|
8.911
|
23.496 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
7.544
|
11.314
|
8.854 |
|
Total
Current Assets |
116.772
|
113.055
|
109.574 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.181
|
90.757
|
62.144 |
|
|
Other Current Liabilities |
9.423
|
19.396
|
26.659 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
131.604
|
110.153
|
88.803 |
|
|
Net Current Assets |
(14.832)
|
2.902
|
20.771 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
55.857 |
54.643 |
38.179 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
268.987 |
270.908 |
|
|
|
Other Income |
|
0.163 |
0.962 |
|
|
|
TOTAL (A) |
373.405 |
269.150 |
271.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
359.707 |
260.140 |
262.283 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
359.707 |
260.140 |
262.283 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.698 |
9.010 |
9.587 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.146 |
0.496 |
0.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.552 |
8.514 |
9.335 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.750 |
0.350 |
0.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
11.802 |
8.164 |
9.007 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.801 |
2.700 |
3.182 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.001 |
5.464 |
5.825 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.005 |
0.945 |
0.797 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.000 |
3.000 |
4.800 |
|
|
|
Dividend |
1.600 |
1.200 |
0.750 |
|
|
|
Tax on Dividend |
0.266 |
0.204 |
0.127 |
|
|
BALANCE CARRIED
TO THE B/S |
4.140 |
2.005 |
0.945 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of FOB Basis |
20.260 |
9.353 |
34.871 |
|
|
|
Services Rendered Locally against
Foreign Exchange Inward Remittances |
4.562 |
4.171 |
7.899 |
|
|
TOTAL EARNINGS |
24.822 |
13.524 |
42.770 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components |
36.630 |
23.302 |
28.290 |
|
|
TOTAL IMPORTS |
36.630 |
23.302 |
28.290 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.00 |
34.00 |
194.00
|
|
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%2027-Aug-2013_files/image003.gif){kind=small}
%2027-Aug-2013_files/image004.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
2.14
|
2.03
|
2.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.16
|
3.04
|
0.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.29
|
6.19
|
7.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.23
|
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.56
|
3.71
|
6.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
1.03
|
1.23 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from
DB 8 Sector 1 Salt Lake, Bidhan Nagar, Kolkata-700064, West Bengal, India to
the present address w.e.f. 15.02.2010
OPERATION:
During the Eleventh year of operation total revenues stood at Rs.378.040
millions operating profit was Rs.11.800 millions and profit after tax was
Rs.8.000 millions
In the year 2010, the company executed export orders of the value of
Rs.20.700 millions. The value of order in hand is Rs.392.000 millions.
Barring unforeseen circumstance, the directors are optimistic about the
future of the company.
FIXED ASSETS:
·
Land
·
Plant and Machinery
·
Office Equipment
·
Furniture
·
Computer
·
Air Conditioner and Cooler
·
Vehicle
·
Cycle
|
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 |
Yes |
|
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 |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
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.64.23 |
|
|
1 |
Rs.100.01 |
|
Euro |
1 |
Rs.85.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.