MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HI-CAN INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 2621/22, Road No. D/2, Gate No. 1, Lodhika, G.I.D.C, Metoda,
Kalvad Road, Rajkot - 360021, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.07.2009 |
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Com. Reg. No.: |
04-057456 |
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Capital
Investment / Paid-up Capital : |
Rs. 62.500 Millions |
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CIN No.: [Company Identification
No.] |
U28112GJ2009PTC057456 |
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PAN No.: [Permanent Account No.] |
AACCH2331N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Tin Cans for Food and General Cans. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Even though the profitability has improved, the financial position
seems to be weak during 2012. However, trade relations are fair. Business is active. Payments are
recorded as slow. The company can be considered for business dealings with great
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term external borrowings : B |
|
Rating Explanation |
High risk of default |
|
Date |
February 27, 2013 |
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/ Corporate Office : |
Plot No. 2621/22, Road No. D/2, Gate No. 1, Lodhika, G.I.D.C, Metoda,
Kalvad Road, Rajkot - 360021, Gujarat |
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Tel. No.: |
91-2827-287888/ 287889 |
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Fax No.: |
91-2827-287887 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 588, Savli Road, Near Niram Canal Char Rasta, At: Manjusar,
District Vadodara – 391770, Gujarat, India |
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Tel. No.: |
91-2667-262008/ 262009 |
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Fax No.: |
91-2667-262007 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Shaileshkumar Vallabhdas Makadia |
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Designation : |
Director |
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Address : |
125, Vrundavan Society, Kalawad Road, Rajkot - 360005, Gujarat, India |
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Date of Birth/Age : |
10.05.1969 |
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Date of Appointment : |
06.07.2009 |
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PAN No.: |
ACTPM5536C |
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Voter ID No.: |
GJ/04/019/216826 |
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DIN No.: |
00593049 |
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Other
Directorship :
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Name : |
Mr. Nilesh Ratilal Makadia |
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Designation : |
Director |
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Address : |
48, Rudanagar-1, Kalawad Road, Rajkot - 360005, Gujarat, India |
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Date of Birth/Age : |
28.12.1978 |
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Date of Appointment : |
06.07.2009 |
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Voter ID No.: |
JVT2999735 |
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DIN No.: |
00166121 |
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Other
Directorship :
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Name : |
Mr. Jigar Dhruvkumar Dave |
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Designation : |
Director |
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Address : |
8-A Radhakrish
Colony, Mangalpura Road, Anand - 388001, Gujarat, India |
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Date of Birth/Age : |
05.09.1968 |
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Date of Appointment : |
12.01.2010 |
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DIN No.: |
02891355 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
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No. of Shares |
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Shailesh V. Makadia |
|
845250 |
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Nilesh R. Makadia |
|
5250 |
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Radhe Renewable Energy Development Private
Limited, India |
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1312500 |
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Radhe Associates Private Limited, India |
|
1732500 |
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RNG Finlease Private Limited, India |
|
2354500 |
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Total |
|
6250000 |
AS ON 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
86.39 |
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Directors
or relatives of directors |
|
13.61 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tin Cans for Food and General Cans. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2012)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production [Qty.] |
|
Cans |
(In Nos.) |
650 lacs |
650 lacs |
13957383 |
|
Copper Wire Scrap |
(In Kgs.) |
-- |
-- |
25266.5 |
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Melting Scrap |
(In Kgs.) |
-- |
-- |
118393.0 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ø Bank of India
Limited, Rajkot Main Branch, Para Bazar, Rajkot - 360001, Gujarat, India Ø IDBI Bank
Limited, Manjalpur Branch, Manjalpur, Baroda - 390009, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Binny T. Patalia Chartered Accountant |
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Address : |
301, Shree
Suparshwanath Apartment, 3 Mombasa Avenue Park, B/h Raiya Telephone Exchange,
150 Ft. Ring Road, Rajkot – 360005, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
APOPP9954P |
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Associates : |
Ø Radhe Exim
Private Limited [U51100GJ2005PTC047245] Ø Hi-Mac Castings
Private Limited [U27109GJ2006PTC049342] Ø Radhe Renewable
Energy Development Private Limited [U29219GJ2004PTC043909] Ø Radhe Associates
Private Limited [U65993GJ2009PTC057355] Ø Hi-Con
Technocast Private Limited [U27104GJ2003PTC042466] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 62.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
6,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 62.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
62.500 |
62.500 |
37.350 |
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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 |
2.250 |
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4] (Accumulated Losses) |
(9.742) |
(17.135) |
0.000 |
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NETWORTH |
52.758 |
45.365 |
39.600 |
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LOAN FUNDS |
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|
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|
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1] Secured Loans |
142.665 |
128.786 |
74.478 |
|
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2] Unsecured Loans |
22.090 |
26.859 |
10.742 |
|
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TOTAL BORROWING |
164.755 |
155.645 |
85.220 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.480 |
0.000 |
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|
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TOTAL |
217.513 |
201.490 |
124.820 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
79.221 |
87.413 |
73.613 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.200 |
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DEFERRED TAX ASSETS |
4.928 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
111.500
|
39.962 |
32.892 |
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Sundry Debtors |
28.509
|
22.430 |
0.000 |
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Cash & Bank Balances |
1.554
|
37.950 |
6.323 |
|
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Other Current Assets |
25.666
|
12.619 |
0.000 |
|
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Loans & Advances |
14.731
|
22.482 |
15.085 |
|
Total
Current Assets |
181.960
|
135.443 |
54.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
Sundry Creditors |
33.586
|
15.053 |
7.889 |
|
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Other Current Liabilities |
14.475
|
5.961 |
0.369 |
|
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Provisions |
0.535
|
0.352 |
0.000 |
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Total
Current Liabilities |
48.596
|
21.366 |
8.258 |
|
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Net Current Assets |
133.364
|
114.077 |
46.042 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.965 |
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|
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|
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TOTAL |
217.513 |
201.490 |
124.820 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
|
|
|
|
|
|
Other Income |
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TOTAL (A) |
225.517 |
74.799 |
N.A. |
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Less |
EXPENSES |
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|
|
|
|
Office Expenses |
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|
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Administrative Expenses |
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Advertising Expenses |
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|
|
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TOTAL (B) |
186.725 |
70.573 |
N.A. |
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|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38.792 |
4.226 |
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|
|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
24.960 |
9.449 |
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|
|
|
|
|
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|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.832 |
(5.223) |
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|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.747 |
11.432 |
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|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
2.085 |
(16.655) |
N.A. |
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|
|
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|
|
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Less |
TAX (H) |
(5.408) |
0.480 |
N.A. |
|
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|
|
|
|
|
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|
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PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
7.493 |
(17.135) |
N.A. |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior Period
Expenses |
(0.100) |
0.000 |
N.A. |
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|
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) |
7.393 |
(17.135) |
N.A. |
|
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|
|
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|
Earnings/ (Loss)
Per Share (Rs.) |
1.20 |
(2.74) |
N.A. |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.32
|
(22.91) |
N.A. |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.80
|
(7.47) |
N.A. |
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|
|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.37) |
N.A. |
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|
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Debt Equity Ratio (Total Debt/Networth) |
|
3.12
|
3.43 |
2.15 |
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|
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Current Ratio (Current Asset/Current Liability) |
|
3.74
|
6.34 |
6.58 |
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Deposits from directors |
0.866 |
0.321 |
|
Deposits from shareholders |
21.224 |
26.538 |
|
Total |
22.090 |
26.859 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U28112GJ2009PTC057456 |
|
Name of the
company |
HI-CAN INDUSTRIES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 2621/22, Road No. D/2, Gate No. 1, Lodhika, G.I.D.C, Metoda,
Kalvad Road, Rajkot - 360021, Gujarat, India Email: pataliabinny@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification
number of the modified |
10278246 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank of India Limited, Rajkot Main Branch, Para Bazar, Rajkot -
360001, Gujarat, India Email: rajkot.rajkot@bankofindia.com
CIN No.:
U99999MH1906PLC000243 |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental of Memorandum
of Deposit of Title Deeds dated 04th February, 2013. |
|
Date of
instrument Creating the charge |
04.02.2013 |
|
Amount secured by
the charge |
Rs. 201.395
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.Term Loan-3.75%
over Base rate+0.50% tenor premium, presently 14.75%p.a. 2.Cash Credit -
3.75% over Base rate, presently 14.25%p.a. 3.L.C.- I/F
(within FBWCL) - Comm./chgs. as applicable. Terms of Repayment 1. Term Loan - 57
Monthly Installments of Rs. 0.990 Million 2. Cash Credit -
On Demand 3. L.C. I/F DA/DP
90/180 Days - On Demand 4. Buyer's credit
(within LC) - On Demand 5. Bank Guarantee
- On Demand Margin 1.Term Loan - Nil 2.Cash Credit - Stock - 25% 3.L.C. - I/F
(WITHIN FBWCL) - 20% (DA/DP 90/180 DAYS) 4. Buyer's credit
(within LC) - 20% 5. Credit
Exposure for Forward Cover - 20% Extent and Operation of the charge First Charge over
the Land and Building of the Company situated at Plot No. 588, Old Revenue
Survey No. 880 in Village Manjusar, Tal. Savli, District Vadodra to secure
Fund based and Non Fund based limit of Rs. 201.395 Millions of BOI. |
|
Short particulars
of the property charged |
Plot admeasuring
7134.00 Sq. Mt bearing No. 588, Old Revenue Survey No. 880 in Village
Manjusar, Tal. Savli, District Vadodra. |
|
Particulars of
the present modification |
The charge is now
extend and covers the total modified limit of Rs. 201.395 Millions by way of
equitable mortgage. |
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Factory building
Ø Plant and equipment
Ø Factory equipments
Ø Furniture and fixtures
Ø Vehicles
Ø Motor vehicles
Ø Office equipment
Ø Computer equipments
Ø Other equipments
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 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. 55.61 |
|
|
1 |
Rs. 83.98 |
|
Euro |
1 |
Rs. 71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.