MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN EXPORT AND IMPORT CORPORATION PRIVATE LIMITED |
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Registered
Office : |
Anand Bhavan, 348, D N Road, Fort, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.11.1945 |
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Com. Reg. No.: |
11-004630 |
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Capital
Investment / Paid-up Capital : |
Rs. 34.000 millions |
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CIN No.: [Company Identification
No.] |
U51900MH1945PTC004630 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07184C |
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PAN No.: [Permanent Account No.] |
AAACH1112M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Solutions for Metal Cutting and Metal Forming. |
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No. of Employees
: |
Information declined by management |
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 820000 |
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|
Status : |
Satisfactory |
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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 a satisfactory track record.
Financially company seems to be strong. Trade relations are reported to be
fair. Business is active. Payments are reported to be usually correct and as
per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
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Off-credit |
D |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Govindan Unny |
|
Designation : |
Manager |
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Contact No.: |
91-9892874832 |
|
Date : |
24.05.2013 |
LOCATIONS
|
Registered Office : |
Anand Bhavan, 348, D N Road, Fort, Mumbai – 400 001, Maharashtra,
India |
|
Tel. No.: |
91-22-22043885 / 22043886 / 22044072 / 28626161 |
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Mobile No.: |
91-9892874832 |
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Fax No.: |
91-22-22874021 |
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E-Mail : |
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Website : |
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Branch Office: |
Located at
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DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Kapil Kanwal Grover |
|
Designation : |
Managing director |
|
Address : |
Flat No. 12-A, Mistry Manor, 62-A, Neapean Sea Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
19.05.1956 |
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Date of Appointment : |
10.11.1945 |
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DIN No.: |
00032106 |
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|
|
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Name : |
Mr. Karan Kanwal Grover |
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Designation : |
Director |
|
Address : |
78 Kunj Society, Alkapuri, Vadodara-390007, Gujarat, India |
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Date of Birth/Age : |
22.08.1951 |
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Date of Appointment : |
08.08.1976 |
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DIN No.: |
00032156 |
KEY EXECUTIVES
|
Name : |
Mr. Govindan Unny |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kapil Grover |
|
1670111 |
|
Brij Ratnalal |
|
115200 |
|
Karan Grover |
|
1094111 |
|
Nisha Grover |
|
228 |
|
Jayashree Grover |
|
228 |
|
Karishma Trust, India |
|
30 |
|
Neha Trust, India |
|
30 |
|
Kabir Trust, India |
|
30 |
|
Ishan Trust, India |
|
30 |
|
Vishnu Holdings Limited, India |
|
520000 |
|
Roshan Billimoria |
|
2 |
|
Total |
|
3400000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
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 |
15.29 |
|
Directors or relatives of Directors |
84.71 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Solutions for Metal Cutting and Metal Forming. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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|
Name : |
Badari Madhusudhan Srinivasan Chartered Accountants |
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Address : |
Gc Alsa Glenridge, 32 Langford Road, Bangalore-560025, Karnataka,
India |
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Tel. No.: |
91-80-41237101 / 02 |
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Mobile No.: |
91-9886270980 |
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E-Mail : |
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PAN No.: |
AAAFB6539M |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs. 35.000 Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3400000 |
Equity Shares |
Rs.10/- each |
Rs. 34.000 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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.000 |
34.000 |
34.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
170.590 |
145.056 |
129.516 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
204.590 |
179.056 |
163.516 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.667 |
1.632 |
2.870 |
|
|
2] Unsecured Loans |
21.467 |
19.579 |
18.276 |
|
|
TOTAL BORROWING |
22.134 |
21.211 |
21.146 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
226.724 |
200.267 |
184.662 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.346 |
8.530 |
9.653 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
117.960 |
54.653 |
109.814 |
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|
DEFERRED TAX ASSETS |
2.676 |
1.486 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
51.554
|
27.672 |
17.828 |
|
|
Cash & Bank Balances |
1.173
|
5.792 |
3.063 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
135.798
|
182.187 |
123.285 |
|
Total
Current Assets |
188.525
|
215.651 |
144.176 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
4.085 |
|
|
Other Current Liabilities |
8.772
|
5.166 |
0.001 |
|
|
Provisions |
81.011
|
74.887 |
74.895 |
|
Total
Current Liabilities |
89.783
|
80.053 |
78.981 |
|
|
Net Current Assets |
98.742
|
135.598 |
65.195 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
226.724 |
200.267 |
184.662 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
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Commission Revenue |
94.336 |
55.131 |
NA |
|
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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|
Less |
EXPENSES |
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|
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
30.468 |
14.099 |
NA |
|
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Less |
TAX |
4.934 |
(1.441) |
NA |
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PROFIT AFTER TAX
|
25.534 |
15.540 |
NA |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
124.327 |
108.787 |
NA |
|
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BALANCE CARRIED
TO THE B/S |
149.861 |
124.327 |
108.787 |
|
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|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
92.820 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
32.30
|
25.57 |
NA |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.56
|
6.29 |
NA |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.08 |
NA |
|
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|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.12 |
0.13 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.69 |
1.83 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS
The company’s performance has significantly improved with the commission
earnings showing an increase of 71% as compared to the previous year
Based on the order booked status, the company hopes to achieved good
results in the coming year also.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Ishan Trust |
1.169 |
0.068 |
|
Kabir Trust |
1.366 |
0.239 |
|
Karishma Trust |
1.179 |
0.075 |
|
K.K. Grover |
0.000 |
8.221 |
|
Kapil Grover |
1.563 |
1.012 |
|
Karan Grover |
11.837 |
8.913 |
|
Brij Ratanlal |
0.350 |
0.350 |
|
Jayshree Grover |
1.124 |
0.028 |
|
Nisha Grover |
1.156 |
0.058 |
|
Neha Trust |
1.223 |
0.115 |
|
Roshan Billimoria |
0.500 |
0.500 |
|
Total |
21.467 |
19.579 |
FIXED ASSETS
- Tangible
Assets
- Computers and
Software’s
- Furniture and
Fixtures
- Office
Equipment
- Motor Cars
and Scooters
- 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 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 : |
MRI |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.