MIRA
INFORM REPORT
|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HELICAL AUTO TECHNOLOGY INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 115, 116, 117, Village Ambedwet, Taluka Mulshi, Pune-412108, |
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Country : |
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|
|
|
Financials (as
on) : |
31.12.2011 [Summarized] |
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|
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|
Date of
Incorporation : |
19.05.2006 |
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|
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|
Com. Reg. No.: |
11-128490 |
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|
Capital
Investment / Paid-up Capital : |
Rs.24.055 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN2006PTC128490 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH05338E |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCH6955P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Actuators and Valve Rotators for large
diesel and gas Engine. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 233200 |
|
|
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Management
of the company has failed to file its financial after 2011 with the
government department. As per available financial of 2011, financial of the company seems to
be decent. Trade relations are fair. Business is active. Payments are reported to
be unknown. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous year.
The drop in India was steeper at 21 %. State run carrier Air India is doling
out free tickets to its 24000 employees, even as it expects to incur a loss of
Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number
of jobs generated across India in 2013, a fall of 0.4 % as compared to with a
year earlier. The National Capital Region has a one-fourth share in total
jobs created, according to a study by industry lobby group Assochem, Banks,
real estate, automobile and telecommunications sectors are showing a rise of
job creation. $ 805 mn investments by venture capital firms in India during
2013, registering a drop of about 18 % over the previous year. The Information
Technology and IT-Enabled Services Industry retained its status as the
favourable venture capital investors in 2013. Pakistan has temporarily banned
gold imports for the second time in six months, as it tries to stem smuggling
into India. India’s import duty on gold is 10 % and curbs on purchases have
dried up legal imports into what used to be the world’s biggest bullion buyers.
The World Gold Council puts the amount smuggled into India at upto 200 tonnes
in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits
estimated to be about Rs 35000 mn be used for education and awareness among
depositors. According to the plan, deposits that have not been claimed
for at least 10 years will be transferred to the scheme.
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
Management non co-operative [91-20-67960600]
LOCATIONS
|
Registered Office / Factory : |
Gat No. 115, 116, 117, Village Ambedwet, Taluka Mulshi, Pune-412108,
Maharashtra, India |
|
Tel. No.: |
91-20-67960600 |
|
Fax No.: |
91-20-67960679 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 15.03.2012
|
Name : |
Mr. Vibhas Nilakanth Ambekar |
|
Designation : |
Managing Director |
|
Address : |
47/4B, Gananjay Society, A/3/5, Sedul Apartments, Chitranagar,
Kothrud, Pune-411038, |
|
Date of Birth/Age : |
18.07.1964 |
|
Date of Appointment : |
08.03.2007 |
|
DIN No.: |
01350389 |
|
|
|
|
Name : |
Mr. Alistair Mills James Morris |
|
Designation : |
Director |
|
Address : |
19, ST Pauls Avenue, Lytham,
Lancshire, U.K |
|
Date of Birth/Age : |
12.11.1960 |
|
Date of Appointment : |
19.05.2006 |
|
DIN No.: |
00139141 |
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|
|
|
Name : |
Mr. Charles Mills James Morris |
|
Designation : |
Director |
|
Address : |
28, |
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Date of Birth/Age : |
28.11.1955 |
|
Date of Appointment : |
19.05.2006 |
|
DIN No.: |
00138999 |
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|
|
|
Name : |
Mr. Geradrd Anthony Harold Cookson |
|
Designation : |
Director |
|
Address : |
17, Malvern Close, Warrington, Cheshire WA 5 3QA |
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Date of Birth/Age : |
01.09.1965 |
|
Date of Appointment : |
19.05.2006 |
|
DIN No.: |
00138732 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.03.2012
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Helical Technology Limited, UK |
1930505 |
80.25 |
|
Geradrd Anthony Harold Cookson |
432990 |
18.00 |
|
Charles Mills James Morris |
20750 |
0.86 |
|
Alistair Mills James Morris |
20750 |
0.86 |
|
Vibhas Nilakanth Ambekar |
500 |
0.02 |
|
|
|
|
|
TOTAL
|
2405495 |
100.00 |
AS ON 15.03.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
97.92 |
|
Directors
or relatives of directors |
|
2.08 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
· IDBI Bank Limited ·
HDFC Bank Limited ·
AXIS Bank ·
HSBC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N. R Dhavalikar and Company Chartered Accountants |
|
Address : |
45/5A, Nimit Co-operative Society, Flat No. 2, Karve Nagar,
Pune-411052, |
|
Tel. No.: |
91-20-24494795 |
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PAN No: |
ABDPD7300G |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.10/- each |
Rs.45.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2405495 |
Equity Shares |
Rs.10/- each
|
Rs.24.055
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
SUMMARIZED FIGURES
|
PARTICULAR |
31.12.2011 |
|
Share Capital |
24.055 |
|
|
|
|
Reserves and Surplus |
34.255 |
|
|
|
|
Long Term Borrowings |
16.420 |
|
|
|
|
Deferred Tax Liabilities |
3.297 |
|
|
|
|
Other Long Term Liabilities |
0.718 |
|
|
|
|
Long Term Provision |
0.588 |
|
|
|
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Short Term Borrowings |
21.944 |
|
|
|
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Trade Payable |
93.261 |
|
|
|
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Other Current Liabilities |
3.844 |
|
|
|
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Short Term Provision |
14.000 |
|
|
|
|
Tangible Assets |
51.054 |
|
|
|
|
Intangible Assets |
0.985 |
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|
|
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Capital Work in Progress |
18.067 |
|
|
|
|
Loans and Advances |
16.518 |
|
|
|
|
Inventories |
58.736 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
24.055 |
24.055 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.001 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
30.056 |
24.055 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5.506 |
0.414 |
|
|
2] Unsecured Loans |
|
32.106 |
23.769 |
|
|
TOTAL BORROWING |
|
37.612 |
24.183 |
|
|
DEFERRED TAX LIABILITIES |
|
2.438 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
70.106 |
48.238 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
38.980 |
30.782 |
|
|
Capital work-in-progress |
|
2.335 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
3.069 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
29.371 |
21.144 |
|
|
Sundry Debtors |
|
51.246 |
21.890 |
|
|
Cash & Bank Balances |
|
12.357 |
6.400 |
|
|
Other Current Assets |
|
5.965 |
5.326 |
|
|
Loans & Advances |
|
2.930 |
3.524 |
|
Total
Current Assets |
|
101.869 |
58.284 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
61.339 |
51.372 |
|
|
Provisions |
|
11.877 |
3.812 |
|
Total
Current Liabilities |
|
73.216 |
55.184 |
|
|
Net Current Assets |
|
28.653 |
3.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.138 |
11.287 |
|
|
|
|
|
|
|
|
TOTAL |
|
70.106 |
48.238 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
|
|
|
|
|
|
|
GROSS REVENUE |
295.593 |
162.364 |
423.182 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.867 |
29.048 |
(2.233) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2.525 |
1.906 |
1.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
46.342 |
27.142 |
(3.420) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
18.088 |
10.098 |
0.791 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
28.254 |
17.044 |
(4.211) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
11.75 |
7.09 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
19.27 |
(3.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.90 |
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
1.25 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.39 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2009 |
31.12.2010 |
31.12.2011 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Revenue |
423.182 |
162.364 |
295.593 |
|
|
|
(61.633) |
82.056 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2009 |
31.12.2010 |
31.12.2011 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Gross Revenue |
423.182 |
162.364 |
295.593 |
|
Profit |
(4.211) |
17.044 |
28.254 |
|
|
(1.00%) |
10.50% |
9.56% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
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 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10369003 |
28/03/2013 * |
145,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B74087776 |
|
* Date of charge modification |
||||||
FIXED ASSETS:
·
Computers and Peripheral
·
Electrification
·
Furniture and Fixtures
·
Factory Improvement
·
Office Equipments
·
Plant and Machinery
·
Land
·
Vehicle
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.62.12 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.