MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HRS PROCESS SYSTEMS LIMITED (w.e.f 22.04.2010) |
|
|
|
|
Formerly Known
As : |
HRS PROCESS SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
201/202, 2nd
Floor, Karan Selene, 851, Bhandarkar Institute Road, Pune – 411004,
Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
01.04.2003 |
|
|
|
|
Com. Reg. No.: |
25-017846 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 5.100 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29198PN2003PLC017846 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04305A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCH2679G |
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|
|
|
Legal Form : |
A Closely Held Public Limited
Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Seller of Heat Exchangers |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 520000 |
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|
|
|
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 a subsidiary of “HRS International Limited, UK.” It is an established company having satisfactory track The company possesses a favourable financial profile marked by modest
networth low, gearing and healthy
debt protection metrics. Management has reported a significant increase in its sales volume as
well as a net profitability during 2013. The ratings also take into consideration the large working capital
requirements, modest scale of operations and increasing competition. However, trade relations are fair. Business is active. Payments terms
are reported as usually correct. In view of technological support extended form its parent, 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB– Long term rating |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
December 20,2013 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
A3- Short term rating |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
December 20,2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Vinay Gokhale |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-20-25663581 |
|
Date : |
25.04.2014 |
LOCATIONS
|
Registered / Corporate Office 1: |
201/202, 2nd
Floor, Karan Selene, 851, Bhandarkar Institute Road, Pune – 411004,
Maharashtra, India |
|
Tel. No. : |
91-20-25663581/ 6047894/ 25663582/ 66047894/ 66047895 |
|
Mobile No. : |
91-20-25663583 |
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Fax No. : |
91-20-25663583 |
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E-Mail : |
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|
Website : |
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|
Area : |
7100 Sq.fts |
|
Location : |
Rented |
|
|
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|
Corporate Office 2: |
501/502, Karan
Selene, 851, |
|
Tel. No. : |
91-91-2137-676701 |
|
Fax No. : |
91-91-2137-676705 |
|
E-Mail : |
|
|
Area : |
15000 Sq. fts |
|
Location : |
Owned |
|
|
|
|
Factory: |
Gat No.565/1, Koregaon, Bhima, Taluka Shirur, District Pune-411 004,
Maharashtra, India- |
|
Tel. No. : |
91-2137-676701 |
|
Fax No. : |
91-2137-676705 |
|
E-Mail : |
|
|
Area : |
15000 Sq. fts |
|
Location : |
Owned |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Gokuldas Venugopalan |
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|
Designation : |
Managing Director |
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Address : |
Flat No.12, Anushka, |
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Date of Birth/Age : |
03.06.1963 |
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Date of Appointment : |
04.01.2013 |
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DIN No. : |
00489737 |
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Other Directorship :
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Name : |
Mr. Rajendra Kantrao Dawkar |
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Designation : |
Whole – time Director |
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Address : |
Building No. F1-6, Citadel, |
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Date of Birth/Age : |
06.02.1967 |
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Date of Appointment : |
01.04.2010 |
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DIN No. : |
02581847 |
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Other Directorship :
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|
Name : |
Mr. Steven John Pither |
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Designation : |
Director |
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Address : |
10-12, Caxton Way, Watford, England |
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Date of Appointment : |
13.06.2003 |
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DIN No. : |
02047015 |
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KEY EXECUTIVES
|
Name : |
Mr. Vinay Gokhale |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
HRS International Limited, |
469146 |
91.99% |
|
HRS Heat Exchangers Limited, |
51 |
0.01% |
|
Gokuldas Venugopalan |
40799 |
8.00% |
|
Elizabeth Das |
1 |
0.00% |
|
Francisco Javier Abad Ruiz |
1 |
0.00% |
|
Pither Edward Steven |
1 |
0.00% |
|
Twydle Michael Robert |
1 |
0.00% |
|
Total |
510000 |
100.00% |
As on : 30.09.2013
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 |
92.00 |
|
Directors or relatives of Directors |
8.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Heat Exchangers |
|
|
|
|
Exports : |
|
|
Products : |
· Ecoflux ·
Corrugated Tube Heat Exchangers |
|
Countries : |
·
Malaysia Australia Thailand Dubai, etc |
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|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Germany Italy US. |
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Terms : |
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|
Selling : |
Cash and Credit |
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|
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS
|
Particular |
Units |
Actual
Production |
|
Corrugated Tube Heat Exchanger |
Nos. |
1335 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
110 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Naniwadekar and Company Chartered Accountants |
|
Address : |
2, Nalini
Apartments, Plot No. 3/10, |
|
Tel. No. : |
91-20-25439238/ 25448641 |
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Fax No. : |
91-20-25439238 |
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E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AANPN9281B |
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Holding Company: |
HRS International Limited, UK |
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|
|
|
Fellow Subsidiaries:: |
· HRS Heat Exchangers SDN BHD HRS
FUNKE Heat Exchange FZCO HRS
Heat Exchangers Limited, UK HRS
Heat Exchangers SLU, Spain HRS
Process Technology INC Heat Exchangers Spares com |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510000 |
Equity Shares |
Rs.10/- each |
Rs. 5.100 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
5.100 |
5.100 |
5.100 |
|
(b) Reserves & Surplus |
125.284 |
119.053 |
115.051 |
|
(c) Money
received against Share WARRANTS |
0.000 |
0.000 |
0.00 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
130.384 |
124.153 |
120.151 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term Borrowings |
11.623 |
0.000 |
0.000 |
|
(b) Deferred Tax Liabilities (Net) |
6.108 |
2.907 |
3.982 |
|
(c) Other Long Term Liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term Provisions |
0.000 |
0.000 |
2.917 |
|
Total Non-current Liabilities (3) |
17.731 |
2.907 |
6.899 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short Term Borrowings |
42.420 |
27.330 |
23.616 |
|
(b) Trade Payables |
29.500 |
14.331 |
27.159 |
|
(c) Other Current
Liabilities |
41.113 |
31.998 |
26.149 |
|
(d) Short-term Provisions |
30.655 |
17.703 |
24.686 |
|
Total Current Liabilities (4) |
143.688 |
91.362 |
101.610 |
|
|
|
|
|
|
TOTAL |
291.803 |
218.422 |
228.660 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible Assets |
88.883 |
69.959 |
69.439 |
|
(ii) Intangible Assets |
0.664 |
0.217 |
0.172 |
|
(iii) Capital
Work-in-Progress |
0.502 |
0.000 |
0.000 |
|
(iv) Intangible
assets under Development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred Tax Assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.557 |
4.335 |
4.380 |
|
(e) Other Non-current Assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
94.606 |
74.511 |
73.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
85.850 |
86.093 |
65.666 |
|
(c) Trade Receivables |
72.806 |
32.135 |
58.673 |
|
(d) Cash and Cash
Equivalents |
5.735 |
5.144 |
6.503 |
|
(e) Short-term Loans and
Advances |
30.255 |
16.660 |
22.148 |
|
(f) Other Current Assets |
2.551 |
3.879 |
1.679 |
|
Total Current Assets |
197.197 |
143.911 |
154.669 |
|
|
|
|
|
|
TOTAL |
291.803 |
218.422 |
228.660 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
408.372 |
290.690 |
382.421 |
|
|
|
Other Income |
1.740 |
1.965 |
3.141 |
|
|
|
TOTAL (A) |
410.112 |
292.655 |
385.562 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
199.354 |
160.980 |
199.391 |
|
|
|
Changes in inventories of Finished Goods work-in-progress and
stock-in-trade |
7.143 |
(28.950) |
(5.270) |
|
|
|
Employees benefit Expenses |
71.487 |
52.155 |
46.404 |
|
|
|
Other Expenses |
105.459 |
94.210 |
97.002 |
|
|
|
TOTAL |
383.443 |
278.395 |
337.527 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
26.669 |
14.260 |
48.035 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.984 |
4.190 |
2.442 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.685 |
10.070 |
45.593 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.266 |
4.143 |
4.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
17.419 |
5.927 |
41.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.563 |
1.925 |
13.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
8.856 |
4.002 |
27.512 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
110.423 |
106.421 |
89.986 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividends |
2.244 |
0.000 |
11.077 |
|
|
|
Dividend Distribution tax on Proposed Dividend |
0.381 |
0.000 |
|
|
|
|
Transfer to General Reserve |
0.886 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
115.768 |
110.423 |
106.421 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB
Value of Exports |
35.687 |
31.198 |
13.818 |
|
|
|
TOTAL EARNINGS |
35.687 |
31.198 |
13.818 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
37.242 |
27.505 |
23.067 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.277 |
|
|
TOTAL IMPORTS |
37.242 |
27.505 |
23.344 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.37 |
7.85 |
53.94 |
|
|
Particulars |
|
|
31.03.2014 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
450.000 |
|
|
|
|
|
The above information has been parted by Mr. Vijay Gokhale
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.16
|
1.37
|
7.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.27
|
2.04
|
10.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.98
|
2.71
|
18.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.05
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41
|
0.22
|
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.58
|
1.52 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
5.100 |
5.100 |
5.100 |
|
Reserves & Surplus |
115.051 |
119.053 |
125.284 |
|
Net
worth |
120.151 |
124.153 |
130.384 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
11.623 |
|
Short term borrowings |
23.616 |
27.330 |
42.420 |
|
Total
borrowings |
23.616 |
27.330 |
54.043 |
|
Debt/Equity
ratio |
0.197 |
0.220 |
0.414 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
382.421 |
290.69 |
408.372 |
|
|
|
-23.987 |
40.484 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
382.421 |
290.69 |
408.372 |
|
Profit |
27.512 |
4.002 |
8.856 |
|
|
7.19% |
1.38% |
2.17% |
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 |
YES |
|
5] |
Type of Business |
YES |
|
6] |
Line of Business |
YES |
|
7] |
Promoter's background |
YES |
|
8] |
No. of employees |
YES |
|
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 |
YES |
|
17] |
Major suppliers |
NO |
|
18] |
Major customers |
NO |
|
19] |
Payments terms |
YES |
|
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 |
NO |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
NO |
|
34] |
External Agency Rating,
if available |
YES |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10029876 |
27/03/2012 * |
165,300,000.00 |
STATE BANK OF INDIA |
DECCAN GYMKHANA, PUNE - 411004, MAHARASHTRA, INDIA |
B36228831 |
CHANGE OF ADDRESS
The registered office of the company has been
shifted from Pune – 411021,
Maharashtra, India to the present address
w.e.f 22.11.2006
COMPANY INFORMATION
Subject (formerly known as HRS Process Systems Private Limited) was incorporated on 01 April 2003, under the Companied Act, 1956.
The company is a part of HRS Group and is engaged in manufacture and sale of heat exchangers in domestic and export market.
The company is headquarted in Pune with manufacturing
location at Koregaon Bims, Shirur
FUTURE PLANS
The company is consolidating its business from growth sectors - pharma, nutraceuticals, food processing, beverage, speciality chemicals, snack food and such sectors. They have also made inroads to core sectors like steel, cement and power.
They have launched new product - Hot water systems and CIP System - which are required in many sectors, like pharma, food processing. Their heat exchanger business is growing.
International business is showing good growth with their group company in Malaysia catering to the region. They expect good business in the coming year.
They shall be completing their 2" phase of factory expansion by adding some building for storage of material and also for processing.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Guarantee |
16.436 |
9.318 |
|
Other money for which the company is contingently
liable – Income tax (Not Recongnised) |
8.083 |
0.006 |
|
Total |
24.519 |
9.324 |
FIXED ASSETS
v
Tangible
Assets
Land
Building
Vehicles
Computers
Furniture
and Fixtures
Office
Equipment
Plant
and Machinery
Plant
and Machinery – Electrical Installations
v
Intangible
Assets
Computer
Software
Goodwill
WEBSITE DETAILS
Press Release
HRS Systems eyes growth with FDI in retail sector
January 02, 2013
(HRS PSL), part of
UK based HRS Group, a heat transfer specialist, which operates at the forefront
of thermal processing technology is eying business of Rs 1000.000
Millions from existing Rs 350. 000
Millions in the next five years. Also, it is
targeting multi-brand retail FDI opportunity
to the food processing industry.
Large companies in this segment are
already gearing up to introduce new verities of processed food products to suit
the tastes of the Indian palette.
Over 65 per cent of the company’s
business in India is generated from the chemical process industry with a growth
rate of 30 per cent year on year.
The company is also exploring other
sectors like food & beverage and pharma.
Commenting
on FDI in retail development, V Gokul Das, managing director, HRS
Process Systems said," Currently, the industry is facing the problem of
efficient conversion of farm produce as the product gets easily perished before
reaching the consumer. The need of the hour is advanced processing technology
whereby we can process and store food for sufficient time required up to
consumption. FDI will enable better cold storage and transportation facilities ensuring
reduced wastage and more food available for processing thus enabling companies
like HRS to provide innovative processing solutions of international standards
at competitive prices."
WELL-DESIGNED HEAT EXCHANGERS CAN REDUCE MAINTENANCE COST: V
GOKUL DAS, HRS PROCESS SYSTEMS
The performance of
heat exchangers has an impact not only on the capital cost but also on
operating cost. Here are a few useful maintenance tips for trouble-free
performance of heat exchangers.
Heat exchangers are the
heart of any process industry and are equipment that perform the heating or cooling operations. Their
performance and longevity has an impact not only on the capital cost but also
on operating cost. We all know that breakdown maintenance is costly and
annoying, thereby necessitating a regular maintenance schedule for process
equipments like heat exchangers. A well designed heat exchanger will not only give a good performance
but also have low maintenance requirement.
Shell and tube heat exchangers and plate type heat exchangers are two
prominently used heat exchangers in the process industry. Over the years many
units have been designed based on scale up of earlier design or a ‘need to use’
design, which can sometimes lead to improper performance and higher
maintenance. The corrugated tube heat exchanger which is an advancement
over these two heat exchangers and has many advantages, is a good choice, one
of which is low maintenance. Understanding of the application where the heat
exchanger is required enables one to design an efficient heat exchange
solution .
Maintenance requirement
The heat exchangers normally have process fluids in liquid/ vapour (gaseous)
form as the primary fluid and the secondary fluid normally is a utility, viz,
cooling water/hot water/chilled water (brine, steam, refrigerant gases or
process fluids). The fluids or the process can have/can generate material that
adheres to the heat transfer surface thereby impacting heat transfer. This is termed
generically as ‘fouling’, which can be of the following types:
- Fouling due
to high dissolved solid content
- Fouling due
to suspended colloidal solids
- Localised
precipitation of dissolved solid
- Biological
fouling due to algae/fungi typically in cooling water
- Deposition
due to chemical reaction
- Corrosion due
to non-compatible material
- Solidification
due to temperature or property of fluids, etc
Hence, in a process plant it is inevitable that
some of the equipments would need servicing or maintenance.
Analysis/measuring
aids
It is important to be able to measure the
drop in performance of the heat exchanger or in other words the need for
maintenance of heat exchanger. There are indicators which become handy at
times:
·
Monitoring the equipment with the help
of temperature and pressure gauges helps to identify a drop in performance
·
Reduction/elevation in temperature over
design with no change in parameters like fluid flow rate and properties
·
When the unit does not cool or heat as
designed or specified (loss of heat transfer occurs)
·
When pressure drop rises and exceeds
original design, with no change in parameters like fluid flow rate and
properties
·
In some systems, choking of filter can
also be an indication of these symptoms
·
Some failures can be detected during
regular visual checks through visible leaks or cross contamination between
fluids
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KRU |
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 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.