MIRA INFORM REPORT

 

 

Report No. :

355829

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

HACO MACHINERY PRIVATE LIMITED (w.e.f. 24.02.2011)

 

 

Formerly known as :

ISGEC HACO METAL FORMING MACHINERY PRIVATE LIMITED

 

 

Registered Office :

Plot No 122A, Sector-6, HSIIDC, IMT, Bawal – 123501, Haryana

Tel. No.:

Not Available

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.01.2006

 

 

Com. Reg. No.:

035983

 

 

Capital Investment / Paid-up Capital :

Rs.286.187 Million

 

 

CIN No.:

[Company Identification No.]

U29299HR2006PTC035983

 

 

IEC No.:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Trader of all kinds of plants, equipment, machinery, apparatus, tools, utensils in sheet metal machines and metal forming machines of any kind including components, spare parts etc. (Confirmed by indirect sources)

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 385000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated in the year 2006. It is a wholly subsidiary of Haco, NV, Belgium. It has satisfactory track.

 

Management has the company has failed to file financials for the year 2015 with the government department.

 

As per the available financials of the year 2014, the company has earned profit from its operations over preceding year losses. Further, the company has reported adequate networth base along with comfortable debt level in the year under considerations.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, 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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term rating : D (Suspended)

Rating Explanation

Lowest-credit-quality and very low prospects of recovery.

Date

Sep, 2014

 

 

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 31-03-2015.

 

 

LOCATIONS

 

Registered Office :

Plot No 122A, Sector-6, HSIIDC, IMT, Bawal – 123501, Haryana, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

accounts@haco-india.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Baldev Raj Sachdeva

Designation :

Director

Address :

46/6, Community Centre,, East Of Kailash, New Delhi - 110065, India

Date of Birth/Age :

18.06.1963

Date of Appointment :

24.11.2010

DIN No.:

00016325

 

 

Name :

Roger De Marez

Designation :

Nominee Director

Address :

Bergstvaat-32, Roeselare, 008800, , Belgium

Date of Birth/Age :

23.11.1941

Date of Appointment :

18.01.2006

DIN No.:

00090032

 

 

Name :

Kurt Havegeer

Designation :

Nominee Director

Address :

Oekensestraat 118, Roeselare, 008800 , Belgium

Date of Birth/Age :

18.10.1962

Date of Appointment :

18.01.2006

DIN No.:

00090116

 

 

Name :

Rogier Havegeer

Designation :

Nominee Director

Address :

Ockensestraat 120, Roeselare, 008800, Belgium

Date of Birth/Age :

18.04.1939

Date of Appointment :

18.01.2006

DIN No.:

00090146

 

 

Name :

Vikash Verma

Designation :

Director

Address :

66 Kv Hseb, Tauru, Mewat - 122105, Haryana, India

Date of Birth/Age :

04.02.1980

Date of Appointment :

07.05.2014

DIN No.:

06863075

 

 

Name :

Vivek Raj Jain

Designation :

Director

Address :

W-116, First Floor, Uppal South End, South City Ii, Sohna Road, Sector-49, Gurgaon - 122018, Haryana, India

Date of Appointment :

01.11.2014

DIN No.:

06996746

 

 

KEY EXECUTIVES

 

Name :

Jatin Mahajan

Designation :

Secretary

Address :

A-2/63, Prateek Apartments,, Paschim Vihar, New Delhi - 110063, India

PAN No.:

ASTPM4570E

Date of Appointment :

01.04.2015

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Haco N.V., Belgium

 

28618723

Vikas Sharma

 

1

Total

 

28618724

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of all kinds of plants, equipment, machinery, apparatus, tools, utensils in sheet metal machines and metal forming machines of any kind including components, spare parts etc. (Confirmed by indirect sources)

 

 

Products :

  • Tools
  • Utensils
  • Metal forming machines etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS NOT AVAILABLE

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name

State Bank of Patiala

Branch

Commercial Branch, Chandralok Building, 36, Janpath, New Delhi - 110001, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

K.C. Malhotra and Company

Chartered Accountants

Address :

R-79, Greater Kailash - I

PAN No.:

AAFFK8019E

 

 

Memberships :

--

 

 

Collaborators :

---

 

 

Holding company :

HACO, NV

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives

  • Robosoft, Belgium
  • Mubea Systems, Belgium
  • Liptovske, Slovakia
  • Fabryka, Poland
  • Saca India Private Limited, India
  • The Kingsland Engg. Company Limited, U.K.
  • Ningbo Hamudu Machinery Company Limited, China
  • Saca Nv, Belgium
  • Haco Service Company, Belgium
  • Haco Far East Singapore

 

 

CAPITAL STRUCTURE

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30,500,000

Equity Shares

Rs.10/- each

Rs.305.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

28,618,724

Equity Shares

Rs.10/- each

Rs.286.187 Million


 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2013

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

286.187

286.187

286.187

(b) Reserves & Surplus

(151.363)

(195.118)

(152.612)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

134.824

91.069

133.575

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

22.139

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

62.322

0.000

0.000

(d) long-term provisions

1.241

1.051

1.008

Total Non-current Liabilities (3)

63.563

1.051

23.147

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

48.684

54.071

39.159

(b) Trade payables

114.116

128.020

95.846

(c) Other current liabilities

32.259

58.635

42.128

(d) Short-term provisions

0.942

1.209

1.258

Total Current Liabilities (4)

196.001

241.935

178.391

 

 

 

 

TOTAL

394.388

334.055

335.113

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

83.369

220.577

154.556

(ii) Intangible Assets

12.079

15.422

18.765

(iii) Capital work-in-progress

0.245

1.851

1.851

(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)

29.471

20.662

17.305

(d)  Long-term Loan and Advances

0.748

0.748

0.748

(e) Other Non-current assets

1.093

0.000

0.000

Total Non-Current Assets

127.005

259.260

193.225

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

45.996

47.878

110.032

(c) Trade receivables

2.731

6.084

8.933

(d) Cash and cash equivalents

1.724

1.122

2.943

(e) Short-term loans and advances

14.708

19.658

19.939

(f) Other current assets

202.224

0.053

0.041

Total Current Assets

267.383

74.795

141.888

 

 

 

 

TOTAL

394.388

334.055

335.113

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

36.912

72.586

86.942

 

Other Income

0.417

0.553

 NA

 

TOTAL

37.329

73.139

NA

 

 

 

 

 

 

EXPENSES

107.946

129.913

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(70.617)

(56.774)

NA

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION

10.175

10.911

NA

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, EXCEPTIONAL ITEMS

(60.442)

(45.864)

36.768

 

 

 

 

 

 

EXCEPTIONAL ITEMS

95.388

0.000

 0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

34.946

(45.864)

36.768

 

 

 

 

 

 

TAX

(8.809)

(3.358)

70.897

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

43.755

(42.506)

(34.129)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

0.110

NIL

NA

 

TOTAL EARNINGS

0.110

NIL

NA

 

 

 

 

 

 

IMPORTS

5.668

30.050

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 1.53

(1.49)

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

22.434

24.000

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

NA

NA

NA

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

118.54

(58.56)

(39.25)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

(0.50)

0.28

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.36

0.59

0.46

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.36

0.31

0.80

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

286.187

286.187

286.187

Reserves & Surplus

(152.612)

(195.118)

(151.363)

Share Application money pending allotment

0.000

0.000

0.000

Net worth

133.575

91.069

134.824

 

 

 

 

long-term borrowings

22.139

0.000

0.000

Short term borrowings

39.159

54.071

48.684

Total borrowings

61.298

54.071

48.684

Debt/Equity ratio

0.459

0.594

0.361

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

86.942

72.586

36.912

 

 

(16.512)

(49.147)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

86.942

72.586

36.912

Profit/Loss

(34.129)

(42.506)

43.755

 

(39.25%)

(58.56%)

118.54%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

-----

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

---

33

Market information

---

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

PERFORMANCE

 

The overall performance of the company has been positive. During the year numbers of steps have been taken by the company to augment its resources for higher profitability and it is expected that the steps taken would bring further appreciable change in the coming years. 

 

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY


 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

SNT

 


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

4

--MARGINS

-5~5

----

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.