MIRA INFORM REPORT
|
Report No. : |
307813 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
HITECH EXTRUSION LLP |
|
|
|
|
Registered
Office : |
'Ashish', 58, Digvijay Plot, Opposite Water Tank, Jamnagar – 361005, Gujarat |
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Country : |
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|
Financials (as
on) : |
31.03.2014 |
|
|
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Date of
Incorporation : |
31.12.2010 |
|
|
|
|
Total Obligation
of Contribution: |
Rs.10.000 Millions |
|
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|
|
LLPIN: |
AAA-3260 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
RKTH01409C |
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|
|
PAN No.: [Permanent Account No.] |
AAFFH9952H |
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|
|
|
Legal Form : |
Limited Liability Partnership |
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Line of Business
: |
Manufacturer and Exporter of Brass and Copper Alloy Extrusion. |
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|
|
|
No. of Employees
: |
60 (Approximately) |
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 |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a Limited Liability Partnership concern. It is having a
moderate track record. Mr. Jatin Patel (HR Manager) has provided us with all the information
to us. Profitability of the concern seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The subject can be considered for business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = B |
|
Rating Explanation |
Have high risk of default. |
|
Date |
September, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Buyer credit / Letter of comfort / Foreign Guarantee = A4 |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk |
|
Date |
September, 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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Jatin Patel |
|
Designation : |
HR Manager |
|
Contact No.: |
91-9714886329 |
|
Date : |
12.02.2015 |
LOCATIONS
|
Registered Office : |
'Ashish', 58, Digvijay Plot, Opposite Water Tank, Jamnagar
– 361005, Gujarat, India |
|
Tel. No. : |
91-288-2564041 |
|
Mobile No. : |
91-9714886329 (Mr. Jatin Patel) |
|
Fax No. : |
91-288-2565009 |
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E-Mail : |
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|
Website : |
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Corporate Office/ Factory : |
Plot No. 3003-3007, GIDC, Phase-III, Dared, Jamnagar – 361004,
Gujarat, India |
|
Tel. No. : |
91-288-2730435 |
|
Fax No. : |
91-288-2730437 |
PARTNERS
|
Name : |
Mr. Ketan Anil Shah |
|
Designation : |
Designated Partner |
|
Address : |
44/B, Rajul Apartments, J. Mehta Marg, Napean Sea Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
02.09.1967 |
|
Date of Appointment : |
30.12.2010 |
|
PAN No.: |
AAIPS9400J |
|
Passport No. : |
G0441821 |
|
DPIN No. : |
03183051 |
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|
|
|
Name : |
Mr. Vasant Vaikunthbhai Kataria |
|
Designation : |
Designated Partner |
|
Address : |
Ashish, 58, Digvijay Plot, Near Water Tank, Jamnagar, Gujarat, India |
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Date of Birth/Age : |
28.12.1979 |
|
Date of Appointment : |
30.12.2010 |
|
PAN No. : |
AEAPK7486A |
|
DPIN No. : |
05012394 |
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|
|
|
Name : |
Harbai Vainkuthbhai Kataria |
|
Designation : |
Partner |
|
Address : |
'Ashish', 58, Digvijay Plot, Opposite Water Tank, Jamnagar
– 361005, Gujarat, India |
|
Date of Birth/Age : |
25.07.1957 |
|
Date of Appointment : |
30.12.2010 |
|
PAN No. : |
ADNPK4177G |
|
|
|
|
Name : |
Hina Deepak Shah |
|
Designation : |
Partner |
|
Address : |
B-83, Rajul Appartments, 9, J. Mehta Marg, Nepeansea Road, Walkeshwar,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1972 |
|
Date of Appointment : |
30.12.2010 |
|
PAN No. : |
ABFPS0392H |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Patel |
|
Designation : |
Manager |
|
|
|
|
Name : |
Mr. Jaideep |
|
Designation : |
Accounts Executive |
CONTRIBUTION DETAILS
As on 31.03.2014
|
Names of Shareholders |
|
(Rs. In Million) |
|
Ketan Anil Shah |
|
6.000 |
|
Vasant Vaikunthbhai Kataria |
|
3.000 |
|
Harbai Vainkuthbhai Kataria |
|
1.000 |
|
Total |
|
10.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Brass and Copper Alloy Extrusion. |
|
|
|
|
Products : |
Brass and Copper Alloy Extrusion |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Brass and Copper Alloy Extrusion |
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Countries : |
Saudi Arabia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Chetan Agarwal Chartered Accountant |
|
Address : |
Jamnagar, Gujarat, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
As on 31.03.2014
|
Particular |
Rs. In Millions |
|
|
|
|
Total Obligation of
Contribution: |
10.000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
PARTNERS FUNDS |
|
|
|
|
|
1] Contribution received |
10.000 |
10.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.494 |
0.550 |
0.092 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.494 |
10.550 |
0.192 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
83.274 |
79.937 |
54.010 |
|
|
2] Unsecured Loans |
85.915 |
61.497 |
86.242 |
|
|
TOTAL BORROWING |
169.189 |
141.434 |
140.252 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
183.683 |
151.984 |
140.444 |
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APPLICATION OF
FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
22.921 |
20.625 |
23.834 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
|
INVESTMENT |
1.740 |
0.150 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
40.256 |
11.441 |
29.363 |
|
|
Sundry Debtors |
144.574 |
117.883 |
66.753 |
|
|
Cash & Bank Balances |
8.091 |
4.923 |
1.728 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
20.187 |
9.970 |
23.397 |
|
Total
Current Assets |
213.108 |
144.217 |
121.241 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Other Current Liabilities |
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|
Provisions |
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Total
Current Liabilities |
54.086 |
13.008 |
4.631 |
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|
Net Current Assets |
159.022 |
131.209 |
116.610 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
183.683 |
151.984 |
140.444 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
717.714 |
327.011 |
177.519 |
|
|
|
Other Income |
0.229 |
0.163 |
0.083 |
|
|
|
TOTAL (A) |
717.943 |
327.174 |
177.602 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
679.782 |
271.868 |
199.132 |
|
|
|
Increase/(decrease) in stocks [including for raw
materials, work in progress and finished goods] |
(28.815) |
17.922 |
(29.363) |
|
|
|
Power and fuel |
16.798 |
10.671 |
0.942 |
|
|
|
Personal expenses |
3.286 |
1.678 |
1.000 |
|
|
|
Administrative expenses |
4.886 |
4.753 |
0.000 |
|
|
|
Insurance expenses |
0.146 |
0.112 |
0.000 |
|
|
|
Other Expenses |
30.066 |
9.318 |
0.000 |
|
|
|
TOTAL (B) |
706.149 |
316.322 |
171.711 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.794 |
10.852 |
5.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.228 |
6.654 |
1.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
7.566 |
4.198 |
4.103 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
3.468 |
3.711 |
4.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
4.098 |
0.487 |
0.092 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
4.098 |
0.487 |
0.092 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.57 |
0.15 |
0.05 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.64 |
3.32 |
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.74 |
0.30 |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.05 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
11.67 |
13.41 |
730.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.94 |
11.09 |
26.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
0.100 |
10.000 |
10.000 |
|
Reserves & Surplus |
0.092 |
0.550 |
4.494 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
0.192 |
10.550 |
14.494 |
|
|
|
|
|
|
Secured Loans |
54.010 |
79.937 |
83.274 |
|
Unsecured Loans |
86.242 |
61.497 |
85.915 |
|
Total
borrowings |
140.252 |
141.434 |
169.189 |
|
Debt/Equity
ratio |
730.479 |
13.406 |
11.673 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
177.519 |
327.011 |
717.714 |
|
|
|
84.212 |
119.477 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
177.519 |
327.011 |
717.714 |
|
Profit |
0.092 |
0.487 |
4.098 |
|
|
0.05% |
0.15% |
0.57% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAIL 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 |
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
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.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--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 |
|
DEFAULTER
|
|
|
|
--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.