MIRA INFORM REPORT
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Report No. : |
325143 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HI-FAB ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
D-148, Bonanza Industrial Estate, Ashok Chakravarty Road, Kandivali
(East) Mumbai-400101, Maharashtra |
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Tel. No.: |
91-22-40766530/40766555 |
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Country : |
India |
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Financials (as
on) : |
31.04.2014 |
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Date of
Incorporation : |
05.01.1982 |
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Com. Reg. No.: |
11-026049 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.700 Million |
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CIN No.: [Company Identification
No.] |
U28125MH1982PTC026049 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is Engaged in the Business of Manufacturing and Production of Mechanical
Seals and Spears Used as Components for Pumps and Compressors. |
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No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 260000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1982,
manufacturer, exporter and importer in mechanical seals are the business it
is into. The general financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct. The company can be considered for normal 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Shailesh Shah |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40766530 |
|
Date : |
03.06.2015 |
LOCATIONS
|
Registered Office/Factory : |
D-148, Bonanza Industrial Estate, Ashok Chakravarty Road, Kandivali
East Mumbai-400101, Maharashtra, India |
|
Tel. No.: |
91-22-40766530/40766555 (30 Lines) |
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Mobile No.: |
91-9820697257 (Mr. Mahesh Shah) |
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Fax No.: |
91-22-40766556 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Rajendra Krishnalal Damania |
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Designation : |
Director |
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Address : |
Shree Building 4th Floor, Shreeji Bungalow Shantilal Mody
Marg, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
09.10.1953 |
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Date of Appointment : |
05.01.1982 |
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DIN No.: |
00109183 |
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Other Directorship:
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Name : |
Mr. Mahesh Vrajlal Shah |
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Designation : |
Director |
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Address : |
303, Meera Apartment, Shanker Lane, Kandivali (West), Mumbai – 400067,
Maharashtra, India |
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Date of Birth/Age : |
01.08.1954 |
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Date of Appointment : |
05.01.1982 |
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DIN No.: |
00109196 |
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KEY EXECUTIVES
|
Name : |
Mr. Shailesh Shah |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%
age holding |
|
Rajendra Krishanlal Damania |
3500 |
50.00 |
|
Mahesh Vrajlal Shah |
3500 |
50.00 |
|
Total |
7000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is Engaged in the Business of Manufacturing and Production of
Mechanical Seals and Spears Used as Components for Pumps and Compressors. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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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 : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
110 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
A. N. Parikh and Company Chartered Accountants |
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Address : |
203/204, Balaji Arcade, S.V. Road, Kandivali (West), Mumbai – 400067,
Maharashtra, India |
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Tel. No.: |
91-22-28615690/ 28012880 |
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E-Mail : |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADPP2594F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Sister Concern: |
Hi-Fab Valve Automation (Partnership), Kandivali, Mumbai, Maharashtra,
India |
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Related Parties:
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Dess Enterprise |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
7000 |
Equity Shares |
Rs.100/- each |
Rs. 0.700
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
|
|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
0.700 |
0.700 |
0.700 |
|
(b) Reserves & Surplus |
90.945 |
71.718 |
55.633 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
91.645 |
72.418 |
56.333 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
8.894 |
7.507 |
9.600 |
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(b) Deferred tax liabilities (Net) |
1.749 |
1.300 |
0.574 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.193 |
7.100 |
6.815 |
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Total Non-current
Liabilities (3) |
10.836 |
15.907 |
16.989 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
8.400 |
7.134 |
0.015 |
|
(b) Trade
payables |
36.116 |
39.611 |
29.439 |
|
(c) Other
current liabilities |
10.550 |
8.323 |
6.847 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
55.066 |
55.068 |
36.301 |
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|
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|
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TOTAL |
157.547 |
143.393 |
109.623 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
53.110 |
46.099 |
18.657 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.105 |
0.105 |
0.105 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
22.559 |
|
(e) Other Non-current
assets |
2.668 |
9.737 |
0.000 |
|
Total Non-Current
Assets |
55.883 |
55.941 |
41.321 |
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
24.581 |
26.792 |
11.874 |
|
(c) Trade
receivables |
48.310 |
48.668 |
36.409 |
|
(d) Cash
and cash equivalents |
26.501 |
10.013 |
18.543 |
|
(e)
Short-term loans and advances |
2.272 |
1.979 |
1.476 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
101.664 |
87.452 |
68.302 |
|
|
|
|
|
|
TOTAL |
157.547 |
143.393 |
109.623 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
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|
|
|
Sales (Including revenue from operating activity) |
250.000 |
189.759 |
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Other Income |
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TOTAL |
NA |
NA |
NA |
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|
Less |
EXPENSES |
NA |
NA |
NA |
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|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
28.316 |
23.660 |
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
4.414 |
3.741 |
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|
PROFIT/(LOSS)
BEFORE TAX |
NA |
23.902 |
19.919 |
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|
Less |
TAX |
NA |
7.818 |
6.607 |
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|
PROFIT/(LOSS)
AFTER TAX |
19.227 |
16.084 |
13.312 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
35.959 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
0.200 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
49.071 |
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
NA |
39.320 |
28.833 |
|
|
IMPORTS |
|
|
|
|
|
|
TOTAL IMPORTS |
NA |
11.022 |
10.887 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.75 |
2.29 |
1.90 |
|
|
Particulars |
31.03.2015 |
31.03.2014 |
|
Sales Turnover (Approximately) |
189.700 |
250.000 |
The above information has been parted by Mr. Shailesh Shah (Account
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
NA
|
8.48 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
NA
|
14.92 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
16.68 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.33 |
18.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.20 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
1.59 |
0.17 |
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 |
0.700 |
0.700 |
0.700 |
|
Reserves & Surplus |
55.633 |
71.718 |
90.945 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
56.333 |
72.418 |
91.645 |
|
|
|
|
|
|
long-term borrowings |
9.600 |
7.507 |
8.894 |
|
Short term borrowings |
0.015 |
7.134 |
8.400 |
|
Total
borrowings |
9.615 |
14.641 |
17.294 |
|
Debt/Equity
ratio |
0.171 |
0.202 |
0.189 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Directors (Amount Repayable Within Next 12 Month-Rs. NIL) |
3.600 |
2.500 |
|
Short-term
borrowings |
|
|
|
From Related
parties: |
|
|
|
Unsecured Loan From Relatives of Directors. (Unsecured Loans From Relatives of Directors are carring an interest
rate of 12% repayable on or Before March 31, 2015) |
8.400 |
7.100 |
|
Total |
12.000 |
9.600 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80031035 |
07/05/2012 * |
18,500,000.00 |
HDFC BANK LIMITED |
HDFC Bank House
senapati Bapat Marg, Lower Parel (West), |
B40837239 |
FIXED ASSETS
Ø
Owner Ship Office
Ø
Factory Shed
Ø
Plant and Machinery
Ø
Typewriter
Ø
Electronic Typewriter
Ø
Franking Machine
Ø
Office Equipment
Ø
Motor Cars
Ø
Furniture and Fixture
Ø
Electrical Installation
Ø
Telephone
Ø
Air Conditioner
Ø
Fax
Ø
Computers
Ø
Water Filter
Ø
Xerox Machine
Ø
Refrigerator
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.63.88 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAR |
|
|
|
|
Analysis Done by
: |
NYA |
|
|
|
|
Report Prepared
by : |
PJA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.