MIRA
INFORM REPORT
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Report Date : |
21.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PACIFIC – HARISH INDUSTRIES LIMITED |
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Registered Office : |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
16.09.1999 |
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Com. Reg. No.: |
121784 |
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CIN No.: [Company
Identification No.] |
U51900MH1999PTC121784 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP10711B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Non – Woven Fabrics and Recycled Polyester Staple
Fibre |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 81000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Tel. No.: |
91-22-66490251/52/53/54/23800804 |
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Fax No.: |
91-22-28230889/28385359 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Gandhi S. Kirtikumar |
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Designation : |
Director |
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Address : |
6, Krishna Building, N S Road, No. 11, J V P D Scheme, Vile Parle
(West), Mumbai – 400056 |
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Date of Birth/Age : |
16.10.1938 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Gandhi H Nikhil |
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Designation : |
Director |
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Address : |
101/B, Panarama Premises Co – Operative Society, Santacruz (West),
Mumbai – 400054 |
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Date of Birth/Age : |
20.06.1967 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Gandhi K Sandeep |
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Designation : |
Director |
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Address : |
6, Krishna Building, N S Road, No. 11, J V P D Scheme, Vile Parle
(West), Mumbai – 400056 |
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Date of Birth/Age : |
02.06.1964 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Brahmbhatt Ramesh Chimanlai |
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Designation : |
Director |
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Address : |
3, Anupam Building, Opposite D n Garden, 7 Bunglow, Andheri (West),
Mumbai – 400054 |
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Date of Birth/Age : |
24.10.1939 |
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Date of Appointment : |
16.09.1999 |
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Name : |
Mr. Mehta Nandish Shantilal |
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Designation : |
Director |
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Address : |
4A, Retreat II, Saraswat Colony, Sharda Path, Sabtacruz (West), Mumbai
– 400054 |
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Date of Birth/Age : |
04.11.1948 |
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Date of Appointment : |
16.09.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Gandhi K Sandeep |
13000 |
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Mr. Gandhi K Niranjana |
6500 |
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Ms. Gandhi H Kumudben |
13000 |
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Mr. Gandhi S Kiritkumar (HUF) |
424000 |
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Mr. Gandhi H Nikhil |
424000 |
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Mr. Gandhi H Chayya |
13000 |
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Mr. Gandhi S Shaila |
6500 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Non – Woven Fabrics and Recycled Polyester Staple
Fibre |
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Products : |
Fibre The application and end users for Polyester Staple Fibre are from:
They manufacture Recycled Polyester Staple Fibre in the
following sizes and colors:
Non-Woven
Auto-interiors
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Non – Woven Fabrics |
Mtrs. |
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15,00,000 |
907351.50 |
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Recycled Polyester Staple Fiber
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MT |
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12000 |
1257.391 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
Around 300 |
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Bankers : |
Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M V Road,
Chakala, Andheri (East), Mumbai – 400093 |
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Facilities : |
-- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Abhay Bhagat & Company Chartered Accountant |
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Address : |
Office 4, Shilpa, 7th Road, Prabhat Colony, Santacruz
(East), Mumbai – 55 |
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Tel. No.: |
91-22-26160007 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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990000 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.900
Million |
|
10000 |
Preference Shares |
Rs. 10/- Each |
Rs. 0.100
Million |
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Total |
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Rs.
10.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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990000 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.900
Million |
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10000 |
Preference Shares |
Rs. 10/- Each |
Rs. 0.100
Million |
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Total |
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Rs.
10.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
9.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.255 |
3.093 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.255 |
12.093 |
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LOAN FUNDS |
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1] Secured Loans |
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102.534 |
49.523 |
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2] Unsecured Loans |
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30.011 |
15.577 |
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TOTAL BORROWING |
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132.545 |
65.100 |
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DEFERRED TAX LIABILITIES |
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5.557 |
2.097 |
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TOTAL |
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158.357 |
79.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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111.040 |
53.280 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.282 |
2.032 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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23.216 |
18.532 |
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Sundry Debtors |
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38.005 |
13.618 |
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Cash & Bank Balances |
|
1.250 |
0.495 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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20.599 |
8.305 |
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Total
Current Assets |
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83.070 |
40.950 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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38.035 |
16.991 |
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Total
Current Liabilities |
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38.035 |
16.991 |
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Net Current Assets |
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45.035 |
23.959 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.019 |
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TOTAL |
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158.357 |
79.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
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Sales Turnover |
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149.396 |
55.002 |
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Total Income |
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149.396 |
55.002 |
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Profit/(Loss) Before Tax |
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11.602 |
3.200 |
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Provision for Taxation |
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4.410 |
1.432 |
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Profit/(Loss) After Tax |
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7.192 |
1.768 |
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Earnings in Foreign Currency : |
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Export Earnings |
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5.226 |
11.956 |
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Total Earnings |
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5.226 |
11.956 |
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Imports : |
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Stores & Spares |
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0.623 |
0.441 |
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Capital Goods |
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2.046 |
0.375 |
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Total Imports |
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2.669 |
0.816 |
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Expenditures : |
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Interest |
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7.014 |
5.260 |
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Depreciation & Amortization |
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2.652 |
1.176 |
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Other Expenditure |
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137.794 |
51.802 |
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Total Expenditure |
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147.460 |
58.238 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total
Income |
(%) |
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4.81 |
3.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.76 |
5.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.97 |
3.39 |
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Return on Investment (ROI) (PBT/Networth) |
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0.57 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.42 |
6.78 |
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Current Ratio (Current Asset/Current Liability) |
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2.18 |
2.41 |
LOCAL AGENCY
FURTHER INFORMATION
Directors Report
As a part of complete restructing cum diversifying activities the
company has started is project of non woven fabrics at Gujarat in the last year
of the said activity was now into full fledged in operations.
Further during the year the company has acquired the business of PSF in
the month of November 2003
Fixed Assets
- Office
Building
- Plant &
Machinery
- Furniture
& Fixture
- Vehicles
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Corporate
identity number (CIN) Foreign company registration number |
U51900MH1999PTC121784 |
|
Name of the
Company |
PACIFIC – HARISH INDUSTRIES LIMITED |
|
Address |
19, Pari Panchayat Road, Ground Floor, Andheri (East), Mumbai – 400069
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Type of Charge |
Book Debts and
Movable Property |
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Particulars of
the charge holder |
Bank of India, Chakala Branch, Opposite Sangam Cinema, Sir M V Road,
Chakala, Andheri (East), Mumbai – 400093 |
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Nature of the
instrument |
Supplemented deed of hypothecation of plant and machinery, stock and
book debts |
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Date of
instrument charged |
16.11.2006 |
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Amount secured by
the charge |
Rs. 59.319
Millions |
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Brief of the
principal terms and conditions |
Rate of Interets
– C/C T/L – 1.25% over BPLR presently 12.75%, Inland L/C – As per extant
guidelines or as notified by the bank from time to time Term of repayment
– TL by stipuated and other facilities on demand Margin – As
stipulated by the bank from time to time Extent and
operation of the charge – the hypothecation assets for the due payment of all
moneys, including the principals sums, the said facilities and also the due
repayment of all present and future
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Short Property |
All tangible
movable machineries and palnt both present and future All tangible
movable and assets of whatsoever nature All the present
and future book debts |
As per website details
Company Profile
Brief History
1955
Their Parent company as HARISH ENGINEERING Works manufacture Drying and Sizing
Cylinders at Lower Parel Mumbai
1979
Harish Engineering Started manufacturing Textile Processing.
1999
Harish Started Nickel Screen Division
Set up a manufacturing Plant at Vasai, to manufacture ‘Nickel Rotary Screens’.
2002
Pacific-Harish Industries Limited Started Manufacturing Technical Textile Unit
( Manufacturing Needle Punched Non woven Fabrics and Domestic Carpet ) at
Umbergaon This plant is located at Raikhadi, Sanjan Road, Umbergaon, Dist
Bulsar Gujarat State having 6.5 acre of land and 50,000 sq.ft built up
area.After the renovation and refurbishmnet the unit commenced manufacturing
from October,2002 Present Installed capacity is to manufacture Non woven
fabrics 80 Tons per month. Has a strength of 100 workmen.
2004
1) Pacific-Harish Industries started manufacturing products for Auto Interiors
at Umbergaon, near Vapi, in Gujarat State
2) Pacific-Harish Industries started manufacturing re-cycled Polyester Staple
Fibre at Gonde, Igatpuri near Nashik , Maharashtra State
This plant is located at Gonde-Igatpuri, Dist Nashik Maharashtra state having
10 acres of land and 71,0000 sq.ft built up area.
This unit commenced manufacturing from April,2004
Present Installed Capacity is to manufacture recycled Polyester Staple Fibre is
400 tons per month. Has a strength of 100 workmen
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 records 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.40.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.55.66 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|