MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HALDIRAM
MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
B-1/H-3, Mohan
Co-operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.06.1994 |
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Com. Reg. No.: |
55-59370 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PTC059370 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH01968B /
DELH04422F |
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PAN No.: [Permanent
Account No.] |
AAACH3170K |
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Legal Form : |
Private limited
liability company. |
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Line of Business : |
Manufacturer and Exporter
of Sweets and Snacks, Processed Food Products. |
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 2000000 |
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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 a well
established and reputed company having fine track. Trade relations are fair.
Financial position is good. Payments are usually correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Factory : |
B-1/H-3, Mohan
Co-operative Industrial Estate, |
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Tel. No.: |
91-11-28898010 /
11 |
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Fax No.: |
91-11-28898014 /
16 |
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E-Mail : |
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Website : |
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Location : |
Industrial |
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Factory 2 : |
Village Kherki
Daula, |
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Tel. No.: |
91-124-2214141 to
2214146 |
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Fax No.: |
91-124-2214147 |
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E-Mail : |
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Location : |
Industrial –
Owned |
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Factory 3 : |
B-1/F-12, Mohan
Co-operative Industrial Estate, |
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Tel. No.: |
91-11-28898019 / 26959976 / 26959970 |
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Fax No.: |
91-11-28898023 / 26959795 |
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E-Mail : |
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Location : |
Industrial –
Owned |
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Factory 4 : |
B-1/H-8, Mohan Co-operative
Industrial Estate, |
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Tel. No.: |
91-11-28898004 /
28898008 / 28898017 |
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Fax No.: |
91-11-28898005 /
28898007 |
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E-Mail : |
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Location : |
Industrial –
Owned |
DIRECTORS
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Name : |
Mr. Manohar Lal
Aggarwal |
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Designation : |
Managing Director
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Address : |
7-B, Raj Niwas
Marg, Civil Lines, |
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Tel No.: |
91-11-26959546 (R) 91-11-23935496/97 |
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Date of Birth/Age : |
30.10.1954 |
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Date of Appointment : |
17.12.1994 |
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Name : |
Mr. Pankaj
Aggarwal |
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Designation : |
Managing Director |
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Address : |
7-B, Raj Niwas
Marg, Civil Lines, |
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Tel No.: |
91-124-2214141-46 (R) 91-11-23935496/97 |
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Date of Birth/Age : |
01.04.1977 |
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Date of Appointment : |
31.03.1997 |
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Name : |
Mr. Anand
Aggarwal |
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Designation : |
Whole Time
Director |
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Address : |
7-B, Raj Niwas
Marg, Civil Lines, |
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Date of Birth/Age : |
18.03.1978 |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mr. Ashish
Aggarwal |
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Designation : |
Director |
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Address : |
7-B, Raj Niwas
Marg, Civil Lines, |
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Date of Birth/Age : |
07.04.1983 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Santosh Kumar
Verma |
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Designation : |
Director |
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Address : |
C-276, SFS Flats,
Sheikh Sarai, Phase – 1, |
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Date of Birth/Age : |
05.08.1946 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Satish Kumar
Jain |
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Designation : |
Director |
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Address : |
Z-9, Hauz Khas, |
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Date of
Birth/Age : |
10.05.1953 |
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Date of
Appointment : |
01.08.2005 |
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Name : |
Mr. M. K. Lodha |
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Designation : |
Chief Executive Officer - AGM
Operation |
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Tel No.: |
91-124-2214141-6 (R) 91-124-2331341 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Manohar Lal
Aggarwal |
80333 |
8.07 % |
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Anand Aggarwal |
70666 |
7.10 % |
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Sumitra Aggarwal |
90060 |
9.05 % |
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Pankaj Aggarwal |
76833 |
7.72 % |
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Manju Aggarwal |
43833 |
4.40 % |
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Madhusudan
Aggarwal |
67250 |
6.76 % |
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Amit Aggarwal |
38666 |
3.88 % |
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Madhusudan
Aggarwal [HUF] |
82500 |
8.29 % |
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Preeti Aggarwal |
70000 |
7.03 % |
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Amisha Aggarwal |
70000 |
7.03 % |
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Ashish Aggarwal |
59616 |
5.99 % |
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Umesh Aggarwal |
63800 |
6.41 % |
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Manohar Lal
Aggarwal [HUF] |
10000 |
1.00 % |
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Haldiram
Marketing Private Limited |
27666 |
2.78 % |
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Haldiram Exports
Private Limited |
21666 |
2.18 % |
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Haldiram India
Private Limited |
6666 |
0.67 % |
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Punita Aggarwal |
166 |
0.02 % |
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Lokesh Mohan
Aggarwal |
166 |
0.02 % |
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Surya India Limited |
115500 |
11.60 % |
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Total
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995387 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Sweets and Snacks, Processed Food Products. |
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Products : |
Indian
Snacks Plain Bhujia Masala Bhujia Lemon Masala Cornflakes
Mixture Kashmiri Mixture Cashew nut
mixture Pancharattan Khatta Meetha Navrattan All in One Indian
Sweets Soan Cake Rasgulla Gulab Jamun Kalam Petha Rajbhog Kesar Rasbhari Cham Cham Kesar Ganderi Papads Pani Puri Bhel Puri Chips Boletos – Chips Takatak – Chips Whoopies – Chips |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Bankers : |
Lord Krishna Bank
Limited, Global Centurion Bank of
Punjab Limited, SG – 5 & 6, DLF Gallaria, Phase-4, Gurgaon – 122001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P R Kumar and
Company Chartered
Accountants [Membership No.
90657] |
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Address : |
U-2, |
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Tel. No.: |
91-11-26514446 /
7 |
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Fax No.: |
91-11-26861361 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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995387 |
Equity Shares |
Rs. 10/- each |
Rs. 9.954 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.954 |
9.954 |
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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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516.834 |
415.578 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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526.788 |
425.532 |
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LOAN FUNDS |
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1] Secured Loans |
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110.065 |
120.234 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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110.065 |
120.234 |
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DEFERRED TAX LIABILITIES |
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16.140 |
14.659 |
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TOTAL |
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652.993 |
560.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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409.352 |
375.493 |
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Capital work-in-progress |
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31.131 |
2.098 |
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INVESTMENT |
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88.131 |
44.031 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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74.098 |
78.128 |
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Sundry Debtors |
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50.607 |
40.607 |
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Cash & Bank Balances |
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40.075 |
28.685 |
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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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260.292 |
208.759 |
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Total Current Assets |
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425.072 |
356.179 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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158.601 |
123.752 |
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Provisions |
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142.401 |
94.035 |
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Total Current Liabilities |
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301.002 |
217.787 |
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Net Current Assets |
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124.070 |
138.392 |
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MISCELLANEOUS EXPENSES |
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0.309 |
0.411 |
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TOTAL |
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652.993 |
560.425 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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1916.159 |
1601.680 |
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Profit/(Loss)
Before Tax |
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139.845 |
95.803 |
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Provision for
Taxation |
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48.067 |
35.536 |
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Profit/(Loss)
After Tax |
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91.778 |
60.267 |
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Total Expenditure |
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1717.014 |
1445.676 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
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4.79 |
3.76 |
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Net Profit Margin |
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7.41 |
6.03 |
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Return on Total
Assets |
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9.62 |
7.74 |
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Return on
Investment (ROI) |
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17.42 |
14.16 |
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Current Ratio |
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1.41 |
1.64 |
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Quick Ratio |
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1.17 |
1.28 |
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Debt Equity Ratio |
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0.21 |
0.28 |
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Current
Liabilities / Networth |
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0.57 |
0.51 |
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Fixed Assets /
Networth |
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0.78 |
0.88 |
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Average Collection
Days |
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9.78 |
9.33 |
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Account
Receivables Turnover |
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37.31 |
39.11 |
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Inventory
Turnover |
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25.48 |
20.33 |
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Assets Turnover |
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4.61 |
4.23 |
LOCAL AGENCY FURTHER INFORMATION
Incorporated on
02.06.1994 the subject is engaged in the business of Manufacturer and Exporter
of Sweets and Snacks, processed Food Products.
Haldiram’s bagan as
a tiny shop in
The subject
consequently focussed into export market. Initially the subject was exported
their products to
Haldiram Foods
Limited is merged with “Haldiram Manufacturing Company Private Limited” w.e.f.
23rd May, 2003.
Awards
and Recognition
International Award for Food and beverages
awarded by Trade leaders Club in
Kashalkar
Memorial Awarded presented by all
Brand Equity
Awarded in 1998 was awarded by Progress Harmony Development, Chamber of
Commerce and Industry.
APEDA Export Award
in 2001-2002 was awarded by Agricultural and Processed Food Products Export
Development Authority for outstanding contribution to the promotion of
Agricultural and Processed Food Products.
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 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.41.04 |
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|
1 |
Rs.82.76 |
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Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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. |
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 |
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