MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
HOWARD INK COMPANY PRIVATE LIMITED |
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Registered Office : |
711-712, Chawri Bazaar, Delhi-110 006. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.12.1993 |
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Com. Reg. No.: |
053029 |
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CIN No.: [Company
Identification No.] |
U74899DL1993PTC053029 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH00182A |
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PAN No.: [Permanent
Account No.] |
AAACH0424Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer and Trading of Printing Ink. |
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 7208 |
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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 company having satisfactory track
records. Trade relations are fair. General financial position is satisfactory.
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 : |
711-712, Chawri Bazaar, Delhi-110 006 |
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Tel. No.: |
91-11-23262581 / 23261660 |
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Mobile No.: |
91-9811033721 |
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Fax No.: |
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E-Mail : |
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Website : |
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Area : |
630 Sq. ft |
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Location : |
Owned |
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Head Office : |
10-22, Community Centre, Mayapuri Phase-1, New Delhi-110 064 |
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Tel. No.: |
91-11-28116974 / 28115586 / 28115206 / 45511531 |
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Fax No.: |
91-11-45511532 |
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Branches : |
B-135/3, Okhla Industrial Area, Phase-I, New Delhi-110 020 |
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Tel. No.: |
91-11-42575111 |
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Area : |
1200 Sq. ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. S R Narula |
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Designation : |
Director |
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Address : |
A-21, Naraina Vihar, New Delhi-110 028 |
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Date of Birth/Age : |
74 years |
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Qualification : |
Graduate |
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Experience : |
45 years |
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Name : |
Mr. Sandeep Narula |
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Designation : |
Director |
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Address : |
A-21, Naraina Vihar, New Delhi-110 028 |
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Date of Birth/Age : |
38 years |
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Qualification : |
B.Com (Honesty) |
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Experience : |
15 years |
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Name : |
Mrs. Adarsh Narula |
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Designation : |
Director |
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Address : |
A-21, Naraina Vihar, New Delhi-110 028 |
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Date of Birth/Age : |
71 years |
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Qualification : |
Graduate |
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Experience : |
40 years |
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Name : |
Mrs. Ruchi Narula |
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Designation : |
Director |
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Address : |
A-21, Naraina Vihar, New Delhi-110 028 |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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Mr. S R Narula |
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Mr. Sandeep Narula |
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Mrs. Adarsh Narula |
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Mrs. Ruchi Narula |
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BUSINESS DETAILS
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Line of Business : |
Importer and Trading of Printing Ink |
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Products : |
Printing Ink |
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Agencies Held : |
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Imports : |
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Products : |
Printing Ink |
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Countries : |
Korea |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C, Cash / Credit |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
All Leading Printing Press |
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No. of Employees : |
54 |
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Bankers : |
Syndicate Bank, Maya Puri, Phase – I, New Delhi - 110064 |
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Facilities : |
Rs.5.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhupendra Arora and Associate Chartered Accountants |
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Address : |
Delhi |
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Associates/Subsidiaries : |
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Address: |
Howard Overseas
(India) Private Limited 10, Community Centre, Industrial Area, Mayapuri Phase I, New Delhi – 110064, India |
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Tel No.: |
91-11-28116974/28115586 |
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Fax No.: |
91-11-28115406 |
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Address: |
Howard Trading
Company (HUF) B/15, Seth Gali, Agra, Uttar Pradesh, Year of established - 1964 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs.10/- Each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180200 |
Equity Shares |
Rs.10/- Each |
Rs.1.802
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Expected Sales (2007-08) : Rs.70.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.820 |
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2] Share Application Money |
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1.045 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.865 |
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LOAN FUNDS |
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1] Secured Loans |
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14.956 |
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2] Unsecured Loans |
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0.100 |
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TOTAL BORROWING |
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15.056 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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17.921 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.394 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.204 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.929 |
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Sundry Debtors |
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36.257 |
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Cash & Bank Balances |
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0.992 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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5.102 |
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Total
Current Assets |
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45.280 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.773 |
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Provisions |
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0.670 |
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Total
Current Liabilities |
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29.443 |
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Net Current Assets |
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15.837 |
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MISCELLANEOUS EXPENSES |
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0.486 |
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TOTAL |
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17.921 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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50.093 |
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Other Income |
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4.151 |
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Total Income |
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54.244 |
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Profit/(Loss) Before Tax |
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0.737 |
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Provision for Taxation |
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0.535 |
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Profit/(Loss) After Tax |
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0.202 |
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Export |
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N.A. |
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Import |
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N.A. |
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Expenditures : |
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Cost of Goods Sold |
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45.869 |
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Depreciation |
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0.470 |
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Interest |
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1.499 |
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Administration and Selling Expenses |
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5.669 |
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Purchases made for re-sale |
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0.000 |
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Total |
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53.507 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.27 |
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Current Ratio (Current Asset/Current Liability) |
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0.55 |
LOCAL AGENCY
FURTHER INFORMATION
Website details:
The origin of the company can be traced back to the year
1954. At that time the printing ink business was gaining it's foothold in India
and Subject was amongst the first few in this field. In India, the printing
inks business is mainly routed through the big names such as :
Under the effective and dynamic leadership of Mr.S.R.Narula,
Howard (Ink Unit) became the biggest & the strongest force in the printing
ink distribution business in a time span of only 8-10 years.Since then there has
been no looking back for the company and as on date it is the largest
distributor of printing inks in Northern region.
Howard Ink Company (Private) Limited
Incorporation and brief history
It was originally incorporated a proprietorship firm by Shri . S.R. Narula and
is engaged in trading of Printing Inks manufactured by coates of India limited.
Calcutta and Rainbow Inks, United Ink and Varnish Company Limited. The firm has
since been converted into a private limited company in the name of Subject w.e.f.
1-04-93. This concern is primarily looking after the Ink division. The company
is serving to almost 90% printers in Delhi having our own dealer network and
sales team. Under this company there are 4 offices in New Delhi itself and the
company as on today is one of the leading distributor of printing Inks in Asia.
Management
The company is being managed and controlled by its Board of Directors
comprising of Shri S.R. Narula - chairman cum Managing Director and Mr. Sandeep
Narula - Executive Director. Together they are looking after the whole business
alone with a total number of 225 people working for their group.
Howard
Overseas India (Private) Limited
Incorporation and brief history
It was incorporated as a private limited company in the year
1995. This company is dealing in adhesives and other printing products and is
primarily involved with the Packaging Industry. The company now also wishes to
enter the markets for which successful negotiations have been made in the
recently concluded DRUPA conference held in Germany.
Management
The company is being controlled by its Board of Directors comprising of Mrs
Adarsh Narula, Mrs Ruchi Narula, Mrs Amita Chopra and Mr. Sandeep Narula. Under
the effective leadership of its directors and sincere partcipation of its staff
members the company soon wishes to make it big in the international scene also
and is planning to import Printing Inks from Germany in order to cater to the
need of the Indian printing Industry.
Howard Trading Company(HUF)
It was incorporated in the year 1964 and is engaged in
trading of Printing Inks and was mainly formed in order to look after ink
division for Northern India. The company has 2 offices in Agra(Uttar Pradesh)
and one office in Delhi.
Howard Color Matching Center
With the technical support by Coates India Limited a Color
Matching Center operates at Mayapuri Branch. The printer can get the matching
done within two hours time! They use original Coates pigments. All paintone
shades and printers own shades are prepared under one roof.
- No waiting
for Production.
- After ink
color matching provided at their Center.
- It will help
the printers to complete the job with special colors as per the schedule.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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 |
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47 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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