MIRA
INFORM REPORT
|
Report Date : |
06.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HARISONS
AND HARLAJ LIMITED |
|
|
|
|
Registered Office : |
CFF-2,
1st Floor, Ansal Dilkhush Industrial Estate, G T Karnel Road, New
Delhi – 110033, Delhi, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
24.04.1995 |
|
|
|
|
Com. Reg. No.: |
55-67700 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1995PLC067700 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKH01653B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH3073K |
|
|
|
|
Legal Form : |
Closely
Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers
and Exporters of Handwoven Fabrics and made up. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
550000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
CFF-2,
1st Floor, Ansal Dilkhush Industrial Estate, G T Karnel Road, New
Delhi – 110033, Delhi, India |
|
Tel. No.: |
91-11-27137479
/ 27141789 |
|
Fax No.: |
91-11-27247479 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch
Office : |
G T
Road, Panipat - 132103 |
|
Tel.
No.: |
91-180-2666280
/ 267840 / 2667225 / 2667292 |
|
Fax
No.: |
91-180-2667697 |
|
E-Mail
: |
harisons@pnp.nic.in |
DIRECTORS
|
Name : |
Mr
Prem Sagar Vij |
|
Designation : |
Director |
|
Address : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Date of Birth/Age : |
07.02.1952 |
|
Date of Appointment : |
24.04.1995 |
|
|
|
|
Name : |
Mr Dev
Sagar Vij |
|
Designation : |
Managing
Director |
|
Address : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Date of Birth/Age : |
11.02.1955 |
|
Date of Appointment : |
24.04.1995 |
|
|
|
|
Name : |
Mr
Pitamber Sham Vij |
|
Designation : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Address : |
05.05.1957 |
|
Date of Birth/Age : |
24.04.1995 |
|
|
|
|
Name : |
Mr
Chandan Vij |
|
Designation : |
Director |
|
Address : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Date of Birth/Age : |
09.06.1958 |
|
Date of Appointment : |
24.04.1995 |
|
|
|
|
Name : |
Mr
Sunil Vij |
|
Designation : |
Director |
|
Address : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Date of Birth/Age : |
04.07.1963 |
|
Date of Appointment : |
24.04.1995 |
|
|
|
|
Name : |
Mr
Anil Vij |
|
Designation : |
Director |
|
Address : |
Harisons
House, I Friends Colony, Model Town, Panipat – 132103, Haryana, India |
|
Date of Birth/Age : |
27.06.1965 |
|
Date of Appointment : |
07.12.2006 |
KEY EXECUTIVES
|
Name : |
Mr
Parveen Rajender Bansal |
|
Designation : |
Secretary |
|
Address : |
G-3,
Industrial Area, Saraswati Vihar, Oanipat – 132103, Haryana, India |
|
Date of Birth/Age : |
04.07.1977 |
|
Date of Appointment : |
01.05.2005 |
MAJOR SHAREHOLDERS
|
Category
of Shareholders |
|
Percentage of Holding |
|
Bodies
corporate |
|
6.00 |
|
Directors
or relatives of directors |
|
94.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Handwoven Fabrics and made up. |
|
|
|
|
Products : |
Handloom
Goods |
GENERAL
INFORMATION
|
Bankers : |
1]
ICICI Bank Limited Landmarkrace Course Circle,
Alkapuri, Baroda – 390015,
Gujarat, India 2]
State Bank of Patiala SSI Branch, G. T. Road, Panipat –
132103, Haryana, India 3]
Bank of India, Mumbai 4]
Bank of Punjab, Panipat 5]
HDFC Bank 6]
Indian Bank, Chennai 7]
Punjab National Bank , ICD Parpagang, New Delhi 8]
Punjab National Bank, Air Port, New Delhi 9]
Punjab National Bank, Tuglakbad, C/A, 2876 10]
State Bank Of India, Air Cargo Complex, Mumbai 11]
State Bank Of India, JNPT Mumbai 12]
State Bank Of Patiala, Current Account 13/1 13]
State Bank Of Patiala EEFC A/C 14]
State Bank Of Patiala New Delhi 15]
The HSBC Limited A/C 176574-01 16]
Post Office Saving A/C |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Vijay
Kumar Garg and Associates Chartered
Accountants |
|
Tel. No.: |
Novelty
Building, 1st Floor, G T Road, Panipat – 132103 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
80,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 80.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
47,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 47.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
47.000 |
47.000 |
47.000 |
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
3] Reserves & Surplus |
90.097 |
86.367 |
84.450 |
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH |
137.097 |
133.367 |
131.450 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
181.874 |
185.084 |
153.068 |
|
2] Unsecured Loans |
0.777 |
0.000 |
0.000 |
|
TOTAL BORROWING |
182.651 |
185.084 |
153.068 |
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.472 |
|
|
|
|
|
|
TOTAL |
319.748 |
318.451 |
285.990 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
75.992 |
84.041 |
59.016 |
|
Capital work-in-progress |
16.842 |
0.590 |
0.000 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
89.755
|
146.810 |
138.010 |
|
Sundry Debtors |
149.503
|
120.612 |
133.009 |
|
Cash & Bank Balances |
14.171
|
8.589 |
17.371 |
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
Loans & Advances |
54.966
|
61.359 |
27.991 |
|
Total Current Assets |
308.395
|
337.370 |
316.381 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
78.144
|
|
89.548 |
|
Provisions |
3.337
|
2.456 |
|
|
Total Current Liabilities |
81.481
|
103.575 |
89.548 |
|
Net Current Assets |
226.914
|
233.795 |
226.833 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.025 |
0.141 |
|
|
|
|
|
|
TOTAL |
319.748 |
318.451 |
285.990 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other
income] |
597.142 |
526.110 |
627.954 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
4.859 |
2.999 |
4.392 |
|
Provision
for Taxation |
1.129 |
1.082 |
2.205 |
|
Profit/(Loss)
After Tax |
3.730 |
1.917 |
2.187 |
|
|
|
|
|
|
Export
Value |
565.606 |
NA |
437.018 |
|
|
|
|
|
|
Import
Value |
3.262 |
NA |
NA |
|
|
|
|
|
|
Total
Expenditure |
592.283 |
523.111 |
623.563 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
|
0.62
|
0.36 |
0.34 |
|
|
|
|
|
|
|
Net
Profit Margin(PBT/Sales) |
|
0.81
|
0.57 |
0.69 |
|
|
|
|
|
|
|
Return
on Total Assets(PBT/Total Assets} |
|
1.26
|
0.71 |
1.16 |
|
|
|
|
|
|
|
Return on
Investment (ROI)(PBT/Networth) |
|
0.03 |
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
1.92
|
2.16 |
1.84 |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
3.78 |
3.25 |
3.53 |
|
|
|
|
|
|
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Machinery
- Car
- Motor Cycle and Scooter
- Cycle
- Office Equipment
- Computer
- Furniture and Fixture
- Laboratory Equipment
- Tractor and Canter
- Electric Installation
- Fire Equipment
- Plot No 187 Sec 25
-
|
Name of the company |
HARISONS AND HARLAJ LIMITED |
|
Presented By |
|
|
1) Date and description of instrument creating the change |
Agreement
of Equitable mortgage or mortgage of immovable properties dated 03.07.2006 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs
23.925 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Agreement
of Equitable mortgage or mortgage of immovable properties situated at
T-19-401, Parvnath Tropicana, Magazine Road, Norh Delhi, Civil Lines –
110011. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate
of Interest – 9% p.a. on floating rate, repayment in monthly instalment of Rs
0.242 Millions for 180 months. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI
Bank Limited Landmarkrace
Course Circle, Alkapuri, Baroda – 390015,
Gujarat, India |
|
6) Date and brief description of instrument modifying the charge |
03.07.2006 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
Name of the company |
HARISONS AND HARLAJ LIMITED |
|
Presented By |
MR CHANDAN VIJ, DIRECTOR |
|
1) Date and description of instrument creating the change |
Agreement
for cash credit and hypothecation of goods dated 30.11.1995 and registered on
25.03.1996 modified on 06.01.1997 and registered on 26.07.1997. modified on
14.07.1999 and registered on 30.07.1999, modified on 25.07.2003 and
registered on 22.08.2003 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
By
charge of 30.11.1995 – Rs 65.000 Millions modified by charge of 06.01.1997 Rs
75.000 Millions. By charge of 14.07.199. Rs 77.000 Millions. By charge of 25th
July, 2003 Rs 107.000 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Primary
; Hypothecation of all current assets of the company i.e. raw materials,
stock in process, finished goods, consumables and spares, book debts, inward
RRs/MTRs/goods in Transit etc. Collaterla
: Equitable mortgage of the following property : 1]
Industrial Property (building constructed on plot no. 5 and 46) located in
sector 29, Industrial Area, HUDA, measuring 8050 Sq meters standing in the
name of Harisons and Harlaj Limited |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest as per RBI/Bank’s instruction circular no. 23 of 2002-03 dated 12.11.2002
subject to change from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of Patiala, SSI Branch, Panipat |
|
6) Date and brief description of instrument modifying the charge |
12.05.2005,
being the agreement for hypothecation of stock/exitsing machinery as
collateral security memorandum of debt of Plot No 187, sector 25, Part II,
Panipat |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
1]
Hypothecation of existing plant and machinery to secure existing facilities. 2]
Equitable mortgage of plot no 187, sector 25, part II measuring 4059 Sq.
yards, HUDA, Panipat |
|
This
form is for |
Modification
of Charges |
|
Charge
identification number of the charge to be modified |
90033580 |
|
Corporate
identity number of the company |
L74899DL1995PLC067700 |
|
Name
of the company |
HARISONS
AND HARLAJ LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
CFF 2,
1st Floor, Ansaldilkhush Industrial Estate, New Delhi – 110033,
India |
|
Type
of charge |
Immovable
Property Any
Interest in immovable property Book
debts Movable
property [not being pledge] |
|
Particular
of charge holder |
State
Bank of Patiala SSI
Branch G. T.
Road, Panipat – 132103, Haryana, India |
|
Nature
of description of the instrument creating or modifying the charge |
|
|
Date
of instrument Creating the charge |
08.12.2006 |
|
Amount
secured by the charge |
Rs.
147.000 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate
of Interest 3.15 %
Below BPLR on EPC/Bills i.e. 8.10 % 0.75 %
Below BPLR on EPC/Bills i.e. 10.50 % Term
of Repayment Term
Loan in payable 19 quarterly instalments Rs. 1.316 Millions Margin
Raw
Material 15 %, Stock in Process 15 %, Finished goods 15 %, Foreign Bill
Purchased / ODBC Nil, Bank Guarantee 25 %, Land and Building / Plant and
Machinery 28.73 % |
|
Short
particulars of the property charged |
|
|
Date
of latest modification prior to the present modification |
06.06.2005 |
|
Particulars
of the present modification |
Increase
in EPC limit from Rs. 70.000 Millions to Rs. 85.000 Millions Increase
in FBP/FBD/ODBC from Rs. 34.000 Millions to Rs. 34.000 Millions Increase
in DN from Rs. 1.000 Millions to Rs. 1.000 Millions Increase
in Bank Guarantee limit nil to Rs. 2.000 Millions Increase
in term loan nil to Rs. 25.000 Millions |
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|