MIRA
INFORM REPORT
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Report Date : |
22-02-2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
HALDIRAM
MANUFACTURING COMPANY PRIVATE LIMITED |
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Registered Office : |
B-1/H-3,
Mohan Co-operative Industrial Estate, Mathura Road, New Delhi – 110044 |
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Country : |
India |
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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, Mathura Road, New Delhi – 110044, India
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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, Delhi Jaipur Highway, Gurgaon – 122001, Haryana, India |
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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, Mathura Road, New Delhi – 110044, India
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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, Mathura Road, New Delhi – 110044, India
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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, Delhi – 110054 |
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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, Delhi – 110054 |
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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, Delhi – 110054 |
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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, Delhi – 110054 |
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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, new Delhi |
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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, New Delhi – 110016 |
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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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Mr.
Manohar Lal Aggarwal |
80333 |
8.07 % |
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Mr.
Anand Aggarwal |
70666 |
7.10 % |
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Ms.
Sumitra Aggarwal |
90060 |
9.05 % |
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Mr.
Pankaj Aggarwal |
76833 |
7.72 % |
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Ms.
Manju Aggarwal |
43833 |
4.40 % |
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Mr.
Madhusudan Aggarwal |
67250 |
6.76 % |
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Mr.
Amit Aggarwal |
38666 |
3.88 % |
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Madhusudan
Aggarwal [HUF] |
82500 |
8.29 % |
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Ms.
Preeti Aggarwal |
70000 |
7.03 % |
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Ms.
Amisha Aggarwal |
70000 |
7.03 % |
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Mr.
Ashish Aggarwal |
59616 |
5.99 % |
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Mr.
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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Ms.
Punita Aggarwal |
166 |
0.02 % |
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Mr.
Lokesh Mohan Aggarwal |
166 |
0.02 % |
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Surya India Limited |
115500 |
11.60 % |
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Total
|
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 Bombay
Mix Navrattan
All in
One Indian
Sweets Soan Cake Karachi Halwa 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 to : |
USA,
UK, Middle East, Europe and parts of North Africa |
GENERAL
INFORMATION
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Bankers : |
Lord
Krishna Bank Limited, Global Business Park, Tower A GF-02, Gurgaon – 121001,
Haryana 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 : |
P R
Kumar and Company Chartered
Accountants [Membership
No. 90657] U-2,
Green Park Main, New Delhi – 110016 |
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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 |
|
91.778 |
60.267 |
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Total
Expenditure |
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1717.014 |
1445.676 |
KEY
RATIOS
|
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 Bikaner, the land as farmed for its savouries as for
its leather – fased pipe players and fierce warriors. By 1981 Haldiram’s had
set up short in Delhi.
The
subject consequently focussed into export market. Initially the subject was
exported their products to USA. They began with about 15 products, all
savourites and Indian Sweets and Snacks.
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 Barcelone, Spain in 1994
Kashalkar
Memorial Awarded presented by all India
food Preservers Association in 1996
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, 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.44.76 |
|
UK
Pound |
1 |
Rs.87.32 |
|
Euro |
1 |
Rs.58.95 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
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 |
|
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 |
|