MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED |
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Registered Office : |
3/39, Roop Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.07.1961 |
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Com. Reg. No.: |
55-3498 |
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CIN No.: [Company
Identification No.] |
U74899DL1961PTC003498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH03763E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of engineering and sheet metal components
and assemblies auto parts for cars, motorcycles and trucks and machines tools
etc. |
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 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track
records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
3/39, Roop Nagar, |
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Tel. No.: |
91-11-23270216 / 23270226 / 23276711 |
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Fax No.: |
91-11-23283076 |
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E-Mail : |
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Website : |
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Factory 1 : |
80 Darya Ganj, |
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Tel. No.: |
91-11-23270216, 23270266 |
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Fax No.: |
91-11-23283076, 23276711 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. B. N. Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Appointment : |
01.12.1999 |
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Name : |
Mr. Avtar Krishan Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
18.01.1942 |
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Date of Appointment : |
01.08.1997 |
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Name : |
Ms. P. W. Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
27.11.1910 |
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Date of Appointment : |
23.12.1963 |
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Name : |
Dr. Alka Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
29.12.1968 |
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Date of Appointment : |
06.09.1993 |
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Name : |
Ms. Kamal Sharma |
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Designation : |
Director |
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Address : |
SD-409, Tower Apartment, Pitampura, |
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Date of Birth/Age : |
03.08.1947 |
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Date of Appointment : |
15.02.2002 |
KEY EXECUTIVES
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Name : |
Ms. Prabha Wati Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
17.10.1923 |
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Date of Appointment : |
23.12.1963 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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A. K. Kaul |
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36470 |
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B. N. Kaul |
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6 |
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P. W. Kaul |
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605 |
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C. L. Wazir |
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1000 |
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Meera Kaul |
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3419 |
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Alka Kaul |
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1000 |
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Amita Kaul |
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2000 |
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Kamal Sharma |
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1500 |
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Precision Agencies Private Limited |
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178500 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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71.00 |
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Directors of relatives of directors |
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29.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of engineering and sheet metal components and
assemblies auto parts for cars, motorcycles and trucks and machines tools
etc. |
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Products : |
AUTOMOTIVE INDUSTRY Sheet Metal Components upto 300 Tonnes Welded Sheet Metal Assemblies Prototype Components and Assemblies Plastic Mouldings Assemblies viz. Jacks, Seats, Seat Covers etc. ELECTRONIC INDUSTRY Chasis Brackets Frames and Assemblies etc. HOUSEHOLD Industrial Components for Air Cooling Industry i.e. Base Plate,
Shanks, Blades, Knobs, Covers etc. General Appliances - Body, Covers & other sheetmetal parts /
assemblies etc. Aluminium and Stainless Steel utensils etc. BUILDING HARDWARE Latches, Brackets Pins Hinges & Assemblies etc. GARDEN TOOLS Hand-woven metal baskets & other garden tools |
GENERAL INFORMATION
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Bankers : |
State Bank of Chandni Chowk, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kishan C Jain and Company Chartered Accountants |
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Address : |
D-162, Prashant Vihar, Sector – XIV, Rohini – 110085, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 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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25.000 |
22.450 |
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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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12.540 |
8.952 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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37.540 |
31.402 |
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LOAN FUNDS |
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1] Secured Loans |
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41.540 |
6.596 |
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2] Unsecured Loans |
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4.353 |
6.500 |
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TOTAL BORROWING |
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45.893 |
13.096 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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83.433 |
44.498 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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54.425 |
37.114 |
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Capital work-in-progress |
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0.152 |
0.152 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.206 |
8.918 |
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Sundry Debtors |
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36.631 |
17.518 |
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Cash & Bank Balances |
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0.887 |
0.382 |
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Other Current Assets |
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27.091 |
6.568 |
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Loans & Advances |
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23.630 |
4.976 |
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Total
Current Assets |
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105.445 |
38.362 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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75.523 |
30.663 |
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Provisions |
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1.808 |
1.291 |
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Total
Current Liabilities |
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77.331 |
31.954 |
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Net Current Assets |
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28.114 |
6.408 |
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MISCELLANEOUS EXPENSES |
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0.742 |
0.824 |
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TOTAL |
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83.433 |
44.498 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Total Income |
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252.796 |
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Profit/(Loss) Before Tax |
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5.372 |
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Provision for Taxation |
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1.718 |
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Profit/(Loss) After Tax |
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3.654 |
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Total Expenditure |
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247.424 |
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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1.44 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.12 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.36 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.28 |
1.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.36 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
HORIZON INDUSTRIAL
PRODUCTS PRIVATE LIMITED |
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Presented
By |
State Bank of |
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1) Date and description of instrument creating the change |
General agreement
for grant of medium term advances to small scale industries on hypothecation of
movable book debts and other assets dated 28.01.2002 regd. On 27.09.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.400 Millions
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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 |
Hypothecation of
raw materials, stock in process, book debts, finished goods and machinery of
the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest to be
charted @ 3.25 % p.a. Above MTLR with
minimum @ 13.25 % p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Chandni Chowk, |
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6) Date and brief description of instrument modifying the charge |
Supplemental
General Agreement for grant of medium term advances to small scale industries
on hypothecation of movable book debts and other assets dated 04.08.2005 |
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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. |
Now the limit has
been enhanced from Rs. 2.400 Millions to Rs. 22.400 Millions Equitable
mortgage by deposit of title deeds in respect of company’s land and building
at B-4, Badli Industrial Area Delhi in favour of Bank, and Interest to be
charged @ 10.25 % p.a. Margin 20.70 % Other terms and
conditions remain the same. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80007979 |
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Corporate
identity number of the company |
U74899DL1961PTC003498 |
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Name of the
company |
HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
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Type of charge |
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Particular of
charge holder |
State Bank of Chandni Chowk, |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
confirmation for creation of mortgage by deposit of title deeds |
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Date of
instrument Creating the charge |
01.12.2006 |
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Amount secured by
the charge |
Rs. 5.300
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Interest to be charged
@ 1.75 % p.a. below SBAR with minimum @ 9 % p.a. and @ 1.25 % below SBAR with
minimum @ 9.50 % p.a. Margin @ 25 % and on OTL, LC @ 10 % Terms of
repayment As per banks
rules Margin : @ 25 % and on
OTL, LC @10 % Extent and
operation of the charge Rs. 57.200
Millions to Rs. 110.600 Millions modified on 10.07.2006 and regd. On
05.08.2006 First charge on
current assets of the company first charge on land and building plant and
machinery and other fixed assets of the company. Equitable mortgage by
deposit of title deeds in respect of company’s land and building at B-4,
Badli Industrial Area Delhi and Plot No. 45, Sector -3, IMT Manesar
[Haryana]. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on current assets of the company, first charge on land
and building plant and machinery and other fixed assets of the company.
Equitable mortgage by deposit of title deeds in respect of company’s land and
building at B-4, Badli Industrial Area Delhi and Plot No. 45, Sector -3, IMT
Manesar [Haryana]. |
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Date of latest
modification prior to the present modification |
10.07.2006 |
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Particulars of
the present modification |
Now the charge is
also seduced by creation of equitable mortgage by deposit of title deeds in
respect of company’s immovable property situated at B-4, Badli Industrial
Area Delhi and Plot No. 45, Sector -3, IMT Manesar [Haryana] measuring 6354.5
sq. mtrs. total limit of Rs. 110.600 Millions Other terms and
conditions remain the same. |
AS PER WEBSITE
PROFILE
1960 was a significant land mark in the history of BLUEPETER. A
factory was established at Kirti Nagar,
New horizons and challenges saw emergence of another Bluepeter unit at
Badli,
In 1997 acquired land at Manaser Gurgaon and Greater Noida to establish
new Plants with world class facilities.
Bluepeter an engineering industry group specialising in development and
supply of quality stampings, Auto components / Assemblies with requisite
welding techniques viz. MIG / Projection / Arc / Spot Welding, Plating &
Powder Coating infrastructure and in-house tool making expertise.
Progressive thinking, modern equipment, up-to-date production techniques
experienced labour force and varied & wide trade experience of Bluepeter
guarantees :-
Excellent quality and Workmanship
Quick Customer Responses
Competitive Prices
Reliable Supplies
STRENGTHS
QUALITY IN-BORN - Bluepeter committed to the pursuit of excellence made
a beginning by acheving ISO 9002 Certification by "RWTUV",
BLUEPETER PHILOSOPHY - to match or exceed the customer expectations
through team work and continuous improvement.
QUALITY POLICY - Produce Quality While in Process for the Satisfaction
of the Customers. Bluepeter stands committed to this philosophy.
With the emphasis and thrust on quality programs at Bluepeter necessitate a
comprehensive TQM build-up throught the entire manufacturing process - from raw
material to finished components stage by the well trained staff.
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.40.40 |
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|
1 |
Rs.82.93 |
|
Euro |
1 |
Rs.55.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|