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MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HIRA LALL AND SON (EXPORTS) PRIVATE LIMITED |
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Registered Office : |
20, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.11.1973 |
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Com. Reg. No.: |
55-6947 |
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CIN No.: [Company
Identification No.] |
U74899DL1973PTC006947 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH01078A |
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PAN No.: [Permanent
Account No.] |
AAACH0352H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and export of Readymade Garments and trading thereof and Chinawares. |
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 40000 |
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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. Trade relations are fair. 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 : |
20, |
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Tel. No.: |
91-11-41544302 / 23540373 / 23540374 / 65459467 / 753 5294 /753
5295 /753 5296 |
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Mobile No.: |
91-9810017975 |
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Fax No.: |
91-11-42542204 / 753 5293 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. fts. [Rented] |
DIRECTORS
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Name : |
Ms. Bharti Gupta |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
08/02/1955 |
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Date of Appointment : |
14/02/1981 |
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Name : |
Mr. Ramakant Gupta |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
06/06/1951 |
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Date of Appointment : |
29/09/1986 |
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Name : |
Mrs. Kanchan Gupta |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
17/09/1975 |
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Date of Appointment : |
08/06/1999 |
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Name : |
Ms. Nimisha Gupta |
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Designation : |
Director |
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Address : |
20, |
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Date of Birth/Age : |
07/01/1980 |
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Date of Appointment : |
08/06/1999 |
KEY EXECUTIVES
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Name : |
Mr. Anupam Gupta |
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Designation : |
Chairman and Managing Director |
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Address : |
20, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Hira Lall Gupta |
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50 |
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Hari Shanker Gupta |
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50 |
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Ramakant Gupta |
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29 |
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Bharti Gupta |
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39302 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and export of Readymade Garments and trading thereof and Chinawares. |
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Products : |
Apparel, Ladies Garments, Men’s Wear, Children’s Wear,
Fashion & Garment ACCS. Home furnishing, Fabrics – All Kinds, etc. |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C and other terms |
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Purchasing : |
Cash, Contract and Credit (30 - 60 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J L Garg & Company Chartered Accountants |
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Address : |
3H Big |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46100 |
Equity Shares |
Rs. 100/- each |
Rs. 4.610 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.610 |
4.610 |
4.610 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.591 |
6.643 |
6.717 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.201 |
11.253 |
11.327 |
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LOAN FUNDS |
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1] Secured Loans |
7.093 |
7.081 |
6.686 |
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2] Unsecured Loans |
2.756 |
2.595 |
1.678 |
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TOTAL BORROWING |
9.849 |
9.676 |
8.364 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.050 |
20.929 |
19.691 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.981 |
3.367 |
3.790 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.036 |
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DEFERREX TAX ASSETS |
2.513 |
2.448 |
2.599 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.895
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12.597 |
9.280 |
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Sundry Debtors |
2.564
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4.020 |
5.476 |
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Cash & Bank Balances |
0.098
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0.439 |
0.128 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.911
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0.754 |
1.470 |
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Total
Current Assets |
19.468
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17.810 |
16.354 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.535
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3.623 |
3.873 |
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Provisions |
0.137
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0.000 |
0.000 |
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Total
Current Liabilities |
5.672
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3.623 |
3.873 |
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Net Current Assets |
13.796
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14.187 |
12.481 |
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MISCELLANEOUS EXPENSES |
0.760 |
0.927 |
0.785 |
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TOTAL |
20.050 |
20.929 |
19.691 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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31.790 |
34.164 |
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Other Income |
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Total Income |
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31.790 |
34.164 |
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Profit/(Loss) Before Tax |
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0.092 |
0.086 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.092 |
0.086 |
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Earnings in Foreign Currency : |
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Total Earnings |
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190.970 |
245.640 |
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Expenditures : |
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Total Expenditure |
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9.851 |
10.426 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
NA
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0.29 |
0.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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0.29 |
0.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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0.39 |
0.38 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.001 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.52
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1.18 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
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3.43
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4.92 |
4.22 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
· Air conditioner & Room Company
· Building
· Computer
· Cars
· Cycles
· Dummy
· Machinery
· Electric Fans & Appliances
· Furniture & Fixture
· Generator
· Scooter& Moped
· Office equipment
· Photocopy Machine
· Refrigerator
· Telephone & Intercom
· Typewriter
· U.P.S.
· Water Filter
· Water Collier
· Water Motor
· Emergency Light System
· Delivery Van
· Mobile Phone
Bankers Charges Report as per Registry
|
Name of the company |
HIRA LALL AND SON
(EXPORTS) PRIVATE LIMITED |
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Presented By |
INDIAN OVERSEAS
BANK AND COMPANY |
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1) Date and description of instrument creating the change |
Charge created on
09.02.2002 & registered on 04.03.2002. charge modified on 31.03.2003 and
registered on 21.04.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
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 |
Prime Security
all kinds of stock of Raw Materials such as yarns, semi finished goods and finished goods viz garments. Collateral
security all fixed assets such as Air conditioners, computers, car,
furniture, generator etc. and documents to title of goods have been taken as
collateral security for Packing Credit Limit of Rs. 1.500 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 8.5 %
p.a. with quarterly rests Margin 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank Janpath Branch F-47, Janpath, |
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6) Date and brief description of instrument modifying the charge |
Advance against
Goods awaiting Shipment F 251 and Letter of Hypothecation F 110 E dated
09.06.2004 |
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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. |
The Packing
Credit Limit enhanced from Rs. 3.000 Millions to Rs. 4.000 millions 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 |
80031239 |
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Corporate
identity number of the company |
U74899DL1973PTC006947 |
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Name of the
company |
HIRA LALL AND SON (EXPORTS) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Karol Bagh, |
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Type of charge |
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Particular of
charge holder |
Indian Overseas Bank Janpath Branch F-47, Janpath, |
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Nature of
description of the instrument creating or modifying the charge |
Packing credit agreement,
F 110 Letter of Hypothecation |
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Date of
instrument Creating the charge |
17.04.2007 |
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Amount secured by
the charge |
Rs. 4.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest as per
loan agreement an bank norms Terms of
repayment Payment as per
bank norms Margin Margin as per
bank norms Extent operation
of the charge The charge
operates as continuing security inter alia, for the due repayment by the
company to the extent of Rs. 4.500 Millions together with interest,
additional interest, liquidated damages, premia on repayment costs charges,
expensed and all other moneys payable by the company to the Bank in terms of
the loan agreement and bank norms from time to time. Others Hypothecation of
stocks, book debts and all current and fixed assets of the company present
and future is to secure the packing credit limit of Rs. 4.500 Millions
sanctioned to the company |
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Short particulars
of the property charged |
Hypothecation of
stock, book debts and all current and fixed assets of the company present and
future. |
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Date of latest
modification prior to the present modification |
09.06.2004 |
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Particulars of
the present modification |
The packing
credit limit is increased from Rs. 4.000 Millions to Rs. 4.500 Millions Security
hypothecation of stock, book dents and all current and fixed assets of the
company present and future other terms and conditions remain same. |
Profile
Hira Lall & Son (Exports)
Private Limited, in the year 1973 started manufacturing and exporting textiles
and apparels. Incorporated in 1940, the company specializes in the manufacture
and export of women's wear, kids wear, men’s wear and home furnishings, has not
just become one of the leading manufacturer and exporter of textiles but has
also been honored with various national awards for the highest exports.
They work closely with their
buyers to identify and ensure the most promising and happening trends. They
manufacture all types of apparels and furnishing items such as cushion covers,
bedcovers, table linen etc.
Their product range comprises of
ready made garments which includes blouses, skirts, pants, shorts, dresses,
nightwear and maternity wear for women of all ages. Besides they also deal in
men’s wear, shirts and trousers as well as children's wear etc. All their
products are available in 100% Linen & Linen blends, Cotton and Cotton
Viscose, Chambray, Voiles, Cambric, Poplin, Silk, Georgette prints Chiffon and
many other qualities of woven fabrics, in different washes, embroideries and
surface treatment s. Specializing in all types of embroidery, sequins, crystals
and mirror work, they use different types of embroideries (computer, machine
and hand) to create exquisite designs and outstanding creations.
With quality being their hallmark,
strict measures are followed at all levels of the manufacturing process. All
their fabrics are procured from renowned mills and processed with the best of
facilities. Their production division is fully committed to excellence in
products and processes. Furthermore their policy of constantly upgrading their
facilities enables us to manufacture quality products as per their customer's
requirement and cope with the growing competitive trends. They deal only in
quality products.
They entertain inquiries from
wholesaler/importer and departmental stores only. The Company looks forward
towards establishing a mutually beneficial relationship.
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.40.33 |
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|
1 |
Rs.82.63 |
|
Euro |
1 |
Rs.55.65 |
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 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|