MIRA
INFORM REPORT
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Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HARVEL IRRIGATION PRIVATE LIMITED |
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Registered Office : |
301-304, Meghdoot,
94, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.08.1982 |
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Com. Reg. No.: |
014250 |
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CIN No.: [Company
Identification No.] |
U74899DL1982PTC014250 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH03956B |
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PAN No.: [Permanent
Account No.] |
AAACH0695K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributors, Traders of Irrigation Hardware and Allied Components, Accessories and Water Resource Management 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 85432 |
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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. 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 : |
301-304, Meghdoot,
94, |
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Tel. No.: |
91-11-26413370 / 26485365 /26477365/26424802 |
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Fax No.: |
91-11-26464819 |
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E-Mail : |
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Website : |
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Area : |
2500sq.fts |
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Location : |
Owned |
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Branches : |
SCO 110-11, Sector – 8C, Tel No. 91-172-2781804 / 2781947 Fax No. 91-172-2545102 75 A/D, Gandhi Nagar, Tel No. 91-191-2533119 Hasti Pipe Depot, Rajkavi Shambhudas Marg, Charkhi Dadri, Bhiwani, Haryana Tel No. 91-1250-220480 42nd Milestone, NH 8, Tel No. 91-124-2371605 402, Commerce House, 9/1, Tel. No. 91-80-22203997 |
DIRECTORS
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Name : |
Mr. Kamal K. Oswal |
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Designation : |
Director |
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Address : |
D-35, Defence Colony, |
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Tel No. |
91-11-24694969 // 24626952 |
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Date of Birth/Age : |
24.10.1946 |
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Qualification : |
Graduate |
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Date of Appointment : |
26.08.1982 |
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Election I Card |
DL/01/004/315062 |
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Name : |
Ms. Primal Oswal |
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Designation : |
Director |
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Address : |
E-78, Greater Kailash – I, |
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Tel No.: |
91-11-26221192 / 26221193 |
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Date of Birth/Age : |
02.09.1956 |
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Date of Appointment : |
26.08.1982 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr. Kamal Oswal |
31536 |
43.58 |
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Ms. Renuka Oswal |
27081 |
37.42 |
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Mr. Primal Oswal |
3636 |
05.02 |
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Ms. Indra Oswal |
7 |
0.01 |
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Ms. Reetu Oswal |
81 |
0.11 |
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Ms. Neha Oswal |
1859 |
2.57 |
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Ms. Nupur Oswal |
2709 |
3.75 |
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Ms. Rachika Oswal |
914 |
1.26 |
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3600 |
4.97 |
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Primal Oswal, HUF |
900 |
1.25 |
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Ms. Sunita Jain |
1 |
0.00 |
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Mr. D. K. Jain |
1 |
0.00 |
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Mr. Aashish Oswal |
45 |
0.06 |
BUSINESS DETAILS
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Line of Business : |
Distributors, Traders of Irrigation Hardware and Allied
Components, Accessories and Water Resource Management Products |
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Products : |
Ø Oscillating Sprinklers Ø Circular Sprinklers Ø Shower/Spray Guns Ø Hose/Tap Connectors Ø Cutting Tools Ø Combi System Ø Hose Trolleys Ø Pressure Sprayers Lawn Mowers |
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Imports : |
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Products : |
Irrigation hardware, watering system, horticultural
cutting tool |
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Countries : |
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Terms : |
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Purchasing : |
Cash, Credit (30 days) and L/C terms |
GENERAL INFORMATION
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Customers : |
v
Baha’i House of Worship, v Smithkline Beecham v
Sahara v
Duracell v Becton Dickinson India Limited v DLF Universal Limited v
Hyatt Grand, New v
Udai Vilas, v
Hyatt Regency, v
v
The Oberoi, v Oberoi’s Wild Flower Hall, Shimla v The Trident, Gurgaon v
Embassy of v
Sultanate of v British High Commission v Tata Energy Research Institute v Indian Agricultural Research Institute v Council of Scientific & Industrial Research Complex v Residence of Chief Naval Staff v
v DPS, Rohtak v United Global Park, Gurgaon |
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No. of Employees : |
25 |
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Bankers : |
Syndicate Bank, Shakuntala Apartments, Tel No. 91-11-26228261 / 26440388 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. Sharad Jain & Associates Chartered Accountants |
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Address : |
213, Hans Bhawan, 1, B. S.
Zafar Marg, |
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Tel. No.: |
91-11-23379477/23379588 |
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Associates/Subsidiaries : |
+
KL Oswal & Sons, Marketing of plastic raw materials + Arcus Marketing Private Limited Marketing of white goods |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
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 |
|
783700 |
Equity Shares |
Rs.10/- each |
Rs.7.837
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 |
7.837 |
7.237 |
7.237 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.521 |
10.238 |
9.840 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.358 |
17.475 |
17.077 |
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LOAN FUNDS |
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1] Secured Loans |
19.695 |
7.876 |
0.773 |
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2] Unsecured Loans |
13.200 |
16.216 |
14.558 |
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TOTAL BORROWING |
32.895 |
24.092 |
32.408 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.253 |
41.567 |
32.408 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.357 |
8.616 |
9.045 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.400 |
0.400 |
1.592 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.371
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15.749 |
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Sundry Debtors |
37.880
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22.451 |
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Cash & Bank Balances |
4.764
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1.489 |
37.274 |
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Other Current Assets |
1.126
|
0.908 |
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Loans & Advances |
1.136
|
0.928 |
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Total
Current Assets |
65.277
|
41.525 |
37.274 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
20.618
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8.806 |
15.503 |
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Provisions |
0.168
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0.169 |
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Total
Current Liabilities |
20.786
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8.975 |
15.503 |
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Net Current Assets |
44.495
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32.550 |
21.771 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
54.253 |
41.567 |
32.408 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
31.03.2004 |
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Sales Turnover |
60.000 |
45.000 |
51.515 |
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Other Income |
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Total Income |
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0.219 |
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Profit/(Loss) Before Tax |
NA |
NA |
0.069 |
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Provision for Taxation |
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0.150 |
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Profit/(Loss) After Tax |
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Export Earning : |
NA |
NA |
0.118 |
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Imports : |
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7.734 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
NA |
NA |
51.296 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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51.296 |
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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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NA |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
0.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
0.46 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.97
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1.86 |
1.81 |
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Current Ratio (Current Asset/Current Liability) |
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3.14
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1.27 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
Subject also acts
as:
Subject is an Authorised Distributor of Rain Bird,
Subject not only offers their expertise and decades of experience in Turf and Golf Course Irrigation System designing and installation but also offers a comprehensive range of advanced Gear Driven and ‘Valve-in-head’ Sprinklers, Control Valves, Satellite Control and Central Control Systems and accessories
Subject acts as
marketers of:
˜
Rain Bird International Inc,
˜
˜ Hasti – HDPE pipes, sprinkler and drip irrigation systems and equipment
It is also engaged in designing, supplying and installing of turf / landscape / golf / agri irrigation projects on turnkey basis.
Subject
provides complete solutions to the agriculturists, particularly in the States
of Haryana,
Subject expanded its operations to cater to the needs of urban areas and elite household for modern and technically advanced irrigation systems. Subject has joined hands with internationally renowned irrigation majors (world leaders in their respective spheres) to commence operations of its Landscape Irrigation and CP Division.
Subject has installed nearly 20,000 installation to its credit. Subject also deals with irrigation hardware and allied components and accessories like “Pop-Up” Sprinklers/Sprayheads, Dri Emitters/Tapes, Micro/Mini and Large Sprinkers, Foggers, Misters, Solenoids Valves, Controllers, etc.
Subject is a
business partner of
Subject is
also an authorised Distributor of Rain Bird International Inc.,
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Name of the company |
HARVEL
IRRIGATIONS PRIVATE LIMITED |
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Presented By |
Syndicated Bank
and the Company |
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1) Date and description of instrument creating the change |
Comprehensive
Hypothecation Agreement, Ominbus Counter Guarantee and Counter Guarantee
Letter for ILC / FLC all dated 7.12.2001 registered on 20.12.2001, modified
on 19.05.2003 and 17.05.2004 and modification registered on 19.05.2003 and on
17.05.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 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 |
1] Hypothecation
of Stocks of irrigation system / equipments lying at 304, Meghdoot, 94, Nehru
Place, New Delhi and Village Khirki Daula, Gurgaon or at any other place 2] Borrowing
present and future book debts, moneys, receivable etc. 3] Equitable
mortgage of agriculture land and factory building situated at village Siwana
Kherki Daula, Gurgaon (Haryana) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on
above assets to secure the following working capital facilities. 1] ODH Rs.1.500
millions, 2] FLC Rs.2.500 millions and BG Rs.2.000 millions aggregating to
Rs.6.000 millions Interest at 16%
on ODH and Interest / Commission on FLC / BG as per bank rules |
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5) Name and Address and description of the person entitled to the charge. |
Syndicated Bank, |
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6) Date and brief description of instrument modifying the charge |
Composite Hypothecation
agreement, Omnibus counter guarantee and counter guarantee letter of ILC /
FLC dated 12.09.2005 |
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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. |
Working capital
facilities stand enhanced to Rs.27.500 millions with following facilities 1] SOD Rs.20.000
millions, 2] BG Rs.2.500 millions and 3] LC Rs.5.000 millions Rate of Interest @12.5%
p.a., Interest / Commission on LC / BG as per bank rules. Other terms as per
agreements |
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 |
|
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 |
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 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|