MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HI-LINE PENS PRIVATE LIMITED |
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Registered Office : |
# 299, Okhla Industrial Estate, Phase II, New Delhi-110020 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.02.1996 |
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Com. Reg. No.: |
55-76070 |
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CIN No.: [Company
Identification No.] |
U36991DL1996PTC076070 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH02072A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Stationery Articles. |
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 140000 |
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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 : |
# 299, Okhla Industrial Estate, Phase II, New Delhi-110020 |
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Tel. No.: |
91-11-26319137/ 41613536/ 26842646/ 26828314 |
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Fax No.: |
91-11-26312204/ 26849212 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vijay Kumar Jain |
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Designation : |
Director |
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Address : |
B-167, Sarita Vihar, |
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Date of Birth/Age : |
05.06.1936 |
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Date of Appointment : |
20.07.1999 |
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Name : |
Ms. Payal Kapoor |
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Designation : |
Director |
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Address : |
E-98, Greater Kailash I, New Delhi-110048 |
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Date of Birth/Age : |
14.12.1969 |
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Date of Appointment : |
15.03.1996 |
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Name : |
Mr. Chandra Mauli Iyer |
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Designation : |
Director |
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Address : |
1344, Sector 37, |
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Date of Birth/Age : |
13.09.1957 |
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Date of Appointment : |
28.01.2004 |
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Name : |
Ms. Pooja Jain |
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Designation : |
Director |
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Name : |
Ms. Usha Jain |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
M/s Rajiv Khosla and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Ms. Payal Kapoor |
380000 |
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JHPL Holdings Limited |
120000 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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24.00 |
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Directors or their relatives |
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76.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Stationery Articles. |
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Products : |
v
Writing Instrument and Shares v
Inks v
Ink Cartridges v
Smart Flow Gloiter Marker v
Fine Liners Pen |
GENERAL INFORMATION
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Bankers : |
Standard
Chartered Bank, Sansad Marg, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Kalra & Associates Chartered Accountants |
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Address : |
24, Manak Vihar, IP Extension, Part II, New Delhi-110092 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
million |
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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5.000 |
5.000 |
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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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30.888 |
25.078 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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35.888 |
30.078 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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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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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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3.945 |
4.499 |
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TOTAL |
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39.833 |
34.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.354 |
27.471 |
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Capital work-in-progress |
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0.000 |
0.000 |
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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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63.240 |
82.900 |
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Sundry Debtors |
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0.000 |
0.035 |
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Cash & Bank Balances |
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1.834 |
3.781 |
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Other Current Assets |
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5.552 |
5.122 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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70.626 |
91.838 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.792 |
81.793 |
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Provisions |
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4.355 |
2.939 |
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Total
Current Liabilities |
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56.147 |
84.732 |
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Net Current Assets |
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14.479 |
7.106 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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39.833 |
34.577 |
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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 |
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200.105 |
150.075 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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200.105 |
150.075 |
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Profit/(Loss) Before Tax |
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7.370 |
5.134 |
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Provision for Taxation |
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1.560 |
0.000 |
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Profit/(Loss) After Tax |
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5.810 |
5.134 |
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Total Expenditure |
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192.735 |
144.941 |
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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2.90 |
3.42 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.68 |
3.42 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.67 |
4.30 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.56 |
2.82 |
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Current Ratio (Current Asset/Current Liability) |
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1.26 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
HI LINE PENS
PRIVATE LIMITED |
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Presented By |
Company and Standard
Chartered Bank |
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1) Date and description of instrument creating the change |
Letter of hypothecation dated 05.10.1996 Regd. On 15.10.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500 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 |
All stocks in trade, present and future consisting of raw material, components o writing instruments wok in progress, finished goods other merchandise and all present and future book debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest as may be determined by the Bank from time to time |
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5) Name and Address and description of the person entitled to the charge. |
Standard Chartered Bank Sansad Marg, |
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6) Date and brief description of instrument modifying the charge |
Supplementary letter of hypothecation dated 26.03.1998 |
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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. |
Limit increased from Rs.12.500 millions to Rs.17.500 millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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