MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HALDIRAM SNACKS PRIVATE LIMITED |
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Formerly Known As : |
HALDIRAM FOOD PRODUCTS LIMITED |
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Registered Office : |
B 1 / H 3 Mohan Co-operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.09.1989 |
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Com. Reg. No.: |
55-37732 |
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CIN No.: [Company
Identification No.] |
U74899DL1989PTC037732 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELH01712E |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Marketing of Chips, Sweets, Papad and Snacks |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Good |
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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 and a part of
Haldiram Group, a renowned name in Sweets and Snacks Industry. Available
information indicates high financial responsibility of the company. Trade relations
are fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
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Registered Office / Factory : |
B 1 / H 3 Mohan Co-operative Industrial Estate, |
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Tel. No.: |
91-11-28898011 / 28898010 |
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Fax No.: |
91-11-28898016 / 28898014 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manohar Lal Agarwal |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
30.10.1954 |
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Date of Appointment : |
18.09.1989 |
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Name : |
Mr. Anand Agarwal |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
18.03.1978 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Ashish Agarwal |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
07.04.1983 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Sushant Kumar Dass |
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Designation : |
Director |
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Address : |
4082 H Block Gaur Green, City Indirapuram, |
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Date of Birth/Age : |
08.04.1962 |
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Date of Appointment : |
01.08.2005 |
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Name : |
Mr. Rajendra Prasad Gupta |
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Designation : |
Director |
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Address : |
B 2/149, Safdarjung Enclave, |
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Date of Birth/Age : |
10.02.1955 |
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Date of Appointment : |
01.05.2007 |
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Name : |
Mr. Pankaj Agarwal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.04.1977 |
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Date of Appointment : |
01.07.2006 |
KEY EXECUTIVES
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Name : |
Ms. Rekha Sadana |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manohar Lal Agarwal |
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780000 |
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Madhusudan Agarwal |
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780000 |
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Anand Agarwal |
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780000 |
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Manju Agarwal |
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660000 |
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Ritu Agarwal |
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220000 |
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Tickwell Commercial Limited |
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425000 |
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Pankaj Agarwal |
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1210000 |
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Amit Agarwal |
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780000 |
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Preeti Agarwal |
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301607 |
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Ashish Agarwal |
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540000 |
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Umesh Agarwal |
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440000 |
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Sumitra Agarwal |
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770000 |
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Haldiram Exports Private Limited |
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136725 |
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Haldiram Marketing Private Limited |
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75000 |
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Haldiram Manufacturing Company Private Limited |
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3101668 |
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Total |
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11000000 |
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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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33.98 |
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Directors or relatives of directors |
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66.02 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Marketing of Chips, Sweets, Papad and Snacks |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. R. Kumar and Company Chartered Accountants |
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Address : |
U 2, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
11,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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110.000 |
75.237 |
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2] Share Application Money |
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0.000 |
3.747 |
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3] Reserves & Surplus |
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226.372 |
128.130 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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336.372 |
207.114 |
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LOAN FUNDS |
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1] Secured Loans |
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254.345 |
184.894 |
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2] Unsecured Loans |
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114.712 |
138.200 |
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TOTAL BORROWING |
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369.057 |
323.094 |
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DEFERRED TAX LIABILITIES |
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26.771 |
29.371 |
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TOTAL |
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732.200 |
559.579 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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657.756 |
456.241 |
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Capital work-in-progress |
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52.880 |
121.116 |
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INVESTMENT |
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2.145 |
2.145 |
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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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91.855 |
84.725 |
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Sundry Debtors |
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9.368 |
16.912 |
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Cash & Bank Balances |
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42.045 |
26.734 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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45.762 |
34.975 |
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Total
Current Assets |
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189.030 |
163.346 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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111.488 |
166.571 |
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Provisions |
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63.620 |
22.747 |
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Total
Current Liabilities |
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175.108 |
189.318 |
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Net Current Assets |
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13.922 |
[25.972] |
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MISCELLANEOUS EXPENSES |
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5.497 |
6.049 |
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TOTAL |
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732.200 |
559.579 |
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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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1167.552 |
976.864 |
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Total Income |
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1167.552 |
976.864 |
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Profit/(Loss) Before Tax |
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78.652 |
80.876 |
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Provision for Taxation |
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26.935 |
19.776 |
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Profit/(Loss) After Tax |
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51.717 |
61.100 |
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Imports : |
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Packing Materials |
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4.897 |
6.637 |
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Stores & Spares |
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2.867 |
1.621 |
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Capital Goods |
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22.619 |
70.422 |
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Others |
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0.000 |
0.361 |
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Total Imports |
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30.383 |
79.041 |
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Expenditures : |
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Interest |
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20.348 |
16.115 |
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Depreciation & Amortization |
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58.090 |
46.572 |
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Other Expenditure |
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1010.462 |
833.301 |
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Total Expenditure |
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1088.900 |
895.988 |
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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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4.43 |
6.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
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6.74 |
8.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.29 |
13.05 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.62 |
2.47 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
HALDIRAM SNACKS
PRIVATE LIMITED |
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Presented By |
Mr. Manohar Lal
Agarwal, Director |
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1) Date and description of instrument creating the change |
05.12.2003.
Agreement of Cash Credit Agreement of Hypothecation of Books Debts and Letter
of Hypothecation all dated 05.12.203. the charge was registered with
Registrar of Companies on 05.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Fund Based
and Non-Fund Based Limit of Rs. 58.000 Millions as per details as follows Fund Based Cash Credit Rs.
40.000 Millions Non-Fund Based Foreign Letter of
Credit : Rs. 3.000 Millions Bank Guarantee :
Rs. 15.000 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 |
Hypothecation of
current assets of the company. Both present and future, including in
particulars stocks of raw materials, stock-in-process and finished goods,
stores, packing materials etc. by way of first charge. Collateral
Security Corporate
Guarantee of Haldiram Manufacturing Company Private Limited and Haldiram
Products Private Limited Personal
Guarantees of Mr. Manohar Lal Agarwal, Madhusudan Agarwal, Mrs. Sumitra
Agarwal, Mr. Pankaj Agarwal and Mr. Anand Agarwal |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
Interest on Cash Credit Limit of Rs. 40.000 Millions shall be charged at 3.5
% below BOPPLR i.e. 9 % p.a. with monthly rest. Commission on LC Limit will
be 50 % of Bank / FEDA rules / guidelines. On BG Limit Commission of 0.75 % shall
be as per Sanction Letter of the bank dated 25.11.2003 |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab
Limited B 222/223,
Sector 16, Noida, Uttar
Pradesh |
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6) Date and brief description of instrument modifying the charge |
30.05.2005.
Equitable Mortgage by deposit of title deeds was created. Memorandum of
Equity was entered into between Indian Overseas Bank and Haldiram Snacks
Private Limited, the borrower acting for itself and as agent of Bank of
Punjab Limited in pursuance of Letter of Indian Overseas Bank of Punjab
Limited vide their letter dated 07.05.2005 and 27.05.2005 |
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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. |
The Equitable
Mortgage by deposit of title deeds was created. The title deeds, which were
already deposited with Indian Overseas Bank shall continue to hold the title
deeds for itself an as an agent of Bank of Punjab. Vide Memorandum
of Entry dated 30.05.2005. Indian Overseas bank ceded pari-passu charge on
fixed assets of the company in favour of Bank of Punjab Limited on fixed
assets of the company already charged with them. Bank of Punjab
Limited has also ceded II Charge on current assets of the company already
charged with the Bank of Punjab Limited in favour of Indian Overseas Bank. |
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This form is for |
Creation of charge
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Corporate
identity number of the company |
U74899DL1989PTC037732 |
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Name of the
company |
HALDIRAM SNACKS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
B 1 / H 3 Mohan Co-operative Industrial Estate, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
ABN AMRO Bank N. V. 15, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation of moveable Fixed assets and Term Loan Facility
Agreement. |
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Date of
instrument Creating the charge |
09.01.2007 |
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Amount secured by
the charge |
Rs. 598.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3 months LIBOR +
150 bpps p.a. payable Quarterly. Terms of repayment
In 20 quarterly
installments commencing from the 3rd moth from the date in
individual drawdown. Margin The company shall
maintain such margin as may be specified by the bank from time to time. Extent operation
of the charge In case the company
fails to fulfill its obligation under the agreement, the bank shall be
entitled to take possession of the hypothecated properties and sell them by
public auction or private contract and utilize the proceeds in full or part
settlement of its claims. Others The above charge
to secure total ECB Limit of USD 11 Million and OBSI Limit of USD 2 Million
[Equivalent to INR 5980 Lacs] |
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Short particulars
of the property charged |
1st
Exclusive charge on the Movable Fixed Assets situated at Block B, Plot A 14
& 15, Sector 63, Noida, UP and 1st Pari Passu charge on the
Moveable Fixed Assets situated at Block B, Plot A 14 & 15, Sector 63,
Noida, UP |
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 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 Intl
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 companys 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.40.96 |
|
|
1 |
Rs.82.55 |
|
Euro |
1 |
Rs.55.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SCs 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. |
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 |
|