MIRA
INFORM REPORT
|
Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HINDUSTAN NATIONAL GLASS &
INDUSTRIES LIMITED |
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|
|
|
Formerly Known As : |
HINDUSTAN NATIONAL GLASS MANUFACTURING
COMPANY LIMITED |
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Registered Office : |
2, Red Cross Place, P. B. # 2722, Kolkata - 700 001, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.02.1946 |
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Com. Reg. No.: |
21-13294 |
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CIN No.: [Company
Identification No.] |
U26109WB1946PLC013294 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALH01257E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are
listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers, Importers and Exporters of Glass
Containers, Glass Bottles, Tumblers, Vials, etc. in various sizes from 5 ML
to 3200 ML |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9121200 |
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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 having fine track. Available
information indicates high financial responsibility of the company. Trade
relations are fair. A Financials position is good. Payments are correct and
as per commitments. The company can be considered good for any normal business dealings.
It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
|
Registered Office : |
2, Red Cross Place, P. B. # 2722, Kolkata - 700 001, West
Bengal, India |
|
Tel. No.: |
91-33-22482341/42/43/44 |
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Fax No.: |
91-33-22482367 |
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E-Mail : |
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Website : |
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Area : |
28000 sq. ft. |
|
Location : |
Leased |
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|
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Factory 1 : |
Bahadurgarh - 124 507,
District Jhajjar, Haryana, India |
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Tel. No.: |
91-1276-211807/802/803/804/805/806/807/808 |
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Fax No.: |
91-1276-211810/214163 |
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E-Mail : |
|
|
Area : |
45000 sq. ft. |
|
Location : |
Owned |
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|
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Factory 2 : |
Panchu Gopal Bhaduri Sarani, Rishra - 712 248, District
Hooghly, West Bengal |
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Tel. No.: |
91-33-26726801/6802/6803/6804 |
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Fax No.: |
91-33-26726807 |
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E-Mail : |
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|
Area : |
40000 sq. ft. |
|
Location : |
Owned |
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Regional offices: |
116,
Kewal Industrial Estate, 1st. Floor, Senapati Bapat Marg, Mumbai – 400 013, India. Telephone
No. : 91-22-2493 5014 / 4720
/ 2402 / 2492 0221 Fax
No. : 91-22-2493 4718 E-mail : hngbby@vsnl.net . #366, 18th 'E' Main, 6th
'B' Cross, 6th Block, Koramangala, Bangalore - 560 095, India Telephone
No. : 91-80-2552 6513 Telefax
No. : 91-80-2552 6421 E-mail : hngblr@vsnl.net . ‘Guruvar’.
W-27, Greater Kailash – II, New
Delhi – 110 048, India Telephone
No. : 91-11- 2921-5806/5672 Fax
No. : 91-11- 2921 2426 . Ace
Glass Containers Ltd., 14, Wellingdon Estate (3rd Floor), 24, Ethiraj Salai,
Chennai – 600 008 Telephone
No. : 91-44- 28258163, 28259137 Fax
No. : 91-44- 28259269 E-mail : aceglasschennai@vsnl.net . Ace
Glass Containers Ltd., 3-6-27/6, Bommareddy Bldg., Basheer Bagh, Hyderabad -
500 029 Telephone
No. : 91-40- 23224470 Fax
No. : 91-40- 23229619 E-mail : brreddy_2276@sancharnet.in |
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Branches : |
Located at : ·
# 472/14-A, AVS Compound, 80 Feet Road, 4th
Block, Koramangala, Bangalore – 560 034, Karnataka Tel. 91-80-25526513/6421 Fax. 91-80-25526421 E-mail. hngblr@vsnl.net (Caption owned office
premises) ·
14/15-B, Wellington Estate, 3rd Floor, 24,
Commander in Chief Road, Chennai – 600 015, Tamilnadu Tel. 91-44-28259137/8163 Fax. 91-44-28259269 E-mail. aceglasschennai@vsnl.net (Caption rented office
premises) ·
3-6-27/6, Bammareddy Building, Basheer Bagh, Hyderabad –
500 029, Andhra Pradesh Tel. 91-40-23224619/4470 Fax. 91-40-23229619 E-mail. brreddy@hd2.dot.net.in (Caption rented office
premises) ·
116, Kewal Industrial Estate, 1st Floor,
Senapati Bapat Marg, Mumbai – 400 013, Maharashtra Tel. 91-22-24935014/4720 Fax. 91-22-24934718 E-mail. hngbby@vsnl.net (Caption owned
office premises) |
DIRECTORS
|
Name : |
Mr. Chandra Kumar Somany |
|
Designation : |
Chairman |
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Address : |
2, Ironside Road, Kolkata - 700 019, West Bengal |
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Date of Birth/Age : |
1933 |
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Qualification : |
I. Sc., FBIM (London) |
|
Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited ·
The West Coast Paper Mills Limited ·
Ceramic Colours & Containers Limited ·
R. B. Rodda & Company Limited |
|
|
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Name : |
Mr. Sanjay Somany |
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Designation : |
Managing Director |
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Address : |
W-22, Greater Kailash, New Delhi – 110 048 |
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Date of Birth/Age : |
1958 |
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Qualification : |
B.Com., Diploma in Diesel Engineering |
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Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Private Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited |
|
|
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|
Name : |
Mr. Mukul Somany |
|
Designation : |
Joint Managing Director
|
|
Address : |
2, Ironside Road, Kolkata – 700 019, West Bengal |
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Qualification : |
B. Com. (Hons) |
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|
Name : |
Mr. Kishore Bhimani |
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Designation : |
Director |
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Address : |
12/4, Sunny Park Apartments, 6, Sunny Park, Kolkata – 700
029, West Bengal |
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Qualification : |
B. A. (Hons in Economics) |
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|
|
|
Name : |
Mr. S. Bhattacharya |
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Designation : |
Director |
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Address : |
52-C, Ballygunge Circular Road, Kolkata – 700 019, West
Bengal |
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Qualification : |
FCA |
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|
Name : |
Mr. R. K. Daga |
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Designation : |
Director |
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Address : |
8, South End Park, Kolkata – 700 029, West Bengal |
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Qualification : |
B.Com., BIM Graduate (England). (Hons) |
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|
Name : |
Mr. Dipankar Chatterji |
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Designation : |
Director |
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Address : |
2/1, Nazar Ali Lane, Kolkata – 700 019, West Bengal |
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Qualification : |
FCA |
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|
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|
Name : |
Mr. S. K. Bangur |
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Designation : |
Director |
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Address : |
16, Alipore Road, Kolkata – 700 027, West Bengal |
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Qualification : |
Graduate |
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|
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|
Name : |
Ms. Supriya Gupta |
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Designation : |
Director |
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Address : |
18/1, Dover Place, Garcha 1st Lane, 2nd
Floor, Kolkata – 700 019, West Bengal |
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Qualification : |
B. A. (History & Economics) and Chartered Accountants,
LLB |
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|
|
|
Name : |
Dr. I K Saha |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J.P. Kasera |
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Designation : |
President |
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Name : |
Mr. R.L. Khandelia, |
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Designation : |
Senior Vice President |
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Name : |
Mr. L.K. Newar, |
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Designation : |
Senior Vice President (Marketing) |
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Name : |
Mr. S. Bhende, |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. A.C. Jain |
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Designation : |
Vice President (Ceramics) |
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Name : |
Mr. Manoj Maheshwari |
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Designation : |
Vice President (Finance) & Secretary |
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Name : |
Mr. N.K. Kabra |
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Designation : |
Vice President (Materials) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Promoters and Associates |
10040043 |
90.91 |
|
Institutions |
500000 |
4.53 |
|
Domestic Companies |
483825 |
4.38 |
|
Resident Individuals |
19500 |
0.18 |
|
Total |
11043368 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Importers and Exporters of Glass
Containers, Glass Bottles, Tumblers, Vials, etc. in various sizes from 5 ML
to 3200 ML |
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Products with ITC Code : |
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Exports : |
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Products : |
Glass
Bottles and Containers |
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Countries : |
Australia,
Bangladesh, China, Malaysia, Russia, South Africa, Sri Lanka, Singapore,
Bangladesh, Indonesia, Jordan, Nepal, Nigeria, Cyprus, Kenya, Philippines,
Russia, Saudi Arabia, Sri Lanka, Tanzania, USA, Thailand, UAE, Vietnam, South
Africa and Sri Lanka |
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Imports : |
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Products : |
Machinery
for Glass Bottles, Spare Parts, Raw Materials and Consumables |
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Countries : |
France,
Holland, Italy, Kenya, Singapore, Germany, Hong Kong, Italy, UK and USA |
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Terms : |
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Selling : |
Contract,
L/C or Credit (60 days) |
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Purchasing : |
Contract,
L/C or Credit (30 to 60 days) |
PRODUCTION STATUS
|
Particulars |
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|
Installed
Capacity |
Actual
Production |
|
I. Glass Plants a) Glass Bottles at Rishra and Glass Bottles and Vials at Bahadurgarh |
|
|
489025 |
2942694 |
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b) Pressed Tumblers at Bahadurgarh |
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|
5000 |
NA |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Some
of major customers includes:
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No. of Employees : |
About 1441 |
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Bankers : |
o
31, B. B. D. Bag, Kolkata - 700 001, West Bengal o
(The company enjoys credit limit facility of Rs. 250.000
millions from its’ o
banker)
o
Commercial Branch, 24, Park Street, Kolkata - 700 016,
West Bengal o
(The company enjoys credit limit facility of Rs. 100.000
millions from its’ banker)
o
Lords, 7/1, Lord Sinha Road, o
Kolkata - 700 071, West Bengal o
(The company enjoys credit limit facility of Rs. 200.000
millions from its’ banker) o
o
(The company enjoys credit limit facility of Rs. 250.000
millions from its’ banker)
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Facilities : |
Secured Loan
Notes : 1) Secured by first charge (ranking pari-passu with charges created
and/or to be created) on all immovable (by way of equitable mortgage) and
hypothecation of all moveable properties both present and future, save and
accept specific assets exclusively hypothecated in favour of respective
lenders. 2) Also collaterally secured by second charge on current assets. 3) Secured by pari-passu first charge (ranking pari-passu with charges
created and/or to be created) by way of hypothecation of all moveable assets
of the company both present and future. This loan is also secured by
corporate guarantee of Ace Glass Containers Limited, and associate company. 4) Secured by hypothecation of inventories (both present and future)
and book debts and second charge on all immovable, moveable properties
including land and buildings. 5) Secured by hypothecation of vehicles financed in favour of
respective lenders. Unsecured Loan
Note : * Represents Mibor
linked Non-Convertible Debentures privately placed with - Canbank Mutual Fund
– Rs.200 millions. |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, Government Place East, Kolkata - 700 069, West Bengal,
India |
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Tel. No.: |
91-33-22481111/1507 |
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Fax No.: |
91-33-22482956 |
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E-Mail : |
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Memberships : |
Confederation
of Indian Industry |
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Parent
Company: |
Somani
Group Company |
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Subsidiaries : |
*
Glass
Equipment (India) Limited Bahadurgarh – 124 507, Haryana Tel. 91-1276-211801/08 Fax. 91-1276-211810/214163 Subject is popularly known as GEIL was incorporated in
1974. Subject
is engaged in manufacturing of glass forming machine and equipment and is an
expert in all areas of glass manufacturing process. The company's product range includes complete IS machines,
conversion of IS machines, feeders, conveyors, ware transfer, ware stackers,
motor driven press, spare parts, engineering items, electronic timing systems
and batch charger. |
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|
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Associates : |
o
W-27,
Greater Kailash – II, New Delhi – 110 048 o
--Manufacturer
of Glass Containers
o
2,
Red Cross Place, Kolkata – 700 001, West Bengal o
--Manufacturer
of Glass Forming Machine and Spares
o
W-27,
Greater Kailash – II, New Delhi – 110 048 o
--Manufacturer
of Glass and Ceramic Goods
o
Manufacturer
of bottle caps. It has been
accredited with ISO 9000 Certification.
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,15,00,000 |
Equity Shares |
Rs.10/-
each |
Rs.
115.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,10,43,368 |
Equity Shares |
Rs. 10/- each |
Rs. 110.434 millions |
|
Add: |
Forfeited Shares (amount originally paid up @ Rs. 5/- on 280
Shares) |
|
Rs. 0.001 million |
|
|
Total |
|
Rs. 110.435 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
110.435 |
110.435 |
110.435 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2169.865 |
1906.859 |
1731.268 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2280.300 |
2017.294 |
1841.703 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1788.509 |
1565.631 |
1572.465 |
|
|
2] Unsecured Loans |
688.377 |
906.345 |
525.096 |
|
|
TOTAL BORROWING |
2476.886 |
2471.976 |
2097.561 |
|
|
DEFERRED TAX LIABILITIES |
453.210 |
434.162 |
401.699 |
|
|
|
|
|
|
|
|
TOTAL |
5210.396 |
4923.432 |
4340.963 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3349.077 |
3297.639 |
2859.238 |
|
|
Capital work-in-progress |
365.261 |
184.194 |
281.034 |
|
|
|
|
|
|
|
|
INVESTMENT |
108.721 |
8.621 |
8.077 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
933.282
|
1012.871 |
869.499 |
|
|
Sundry Debtors |
897.690
|
921.663 |
927.238 |
|
|
Cash & Bank Balances |
6.396
|
13.656 |
27.318 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
474.143
|
309.884 |
331.726 |
|
Total
Current Assets |
2311.511
|
2258.074 |
2155.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
707.793
|
730.602 |
775.014 |
|
|
Provisions |
216.381
|
94.494 |
188.153 |
|
Total
Current Liabilities |
924.174
|
825.096 |
963.167 |
|
|
Net Current Assets |
1387.337
|
1432.978 |
1192.614 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5210.396 |
4923.432 |
4340.963 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
5156.417 |
4208.578 |
4250.587 |
|
|
Other Income |
61.943 |
58.384 |
93.061 |
|
|
Total Income |
5218.360 |
4266.962 |
4343.648 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
510.274 |
300.431 |
392.517 |
|
|
Provision for Taxation |
167.828 |
60.904 |
77.447 |
|
|
Profit/(Loss) After Tax |
342.446 |
239.527 |
315.070 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
220.303 |
140.330 |
NA |
|
Total Earnings |
220.303 |
140.330 |
NA |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
433.533 |
289.784 |
NA |
|
|
Stores & Spares |
89.557 |
194.647 |
NA |
|
|
Capital Goods |
323.102 |
161.550 |
NA |
|
Total Imports |
846.192 |
645.981 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
2698.138 |
2253.957 |
2418.394 |
|
|
Raw Material Consumed |
1487.735 |
1273.490 |
1169.317 |
|
|
Interest |
190.968 |
144.054 |
111.121 |
|
|
Depreciation & Amortization |
355.043 |
321.143 |
279.779 |
|
Total Expenditure |
4731.884 |
3992.644 |
3978.611 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Sales Turnover |
1532.000 |
1378.900 |
1633.200 |
|
Other Income |
22.300 |
49.800 |
21.000 |
|
Total
Income |
1554.300 |
1428.700 |
1654.200 |
|
Total Expenditure |
1212.000 |
1030.600 |
1214.300 |
|
Operating Profit |
342.300 |
398.100 |
439.900 |
|
Interest |
11.700 |
27.100 |
42.900 |
|
Gross Profit |
330.600 |
371.000 |
397.000 |
|
Depreciation |
90.200 |
72.300 |
81.100 |
|
Tax |
81.400 |
109.200 |
109.900 |
|
Reported PAT |
158.700 |
190.200 |
209.900 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
1.39 |
1.53 |
1.50 |
|
Long Term Debt
Equity Ratio |
0.82 |
0.87 |
0.80 |
|
Current Ratio |
0.98 |
0.96 |
0.90 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.17 |
1.03 |
1.21 |
|
Inventory |
6.12 |
5.05 |
6.20 |
|
Debtors |
6.55 |
5.14 |
5.64 |
|
Interest Cover
Ratio |
3.67 |
3.08 |
4.53 |
|
Operating Profit
Margin (%) |
17.34 |
15.57 |
16.07 |
|
Profit Before
Interest and Tax Margin (%) |
11.78 |
9.36 |
10.70 |
|
Cash Profit
Margin (%) |
11.31 |
11.26 |
12.06 |
|
Adjusted Net
Profit Margin (%) |
5.75 |
5.04 |
6.70 |
|
Return on Capital
Employed (%) |
16.50 |
11.76 |
16.43 |
|
Return on Net
Worth (%) |
19.27 |
16.01 |
25.67 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on at Kolkata in West Bengal under the
name and style of Hindustan National Glass Manufacturing Company Limited having
Company Registration Number.
Subsequently, the name of the company was changed to
present.
Mr. C. K. Somany, a visionary entrepreneur laid the
foundation of the HNG Group in 1952 with the inauguration of India’s first
fully automatic glass container manufacturing plant at Rishra near
Kolkata.
In order to keep pace with changing technology and demands,
the company set up another plant at Bahadurgarh, near Delhi in 1964 which
opened the gates of success for the Group. The farsighted and dynamic approach
of Mr. Somany, the highly enters management strategies and the leadership
qualities of his sons Mr. Sanjay Somany and Mr. Mukul Somany had turned every
challenge into a winning formula.
The company is an acknowledged market leader, catering to
diverse industries from liquor and pharmaceuticals to beverages and cosmetics.
Since inception the HNG Group has been flourishing and
expanding and currently enjoys a total turnover of around Rs. 2000 millions.
BUSINESS
The
company offers premium glass containers for every kind of applications such as
beverages, cosmetics, liquor, processed food and pharmaceuticals.
The
company has enterprise in white, green and amber glass containers. The company manufactures over 500 kinds of
glass containers to cater to a diverse range of applications.
The
company has its own transportation fleet.
The
company has received the prestigious CAPEXIL Award for the last three
consecutive years of its excellent performance in exports.
The
company has technical collaboration with Vetropack AG, Switzerland.
The
company has joint venture with HNG-Anchor (Pty) Limited, South Africa
OPERATIONS
During the year,
the Company achieved a Gross Sales (including Excise duty) of Rs. 59.540
millions as compared to Rs. 4748.900 millions earned in the previous year
recording a growth of 25%. Other Income was Rs. 61.900 millions as compared to
Rs. 58.400 millions during the previous year.
The operating profit
recorded significant growth of 40%, at Rs. 1032.500 millions as compared to Rs.
739.500 millions in the previous year mainly due to improved sales realisation
and better product mix. Consequently, the profit before tax has also increased
by 70% i.e. from Rs. 300.400 millions in the previous year to Rs. 510.300
millions. The profit after tax has also increased by 43% to Rs. 342.400
millions as against Rs. 239.500 millions in the year under review.
AMALGAMATION
During the current year, the Board of Directors of the Company approved
the merger of ACE Glass Containers Limited with the Company with effect from
1st April, 2006, subject to necessary approvals and sanction of the Hon’ble
High Courts under Sections 391 to 394 read with Section 100 of the Companies
Act, 1956.
HNG FLOAT GLASS
LIMITED
During the year, in line with the Groups’ diversification plan, the
Company has promoted HNG Float Glass Limited, to set up 600 Tons Per Day Float
Glass Project in western India at a project cost of Rs. 4500.000 millions.
FINANCE
During the year, overall Term Loan liability of the Company has
decreased from Rs. 1168.000 millions to Rs. 984.700 millions after repaying
installments due during the year. Credit Analysis & Research Limited (CARE)
has maintained “PR1+”, being the highest rating, for the Commercial Papers
issued and Short Term Loans availed by the Company up to Rs 800.000 millions.
FUTURE OUTLOOK
The Indian economy has showed robust growth during the year 2006- 2007
and the same trend is expected to continue. Growing disposable income with
change in demographic pattern of population will create more demand for
packaged goods creating opportunities for the Company. The growth in Beer,
Pharma, Food, Liquor and other high-end sectors will drive the growth in
revenue and profitability of the Company.
SUBSIDIARY
COMPANIES
Particulars relating to the existing Subsidiary Companies as required
under Section 212 of the Companies Act, 1956, are annexed and form part of this
report. Pursuant to Accounting Standard 21, Consolidated Financial Statements
presented by the Company include the financial information of its Subsidiaries.
EXPORTS
During the year the export turnover of the Company increased by 57% i.e.
at Rs. 220.300 millions as compared to Rs. 140.300 millions achieved during the
previous year.
Fixed Assets
- Land
- Leasehold Buildings
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Railway Siding
- Office and Other Equipments
- Vehicles
- Computer Software
As Per Web:
History
Mr. C.K. Somany, a visionary entrepreneur laid the foundation of the HNG
Group in 1952 with the inauguration of India’s first fully automatic glass
container manufacturing plant at Rishra, near Calcutta (INDIA). The HNG Group
was launched under the banner of Hindusthan National Glass Manufacturing
Company Limited, subsequently renamed Hindusthan National Glass &
Industries Ltd. (HNGIL).
Profile
A NAME TO RECKON WITH :
HNG Group, the largest and most prolific producer of glass
containers, operating at present 10 furnaces at five locations (Rishra, Bahadurgarh , Pondicherry, Rishikesh, & Nashik ) with 42
production lines. A fully integrated Group having its own
foundry for casting, well equipped workshop for moulds and spare parts and
captive power plants and quarries for sand with fleet for finished goods
movement has given competitive advantage to its customers.
A MARKET LEADER :
In the 6 ml - 3200 ml segment, HNG Group is the undisputed
market leader. Catering to around 70% of the Domestic Market in the
pharmaceutical, beverage, processed food, cosmetic and liquor sectors covering
industry majors like, CocaCola, Dabur, GlaxoWellcome, Nestle, Pepsi, Reckitt
Benckiser (India) Limited, Smithkline Beecham, UB Group etc. Exports to South
East, Middle East, Africa and First World Countries in Europe & North
America.
ON SUPER FAST GROWTH TRACK:
Its spirit to ascend newer parameters remains as insatiable as ever. The
days ahead are gleaming with promise. With modernisation, upgradation and
foresight to meet the emerging and more distinctive demands of the customers,
the Group is all set for unprecedented achievements. With projected planned
investment of Rs.3000 million in the next three years. Touching life in more
ways than one and in total tune with the harmony of nature.
MILESTONES :
In order to keep pace with changing technology and demands, HNGIL set up
another plant at Bahadurgarh, near Delhi in 1964, which opened the gates of
success for the Group. Turned around OWENS BROCKWAY (INDIA) LTD., a loss making
Multinational Unit acquired in 2002, into a self sustained profit making unit
in the very first year itself. In October 2005 the Group has acquired the Glass
Division of L&T at Nashik, having one Furnace of 320 TPD melting capacity.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.40.22 |
|
UK Pound |
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.62.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|