MIRA
INFORM REPORT
|
Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MITA HARIG INDIA LIMITED |
|
|
|
|
Registered Office : |
347, Vikas Kunj, Vikas Puri, New Delhi 110 018 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
30.11.1998 |
|
|
|
|
Com. Reg. No.: |
55-097247 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U00000DL1998PTC097247 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELM05379D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCM4035F |
|
|
|
|
Legal Form : |
Subject is a closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Rockshaft Assembly |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 510000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an Indo-Italian Joint Venture having fine track. Directors are reported as experienced,
respectable and having satisfactory track records. Trade relations are fair.
Business is active. Payments
are reported as usually correct and as per commitments. The Company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
347, Vikas Kunj, Vikas Puri, New Delhi 110 018, India |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No. 21/2, Site-2, Loni Road, Mohan Nagar, Ghaziabad-201007, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2940710 / 2940711 / 2940715 |
|
Fax No.: |
91-120-2941220 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Himmat Singh |
|
Designation : |
Director |
|
Address : |
B – 4/54, Safdargunj Enclave, New Delhi, India |
|
Date of Birth/Age : |
10.07.1967 |
|
Date of Appointment : |
30.11.1998 |
|
|
|
|
Name : |
Mr. Enrico Maria Cornia |
|
Designation : |
Director |
|
Address : |
Via Collegarola 160/4, Modena, Italy |
|
Date of Birth/Age : |
05.04.1963 |
|
Date of Appointment : |
08.02.1999 |
|
|
|
|
Name : |
Mr. John Finbarro Keeffe |
|
Designation : |
Director |
|
Address : |
Destra Guerro, 28, Modena, Italy |
|
Date of Birth/Age : |
28.11.1969 |
|
Date of Appointment : |
08.02.1999 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Chug |
|
Designation : |
Secretary |
|
Address : |
D-1148, Chotti Market, Govind Puri Modinagar 201201, Uttar Pradesh |
|
Date of Birth/Age : |
20.01.1979 |
|
Date of Appointment : |
01.06.2007 |
|
|
|
|
Name : |
Mr. Vikas Agarwal |
|
Designation : |
Secretary |
|
Address : |
25 A, South Anarkali, Delhi 110051, India |
|
Date of Birth/Age : |
07.05.1980 |
|
Date of Appointment : |
01.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mita Oleodinamica S.P.A |
|
12750000 |
|
Harig India Private Limited |
|
12250000 |
|
Total |
|
25000000 |
|
|
|
|
|
Equity Share
Break-up |
|
Percentage of
Holding |
|
Foreign Holdings |
|
51.00 |
|
Bodies Corporate |
|
49.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rockshaft Assembly |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Rockshaft Assembly |
Nos. |
|
30000 |
26630 |
GENERAL
INFORMATION
|
Suppliers : |
Ø Amar Packaging
Industries Ø Arvind Engineers Ø Dawn Engineering
Enterprises Ø Innovate Machine
Tech Private Limited Ø Krishna
Industries Ø M. K.
Engineering Ø Progressive
Inst. and M/C Tools Ø Kay Automatics
Private Limited Ø Micro Metal
Engineering Works |
||||||||||||||||
|
|
|
||||||||||||||||
|
Customers : |
Ø New Holland Ø Eicher Ø Carraro Ø L and T Deere |
||||||||||||||||
|
|
|
||||||||||||||||
|
No. of Employees : |
30 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers : |
Ø
Bank of
India G. T. Road,
Ghaziabad, Uttar Pradesh Ø
ICICI Bank
Limited Ø
HDFC Bank |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
Notes : a. Secured by
hypothecation book debts additionally secured by a second mortgage immovable
properties b. Secured by hypothecation
of stock in trade, book debts, stores and spares and additionally secured by
a second mortgage over certain immovable properties. c. Rs. 6.723
Millions [Rs. 14.001 Millions] secured by first mortgage over immovable
properties and further secured by a second mortgage of all current assets. The charges and mortgage created are
additionally secured by way of guarantee of Harig India Limited and Mita
Oleodinamica S.P.A. Italy and personal guarantees of Indian
Directors/Promoters. [amount falling
due for repayment within one year Rs. 6.723 Millions [Rs. 7.200
Millions] d. secured by
hypothecation of vehicle, amount falling due for repayment within one year Rs
0.216 Millions e. secured by
hypothecation of plant and machineries and equitable mortgage of factory and
building f.
secured by hypothecation of plant and machineries and equitable
mortgage of factory and building [amount falling due for repayment within
one year Rs. 1.700 Millions] |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered Accountants |
|
Address : |
E-7/14, Vasant Vihar, New Delhi 110 057, India |
|
|
|
|
Associates/Subsidiaries : |
CBR S.R.I |
|
|
|
|
Holding Company : |
Mita Oleodinamica S.P.A Via C Cipolla, 12-37039, Tregnago, Italy |
|
Joint Venture : |
Haring India Private Limited |
|
|
|
|
Parent Company : |
CBM S.P.A. Construzioni Meccaniche |
|
|
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 25.000
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 |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
104.559 |
74.031 |
43.590 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
129.559 |
99.031 |
68.590 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
38.607 |
42.571 |
39.992 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
38.607 |
42.571 |
39.992 |
|
|
DEFERRED TAX LIABILITIES |
6.462 |
4.046 |
3.035 |
|
|
|
|
|
|
|
|
TOTAL |
174.628 |
145.648 |
111.617 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
127.764 |
93.954 |
52.999 |
|
|
Capital work-in-progress |
3.329 |
3.236 |
18.029 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
63.004
|
52.514 |
38.416 |
|
|
Sundry Debtors |
108.291
|
77.360 |
54.989 |
|
|
Cash & Bank Balances |
8.339
|
25.363 |
27.399 |
|
|
Other Current Assets |
0.230
|
0.270 |
0.369 |
|
|
Loans & Advances |
35.500
|
34.230 |
27.412 |
|
Total
Current Assets |
215.364
|
189.737 |
148.585 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
125.548
|
93.560 |
69.538 |
|
|
Provisions |
46.281
|
47.719 |
38.586 |
|
Total
Current Liabilities |
171.829
|
141.279 |
108.124 |
|
|
Net Current Assets |
43.535
|
48.458 |
40.461 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.128 |
|
|
|
|
|
|
|
|
TOTAL |
174.628 |
145.648 |
111.617 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
532.882 |
552.986 |
455.146 |
|
|
Other Income |
6.734 |
4.873 |
0.914 |
|
|
Total Income |
539.616 |
557.859 |
456.060 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
80.812 |
78.383 |
60.491 |
|
|
Provision for Taxation |
27.568 |
26.809 |
38.007 |
|
|
Profit/(Loss) After Tax |
53.244 |
51.574 |
22.484 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
109.448 |
30.986 |
NA |
|
|
|
|
|
|
|
|
Total Imports |
46.356 |
50.569 |
NA
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Change in Stock |
[4.368] |
[5.062] |
[0.329] |
|
|
Raw materials Consumed |
0.000 |
0.000 |
283.319 |
|
|
Excise Duty |
0.000 |
0.000 |
63.331 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
8.588 |
|
|
Payment to Employee |
0.000 |
0.000 |
9.261 |
|
|
Selling Expenses |
0.000 |
0.000 |
17.468 |
|
|
Financial Charges |
4.061 |
8.825 |
9.852 |
|
|
Depreciation & Amortization |
9.128 |
0.000 |
4.079 |
|
|
Other Expenditure |
449.983 |
475.713 |
0.000 |
|
Total Expenditure |
458.804 |
479.476 |
395.569 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.86
|
9.24 |
4.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.16
|
14.17 |
13.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.55
|
27.62 |
30.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.79 |
0.88 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
1.85 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.34 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
Ø
Land
Ø
Building
Ø
Plant and machinery
Ø
Vehicles
Ø
Tools
Ø
Computers
|
Name of the company |
MITA HARIG INDIA
LIMITED |
|
Presented By |
Bank of India G. T. Road,
Ghaziabad, Uttar Pradesh |
|
1) Date and description of instrument creating the change |
11.04.2000 Agreements |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 35.500
Millions |
|
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 Tangible movable
machinery and plant [both present and future] whether installed or not and
whether lying loose or in cases at site or in transit or which may at any
time during the continuance of this security be installed or lying loose or
in cases or being in or upon or about borrower’s premises godown at Plot No.
21/2, Site – 2, Loni Road, Ghaziabad or wherever else the same may be or be held by any party anywhere to the
order and disposition of the borrower or in course of transit to the
borrower. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
The interest on
term loan of Rs. 35.500 Millions for purchase of land, construction of
building, plant and machinery, electrical installation etc. shall be charged
at the rate of 16.50 percent per annum plus interest tax with quarterly rests
or at such other ate[s] as may be specified by the bank from time to time. Repayable in 20
quarterly installments of Rs. 1.800 Millions commencing from 12 months from
the date of final installments, term loan or March, 2001 whichever is
earlier. |
|
5) Name and Address and description of the person entitled to the
charge. |
Bank of India G. T. Road,
Ghaziabad, Uttar Pradesh |
|
6) Date and brief description
of instrument modifying the charge |
11.05.2000 No instrument Oral Assent for
creation of Equitable mortgage recorded |
|
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 Security for
term loan of Rs. 35.500 Millions shall also be as prime security as first
charge by way of equitable mortgage by deposit of title deeds of the
company’s immovable properties comprising land and building and other
structures, machinery and plant and other fixtures and fitting erected or
installed [both present and future] situate at Plot No. 21/2, Industrial
Area, Loni Road, Site 2, Ghaziabad Other terms and
conditions remained the same. |
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. 39.29 |
|
UK Pound |
1 |
Rs. 77.52 |
|
Euro |
1 |
Rs. 57.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 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 |
|