MIRA
INFORM REPORT
|
Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HINDUSTAN POLYAMIDES AND FIBRES LIMITED |
|
|
|
|
Registered Office : |
1004, Peninsula Tower, 10th Floor, Peninsula Corporate Park, G K Marg, Lower Parel (W), Mumbai-400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
25.02.1965 |
|
|
|
|
Com. Reg. No.: |
15806 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17120MH1965PLC015806 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07208F / MUMH01668C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH3757J |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business : |
Manufacturer of Acetals and Hemacetals. |
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 2500000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
1004, Peninsula Tower, 10th Floor, Peninsula Corporate Park, G K Marg, Lower Parel (W), Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-66513412/ 26513400-3410/ 24951308 |
|
Fax No.: |
91-22-66513435 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
411 Shah and Nahar Industrial Estate, Dr. E Moses Road, Worli Naka, Mumbai – 400018 |
|
Tel. No.: |
91-22-6641636 |
|
|
|
|
Factory 1 : |
HPFL Estate, 555, Pune Nagar Road, Koregaon Bhima, Taluka- Shirur, Pune-412207 |
|
Tel. No.: |
91-2137-252227/253475 |
|
Fax No.: |
91-2137-252327 |
|
|
|
|
Factory 2 : |
D-9, MIDC, Kurkumbh, Daund, Pune-413802 |
|
Tel. No.: |
91-2117-235125 / 235610 |
|
Fax No.: |
91-2117-235265 |
DIRECTORS
|
Name : |
Mr. Kishore Vallabhdas Mariwala |
|
Designation : |
Director |
|
Address : |
Sudha Kunj, 3 Tardeo Road, Mumbai – 400034 |
|
Date of Birth/Age : |
14.02.1935 |
|
Date of Appointment : |
23.01.1965 |
|
|
|
|
Name : |
Mr. Mariwala Kishore Rajendra |
|
Designation : |
Managing Director |
|
Address : |
Sudha Kunj, 3 Tardeo Road, Mumbai – 400034 |
|
Date of Birth/Age : |
04.09.1962 |
|
Date of Appointment : |
01.04.1995 |
|
|
|
|
Name : |
Mr. Patodia K Binod |
|
Designation : |
Director |
|
Address : |
45 Mount Unuque, 6th Floor, Mumbai – 400026 |
|
Date of Birth/Age : |
01.01.1945 |
|
Date of Appointment : |
29.06.1989 |
|
|
|
|
Name : |
Mr. Mariwala Kishore Ravindra |
|
Designation : |
Director |
|
Address : |
8 – B, Sahil, 14 Altamount Road, Mumbai – 400026 |
|
Date of Birth/Age : |
01.06.1966 |
|
Date of Appointment : |
05.04.2000 |
|
|
|
|
Name : |
Mr. Tewari Prashant Kumar |
|
Designation : |
Director |
|
Address : |
41 Ritu Apartments, 208 B J Road, Bandra West, Mumbai – 400050 |
|
Date of Birth/Age : |
09.04.1958 |
|
Date of Appointment : |
25.03.2002 |
|
|
|
|
Name : |
Mr. Mariwala C Harish |
|
Designation : |
Director |
|
Address : |
Sali Sbury Park, 10 Pali Mala Road, Bandra (West), Mumbai – 400050 |
|
Date of Birth/Age : |
14.05.1951 |
|
Date of Appointment : |
21.07.2003 |
|
|
|
|
Name : |
Mt. Harsh Mariawala |
|
Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Ms. Mariwala C Hemlata |
100 |
|
Mr. Mariwala C Harish |
397 |
|
Ms. Archana H Mariwala |
1 |
|
Mr. Mariwala V Kishore |
195 |
|
Ms. Mariwala K Hema |
100 |
|
Mr. Mariwala K Rajendra |
1 |
|
Mr. Mariewala K Ravindra |
100 |
|
M/s. Aquarius Family Trust |
1607 |
|
M/s. Gemini Family Trust |
1607 |
|
M/s. Taurus Family Trust |
1607 |
|
M/s.Valentine Family Trust |
1607 |
Equity Share Breakup (Percentage of Total Equity)
As on 2006
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Acetals and Hemacetals. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Countries : |
All over India, North America, South America, Europe and others |
GENERAL
INFORMATION
|
No. of Employees : |
|
|
|
|
|
Bankers : |
ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
RSM and Company Chartered Accountants |
|
Address : |
449, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 |
|
|
|
|
Associates/Subsidiaries : |
v Scientific Precision Private Limited v
The Bombay
Oil Industries Private Limited v Scientific Precision Private Limited |
CAPITAL STRUCTURE
As on 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500 millions |
|
25000 |
Unclassified Shares |
Rs. 100/- each |
Rs. 2.500 millions |
|
|
Total |
|
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10023 |
Equity Shares |
Rs. 100/- each |
Rs. 1.002 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 |
1.000 |
0.700 |
0.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
512.200 |
335.900 |
323.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
513.200 |
336.600 |
324.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
478.800 |
279.600 |
156.400 |
|
|
2] Unsecured Loans |
13.100 |
13.700 |
56.900 |
|
|
TOTAL BORROWING |
491.900 |
293.300 |
213.300 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1005.100 |
629.900 |
537.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
540.700 |
377.800 |
308.500 |
|
|
Capital work-in-progress |
157.100 |
22.900 |
33.900 |
|
|
|
|
|
|
|
|
INVESTMENT |
40.100 |
40.200 |
41.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
250.400 |
137.200
|
141.400 |
|
|
Sundry Debtors |
258.700
|
167.200
|
124.900 |
|
|
Cash & Bank Balances |
40.100
|
18.400
|
18.200 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
195.600
|
117.500
|
53.700 |
|
Total
Current Assets |
744.800
|
440.300
|
338.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
470.800
|
245.600
|
178.400 |
|
|
Provisions |
6.800
|
5.700
|
5.700 |
|
Total
Current Liabilities |
477.600
|
251.300
|
184.100 |
|
|
Net Current Assets |
267.200
|
189.000
|
154.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1005.100 |
629.900 |
537.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
|
|
|
|
Sales Turnover |
1518.800 |
1054.800 |
856.900 |
|
|
Other Income |
54.100 |
27.400 |
20.800 |
|
|
Total Income |
1572.900 |
1082.200 |
877.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
63.000 |
24.300 |
75.800 |
|
|
Provision for Taxation |
19.200 |
10.200 |
30.300 |
|
|
Profit/(Loss) After Tax |
43.800 |
14.100 |
45.500 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1036.100 |
672.400 |
528.900 |
|
|
Excise Duty |
67.100 |
50.900 |
37.500 |
|
|
Other Manufacturing Expenses |
80.600 |
58.300 |
41.100 |
|
|
Employee Cost |
82.900 |
53.300 |
32.100 |
|
|
Selling and Administration Expenses |
132.900 |
116.500 |
83.500 |
|
|
Miscellaneous Expenses |
22.800 |
36.000 |
19.300 |
|
|
Interest and Financial charges |
37.900 |
29.200 |
10.700 |
|
|
Power & Fuel |
65.600 |
50.100 |
48.400 |
|
|
Depreciation & Amortization |
35.800 |
27.100 |
23.600 |
|
|
Increase or decrease in stocks |
[51.800] |
[35.900] |
[23.200] |
|
Total Expenditure |
1509.900 |
1057.900 |
801.900 |
|
KEY RATIOS
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.92 |
0.77 |
0.36 |
|
Long Term Debt-Equity Ratio |
0.50 |
0.55 |
0.27 |
|
Current Ratio |
1.09 |
1.34 |
1.45 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.26 |
2.05 |
2.31 |
|
Inventory |
7.84 |
7.57 |
8.13 |
|
Debtors |
7.13 |
7.22 |
8.49 |
|
Interest Cover Ratio |
2.66 |
2.32 |
8.08 |
|
Operating Profit Margin(%) |
9.00 |
8.99 |
12.85 |
|
Profit Before Interest And Tax Margin(%) |
6.64 |
6.42 |
10.09 |
|
Cash Profit Margin(%) |
5.24 |
4.71 |
8.06 |
|
Adjusted Net Profit Margin(%) |
2.88 |
2.14 |
5.31 |
|
Return On Capital Employed(%) |
12.34 |
11.60 |
19.46 |
|
Return On Net Worth(%) |
10.31 |
6.84 |
13.95 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
During the year the Company's revenue has substantially increased from
Rs.1027.800 Millions 1497.400 Millions a jump of 46% over previous year which
is primarily due to increase in export from Rs. 889.500 Millions in the
previous year to Rs. 1288.600 Millions reflecting a growth of 45%. Profit
before Tax and Exceptional item has also shown a huge jump from Rs.31.300
Millins to Rs.63.000 Millions. Profit after tax increased significantly from
Rs.14.100 Millions to Rs43.800 Millions. The Company has made substantial
investment in new projects during the year amounting to Rs. 329.300
Millions.
Fixed Assets :
v Goodwill
v Freehold Land
v Leasehold Land
v Buildings
v Plant and Machinery
v Electrical Installations
v Lab Equipments
v Office Equipments
v Computers
v Furniture and Fixture
v Vehicles
|
Corporate
identity number (CIN) Foreign company registration number |
U17120MH1965PLC015806 |
|
Name of the
Company |
HINDUSTAN POLYAMIDES AND FIBRES LIMITED |
|
Address |
1004, Peninsula Tower, 10th Floor, Peninsula Corporate Park, G K Marg, Lower Parel (W), Mumbai-400013, Maharashtra, India |
|
Type of Charge |
Immovable
Property |
|
Particulars of
the charge holder |
ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat |
|
Nature or
description |
Letter in Lieu of redeposit of title deeds and memorandum of
entry |
|
Date of
Instrument |
10.11.2006 |
|
Amount secured by
the charge |
Rs. 44.180
Millions |
|
Brief of the
principal terms and conditions |
Rate of Interest Letter date –
30.11.2005 Terms of
repayment 30.11.2005 Margin 30.11.2005 Extent and
operation of the charge Pari Pasu charge
with existing banks as per particulars of joint charge |
|
Description of
the property charged indicating |
Land at Plot No.
D – 9/2 Admeasuring about 23628 Sq. metrts at Kurkumbh, Taluka Daund, and
Plant and Machniery and others fixed assets Land at bearing
Gat 75, 76 & 77 admesuring about 45, 46 & 36 ares at Koregaon Bhima,
Tauka Shirur, Pune respectively with plant and machinery and others fixed
assets |
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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 |
|