MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARI HARAN FOUNDATIONS PRIVATE LIMITED |
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Registered Office : |
B2, Kritika Apartments, No. 5, Sriram Nagar, South Street, Alwarpet,
Chennai - 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.08.2000 |
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Com. Reg. No.: |
18-45614 |
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CIN No.: [Company
Identification No.] |
U74140TN2000PTC045614 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEH03074B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Civil Engineers and Contractors |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 210000 |
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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 meeting its normal commitments
timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Ravichandran |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9380242551 |
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Date : |
29.05.2008 |
LOCATIONS
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Registered Office : |
B2, Kritika Apartments, No. 5, Sriram Nagar, South Street, Alwarpet,
Chennai - 600018, Tamilnadu, India |
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Tel. No.: |
91-44-42030775 / 42110041 / 32986943 / 42101180 |
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Fax No.: |
91-44-24988375 |
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E-Mail : |
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Website : |
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Area : |
1100 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mr. Hariharan Ravishankar |
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Designation : |
Managing Director |
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Address : |
A2, Kritika Apartments, No. 5, Sriram Nagar, South Street, Alwarpet,
Chennai - 600018, Tamilnadu, India |
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Date of Birth/Age : |
18.05.1963 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.09.2006 |
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Name : |
Mrs. Chitra Ravishankar |
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Designation : |
Director |
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Address : |
A2, Kritika Apartments, No. 5, Sriram Nagar, South Street, Alwarpet,
Chennai - 600018, Tamilnadu, India |
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Date of Birth/Age : |
03.04.1969 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.09.2006 |
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Name : |
Mrs. Chitra Srinivasan |
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Designation : |
Director |
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Address : |
New No. 20, III Street, ‘Manthralaya Colony’, Postal Colony, West Mambalan,
Chennai – 600033, Tamilnadu, India |
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Date of Birth/Age : |
03.04.1969 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. T. S. Raju |
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Designation : |
Company Secretary |
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Address : |
Regency House, 2-A, 2nd Floor, 250/7, Anna Salai,
Teynampet, Chennai – 600006, Tamilnadu, India |
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Tel No. : |
91-44-24360174 |
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Mobile No. : |
91-9840131130 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Chitra Ravishankar |
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24745 |
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Chitra Srinivasan |
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150 |
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Lalitha Hariharan |
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110 |
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H. Ravishankar |
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24745 |
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N. C. Kumar |
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150 |
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T. Srinivasan |
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100 |
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Total |
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50000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Civil Engineers and Contractors |
GENERAL
INFORMATION
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No. of Employees : |
140 |
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Bankers : |
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Facilities : |
B.G / O.D. / T. L. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. R. Jayadevan Chartered Accountants |
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Address : |
9 [Old No. 5] II Lane, II Main Road, Trustpuram, Chennai – 600024,
Tamilnadu, India |
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Name : |
M. Kousik Ganesh Chartered Accountants |
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Address : |
No. 9-D, Kamlabai Street, T. Nagar, Chennai – 600017, Tamilnadu, India
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
400100 |
Equity Shares |
Rs. 10/- each |
Rs. 4.001
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.001 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.100 |
0.100 |
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3] Reserves & Surplus |
37.934 |
15.501 |
7.454 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.935 |
16.101 |
8.054 |
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LOAN FUNDS |
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1] Secured Loans |
19.383 |
11.902 |
3.416 |
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2] Unsecured Loans |
1.531 |
1.752 |
1.910 |
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TOTAL BORROWING |
20.914 |
13.654 |
5.326 |
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DEFERRED TAX LIABILITIES |
8.020 |
0.406 |
0.357 |
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TOTAL |
70.869 |
30.161 |
13.737 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.767 |
15.230 |
8.352 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.008
|
1.526 |
16.497 |
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Sundry Debtors |
51.725
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29.722 |
5.183 |
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Cash & Bank Balances |
18.233
|
10.244 |
9.368 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.619
|
6.724 |
6.097 |
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Total
Current Assets |
91.585
|
48.216 |
37.145 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.404
|
26.421 |
27.333 |
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Provisions |
12.079
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6.864 |
4.427 |
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Total
Current Liabilities |
35.483
|
33.285 |
31.760 |
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Net Current Assets |
56.102
|
14.931 |
5.385 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.869 |
30.161 |
13.737 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
489.877 |
229.087 |
145.675 |
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Other Income |
0.834 |
0.322 |
0.322 |
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Total Income |
490.711 |
229.409 |
145.997 |
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Profit/(Loss) Before Tax |
41.910 |
14.952 |
7.732 |
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Provision for Taxation |
14.696 |
5.195 |
3.202 |
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Profit/(Loss) After Tax |
27.214 |
9.757 |
4.530 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
[3.481] |
14.971 |
[15.597] |
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Financial Charges |
2.356 |
0.863 |
1.135 |
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Depreciation & Amortization |
2.593 |
2.118 |
1.106 |
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Other Expenditure |
447.333 |
196.505 |
151.621 |
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Total Expenditure |
448.801 |
214.457 |
138.265 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.55
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4.25 |
3.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.56
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6.53 |
5.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
39.41
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23.57 |
17.00 |
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Return on Investment (ROI) (PBT/Networth) |
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1.00
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0.93 |
0.96 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.34
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2.92 |
4.60 |
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Current Ratio (Current Asset/Current Liability) |
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2.58
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1.45 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Aspire for excellence in
construction
Commenced the operation in the year 2001 as a civil engineering contracting
company, the company is now well known in Chennai as one of the leading
industrial & multi storeyed civil construction company that builds to
International Standards. It has built industrial facilities for MNCs like
Nokia, Flextronics, Schwing Stetter, Perlos , Braun Appliances, Foxconn, Wintek
to name a few and to Indian MNCs such as Tata Consultancy Services, Orchid
Chemicals. Besides these projects, the company has constructed multi storeyed
commercial buildings for ASTRON, Ceebros and Rayala.
Promoters
H.Ravishankar, a Civil Engineer with more than 20 years of experience in
industrial and commercial building construction is in charge of day to day
operations of the Company. His extended family are the promoters of the
company.
Rating by Bankers
Their Bankers Bank of Baroda, R.K.Nagar have rated as a) AA Rating for working
Capital; b) A Rating for Term Loan and CRISIL have rated them as BOB 3.
Hallmark Projects
1. Schwing Stetter India Private Limited - Phase II & Phase III : Concrete Equipment
Manufacturing Facilities - Turnkey Projects. Phase II of the facilities
totalling to 16,000Sqm was constructed by them in the year 2004. The Roofing
was done with PEB from BlueScope Steel Limited, Crane Girder from Jindal Steels
and Vacuum Dewatered Paving with Laser Levels. For early and quality completion
they were awarded Bonus.
Phase III of the faciliteis
totalling to 20,000Sqm was a repeat order and was constructed by them in the
year 2006. The Roofing was done with PEB from Tata BlueScope Steel Limited,
Flooring was done using Dynapac equipments.
2. Nokia : Civil Construction in
30,000 Sqm for Nokia was constructed by them in the year 2006, including a
Dewatered Floor - Super Flat Flooring conforming to FM3 TR34 international
regulations. This work was done as a subcontractor to Leighton Contractors
India Private Limited
3. Flextronics Technologies India
Private Limited : Civil Construction in 60,000 Sqm for Flextronics was
constructed by them the year 2006, including a Dewatered Floor - Super Flat
Flooring conforming to FM3 TR34 international regulations. This work was done
as a subcontractor to Leighton Contractors India Private Limited
4. Foxconn Developers India
Private Limited : Electronic Chips & Parts Manufacturing Facility. Flooring
with Vacuum Dewatered Floor - Super Flat floors conforming to FM3TR34
international regulations. Flooring Area : 60,000 Sq.mts.
5. Wintek Technologies India
Private Limited : Civil construction of Industrial Facilities. Flooring with
Vacuum Dewatered Floor - Super Flat floors conforming to FM3TR34 international
regulations. Flooring Area : 20,000 Sq.mts.
6. Rayala Techno Park :
I.T.Building - A Turnkey Project - Ground + 6 Floors totalling to 2,00,000
sqft.
7. UCAL Fuel Systems Limited :
Civil construction of Industrial Facilities. Roofing with PEB from Tata
Bluescope. Flooring Area : 10,000 Sq.mts.
8. Perlos Telecommunication :
Civil construction of Industrial Facilities. Flooring with Vacuum Dewatered Floor
- Super Flat floors. Conforming to FM3 TR34 international regulations. Flooring
Area : 20,000 Sq.mts.
9. Kryolan Cosmetics : A Turnkey
Project conforming to GMP Standards was built in the year 2005.
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 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 |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|