MIRA
INFORM REPORT
|
Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NEW HORIZONS LIMITED |
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Formerly Known As : |
NEW HORIZONS PRIVATE LIMITED |
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Registered Office : |
41 Shakespeare Sarani Kolkata – 700017, 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 : |
15.05.1976 |
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Com. Reg. No.: |
030529 |
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CIN No.: [Company
Identification No.] |
U28113WB1976PLC030529 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN00667C |
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PAN No.: [Permanent
Account No.] |
AAACN8505C |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Leather Work Gloves, Industrial Cotton Garments, Fashion Garments, Leather Aprons, Leather Apparels, Leather Wallets, Finished Leather and other Leather Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 455776 |
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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 well established and reputed company. Available information indicates satisfactory financial responsibility of the company. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
41 Shakespeare Sarani Kolkata – 700017, West Bengal, India |
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Tel. No.: |
91-33-22477679/22476401 |
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Fax No.: |
91-33-22473134/22826849 |
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E-Mail : |
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Website : |
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Area : |
3400 sq. ft. |
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Location : |
Owned Commercial |
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Factory : |
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Branches : |
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DIRECTORS
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Name : |
Mrs. Prabha Khaitan |
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Designation : |
Managing Director |
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Address : |
4B, Little Russe, Street, Kolkata – 700071,
West Bangal, India |
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Date of Birth : |
31.10.1942 |
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Date of Appointment : |
01.06.2003 |
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Name : |
Mr. Chandan Kumar Basu |
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Designation : |
Managing Director |
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Address: |
588/1, Block N, New Alipore, Kolkata –
700053, West Bengal, India |
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Date of Birth : |
01.03.1941 |
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Qualification : |
M. Sc
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Experience : |
41 years |
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Previous Employment : |
S. K.Sen and
Sons, Kolkata, West Bengal |
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Date of Appointment : |
01.06.2003 |
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Name : |
Mr. Niraj Kumar Saraf |
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Designation : |
Director |
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Date of Birth : |
09.10.1958 |
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Date of Appointment : |
01.06.2003 |
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Qualification : |
B. Com, M. B. A.
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Experience : |
21 years |
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Address : |
4, Little Russell
Street, Kolkata – 700071, West Bengal |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Datta |
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Designation : |
Company Secretary |
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Address : |
3, Bidhan Sarani, Kolkata – 700006, West Bengal, India |
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Date of Birth/Age : |
01.10.1955 |
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Date of Appointment : |
01.06.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 23.09.2004)
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Names of Shareholders |
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No. of Shares |
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Mr. Chandan Kumar Basu |
|
655799 |
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Dr. (Miss). Prabha Khaitan |
|
760599 |
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Mr. Niraj Kumar Saraf |
|
426199 |
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Mrs. Anuradha Basu |
|
105200 |
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Mrs. Vineeta Saraf |
|
48000 |
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Mr. Niraj Kumar Saraf |
|
286600 |
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Mr. Dipak Kumar Ghosh |
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2 |
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Mr. Ajay Datta |
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1 |
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Total |
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2282400 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Leather Work Gloves, Industrial Cotton Garments, Fashion Garments, Leather Aprons, Leather Apparels, Leather Wallets, Finished Leather and other Leather Products. |
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Products : |
Product
Description Item
Code No. Leather Work Gloves ITC Code No. 420400.06 Industrial Cotton Garments ITC Code No. 620342.00 Finished Leather - |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C or Credit [90 days] terms |
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Purchasing : |
L/C, Contract or Credit [90 days] terms |
PRODUCTION STATUS
|
Particulars |
Unit |
Actual
Production |
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Leather Work Gloves |
Pair |
3907865 |
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Finished Leather |
Sq. fts. |
147081 |
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Leather Aprons |
Pcs. |
26441 |
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Leather Apparel |
Pcs. |
3777 |
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Other Leather Products |
Pcs. |
11220 |
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Industrial Cotton Garments |
Pcs. |
89312 |
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Fashion Garments |
Pcs. |
- |
GENERAL
INFORMATION
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Suppliers : |
Chemicals
Machines
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Customers : |
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No. of Employees : |
1200 |
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Bankers : |
Central Bank of India Kolkata Main Branch, 33 Netaji Subhas Road,
Kolkata-700001, India |
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Facilities : |
Secured loans Export packing credit from scheduled bank Rs. 52.487 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rustagi and Company Chartered Accountants |
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Address : |
19, R. N. Mukherjee Road, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22480856 |
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Fax No.: |
91-33-22430746 |
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Associates/Subsidiaries : |
41, Shakespeare Sarani, Kolkata – 700017, West Bengal, India Line of Business – Manufacture and exporter of Sports and Leather Gloves
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2282400 |
Equity Shares |
Rs. 10/- each |
Rs. 22.824 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
22.824 |
22.824 |
22.824 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.120 |
81.525 |
76.659 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
113.944 |
104.349 |
99.483 |
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LOAN FUNDS |
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1] Secured Loans |
79.953 |
71.619 |
52.488 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
79.953 |
71.619 |
52.488 |
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DEFERRED TAX LIABILITIES |
3.178 |
3.789 |
3.032 |
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TOTAL |
197.075 |
179.757 |
155.003 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.917 |
72.147 |
39.374 |
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Capital work-in-progress |
0.000 |
12.346 |
19.223 |
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INVESTMENT |
0.462 |
0.643 |
0.208 |
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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 |
110.788
|
73.700 |
82.100
|
|
|
Sundry Debtors |
26.744
|
31.965 |
8.076
|
|
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Cash & Bank Balances |
42.260
|
42.664 |
26.835
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
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Loans & Advances |
48.626
|
43.782 |
44.457
|
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Total
Current Assets |
228.418
|
192.111 |
161.468 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
98.656
|
89.878 |
60.269
|
|
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Provisions |
11.067
|
7.612 |
5.001
|
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Total
Current Liabilities |
109.723
|
97.490 |
65.270
|
|
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Net Current Assets |
118.695
|
94.621 |
96.198
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
197.075 |
179.757 |
155.003 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
604.840 |
545.462 |
480.967 |
|
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Other Income |
10.534 |
3.218 |
0.000 |
|
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Total Income |
615.374 |
548.680 |
480.967 |
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|
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Profit/(Loss) Before Tax |
15.043 |
10.835 |
6.083 |
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Provision for Taxation |
3.388 |
2.610 |
0.670 |
|
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Profit/(Loss) After Tax |
11.655 |
8.225 |
5.413 |
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Export Value |
591.441 |
533.191 |
447.013 |
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Import Value |
NA |
NA |
7.846 |
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Expenditures : |
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Raw Material Consumed |
274.045 |
220.523 |
|
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Purchases made for re-sale |
199.504 |
215.775 |
|
|
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Consumption of stores and spares parts |
3.008 |
2.689 |
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|
|
Increase/(Decrease) in Finished Goods |
(1.598) |
4.463 |
|
|
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Salaries, Wages, Bonus, etc. |
6.195 |
5.130 |
|
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Managerial Remuneration |
1.336 |
1.440 |
|
|
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Payment to Auditors |
0.079 |
0.085 |
474.884 |
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Interest |
9.424 |
5.972 |
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|
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Insurance Expenses |
2.253 |
1.608 |
|
|
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Power & Fuel |
4.553 |
2.934 |
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|
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Depreciation & Amortization |
6.937 |
3.717 |
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|
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Other Expenditure |
94.594 |
73.508 |
|
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Total Expenditure |
600.330 |
537.844 |
474.884 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
1.89
|
1.50 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.49
|
1.99 |
1.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.91
|
4.10 |
3.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.66
|
0.10 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.66
|
1.62 |
1.18 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.97 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U28113WB1976PLC030529 |
|
Name of the
Company |
NEW HORIZONS LIMITED |
|
Address |
41 Shakespeare Sarani Kolkata – 700017, West Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Immovable
Property Book Debts Movable
Property (not being pledge) Plant and
machinery and other Fixed Assets |
|
Particulars of
the charge holder |
Central Bank of
India Kolkata Main
Branch, 33 Netaji Subhas Road, Kolkata-700001, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
hypothecation of movable plant and machinery Letter of
hypothecation to secure demand cash credit against goods. Hypothecation of
book debts to secure cash credit or overdraft Letter of
hypothecation of foreign bills. |
|
Date of the
instrument creating or modifying the charge |
05.11.2007 |
|
Amount secured by
the charge |
Rs.205.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: The Bank reserve
the right to charge interests, commission, discount, cost and charge at such
rates (s) as may be determined by Bank from time to time according to banking
Norms RBI Guidelines, the p[resent rate of interests being:- For CC
(Hypothecation) – BPLR + 2.5% p.a. For PC
(Hypothecation) – EBP/EBD – As per C O Directives. For Import LC –
As per FEDAI Rules. Terms of
Repayments: Working Capital
Limit is repayable on Demand Margin: PC
(Hypothecation) – 25% CC
(Hypothecation) – 25% Import LC (90
days DA)- 10% Extent and
operation of the charge: The charge
operates as first charge basis on the whole of the hypothecation current assets
including plant and machineries and entire fixed assets and mortgages
properties. Others: The Borrower
shall not do or allow anything which may prejudice the securities and shall
comply with the terms and conditions of the Agreement and all other terms and
conditions continue to remain as before in full force and effect. |
|
Short particulars
of the property charged (including location of the property) |
All present and
future goods, book and all other movable current assets including plant and
machineries and EM of factory land and building at Kolkata Complex Bantala. |
|
Particular of the
present modification |
By the Present
modification the overall credit facilities is being increased from Rs.179.000
Millions to Rs.205.000 Millions as stated under:- PC/CC – Rs.80.000
Millions (Sub Limit CC/AC Rs.3.000 Millions EBP/EBD (without
L/C) – Rs.80.000 Millions EBP/EBD (with
L/C) – Rs.15.000 Millions Import LC (90
days DA) – Rs.30.000 Millions Total – Rs.205.000 Millions |
Corporate Profile:
Subject the
first ISO 9002 certified Indian leather work glove unit and one of the largest
manufacturer-exporter of leather gloves from India has been going from strength
to strength in the international market over the last two decades. Established
in 1976, the company was formed when three qualified individuals converged to
become partners with their previous experience in leather and leather
manufacturing industries. What emerged was a professionally managed
organization focused in the manufacture of superior-quality leather work
gloves, finished leather, textile/leather-work garments and other personal
protective equipment made of leather aimed totally towards exports. Ever since
its inception, the company has been maintaining a steady position as one of
India’s leading manufacturer-exporter of leather safety articles and
work-garments. The company now has manufacturing facilities for leather and
leather work gloves at Calcutta and contract manufacturing of leather in
Chennai. Despite being quite big, the company is one of the few glove
manufacturers of India which enjoys owning a thoroughly organized set-up with
total vertical integration right from raw-hides to leather gloves. The total
sales turnover of the company for 1999 was USD 9.85 million.
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Office
Equipment
- Air
Conditioner
- Inter
Communication System
- Electrical
Installation
- Scooter and Motor Cycle
- Furniture and
Fixture
- Computer
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.40.45 |
|
UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
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 |
|