MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARIYANA INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
302 Sylverton, Wode House Road, Colaba, Mumbai -400 005, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.12.1993 |
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Com. Reg. No.: |
11-75492 |
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CIN No.: [Company
Identification No.] |
U51900MH1993PTC075492 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH08385G |
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PAN No.: [Permanent
Account No.] |
AAACH3760P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters, Importers, Commission Agents, Brokers, Traders in Engineering Goods, Textiles, Dyes, Chemicals, Paints, Pigments, Jute, Iron Ore, Ferrous and Non-Ferrous Metals, Minerals, Fibres, Garments, Hosiery, Handicrafts, Carpets, Jute Goods, Cotton Bales and Other Consumable Stores. |
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 570000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
302 Sylverton, Wode House Road, Colaba, Mumbai -400 005, Maharashtra,
India |
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Tel. No.: |
91-22-22182569 / 22182596 |
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Fax No.: |
91-22-22182112 |
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E-Mail : |
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Website : |
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Administrative Office : |
5, Vivekanand Villa, 139, S.V.Road, Andheri (West), Mumbai—400058, Maharashtra, India |
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Tel. No.: |
91-22-26241477 |
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Fax No.: |
91-22-26249371 |
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E-Mail : |
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Corporate Office : |
191, Persepolis, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Tel. No.: |
91-22-22182596 |
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Fax No.: |
91-22-22182112 |
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Factory : |
Plot B9, Between Kalamboli railway crossing and Dena Bank, Taloja, MIDC, India |
DIRECTORS
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Name : |
Mrs. Shanthi Sarup Reniwal |
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Designation : |
Director |
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Address : |
302 Sylverton, Wode House Road, Colaba, Mumbai -400 005, Maharashtra,
India |
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Date of Birth/Age : |
03.03.1941 |
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Date of Appointment : |
07.12.1993 |
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E-Mail : |
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Name : |
Mr. Rajeev Shanthi Sarup Reniwal |
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Designation : |
Director |
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Address : |
191, Persepolis, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
10.10.1968 |
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Date of Appointment : |
07.12.1993 |
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Name : |
Mr. Sanjeev Shanthi Sarup Reniwal |
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Designation : |
Director |
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Address : |
191, Persepolis, Cuffe Parade, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
06.12.1969 |
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Date of Appointment : |
07.12.1993 |
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E-Mail : |
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Name : |
Mr. Jitendra Shanthi Sarup Reniwal |
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Designation : |
Director |
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Address : |
602 Kalpachandra apartment, 150 S V road, , Andheri (West), Mumbai –
400 058, Maharashtra, India |
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Date of Birth/Age : |
22.03.1952 |
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Date of Appointment : |
09.09.2000 |
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E-Mail : |
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Name : |
Mr. Rakesh Shanthi Sarup Reniwal |
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Designation : |
Director |
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Address : |
302 Sylverton, Wode House Road, Colaba, Mumbai -400 005, Maharashtra,
India |
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Date of Birth/Age : |
20.07.1974 |
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Date of Appointment : |
25.04.1995 |
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E-Mail : |
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Name : |
Mr. Kirit Shantilal Shah |
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Designation : |
Director |
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Address : |
201 Amrut Apartment, Bajaj Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1945 |
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Date of Appointment : |
23.07.2004 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Weed Investment and Finance Private Limited |
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500000 |
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Mrs. Lalitadevi Reniwal |
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60100 |
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Mr. Rakesh Reniwal |
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100 |
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Mrs. Shanti Sarup Reniwal and Sons HUF |
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289100 |
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Sweety R Reniwal |
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150000 |
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Mr. Kirit Shanitlal Shah |
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954000 |
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Mr. Jitendra Shnatilal Shah |
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950000 |
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Mr. Bhogilal Shanitlal Shah |
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210000 |
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Mrs. Niranjan Shanitlal Shah |
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40000 |
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Mr. Manoj Dhirajlal Shah |
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210000 |
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Mr. Virendra Shantilal Shah |
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10000 |
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Mr. Kirit Shantilal Shah and HUF |
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36000 |
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Mr. Bhogilal Shantilal Shah and HUF |
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40000 |
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Mr. Jitendra Shantilal Shah and HUF |
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50000 |
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Hariyana Fashions Private Limited |
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500000 |
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Others |
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700 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
40.00 |
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2 |
Directors or relative of directors |
60.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters, Importers, Commission Agents, Brokers, Traders
in Engineering Goods, Textiles, Dyes, Chemicals, Paints, Pigments, Jute, Iron
Ore, Ferrous and Non-Ferrous Metals, Minerals, Fibres, Garments, Hosiery,
Handicrafts, Carpets, Jute Goods, Cotton Bales and Other Consumable Stores. |
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Products : |
· Wire Rod · Chequered Coil · Ms Billet · Mild Steel Plates · Boiler Quality Plates |
GENERAL
INFORMATION
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Suppliers : |
Ř Albama Cine and Weighing Private Limited Ř Damani Shilling Private Limited Ř Jay Enterprises Ř Gold Star Industries Ř Jindal Fine Industries |
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Customers : |
Ř Mohatta and Heckel Limited Ř J and D Steel Company Ř Desmet Steel and Wire Private Limited Ř Fly Weel Ring Gears Private Limited Ř Sky High Bright Bars Private Limited Ř Jaydev Steel |
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No. of Employees : |
Around 100 |
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Bankers : |
· Punjab National Bank, Foreshore Road Branch, Nariman Point, Mumbai – 400 021, Maharashtra, India · Punjab National Bank, General J. Bhosale Marg, Mumbai-400021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lahoti Navneet and Company Chartered Accountants |
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Address 1: |
11, Bhuleshwar , 1st Floor, Krishna Bhawan, Mumbai – 400 002,
Maharashtra, India |
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Address 2: |
A -101, Ganga, Vasant Sagar, Thakur Village, Kandivali(East), Mumbai –
400 101, Maharashtra, India |
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Address 3: |
206, Ekta Apartment, Navghar Road, Bhayander (East)-401105, Maharashtra, India |
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Tel No.: |
91-22-28165896 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/-
each |
Rs.100.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.071 |
27.261 |
17.622 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.071 |
77.261 |
67.622 |
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LOAN FUNDS |
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1] Secured Loans |
251.444 |
2.282 |
1.154 |
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2] Unsecured Loans |
0.000 |
18.220 |
0.000 |
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TOTAL BORROWING |
251.444 |
20.502 |
1.154 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.028 |
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TOTAL |
393.515 |
97.763 |
68.804 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.154 |
5.509 |
1.270 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.277 |
3.716 |
0.000 |
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DEFERREX TAX ASSETS |
0.100 |
0.029 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
338.525
|
205.194 |
66.682 |
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Sundry Debtors |
270.897
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140.428 |
100.683 |
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Cash & Bank Balances |
21.213
|
9.093 |
2.094 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
265.393
|
14.370 |
40.440 |
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Total
Current Assets |
896.028
|
369.085 |
209.899 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
492.756
|
267.853 |
134.094 |
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Provisions |
20.750
|
12.891 |
8.460 |
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Total
Current Liabilities |
513.506
|
280.744 |
142.554 |
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Net Current Assets |
382.522
|
88.341 |
67.345 |
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MISCELLANEOUS EXPENSES |
0.462 |
0.168 |
0.189 |
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TOTAL |
393.515 |
97.763 |
68.804 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
1492.923 |
811.600 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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1492.923 |
811.600 |
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Profit/(Loss) Before Tax |
|
22.598 |
14.013 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
22.598 |
14.013 |
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Expenditures : |
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Interest |
|
11.205 |
3.450 |
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Depreciation & Amortization |
|
1.158 |
0.878 |
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Other Expenditure |
|
1457.961 |
793.258 |
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Total Expenditure |
|
1470.324 |
797.586 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.51
|
1.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.51
|
1.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.49
|
3.70 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.38
|
3.89 |
2.13 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.31 |
1.47 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8:-
|
Name of the company
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HARIYANA INTERNATIONAL PRIVATE LIMITED |
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Presented By |
M/S Hariyana
International Private Limited 191, Persepolis
Apartment, Cuffe Parade, Mumbai – 5 And Punjab National Bank,
Nariman Point, Mumbai – 400 021 |
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1) Date and
description of instrument creating the change |
Deed of
hypothecation to secure LC on DA basis. Executed on 28.09.1999 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 30.000
millions |
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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 |
Goods / assets
represented by documents drawn covered under LC issued under the above said
limit. Various raw
materials Stock in progress
and semi finished goods Packing material
etc and all current assets of the company and any other security acceptable
to bank from time to time. |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
As above |
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5) Name and
Address and description of the person entitled to the charge. |
Punjab National Bank Foreshore Road Branch, Nariman Point,
Mumbai – 400 021 |
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6) Date and brief description of instrument
modifying the charge |
Agreement dated 23.08.2005 |
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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.
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The bank has
granted facilities to Hariyana Ship
Breakers Limited – Rs. 500.000 millions Hariyana Ship
Demolition Private limited – Rs. 750.000 millions Hariyana
International Private Limited–Rs. 520.000 millions (total limits
aggregating Rs. 1770.000 millions) During the
continuance of the advance facilities granted to the above three borrowers,
at their request, the bank may at its sole discretion and only if the bank
deems fit agree to increase or decrease the limits granted to any of the
three borrowers in such manner as the bank thinks fit but subject to the
condition that the total limits granted to the three borrower shall not at
any point of the time exceed the total limits namely Rs. 1770.000 millions. In the event of
the bank allowing such interchangeability the value of the respective charges
by way of hypothecation and mortgages shall increase or decrease in accordance with the limits so
interchanged and the securities given by each of the three borrowers and the
mortgagors shall be deemed to fluctuate accordingly and each of the borrowers
and mortgagors shall agree to such fluctuations , but without affecting the
total value of the charge which shall remain to be Rs. 1770.000 millions and
Interest and all other dues under the respective limits. |
FIXED ASSETS ;-
· Computer and
· Fax Machine.
WEBSITE DETAILS:
Subject is a
sister company of Hariyana group. In its short span as an importer, the
company has become one of the preferred importer for the Mittal group in the Indian
market. From a modest beginning of half a million dollar in sales
revenue, today the company has achieved over dollar twenty million in
sales revenue.
The company is
primarily engaged in importing of quality flat and long steel products to meet the
ever increasing demand in the Indian market. Its extensive line of
products include HR coils, Chequered Coils, Mild steel plates, Boiler quality
plates, Billets and Structure. As part of its comprehensive service, the
company also helps its clients in procuring material directly from steel
mills. Thus, in a snap-shot, Hariyana continues to excel in providing
essential service to steel consumers and its rapid growth is a living proof of
the company’s efforts.
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.41.38 |
|
UK Pound |
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.63.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|