MIRA
INFORM REPORT
|
Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARI MACHINES LIMITED |
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Registered Office : |
Rajgangpur, Sundergarh – 770017, Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.07.1948 |
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Com. Reg. No.: |
000713 |
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CIN No.: [Company
Identification No.] |
L29299OR1948PLC000713 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNH00045D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Refractory Equipments, Crushing and Grinding
Equipment, Mixing Equipment- counter Current Mixer. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 1156112 |
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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. General financial position is good. Trade relations
are fair. The company can be considered good for any normal business dealings. |
LOCATIONS
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Registered Office : |
Rajgangpur, Sundergarh – 770017, Orissa, India |
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Tel. No.: |
91-6624-220141/ 161 |
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Telefax No. |
91-6624-220151 |
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Cable : |
HARIMACHINE |
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E-Mail : |
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Website : |
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Branch Office : |
Kolkata Office 12 C, Stephen House 4, B.B.D
Bagh (East), Kolkata – 700001, India Phone : 91-33-22487612/4451 Tele Fax : 91-33-22487155 Email : hmlcal@harimachines.in New Delhi Office 4, Scindia House, Connaught
Place, New Delhi – 110001, India Phone : 91-11-23312706/2873 Tele Fax : 91-11-23325160/233157 |
DIRECTORS
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Name : |
Mr. M H Dalmia |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Dalme House, 20F, Prithvi Raj Road, New Delhi – 110011, India |
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Name : |
Mr. Dr. J D Panda |
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Designation : |
Director |
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Name : |
Mr. R H Dalmia |
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Designation : |
Director |
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Address : |
No.1 Tees January Marg, New Delhi – 110011, India |
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Date of Birth/Age : |
14.01.1950 |
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Date of Appointment : |
01.10.1980 |
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Name : |
Mr. M L Dujari |
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Designation : |
Director |
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Name : |
Mr. P K Swain |
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Designation : |
Director |
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Name : |
Mr. Mayadhar Mishra |
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Designation : |
Director |
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Address : |
Bungloe No. 3A, OCL Colony, Rajganpur – 770017, Orissa |
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Date of Birth/Age : |
29.02.1948 |
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Date of Appointment : |
10.08.2000 |
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Email : |
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Name : |
Mr. Sunil K Choudhari |
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Designation : |
Director |
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Address : |
Bungloe No. 1, OCL Colony, Rajganpur – 770017, Orissa |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Refractory Equipments, Crushing and Grinding
Equipment, Mixing Equipment- counter Current Mixer. |
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Products : |
· Refractory
Equipments · Engineering
Equipments · Sponge Iron
Equipments · Engineering
Equipments and Spares · Screening and Separating
Machines · Mixing
Equipments – Counter Current Mixer
|
GENERAL
INFORMATION
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Bankers : |
· UCO Bank Orissa Cement Colony, Rajagangpur – 770017, Orissa, India ·
State Bank
of India Rajgangpur, Sundergarh – 770017, Orissa, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Sudhir Lath Chartered Accountant |
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Address : |
Udit Nagar, Rourkela – 769012, Orissa, India |
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Name : |
K D Lath and Company Chartered Accountant |
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Address : |
Udit Nagar, Rourkela – 769012, Orissa, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000
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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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
287.028 |
245.508 |
181.599 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
289.028 |
247.508 |
183.599 |
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LOAN FUNDS |
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1] Secured Loans |
297.246 |
166.086 |
151.328 |
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2] Unsecured Loans |
1.000 |
1.000 |
0.000 |
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TOTAL BORROWING |
298.246 |
167.086 |
151.328 |
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DEFERRED TAX LIABILITIES |
8.825 |
8.851 |
7.058 |
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TOTAL |
596.099 |
423.445 |
341.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
183.445 |
161.838 |
124.993 |
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Capital work-in-progress |
46.405 |
6.037 |
12.325 |
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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 |
428.206
|
302.307 |
362.236 |
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Sundry Debtors |
119.958
|
87.472 |
112.027 |
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Cash & Bank Balances |
33.238
|
45.518 |
22.446 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
87.466
|
76.366 |
130.403 |
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Total
Current Assets |
668.868
|
511.663 |
627.112 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
282.672
|
179.966 |
422.445 |
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Provisions |
19.947
|
76.127 |
0.000 |
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Total
Current Liabilities |
302.619
|
256.093 |
422.445 |
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Net Current Assets |
366.249
|
255.570 |
204.667 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
596.099 |
423.445 |
341.985 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
839.059 |
1128.823 |
1327.109 |
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Other Income |
42.318 |
27.732 |
9.215 |
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Total Income |
881.377 |
1156.555 |
1336.324 |
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Profit/(Loss) Before Tax |
63.987 |
97.472 |
141.502 |
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Provision for Taxation |
22.467 |
63.909 |
52.381 |
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Profit/(Loss) After Tax |
41.520 |
33.563 |
89.121 |
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Expenditures : |
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Raw Material Consumed |
603.526 |
867.371 |
1016.076 |
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Consumption of stores and spares parts |
25.713 |
30.657 |
43.488 |
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Salaries, Wages, Bonus, etc. |
61.933 |
41.586 |
40.728 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.035 |
0.027 |
0.025 |
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Interest |
20.779 |
18.789 |
13.109 |
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Insurance Expenses |
0.715 |
0.695 |
0.703 |
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Power & Fuel |
5.728 |
5.202 |
5.487 |
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Depreciation & Amortization |
16.847 |
19.499 |
9.744 |
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Other Expenditure |
82.114 |
75.255 |
65.462 |
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Total Expenditure |
817.390 |
1059.081 |
1194.822 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.71
|
2.90 |
6.66 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.63
|
8.63 |
10.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.51
|
14.47 |
18.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.39 |
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.08
|
1.71 |
3.12 |
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Current Ratio (Current Asset/Current Liability) |
|
2.21
|
1.99 |
1.48 |
LOCAL AGENCY FURTHER
INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
L29299OR1948PLC000713 |
|
Name of the
Company |
HARI MACHINES LIMITED |
|
Address |
Rajgangpur, Sundergarh – 770017, Orissa, India |
|
This form is for |
Creation of charge |
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Type of Charge |
Immovable
Property Book Debts Agreement of
Hypothecation |
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Particulars of
the charge holder |
State Bank of
India Rajgangpur, Sundergarh – 770017, Orissa, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Sanction Letter C1 Agreement of
Loan for overall limit C2 Agreement of
Hypothecation Goods and Assets C3 Agreement of
Pledge of Goods and Assets C5 Letter regarding
the grant within the overall limit C9 Memorandum of
Creation of Charge for overall limit |
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Date of the
instrument creating or modifying the charge |
20.11.2007 |
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Amount secured by
the charge |
Rs.57.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 1.50% over State
Bank Advance rate (SBAR), Applicable to SB-2 Credit rating. Effective rate
will be 14.25% p.a. at monthly rest. Terms of
Repayment: 3 months or till completion
of the job orders, whichever is earlier Margin: Raw Materials/
Stores and Spares/ SIP/FG- 15% Extent and
operation of the charge: Hypothecation of
Stocks, Consumable, stores, receivable and other current assets. Other NA |
|
Short particulars
of the property charged (including location of the property) |
Agriculture Land
at Jhagarpur, Rajagangpur 133/41 250/1370
(Agricultural) 0.65 133/137 250/1478
(Agricultural) 0.88 133/147 252
Gharbarj 0.19/253 (Gharbari) 1.70 126
250(Agricultural) 4.23/251 (Agricultural) 1.33 133/158 249/1751
Gharbari 0.02/250/1752 Gharbari 2.20 133/43 249/1371
Gharbhari 0.05/250/1378 (Agricultural) 1.72 Total 13.75 |
|
Particular of the
present modification |
NA |
Profile:
Subject is a company belonging to Dalmia group that has OCL
India Ltd (formerly Orissa Cement Ltd) as the group's flagship company. The
group has interests in cement, mining, refractories, steel, software,
fertilizer, chemicals, financial services and mechanical and engineering
equipment.
Having started operations in 1971, Subject is serving the
various core sector of industries like steel, sponge iron, refractory, cement
etc for the last three decades by supplying them world class machinery and
equipment. Subject has been entrusted by SMS-Schloemann Siemag, Mannessmann
Demag, SMS Demag, Salzgitter International, Germany; Loesche, Hoestemberghe and
Klutch of Germany, Morgardshammer of Sweden, Tyazprommexpet of Turkey for their
tailor made complicated equipment like rolling mills, continuous casters, blast
furnace, steel melt shop, vertical roller mills for various steel and cement
plants in India.
Subject has manufactured hydraulic toggle presses in
collaboration with Friedrich Horn Machinenfabrik, Germany and has been
manufacturing machinery for the refractory industries especially for crushing,
grinding, screening, mixing and pressing operations based on its own design.
Many of their equipments like Counter Current Intensive Mixer - Horizontal and
Inclined, 400T Friction Screw Press and 800T Friction Screw Press etc with
complete automation and PLC control have been designed and built for the first
time in India. They have also developed various import substitution machinary
with complete automation like gunning machines and gunning manipulators (360
degrees shooter gun) for the refractory applications. These equipments have
regularly been upgraded with new and better performing features. HML has
exported refractory machinery to China, Sri Lanka, Bangladesh and Thailand.
Subject has also exported steel plant equipment to Turkey, Bangladesh etc and
pollution control equipment to Egypt through third parties.
With the passage of time, Company has grown into a HEAVY
engineering shop manufacturing heavy and bulky equipment like kilns, coolers
etc for 350 TPD sponge iron plants; electric arc furnace, converters etc for
steel plants and cement vertical roller mills for cement plants. Some of the
equipments like electric arc furnace of 100 tonnes per batch hot metal carrying
capacity for Jindal Steel and Power Ltd, Raigarh (designed by SMS Demag) have
been manufactured for the first time in India by Hari Machines only.
In the last 3 years, Subject have gone in for a major
expansion and modernisation of its existing capacity to the tune of 30,000
square meter of shed area with heavy capacity cranes, semi automatic bending
machines, vertical lathes, horizontal boring machines and submerged arc welding
machines. With the above, Subject can now manufacture, machine and assemble
engineering jobs with weight up to 50 tons single piece, machine 11.5 meters
long jobs in single setting on horizontal boring machines (with digital read
outs), machine jobs up to 6.3 meters diameter and 35 tons weight on vertical
boring machine, bend upto 70 thick plates with pre-pinching effect on
semi-automatic machines. With the present infrastructure, Subject has an annual
capacity of over 15000 tonnes of various types of technological items including
equipments.
Subject has also developed a wide and reliable network of
vendors who have an annual capacity of over 5000 tonnes of various engineering
items. We have got a well established and dedicated network of vendors for
supply of critical castings (upto 50 tons single piece), forgings,
indigenous/imported rolled steel, gears/pinions, manufacturing and hard facing
of critical rolls and critical B/O components like bearings, gear boxes,
motors, and hydraulic/pneumatic circuits including cylinders. They have also
established MOU’s/tie ups with their vendors for a reliable and timely delivery
of material which has reduced the uncertainty associated with material
procurement to a great extent.
Through exposure to various fields of business and industry and
to the design and technology standards of various highly developed countries
the company has developed a strong capacity to absorb and establish new product
with new technologies, through the available pool of qualified, trained and
experienced engineers, management experts, highly skilled workmen and well
developed business network.
Subject has a division "Hari Environmental Systems'
(HES) based at Kolkata dealing with pollution control equipment, consultancy,
pilot studies, environmental control services and implementation of turnkey
projects for water and effluent treatment systems.
Milestones:
|
Year
of Execution |
Equipment / Project Details |
|
2005 |
HML tie-up with DBT Mineral Processing,Germany-world
leaders in the field of horizontal crushing technology. |
|
HML and Allmineral(Germany & USA) join hands to
provide complete solutions for mineral beneficiation in India. |
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|
Manufacturing of AOD converter for Alloy Steel Plant, Durgapur
based on the design of SMS Demag |
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Manufacturing of Lime Kiln as per design of FFE minerals |
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2004 |
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2003 |
Exported Friction Screw Press to Sri Lanka |
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Development of toothed roll crusher |
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Started mfg. of Kiln, cooler & other major equipment
for 350TPD Sponge Iron plant |
|
|
2002 |
Development & supply of Counter Current Intensive
mixer 1000 kgs/batch to Tata Refractories Ltd., Belpahar |
|
Started manufacture of Kiln, cooler & other major
equipment for 100 TPD Sponge Iron plant |
|
|
2001 |
Supply of Cold rolling mill equipment to KYCR, Bangladesh
based on the design of SMS Demag |
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Supplied Friction Screw Press 400T. to China |
|
|
2001 |
Manufactured & supplied equipments for continuous
casting machine for TISCO, JVSL, etc. |
|
2000 |
Development of Gunning m/c & manipulator |
|
2000 |
Started manufacture of Kiln, Cooler & other major
equipment for 50 TPD Sponge Iron plant |
|
1998 |
Design & manufacture of Planetary mixer, Manufacture
and supply of 300th FSP 150T. |
|
1997 |
Obtained ISO – 1992 certification |
|
1996 |
Manufacture & supply of 75th FSP 400T. |
|
1995 |
Development and marketing of Inclined mixer |
|
1994/1995 |
Pickling Line equipment consisting of Pay Off and Tension Reels,
Belt Wrappers, Shears, Pinch Roll, etc. for Tinplate Co.of India Ltd,
Jamshedpur (a TATA company). |
|
1994 |
Design and manufacture of Friction Screw Press 800T, with
automatic operation hydraulic brake, outside ejection, PLC control and Vacuum
pressing. |
|
1994 |
Manufacture & supply of 250th FSP 150T. |
|
1992/1993 |
Rolling Mill equipment for Mukand Ltd, Bombay as per the
design of Morgardshammar of Sweden |
|
1992 |
Design and manufacture of the first Counter Current
Intensive Mixer 500 kgs |
|
1992 |
Manufacture and supply of the 50th Friction Screw press
400T. |
|
1991 |
Manufacture and supply of 100th Counter Current Mixer
(export to Bangladesh) |
|
1991 |
Manufacture & supply of 200th FSP 150T. |
|
1991/1992 |
Supply of Rolling Mill equipment to M.P.Iron & Steel
Co.Ltd, Gwalior, to the design of Morgardshammar of Sweden. Supply of
Pickling Line equipment including Pay Off and Tension Reels, Belt Wrappers,
Shears, etc. for Hero Cycles Ltd., Ludhiana, to the design of MECON, Ranchi |
|
1990/1991 |
Supply of Rolling Mill equipment to Usha Margin Industries
Ltd. to the design of Morgardshammar of Sweden |
|
1989/1990 |
Supply of Grip Tilters and Trough Tilters to Kalyani Steel
Ltd to the design of Hoestemberghe and Klutch of Germany |
|
1988 |
Manufacture and supply of the 25th FSP 400T. |
|
1988 |
Supply of Door Cleaning and Frame Cleaning Mechanism – 3
sets of Visakhapatnam Steel Coke Oven Plant through Heavy Engineering Corporation
Ltd., Ranchi |
|
1987 |
Change of name to HARI MACHINES LIMITED |
|
1985/86/87 |
Supply of Rolling Mill equipment (about 700 MT) for
Visakhapatnam Steel Plant through MECON as per the designs of SMS Schloesmann
Simag of Germany |
|
1983/1984 |
Supply of Cold rolling mill equipment to Nagarjuna Steel
Ltd., Hyderabad through MECON to the designs of Wean United of USA |
|
1982 |
Design, manufacture and supply of first Friction Screw
Press 400T. |
|
1982 |
Supply of Equipment for Cold Rolled Grain Oriented Steel
project, Rourkela Steel Plant, through MECON as per the design of Aetna
Corprn.of USA |
|
1981/1982 |
Supply of 16 nos. Pinch Roll stands for Iskenderun Steel
Plant, Turkey through HEC, Ranchi as per the designs of Tiazpromashexport,
USSR. |
|
1981 |
Manufacture and supply of 100th 150 Tonne Friction Screw
Press |
|
1976 |
Manufacture of Hydraulic Toggle press in collaboration
with Friedrich Horn of West Germany |
|
1972 |
Name changed to HARI YANTRA UDYOG |
|
15.09.1971 |
Establishment of Rajgangpur Engineering Works to
manufacture spares and equipment for Refractory industry. |
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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 |
|