MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HURRY NOTH AND COMPANY PRIVATE LIMITED |
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Registered Office : |
418 Loha Mandi Amritsar- 143 001, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.03.1941 |
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Com. Reg. No.: |
16-00380 |
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CIN No.: [Company
Identification No.] |
U99999pb1941ptc000380 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH04385D |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of High Speed Steel and Stainless Steel Wires. |
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 48000 |
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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 having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sunil Talwar |
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Designation : |
Director |
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Contact No.: |
91-9821212552 |
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Date : |
08.10.2008 |
LOCATIONS
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Registered Office : |
418 Loha Mandi Amritsar- 143 001, Punjab, India |
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E-Mail : |
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Area : |
1000 Sq.fts |
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Location : |
Rented |
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Note: |
This office is only for Filing Purpose only |
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Administrative Office / Factory : |
Road No. 3L, Plot No. C -5 Wagle Ind Estate, Thane, Maharashtra, India
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Tel No.: |
91-22-67986115 |
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Location : |
Leased (for 99 years from MIDC) |
DIRECTORS
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Name : |
Mr. Purshotamlal Talwar |
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Designation : |
Chairman cum Director |
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Address : |
36, Presidency CHS, Road, No. 6, N S Road, JVPD, Vile Parle (West),
Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
03.04.1927 |
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Date of Appointment : |
26.03.1976 |
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Name : |
Mr. Shashi Talwar |
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Designation : |
Director |
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Address : |
36, Presidency CHS, Road, No. 6, N S Road, JVPD, Vile Parle (West),
Mumbai – 400 056, Maharashtra, India |
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Date of Birth/Age : |
01.02.1954 |
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Qualification : |
Engineer |
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Date of Appointment : |
31.10.1991 |
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Name : |
Mr. Sunil Talwar |
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Designation : |
Director |
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Address : |
C -5, Road, No.3, Wagle Estate, Thane – 400 064, Maharashtra, India |
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Date of Birth/Age : |
21.03.1960 |
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Qualification : |
B. Com |
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Date of Appointment : |
31.10.1991 |
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Tel No.: |
91-22-5822207 |
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Fax No.: |
91-22-5829475 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Purushotam Lal Talwar |
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7282 |
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Mr. Tarachand Khanna |
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60 |
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Mr. Kasturan Talwar |
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6593 |
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Mr. Ravinder Talwar |
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587 |
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Mr. Sashi Talwar |
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6562 |
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Mr. Sunil Talwar |
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6677 |
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Mrs. Renu Talwar |
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200 |
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Mr. Amritlal Talwar |
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587 |
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Mrs. Kamla Mehra |
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67 |
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Mrs. Renu Seth |
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67 |
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Mr. Jitendra Talwar |
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587 |
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Mr. Pyarelal Kapur |
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42 |
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Mrs. Bimladevi Kapur |
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102 |
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Mr. Vinodkumar Talwar |
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587 |
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Total
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30000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 30.09.2008) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of High Speed Steel and Stainless Steel Wires. |
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Exports : |
Subject export 90% of
goods through Export House. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
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No. of Employees : |
250 (Including 150 Contract Workers) |
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Bankers : |
· Bank of Baroda, Nepeansea Road, · oriental Bank of Commerce, Thane · ICICI Bank limited · Standard Chartered Bank · ICICI Bank Limited · HDFC Bank Limited |
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Facilities : |
· Cash Credit - Rs. 10.000 millions (Bank of Baroda,) · Cash Credit – Rs. 4.500 millions (oriental Bank of Commerce) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B M Rallan and Company Chartered Accountants |
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Address : |
2nd Floor, 1/24 Asaf Ali Road, New Delhi – 110 002, India |
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Tel. No.: |
91-11-23237188 / 43524070 |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
(As on
30.09.2008):-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 100/-
each |
Rs. 3.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.840 |
1.840 |
1.840 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.742 |
6.708 |
5.545 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.582 |
8.548 |
7.385 |
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LOAN FUNDS |
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1] Secured Loans |
14.154 |
14.628 |
12.991 |
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2] Unsecured Loans |
11.517 |
13.668 |
8.579 |
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TOTAL BORROWING |
25.671 |
28.296 |
21.570 |
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DEFERRED TAX LIABILITIES |
0.893 |
0.725 |
0.722 |
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Advances recd from customers |
9.000 |
11.300 |
9.000 |
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TOTAL |
45.146 |
48.869 |
38.677 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.706 |
24.965 |
26.123 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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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 |
36.311
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30.271 |
27.306 |
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Sundry Debtors |
2.292
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13.761 |
13.488 |
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Cash & Bank Balances |
3.569
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4.144 |
2.693 |
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Other Current Assets |
0.056
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8.423 |
4.479 |
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Loans & Advances |
9.350
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2.287 |
1.082 |
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Total
Current Assets |
51.578
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58.886 |
49.048 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.215
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34.750 |
36.495 |
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Provisions |
1.924
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0.233 |
0.000 |
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Total
Current Liabilities |
29.139
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34.983 |
36.495 |
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Net Current Assets |
22.439
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23.903 |
12.553 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
45.146 |
48.869 |
38.677 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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150.057 |
157.358 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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150.057 |
157.358 |
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Profit/(Loss) Before Tax |
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1.748 |
1.995 |
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Provision for Taxation |
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0.714 |
0.832 |
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Profit/(Loss) After Tax |
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1.034 |
1.163 |
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Total Expenditure |
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148.309 |
155.363 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.69
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0.74 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.16
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1.27 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.35
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2.38 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.23 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.72
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7.40 |
7.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.77
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1.68 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
Trade references:-
· Upper India Steel, Ludhiana, Punjab, India
· Chandan Alloys, Mumbai, Maharashtra, India
· Gardex, Jalandar, Punjab, India
Notes: -
They have 3 sister concern companies, who also
does job work for Hurry noth and
Company Private Limited and names of
sister concern company is not given.
FORM 8:-
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Name of the company |
HURRY NOTH AND COMPANY PRIVATE LIMITED |
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Presented By |
Bank of Baroda, Nepeansea Road Branch,
Mumbai – 400 036, Maharashtra, India |
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1) Date and description of instrument creating the change |
Dated :09.03.2002 Composite
Hypothecation Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500
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 |
The whole of the
borrower’s stocks both present and future and including but without prejudice
to the generality of the forgoing words all stocks of raw materials, work in
process, semi finished goods and finished goods such as stock of Alloy Steel
Bars and Rods, Machine Files, etc packing materials and stores, etc,
whatsoever and wheresoever situated and / or in transit whether now belonging
to or that may be held by any party any where to the order and disposition of
the borrower. All the present
and future, book debts, receivable, claims, bills, contracts, engagements and securities which may at
any time hereafter during the continuance of this security become due and owing to the borrower in the course of
its business by any person , firm , company, or body corporate or by the
government or India railways or any government department or office or any
government department or office or
any municipal or local or public or semi government body or authority
whatsoever including those relating to the assets leased out and / or given
on hire purchase basis. All the tangible
movable machinery and plants and cranes, boats and crafts and the borrower
together with spares, tools and accessories and other movables, both present and future and the
Furnitures fixtures, and fittings and office equipments whether installed or
not and whether lying looses or in case which are now lying or stored in or
about or shall be or about the borrowers premises sand
Godown or wherever else the same may
be or be held by any party to the order or disposition of the borrower
(including those on lease or hire purchase0 relating or pertaining to the
borrower works at plot No. C -5,
Road, No. 3-L, Wagle Industrial Estate, thane – 400 604 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 1.5%
OPLR Margin : 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Nepeansea Road, Branch, Mumbai – 400 036, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
28.01.2006 Composite
Hypothecation Agreement |
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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. |
Original charge
created on 09.03.2002 for Rs. 2.500 millions. First Modification:
On 18.01.2005 the cash credit limit was enhanced from Rs. 2.500 millions to
Rs. 5.000 millions by an additional limit of Rs. 2.500 millions. By the present
modification the cash credit limit is enhanced from Rs. 5.000 millions to Rs.
10.000 millions and the said charge is also secured collaterally by
hypothecation of machinery. |
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.48.74 |
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UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
50 |
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 |
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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 |
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