MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HINDUSTAN ADHESIVES LIMITED |
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Registered Office : |
340/2-A, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
05.04.1988 |
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Com. Reg. No.: |
55-31191 |
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CIN No.: [Company
Identification No.] |
L74899DL1988PLC031191 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
DELH00730C |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer, Exporter and Importer of Self Adhesives Tapes and BOPP Films. |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 338040 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Ms. Kanika |
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Designation : |
Sales Manager |
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Date : |
13.04.2011 |
LOCATIONS
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Registered Office : |
340/2-A, |
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Tel. No.: |
91-11-22111379/23719734 / 41650348 / 41650347 / 26714080 |
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Fax No.: |
91-11-23328210 / 26191358 / 25131098 |
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E-Mail : |
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Location : |
Owned |
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Head Office : |
B-2 / 8, Safdarjung Enclave, |
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Tel. No.: |
91-11-51650347-48, 51650350 / 26714080 |
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Fax No.: |
91-11-51650349 / 26191358 |
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E-Mail : |
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Factory 1/Plant : |
29th Mile Stone, Village Achheja, Tehsil Dadri, District Gautam Budh Nagar, Uttar Pradesh |
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Location : |
Owned |
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Branches : |
P. O. Box: 3842, # 1014/1, “Archana”, 17 “C” Cross, Indira
Nagar II Stage, Contact Person: Mr. N. K. Jain Telephone: 91-80-51269691/ 51269692 Mobile No. 91-9341949249 Telefax: 91-80-51269693 E-mail:nkjain@hotmail.com
Contact Person: Mrs. Urmila Goenka Telephone: 91-33-22481313 E-mail: hal_cal@hotmail.com
Contact Person: Mr. Suresh Ajila Telephone: 91-22-28237342/ 28237352 Telefax: 91-22-28237352 E-mail: halmumbai@vsnl.net
Contact Person: Mr. Mahendra Nawalgaria Telephone: 91-44-24988162, 24988999 Telefax: 91-44-24983957 E-mail: nawalgaria@eth.net
District Thrissur, Contact Person: Mr. C. Ravindran Telephone: 91-487- 2362036, 2361632 Telefax: 91-487-2361632 E-mail: haltcr@sancharnet.in |
DIRECTORS
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Name : |
Mr. M. S. Bagla |
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Designation : |
Managing Director |
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Name : |
Mr. L. K. Bagla |
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Designation : |
Chairman |
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Name : |
Mrs. Urmila Goenka |
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Designation : |
Director |
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Name : |
Mr. U. C. Gaur |
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Designation : |
Director |
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Name : |
Mr. O. P. Tiwari |
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Designation : |
Director |
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Name : |
Mr. Purshotam Agarwal |
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Designation : |
Director |
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Name : |
Mr. Kailash Chand Dwivedi |
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Designation : |
Whole time Director |
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Name : |
Mr. K.C. Gupta |
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Designation : |
Director |
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Name : |
Mr. Venkateswara Rao Yedlapalli |
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Designation : |
Director |
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Name : |
Mr. P. K. Sharma |
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Designation : |
Director |
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Name : |
Mr. M. M. Haque |
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Designation : |
Additional Director |
KEY
EXECUTIVES
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Name : |
Mr. S. S. Dua |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
22393329 |
46.78 |
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Bodies Corporate |
420400 |
8.22 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds / UTI |
200 |
-- |
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2. Non
Institutions |
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Bodies Corporate |
1150626 |
22.49 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1028510 |
20.10 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
100437 |
1.96 |
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Any Other
(Specify) |
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Trusts |
100 |
-- |
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Non Resident Indians |
2400 |
0.05 |
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Hindu Undivided Families |
20126 |
0.39 |
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Clearing Members |
170 |
-- |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
5116300 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Self Adhesives
Tapes and BOPP Films. |
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Products : |
· Tear Tapes · Adhesive Tapes · Self Adhesive Tapes · Packaging Tapes · Specialty Tapes · BOPP Tapes
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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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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Customers : |
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No. of Employees : |
200 (in office + in factory + in branches) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Salarpuria and Partners Chartered Accountants |
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Address : |
1008 Chiranjiv Tower, 43, Nehru Place, New Delhi – 110 019,India |
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Associates/Subsidiaries : |
· Alora Trading Company Limited · Delhi Foils Private Limited · Umesh Commercial Company Limited · Alok Builders Private Limited ·
Agarwal Tracom Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 70.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5116300 |
Equity Shares |
Rs. 10/- Each |
Rs. 51.163 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
51.160 |
51.160 |
51.160 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.350 |
10.970 |
(12.990) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
84.510 |
62.130 |
38.170 |
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LOAN FUNDS |
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1] Secured Loans |
115.600 |
117.550 |
157.480 |
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2] Unsecured Loans |
1.690 |
39.230 |
10.950 |
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TOTAL BORROWING |
117.290 |
156.780 |
168.430 |
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DEFERRED TAX LIABILITIES |
16.360 |
12.780 |
1.890 |
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TOTAL |
218.160 |
231.690 |
208.490 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.710 |
124.220 |
128.310 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
66.350
|
52.870 |
43.980 |
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Sundry Debtors |
79.140
|
70.720 |
70.850 |
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Cash & Bank Balances |
4.060
|
4.030 |
2.990 |
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Other Current Assets |
6.910
|
6.921 |
6.980 |
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Loans & Advances |
27.720
|
25.920 |
11.490 |
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Total
Current Assets |
184.180
|
160.461 |
136.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
60.380
|
39.220 |
48.960 |
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Provisions |
19.350
|
13.770 |
7.150 |
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Total
Current Liabilities |
79.730
|
52.991 |
56.110 |
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Net Current Assets |
104.450
|
107.470 |
80.180 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
218.160 |
231.690 |
208.490 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
528.090 |
487.410 |
425.590 |
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Other Income |
2.310 |
5.980 |
22.400 |
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TOTAL (A) |
530.400 |
493.390 |
447.990 |
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Less |
EXPENSES |
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Increase/Decrease in Stock |
(7.920) |
(2.030) |
5.160 |
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Raw Materials Consumed |
337.270 |
307.580 |
264.780 |
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Power & Fuel Cost |
39.930 |
29.400 |
28.100 |
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Employee Cost |
27.270 |
23.080 |
21.370 |
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Other Manufacturing Expenses |
33.110 |
28.890 |
25.960 |
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General & Administration Expenses |
19.210 |
18.160 |
14.490 |
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Selling & Distribution Expenses |
17.320 |
14.610 |
17.400 |
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Miscellaneous Expenses |
0.020 |
1.650 |
0.340 |
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TOTAL (B) |
466.210 |
421.340 |
377.600 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
64.190 |
72.050 |
70.390 |
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Less |
FINANCIAL
EXPENSES (D) |
17.360 |
18.230 |
17.510 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.830 |
53.820 |
52.880 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.880 |
13.060 |
16.360 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.950 |
40.760 |
36.520 |
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Less |
TAX (I) |
0.580 |
16.810 |
10.590 |
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PROFIT AFTER TAX
(G-I) (J) |
22.370 |
23.950 |
25.930 |
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Expected Sales (2010-2011) : Rs. 600.000 Millions
QUARTERLY RESULTS
(UNAUDITED)
|
PARTICULARS |
30.06.2010 (Rs. In
Millions) |
30.09.2010 (Rs. In
Millions) |
31.12.2010 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
145.100 |
160.100 |
157.600 |
|
Total Expenditure |
127.700 |
144.800 |
140.400 |
|
PBIDT (Excl OI) |
17.400 |
15.300 |
17.200 |
|
Other Income |
0.100 |
(0.100) |
0.300 |
|
Operating Profit |
17.500 |
15.200 |
17.500 |
|
Interest |
4.200 |
4.000 |
4.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
13.300 |
11.200 |
12.700 |
|
Depreciation |
3.700 |
3.800 |
4.000 |
|
Profit Before Tax |
9.600 |
7.400 |
8.700 |
|
Tax |
0.700 |
3.300 |
(0.300) |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
8.900 |
4.100 |
9.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
8.900 |
4.100 |
9.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.21
|
4.85 |
5.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.34
|
8.36 |
8.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.70
|
14.31 |
13.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.65 |
0.95 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.33
|
3.37 |
5.88 |
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Current Ratio (Current Asset/Current Liability) |
|
2.31
|
3.02 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
History:
Incorporated on 5 April, 1988, Hindustan Adhesives (HAL) was
promoted L K Bagla and M S Bagla for manufacturing bi-axially oriented
polypropylene (BOPP) self-adhesive tapes (cap. : 52 mln sq mtr pa) and BOPP
films (cap. : 2500 tpa), at Ghaziabad, UP. The company has state-of-the-art
equipment like the acrylic adhesive coating machine, hot melt coating and
adhesive making machine and BOPP film making equipment.
The BOPP adhesive tapes are mainly used in the packaging industry. HAL markets these
tapes under the brand names Mystic, Stic Me, and Boss Tech, while its major
clients include the Jindal group, SIEL, Dabur and Parasrampuria.
The film manufactured by the BOPP film plant is used captively for
manufacturing PSA tapes. In 1994, the company implemented its backward
integration project for manufacturing bi-axially oriented poly-propylene films.
To part-finance this project, the company came out with an issue of equity
shares at a premium of Rs 15 in August 1994.
The company has expanded its BOPP film plant by installing another plant of
1300 tpa. The project was funded through internal accruals. During 1999-2000,
the company was awarded ASIASTAR' 99 award from the Asian Packaging Federation
for developing self-adhesive tear tapes of world-class quality. As the demand
for BOPP film products was increasing the company has opened the BOPP film unit
which was closed since last 4 years.
OPERATIONS
During the year The Company continues to increase the sales of its primary finished product namely Carton Sealing Tapes and other specialty Adhesive Coated products by providing the customers an excellent quality product backed by dedicated customer services. In the current year the Company has been successful is selling the various innovative products like MysticGold Brand carton sealing tape where it has reinforced the existing tape with four strips of high tensile filament yarn and thus giving the product an excellent strength and as well a security feature. These new products of the Company and its focus towards using self adhesive tapes as both a security feature and as well as a product branding tool have resulted in higher sales and as well better contribution to the profits of the company in the current year and the same has been well appreci- ated by leading multinational companies now operating in India.
The Company has not been able to sell much surplus capacity of BOPP film in the market as the focus of the Company is to eventually convert 100% of the BOPP film production into adhesive tapes. In the long term the company continues to concen- trate and focus on increasing the coating capacities and better the capacity utilization by introducing new innovative adhesive coated products.
In the last financial year the company has substantially improved the total sales of the Company and it is further buoyant for the current year sales as the Indian economy is performing better than most of the global economies in the world and most Indian companies are flourishing and having impressive growth in sales thus increasing the demand for the product manu- factured by the Company.
FINANCIAL RESULTS
The total income of the Company has increased substantially by about 8.35%, whereas the PBIDT has decreased by 3.52 %
The Company is confident of further improving the performance in the Current financial year and is pleased to inform you that all the accumulated losses have been now recovered and the Company is moving towards success and prosperity and would keep looking for new opportunities to expand the business in the packaging industry.
FIXED ASSETS:
·
Land (Freehold)
·
Building
·
Plant and Machinery
·
Electric Installation
·
Furniture and Fixtures
·
Air Conditioner
·
Office Equipment
·
Car’s
·
Delivery Trucks
·
Scooters
·
Cycles
·
Computers
TRADE REFERENCES:
·
Nestle India Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.