MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HALDI RAM PRODUCTS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
HRB IMPEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1454/2, Chandni Chowk, Delhi-110006 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.08.1996 |
|
|
|
|
Com. Reg. No.: |
55-081504 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 6.820
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15490DL1996PTC081504 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Sweets and Namkeen. |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 520000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company in concerned
business. General financial position is satisfactory. Directors are reported to
be experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered normal 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
1454/2, Chandni Chowk, Delhi-110006, |
|
Tel. No.: |
91-11-23862713/ 28833007 |
|
Fax No.: |
91-11-23869024 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Umesh Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
7-B, Raj |
|
Date of Birth/Age : |
31.05.1984 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00011472 |
|
|
|
|
Name : |
Mr. Madhusudan Agarwal |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
7-B, Raj |
|
Date of Birth/Age : |
10.01.1957 |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
00011316 |
|
|
|
|
Name : |
Mrs. Sumitradevi Agarwal |
|
Designation : |
Director |
|
Address : |
7-B, Raj |
|
Date of Birth/Age : |
09.11.1956 |
|
Date of Appointment : |
15.03.1997 |
|
DIN No.: |
00011417 |
|
|
|
|
Name : |
Mr. Sunil Dutt Tripathi |
|
Designation : |
Director |
|
Address : |
B-205, Flex Apartments, Sector-62, Noida-201301, |
|
Date of Birth/Age : |
01.07.1959 |
|
Date of Appointment : |
01.08.2005 |
|
DIN No.: |
01614067 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Madhusudan Agarwal |
|
306190 |
|
Sumitradevi Agarwal |
|
175800 |
|
Haldiram Exports Private Limited, |
|
200000 |
|
Sanjay Dalmia |
|
10 |
|
Total |
|
682000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
29.33 |
|
Directors or relatives of Directors |
70.67 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sweets and Namkeen. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
BANKING FACILITIES
(Rs.
in Millions)
|
Secured Loans |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Term Loan |
|
|
|
|
|
Term Loan from Axis Bank (Secured against hypothecation by way of first charge on plant and
machinery and other fixed assets at Pitampura and connaught place) |
40.000 |
0.000 |
0.000 |
0.000 |
|
Cash Credit Account with Axis Bank (Secured against hypothecation of all te stocks and book debts both
present and future) |
7.449 |
0.000 |
0.000 |
6.260 |
|
ICICI Bank Limited (Secured against hypothecation of car) |
2.067 |
3.548 |
0.358 |
1.357 |
|
HDFC Bank (Secured against hypothecation of car) |
2.316 |
0.000 |
0.000 |
0.000 |
|
Reliance Capital Limited (secured against hypothecation of car) |
0.000 |
0.274 |
0.610 |
0.000 |
|
Total |
51.832 |
3.822 |
0.968 |
7.617 |
|
|
|
|
|
|
|
Unsecured Loans |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Loan from Bank |
3.772 |
10.004 |
0.000 |
0.000 |
|
Loan from Body Corporate |
18.739 |
4.381 |
15.876 |
15.062 |
|
Loan from Directors and their relatives |
14.364 |
0.000 |
0.000 |
0.000 |
|
Total |
36.875 |
14.385 |
15.876 |
15.062 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.R. Kumar and Company Chartered Accountant |
|
Address : |
C-2/4, S.D.A. Main Aurobindo Marg, New Delhi-110016, |
|
|
|
|
Enterprises over which key management personnel and their relative are
able to exercise significant influence: |
Haldiram Marketing Private Limited Haldiram India Private Limited Haldiram Snacks Private Limited Haldiram Trading Private Limited Haldiram Exports Private Limited Haldiram Manufacturing Company Private Limited M.R. Equipment and Warehouse Private Limited M.L. Agarwal (HUF) M.S. Agarwal (HUF) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
682000 |
Equity Shares (Including 38800 Equity Shares of Rs. 10/- each allotted in pursuance of
the amalgamation scheme duly approved by Delhi High Court) |
Rs. 10/-
each |
Rs. 6.820
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
6.820 |
6.820 |
6.820 |
5.820 |
|
|
2] Share Application Money |
22.400 |
13.400 |
11.400 |
0.000 |
|
|
3] Reserves & Surplus |
101.552 |
88.739 |
64.910 |
41.060 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
130.772 |
108.959 |
83.130 |
46.880 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
51.832 |
3.822 |
0.968 |
7.617 |
|
|
n2] Unsecured Loans |
36.875 |
14.385 |
15.876 |
15.062 |
|
|
TOTAL BORROWING |
88.707 |
18.207 |
16.844 |
22.679 |
|
|
DEFERRED TAX LIABILITIES |
2.927 |
2.103 |
2.018 |
0.624 |
|
|
|
|
|
|
|
|
|
TOTAL |
222.406 |
129.269 |
101.992 |
70.183 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
175.099 |
93.368 |
86.911 |
28.331 |
|
|
Capital work-in-progress |
1.295 |
4.728 |
0.000 |
5.947 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
8.680 |
13.843 |
10.709 |
10.859 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
18.674
|
11.030 |
11.090 |
9.601 |
|
|
Sundry Debtors |
591.363
|
458.420 |
210.198 |
218.799 |
|
|
Cash & Bank Balances |
166.477
|
89.157 |
150.039 |
45.670 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
191.690
|
90.610 |
39.719 |
24.820 |
|
Total
Current Assets |
968.204
|
649.217 |
411.046 |
298.890 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
772.294
|
489.031 |
372.548 |
247.619 |
|
|
Other Current Liabilities |
128.633
|
108.816 |
13.368 |
12.819 |
|
|
Provisions |
29.945
|
34.040 |
20.772 |
14.341 |
|
Total
Current Liabilities |
930.872
|
631.887 |
406.688 |
274.779 |
|
|
Net Current Assets |
37.332
|
17.330 |
4.358 |
24.111 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.014 |
0.935 |
|
|
|
|
|
|
|
|
|
TOTAL |
222.406 |
129.269 |
101.992 |
70.183 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Sales and Other Income |
2314.349 |
1739.384 |
1301.896 |
774.850 |
|
|
|
TOTAL |
2314.349 |
1739.384 |
1301.896 |
774.850 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Extra Ordinary Items |
6.935 |
0.000 |
0.000 |
0.000 |
|
|
|
Other Expenses |
2267.816 |
|
|
|
|
|
|
TOTAL |
2274.751 |
1689.474
|
1264.355 |
754.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION
|
39.598 |
49.910 |
37.541 |
20.410 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.012 |
12.642 |
9.149 |
5.295 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
18.586 |
37.268 |
28.392 |
15.115 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX |
5.774 |
13.439 |
8.728 |
4.562 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
12.812 |
23.829 |
19.664 |
10.553 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
48.230 |
28.381 |
17.828 |
|
|
Add |
Written
back of excess provision of leave encashment in earlier year |
-- |
-- |
0.320 |
-- |
|
|
Less |
Short
provision of gratuity in earlier years |
-- |
-- |
0.135 |
-- |
|
|
|
BALANCE CARRIED
TO THE B/S |
-- |
72.059 |
48.230 |
28.381 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Trading Goods |
1537.149 |
1145.507 |
783.981 |
385.193 |
|
|
|
Capital Goods |
0.000 |
1.987 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1537.149 |
1147.494 |
783.981 |
385.193 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.79 |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.55
|
1.37 |
1.51 |
1.36 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.63
|
5.02 |
5.70 |
4.62 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.34 |
0.34 |
0.32 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.80
|
5.97 |
5.09 |
6.35 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.03 |
1.01 |
1.09 |
LOCAL AGENCY FURTHER INFORMATION
CONTINGENT
LIABILITY:
i)
The estimated amount of contracts remaining to be
executed on capital account, and not provided for (net of advances) is Rs.
4.498 Millions as at 31st March, 2010 (Previous year Rs. 20.764
Millions)
ii)
The company has outstanding guarantees of Rs. 0.005
Millions (Previous year Rs. 0.005 Million) as at 31st March, 2010 in
respect of the loan facility given by the bank to the following parties.
|
In favour of |
Amount Rs. In Millions |
Nature of
Facility |
|
Haldiram Snacks (Private) Limited |
56.600 |
Term Loan (FCNR) |
|
Haldiram Snacks Private Limited |
484.000 |
Term Loan (FCRN) |
|
Secured Loans |
31.03.2010 |
31.03.2009 |
iii)
There is disputed demand of Rs. 0.254 Million
(Previous year Rs. 0.254 Million) of Delhi Jal Board against which company has deposit
a sum of Rs. 0.020 Million. The said deposit under protest has been classified
as “Advance Recoverable in cash or in kind” in the Balance Sheet.
iv)
There is disputed demand of Rs. 0.119 Million of
from BSES Yamuna Power Limited
v)
During the year company has entered into a forward
contract for Foreign Exchange. Estimated value of Such forward contract is Rs.
268.875 Millions (Previous year 18.299 Millions)
vi)
The company has outstanding letter of credit of Rs.
728.272 Millions (Previous year Rs. 47.894 Millions) as at 31st
March 2010 various bank in respect of
the guarantee given by the bank.
Fixed Assets:
·
Building on Tenanted
Premises
·
Plant and Machinery
·
Electrical Installation
·
Air Conditioner
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
·
Computer
·
Computer Software
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 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.44.80 |
|
|
1 |
Rs.72.86 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.