MIRA
INFORM REPORT
|
Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
HORIZON INDUSTRIAL PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
3/39, Roop Nagar, Delhi – 110007 |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.07.1961 |
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Com. Reg. No.: |
55-003498 |
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Capital
Investment / Paid-up Capital : |
Rs.35.750 Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1961PTC003498 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03763E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Engineering and Sheet Metal Components and
Assemblies Auto parts for Cars, Motorcycles and Trucks and Machine Tools
etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
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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 740000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
3/39, Roop Nagar, |
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Tel. No.: |
91-11-23270216 |
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E-Mail : |
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Website : |
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Corporate Office:: |
80 Darya Ganj, New Delhi 110 002, India |
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Tel. No.: |
91-11-23270216 / 23270266 / 23283076 / 23276711 |
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Fax No.: |
91-11-23283076 / 23276711 |
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E-Mail : |
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Factory 1 : |
B-4, Badli Industrial Estate, Delhi- 110042, India |
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Tel. No.: |
91-11-23270216 / 23270266 |
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Fax No.: |
91-11-23283076 |
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Factory 2 : |
Plot-45, Sector-3, IMT Manesar, Gurgaon, Haryana, India |
DIRECTORS
As on 24.09.2011
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Name : |
Ms. Prabha Wati Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
27.11.1910 |
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Date of Appointment : |
23.12.1963 |
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DIN No. : |
00558280 |
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Name : |
Mr. Kamal Sharma |
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Designation : |
Director |
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Address : |
SD- 409, Tower Apartment Pitampura, Delhi- 110034, India |
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Date of Birth/Age : |
03.08.1947 |
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Date of Appointment : |
15.02.2002 |
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DIN No. : |
00558363 |
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Other Directorship :
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Name : |
Dr. Alka Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
29.12.1968 |
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Date of Appointment : |
06.09.1993 |
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DIN No. : |
00558501 |
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Other Directorship :
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Name : |
Mr. Avtar Krishan Kaul |
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Designation : |
Director |
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Address : |
3/39, Roop Nagar, |
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Date of Birth/Age : |
18.01.1942 |
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Date of Appointment : |
01.08.1997 |
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DIN No. : |
00756938 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2010
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Names of Shareholders |
No. of Shares |
|
A. K. Kaul |
94970 |
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P. W. Kaul |
5 |
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C. L. Wazir |
1600 |
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Alka Kaul |
19466 |
|
Amita Kaul |
23959 |
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Precision Agencies Private Limited – |
178500 |
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Kamal Sharma |
13000 |
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A. K. Kaul |
14500 |
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Namrita Wazir |
6500 |
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Neerja Dutta |
5000 |
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Total |
357500 |
As on 22.10.2011
|
Names of Shareholders |
No. of Shares |
|
A. K. Kaul |
60000 |
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Chander Lata Wazir |
2000 |
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Alka Kaul |
24034 |
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Amita Kaul |
19541 |
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Kamal Sharma |
5000 |
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A. K. Kaul, Karta (B.N.Kaul HUF) |
8000 |
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Namrita Wazir |
1300 |
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Neerja Dutta |
1000 |
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Natasha Wazir |
5500 |
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Total |
126375 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2011
|
Category |
Percentage |
|
Bodies corporate |
49.93 |
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Directors or relatives of Directors |
50.07 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Engineering and sheet Metal Components and
Assemblies Auto parts for Cars, Motorcycles and Trucks and Machine Tools
etc. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
Arvin Meritor (Pune) ·
Eurotech Automation Private Limited ·
Bestex MM India Private Limited ·
Caparo Maruti Limited ·
Hindustan Motors Limited ·
Honda SIEL Cars Limited ·
Jai Bharat Maruti Limited ·
Micro Tuner ·
Rico Auto Industries Limited ·
S. V Iron Traders ·
Shri Balaji Furnaces Private Limited ·
Trelleborg Forsheda Ab ·
Yutaka Autoparts India Private Limited ·
SKH Metals Limited ·
AG Industries Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kishan C Jain and Company Chartered Accountant |
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Address : |
D-162, Prashant Vihar, Sector – XIV, Rohini, |
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Tel No: |
91-11-23255335/55455308 |
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PAN.: |
AAEPJ7697D |
CAPITAL STRUCTURE
After 24.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
483875 |
Equity Shares |
Rs.100/-
each |
Rs.48.386
Millions |
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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
357500 |
Equity Shares |
Rs.100/-
each |
Rs.35.750
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
|
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1] Share Capital |
35.750 |
35.750 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.632 |
36.375 |
38.602 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
72.382 |
72.125 |
63.602 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
106.618 |
109.181 |
101.455 |
|
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2] Unsecured Loans |
6.150 |
0.000 |
7.870 |
|
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TOTAL BORROWING |
112.768 |
109.181 |
109.325 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
185.150 |
181.306 |
172.927 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
127.818 |
108.163 |
101.856 |
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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 |
0.000
|
0.000
|
0.000
|
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Sundry Debtors |
68.346
|
48.484
|
51.334
|
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Cash & Bank Balances |
0.456
|
11.325
|
2.034
|
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Other Current Assets |
154.626
|
114.816
|
79.984
|
|
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Loans & Advances |
10.370
|
42.630
|
21.179
|
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Total
Current Assets |
233.798
|
217.255
|
154.531
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
78.148
|
|
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Other Current Liabilities |
|
|
|
|
|
Provisions |
14.168
|
12.323
|
5.950
|
|
Total
Current Liabilities |
181.044
|
145.318
|
84.098
|
|
|
Net Current Assets |
52.754
|
71.937
|
70.433
|
|
|
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MISCELLANEOUS EXPENSES |
1.499 |
0.649 |
0.540 |
|
|
Project Expenses |
3.079 |
0.557 |
0.098 |
|
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|
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TOTAL |
185.150 |
181.306 |
172.927 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
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Income |
574.582 |
501.919 |
319.385 |
|
|
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Other Income |
1.780 |
3.553 |
58.437 |
|
|
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TOTAL |
576.362 |
505.472 |
377.822 |
|
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Less |
EXPENSES |
|
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
538.034 |
474.257 |
343.394 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
38.328 |
31.215 |
34.428 |
|
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Less |
DEPRECIATION/
AMORTISATION |
22.467 |
20.532 |
17.819 |
|
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PROFIT BEFORE
TAX |
15.861 |
10.683 |
16.609 |
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|
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Less |
TAX |
5.863 |
3.985 |
5.951 |
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PROFIT AFTER TAX
|
10.031 |
6.698 |
10.658 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
35.703 |
37.844 |
25.000 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.003 |
0.670 |
NA |
|
|
|
Proposed Dividend |
7.150 |
7.150 |
NA |
|
|
|
Tax on Proposed Dividend |
1.188 |
1.188 |
NA |
|
|
|
Tax and Adjustments for earlier years |
1.436 |
(0.169) |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
34.957 |
35.703 |
NA |
|
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
18.633 |
NA |
12.134 |
|
|
|
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|
|
|
|
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IMPORTS |
NA |
NA |
2.763 |
|
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|
|
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|
|
|
|
|
Earnings Per
Share (Rs.) |
28.05 |
1.87 |
42.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.74
|
1.33
|
2.82
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.76
|
1.33
|
5.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.38
|
3.28
|
6.48
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.15
|
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.05
|
3.53
|
3.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.50
|
1.84
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity number of the company |
U74899DL1961PTC003498 |
|
Name of the company |
HORIZON INDUSTRIAL PRODUCTS PRIVATE
LIMITED |
|
Address of the registered office or of the
principal place of business in |
3/39, Roop Nagar, Delhi, India Email Id : ashokvermafcs@gmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge
to be modified |
80007979 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of India, Chandni Chowk, Delhi
– 110006, India Email Id : delhiroc@jksco.in |
|
Nature of instrument creating charge |
1. Letter of Arrangement (SME-1) 2. Agreement of Loan-cum-Hypothecation
(SME-2) 3. Guarantee Agreement (SME-3) |
|
Date of instrument Creating the charge |
03.06.2011 |
|
Amount secured by the charge |
Rs.181.400 Millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest On WC: 3% above base rate. On TL(existing & New): 3.50% above
base rate On Corporate TL : 4 bps above base rate At Present Base rate is 9.25% p.a. Terms of repayment Working Capital : Repayable on Demand Existing Term Loan : As per original Terms
and conditions Fresh Term Loan of Rs.40.000 Millions shall
be repayable in 81 monthly installments commencing from July 2011 Corporate Term Loan of Rs.45.000 Millions
shall be repayable in 58 monthly installments commencing from June 2011 Margin Raw material : Indigenous, Semi finished
goods, Finished goods- 20 % Proposed Term Loan- 25% Domestic receivables (with cover period of
90 days)- 25% Letter of Guarantee (Usance) - 10% Bank Guarantee-20% Extent and operation of the charge The company's movable and immovable properties are hypothecated and mortgaged to secure the credit facilities aggregating to Rs.181.400 Millions granted by the bank to the borrower |
|
Short particulars of the property or
asset(s) charged (including complete address and location of the property) |
Hypothecation of stocks of all material
including goods in transit and present and future receivables.
Indeminity/Guarantee of the Company and first charge on current assets of the
Company First charge on the fixed assets of the
Company Equitable mortgage of factory land and building
of the Company at B-4, Badli Industrial Area, Delhi (Area-1952.50 Sq. Yards) Equitable mortgage of factory land and
building of the Company at Plot No. 45, Sector-3, IMT, Manesar (Area-6354.50
Sq. Mtrs) Personal Guarantee of Shri A.K. Kaul, Ms.
Kamal Sharma and Dr. Alka Kaul |
|
Date of instrument modifying the charge |
01.05.2010 |
|
Particulars of the present modification |
The overall limit has now been reduced
from Rs.187.100 Millions to Rs.181.400 Millions. Therefore total amount of
Charge secured against movable and immovable properties has now been renewed
upto Rs.181.400 Millions |
FIXED ASSETS
- Goodwill
- Land
- Building
- Furniture and Fixture
- Electricity and Fitting
- Plant and Machinery
- Generator
- Fire Fighting Equipment
- Fan
- Computer
- Computer Software
- UPS
- Air conditioner
- Water Pump
- Water Cooler
- Water Purifier
- Office Equipment
- Factory Equipment
- Refrigerator
- Television
- Cellular Phone
- Car
- Cooler
- Testing Equipment
- Temporary Structure
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.52.42 |
|
|
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.