MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAMILTON HOUSEWARES PRIVATE LIMITED |
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Registered
Office : |
Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa – 396
230, Dadra Nagar Haveli |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.06.2000 |
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Com. Reg. No.: |
000180 |
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CIN No.: [Company Identification
No.] |
U26101DN2000PTC000180 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTH00992F |
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PAN No.: [Permanent Account No.] |
AABCD1683Q |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of House ware Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 2610000 |
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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 an 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. 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) |
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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
|
Name : |
Mr. Ajay Vaghani |
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Designation : |
Director |
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Date : |
10.01.2011 |
LOCATIONS
|
Registered Office : |
Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa –
396 230, Dadra |
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Tel. No.: |
91-260-2669347 |
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E-Mail : |
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Website : |
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Area : |
10000Sq.ft. (Approximately) |
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Location : |
Owned |
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Head Office 1 : |
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Tel. No.: |
91-22-22624444/
22611162 |
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Fax No.: |
91-22-22679568/
22616428 |
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E-Mail : |
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Head Office 2 : |
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Tel. No.: |
91-22-61294100 |
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Fax No.: |
91-22-22620967 |
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Factory : |
Survey No. 288/1, Near
Dadra |
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Tel. No.: |
91-260-2669946 |
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Fax No.: |
91-260-2669332 |
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North Centre : |
7J, |
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Tel. No.: |
91-11-25862922/ 23 |
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E-Mail : |
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East Centre: KOLKATA |
4, Chowringhee Lane,
Block IV, Unit - 8 B, 8th Floor, Diamond Chamber, Kolkata – 700
016, West |
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Tel. No.: |
91-33-22521852/ 53 |
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E-Mail : |
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South Centre: |
Swamy Sons (Agency) Private
Limited, Plot No. B-3. Uppal Industries Area, Uppal, |
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Tel. No.: |
91-40-23449365/
27033038/ 8476 |
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E-Mail : |
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DIRECTORS
As on 31.03.2010
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Name : |
Mr. Ajay Dinesh Vaghani |
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Designation : |
Managing Director |
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Address : |
203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, |
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Date of Birth/Age : |
08.08.1966 |
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Date of Appointment : |
26.06.2000 |
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Name : |
Ms. Manisha Ajay Vaghani |
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Designation : |
Director |
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Address : |
203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, |
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Date of Birth/Age : |
19.04.1967 |
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Date of Appointment : |
26.06.2000 |
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Name : |
Mr. Walter Teotonia Vieira |
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Designation : |
Director |
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Address : |
541, Prisca Villa, 11th Road, Chembur, Mumbai - 400 071, |
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Date of Birth/Age : |
12.12.1938 |
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Date of Appointment : |
13.06.2005 |
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Name : |
Ms. Jyoti Dinesh Vaghani |
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Designation : |
Director |
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Address : |
203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, |
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Date of Birth/Age : |
06.06.1947 |
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Date of Appointment : |
01.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Ajay Dinesh Vaghani |
3428032 |
30.18 |
|
Ajay D Vaghani (HUF) |
2118500 |
18.65 |
|
Hamilton Consultants Private Limited, |
3422916 |
30.13 |
|
Indira B. Vaghani |
208300 |
1.83 |
|
Jyoti D. Vaghani |
208300 |
1.83 |
|
Manisha A. Vaghani |
1375500 |
12.11 |
|
Mahendra Ghelani |
2 |
0.00 |
|
Rasik Thakkar |
198450 |
1.75 |
|
Stead Fast Holdings Private Limited, |
40000 |
0.35 |
|
United International General Trading FZE, UAE |
360000 |
3.17 |
|
Total |
11360000 |
100.00 |
As on 02.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
4.92 |
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Bodies
corporate |
|
30.48 |
|
Directors
or relatives of directors |
|
64.60 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of House ware Products. |
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Products : |
·
Bake n Serve ·
Party Perfect Ceramic wares ·
Tumblers ·
Bowls and Pudding sets ·
Snack sets and Dinner sets ·
Lemon sets ·
Storage jars ·
Gift sets ·
Decorative ·
Opalware, etc. |
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Brand Names : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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No Of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
Notes: 1. Term loans and working capital loans are secured by hypothecation of stocks and book debts and further collaterally secured by way of equitable mortgage of all immovable properties of the company and personal guarantees of two directors. 2. Vehicle loans are secured by hypothecation of respective vehicles.
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Mehta Chokshi and Shah Chartered Accountants |
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Address : |
229, |
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Tel. No.: |
91-22-22057309/ 22088743/ 66334067 |
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Fax No.: |
91-22-22055432 |
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E-Mail : |
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Sister Concern : |
Hamilton Writing
Instruments Private Limited CIN No.: U74130MH2005PTC157829 Address : Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia,
Silvassa – 396 230, Dadra Line Of Business : Manufacturer of House ware Products. |
CAPITAL STRUCTURE
As on 02.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11360000 |
Equity Shares |
Rs.10/- each |
Rs.113.600
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
113.600 |
113.600 |
113.600 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
538.999 |
408.393 |
300.990 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
652.599 |
521.993 |
414.590 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
406.931 |
146.380 |
155.863 |
|
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2] Unsecured Loans |
114.853 |
100.692 |
74.740 |
|
|
TOTAL BORROWING |
521.784 |
247.072 |
230.603 |
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DEFERRED TAX LIABILITIES |
15.328 |
18.496 |
22.561 |
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|
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TOTAL |
1189.711 |
787.561 |
667.754 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
562.092 |
319.980 |
244.566 |
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Capital work-in-progress |
37.882 |
73.020 |
29.271 |
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INVESTMENT |
93.704 |
23.504 |
23.504 |
|
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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 |
293.639
|
299.864 |
272.065 |
|
|
Sundry Debtors |
429.204
|
408.089 |
346.227 |
|
|
Cash & Bank Balances |
117.941
|
37.914 |
31.393 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
118.434
|
72.704 |
57.171 |
|
Total
Current Assets |
959.218
|
818.571 |
706.856 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
330.034
|
384.800 |
292.536 |
|
|
Other Current Liabilities |
117.003
|
63.885 |
50.034 |
|
|
Provisions |
16.558
|
13.290 |
13.291 |
|
Total
Current Liabilities |
463.595
|
461.975 |
355.861 |
|
|
Net Current Assets |
495.623
|
356.596 |
350.995 |
|
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|
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MISCELLANEOUS EXPENSES |
0.410 |
14.461 |
19.418 |
|
|
|
|
|
|
|
|
TOTAL |
1189.711 |
787.561 |
667.754 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
|
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Net Sales |
2313.000 |
2145.700 |
1743.300 |
|
|
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
|
|
|
|
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|
|
|
NA |
NA |
NA |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
NA |
NA |
NA |
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
267.700 |
207.600 |
185.800 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
58.700 |
47.300 |
38.600 |
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
209.000 |
160.300 |
147.200 |
|
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.900 |
23.900 |
16.800 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
170.100 |
136.400 |
130.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.900 |
15.700 |
28.600 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
144.200 |
120.700 |
101.800 |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
328.320 |
277.717 |
225.908 |
|
|
TOTAL EARNINGS |
328.320 |
277.717 |
225.908 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.69 |
NA |
NA |
|
Expected Sales (2010 -2011 ) : Rs. 2500 millions.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
7.35
|
6.36 |
7.48 |
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.18
|
11.98 |
13.71 |
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.26 |
0.31 |
|
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.51
|
1.36 |
1.41 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.77 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
(A) Note:
The registered office of the company has been shifted from Survey No.288/1,
Near Dadra Grampanchayat, Dadra Demini Road, Dadra (U.T. of Dadra and Nagar
Haveli) Dadar Nagar Haveli – 396 230 to the present address w.e.f.
16.04.2009.
(B) Note : Sundry creditors
details are not available.
|
Corporate
identity number of the company |
U26101DN2000PTC000180 |
|
Name of the
company |
HAMILTON HOUSEWARES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa –
396 230, Dadra E-Mail: ajayr@hamiltonindia.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapti Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India E-Mail: archana.pandey@hdfcbank.com |
|
Nature of description
of the instrument creating or modifying the charge |
Letter of
hypothecation of stocks, book debts and machinery dated 29th
March, 2010 |
|
Date of
instrument Creating the charge |
29/03/2010 |
|
Amount secured by
the charge |
Rs.70.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 11% p.a. in case
of Rupee Loan and 10.50% p.a. in case of foreign currency loan with annual
reset. Terms of
Repayment: Repayable in 16 quarterly
installments of Rs.4.000 millions each and last 2 quarterly installments of
Rs.3.000 millions each starting after 6 months from the date of first
disbursement or from 30.06.2010 whichever is earlier. Margin: CC 25 % margin on
inventories and book debts Or any such other
margins stipulated by the bank from time to time. Extent and
Operation of the charge: First Pari Passu
Charge by way of hypothecation on company's current assets and moveable
assets, both present and future. |
|
Short particulars
of the property charged |
Present Term loan
of Rs.70.000 millions is secured by First Pari Passu Charge on company's
current assets and moveable assets, both present and future. |
FIXED ASSETS:
·
Land
·
·
·
Plant and Machinery
·
Factory Equipments
·
Electrical Installations
·
Dies and Moulds
·
Material Handling Equipment
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Air Conditioners
·
Vehicles
·
Computer Softwares
WEBSITE DETAILS:
PROFILE:
With more than three decades of experience behind it, they
have not just catered to the requirements for insulated houseware products, but
also diversified into numerous quality products and after sales services. In
the global markets,
AWARDS AND
RECOGNITION:
·
Super Brand (Consumer validated) 2006-07
PLEX Award Year: 1983-1987, 1991, 1993-2001, 2003, 2008
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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.