MIRA INFORM REPORT
|
Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SH HARYANA WIRES LIMITED |
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Registered
Office : |
B-9, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.1980 |
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Com. Reg. No.: |
010756 |
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CIN No.: [Company Identification
No.] |
U31300DL1980PLC010756 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Round Enamelled Copper Wires. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 380000 |
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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. 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. Navin Gupta |
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Designation : |
Finance Controller |
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Contact No.: |
91-9992998902 |
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Date : |
11.01.2011 |
LOCATIONS
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Registered Office : |
B-9, |
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Tel. No.: |
91-11-26843130 |
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Fax No.: |
91-11-26921422 |
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E-Mail : |
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Website : |
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Area : |
1500 sq.ft. (Owned) |
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Factory 1 : |
49/4, |
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Tel. No.: |
91-1275-262631/ 325121 |
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Fax No.: |
91-1275-262016 |
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Factory 2 : |
51, 52A, EPIP, Pashamylaram (V), Patancheru (M), District
Medak-502307, |
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Tel. No.: |
91-8455-223501/ 02/03 |
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Fax No.: |
91-8455-223509 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sunil Mangla |
|
Designation : |
Director |
|
Address : |
B-9 Kalindi Colony, Ring Road, New Delhi-110065, |
|
Date of Birth/Age : |
03.12.1954 |
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Date of Appointment : |
12.08.1980 |
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Name : |
Mrs. Rashmi Mangla |
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Designation : |
Director |
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Address : |
B-9 Kalindi Colony, Ring Road, New Delhi-110065, |
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Date of Birth/Age : |
12.07.1959 |
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Date of Appointment : |
05.11.1992 |
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Name : |
Mr. Ramesh Kumar Kamboj |
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Designation : |
Director |
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Address : |
H No-DV-287-2, Waed-22 Bans, Mohalla, Palwal, Faridabad-121102, |
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Date of Birth/Age : |
20.07.1970 |
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Date of Appointment : |
19.12.2006 |
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Name : |
Mr. Karuppannan Karuppannan Rajan |
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Designation : |
Director |
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Address : |
No. 378, |
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Date of Birth/Age : |
09.06.1950 |
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Date of Ceasing : |
22.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Navin Gupta |
|
Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sunil Mangla |
|
589229 |
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Sunil Mangla (Karta) |
|
27766 |
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Rashmi Mangla |
|
535985 |
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Master Karan Mangla |
|
491950 |
|
K K Rajan |
|
10000 |
|
Shakuntla Devi |
|
10 |
|
Amita Agrwal |
|
10 |
|
Sameer Prakash |
|
10 |
|
Awadhesh Prakash |
|
10 |
|
Shanti Agarwal |
|
10 |
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Satya Wati |
|
10 |
|
Manju Gupta |
|
10 |
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Total |
|
1655000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Round Enamelled Copper Wires. |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) |
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Purchasing : |
Cash and Credit (30-60-90 Days) |
GENERAL INFORMATION
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Customers : |
Retailer, End Users and OEM’s |
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No. of Employees : |
Approximately 100 |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhati Wadhwa Chartered Accountant |
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Address : |
B-509-510, Nehru Gorund, Faridabad-121002, |
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Tel. No.: |
91-129-4026200 |
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Mobile No.: |
91-981140766/ 9899212872 |
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Associates: |
As on 31.03.2009 ·
AutoComp Solution Private Limited ·
SHH Technologies Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1655000 |
Equity Shares |
Rs. 10/-
each |
Rs. 16.550
Millions |
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 |
16.550 |
16.550 |
13.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
79.437 |
68.279 |
80.536 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
95.987 |
84.829 |
93.536 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
209.539 |
187.814 |
110.215 |
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2] Unsecured Loans |
0.000 |
0.945 |
0.520 |
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TOTAL BORROWING |
209.539 |
188.759 |
110.735 |
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DEFERRED TAX LIABILITIES |
16.534 |
13.664 |
11.582 |
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TOTAL |
322.060 |
287.252 |
215.853 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
226.981 |
149.414 |
101.636 |
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Capital work-in-progress |
0.710 |
61.187 |
7.143 |
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INVESTMENT |
0.050 |
0.050 |
0.050 |
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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 |
94.728
|
33.860 |
50.555 |
|
|
Sundry Debtors |
60.109
|
63.010 |
84.619 |
|
|
Cash & Bank Balances |
9.977
|
2.278 |
0.164 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.371
|
31.253 |
32.608 |
|
Total
Current Assets |
192.185
|
130.401 |
167.946 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
72.665
|
41.398 |
41.122 |
|
|
Other Current Liabilities |
16.110
|
9.822 |
8.587 |
|
|
Provisions |
9.091
|
2.580 |
11.213 |
|
Total
Current Liabilities |
97.866
|
53.800 |
60.922 |
|
|
Net Current Assets |
94.319
|
76.601 |
107.024 |
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
|
|
TOTAL |
322.060 |
287.252 |
215.853 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sales and Services) |
938.410 |
933.726 |
1035.084 |
|
|
|
Other Income |
4.452 |
12.055 |
6.676 |
|
|
|
TOTAL (A) |
942.862 |
945.781 |
1041.76 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
895.708 |
932.740 |
979.264 |
|
|
|
Personnel Expenses |
14.745 |
10.931 |
10.475 |
|
|
|
Excise Duty |
6.785 |
[3.067] |
[1.081] |
|
|
|
Increase/ Decrease in Stock |
[17.485] |
15.591 |
13.428 |
|
|
|
TOTAL (B) |
899.753 |
956.195 |
1002.086 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.109 |
[8.414] |
39.674 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.270 |
16.977 |
13.848 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.839 |
[25.391] |
25.826 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.643 |
8.968 |
6.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
14.196 |
[36.359] |
19.211 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.038 |
4348 |
6.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
11.158 |
[40.707] |
13.203 |
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.119 |
45.826 |
37.165 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
-- |
1.500 |
|
|
|
Interim Dividend paid |
-- |
-- |
2.600 |
|
|
|
Dividend Distribution tax |
-- |
-- |
0.442 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.277 |
5.119 |
45.826 |
|
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|
Earnings Per
Share (Rs.) |
7.00 |
(24.60) |
10.16 |
|
Expected Sales (2010-2011) : Rs. 1100.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.18
|
[4.30] |
1.27 |
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.51
|
[3.89] |
1.86 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.39
|
[12.99] |
7.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
14.79
|
[0.43] |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.20
|
2.86 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.42 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
72.665 |
41.398 |
41.122 |
|
Total |
72.655 |
41.398 |
41.122 |
Contingent
Liabilities:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
Bank Guarantee (Domestic) |
2.000 |
|
Bank Guarantee (Foreign) |
0.000 |
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U31300DL1980PLC010756 |
|
Name of the
company |
SH HARYANA WIRES LIMITED |
|
Address of the
registered office or of the principal place of business in |
B-9, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90045578 |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Copy of recital |
|
Date of
instrument Creating the charge |
14.10.2010 |
|
Amount secured by
the charge |
Rs. 284.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: Base Rate +
5.00% presently effective @ 12.50% p.a. and TL- Base Rate+ 5.00% presently
effective @ 12.25% p.a. on monthly rest or such other rate(s) specified by
the bank form time to time. Terms of
Repayment Working Capital –
on Demand Term Loan – As
per existing repayment schedule Margin Stock-25% Receivables- 40% LC and BG- 10% Extent and
Operation of the charge 100% First
exclusive charge |
|
Short particulars
of the property charged |
Equitable
mortgage of Company’s Factory Land and
Buildings (1) Situated at 49/4 Mathura Road Village Prithla Tehsil Palwal
comprised in Khewat No. 152 Khatauni No. 181 rect. No. 122 Killa No. 18(8-0),
23(7-9), Kitas 2 area 15 kanals 4 marlas situated at revenue estate of
village Prithla Tehsil Palwal acquired through sales deed registered on
23.04.2001 on Bahi No. 1 Vasika no. 320 with joint sub-resgistrar Palwal
together with all present and future infrastructure/ constructurns/ plant and
machineries thereon. (2) Land and
building situated at Plot No. 51 and 52 A, EPIP, The above is to
secure term loan facilities on first charge basis and working capital
facilities on extension of charge basis on above immovable properties. |
|
Particulars of
the present modification |
Revised/ modified
credit facilities of Rs. 284.100 Millions further also secured by equitable
mortgage/ extension of charge on factory land and buildings situated at |
Fixed Assets:
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
AS PER WEBSITE
Company Profile:
To meet the increasing demand for superior grade magnet wires by the industry,
Haryana Insulated Wires Limited, was set up in 1981 by a group of highly
qualified technocrats. The Company's quality and systems were recognized when
they were awarded ISO certification in 1995. They are the first company in the
field of magnet wires in
This globally recognised company, now known as SH-Haryana Wires Limited, has a
current production capacity of over 11000 metric tonnes annually and is one of
the leading Indian manufacturers of round enamelled copper wires. Having
manufacturing facilities at
During the period of globalisation SH-Haryana Wires Limited maintained
its independence. As an independent and privately owned company with flat
hierarchies they are ideally suited to meet the customer wishes and to adapt to
the varying needs of a dynamic environment in a flexible and timely manner.
They wish to maintain this position in the future to benefit both the customer
and the company.
In addition to a healthy financial structure, a state-of-the-art manufacturing
facility and the technical expertise of loyal and qualified staff, it is the
customer oriented management policy which is key to the success of the company.
It is a policy which is geared to recognising and developing customer and
market requirements. This is to be achieved through a continuous process of
optimising efforts in all areas of the company, and anticipating future
requirements where possible.
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.