MIRA
INFORM REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HANJER FIBRES LIMITED |
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Registered Office : |
335, Shalimar House, Grant Road, Mumbai-400007, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
14.11.1991 |
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Com. Reg. No.: |
11-63997 |
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Capital
Investment / Paid-up Capital : |
Rs. 110.805 millions |
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CIN No.: [Company
Identification No.] |
L17110MH1991PLC063997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH06954D MUMH03011B |
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Legal Form : |
Public Limited Liability Company.
The company’s shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturer of Coarse Cotton Yarn. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
No Business Activity |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The company has not done any business activities in the current year i.e.
2009-10. The company plant remain closed during the year due to non –
viability of the unit. Payments are reported to be slow. Initially, the company can be considered for business dealings on a
safe and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
335, Shalimar House, Grant Road, Mumbai-400007, |
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Tel. No.: |
91-22-23018001 / 23871963 |
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Fax No.: |
91-22-23887928 |
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E-Mail : |
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Factory : |
Located at Motta Borsora ( |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Irfan Ashraf Furniturewala |
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Designation : |
Chairman / Chair Person |
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Name : |
Mr. Gajanan Krishna Salunke |
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Designation : |
Director |
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Name : |
Mr. Natwarlal Rana |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2010
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Category
of Shareholders |
No. of Shares |
Percentage |
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(A) Shareholding of Promoter and Promoter Group |
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4,832,240 |
43.61 |
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4,832,240 |
43.61 |
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4,832,240 |
43.61 |
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Total shareholding of Promoter and Promoter Group (A) |
4,832,240 |
43.61 |
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(B) Public Shareholding |
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85,300 |
0.77 |
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85,300 |
0.77 |
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1,445,605 |
13.05 |
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1,755,891 |
15.85 |
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2,881,914 |
26.01 |
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79,550 |
0.72 |
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77,900 |
0.70 |
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1,650 |
0.01 |
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6,162,960 |
55.62 |
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Total Public shareholding (B) |
6,248,260 |
56.39 |
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Total (A)+(B) |
11,080,500 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
- |
- |
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Total (A)+(B)+(C) |
11,080,500 |
100.00 |
(1) Indian
Any Others (Specify)
Directors of Promoters CompaniesBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coarse Cotton Yarn. |
PRODUCTION STATUS (AS ON
31.03.2010)
Installed Capacity : Capacity Cotton
Department 1560 Roters, 6012 Spindles.
GENERAL INFORMATION
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Bankers : |
·
State Bank of India ·
Bank of Baroda ·
UCO Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S M Bhatt and Associates Chartered Accountant |
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Address : |
Block No. ‘H’, Shree Sadashiv
CHS Limited, 6th Road, Santa Cruz (East), Mumbai – 400055,
Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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11475000 |
Equity Share |
Rs.10/- Each |
Rs.114.750 millions |
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25000 |
Preference Shares |
Rs. 10/- Each |
Rs. 0.250 Millions |
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Total |
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Rs.115.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11080500 |
Equity Share |
Rs.10/- Each |
Rs.110.805
millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
110.805 |
110.805 |
110.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.000 |
3.000 |
(123.200) |
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4] (Accumulated Losses) |
(243.004) |
(150.737) |
0.000 |
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NETWORTH |
(129.199) |
(36.932) |
(12.400) |
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LOAN FUNDS |
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1] Secured Loans |
470.415 |
393.915 |
391.900 |
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2] Unsecured Loans |
9.236 |
8.398 |
8.100 |
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TOTAL BORROWING |
479.651 |
402.313 |
400.000 |
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DEFERRED TAX LIABILITIES |
26.097 |
26.097 |
26.100 |
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TOTAL |
376.549 |
391.478 |
413.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
176.902 |
190.807 |
204.400 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.086 |
0.086 |
0.100 |
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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 |
13.597
|
13.597
|
19.100 |
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Sundry Debtors |
168.866
|
172.094
|
165.300 |
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Cash & Bank Balances |
3.388
|
4.290
|
4.400 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
34.223
|
35.179
|
36.700 |
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Total
Current Assets |
220.074
|
225.160
|
225.500 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
20.513
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24.575
|
14.500 |
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Provisions |
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|
1.800 |
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Total
Current Liabilities |
20.513
|
24.575
|
16.300 |
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Net Current Assets |
199.561
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200.585
|
209.200 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
376.549 |
391.478 |
413.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
0.000 |
29.725 |
233.400 |
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Other Income |
0.735 |
0.964 |
0.700 |
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TOTAL (A) |
0.735 |
30.689 |
234.100 |
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Less |
EXPENSES |
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Raw Materials |
0.000 |
21.466 |
209.100 |
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Directors Remuneration |
0.000 |
0.300 |
0.000 |
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Other Manufacturing Expenses |
0.528 |
9.813 |
7.000 |
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(Increase) / Decrease In Stock of Finished Good |
0.000 |
(0.123) |
0.000 |
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Salaries wages and other employee Benefit |
0.982 |
3.893 |
11.400 |
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Auditors Remuneration |
0.150 |
0.150 |
0.000 |
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Prior period adjustments |
0.000 |
0.078 |
0.000 |
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Selling and Administrative
Expenses |
0.938 |
2.306 |
8.300 |
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Miscellaneous Expenses |
0.000 |
0.000 |
0.600 |
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TOTAL (B) |
2.598 |
37.883 |
246.200 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1.863) |
(7.194) |
(12.100) |
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Less |
FINANCIAL
EXPENSES (D) |
76.500 |
3.267 |
48.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(78.363) |
(10.461) |
(60.500) |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
13.903 |
13.989 |
13.900 |
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PROFIT BEFORE
TAX (E-F) (G) |
(92.266) |
(24.450) |
(74.400) |
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Less |
TAX (H) |
0.000 |
0.046 |
1.100 |
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PROFIT AFTER TAX
(G-H) (I) |
(92.266) |
(24.496) |
(75.500) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(150.737) |
(126.200) |
(50.700) |
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BALANCE CARRIED
TO THE B/S |
(243.004) |
(150.700) |
(126.200) |
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Earnings Per
Share (Rs.) |
-- |
2.21 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(12553.19) |
(79.55) |
(32.25) |
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Net Profit Margin (PBT/Sales) |
(%) |
-- |
(82.49) |
(31.88) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(23.24) |
(5.89) |
(17.31) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.71) |
(0.66) |
(6.00) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(3.87) |
(11.57) |
(33.57) |
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Current Ratio (Current Asset/Current Liability) |
|
10.72 |
9.15 |
13.83 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Incorporated as a public limited company in Nov.'91, Hanjer
Fibres has received the certificate for commencement of business in Jan.'92. It
was promoted by Zakaria Hazi Latif Aghadi and Irfan Furniturewalla. The company
set up an open-end spinning unit for the manufacture of coarse cotton yarn at
Motta Borsora (
OPERATIONS:
During the year
Company's plant remained closed due to non viability of the Unit. The Company has
not done any business activities (Last year turnover Rs.29.726 millions). The
Company has incurred loss of Rs 92.267 millions after providing for tax as
against loss of Rs. 24.497 millions in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The Company's
plants remained closed during the year due to non viability of the unit. The
Company has not done any trading activities during the year.
BUSINESS OF THE
COMPANY
The Company is
mainly engaged in the business of manufacturing Coarse Count Cotton Yarn and
was produces coarse cotton yarn of 4*s to 20's counts for various applications
like tapes, canvas, industrial sheeting's, Denim, Drills, Hosepipes, Braids and
Twills. The Company has presently discontinued its business activities due to
non viability of the unit.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
India has the
unique distinction of possessing all possible varieties of cotton. India is
able to offer a wide variety of cotton textiles since she is, perhaps,
the producer of largest range of cottons in the world. Besides being one
of the four biggest producers of raw cotton in the World. In between,
there are all staple lengths and micromere values. And of course India
has consumers with all lands of incomes. The production of raw cotton in India
has grown steadily over the years. However due to export of raw cotton
post WTO 2005 the present product mix is unviable.
BUSINESS OUTLOOK :
Post Quota regime
effective from 01/01/2005 the product mix became a major problem as due to
exports of short and medium staple cotton leading to major competition from
China due to which the end products made out of short and medium staple cotton
fibre became highly competitive in price hence unviable. Hence, turnaround can
be expected only after forward integration and modification of product mix.
FIXED ASSETS :
·
Site Development
·
Land
·
Factory
·
Building
·
Plant and Machinery
·
Fumitory and Fixture
·
Vehicles
·
Computer
·
Mobile Phone
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. 44.72 |
|
|
1 |
Rs. 73.46 |
|
Euro |
1 |
Rs. 65.47 |
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.