MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Registered Office : |
603, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
17.11.1999 |
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Com. Reg. No.: |
04-36896 |
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CIN No.: [Company
Identification No.] |
U20103GJ1999PTC036896 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00252A |
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PAN No.: [Permanent
Account No.] |
AAACH8020L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Decorative Laminates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 168000 |
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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 and a reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Shankar P Sengundar |
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Designation : |
Accountant |
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Contact No.: |
91-9879784684 |
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Date : |
23.02.2011 |
LOCATIONS
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Registered Office : |
603, Silicon Tower, Behind Samratheshwar Mahadev, Mandir, Off C G
Road, Law Garde, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Tel. No.: |
91-79-30072552/ 30072551/ 53 |
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Mobile No.: |
91-9879784684 (Mr. Shankar P Sengundar) 91-9328257955 (Mr. V Narayan) |
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Fax No.: |
91-79-30072554/ 32511255 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location: |
Rented |
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Factory : |
246-247, Kanera Sarsa Road, Near Bareja, Opposite IOC Depot, Village –
Kanera – 387540, District Kheda – 387540, Gujarat, India |
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Tel. No.: |
91-2694-288710/ 02718/ 380120 |
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Fax No.: |
91-2694-288711 |
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Email : |
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Area : |
150000 Sq. Ft (Approximately) |
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Location: |
Owned |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Chandubhai P Patel |
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Designation : |
Director |
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Address : |
24A, Mangal Park Society, |
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Date of Birth/Age : |
23.04.1960 |
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Qualification : |
B.Com |
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Date of Appointment : |
17.11.1999 |
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Name : |
Mr. Nitin K Patel |
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Designation : |
Director |
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Address: |
43/44, Navyug Colony, |
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Date of Birth/Age : |
04.12.1964 |
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Qualification : |
B.Com |
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Date of Appointment: |
15.12.2007 |
KEY EXECUTIVES
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Name : |
Kamlesh. M. Shah and Company |
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Designation : |
Company Secretary |
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Address : |
801A, Mahalay Complex, Opp: Hotel President,
Behind Fairdeal House, Swastik Char Rasta, Off: C.G.Road, Navrangpura,
Ahmedabad- 380 009, |
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Tel. No.: |
91-079-26403245 |
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Fax No. : |
91-98250 97709. |
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E Mail |
MAJOR SHAREHOLDERS
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Chandubhai P Patel |
125000 |
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Hemant L Patel |
147490 |
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Arun K Patel |
10100 |
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Bharatkumar C Patel |
200 |
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Bhavnaben N Patel |
15100 |
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Dineshbhai K Patel |
200 |
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Gangaben L Patel |
100 |
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Gitaben A Patel |
10100 |
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Kanjibhai T Patel |
18200 |
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Karsanbhai M Patel |
100 |
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Laljibhai M Patel |
100 |
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Savitriben H Patel |
100 |
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Vinodkumar C Patel |
200 |
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Krasandas M Patel HUF |
20000 |
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Laljitbhai M Patel (HUF) |
14000 |
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Mavjibhai V Patel HUF |
10000 |
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Nitin K Patel |
6000 |
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Ganpatio Infrastructure Limited, Ahmedabad |
70000 |
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Rajesh V Patel |
30000 |
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Shaily Construction Private Limited, Ahmedabad |
30000 |
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Girish P Patel |
2000 |
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Jeetendra T Patel |
100 |
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Kokilaben B Jain |
30000 |
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Padmaben R Shah |
20000 |
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Trilokchand H Jain HUF |
100 |
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Laxmiben N Patel |
100 |
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Vinod T Patel HUF |
100 |
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Prahlad L Patel |
100 |
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Vinod L Patel |
100 |
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Baubhai K Patel |
18210 |
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Dineshbhai K Patel |
18000 |
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Ishwarlal A Patel |
18000 |
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Korindo Plywood Private Limited, Mumbai |
80000 |
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Tikoo Traders Private Limited, Mumbai |
25000 |
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Anand K Agarwal |
200 |
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Trendline Finance Private Limited, Mumbai |
100 |
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Ankush Finstocks Limited, Ahmedabad |
200000 |
Equity Share Breakup (Percentage of Total Equity)
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
27.38 |
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Directors or relatives of Director |
43.14 |
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Other top fifty (50) shareholders |
29.48 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Decorative Laminates. |
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Products : |
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Decorative Laminated Sheet
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Brand Names : |
“Signature Laminates” |
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Exports : |
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Products : |
Decorative Laminates |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· · ·
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Terms : |
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Selling : |
L/C, Cash, Credit (30 Days) |
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Purchasing : |
L/C, Cash, Credit (30 Days) |
PRODUCTION STATUS AS ON 31.03.2010
Actual Production
In Pcs: 563608 Sheets
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
190 (Office 15, Factory 175) |
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Bankers : |
· The Karur Vysya
Bank Limited, 380 009, |
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Facilities : |
Note: The Term Loan and the working capital loan taken from the bank IS secured by mortgage of Factory Land and Building hypothecation f Plant Machinery, movable and hypothecation of entire stocks and Book - debts of the company and car loan secured against car.
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Banking
Relations : |
Fairs |
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Auditors : |
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Name : |
DJNV and Company Chartered Accountant |
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Name : |
Khandhar and Parikh Chartered Accountant |
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Address: |
58, 5th Floor, White House, |
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Tel No.: |
91-79-26403096/26402742/2602739 |
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Email : |
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Sister
Concerns : |
Shree Bharat Saw Mill, Ahmedabad |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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949000 |
Equity Shares |
Rs.10/- each |
Rs.9.490
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.280.000 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 |
9.490 |
9.490 |
7.490 |
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2] Share Application Money |
18.000 |
18.000 |
0.000 |
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3] Reserves & Surplus |
18.356 |
14.573 |
10.901 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.846 |
42.063 |
18.391 |
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LOAN FUNDS |
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1] Secured Loans |
8.955 |
19.384 |
15.828 |
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2] Unsecured Loans |
22.096 |
22.033 |
21.836 |
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TOTAL BORROWING |
31.051 |
41.417 |
37.664 |
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DEFERRED TAX LIABILITIES |
3.160 |
3.347 |
3.440 |
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TOTAL |
80.057 |
86.827 |
54.495 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.702 |
25.011 |
20.984 |
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Capital work-in-progress |
0.000 |
0.000 |
2.545 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
30.522
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40.574
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40.111
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Sundry Debtors |
94.313
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76.782
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64.901
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Cash & Bank Balances |
2.645
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0.104
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0.889
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Other Current Assets |
0.000
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1.728
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0.660
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Loans & Advances |
2.481
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1.696
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3.472
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Total
Current Assets |
129.961
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120.884
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110.033 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
70.691
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54.838
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62.796
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Other Current Liabilities |
0.618
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0.011
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7.604
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Provisions |
3.310
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4.238
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3.688
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Total
Current Liabilities |
74.619
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59.087
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74.088 |
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Net Current Assets |
55.342
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61.797
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35.945 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.008 |
0.011 |
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TOTAL |
80.057 |
86.826 |
54.495 |
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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 |
217.675 |
200.093 |
155.027 |
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Other Income |
0.106 |
0.098 |
0.148 |
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TOTAL (A) |
217.781 |
200.191 |
155.175 |
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Less |
EXPENSES |
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Raw Material Consumed |
152.665 |
145.301 |
109.542 |
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Manufacturing Expenses |
35.907 |
36.289 |
34.339 |
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Administrative Expenses |
11.800 |
9.085 |
6.813 |
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Increased/(Decreased) in stock |
7.829 |
(0.145) |
(2.350) |
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TOTAL (B) |
208.201 |
190.530 |
148.344 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.580 |
9.661 |
6.831 |
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Less |
FINANCIAL
EXPENSES (D) |
2.190 |
2.705 |
2.509 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.390 |
6.956 |
4.322 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.712 |
2.305 |
2.232 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.678 |
4.651 |
2.090 |
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Less |
TAX (I) |
0.895 |
1.144 |
0.364 |
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PROFIT AFTER TAX
(G-I) (J) |
3.783 |
3.507 |
1.726 |
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Earnings Per
Share (Rs.) |
3.99 |
3.70 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
1.74
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1.75
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1.11
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Net Profit Margin (PBT/Sales) |
(%) |
2.15
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2.32
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1.35
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
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3.19
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1.60
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.11
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0.11
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Debt Equity Ratio (Total Liability/Networth) |
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2.30
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2.39
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6.08
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Current Ratio (Current Asset/Current Liability) |
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1.74
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2.05
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1.49
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LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 202, Jalaram Complex, Near Gita Mandir, Ahmedabad -
380 022, Gujarat, India to the present address with the effect from 01.10.2006.
FORM NO. 8
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Name of the
company |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Presented By |
Mr. Hemant L
Patel, Director of the Company |
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1) Date and description of instrument creating the change |
Agreement for
Credit Facilities dated 6th June, 2005 executed at Ahemdabad by
M/S Horizonz Lamkraft Private Limited and the Karur Vysya Bank Limited and
collateral securities by extention of mortgage dated 06.06.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.600 millions Term Loan
(Machinery) Rs.3.600 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the
Borrower’s present and future stocks of raw materials, goods in process,
finished goods, consumable stores, spares, plant and machineries, furniture,
fixtures, office equipment all valued at Rs.23.177 millions as per borrower’s
Balance Sheet dated 31.03.2004 and also various machineries proposed to be
purchased now along with similar current assets which may be acquired
hereafter from time to time during the continuance of this security and which
are or may be in to, stored, or be in or upon or about the borrower’s
factory, godown and/or other premises at Block Nos. 246-247, Kanera Sarsa
Road, Village, Kanera, Taluka and Dis: Kheda, Gujarat. All present and
future Book debts outstanding, monies, receivables, claims, bills, rights to
or movable assets belonging now or in future to the Borrower at present and
in the course of its Business. Immovable
properties belonging to the Company located at Block Nos. 246, 247, 248, 249
/1 at village: Kanera, Taluka and Dist: Kheda, Gujarat valued at Rs.15.678
millions (As per V R dated 20.12.2004) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan (Mach)
: Rs.3.600 millions Period of
Repayment : 4 Years Rate of Interest
: 12% p.a. Margin : 25% Machineries
proposed to be purchased are
Hypothecation of
all present and future fixed immovable and movable assets of the borrower described
hereinabove by way of first charge to the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
The Karur Vysya Bank Limited Ashram Road, Navrangpura, Ahmedabad – 380 009, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90105063 |
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Corporate
identity number of the company |
U20103GJ1999PTC036896 |
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Name of the
company |
HORIZONS LAM KRAFT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
603, |
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Type of charge |
·
Book
Debts ·
Movable
Property ·
Immovable
Property ·
Any
interest in immovable property |
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Particular of
charge holder |
The Karur Vysya Bank Limited, |
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Nature of description
of the instrument creating or modifying the charge |
·
Agreement for credit
facilities dated 13.03.2008 ·
Term Loan Agreement land and
building dated 13.03.2008 ·
Confirmation of deposit of
title deeds dated 13.03.2008 |
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Date of
instrument Creating the charge |
13.03.2008 |
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Amount secured by
the charge |
Rs.38.300
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.
On OCC and term loans BPLR less
0.25% with minimum of 13.75% p.a. with monthly rests. 2.
On PCL/FBN BPLR less 5% with
a minimum of 9% p.a. 3.
On FLC as per circulars with
15% margin 4.
Interest during the holiday
period on term loans to be serviced by the company as and when it is due. Terms of
Repayment 1.
OCC, PCL/FBN/FLC repayable on
demand with option of renewal due on 31.10.2008 2.
Term Loan repayable in 48
monthly installments after three months initial holiday period. Margin 1.
On OCC 30% 2.
On PCL 25% 3.
ON FBN – NIL 4.
On FLC – 15% 5.
On Term Loan (Fresh) 50% 6.
On Term Loan HPMA (Fresh) 25% Extent and
Operation of the charge 1st charge
on entire movable and immovable assets of the company of the Karur Vysya Bank
Limited including all stocks, book debts, Plant and Machineries including
machineries to be purchased valued Rs.2.750 millions, including the land,
building, sheds situated and located on land bearing Block Nos. 246, 247, 248
and 249/1, situate at in village Kanera, Taluka and Dist: Kheda, Gujarat. Others Repayment /
Pre-Closure on Term Loan @ 2% with applicable service tax will be collected.
Additional equitable mortgage charge in favor of Bank to cover enhanced/
fresh limits. |
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Short particulars
of the property charged |
Hypothecation of
all stocks, Raw Materials, Work in Process, Finished Goods, Stores, Spares,
Dies, Moulds, Electrical fittings and other movable fixed assets of the
company, and entire receivables of the company. All plant and machineries
including the machineries to be purchased under new term loan agreement, all
land buildings, sheds situated and located on Block Nos. 245, 247, 248 and
249/1, situated at Village: Kanera, Taluka and Dist: Kheda, Gujarat. |
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Date of latest
modification prior to the present modification |
22.07.2006 |
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Particulars of
the present modification |
1.
FLC Limit enhanced from present
Rs.5.000 millions to Rs.20.000 millions. 2.
Fresh Term Loan building of
Rs.1.250 millions. 3.
Fresh Term Loan Machineries
of Rs.2.050 millions. Total charge
amount now stands increased to cover total facilities of Rs.38.300 millions as
follows OCC limit of
Rs.15.000 millions (PCL/FBN sub-limit of Rs.4.000 millions under OCC) FLC limit of
Rs.20.000 millions TLRE Rs.1.250
millions HPMA Rs.2.050
millions Total Rs.38.300
millions |
FIXED ASSETS:
·
Building
·
Computer
·
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Walk Wagan Car
Web Details
Profile:
Subject is manufacturer of Decorative and Industrial
Laminates in
The company is backed by a team of well-experienced
personnel in the field of Production, R and D, QC and Marketing. This team is
supported by the dedicated work force.
They have an installed capacity to manufacture over 100000
sheets per month.
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.