MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HARVIN IMPEX PRIVATE LIMITED ASSOCIATED TRADERS OWNED BY HARVIN IMPEX PRIVATE LIMITED |
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Formerly Known
As : |
NARMADA BEARINGS PRIVATE LIMITED |
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Registered
Office : |
2/27 WHS, Kirti Nagar, New Delhi-110015 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.10.1989 |
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Com. Reg. No.: |
55-38144 |
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CIN No.: [Company Identification
No.] |
U74899DL1989PTC038144 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Distributor and Importer of Stockist of MDF, Hard Board, Timber and
Plywood. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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. Narender Ajmani |
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Designation : |
Director |
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Contact No.: |
91-9811022305 |
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Date : |
11.03.2011 |
LOCATIONS
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Registered Office : |
2/27 WHS, Kirti Nagar, New Delhi-110015, |
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Tel. No.: |
91-11-25464962/ 25447763/ 25438512 |
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Fax No.: |
91-11-25411651 |
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E-Mail : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Devider Kumar Ajmani |
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Designation : |
Director |
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Address : |
C-3/20 Safdurjang Development Area, Delhi-110016, |
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Date of Birth/Age : |
10.03.1956 |
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Date of Appointment : |
24.10.1989 |
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DIN No.: |
01103664 |
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Name : |
Mr. Narinder Ajmani |
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Designation : |
Director |
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Address : |
C-3/20 Safdurjang Development Area, Delhi-110016, |
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Date of Birth/Age : |
15.03.1955 |
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Date of Appointment : |
12.09.1992 |
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DIN No.: |
01103683 |
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Name : |
Mr. Mahinder Mohan Ajmani |
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Designation : |
Director |
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Address : |
C-3/20 Safdurjang Development Area, Delhi-110016, |
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Date of Birth/Age : |
17.10.1931 |
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Date of Appointment : |
12.09.1992 |
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DIN No.: |
00844914 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Devinder Ajmani |
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197855 |
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Narinder Ajmani |
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123645 |
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Devinder Ajmani (HUF) |
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4250 |
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Vinita Ajmani |
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34500 |
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Harsh Ajmani |
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29500 |
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Karan Ajmani |
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750 |
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Priyanka Ajmani |
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750 |
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Naresh Ajmani |
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5000 |
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Ranjana Ajmani |
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2500 |
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M M Ajmani |
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33750 |
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Total |
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432500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor and Importer of Stockist of MDF, Hard Board, Timber and
Plywood. |
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Imports : |
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Products : |
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Countries : |
·
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·
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
Approximately 16 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Jain and Company Chartered Accountant |
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Address : |
M-9, Akarshan Bhawsan 4754-57, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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432500 |
Equity Shares |
Rs. 10/-
each |
Rs. 4.325
Millions |
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 |
4.325 |
4.325 |
4.325 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.121 |
0.121 |
0.121 |
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4] (Accumulated Losses) |
[0.431] |
[1.217] |
[2.260] |
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NETWORTH |
4.015 |
3.229 |
2.186 |
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LOAN FUNDS |
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1] Secured Loans |
28.335 |
32.709 |
15.391 |
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2] Unsecured Loans |
40.006 |
43.158 |
18.813 |
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TOTAL BORROWING |
68.341 |
75.867 |
34.204 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.356 |
79.096 |
36.390 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.245 |
1.257 |
0.258 |
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Capital work-in-progress |
0.000 |
0.000 |
0.449 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.082 |
0.048 |
0.156 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
39.418
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62.215 |
19.690 |
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Sundry Debtors |
26.762
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13.120 |
14.105 |
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Cash & Bank Balances |
0.406
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0.278 |
0.969 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
16.630
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5.672 |
4.946 |
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Total
Current Assets |
83.216
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81.285 |
39.710 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
11.167
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2.553 |
2.952 |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
12.187
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3.494 |
4.183 |
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Net Current Assets |
71.029
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77.791 |
35.527 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.356 |
79.096 |
36.390 |
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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 (Turnover) |
100.975 |
72.939 |
NA |
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NET PROFIT |
1.233 |
1.223 |
2.044 |
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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 |
(%) |
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Debt Equity Ratio (Total Liability/Networth) |
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20.06
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24.58 |
17.56 |
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Current Ratio (Current Asset/Current Liability) |
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6.83
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23.26 |
9.49 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
During the year company has made net profit of
Rs. 1.233 Millions in comparison to previous year profit of Rs. 1.223 Millions.
Although the turnover of the company has increased to Rs. 100.975 Millions from
Rs. 72.939 Millions but the profit of the company could not increase
proportionately due to lower margins.
Business Prospects:
During the year the company has put more
stress on imports and find out new suppliers. The management of the company is
taking all efforts to increase its sales and optimistic to increase its net
profit during current year.
Bankers Charges
Report as per Registry
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Corporate
identity number of the company |
U74899DL1989PTC038144 |
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Name of the
company |
HARVIN IMPEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
2/27 WHS, Kirti Nagar, New Delhi-110015, |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
10119811 |
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Type of charge |
Book Debts Movable Property Others |
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Particular of
charge holder |
Barclays Bank, Nehru Place, Eros Corporate Towers, Nehru Place, New
Delhi-110019, India |
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
03.11.2010 |
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Amount secured by
the charge |
Rs. 57.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
specified by the bank from time to time Terms of
Repayment As may be specified
by the bank from time to time Margin As may be
specified by the bank from time to time Extent and
Operation of the charge First and
exclusive charge over the entire current asses and movable fixed assets, both
present and future, of the company, in favour of Barclays Bank PLC to secure
the repayment of financial facilities granted by the bank to the borrower. |
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Short particulars
of the property charged |
Entire Current
assets and movable fixed assets, both present and future in supplemental deed
of hypothecation. |
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Date of
instrument modifying the charge |
28.01.2010 |
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Particulars of
the present modification |
Bank had granted
facilities Rs. 55.000 Millions to Borrower which was secured by hypothecation
on current assets of company on 19.08.2008. the said charge modified on
28.01.2010, band had granted additional security on moveable fixed assets of
the company and the charge has been reduced from Rs. 55.000 Millions to Rs.
47.500 Millions. Now bank has enhance facility form Rs. 47.500 Millions and
the said chare is modified and extended to the enhance total facilities of
Rs. 57.000 Millions. |
Fixed Assets:
·
Furniture
·
Fax Machine
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Car
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Scooter
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Computer
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Generator
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Motor Cycle
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Office Equipments
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Cutting Machine
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Water Cooler
·
Fan
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.45.21 |
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|
1 |
Rs.72.55 |
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Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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 |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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- |
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.