MIRA
INFORM REPORT
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Report Date : |
10.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HALLMARK STEEL PRIVATE LIMITED |
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Registered
Office : |
402, Mansha, 11, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.10.1999 |
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Com. Reg. No.: |
11-122157 |
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CIN No.: [Company Identification
No.] |
U99999MH1999PTC122157 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH05171F |
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PAN No.: [Permanent Account No.] |
AAACH8815P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Valve Steel Extension Rods, Piston Pins, Tool Steel, High
Speed Steel, Stainless Steel. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 450000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 DECLINED BY
Management Non Co-operative
LOCATIONS
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Registered Office : |
402, Mansha, 11, |
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E-Mail : |
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Website : |
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Head Office/Factory : |
H-306, Phase –I, RIICO Industrial Area, Bhiwadi – 301 019, Rajasthan |
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Tel. No.: |
91-1493-512514/ 512511/ 510982/ 510983 |
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Fax No.: |
91-1493-512515/ 510985 |
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E-Mail : |
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Plants : |
PLANT I: 158, Industrial
Estate, Medchal, Dist – R.R., PLANT II: F- 1086,
Phase-III, RIICO Industrial Area, Bhiwadi – 301 019, PLANT III: G-1/513,Phase-1,
RIICO Industrial Area, Bhiwadi – 301 019, |
DIRECTORS
(AS ON 28.09.2010)
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Name : |
Mr. Sunil Malhotra |
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Designation : |
Director |
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Address : |
402, Mansha, 11, |
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Date of Birth/Age : |
09.10.1965 |
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Qualification : |
Graduate |
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Experience : |
11 years |
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Date of Appointment : |
11.10.1999 |
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Name : |
Mr. Jeevan Khanna |
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Designation : |
Director |
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Address : |
2nd Floor, 5780, Bloch No. 5, Dev Nagar, Karol Bagh, New
Delhi-110005, |
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Date of Birth/Age : |
01.01.1955 |
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Date of Appointment : |
30.04.2003 |
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Name : |
Mr. Sham Lal Chunilal Malhotra |
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Designation : |
Director |
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Address : |
City Spire, 150 W, 56 Street, Apt 5904, New York-11024, UN |
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Date of Birth/Age : |
01.05.1943 |
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Date of Appointment : |
31.03.2006 |
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Date of Ceasing : |
11.02.2011 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2010)
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Names of Shareholders |
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No. of Shares |
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Radhika S. Malhotra |
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29900 |
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Sham Malhotra |
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481519 |
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Reena Malhotra |
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30000 |
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Jeevan Khanna |
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100 |
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Sunil Kapoor/ Mrs. Madhu Kapoor |
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6974194 |
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Seema Khanna/ Mr. Jeevan Khanna |
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5100 |
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Amit Bansal |
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1348727 |
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Sanjeev Puri |
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260000 |
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Hetran India Private Limited, |
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374500 |
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IEW Machine (Tools) Private Limited, |
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314500 |
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Sunil Malhotra |
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91460 |
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Vijay Dhar |
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90000 |
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Total |
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10000000 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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13.49 |
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Bodies corporate |
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6.89 |
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Directors or relatives of directors |
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76.12 |
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Other top fifty shareholders |
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3.50 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Valve Steel Extension Rods, Piston Pins, Tool Steel,
High Speed Steel, Stainless Steel |
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Products : |
·
Valve Steel ·
Extension Rods ·
Piston Pins ·
Tool Steel ·
High Speed Steel ·
Stainless Steel |
GENERAL INFORMATION
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Customers : |
·
Tecumseh Products India Limited ·
Duravalves India Private Limited ·
Kar Mobiles Limited ·
Rane Engine Valves Limited ·
TRW Fuji Serina Company Limited ·
Unicorn Valves ·
Varroc Engineering Private Limited Liability
Company Limited |
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
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Centurian Bank of Panjab Limited 1-7-283/1, 126, ·
State Bank of Travancore, DLF Phase-IV Branch, Galleria Mall, DLF Phase IV, Gurgoan – 122 002, ·
Federal Bank Limited, 1-4, Convenient Shopping Center, Westend Colony, New Delhi – 110021,
India ·
ICICI Bank ·
Kotak Mahindra Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
§
Rajasthan
Financial Corporation Limited, Head Office at
Udyog Bhuvan, Tilak Marg, Jaipur Through its Branch office at Udyog Bhuvan,
RIICO Chowk, |
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Auditors : |
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Name : |
P. Suryanarayana and Company Chartered Accountant |
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Address : |
6-3-1092/93, Behind Sathi Sikhara Apartments, N I A R Campus, |
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Tel No.: |
91-40-23300659/ 23834470 (R) |
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Mobile No.: |
91-9246528412 |
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E-Mail : |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 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 |
100.000 |
100.000 |
75.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.079 |
8.002 |
5.283 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
113.079 |
108.002 |
80.283 |
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LOAN FUNDS |
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1] Secured Loans |
118.912 |
123.655 |
43.269 |
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2] Unsecured Loans |
32.296 |
0.000 |
3.808 |
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TOTAL BORROWING |
151.208 |
123.655 |
47.077 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Deferred Payment Liability |
40.221 |
0.000 |
0.000 |
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TOTAL |
304.508 |
231.657 |
127.360 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
172.506 |
133.848 |
78.346 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.550 |
5.550 |
0.000 |
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DEFERREX TAX ASSETS |
0.633 |
0.633 |
0.633 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
101.382
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95.844
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37.175
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Sundry Debtors |
18.336
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14.780
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9.721
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Cash & Bank Balances |
2.662
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2.206
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0.251
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
44.230
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46.250
|
12.236
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Total
Current Assets |
166.610
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159.080 |
59.383 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
42.151 |
68.744 |
10.838 |
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Other Current Liabilities |
0.000
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0.000
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0.759
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
42.151
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68.744
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11.597
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Net Current Assets |
124.459
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90.336
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47.786
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MISCELLANEOUS EXPENSES |
0.077 |
0.082 |
0.595 |
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Deferred Revenue Expenditure |
1.283 |
1.208 |
0.000 |
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TOTAL |
304.508 |
231.657 |
127.360 |
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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) |
208.490 |
82.761 |
32.123 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.839 |
6.736 |
4.478 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
5.978 |
3.653 |
2.062 |
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PROFIT BEFORE
TAX |
5.861 |
3.083 |
2.415 |
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Less |
TAX |
0.785 |
0.364 |
0.050 |
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PROFIT AFTER TAX
|
5.076 |
2.719 |
2.365 |
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IMPORTS |
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Raw Materials |
46.407 |
85.093 |
NA |
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Capital Goods |
15.698 |
15.698 |
NA |
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Others |
9.478 |
0.290 |
NA |
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TOTAL IMPORTS |
71.583 |
101.081 |
NA |
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Earnings Per
Share (Rs.) |
0.51 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.81
|
3.73
|
7.52
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.73
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1.05
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1. 75
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.03
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0.03
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Debt Equity Ratio (Total Liability/Networth) |
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1.71
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1.78
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0.73
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Current Ratio (Current Asset/Current Liability) |
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3.95
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2.31
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5.12
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS: (Rs. In Millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry Creditors for Goods |
40.151 |
64.501 |
9.249 |
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Sundry Creditors for Expenses |
2.000 |
4.243 |
1.589 |
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Total |
42.151 |
68.744 |
10.838 |
NOTE:
The Registered office of the company has been shifted from 214, Chawla
complex, Sector – 15, Plot No.38, CBD Belapur, Navi Mumbai,
REVIEW OF
OPERATIONS:
The Company has performed well and achieved record turnover
of Rs.208.500 Millions as against Rs.82.800 Millions for the previous year
showing an impressive growth of more than 150%. The Company has recorded Profit
before Depreciation of Rs.11.839 Millions as against Rs.6.736 Millions for the
previous year. The turnover includes export sales of Steel Bars for an amount
of Rs.30.600 Millions
The Company has added new domestic customers during the last
year like Shriram Pistons and Rings Limited Perfect Engine Components Private
Limited and Eaton Industrial Systems Private Limited in addition to the
existing customers.
To meet the continuous demand from the market and to
maintain our share of market in
FUTURE
OUTLOOK:
The Company's future outlook is good considering that it has
been recognized by major suppliers of raw material and there is a good demand
for Valve Steel Bars in
Bankers Charges
Report as per Registry
|
Name of the
company |
Hallmark Steel
Private Limited |
|
Presented By |
Mr. Sunil
Malhotra |
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1) Date and description of instrument creating the change |
Conditional Deed
Of Conveyance Dated 25.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
Rs.4.441 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 |
1) Land on Lease
from RIICO Limited for a period of 99 years commencing from 31.08.1994
situated at Plot No. F-1086, Industrial Area, Bhiwadi, Distt Alwar 2) Building
Machine Shed Size 6000 Sq. ft. Lean to main Shed 1500 Sq.ft Office Block 34.5x15.5 Guard Room 13.9x9.6 Meter/Power Room 13.5x12 Boundry Wall Underwater tanks and tubwell with pump |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate Of Interest
: 12.75% and in event of default 3% p.a. will be charged Duration of Loan
: 19 Quarterly installments in 5 and Half Years The first payment
will be after 1 Year expire of pre production period for principal |
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5) Name and Address and description of the person entitled to the charge. |
Rajasthan
Financial Corporation Limited, Head Office at Udyog
Bhuvan, Tilak Marg, Jaipur Through its Branch office at Udyog Bhuvan, RIICO
Chowk, |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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Corporate
identity number of the company |
U99999MH1999PTC122157 |
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Name of the
company |
Hallmark Steel
Private Limited |
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Address of the
registered office or of the principal place of business in |
402, Mansha, 11, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10212878 |
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Type of charge |
Book Debts Movable
Property |
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Particular of
charge holder |
Federal Bank Limited, Corporate Banking Branch, E-13/29, Harsha Bhawan, |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
Hypothecation of plant and machinery as additional security |
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Date of
instrument Creating the charge |
22.04.2010 |
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Amount secured by
the charge |
Rs.7.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement Terms of
Repayment As per Agreement Margin As per Agreement Extent and
Operation of the charge The above is to
secure FDBP/ FUBP Limit of Rs.7.500 Millions within the following limits: TL1 = Rs.10.000
Millions TL2 = Rs.14.000
Millions TL3 = Rs.20.000
Millions CC = Rs.70.000
Millions TL4 = Rs.8.500
Millions WCTL = Rs.12.500
Millions Inland BD =
Rs.7.500 Millions FDBP/ FUBP =
Rs.7.500 Millions BG = Rs.4.300
Millions Adhoc CC =
Rs.30.000Millions (Total = Rs.184.300 Millions) |
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Short particulars
of the property charged |
First charge by
way of hypothecation of stocks, book debts, bills and other documents to title,
fixed assets of the company present and future. |
|
Particulars of
the present modification |
FDBP/FUBP limit
of Rs.7.500 Millions (within overall limit of Rs.184.300 Millions) shall now
additionally be secured by hypothecation by way of first and exclusive charge
over Co's all movable plant and machineries, lab and office equipments and
electrical installations as well as other movable fixed assets of the company
stored or to be stored at company's godowns or premises or wherever else the
same may be. |
FIXED ASSETS
v
Land
v
v
Buildings
v
Vehicles
v
Air Conditioner
v
Computers And Software
v
D. G. Set
v
Furniture and Fixtures
v
Grinder Machine
v
Machinery And Tools
v
Invertor
v
Mobile Phones
v
Water Tank
v
Capital Work in Progress
WEB DETAILS
PROFILE
Subject was incorporated in 1999, for processing of valve
steel for the automotive sector.
From very modest beginnings, Company has taken rapid
strides to emerge as one of the north
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.