MIRA
INFORM REPORT
|
Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HANUNG TOYS AND TEXTILES LIMITED |
|
|
|
|
Registered
Office : |
E-93, 2nd Floor, Greater Kailash Enclave -1, New Delhi – 110048 |
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|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
10.10.1990 |
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|
|
|
Com. Reg. No.: |
55-041722 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.251.879 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999DL1990PLC041722 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH01745C |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufactures and Exports of Soft Toys, Decorative Cushions and Children's Room Furnishings. |
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|
|
|
No. of Employees
: |
2247 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established and a reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
E-93, 2nd Floor, Greater Kailash Enclave -1, New Delhi – 110048, India |
|
Tel. No.: |
91-11-26226122 / 26241572 /26242122 |
|
Fax No.: |
91-11-26227822 / 26241822 |
|
E-Mail : |
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|
Website : |
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|
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|
|
Corporate Office/Factory 1: |
108-109, NSEZ, Export Processing Zone, Noida – 201305, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4140200 |
|
Fax No.: |
91-120-4140207 / 3042099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
B-7, Hosiery Complex, Phase-II, Noida-201305 Uttar Pradesh, India |
|
Tel. No.: |
91-120-2462142/43, 2461991/92/93 |
|
Fax No.: |
91-120-2462142 |
|
|
|
|
Factory 3: |
A-21, Hosiery Complex, Phase-II, Noida-201305 Uttar Pradesh, India |
|
Tel. No.: |
91-120-2460814/15 / 2462349/50 |
|
Fax No.: |
91-120-2460814 |
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|
|
|
Factory 4: |
Plot No. 129E, NSEZ, Phase-II, Noida-201305 Uttar Pradesh, India |
|
|
|
|
Factory 5: |
Khasra No. 265,
Village Lakeshari, Sikanderpur Near Bagwanpur, Roorkee, District Haridwar,
Uttrakhand- 247661, India |
|
|
|
|
Factory 6: |
K-2-A and B,
First Floor, Shree Arihant Compound, Village Koper, Taluka, Bhiwadi-421302 District
Thane, Maharashtra, India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Ashok Kumar
Bansal |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
E-93, 2nd
Floor, Greater Kailash Enclave -1, New Delhi - 110 048, India |
|
Date of Birth/ Age : |
53 years |
|
Qualification : |
B. Com, F.C.A.,
C.S. |
|
Experience : |
28 years |
|
Date of Appointment : |
10.10.1990 |
|
|
|
|
Name : |
Mr. Anju Bansal |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
50 years |
|
Qualification : |
M. A. |
|
Experience : |
25 years |
|
Date of Appointment : |
28.09.2011 |
|
|
|
|
Name : |
Mr. Ashwani Singla |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Radha Krishan Pandey |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Chander Shekher Batra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Surinder Kumar Jain |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Arvind Kumar Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sajeev Pandiya |
|
Designation : |
Chief Executive Officer |
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|
|
|
AUDIT COMMITTEE |
Mr. Radha Krishan Pandey - Chairman Mr. Ashok Kumar Bansal - Member Mr. Chander Shekher Batra - Member |
|
|
|
|
REMUNERATION COMMITTEE |
Mr. Radha Krishan Pandey - Chairman Mr. Chander Shekher Batra - Member Col. Surinder Kumar Jain - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4,541,900 |
18.03 |
|
|
11,904,728 |
47.26 |
|
|
11,904,728 |
47.26 |
|
|
16,446,628 |
65.30 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
16,446,628 |
65.30 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2,330 |
0.01 |
|
|
86,389 |
0.34 |
|
|
88,719 |
0.35 |
|
|
|
|
|
|
|
|
|
|
2,509,540 |
9.96 |
|
|
|
|
|
|
|
|
|
|
4,501,293 |
17.87 |
|
|
1,292,069 |
5.13 |
|
|
|
|
|
|
349,676 |
1.39 |
|
|
259,365 |
1.03 |
|
|
87,811 |
0.35 |
|
|
2,500 |
0.01 |
|
|
8,652,578 |
34.35 |
|
|
|
|
|
Total Public shareholding
(B) |
8,741,297 |
34.70 |
|
|
|
|
|
Total (A)+(B) |
25,187,925 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
25,187,925 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Persons Acting in ConcertBUSINESS DETAILS
|
Line of Business : |
Manufactures and Exports of Soft Toys, Decorative Cushions and
Children's Room Furnishings. |
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Product: |
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||||
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||||
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Brand Names : |
‘PLAY-N-PETS’ |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Stuffed Toys |
Pcs |
NA |
37500000 |
38687386 |
|
Sheet Set, Duvet Set, Comforter Set |
Sets |
NA |
6850000 |
3509882 |
|
Curtains, Cushions, Sham, Pillow Covers, Etc |
Pcs |
NA |
7856318 |
|
|
|
|
|
|
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GENERAL INFORMATION
|
Customers : |
• American Pacific • Wal-Mart • IKEA, The
• The One, UAE |
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No. of Employees : |
2247 (Approximately) |
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Bankers : |
· Punjab National Bank · Oriental Bank of commerce · Union Bank of India · Allahabad Bank · ICICI Bank Limited, New Delhi - 110001, India · State Bank of India · Syndicate Bank · Central Bank of India · Karnataka Bank · Bank of India · Andhra Bank · Indian Overseas Bank · Laxmi Vilas Bank · UCO Bank · Yes Bank · IDBI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Rohtas and Hans Chartered Accountants |
|
Address : |
A-15, Priyadarshni Vihar, |
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Subsidiaries : |
· Hanung (Shanghai) Limited · Cody Direct Corporation |
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Associates : |
· Hanung Furnishings Private Limited · Hanung Processors Private Limited · Parneet Softech Private Limited · C K Software Private Limited · Abhinav International Private Limited · Hanung Retail Limited · Hanung Infra and Power Limited · Glofin Investment and Finance Company Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25187925 |
Equity Shares (Of the above 51,17,330 Equity Shares allotted as fully paid up by way
of Bonus Shares and 71,47,835 Equity
Shares allotted as fully paid up pursuant to a contract without payment being
received in cash.) |
Rs.10/- each |
Rs.251.879
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
251.879 |
251.879 |
251.879 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Convertible share Warrants |
76.791 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
4790.980 |
3649.079 |
2803.264 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5119.650 |
3900.958 |
3055.143 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10235.161 |
5467.581 |
3808.726 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
10235.161 |
5467.581 |
3808.726 |
|
|
DEFERRED TAX LIABILITIES |
148.000 |
128.600 |
103.739 |
|
|
|
|
|
|
|
|
TOTAL |
15502.811 |
9497.139 |
6967.608 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4429.402 |
3496.469 |
2579.579 |
|
|
Capital work-in-progress |
590.732 |
257.767 |
4.469 |
|
|
|
|
|
|
|
|
INVESTMENT |
107.377 |
41.623 |
59.272 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7518.674
|
4627.532
|
3672.176
|
|
|
Sundry Debtors |
2669.001
|
1544.158
|
1307.402
|
|
|
Cash & Bank Balances |
915.143
|
478.716
|
116.720
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
447.416
|
253.983
|
282.741
|
|
Total
Current Assets |
11550.234
|
6904.389
|
5379.039
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
975.476
|
964.965
|
0.000
|
|
|
Other Current Liabilities |
67.990
|
44.625
|
936.440
|
|
|
Provisions |
131.468
|
193.519
|
118.311
|
|
Total
Current Liabilities |
1174.934
|
1203.109
|
1054.751
|
|
|
Net Current Assets |
10375.300
|
5701.280
|
4324.288
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15502.811 |
9497.139 |
6967.608 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11220.173 |
8368.518 |
6376.090 |
|
|
|
Other Income |
176.971 |
158.902 |
154.576 |
|
|
|
TOTAL (A) |
11397.144 |
8527.420 |
6530.666 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Overheads |
9175.186 |
6816.335 |
5855.473 |
|
|
|
Establishment Overheads |
156.222 |
137.697 |
108.448 |
|
|
|
Administrative Overheads |
144.914 |
98.130 |
71.011 |
|
|
|
Selling Overheads |
268.259 |
243.803 |
177.494 |
|
|
|
Increase in Stocks |
(632.421) |
(418.497) |
(863.283) |
|
|
|
Other Expenses |
35.125 |
8.096 |
|
|
|
|
TOTAL (B) |
9147.285 |
6885.564 |
5349.143 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2249.859 |
1641.856 |
1181.523 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
734.474 |
496.504 |
329.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1515.385 |
1145.352 |
852.483 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.242 |
172.211 |
113.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1279.143 |
973.141 |
739.422 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
78.500 |
68.390 |
94.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1200.643 |
904.751 |
644.525 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
50.376 |
50.376 |
37.781 |
|
|
|
Tax on Dividend |
8.367 |
8.561 |
6.421 |
|
|
BALANCE CARRIED
TO THE B/S |
1141.900 |
845.814 |
600.322 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8271.843 |
6392.497 |
4865.387 |
|
|
TOTAL EARNINGS |
8271.843 |
6392.497 |
4865.387 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5483.837 |
29847.650 |
2441.727 |
|
|
TOTAL IMPORTS |
5483.837 |
29847.650 |
2441.727 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.67 |
35.92 |
25.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2835.430 |
3021.320 |
|
Total Expenditure |
|
2313.230 |
2487.480 |
|
PBIDT (Excl OI) |
|
522.200 |
533.840 |
|
Other Income |
|
58.060 |
49.260 |
|
Operating Profit |
|
580.260 |
583.110 |
|
Interest |
|
218.730 |
258.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
361.530 |
324.810 |
|
Depreciation |
|
68.870 |
71.520 |
|
Profit Before Tax |
|
292.660 |
253.290 |
|
Tax |
|
16.700 |
20.500 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
275.960 |
232.790 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
275.960 |
232.790 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.53
|
10.60
|
9.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.40
|
11.62
|
11.59
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.93
|
9.36
|
9.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.23
|
1.71
|
1.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.83
|
5.73
|
5.10
|
LOCAL AGENCY FURTHER INFORMATION
RESULT OF OPERATIONS
The gross sales
and other income for the financial year were Rs.11397.100 Millions as against
Rs.8527.400 Millions for the previous financial year registering an increase of
33.65%. The Profit before tax (after interest and depreciation charges) of
Rs.1279.100 Millions as against Rs. 973.100 Millions for the previous year
increasing by 31% and Profit after tax of Rs. 1200.600 Millions as against Rs.
904.800 Millions for the previous year increasing by 32% respectively.
BUSINESS
The Company’s main operations consist of manufacturing Toys and Home
Furnishings.
MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW The company is engaged in the manufacturing
of Stuffed Toys /Plush Toys and Home Furnishings. Since incorporation in 1990,
the company has continued to do well. In the initial formative years, company
gained immensely from its technical tie-up/ collaboration with South Korean
company, subject as they helped in establishing well known Korean manufacturing
practices and quality systems. After initial five years of collaboration, they
have since been independently operating the manufacturing.
The production units consist of toys
manufacturing facility, home furnishing production facility and textile
processing facility located at Noida, Roorkee and Bhiwandi. The toys
manufacturing units are established in the Noida Special Economic Zone (NSEZ)
wherein the benefits of duty free imports and single window clearance for
imports/exports are available.
The new production units in Roorkee and NSEZ
enjoy 100% tax holiday for first five years.
INTERNATIONAL MARKETING The major overseas markets are in Europe,
USA, Latin America and Australia. They have been able to attract and retain known
brand names as their customers in these markets. They serve these markets with
stuffed toys and home furnishings. The customers are large importers/ whole
sellers who in turn service the respective retailers in their country. The
products are sold in over 30 countries. The products are available with the
leading, Tier One, top most retailers in the world. This includes some of the
Finest International Brands, serviced and supplied by them.
The customers are a mix of large retailers,
importers, distributors and wholesalers, this multiple tie up helps them to
service all channels of the market thereby giving them wider reach and less
dependence on any particular trade channel. The products are sold in over 35
countries.
They have also acquired license to produce
organic products in their factory. The demand for such products is increasing
with the worldwide awareness for Eco friendly products. Such products have seen
a high increase in demand. They have created competence to strictly comply with
stringent requirements of their customers and their inspecting agencies with
respect to environmental issues, social issues and statutory compliances.
The company’s business in the international
market has continued its growth satisfactory. During the year 14 new customers
were added. Company also played an active part in two most important launches
in the Home Textiles Arena in the US market.
DOMESTIC MARKET The products have wide acceptability in the
domestic market. The domestic brands - Play-n-Pets and Splash are available
with all major retailers. A well established distribution network spreads
across various towns. The products are sold through a number of outlets. In the
Stuffed Toys /Plush Toys category, the company is the market leader and has
major share of the market. The company has taken lead by setting up Brand
retail stores both in Home Textiles as well as Stuffed toys / Plush toys.
OPERATING RESULTS / FINANCIAL HIGHLIGHTS
The financial statements have been prepared
in compliance with the requirements of the Companies Act, 1956 and generally
accepted accounting principles (GAAP) in India. The management accepts the
responsibility for the integrity and objectivity of these financial statements
and the basis for the various estimates and judgments used in preparing the
financial statements.
During the year, the Company has achieved a
Gross Revenue of Rs.11220.100 Millions, out of which 73% is in the form of foreign exchange. The Company posted a
strong top line performance due to good order book. Profit before tax was at
Rs.1279.100 Millions and net profit after tax stood at Rs. 1200.600 Millions.
Earnings per equity share (face value
Rs.10/-) was also higher from Rs.35.92 to Rs.47.67 on year on year basis.
CONTINGENT LIABILITIES:
|
Particular |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In millions) |
||
|
Bank guarantees |
230.846 |
0.112 |
0.112 |
|
Letter of credit |
566.500 |
637.175 |
227.003 |
|
Bills discounted |
172.648 |
476.400 |
78.155 |
|
Capital Commitment |
100.621 |
43.764 |
7.488 |
|
|
|
|
|
FIXED ASSTES:
· Land
· Building
· Plant and machinery
· Furniture, Fixture and Equipment
· Vehicles
BUSINESS
DESCRIPTION
Subject is an
India-based company. It is engaged in the manufacturing of stuffed toys / plush
toys and home furnishings. The Company’s production units consist of toys
manufacturing facility, home furnishing production facility and textile
processing facility located at Noida, Roorkee and Bhiwandi. The toys
manufacturing units are established in the Noida Special Economic Zone (NSEZ).
It operates in two segments: stuff toys and home furnishings. The Company’s
domestic brands include Play-n-Pets and Splash. In March 2011, the Company
acquired a controlling stake in M/s Cody Direct Corp. For the nine months ended
31 December 2010, Subejct revenue increased 42% to RS8.53B. Net income
increased 56% to RS887.5M. Revenues reflect an increase in income from toys and
higher revenue from textiles segments. Net income also reflects improved
operating and gross profit margins. The Company is engaged in manufacturing of
stuffed toys, push toys and home furnishing.
BOARD OF DIRECTORS
Mr. Ashok Kumar Bansal
Mr.
Ashok Kumar Bansal is Executive Chairman of the Board, Managing Director of
Subject, since January 1, 2001. He is a Promoter of company. He is Bachelor of
Commerce from Punjab University. He is a fellow member of ICAI and is also a
qualified Company Secretary from ICSI and has over 23 years of business
experience. Mr. Bansal has been involved with the Company since inception and
is the company's Chairman-cum- Managing Director. He started his career in 1982
and in 1989, he laid the foundation of the business of the company's Company by
establishing a partnership concern and entered into a technical collaboration
agreement. Subsequently, in the year 1990 the Company was incorporated with the
object of manufacturing and exporting stuff toys. Later, in the year 2002, he
also entered into the textile home furnishings and textile processing business
through separate entities viz. Hanung Furnishings Private Limited and Hanung
Processors Private Limited. He is the overall incharge of the Company and is
also responsible for new projects and initiatives and business activities of
the Company. Under the guidance of Mr. Ashok Kumar Bansal, the Company has
grown and risen to be one of the exporters of soft and stuff toys in India
exporting to various countries like the United States of America, various
European countries and parts of Latin America. The company has received various
awards and prizes from a number of Government and other International agencies
under his leadership. His Qualifications are B.Com, F.C.A. and C.S.
Mrs. Anju Bansal
Mrs. Anju Bansal is Whole-Time Director of company. She is a Promoter of company. Mrs. Anju Bansal has completed her Masters in Arts from Punjab University and has over 20 years of business experience. She is responsible for production coordination.
Mr. Chander Shekher Batra
Mr. Chander Shekher Batra is Non-Executive Independent Director of subject, since February 17, 2009. He is a practicing Chartered Accountant and has completed his Bachelor of Science from Kurukshetra University. He is also director of following Companies. Vansh Artecrafts Private Limited, Jai Jagat Village, Enterprises Private Limited, CSR Financial Management Consultants Private Limited, CNA Exports Private Limited, DAD Enterprises Private Limited, Metfoils India Limited, Bhagat Alexander Private Limited, Cool Developers Private Limited, Cool Projects Private Limited, Dev Bhumi Homes Private Limited,
Mr. Surinder Kumar Jain
Mr. Surinder Kumar Jain is Non-Executive Independent Director of Subject, since March 24, 2010. Col. Jain is a post graduate in Industrial Engineering and Operations Research from IIT Kharagpur and he is also hold Masters Degree in Personnel Management from Pune. He has worked at many important designations in Government and Public Sectors. Col. Jain has over 33 years of experience in various fields. Presently, he is acting as a Principal of Gurukulam Institute of technical Education (Kohra-Bhura) Naraingarh.
Mr. Radha Krishna Pandey
Mr. Radha Krishna Pandey is Non-Executive Independent Director of Subject, since October 31, 2005. He has completed his Masters in Commerce, L.L.B. and is also a fellow member of ICSI. Mr. Pandey has an experience of around 18 years with various private companies as well as Government Undertakings in various finance and legal capacities and has also served as Executive Director of the Delhi Stock Exchange Association Limited for 16 years. Mr. R.K. Pandey is also the Chairman of Audit Committee and Remuneration Committee of Directors of the Company. His other Directorships are PTC Industries Limited, A.K. Laboratories Limited, British Drugs and Healthcare Limited, Green Valley Products Private Limited, Shree Rajasthan Syntax Limited, Jindal Polyfilms Limited, Amar Ujala Publications Limited, Welcure Drugs and Pharmaceuticals Limited, Precise Laboratories Private Limited, Spice Mobile Limited,and Sea TV Network Limited, Ricoh India Limited, Mefcom Capital Markets Limited, Kamdhenu Ispat Limited, Morgan Ventures Limited,
Mr. Ashwani Kumar Singla
Mr.
Ashwani Kumar Singla is Non-Executive Director of subject since November 27,
2006. He has completed his Bachelor of Engineering from Bangalore University.
Mr. Ashwani Kumar Singla has experience in Printing Industry. His other
Directorships are Singla Engravures Private Limited, JPR Papers Private
Limited, JPR Lasertech Private Limited, and Hanung Retail Limited Hanung Infra
and Power Limited.
NEWS:
INDIA'S HANUNG TOYS BUYS CONTROLLING STAKE IN US CO
CODY DIRECT
11 March 2011
NEW DELHI, March 11Asia Pulse - Indian manufacturer and exporter of soft toys Hanung Toys and Textiles (BSE:532770) said it has acquired a controlling stake in the US-based Cody Direct Corp for an undisclosed amount.
"We wish to inform all our stakeholders that the company has acquired a controlling stake in Cody Direct Corp, a company incorporated under the US laws," Hanung Toys and Textiles said in a filing to the Bombay Stock Exchange (BSE) Wednesday.
However, the company did not disclose the financial details of the deal.
Cody Direct deals in marketing and distribution of home furnishings.
Hanung Toys and Textiles, a manufacturer and exporter of soft toys and home furnishings, said that the acquisition would enable the company to service the US customers directly and would also helps to improve its earnings.
Besides, the company further said that the business of Cody Direct will be handled by the US firm's President Vincent DeRosa.
DeRosa, who has previously handled senior positions in other home furnishing companies in US, will be responsible for all sales and marketing operations.
INDIAN TOY MAKER HANUNG TOYS BUYS MAJOR STAKE IN
U.S FIRM
11 March 2011
NEW DELHI, March 11 Asia in Focus -
Indian manufacturer and exporter of soft toys Hanung Toys and Textiles
(BSE:532770) said it has acquired a controlling stake in the US-based Cody
Direct Corp for an undisclosed amount. "We wish to inform all our
stakeholders that the company has acquired a controlling stake in Cody Direct
Corp, a company incorporated under the US laws," Hanung Toys and Textiles
said in a filing to the Bombay Stock Exchange (BSE) Wednesday.
* However, the company did not
disclose the financial details of the deal.
* Cody Direct deals in marketing and
distribution of home furnishings.
CARE REAFFIRMS THE ASSIGNED 'A1' RATING TO CP PROGRAMME OF HTTL
22 July 2011
India, July 22 -- Credit rating agency, CARE
has reaffirmed the assigned 'A1' rating to the Commercial Paper (CP) carved out
of working capital limits of Hanung Toys and Textiles (HTTL) for Rs 400.000
Millions. The ability of the company to effectively manage its working capital
requirements and successfully and timely complete the ongoing capital
expenditure would be the key rating sensitivities. The ratings is however,
constrained by increasing competition in both toys and home textile industries,
working capital intensive operations and the ongoing huge debt-funded capital
expenditure. Hanung Toys and Textiles operate in two main areas - toys
manufacturing and home furnishings. The two segments contributed approximately
39% and 61% respectively to the operating income of HTTL during FY11
(respectively). The company's manufacturing facilities are located at Greater
Noida (Uttar Pradesh), Roorkee (Uttrakhand) and Bhiwandi (Maharashtra).
NEWS VERIFICATION
06
July 2011
India, July 06 --
News Verification: The media had reports that Hanung Toys and Textiles Limited
may acquire an overseas textile company. The Exchange, in order to verify the
accuracy or otherwise of the information reported in the media and to inform
the market place so that the interest of the investors is safeguarded, had
written to the company. Hanung Toys and Textiles Limited has vide its letter
inter-alia stated, "We would like to mention that at the moment we have no
substantive announcement to make, in relation to any potential acqisition or
stake purchase. We believe that the article is speculative in nature.
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.52.17 |
|
|
1 |
Rs.80.64 |
|
Euro |
1 |
Rs.69.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.