MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAROLD INDUSTRIES PRIVATE LIMITED (w.e.f. 25.03.2008) |
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Formerly Known
As : |
SHRI SKANDAA MINERALS PRIVATE LIMITED |
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Registered
Office : |
No. 202, 2nd Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.05.2004 |
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Com. Reg. No.: |
18-53301 |
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Capital
Investment / Paid-up Capital : |
Rs.5.900 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U14219TN2004PTC053301 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH04290G |
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PAN No.: [Permanent Account No.] |
AAICS2468R |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Design, Manufacturer, Supplier, Exporter and Service Provider of
Electrical Panels Power, Distribution Boards, |
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|
No. of Employees
: |
40 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 75000 |
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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 records. There
appears some dip in the turnover and profitability of the company. However,
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Gopi |
|
Designation : |
Account Department |
|
Date : |
26.08.2011 |
LOCATIONS
|
Registered Office : |
No. 202, 2nd Floor, |
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Tel. No.: |
91-44-23651694 / 23651695 |
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Mobile No.: |
91-9003028704 (Mr. B Srinivasan) |
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Fax No.: |
91-44-23651695 |
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E-Mail : |
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|
Location : |
Owned |
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|
|
|
Factory : |
Tiruvallur District, |
|
Location : |
Owned |
DIRECTORS
(As on 30.09.2009)
|
Name : |
Mr. Bakthavatchalu Srinivasan |
|
Designation : |
Managing Director |
|
Address : |
No. 3, |
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Date of Birth/Age : |
15.06.1954 |
|
Date of Appointment : |
21.05.2004 |
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DIN No. : |
00871250 |
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|
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Name : |
Mr. Pradeep Vengala Srinivasan |
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Designation : |
Whole Time Director |
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Address : |
No. 3, |
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Date of Birth/Age : |
16.01.1982 |
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Date of Appointment : |
21.05.2004 |
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DIN No. : |
02908286 |
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|
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Name : |
Mrs. Narmada |
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Designation : |
Director |
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Address : |
No. 8, Krishna Kutir, SBH Colony, |
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Date of Appointment : |
21.05.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2009)
|
Names of Shareholders |
|
No. of Shares |
|
Bhaskar Raja |
|
148525 |
|
P Madhusudan Reddy |
|
10000 |
|
|
|
30000 |
|
Narmada |
|
51115 |
|
Pradeep Vengala Srinivasanq |
|
45400 |
|
Srinivasan B |
|
304960 |
|
Total |
|
590000 |
(As on 30.09.2009)
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Design, Manufacturer, Supplier, Exporter and Service Provider of
Electrical Panels, Power Distribution Boards, |
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Exports : |
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Products : |
Electrical Panels |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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|
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|
No. of Employees : |
40 Approximately |
|
|
|
|
Bankers : |
·
Allahabad Bank E-4, ·
IDBI Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Chartered Accountant |
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Address : |
50 (Old No. 29), |
CAPITAL STRUCTURE
(As on 30.09.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
590000 |
Equity Shares |
Rs.10/- each |
Rs.5.900
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.900 |
5.550 |
5.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.883 |
11.106 |
8.418 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18.783 |
16.656 |
13.968 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.332 |
12.761 |
7.123 |
|
|
2] Unsecured Loans |
15.180 |
21.382 |
5.500 |
|
|
TOTAL BORROWING |
30.512 |
34.143 |
12.623 |
|
|
DEFERRED TAX LIABILITIES |
0.220 |
0.266 |
0.102 |
|
|
|
|
|
|
|
|
TOTAL |
49.515 |
51.065 |
26.693 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
26.152 |
28.893 |
16.190 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.551
|
11.994 |
9.092 |
|
|
Sundry Debtors |
12.128
|
20.191 |
0.211 |
|
|
Cash & Bank Balances |
1.878
|
0.988 |
0.223 |
|
|
Deposits |
0.296
|
0.326 |
0.199 |
|
|
Other Current Assets |
1.907
|
3.601 |
2.114 |
|
|
Loans & Advances |
3.562
|
0.870 |
2.647 |
|
Total
Current Assets |
36.322
|
37.970 |
14.486 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.201
|
16.689 |
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.116
|
0.176 |
0.000 |
|
Total
Current Liabilities |
26.317
|
16.865 |
5.405 |
|
|
Net Current Assets |
10.005
|
21.105 |
9.081 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
|
|
|
|
Deferred Revenue Expenditure |
12.647 |
0.000 |
|
|
|
Preliminary and Preoperative Expenditure |
0.711 |
1.067 |
|
|
|
TOTAL |
49.515 |
51.065 |
26.693 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
43.074 |
71.773 |
14.736 |
|
|
|
Other Income |
0.714 |
3.935 |
1.023 |
|
|
|
TOTAL (A) |
43.788 |
75.708 |
15.759 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
26.641 |
49.124 |
9.022 |
|
|
|
Administrative and Selling Expenses |
11.471 |
17.047 |
3.363 |
|
|
|
Director Remuneration |
0.600 |
1.817 |
0.588 |
|
|
|
Preliminary Expenses Written Off |
0.356 |
0.356 |
0.356 |
|
|
|
TOTAL (B) |
39.068 |
68.344 |
13.329 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.720 |
7.364 |
2.430 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES (D) |
2.048 |
1.711 |
0.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.672 |
5.653 |
1.673 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.657 |
1.854 |
1.127 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.015 |
3.799 |
0.546 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.046) |
1.110 |
0.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.061 |
2.689 |
0.331 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.021 |
0.332 |
0.001 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.082 |
3.021 |
0.332 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
14.736 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.10 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.14
|
3.55 |
2.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.03
|
5.29 |
3.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.02
|
5.68 |
1.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.23 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.03
|
3.06 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
2.25 |
2.68 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from No.AC-140,
Shanthi Colony, Anna Nagar, Chennai -600 040, Tamilnadu, India to the present
address w.e.f. 26.11.2010.
FORM 8
|
Corporate identity number of the company |
U14219TN2004PTC053301 |
|
Name of the company |
HAROLD INDUSTRIES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No.AC-140, Shanthi Colony, Anna Nagar, Chennai -600 040, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
IDBI Bank Limited |
|
Nature of instrument creating charge |
Composite Deed of Hypothecation Loan / Facility Agreement |
|
Date of instrument Creating the charge |
14.05.2009 |
|
Amount secured by the charge |
Rs.30.900 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Term loan Rs.5.000 millions; term loan Rs.8.400 millions @ BPLR (presently at 13.00%) Cash credit Rs.17.500 millions @BPLR Running packing credit Rs.6.000 millions @BPLR-250 bps Foreign bills Rs.6.000 millions @BPLR-250 bps Inland bills discounting Rs.5.000 millions @ min of ftp +100 bps Terms of Repayment Term loan Rs.5.000 millions = repayable by 72 months in 66 monthly
installments of Rs.0.060 million for 18 months; Rs.0.080 million for 36
months; Rs. 0.085 million for 8 months and Rs.0.090 million for 4 months Term loan Rs.8.400 millions = repayable by 45 months Rs.0.250 million
for 19 months; Rs.0.140 million for 25 months; Rs.0.150 million for one month Cash credit = on demand Running packing credit = on demand Foreign bills = on demand Inland bills discounted = on demand Margin Term loan Rs.5.000 millions = 31.50% margin Term loan Rs.8.400 millions = existing loan takeover hence no margin
stipulation Cash credit and running packing credit = 25% margin Foreign bills = 25% margin Inland bills discounting = 10% margin Extent and Operation of the charge First charge on the entire fixed assets of the company including
equitable mortgage of factory land measuring 5 acres at Gudapakkam Village,
Poonamalee Taluk, Thiruvallur Dist, South Chennai registration district and
equityable mortgage of 0.50 acre of factory land at bollaram jinnaram mandal
medak distrcit, andhra pradadesh First charge on current assets comprising stocks, book debts, other
current assets etc. Both present and future Others Personal guarantee of Mr. B Srinivasan, Mr. PNK Reddy, Mr. VS Pradeep,
Mr. Madhusudan Reddy and Mrs.P Krishna Reddy |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
First charge on the entire fixed assets of the company including equitable
mortgage of factory land measuring 5 acres at survey nos. 241/1a2, 241/1a3,
241/1b2 of gudapakkam Village, Poonamalee Taluk, Thiruvallur Dist, South
Chennai registration district and of
0.50 acre of factory land at survey no. 296/7/4 ida bollaram jinnaram mandal
medak distrcit, andhra pradadesh;first charge on current assets comprising
stocks, book debts, other current assets etc. Both present and future |
FIXED ASSETS
·
Building Account
·
Land
·
Land at
·
Machinery
·
Tools and Equipments
·
Computer
·
Cycle
·
Electrical Fittings
·
Electrical Panel
·
Furniture and Fittings
·
Lab Equipment
·
·
Scaffolding Wood
·
Tata Sky satellite
·
Software
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] 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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.