MIRA
INFORM REPORT
|
Report Date : |
09.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN PENCILS PRIVATE LIMITED (w.e.f.03.10.2007) |
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Formerly Known
As : |
HINDUSTAN PENCILS LIMITED |
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Registered
Office : |
111/112 Himalaya House, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.03.1955 |
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Com. Reg. No.: |
11-009500 |
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Capital
Investment / Paid-up Capital : |
Rs. 29.837 Millions |
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CIN No.: [Company Identification
No.] |
U36991MH1955PTC009500 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Primary School Stationery. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct 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.
INFORMATION DECLINED BY
MANAGEMENT NON CO-OPERATIVE.
LOCATIONS
|
Registered Office : |
111/112 Himalaya House, |
|
Tel. No.: |
91-22-22614505 / 06 / 07 |
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Fax No.: |
91-22-22626444 / 226145808 |
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E-Mail : |
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Website : |
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Area
: |
8500 sq. ft. |
|
Location
: |
Owned |
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Administrative Office : |
510, Himalaya House, |
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Tel. No.: |
91-22-22614507 |
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Fax No.: |
91-22-22614508 |
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Area
: |
3000 sq. ft. |
|
Location
: |
Owned |
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Factories : |
Located
At : ·
·
Umergaon ·
Achhad ·
Baribrahmna ·
|
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Kirti Bhaidas Sanghvi |
|
Designation : |
Managing Director |
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Address : |
21 Varsha, 69 B, |
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Date of Birth/Age : |
19.11.1948 |
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Date of Appointment : |
01.06.2007 |
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DIN No.: |
00084975 |
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Name : |
Mr. Harendra Bhaidas Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
25, Sagar Tarang, |
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Date of Birth/Age : |
06.12.1952 |
|
Date of Appointment : |
01.06.2007 |
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DIN No.: |
00505060 |
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Name : |
Ms. Bharti Koshore Sanghvi |
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Designation : |
Director |
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Address : |
17/B, Akash Ganga, B, |
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Date of Birth/Age : |
30.06.1947 |
|
Date of Appointment : |
11.03.2010 |
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DIN No.: |
00084838 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Sanghvi B. Kirti, Sanghvi K. Jayshree |
681034 |
|
Sanghvi B. Harendra and Sanghvi H. Harsha |
90135 |
|
Sanghvi H. Harsha and Sanghvi B. Harendra |
27500 |
|
Sanghvi K. Dhruman (Karta of Sanghvi B. Kishore, HUF),
Sanghvi K. Bharti |
21800 |
|
Sanghvi B. Kirti (Karta of Sanghvi B. Kirti, HUF), Sanghvi
K. Jayshree |
50400 |
|
Sanghvi B. Harendra (Karta of Sanghvi B. Harendra HUF),
Sanghvi H. Harsha |
4500 |
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Sanghvi H. Bhaumik, and Sanghvi B. Harendra |
65800 |
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Sanghvi K. Dhruman, and Sanghvi K. Bharti |
174033 |
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Sanghvi K. Bharti and Sanghvi K. Dhruman |
56700 |
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Sanghvi K. Sanchi, and Sanghvi B. Kirti |
62300 |
|
Parul-Dhruvi Investment Company Private Limited,
India |
541200 |
|
Harsha-Haren Investment Company Private Limited,
India |
605800 |
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Hiralaxmi Bhaidas Investment Company Private Limited,
India |
600000 |
|
Sanghvi B. Kishore Sanghvi B. Kirti Sanghvi B. Harendra Trustees
: Narmada Nandlal Trust |
2500 |
|
Total |
2983702 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
58.55 |
|
Directors or relatives of Directors |
41.37 |
|
Other top fifty shareholders |
0.08 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Primary School Stationery. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Pencils |
Boxes
|
1400.00 |
33.98 |
GENERAL INFORMATION
|
No. of Employees : |
100 [Approximately] |
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Bankers : |
The
Saraswat Co-operative Bank Limited ·
Madhukosh, Saraswat Bank Building, S.
V. Sonani Peth, Girgaum, Mumbai – 400004, Maharashtra, India ·
Fort Branch, Sailor Building, 373/375,
D N Road, Fort, Mumbai-400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountant |
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Address : |
714-715, Tulsiani Chambers, 212, Nirimanpoint,
Mumbai-400021, |
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Pan No.: |
AAAFC0662N |
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Subsidiaries : |
Hindustan
Pencils Lanka (Private) Limited, Sri Lanka |
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Associates : |
·
Apsara Art Materials Private Limited ·
Apsara Plastic Private Limited ·
Kirti Stationers Private Limited ·
Gandhi Pencils Proc. Private Limited ·
Sanghvi Management Services Private Limited ·
Umesh Pencils Proc. Private Limited ·
Bhaumik Colours Private Limited ·
Hardik Paints Private Limited |
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Enterprises owned or significantly influenced by
key management personnel or their relatives : |
·
Nachik Colours Private Limited ·
Patel Stationers Private Limited ·
Nataraj Wood Industries Private Limited ·
Apsara Wood Industries Private Limited ·
Sanghvi Agencies ·
Sanghvi Enterprises ·
Sanghvi Distributors ·
Laxmi Distributors ·
Jayshree Kirti Investment Company Private Limited ·
Parul Dhruvi Investment Company Private Limited ·
Harsha Haren Investment Company Private Limited ·
Hiralaxmi Investment Company Private Limited |
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|
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Enterprises owned or significantly influenced by
group of common Shareholders : |
Sanghvi Woods
Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2983702 |
Equity Shares |
Rs.10/- each |
Rs. 29.837
Millions |
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Notes:
(A)
(Capital subsidy on Plant and Machinery) (Received
from Gujarat Industrial Development Corp.)
(B)
29,83,702 Equity Shares of Rs.10/- each fully paid up
[Out of above 11,97,500 bonus shares of Rs. 10 each Issued as fully paid up by
capitalization of General Reserve.]
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 |
29.837 |
29.837 |
29.837 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
885.427 |
872.820 |
771.651 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
915.264 |
902.657 |
801.488 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
610.330 |
304.956 |
436.553 |
|
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2] Unsecured Loans |
99.301 |
82.895 |
16.539 |
|
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TOTAL BORROWING |
709.631 |
387.851 |
453.092 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
13.600 |
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|
|
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|
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TOTAL |
1624.895 |
1290.508 |
1268.180 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
677.006 |
497.906 |
524.566 |
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Capital work-in-progress |
112.699 |
117.241 |
51.988 |
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INVESTMENT |
199.241 |
185.518 |
30.518 |
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DEFERREX TAX ASSETS |
6.121 |
7.862 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
999.644
|
864.881
|
925.414
|
|
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Sundry Debtors |
147.495
|
183.037
|
257.285
|
|
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Cash & Bank Balances |
57.037
|
11.399
|
39.987
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
378.303
|
427.664
|
358.710
|
|
Total
Current Assets |
1582.479
|
1486.981 |
1581.396 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
173.662
|
160.991
|
139.784
|
|
|
Other Current Liabilities |
527.628
|
514.995
|
480.589
|
|
|
Provisions |
261.844
|
338.823
|
309.018
|
|
Total
Current Liabilities |
963.134
|
1014.809 |
929.391 |
|
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Net Current Assets |
619.345
|
472.172
|
652.005
|
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MISCELLANEOUS EXPENSES |
10.483 |
9.810 |
9.103 |
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TOTAL |
1624.895 |
1290.508 |
1268.180 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
|
|
|
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Other Income |
|
|
|
|
|
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TOTAL |
4218.860 |
4010.383 |
3602.452 |
|
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|
|
|
|
|
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Less |
EXPENSES |
|
|
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|
|
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Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
4034.975 |
3712.296 |
3164.115 |
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Advertising Expenses |
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|
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TOTAL |
4034.975 |
3712.296 |
3164.115 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
183.885 |
298.087 |
438.337 |
|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
132.420 |
134.718 |
133.238 |
|
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|
PROFIT BEFORE
TAX |
51.465 |
163.369 |
305.099 |
|
|
|
|
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|
|
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Less |
TAX |
21.711 |
55.812 |
126.423 |
|
|
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|
PROFIT AFTER TAX
|
29.754 |
107.557 |
178.676 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
575.422 |
484.571 |
327.954 |
|
|
|
|
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|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.000 |
10.760 |
17.870 |
|
|
|
Dividend |
3.580 |
3.580 |
3.580 |
|
|
|
Tax on Dividend |
0.595 |
0.595 |
0.608 |
|
|
|
Short Provision of Income Tax |
12.375 |
1.802 |
-- |
|
|
|
Excess Provision of Income Tax
|
(0.514) |
(0.031) |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
586.140 |
575.422 |
484.572 |
|
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|
|
|
|
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|
EXORT VALUE |
432.087 |
381.704 |
331.390 |
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
315.130 |
250.349 |
255.107 |
|
|
|
Finished Goods |
3.125 |
4.197 |
1.913 |
|
|
|
Stores & Spares |
8.122 |
3.671 |
3.792 |
|
|
|
Capital Goods |
150.565 |
41.264 |
69.121 |
|
|
TOTAL IMPORTS |
476.942 |
299.481 |
329.933 |
|
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|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
9.97 |
36.05 |
59.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.71
|
2.68 |
4.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
8.23 |
14.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.18 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
1.55 |
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.47 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
----- |
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14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
DETAILS
OF SUNDRY CREDITORS
(Rs in Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
|
Others |
173.662 |
160.991 |
136.670 |
|
Creditors for Capital Expenditure |
|
|
|
|
|
|
Others |
0.000 |
0.000 |
3.114 |
|
Total |
173.662 |
160.991 |
139.784 |
|
CONTINGENT LIABILITIES:-
(Rs.
In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
i) Bank Guarantee |
0.350 |
0.350 |
|
ii) Excis E
Excise Duty Demand in appeal |
0.417 |
0.417 |
|
iii) Estimated
amount of contracts remaining to be executed on capital account and not
provided for (Advance lacs 824.62 Previous year Rs.306.18 lacs) |
68.990 |
31.709 |
|
iv) Letter of
Credit outstanding |
0.000 |
12.912 |
FIXED
ASSETS
·
Land
·
Leasehold – Land
·
·
Building
·
Office Premises
·
Office Equipments
·
Plant And Machinery
·
Moulds
·
Electrical Installation
·
Factory Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computer 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] 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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.