MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	HAMILTON HOUSEWARES PRIVATE LIMITED
Registered Office :	Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa – 396 230, Dadra Nagar Haveli
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.06.2000
Com. Reg. No.:	54-000180
Capital Investment / Paid-up Capital :	Rs.113.600 Millions
CIN No.: [Company Identification No.]	U26101DN2000PTC000180
TAN No.: [Tax Deduction & Collection Account No.]	SRTH00992F
PAN No.: [Permanent Account No.]	AABCD1683Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of House Ware Plastic Products and House Ware Products.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest financials are not made available to us. (i.e. 2012) As per previous of 2011 the company seems to be performing well. Ms. Nishita Gandha, from accounts department has provided us with the general details and denied to disclose any financial information. However, trade relations are fair. Business is active. Payments are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Our rating has taken into consideration the external rating given by “CRISIL”.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A+ (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	November 22, 2012

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 22, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Nishita Gandha
Designation :	Accounts Department
Contact No.:	91-22-22624444
Date :	07.06.2013

LOCATIONS

Registered Office :	Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa – 396 230, Dadra Nagar Haveli, India
Tel. No.:	91-260-2669346/ 2669347
Fax No.:	91-260-2669347
E-Mail :	ajayr@hamiltonindia.in dipankar.rai@hamiltonindia.in cpm@hamiltonindia.in
Website :	http://www.hamiltonindia.in
Location :	Owned
Head Office 1 :	Kaiser-I-Hind Building, 3^rd Floor, Currimbhoy Road, Ballard Estate, Mumbai - 400 001, Maharashtra, India
Tel. No.:	91-22-22624444/ 22611162
Fax No.:	91-22-22679568/ 22616428
E-Mail :	info@hamiltonindia.in info@milton.co.in
Head Office 2 :	Asian Building, 4^th Floor, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-61294100
Fax No.:	91-22-22620967
Factory :	Survey No. 288/1, Near Dadra Aram, Panchayat, Dadra Demni Road, Silvassa-396230, Dadra and Nagar Haveli, India
Tel. No.:	91-260-2669946
Fax No.:	91-260-2669332
North Centre : Delhi	7J, Gopala Tower, 25, Rajendra Place, Delhi - 110 008, India
Tel. No.:	91-11-25862922/ 23
E-Mail :	anum@hamiltonindia.in
East Centre: Kolkata	4, Chowringhee Lane, Block IV, Unit - 8 B, 8^th Floor, Diamond Chamber, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-22521852/ 53
E-Mail :	kolkata@hamiltonindia.in
South Centre: Hyderabad	Swamy Sons (Agency) Private Limited, Plot No. B-3. Uppal Industries Area, Uppal, Hyderabad – 500 039, Andhra Pradesh, India
Tel. No.:	91-40-23449365/ 27033038/ 8476
E-Mail :	info@hamiltonindia.in

DIRECTORS

As on 28.09.2012

Name :	Mr. Ajay Dinesh Vaghani
Designation :	Managing Director
Address :	203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, Maharashtra, India
Date of Birth/Age :	08.08.1966
Date of Appointment :	26.06.2000
DIN No.:	00186764
Name :	Ms. Manisha Ajay Vaghani
Designation :	Director
Address :	203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, Maharashtra, India
Date of Birth/Age :	19.04.1967
Date of Appointment :	26.06.2000
DIN No.:	00202603
Name :	Mr. Walter Teotonia Vieira
Designation :	Director
Address :	541, Prisca Villa, 11^th Road, Chembur, Mumbai - 400 071, Maharashtra, India
Date of Birth/Age :	12.12.1938
Date of Appointment :	13.06.2005
Name :	Ms. Jyoti Dinesh Vaghani
Designation :	Director
Address :	203, Panorama, Third Floor, Walkeshwar, Mumbai - 400 006, Maharashtra, India
Date of Birth/Age :	06.06.1947
Date of Appointment :	01.10.2006
DIN No.:	02179495

KEY EXECUTIVES

Name :	Ms. Nishita Gandha
Designation :	Accounts Department
Name :	Mr. Dipankar Rai
Designation :	Secretary
Address :	E-16, Ashirwad Majas Madhu Co-Operative Housing Society, Poonam Nagar, Off Mahakali Caves Road, Andheri (East), Mumbai - 400 093, Maharashtra, India
Date of Birth/Age :	02.01.1973
Date of Appointment :	12.12.2011
PAN No.:	AFNPR7894H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Ajay Dinesh Vaghani	3428032
Ajay D Vaghani (HUF)	2118500
Hamilton Consultants Private Limited, India	3422916
Indira B. Vaghani	208300
Jyoti D. Vaghani	208300
Manisha A. Vaghani	1375500
Mahendra Ghelani	2
Rasik Thakkar	198450
Stead Fast Holdings Private Limited, India	40000
United International General Trading FZE, UAE	360000
Total	11360000

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	4.92
Bodies corporate	30.48
Directors or relatives of directors	64.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of House Ware Plastic Products and House Ware Products.

Products :

Products Description	Item Code No.
Vacuum Refills	70120000
Houseware Products	39241010

· Water Bottles (Insulated)

· Water Jugs

· Water Filters

· Ice Packs and Ice Pails

· Casseroles

· Tiffins

· Vacuum Flasks

· Household products

· Water Bottles (Non Insulated)

· Softline Products

· Thermosteel

· Melamine Products

· Tea Sets and Carafes

· Bake n Serve

· Party Perfect Ceramic Wares

· Tumblers

· Bowls and Pudding Sets

· Snack Sets and Dinner Sets

· Lemon Sets

· Storage Jars

· Gift Sets

· Decorative

· Opalware, etc.

Imports :

Products :

Glass Ware Products

Countries :

· Italy

· China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Vacuum Refills	Pcs.	NA	NA	334368
Thermoware/ Household	Tonnes	NA	NA	5065

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

600 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House Senapti Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· State Bank of India

Facilities :

Secured Loans	Rs. In Millions As on 31.03.2011	Rs. In Millions As on 31.03.2010
Rupee Term Loans Banks Secured	266.464	147.460
Working Capital Loans Banks Secured	451.404	259.396
Loans Taken for Vehicles Secured	2.938	0.075
Total	720.806	406.931
NOTE: · Term Loans and Working Capital Loans are secured by hypothecation of Stocks and Books Debts and further collaterally secured by way of equitable mortgage of all immovable properties of the company and personal guarantees of two directors. · Term Loans and Working Capital Loans are secured by hypothecation of Stocks and Books Debts and further collaterally secured by way of equitable mortgage of all immovable properties of the company and personal guarantees of two directors. · Vehicle loans are secured by hypothecation of respective vehicles

Banking Relations :

--

Financial Institution :

SBICAP Trustee Company Limited, 202, Maker Tower, ‘E’ Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India

Auditors :

Name :

Mehta Chokshi and Shah

Chartered Accountants

Address :

A-101, Aadeshwar, S. V. P. Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Tel No.:

91-22-28930501

Fax No.:

91-22-28930503

Email :

camcs@vsnl.com

PAN No.:

AAAFM5817F

Subsidiary Company :

Name:	Hamilton Writing Instruments Private Limited
CIN No.:	U74130MH2005PTC157829
Address :	Plot No.49/ 50, Danudyog Industrial Estate, Amli, Piparia, Silvassa – 396 230, Dadra Nagar Haveli, India
Line of Business:	Manufacturer of House Ware Products.

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11360000	Equity Shares	Rs.10/- each	Rs.113.600 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		113.600	113.600	113.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		726.712	538.999	408.393
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		840.312	652.599	521.993
LOAN FUNDS
1] Secured Loans		720.806	406.931	146.380
2] Unsecured Loans		202.941	114.853	100.692
TOTAL BORROWING		923.747	521.784	247.072
DEFERRED TAX LIABILITIES		23.928	15.328	18.496
TOTAL		1787.987	1189.711	787.561
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		784.477	562.092	319.980
Capital work-in-progress		32.734	37.882	73.020
INVESTMENT		93.704	93.704	23.504
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	694.899	293.639	299.864
	Sundry Debtors	622.805	429.204	408.089
	Cash & Bank Balances	42.402	117.941	37.914
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.837	118.434	72.704
Total Current Assets		1485.943	959.218	818.571
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	473.805	330.034	384.800
	Other Current Liabilities	113.941	117.003	63.885
	Provisions	21.125	16.558	13.290
Total Current Liabilities		608.871	463.595	461.975
Net Current Assets		877.072	495.623	356.596
MISCELLANEOUS EXPENSES		0.000	0.410	14.461
TOTAL		1787.987	1189.711	787.561

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3116.500	2313.000	2145.700
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		427.600	267.700	207.600
Less	FINANCIAL EXPENSES (D)		91.100	58.700	47.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		336.500	209.000	160.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		64.600	38.900	23.900
	PROFIT BEFORE TAX (E-F) (G)		271.900	170.100	136.400
Less	TAX (H)		62.200	25.900	15.700
	PROFIT AFTER TAX (G-H) (I)		208.800	144.200	120.700
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	271.057	328.320	277.717
	TOTAL EARNINGS		271.057	328.320	277.717
	IMPORTS
		Raw Materials/ Trading Goods	864.815	415.247	NA
		Capital Goods	64.744	40.386	NA
	TOTAL IMPORTS		929.559	455.633	NA
	Earnings Per Share (Rs.)		18.38	12.69	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	8.72	7.35	6.36
Return on Total Assets (PBT/Total Assets}	(%)	11.98	11.18	11.98
Return on Investment (ROI) (PBT/Networth)		0.32	0.26	0.26
Debt Equity Ratio (Total Debt/Networth)		1.10	0.80	0.47
Current Ratio (Current Asset/Current Liability)		2.44	2.07	1.77

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry creditors
Creditors due small micro enterprises	0.000	0.000
Creditors due others	473.805	330.034
Total	473.805	330.034	384.800

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

(Rs. In Millions)

Particular	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	15.630	8.681
Other debt unsecured	187.311	106.172
Total	202.941	114.853

NOTE

The registered office of the company has been shifted from Survey No.288/1, Near Dadra Grampanchayat, Dadra Demini Road, Dadra (U.T. of Dadra and Nagar Haveli) Dadar Nagar Haveli – 396 230 to the present address w.e.f. 16.04.2009.

FINANACIAL RESULTS

The Company reported a good performance with revenues increased by 35% as compared with that of the 8% in previous year. During the financial year 2010-11, the Company earned a net profit after tax of Rs.208.800 Millions as compared to the net profit after tax of Rs.144.200 Millions during the previous year 2009-10.

REVIEW OF OPERATIONS

During the year, the Company has expanded its installed capacity to cater aggressively in domestic as well as export market. The newly introduced product line of Melaminewares at Haridwar Unit II has helped them to grow the turnover in domestic market. The company has also made extensive investments in improving production and warehousing facilities in Sayali.

FUTURE PROSPECTS

The Company remains optimistic about its future performance and it is expected that the revenues will show further growth during the current financial year. Now the Haridwar Unit II and Sayali manufacturing unit has set up, thus revenue will be increased considerably in the years to come. The Company recently has also acquired a Company called Adroit Business Solutions Private Limited in order to set up another manufacturing facility at Haridwar. The Company has also planned to acquire a land at Sili, Silvassa to strengthen its warehousing facility.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Letters of Credit	--	--
Counter Guarantees issued to Banks for LCs and Bank Guarantees	266.815	162.461
Corporate Guarantees to Bank/ Customs Dept. for a subsidiary.	184.161	122.561
Disputed Income Tax Demand to the extent unpaid	23.270	32.339
Capital Commitments (Net of Advances)	11.529	50.058

FIXED ASSETS

· Land

· Factory Building

· Warehouse Building

· Plant and Machinery

· Factory Equipments

· Electrical Installations

· Dies and Moulds

· Material Handling Equipment

· Computers

· Office Equipments

· Furniture and Fixtures

· Air Conditioners

· Vehicles

· Computer Software’s

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.52

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

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	7
--PROFITABILIRY	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.