MIRA
INFORM REPORT
|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HI-LINE PENS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
229, Okhala Industrial Estate, Phase 3, New Delhi-110 020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.02.1996 |
|
|
|
|
Com. Reg. No.: |
55-076070 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U3699DL1996PTC076070 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03764F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Parker Pens. |
|
|
|
|
No. of Employees
: |
No Available |
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 270000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Luxor Writing Instruments Private Limited”.
It is an established company having a satisfactory track record. Eventhough the sales turnover of the company has increased, there
appears slight dip in the net profitability. There are no external borrowings
recorded during 2012. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of reputed holding company, the subject can be considered for
normal 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
229, Okhala Industrial Estate, Phase 3, New Delhi -110020, India |
|
Tel. No.: |
91-11-43117330/11 |
|
Fax No.: |
91-11-26847602 |
|
E-Mail : |
|
|
|
|
|
Factory : |
5, Okhala Industrial Estate, Phase 3, New Delhi - 110020, India |
|
Tel. No.: |
91-11-26846106 |
|
Fax No.: |
91-11-26821214 |
DIRECTORS
As on 31.08.2012
|
Name : |
Mr. Davinder Kumar Jain |
|
Designation : |
Director |
|
Address : |
D-19, Nizamuddin East, New Delhi – 110013, Delhi, India |
|
Date of Birth/Age : |
19.02.1943 |
|
Date of Appointment : |
15.11.2009 |
|
DIN No.: |
00055350 |
|
|
|
|
Name : |
Mrs. Pooja Jain |
|
Designation : |
Director |
|
Address : |
D-19, Nizamuddin East, New Delhi – 110013, Delhi, India |
|
Date of Birth/Age : |
12.10.1974 |
|
Date of Appointment : |
15.11.2009 |
|
DIN No.: |
00055375 |
|
|
|
|
Name : |
Mr. Vijay Kumar Jain |
|
Designation : |
Director |
|
Address : |
B-167, Sarita Vihar, |
|
Date of Birth/Age : |
05.06.1936 |
|
Date of Appointment : |
20.07.1999 |
|
DIN No.: |
00055376 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Luxor Writing Instruments Private Limited, India |
|
499999 |
|
Luxor Writing Instruments Private Limited, Davinder Kumar Jain Nominee
|
|
1 |
|
TOTAL |
|
500000 |
As on 31.08.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
24.00 |
|
Directors or relatives of Directors |
76.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Parker Pens. |
||||||||||||
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|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Writing Instruments |
Nos. |
10970415 |
|
Ink Cartridge and Bottles |
Nos. |
843890 |
*It includes quantities of refills consumed in
house and sold separately as writing instruments
**As certified by the management
GENERAL INFORMATION
|
Suppliers : |
·
B. R. Product Private Limited ·
Capil and Sachin Alloys ·
H.A.S. Plastic Private Limited ·
Konar Engineering Services ·
Plastotech ·
R. S. Electronics Limited ·
Ranul-Ion Tech Limited ·
Sundram Dynacast Private Limited ·
Wrapvel Packagers |
|
|
|
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Kotak Mahindra Bank Limited, 15-16, UFG, Ambadeep Building,
14 K g Marg, Connaught Place, New Delhi-110001, Delhi, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Karla and Associates Chartered Accountants |
|
Address : |
24, Manak Vihar, I.P. Extension, New Delhi-110 092, |
|
Tel. No.: |
91-11-22151632 |
|
Fax No.: |
91-11-22142850 |
|
E-Mail : |
|
|
PAN No. : |
AATPK1847J |
|
|
|
|
Holding Company : |
Luxor Writing Instruments Private Limited |
|
|
|
|
Vendors / other
associates where key Managerial Personnel have significant interest |
Luxor Foundation |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000
Millions |
|
|
|
|
|
a. Reconciliation of
equity shares Outstanding:
|
Particular |
No. of Shares |
Rs. in Millions |
|
Opening Balance |
500000 |
5.000 |
|
Addition |
- |
- |
|
Closing Balance |
500000 |
5.000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5.000 |
5.000 |
|
(b) Reserves & Surplus |
|
63.378 |
59.753 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
47.100 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
3.582 |
3.048 |
|
(c) Other long term liabilities |
|
0.000 |
93.755 |
|
(d) long-term provisions |
|
1.316 |
0.975 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
60.925 |
52.579 |
|
(c) Other current liabilities |
|
13.632 |
17.630 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
TOTAL |
|
147.833 |
279.840 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
38.564 |
113.363 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
0.000 |
77.639 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2.013 |
4.968 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
65.467 |
58.104 |
|
(c) Trade receivables |
|
25.939 |
6.987 |
|
(d) Cash and cash equivalents |
|
1.321 |
0.902 |
|
(e) Short-term loans and advances |
|
14.529 |
17.877 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
147.833 |
279.840 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
5.000 |
|
|
2] Share Application Money |
|
|
55.000 |
|
|
3] Reserves & Surplus |
|
|
54.980 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
114.980 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.035 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.035 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.822 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
117.837 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
19.098 |
|
|
Capital work-in-progress |
|
|
63.633 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
56.458
|
|
|
Sundry Debtors |
|
|
16.155
|
|
|
Cash & Bank Balances |
|
|
1.455
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
14.198
|
|
Total
Current Assets |
|
|
88.266 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
36.624 |
|
|
Other Current Liabilities |
|
|
4.270
|
|
|
Provisions |
|
|
12.266
|
|
Total
Current Liabilities |
|
|
53.160 |
|
|
Net Current Assets |
|
|
35.106
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
117.837 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
358.712 |
275.299 |
241.318 |
|
|
|
Other Income |
1.124 |
4.383 |
3.425 |
|
|
|
TOTAL (A) |
359.836 |
279.682 |
244.743 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
258.091 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
2.644 |
3.780 |
232.181 |
|
|
|
Employee benefits expense |
41.544 |
37.127 |
|
|
|
|
Other Expenses |
46.902 |
33.842 |
|
|
|
|
TOTAL (B) |
349.181 |
267.546 |
232.181 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.655 |
12.136 |
12.562 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.503 |
2.158 |
0.223 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.152 |
9.978 |
12.339 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.768 |
2.869 |
3.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5.384 |
7.109 |
9.233 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.758 |
2.337 |
3.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.626 |
4.772 |
5.983 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.752 |
54.980 |
48.997 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
63.378 |
59.752 |
54.980 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
94.605 |
82.373 |
64.470 |
|
|
|
Stores & Spares |
0.437 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
95.042 |
82.373 |
64.470 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.25 |
9.55 |
11.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.01
|
1.71 |
2.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.50
|
2.58 |
3.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.64
|
3.52 |
8.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.06 |
0.08
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.19 |
1.66
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONS
The operations of the Company during the period have resulted in a turnover of Rs.359.836 Millions and a net profit before tax of Rs. 5.384 Millions during the year as compared to previous year’s turnover of Rs.279.682 Millions and net profit before tax of Rs.7.109 Millions.
During the year the company commenced the implementation of a new project for setting up a factory for manufacture of writing instruments at NOIDA in Uttar Pradesh.
FIXED ASSETS
- Plant and Machinery
- Moulds
- Motor Vehicles
- Furniture and Fixtures
- Electric Installation
- EDP Equipments
- Office Equipments
- Lease Hold Improvements
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 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 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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
NO |
|
--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 |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.