MIRA INFORM REPORT

 

 

Report Date :

20.03.2013

 

IDENTIFICATION DETAILS

 

Name :

HARNESS TECHNIQUES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

303, Akshar Industrial Estate, Ashirwad Building No.4, Ram Mandir Road, Goregaon (West), Mumbai – 400 104, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

29.03.1993

 

 

Com. Reg. No.:

11-071351

 

 

Capital Investment / Paid-up Capital :

Rs.0.855 million

 

 

CIN No.:

[Company Identification No.]

U31300MH1993PTC071351

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMH07639C

 

 

PAN No.:

[Permanent Account No.]

AAACH6226N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Electrical Wiring Harness, DMD Cables, Wires/ Cables and Accessories.

 

 

No. of Employees :

50 (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 146000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company 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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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

 

Name :

Mr. Lalit Murarilal Mahboobani

Designation :

Managing Director

Contact No.:

91-9890012348

Date :

28.02.2013

 

 

LOCATIONS

 

Registered Office :

303, Akshar Industrial Estate, Ashirwad Building No.4, Ram Mandir Road, Goregaon (West), Mumbai – 400 104, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9890012348 (Mr. Lalit Mahboobani)

Fax No.:

Not Available

E-Mail :

caa@terminaltechnology.com

lalit@harnesstechniques.com

Website :

http://www.harnesstechniques.com

 

 

Factory :

Gala No.207, Building No.7, Merchant Industrial Estate, Valiv Road, Vasai (East), Vasai – 401 208, Maharashtra, India

Tel. No.:

91-250-6456218/ 9/ 30, 3299739

Fax No.:

91-250-2453937

Area :

15000 sq ft

Location :

Owned

 

 

DIRECTORS

 

As on 29.09.2012

 

Name :

Mr. Anto Chirayath Anthony

Designation :

Managing Director

Address :

602, Farry Apartments, Marve Road, Malad (West), Mumbai ‐ 400 064, Maharashtra, India

Date of Birth/Age :

22.05.1966

Date of Appointment :

29.03.1993

DIN No.:

00890215

 

 

Name :

Mr. Lalit Murarilal Mahboobani

Designation :

Managing Director

Address :

C 904, 9th Floor, Suman Apartment, Orlem Tank Road, Malad (West), Mumbai ‐ 400 064, Maharashtra, India

Date of Birth/Age :

22.09.1967

Date of Appointment :

29.03.1993

DIN No.:

01783025

 

 

Name :

Mr. Sanjay Vanraj Negandhi

Designation :

Director

Address :

A‐19, Sai‐Milap, Saibaba Complex, Ciba Giegy Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

09.03.1966

Date of Appointment :

29.03.1993

DIN No.:

00890393

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2012

 

Names of Shareholders

 

No. of Shares

 

Anto Chirayath Anthony

 

2850

Sanjay Vanraj Negandhi

 

2820

Lalit Murarilal Mahboobani

 

2852

Hanumanta Bodgire

 

10

Milind Jamadgani

 

10

Shripad Bhosale

 

10

Total

 

8552

 

As on 29.09.2012

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Electrical Wiring Harness, DMD Cables, Wires/ Cables and Accessories.

 

 

Products :
  • Insulated Wire Assembly
  • Wiring Harness
  • DMD/DMMD/DMMDD Cables
  • DMD Lead Wires for Hermetic Motors
  • Diode Assemblies for Auto Electrical Applications
  • Instrument Panel Board Assemblies

 

 

Exports :

 

Products :
  • Wiring Harness
  • DMD/DMMD/DMMDD Cables
  • DMD Lead Wires for Hermetic Motors
  • Diode Assemblies for Auto Electrical Applications
  • Instrument Panel Board Assemblies

Countries :
  • China
  • USA

 

 

Imports :

 

Products :
  • Raw Materials

Countries :
  • USA

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Suppliers :
  • Adilec Systems
  • Brisk Electro Sales Private Limited
  • Doshi Bros
  • Chetna Engineering Co.
  • Good Luck Enterprises
  • Patel and Company
  • Professional Courier
  • Sai Medical and General Store
  • Sheth Industries
  • Shree Balaji Cross Trade
  • Four Front Management Solutions Private Limited
  • Terminal Technologies (India) Private Limited
  • Western Refrigeration Private Limited

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :
  • Oriental Bank of Commerce, Malad (West) Branch, Link Road, Ground Floor, Vikas Chambers, Malad (West), Mumbai – 400 064, Maharashtra, India
  • HDFC Bank Limited
  • State Bank of India

 

 

Facilities :

Cash Credit – Rs.5.000 millions

 

Secured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

From Banks

 

 

Term Loan

[Loan from Oriental Bank of Commerce, Malad (West) against hypothecation of Motor Car (Alto)]

0.097

0.190

SHORT TERM BORROWINGS

 

 

From Bank

 

 

Term Loan

[Loan from Oriental Bank of Commerce, Malad (West) against security of Fixed Deposit with the Bank]

Maturing within 12 months

0.782

1.537

Cash Credit from Oriental Bank of Commerce, Malad (West)

(Against hypothecation of inventories book debts with collateral security of factory premises)

3.726

4.240

Total

4.605

5.967

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.S. Sheth and Associates

Chartered Accountants

Address :

B-101, Nehru Nagar, Madhukunj CHS Limited, Dairy Road, Nehru Nagar, Kurla (East), Mumbai – 400 024, Maharashtra, India

Tel. No.:

91-22-252705020/ 252605078

Income-tax PAN of auditor or auditor's firm :

AAOPS2537G

 

 

Associates/Subsidiaries :

Terminal Technologies (India) Private Limited, Mumbai

 

 

CAPITAL STRUCTURE

 

As on 29.09.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

25000

Equity Shares

Rs.100/- each

Rs.2.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

8552

Equity Shares

Rs.100/- each

Rs.0.855 million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2012

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.855

0.855

0.855

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

35.572

31.318

27.963

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

36.427

32.173

28.818

LOAN FUNDS

 

 

 

1] Secured Loans

4.605

5.967

4.620

2] Unsecured Loans

0.075

0.167

0.273

TOTAL BORROWING

4.680

6.134

4.893

DEFERRED TAX LIABILITIES

0.089

0.110

0.161

 

 

 

 

TOTAL

41.196

38.417

33.872

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

10.584

10.969

11.918

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13.188

15.427

11.637

 

Sundry Debtors
31.647

18.383

28.174

 

Cash & Bank Balances
3.449

5.313

0.126

 

Other Current Assets
0.136

0.135

0.000

 

Loans & Advances
4.124

3.376

7.030

Total Current Assets
52.544

42.634

46.967

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
16.573

11.448

21.868

 

Other Current Liabilities
3.005

2.187

0.000

 

Provisions
2.354

1.551

3.145

Total Current Liabilities
21.932

15.186

25.013

Net Current Assets
30.612

27.448

21.954

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

41.196

38.417

33.872

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

105.028

74.707

76.681

 

 

Other Income

 

 

 

 

 

TOTAL                                    

105.028

74.707

76.681

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

NA

69.852

67.469

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

69.852

67.469

 

 

 

 

 

 

PROFIT BEFORE TAX

NA

4.855

9.212

 

 

 

 

 

Less

TAX                                                     

NA

1.500

2.901

 

 

 

 

 

 

PROFIT AFTER TAX

4.552

3.355

6.311

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports

0.163

0.000

0.000

 

TOTAL EARNINGS

0.163

0.000

0.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

4.881

0.000

NA

 

 

Capital Goods

0.233

0.000

NA

 

TOTAL IMPORTS

5.114

0.000

NA

 

 

 

 

 

 

Earnings Per Share (Rs.)

532.27

392.32

737.93

 

Expected Sales (2012-2013): Rs.120.000 millions

 

The above information has been parted by Mr. Lalit Murarilal Mahboobani (Managing Director).

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
4.33

4.49

8.23

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

9.06

15.64

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

0.15

0.32

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.13

0.19

0.17

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.40

2.81

1.88

 

 

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) Constitutions 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

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

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

Yes

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

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Unsecured Loans

31.03.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

SHORT TERM BORROWINGS

 

 

From Director’s Relatives

 

 

Mrs. Lilavati Mehaboobbani

0.000

0.092

From Member’s Relatives

 

 

Kiran

(Unsecured loans are repayable on demand)

0.075

0.075

Total

0.075

0.167

 

Note:

The registered office of the company has been shifted from A-10, Sai Chandrasaibaba Complex, Goregaon (East), Mumbai – 400 063, Maharashtra to the present address w.e.f. 23.04.2011.

 

FINANCIAL DETAILS

 

The company has made Sales and Other Income of Rs.105.028 millions and incurred a Net Profit after Tax of Rs.4.552 millions during the year ended 31st March 2012.

 

FIXED ASSETS:

 

·         Air Conditioner

·         Computer

·         Factory Premises

·         Furniture and Fixtures

·         Jigs and Dies

·         Motor Car

·         Motor Cycle

·         Transport Vehicle

·         Office Equipments

·         Plant and Machinery


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 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.54.26

UK Pound

1

Rs.81.94

Euro

1

Rs.70.21

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

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

YES

--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

-

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.