MIRA INFORM REPORT

 

 

Report Date :

15.01.2014

 

IDENTIFICATION DETAILS

 

Name :

HINDUSTAN TIN WORKS LIMITED

 

 

Registered Office :

488, Bartan Market, Sadar Bazar, New Delhi-110006, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

11.12.1958

 

 

Com. Reg. No.:

55-003006

 

 

Capital Investment / Paid-up Capital :

Rs.103.997 Millions

 

 

CIN No.:

[Company Identification No.]

L27109DL1958PLC003006

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELH03792F

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the Manufacturing of Tin Cans and Trading of Tinplate.

 

 

No. of Employees :

403 [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3862700

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track record. There appears sharp dip in profitability of the company during the financial year 2013.

 

However, general financial position of the company seems to be sound and healthy.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade term and condition.

 

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

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

A [Working Capital Limits]

Rating Explanation

Adequate degree of safety and low credit risk.

Date

April 2013

 

 

Rating Agency Name

ICRA

Rating

A1 [LC/BG Limits]

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

April 2013

 

 

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 :

488, Bartan Market, Sadar Bazar, New Delhi – 110006, India

Tel. No.:

91-11-27773645/ 26231990/ 23679016

Fax No.:

91-11-23550405/ 27730405

E-Mail :

sbhatia@del2.vsnl.net.in

cs@hindustantin.co.in

Website :

http://www.hindustantin.com

www.hindustantin.biz

 

 

Corporate Office :

426, DLF Tower-A ,Jasola, New Delhi-110025, India

Tel. No.:

91-11-49998888

Fax No.:

91-11-49998889

Email :

info@hindustantin.co.in

 

 

Factory :

Village and Post Office, Bhigan, Dhatoori Road, Tehsil Gannaur, District Murthal, Sonepat – 131001, Haryana, India

Tel No.:

91-130-2475771/ 73

 

 

Branch Office 1 :

816, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22871612 / 22823894 / 22842223 / 24

Fax No.:

91-22-22044202

E-Mail :

htw@bom3.vsnl.net.in

htw@vishwa.com

 

 

Branch Office 2 :

KN/16 Gali No.10, Anand Parbat Industrial Area, New Delhi, India

 

 

DIRECTORS

 

AS ON 31.03.2013

 

Name :

Mr. Vijay Kumar Bhatia

Designation :

Chairman

 

 

Name :

Mr. Sanjay Bhatia

Designation :

Managing Director

 

 

Name :

Mr. Ashok Kumar Bhatia

Designation :

Whole Time Director

 

 

Name :

Mr. N.P. Sahni

Designation :

Director

 

 

Name :

Mr. B.L. Khurana

Designation :

Director

 

 

Name :

Mr. Ramesh Kumar Jain

Designation :

Director

 

 

Name :

Mr. M.K. Zutshi

Designation :

Director

 

 

Name :

Mr. Deepak Pahwa

Designation :

Director

 

 

Name :

MR. P. P. Singh

Designation :

Whole Time Director (Appointed w.e.f. 12th August 2011)

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajat Pathak

Designation :

V.P. (Finance) and Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

4082055

39.25

http://www.bseindia.com/include/images/clear.gifDirectors/Promoters & their Relatives & Friends

4082055

39.25

http://www.bseindia.com/include/images/clear.gifSub Total

4082055

39.25

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

4082055

39.25

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

1023579

9.84

http://www.bseindia.com/include/images/clear.gifSub Total

1023579

9.84

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1612623

15.51

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million  

1274671

12.26

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

1268883

12.20

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1137872

10.94

http://www.bseindia.com/include/images/clear.gifClearing Members

3567

0.03

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

42985

0.41

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

90820

0.87

http://www.bseindia.com/include/images/clear.gifForeign Corporate Bodies

1000500

9.62

http://www.bseindia.com/include/images/clear.gifSub Total

5294049

50.91

Total Public shareholding (B)

6317628

60.75

Total (A)+(B)

10399683

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

10399683

0.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the Manufacturing of Tin Cans and Trading of Tinplate.

 

 

Products :

ITEM CODE NO

 

PRODUCTS DESCRIPTION

900700

Tin Containers

8007000

Printed Sheets

 

PRODUCTION STATUS [AS ON 31.03.2011]

 

Particulars

Unit

Installed Capacity

Actual Production

Containers

Nos. in Lacs

2615

2001.96

Prinited and Lacquered Sheets

M. Tons

3700

14.969

 

NOTE:

 

·         Since License system under the New Industrial policy has been dispensed with, therefore no license capacity has been given.

 

·         Installed capacity is certified by the management and not verified by the Auditor being a technical matter.

 

 

 

GENERAL INFORMATION

 

No. of Employees :

403 [Approximately]

 

 

Bankers :

·         Punjab National Bank

·         State Bank of India

·         Standard Chartered Bank

·         Kotak Mahindra Bank

 

 

Facilities :

Secured Loan

As on 31.03.2013

[Rs. in Millions]

As on 31.03.2012

[Rs. in Millions]

Long Term Borrowings

 

 

From Banks

 

 

Standard Chartered Bank (ECB Loan In FC)

0.000

26.865

State Bank of India (80.500 Millions)

0.000

13.050

Kotak Mahindra Bank Limited (180.000 Millions)

47.698

0.000

Punjab National Bank (80.500 Millions)

0.000

15.453

Punjab National Bank (33.500 Millions)

12.482

18.481

State Bank of India (33.500 Millions)

12.500

18.500

Punjab National Bank (40.000 Millions)

21.615

28.955

Auto Loans From (HDFC\ ICICI\Axis Bank\Tata Capital \Kotak Mahindra)

1.952

4.268

From Other Parties

 

 

Life ins. Corpn. of India

6.834

6.834

 

 

 

Short Term Borrowings

 

 

Loans Repayable on Demand

From Banks

Working Capital Limits

 

 

Punjab National Bank

274.166

176.406

State Bank of India

178.085

163.414

Standard Chartered Bank

47.296

61.772

Loan Against FDR'S

 

 

Punjab National Bank

13.694

0.000

TOTAL

616.322

533.998

 

NOTES:

 

Terms and Conditions:

 

1.       The Loan from Standard Chartered Bank under (A) above is secured by specific charge on fixed assets of the company financed by bank.

 

2.       The Term Loans B to G above are secured by pari-passu first charge on gross block of Fixed Assets of the company both present and future except specific charge on fixed assets finance by Standard Chartered Bank under ECB of USD 1650000/- of A above in addition by second charge on current assets of the company.

 

3.       Auto Loan of H above are secured against hypothecation of Vehicles of the above, A to G are guaranteed by Directors namely S/ Sh. Vijay Kumar Bhatia, Ashok Kumar Bhatia, and Sanjay Bhatia.

 

A) The loan carrying interest link to the LIBOR +3.00% rate repayable in 17 quarterly instalment consist of 4 instalment each of USD 66000/- from March 2010 to Dec. 2010, 4 installment each of USD 82500/- from March 2011 to Dec. 2011, 4 installment each of USD 99000/- from March 2012 to Dec.2012 and 5 installment each of USD 132000/- from March 2013 to March 2014.

 

B) The loan carrying interest link to the bank base rate repayable in 22 quarterly instalment of Rs. 3.550 Millions from Aug. 2008 to Nov. 2013 and 1 installment of Rs. 2.400 Millions payable in Feb.2014.

 

C) The loan carrying interest link to the bank base rate repayable in 75 monthly instalment of Rs. 0.663 Millions commencing from Jan. 2014 to March 2020

 

D) The loan carrying interest link to the bank base rate repayable in 22 quarterly instalment of Rs. 2.500 Millions from Dec. 2008 to march 2009, Rs. 3.750 Millions from June 2009 to March 2013 and Rs. 3.875 Millions from June 2013 to March 2014

 

E) The loan carrying interest link to the bank base rate repayable in 18 quarterly instalment of Rs. 1.500 Millions from Dec.2010 to march 2015 and 4 installment of Rs. 1.625 Millions from June 2015 to March 2016

 

F) The loan carrying interest link to the bank base rate repayable in 21 quarterly instalment of Rs. 1.500 Millions from Dec.2010 to Dec.2015 and 1 installment of Rs. 2.000 Millions in March 2016

 

G) The loan carrying interest link to the bank base rate repayable in 18 quarterly instalment of Rs. 1.820 Millions from Dec.2011 to March 2016 and 4 installment of Rs. 1.810 Millions from June 2016 to March 2017

 

H) There are 8 Auto Loans which are repayable in verying amounts on monthly basis and the last instalment will be payable in August 2014.

 

4.       Loan from LIC is secured against Keyman policy of the company.  The above LIC loan will be repaid at the time of maturity (i.e. in Financial Year 2017-18)

 

Working Capital limits are secured by pari-passu first charge on Current Assets of the company both present and future and in addition by second charge on fixed assets of the company.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M.L. Puri and Company

Chartered Accountants

Address :

407, New Delhi House, Barakhamba Road, New Delhi-110001, India

 

 

Cost Auditors :

 

Name :

K.S. Bhatnagar and Associates

Chartered Accountants

Address :

A-12-A, DDA Flats, Munirka, New Delhi-110067, India

 

 

Joint Venture :

Rexam HTW Beverage Can (India) Limited

 

 

Other Related Parties :

·         Hi-Tech Surfactants Private Limited

·         Hi-Tech Detergents Private Limited

·         Vijay Brothers

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

12250000

Equity Shares

Rs.10/- each

Rs.122.500 Millions

250000

12% Redeemable Cumulative Preferences Shares

Rs.10/- each

Rs.2.500 Millions

 

TOTAL

 

Rs.125.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10399683

Equity Shares

Rs.10/- each

Rs.103.997 Millions

 

NOTES:

 

DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:

 

NAME OF SHAREHOLDERS

AS ON 31.03.2013

 

 

NO. OF SHARES

% OF HOLDING

Religare Finvest Limited

872931

8.39

Stemcor A. G.

1000000

9.62

Sanjay Bhatia

817099

7.86

Vijay Kumar Bhatia

769590

7.40

Ashok Kumar Bhatia

595450

5.73

United India Insurance Company Limited

522000

5.02

 

 

The company has issued only one class of shares referred to as Equity Shares having par value of Rs. 10/- each. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the company's residual assets.

 

The amount of per share dividend recognized for distributions to equity shareholders for the year ended March 31, 2013 is Rs.0.50 (Previous year: Rs. 0.70), subject to approval by shareholders in the ensuing annual general meeting.

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

103.997

103.997

103.997

(b) Reserves & Surplus

861.693

794.287

745.827

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

965.690

898.284

849.824

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

103.081

132.406

164.641

(b) Deferred tax liabilities (Net)

69.969

64.213

61.111

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

173.050

196.619

225.752

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

513.241

401.592

446.762

(b) Trade payables

337.869

417.725

530.020

(c) Other current liabilities

124.451

99.603

122.259

(d) Short-term provisions

6.448

8.832

22.806

Total Current Liabilities (4)

982.009

927.752

1121.847

 

 

 

 

TOTAL

2120.749

2022.655

2197.423

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

634.017

617.223

593.207

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

28.371

13.754

26.045

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

33.446

33.446

33.446

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d) Long-term Loan and Advances

6.584

10.115

8.217

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

702.418

674.538

660.915

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

373.716

470.699

528.364

(c) Trade receivables

782.382

578.621

699.058

(d) Cash and cash equivalents

36.996

43.034

49.391

(e) Short-term loans and advances

206.253

244.839

241.146

(f) Other current assets

18.984

10.924

18.549

Total Current Assets

1418.331

1348.117

1536.508

 

 

 

 

TOTAL

2120.749

2022.655

2197.423

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

2728.173

2466.441

2947.843

 

 

Other Income

26.784

25.559

18.578

 

 

TOTAL                                     (A)

2754.957

2492.000

2966.421

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

1425.347

1312.117

1478.785

 

 

Purchase of Stock-in-Trade

718.195

628.070

839.241

 

 

Employee benefit expense

145.115

134.596

137.147

 

 

Other expenses

187.853

176.800

183.221

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

25.725

22.112

23.603

 

 

TOTAL                                     (B)

2502.235

2273.695

2661.997

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

252.722

218.305

304.424

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

100.485

91.415

91.422

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

152.237

126.890

213.002

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

41.933

43.361

41.573

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

110.304

83.529

171.429

 

 

 

 

 

Less

TAX                                                                  (H)

36.815

26.609

58.647

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

73.489

56.920

112.782

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

416.384

373.925

289.122

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

7.500

6.000

11.000

 

 

Dividend (Including Dividend Tax)

6.083

8.461

2.418

 

 

Proposed Dividends

0.000

0.000

14.560

 

BALANCE CARRIED TO THE B/S

476.290

416.384

373.926

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

474.301

395.601

583.889

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

480.001

521.775

858.255

 

 

Stores & Spares

3.134

5.258

8.236

 

 

Capital Goods

45.791

14.211

29.905

 

TOTAL IMPORTS

528.926

541.244

896.396

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.07

5.47

10.84

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2013

30.09.2013

Type

 

1st Quarter

2nd Quarter

Net Sales

 

832.400

794.900

Total Expenditure

 

753.600

736.900

PBIDT (Excl OI)

 

78.800

58.000

Other Income

 

06.200

06.500

Operating Profit

 

85.000

64.500

Interest

 

27.900

24.600

Exceptional Items

 

0.000

0.000

PBDT

 

57.100

39.800

Depreciation

 

11.100

12.200

Profit Before Tax

 

46.000

27.600

Tax

 

15.700

10.800

Provisions and contingencies

 

0.000

0.000

Profit After Tax

 

30.300

16.900

Extraordinary Items

 

0.000

0.000

Net Profit

 

30.300

16.900

 

 

 KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
2.67

2.28

3.80

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.04

3.39

5.82

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.25

4.23

8.02

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11

0.09

0.20

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.64

0.59

0.72

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.44

1.45

1.37

 

 

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

No

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%

--

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 (if applicable)

No

21]

Market information

Yes

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

No

31]

PAN of Proprietor/Partner/Director, if available

No

32]

Date of Birth of Proprietor/Partner/Director, if available

No

33]

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

No

34]

External Agency Rating, if available

Yes

 

 

INDEX OF CHARGES:

 

S. NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10424994

26/04/2013

735,000.00

PUNJAB NATIONAL BANK

MOHAN NAGAR, GHAZIABAD, GHAZIABAD - 201007, UTTAR PRADESH, INDIA

B74892589

2

10411579

09/09/2013 *

180,000,000.00

KOTAK MAHINDRA BANK LIMITED

AMBADEEP BUILDING, 14, KASTURBA GANDHI MARG, NEW
DELHI - 110001, INDIA

B85795086

3

10271323

14/02/2011

40,000,000.00

PUNJAB NATIONAL BANK

MOHAN NAGAR, GHAZIABAD, GHAZIABAD - 201007, UTTAR PRADESH, INDIA

B07538200

4

10196871

24/12/2009

33,500,000.00

PUNJAB NATIONAL BANK

MOHAN NAGAR, GAZIABAD, GAZIABAD -
201007, UTTAR PRADESH, INDIA

A76977347

5

10145661

10/06/2010 *

81,000,000.00

STANDARD CHARTERED BANK

(ACTING AS AN AGENT OF SCB LONDON), CREDIT RISK C
ONTROL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA

A87764981

6

10145839

02/02/2011 *

446,400,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR  BHAWAN, 1, TOLSTOY MARG, NEW DELHI 110001, INDIA

B06525414

7

10132001

25/05/2011 *

165,000,000.00

STANDARD CHARTERED BANK

CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA
ROAD, NEW DELHI - 110001, INDIA

B14767396

8

10069695

25/05/2011 *

722,000,000.00

PUNJAB NATIONAL BANK

MOHAN NAGAR, GHAZIABAD, GHAZIABAD - 201007, UTTAR PRADESH, INDIA

B14659346

9

10069696

03/09/2007

80,500,000.00

PUNJAB NATIONAL BANK

MOHAN NAGAR, GHAZIABAD, GHAZIABAD - 201007, UTTAR PRADESH, INDIA

A24126526

 

* Date of charge modification

 

 

 

CASE DETAILS

 

THE HIGH COURT OF DELHI AT NEW DELHI

 

IN THE HIGH COURT OF DELHI AT NEW DELHI

 

CS(OS) 377/2004

 

HIMALAYA INTERNATIONAL Limited ……………Plaintiff

 

Through: Mr. V. Shankara, Adv.


Versus
  
HINDUSTAN TIN WORKS Limited …………………Defendant

 

Through: Mr. Rajender Agarwal, Adv.

 

CORAM:

JOINT REGISTRAR SH. DEEPAK GARG (DHJS)

 

ORDER

 

09.04.2013
  
  
PW1 Mr. Manmohan Malik is present. He is further examined. He is partly cross-examined by ld. counsel for defendant. His remaining cross- examination is deferred as no time is left. Renotify the matter for further cross-examination of PW1 on 22nd October, 2013 at 2:15PM.


DEEPAK GARG (DHJS), JOINT REGISTRAR


APRIL 09, 2013/nk

 

27

$

 

 

 

OPERATIONS:

 

The Company could achieve turnover of Rs. 2728.173 Millions as against the previous year's turnover of Rs. 2466.441 Millions i.e. an increase of Rs. 261.732 Millions (10.6%). The Company has been successful in increasing its export sales from Rs. 411.847 Millions in previous year to Rs. 486.042 Millions in current year i.e. an increase of Rs. 74.195 Millions (18%). The Company has achieved PAT of Rs. 73.489 Millions as against the previous year of Rs. 56.920 Millions i.e. an increase of Rs. 16.569 Millions (29.1%)

 

TRADE MARK AND DESIGN:

 

During the year, the Company was granted Trade Mark registration of symbol and word "CANVIRONMENT" under Trade Marks Act, 1999, by the Trade Marks Registry, Delhi. The Company was also granted Design registration of "JAR" and "CAN OVERCAP WITH DIMPLES" under the Design Act, 2000, by the controller General of Patents, Designs and Trade Marks, Kolkata.

 

JOINT VENTURE:

 

The Company entered into a joint venture Agreement (JV) on 01st August, 2006 with Rexam Beverage Can (India Holdings) Limited, U.K. a Rexam PLC, UK Group Company, the world leader in two piece Beverage Cans. The JV, under the name and style of Rexam HTW Beverage Can (India) Limited, is first of its kind in India and it would benefit from the synergies of the JV Partners especially the technical and global best practices brought in by Rexam and the established capabilities of Hindustan Tin Works Limited in the domestic market. The JV is established to manufacture, distribute and market two piece cans and this would provide a strategic advantage to the JV and its Partners. The JV Company has received very good response from the market.

 

During the financial year 2012-13, the JV had built a new high speed aluminum beverage can manufacturing line with capacity of 850 million cans p.a. and involving capital outlay of approx. Rs. 2000.000 crores at its current site in Taloja. This new line had started commercial production in Sep, 2012.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

 

The year was a challenging year. The Global economy in Financial Year 2012-13 improved slowly and did not recover to the extent anticipated in the beginning of the year. Several European economies experienced recession due to high unemployment banking fragility, fiscal tightening and sluggish growth. Among the Asian economies, china going through a political transition, experienced considerably slower growth. The Indian economy continues to face serious domestic as well as external challenges. The decline in the growth rate of GDP as also in industrial activity and investment continued. It declined from 6.2% in 2011- 12 to 5% in 2012-13. The slowest economic growth in a decade. The performance in the second half of the year lagging considerably. The slowdown was triggered in part by persistent high inflation which constrained Reserve Bank of India to contain high interest rates and also by sharp devaluation of the Indian rupee, high petroleum prices, negative balance of trade. The declaration in Industrial output and exports weakened India's economic growth significantly. However there are signs and the possibility of revival of consumption and Government spending in the current year coupled with the expectation of a normal monsoon. This augurs well for the economy in the coming year.

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Building (ADM block)

·         Building (ADM block) (Jasola)

·         Plant and Machinery

·         Electric Equipment

·         Electric Transformer

·         Office Equipment

·         Vehicles

·         Pattern and Dies

·         Forklift

·         Computers

·         Furniture and Fixture

·         Furniture and Fixture (Jasola)

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013

 

Rs. In Millions

Sr.

No.

Particular

Quarter Ended

Half Year Ended

 

 

30.09.2013

30.06.2013

30.09.2013

 

 

Unaudited

Unaudited

Unaudited

 

 

 

 

 

1.

Net Sales/Income from Operations

794.904

832.431

1627.335

 

Other Operating Income

0.000

0.000

0.000

 

Total Income From Operations (Net)

794.904

832.431

1627.335

 

 

 

 

 

2.

Expenditure

 

 

 

 

Cost of materials consumed

431.639

445.508

877.147

 

Purchase of stock in trade

191.666

177.658

369.324

 

Changes in inventories of finished goods, work in progress and stock in trade

6.331

30.032

36.363

 

Employee benefits expenses

44.480

38.902

83.382

 

Depreciation and amortization expenses

12.200

11.111

23.311

 

Other expenses

62.821

61.478

124.299

 

Total Expenses

749.137

764.689

1513.826

 

 

 

 

 

3.

Profit From Operations before Other Income, Interest and Exceptional Items (1-2)

45.767

67.742

113.509

 

 

 

 

 

4.

Other Income

6.484

6.181

12.665

 

 

 

 

 

5.

Profit Before Interest and Exceptional Items (3+4)

52.251

73.923

126.174

 

 

 

 

 

6.

Interest

24.639

27.900

52.539

 

 

 

 

 

7.

Profit After Interest but before Exceptional Items (5-6)

27.612

46.023

73.635

 

 

 

 

 

8.

Exceptional Items

--

--

--

 

 

 

 

 

9.

Profit from Ordinary Activities before Tax (7+8)

27.612

46.023

73.635

 

 

 

 

 

10.

Tax Expense

10.752

15.728

26.480

 

 

 

 

 

11.

Net Profit from Ordinary Activities after Tax (9-10)

16.860

30.295

47.155

 

 

 

 

 

12.

Extraordinary Item (net of expense)

--

--

--

 

 

 

 

 

13.

Net Profit for the period (11-12)

16.860

30.295

47.155

 

 

 

 

 

14.

Paid-up Equity Share Capital (Face Value of Rs.10/- Each)

103.997

103.997

103.997

 

 

 

 

 

15.

Reserves Excluding Revaluation Reserve

--

--

--

 

 

 

 

 

16.

Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualized

 

 

 

 

a) Basic and diluted EPS before extraordinary items

1.62

2.91

4.53

 

b) Basic and diluted EPS after extraordinary items

1.62

2.91

4.53

 

 

 

 

 

17.

Public Shareholding

 

 

 

 

-Number of Shares

6317628

6317628

6317628

 

- Percentage of Shareholding

60.75

60.92

60.75

 

 

 

 

 

18.

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

Nil

Nil

Nil

 

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

Nil

 

Nil

Nil

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

Nil

 

Nil

Nil

 

 

 

 

 

 

b) Non Encumbered

 

 

 

 

- Number of Shares

4082055

4064555

4082055

 

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

100%

100%

100%

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

39.25

39.08

39.25

 

 

Particulars

3 Months ended on 30.09.2013

Pending at the beginning of the quarter

Nil

Received during the quarter

7

Disposed of during the quarter

7

Remaining unresolved at the end of the quarter

Nil

 

NOTES:

 

1.       The above results have been reviewed by the audit committee and taken on record by the board of directors of the company at its meeting held on 12th November, 2013.

 

2.       Limited review as required under clause 41 of the Listing Agreement has been carried out by the Statutory Auditors.

 

3.       Unclaimed dividend of the shareholders is lying with the bank in respective accounts, the shareholders are requested to collect their dividend.

 

4.       Every shareholder is request to demat their shares so that the security of the company can be traded easily.

 

5.       Every shareholder of the company is request to inform the registrar of transfer under intimation to the company about detail of their bank account no., so that in future dividend can be directly transferred in their account.

 

6.       Tax expense is inclusive of deferred tax and wealth tax in the financial year ended 31st March, 2013 and for the quarter ended 30th September, 2013 the tax expense is inclusive of deferred tax.

 

7.       Previous year’s figures have been regrouped/rearranged wherever necessary.

 

8.       The company’s operation comprise two segments i) Primary Segment: Business Segment and ii) Secondary Segment: Geographical Segment.

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

Rs. In Millions

Sl.

No.

 

 

Particulars

 

Quarter Ended

Half Year Ended

 

30.09.2013

30.06.2013

30.09.2013

 

(Unaudited)

(Unaudited)

(Unaudited)

1

 

Segment Revenue

 

 

 

 

 

Primary Segment (Business)

 

 

 

 

 

Manufacturing

601.900

636.820

1238.720

 

 

Trading

193.004

195.611

388.615

 

 

Unallocated

6.484

6.181

12.665

 

 

Total

801.388

838.612

1640.000

 

 

 

 

 

 

 

 

Less : Inter Segment Revenue (Net of Excise)

0.000

0.000

0.000

 

 

 

 

 

 

 

 

Net Sales / Income from Operation

801.388

838.612

1640.000

 

 

 

 

 

 

2

 

Segment Results

 

 

 

 

 

Manufacturing

44.186

62.885

107.071

 

 

Trading

1.581

4.857

6.438

 

 

Unallocated

6.484

6.181

12.665

 

 

Total

552.251

73.923

126.174

 

 

 

 

 

 

 

 

Less :Interest

24.639

27.900

52.539

 

 

Net Profit (+) / Loss(-) before Tax

27.612

46.023

73.635

 

 

 

 

 

 

3

 

Capital Employed

 

 

 

 

 

[Segment Assets – Segment Liabilities]

 

 

 

 

 

Manufacturing

611.254

618.830

611.254

 

 

Trading

272.811

255.100

272.811

 

 

Unallocated

128.780

122.054

128.780

 

 

Total

1012.845

995.984

1012.845

 

 

 

 

 

 

1

 

Segment Revenue

 

 

 

 

 

Secondary Segment [Geographical]

 

 

 

 

 

Domestic

594.519

673.175

1267.694

 

 

Exports (Manufacturing)

200.385

159.256

359.641

 

 

Unallocated

6.484

6.181

12.665

 

 

Total

801.388

838.612

1640.000

 

 

 

 

 

 

2

 

Segment Results

 

 

 

 

 

Domestic

22.117

48.038

70.155

 

 

Exports (Manufacturing)

23.650

19.704

43.354

 

 

Unallocated

6.484

6.181

12.665

 

 

Total

52.251

73.923

126.174

 

 

 

 

 

 

 

 

Less :Interest

24.639

27.900

52.539

 

 

Net Profit (+) / Loss(-) before Tax

27.612

46.023

73.635

 

 

 

 

 

 

3

 

Capital Employed

 

 

 

 

 

[Segment Assets – Segment Liabilities]

 

 

 

 

 

Domestic

776.305

769.351

776.305

 

 

Exports (Manufacturing)

107.760

104.579

107.760

 

 

Unallocated

128.780

122.054

128.780

 

 

Total

1012.845

995.984

1012.845

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

Rs. In Millions

PARTICULARS

 

30.09.2013

Unaudited

Equity and liabilities

 

Shareholders' fund

 

Share capital

103.997

Reserve & surplus

908.848

Sub-total - Shareholders' funds

1012.845

Non - current liabilities

 

Long term borrowings

135.805

Deferred tax liability (net)

74.949

Long term provisions

0.000

Sub-total - Non-current liabilities

210.754

Current liabilities

 

Short term borrowings

474.100

Trade payables

501.788

Other current liabilities

123.052

Short term provisions

7.284

Sub-total - Current liabilities

1106.224

 

 

Total - Equity & Liabilities

2329.823

 

 

Assets

 

Non-current assets

 

Fixed assets

704.213

Capital work in progress

0.000

Non-current investment

33.446

Long term loans & advances

11.813

Other non-current assets

0.000

Sub-total - Non-current Assets

749.472

Current assets

 

Current investments

0.000

Inventories

403.311

Trade receivables

881.895

Cash & bank balances

57.816

Short term loans & advances

212.508

Other current assets

24.821

Sub-total - Current Assets

1580.351

 

 

Total – Assets

2329.823

 

 

 

 

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]         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.61.52

UK Pound

1

Rs.101.47

Euro

1

Rs.84.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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.