MIRA INFORM REPORT
|
Report No. : |
316785 |
|
Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN TIN WORKS LIMITED |
|
|
|
|
Registered
Office : |
488, Bartan Market, Sadar Bazar, Delhi – 110 006 |
|
Tel. No.: |
91-11-27773645 |
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Country : |
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|
|
|
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
11.12.1958 |
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|
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Com. Reg. No.: |
55-003006 |
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Capital
Investment / Paid-up Capital : |
Rs.103.997
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109DL1958PLC003006 |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH03792F |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged mainly
in the business of manufacturing of Tin Cans, Printed/ Lacquered Sheets, Components
and trading in Tin Plates. |
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|
|
|
No. of Employees
: |
439 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by
healthy networth and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Bank Guarantee: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
April, 2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Adeb |
|
Designation : |
Finance Department |
|
Contact No.: |
91-11-49998888 |
|
Date : |
08.04.2015 |
LOCATIONS
|
Registered Office : |
488, Bartan Market, Sadar Bazar, Delhi – 110 006, India |
|
Tel. No.: |
91-11-27773645/ 26231990/ 23679016 |
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Fax No.: |
91-11-23550405/ 27730405 |
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E-Mail : |
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|
Website : |
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|
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Corporate Office : |
426, DLF Tower-A ,Jasola, New Delhi – 110 025, India |
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Tel. No.: |
91-11-49998888 |
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Fax No.: |
91-11-49998889 |
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Email : |
|
|
|
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Factory : |
Village and P.O. Bhigan, Dhatoori Road, Tehsil Gannaur, District Murthal, District Sonepat – 131 001, Haryana, India |
|
Tel No.: |
91-130-2475771/ 73 |
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Branch Office
1 : |
816, Tulsiani Chambers, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
|
Tel. No.: |
91-22-22871612 / 22823894 / 22842223 / 24 |
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Fax No.: |
91-22-22044202 |
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E-Mail : |
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Branch Office
2 : |
KN/B-16, Gali No.10, Anand Parbat Industrial Area, New Delhi, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Vijay Kumar Bhatia |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
07.05.1942 |
|
Qualification : |
B
Com, M Com |
|
Expertise : |
Business
and administration |
|
Date of Appointment : |
04.09.1978 |
|
Directorship held in other Companies (excluding foreign and private
companies) : |
Rexam
HTW Beverage Can (India) Limited - Director |
|
|
|
|
Name : |
Mr. Sanjay Bhatia |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
10.03.1952 |
|
Qualification : |
B.
Com, LLB |
|
Expertise : |
Business
and administration, Legal |
|
Date of Appointment : |
07.08.1992 |
|
Directorship held in other Companies (excluding foreign and private
companies) : |
Rexam HTW Beverage Can
(India) Limited - Chairman Hi - Tech Detergents
Private Limited - Director Hi
- Tech Surfactants Private Limited -Director |
|
|
|
|
Name : |
Mr. Ashok Kumar Bhatia |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
02.06.1945 |
|
Qualification : |
B.
A. |
|
Expertise : |
Business
and administration |
|
Date of Appointment : |
04.09.1978 |
|
Directorship held in other Companies (excluding foreign and private
companies) : |
Hi-Tech
Detergents Private limited - Director |
|
|
|
|
Name : |
Mr. N.P. Sahni |
|
Designation : |
Director |
|
Date of Birth/ Age : |
15.04.1941 |
|
Qualification : |
MA,
LLB, MSC (University of BATH,UK) |
|
Expertise : |
Retired
IRS, Direct Taxation |
|
Date of Appointment : |
23.10.2004 |
|
|
|
|
Name : |
Mr. B.L. Khurana |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.11.1925 |
|
Qualification : |
B.A.,
CAIIG |
|
Expertise : |
Ex-Chairman of New Bank
of India, Banking & Finance Sector |
|
Date of Appointment : |
30.12.2005 |
|
|
|
|
Name : |
Mr. Ramesh Kumar Jain |
|
Designation : |
Director |
|
Date of Birth/ Age : |
07.12.1957 |
|
Qualification : |
Chartered
Accountants |
|
Expertise : |
Accounts,
Auditing, Taxation, Corporate laws |
|
Date of Appointment : |
30.12.2005 |
|
|
|
|
Name : |
Mr. M.K. Zutshi |
|
Designation : |
Director |
|
Date of Birth/ Age : |
23.11.1942 |
|
Qualification : |
B.A.,
LLB |
|
Expertise : |
Ex-Chairman of CBEC,
Retired from Indian Customs and Central Excise Services |
|
Date of Appointment : |
28.07.2006 |
|
|
|
|
Name : |
Mrs.
Aarti Sawhney |
|
Designation : |
Director |
|
Date of Birth/ Age : |
24.10.1949 |
|
Qualification : |
M.A. |
|
Expertise : |
Ex-Chief Commissioner of
Income Tax, Retired IRS, Direct Tax and Administration |
|
Date of Appointment : |
28.05.2014 |
|
|
|
|
Name : |
Mr. P. P. Singh |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
10.05.1962 |
|
Qualification : |
B.SC, LLB & Post
Graduate Diploma In Human Resources Management |
|
Expertise : |
Compliances
and Human Resources Management |
|
Date of Appointment : |
12.08.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Rajat Pathak |
|
Designation : |
V.P. (Finance) and Company Secretary |
|
|
|
|
Name : |
Mr.
M.K. Mittal |
|
Designation : |
AVP
(Accounts) and Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4180379 |
40.20 |
|
|
4180379 |
40.20 |
|
|
4180379 |
40.20 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4180379 |
40.20 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1023579 |
9.84 |
|
|
1023579 |
9.84 |
|
|
|
|
|
|
1466289 |
14.10 |
|
|
|
|
|
|
1853357 |
17.82 |
|
|
645621 |
6.21 |
|
|
1230458 |
11.83 |
|
|
29386 |
0.28 |
|
|
89903 |
0.86 |
|
|
110669 |
1.06 |
|
|
1000500 |
9.62 |
|
|
5195725 |
49.96 |
|
Total Public
shareholding (B) |
6219304 |
59.80 |
|
Total (A)+(B) |
10399683 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
10399683 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged mainly
in the business of manufacturing of Tin Cans, Printed/ Lacquered Sheets,
Components and trading in Tin Plates. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
439 (Approximately) |
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Bankers : |
·
Kotak Mahindra Bank Limited, 7th Floor, Ambadeep Building,
14, K.G. Marg, Connaught Place, New Delhi – 1100 01, India ·
Yes Bank Limited, 9th Floor, Nehru Centre, Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra, India ·
Standard Chartered Bank, (Acting as an Security Agent) CDU, NARAIN
MANZIL, 23 Barakhamba Road, New Delhi – 110 001, India ·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, E -
13/29, 2nd Floor, Harsha Bhawan, Middle Circle,
Connought Place, Delhi – 110 001, India ·
State Bank of India, Industrial Finance Branch, 14 Floor, Jawahar
Vyapar Bhawan, Tolostoy Marg, New Delhi – 110 001, India |
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Facilities : |
Notes: Long Term Borrowings Terms and Conditions 1. The Term Loans C and E
to G above are secured by pari-passu first charge on gross block of Fixed
Assets of the company both present and future in addition by second charge on
current assets of the company. 2. Auto Loan of H above
are secured against hypothecation of Vehicles. Of the above, C and E to G are
guaranteed by Directors namely S/ Sh. Vijay Bhatia, Ashok Bhatia, and Sanjay
Bhatia. C) The loan carrying
interest link to the bank base rate repayable in 75 monthly instalment of
Rs.2.400 million commencing from January 2014 to March 2020 E) The loan carrying
interest link to the bank base rate repayable in 18 quarterly instalment of
Rs.1.500 million from December 2010 to march 2015 and 4 installment of
Rs.1.625 million 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 million from December 2010 to December 2015 and 1 installment of Rs.2.000
million in March 2016 G) The loan carrying
interest link to the bank base rate repayable in 18 quarterly instalment of
Rs.1.820 million from December 2011 to March 2016 and 4 installment of
Rs.1.810 million from June 2016 to March 2017 H) There are 11 Auto
Loans which are repayable in varying amounts on monthly basis and the last
instalment will be payable in March 2017. 2. 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) Short Term
Borrowings 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.
(The above working capital limits are guaranteed by Directors namely S/ Sh.
Vijay Bhatia, Ashok Bhatia, and Sanjay Bhatia. |
|
Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
M.L. Puri and Company Chartered Accountants |
|
Address : |
407, New Delhi House, Barakhamba Road, New Delhi – 110 001, India |
|
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|
Cost Auditors : |
|
|
Name : |
K.S. Bhatnagar and Associates Chartered Accountants |
|
Address : |
A-12-A, DDA Flats, Munirka, New Delhi – 110 067, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
|
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Joint Venture : |
Rexam HTW Beverage Can (India) Limited |
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|
Other related party where control exist : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12250000 |
Equity Shares |
Rs.10/- each |
Rs.122.500 million |
|
250000 |
12% Redeemable Cumulative Preferences Shares |
Rs.10/- each |
Rs.2.500 million |
|
|
TOTAL
|
|
Rs.125.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10399683 |
Equity Shares |
Rs.10/- each
|
Rs.103.997
million |
|
|
|
|
|
Notes:
Details of
shareholders holding more than 5% shares in the company:
|
Name of
Shareholders |
As on 31.03.2014 |
|
|
No. of Shares |
% of holding |
|
|
Religare Finvest Limited |
872703 |
8.39 |
|
Stemcor A. G. |
1000000 |
9.62 |
|
Sanjay Bhatia |
731844 |
7.04 |
|
Vijay Kumar Bhatia* |
842090 |
8.10 |
|
Ashok Kumar Bhatia |
595450 |
5.73 |
|
United India Insurance Company Limited |
522000 |
5.02 |
* 4179 Equity Shares were purchased by Mr. Vijay Kumar Bhatia on
28.03.2014, but were in process of transfer in his account on 31.03.2014 and
not taken in the above list.
The company has issued only one class of shares referred to as Equity
Shares having per value of Rs.10/-. 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 recognised as distributions to equity
shareholders for the year ended March 31, 2014 is Rs.0.80, subject to approval
by shareholders in the ensuing annual general meeting.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
103.997 |
103.997 |
103.997 |
|
(b) Reserves & Surplus |
936.045 |
861.693 |
794.287 |
|
(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) |
1040.042 |
965.690 |
898.284 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
151.909 |
103.081 |
132.406 |
|
(b) Deferred tax liabilities (Net) |
80.786 |
69.969 |
64.214 |
|
(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) |
232.695 |
173.050 |
196.620 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
636.257 |
513.241 |
401.592 |
|
(b) Trade
payables |
402.589 |
337.869 |
417.725 |
|
(c) Other
current liabilities |
107.512 |
124.451 |
99.603 |
|
(d) Short-term
provisions |
10.126 |
6.448 |
8.832 |
|
Total Current
Liabilities (4) |
1156.484 |
982.009 |
927.752 |
|
|
|
|
|
|
TOTAL |
2429.221 |
2120.749 |
2022.656 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
684.898 |
634.017 |
617.223 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
58.341 |
28.371 |
13.754 |
|
(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 |
10.248 |
6.584 |
10.116 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
786.933 |
702.418 |
674.539 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
423.498 |
373.716 |
470.699 |
|
(c) Trade
receivables |
909.508 |
782.382 |
578.621 |
|
(d) Cash
and cash equivalents |
96.510 |
36.996 |
43.034 |
|
(e)
Short-term loans and advances |
191.643 |
206.253 |
244.839 |
|
(f) Other
current assets |
21.129 |
18.984 |
10.924 |
|
Total
Current Assets |
1642.288 |
1418.331 |
1348.117 |
|
|
|
|
|
|
TOTAL |
2429.221 |
2120.749 |
2022.656 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
3136.285 |
2728.173 |
2466.441 |
|
|
|
Other Income |
24.727 |
26.784 |
25.559 |
|
|
|
TOTAL |
3161.012 |
2754.957 |
2492.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1613.292 |
1425.346 |
1312.117 |
|
|
|
Purchase of Stock-in-Trade |
788.842 |
718.195 |
628.070 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
45.180 |
25.726 |
22.112 |
|
|
|
Employee benefit expense |
170.572 |
145.115 |
134.596 |
|
|
|
Other expenses |
257.866 |
187.853 |
176.800 |
|
|
|
TOTAL |
2875.752 |
2502.235 |
2273.695 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
285.260 |
252.722 |
218.305 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
103.366 |
100.485 |
91.415 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
181.894 |
152.237 |
126.890 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
47.099 |
41.933 |
43.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
134.795 |
110.304 |
83.529 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
50.710 |
36.815 |
26.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
84.085 |
73.489 |
56.920 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
476.290 |
416.384 |
373.925 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend (Including Dividend Tax) |
9.734 |
6.083 |
8.461 |
|
|
|
Transfer to General Reserve |
10.000 |
7.500 |
6.000 |
|
|
BALANCE CARRIED
TO THE B/S |
540.641 |
476.290 |
416.384 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods on FOB Basis |
676.323 |
474.301 |
395.601 |
|
|
TOTAL EARNINGS |
676.323 |
474.301 |
395.601 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
498.644 |
480.001 |
521.775 |
|
|
|
Spares |
6.984 |
3.134 |
5.258 |
|
|
|
Capital Goods |
41.323 |
45.791 |
14.211 |
|
|
TOTAL IMPORTS |
546.951 |
528.926 |
541.244 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.09 |
7.07 |
5.47 |
|
Expected Sales (2014-2015): Rs.3200.000 million
The above information has been parted by Mr. Adeb (Finance Department).
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
912.900 |
826.700 |
699.400 |
|
Total
Expenditure |
829.700 |
761.800 |
635.900 |
|
PBIDT
(Excl OI) |
83.300 |
64.800 |
63.500 |
|
Other
Income |
7.100 |
9.200 |
5.700 |
|
Operating
Profit |
90.300 |
74.000 |
69.200 |
|
Interest |
29.600 |
26.300 |
28.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
60.800 |
47.700 |
41.000 |
|
Depreciation |
16.400 |
17.700 |
16.900 |
|
Profit
Before Tax |
44.400 |
30.100 |
24.100 |
|
Tax |
12.500 |
7.900 |
5.800 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
31.900 |
22.200 |
18.300 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
31.900 |
22.200 |
18.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.68 |
2.69 |
2.31 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
9.10 |
9.26 |
8.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.77 |
5.36 |
4.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76 |
0.64 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.44 |
1.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
103.997 |
103.997 |
103.997 |
|
Reserves & Surplus |
794.287 |
861.693 |
936.045 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
898.284 |
965.690 |
1040.042 |
|
|
|
|
|
|
Long Term borrowings |
132.406 |
103.081 |
151.909 |
|
Short Term borrowings |
401.592 |
513.241 |
636.257 |
|
Total borrowings |
533.998 |
616.322 |
788.166 |
|
Debt/Equity ratio |
0.594 |
0.638 |
0.758 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations (Net) |
2466.441 |
2728.173 |
3136.285 |
|
|
|
10.612 |
14.959 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Revenue from operations (Net) |
2466.441 |
2728.173 |
3136.285 |
|
Profit |
56.920 |
73.489 |
84.085 |
|
|
2.31% |
2.69% |
2.68% |
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 |
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 |
Yes |
COMPANY OVERVIEW
The company is a public
company incorporated on 11th December, 1958 under the Companies Act,
1956; equity shares of the company are listed on Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange. The company is engaged mainly
in the business of Manufacturing of Tin Cans, Printed / Lacquered Sheets,
Components and trading in Tin Plates.
OPERATIONS
The
Company could achieve turnover of Rs.3136.285 million as against the previous
year's turnover of Rs.2728.173 million i.e. an increase of 408.112 million
(14.96%). The Company has been successful in increasing its export sales from
Rs.486.042 million in previous year to Rs.690.773 million in current year i.e.
an increase of Rs.204.731 million (42.12%).
The
Company has achieved PAT of Rs.84.085 million as against the previous year of
Rs.73.489 million i.e. an increase of Rs.10.596 million (14.42%)
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.
The
JV Company had funded the installation of the aluminum line and 25cl slim size
conversion through raising debt via the ECB route and that the capital
structure of the company became too reliant on debt financing. To revise the
capital structure of the Company the JV partners decided to induct equity of
Rs.3218.680 million against conversion of ECB and fresh allotment of equity
shares. For maintaining same level of 2.09 %, the Company will have to contribute
a huge investment. In view of the Company's fund position and its own growth
plans, it is decided by the management not to invest any additional funds in
JVC at this stage and thus Rexam (JV Partner) will contribute the whole amount
due to which the Company's share is reduced to 0.77% from existing 2.09%.
However the Company has a claw back right to go back to 15% by 31st
March, 2015.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
PRODUCT WISE PERFORMANCE
The
Company had been mainly focusing on food products and now gradually expanding
its base in non-food sector also. In addition Company is also developing new
innovative products for domestic and global market.
OUTLOOK
The
outlook of the Company seems to be very progressive. The management of the
Company is seriously engaged in the task of reducing overheads and other costs.
Company has a vision to consolidate its position as leader in metal packaging
segment
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Tata
Capital Financial Services Limited (The above loan is
against bill discounting of suppliers guaranteed by Directors namely S/ Sh.
Vijay Bhatia, Ashok Bhatia, and Sanjay Bhatia.) There
has been no defaults in repayment of any of the loans or interest thereon at
the end of the year. |
98.512 |
0.000 |
|
Total |
98.512 |
0.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10542425 |
20/12/2014 |
700,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH |
C40131294 |
|
2 |
10533931 |
28/11/2014 |
50,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
7TH FLOOR, AMBADEEP
BUILDING, 14, K. G. MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C35396654 |
|
3 |
10551972 |
24/11/2014 |
50,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DR. A B ROAD, WORLI, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, INDIA |
C45045564 |
|
4 |
10532089 |
04/02/2015 * |
248,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT) CDU, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
C42543306 |
|
5 |
10532199 |
11/11/2014 |
1,040,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
C34224824 |
|
6 |
10529797 |
14/10/2014 |
700,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
C32721656 |
|
7 |
10526989 |
28/08/2014 |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, E - 13/29, 2ND FLOOR, HARSHA BHAWAN, MIDDLE CIRCLE,
CONNOUGHT PLACE, DELHI - 110001, INDIA |
C30506901 |
|
8 |
10518520 |
12/08/2014 |
2,250,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
C19558055 |
|
9 |
10509808 |
01/07/2014 |
2,300,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
C11875770 |
|
10 |
10508410 |
23/06/2014 |
780,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
C10848174 |
|
11 |
10482749 |
20/02/2014 |
3,000,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
B98546708 |
|
12 |
10477233 |
20/01/2014 |
1,050,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
B96198007 |
|
13 |
10424994 |
26/04/2013 |
735,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
B74892589 |
|
14 |
10411579 |
09/09/2013 * |
180,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
AMBADEEP BUILDING, 14,
KASTURBA GANDHI MARG, NEW |
B85795086 |
|
15 |
10271323 |
14/02/2011 |
40,000,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
B07538200 |
|
16 |
10196871 |
24/12/2009 |
33,500,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GAZIABAD,
GAZIABAD, UTTAR PRADESH - 201007, INDIA |
A76977347 |
|
17 |
10145839 |
03/05/2014 * |
392,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH
,14 FLOOR, JAWAHAR VYAPAR BHAWAN , TOLOSTOY MARG, NEW DELHI, DELHI - 110001,
INDIA |
C05499777 |
|
18 |
10132001 |
25/05/2011 * |
165,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B14767396 |
|
19 |
10069695 |
25/05/2011 * |
722,000,000.00 |
PUNJAB NATIONAL BANK |
MOHAN NAGAR, GHAZIABAD,
GHAZIABAD, UTTAR PRADESH - 201007, INDIA |
B14659346 |
* Date of charge modification
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
(a) In respect of Bank Guarantee outstanding
as on 31st March, 2014 amounting to Rs.2.028 million.
(b) Compensation suit filed
under section 12B of MRTP Act by Himalaya International Limited has been
decided in favour of the complainant by the MRTP Commission (now competition
appellate tribunal) vide order dated 07.07.2008. The total amount involved is
Rs.34.975 million. The company has filed an appeal before the Hon'ble Delhi
High Court for the relief and Hon'ble High Court has remanded back the matter
to (now competition appellate tribunal) and the tribunal had judgment in favour
of the company. Himalayan International Limited has filed an appeal before
Appellate Tribunal for reviewing the decision now appellate tribunal has
adjourned the matter sine die till decision of the Hon'ble Delhi High Court in
the suit filed by the M\s. Himalaya International Ltd.
(c) Income Tax demand of
Rs.0.362 million for Assessment Year 2010-11 of Rs.3.232 million for Assessment
Year 2011-12.
(d) Rs.2.041 million for
the year 2008-09 to 2013-14 may be payable to Haryana Sales Tax Department
towards L.A.D.T. The company has filed an appeal before the Hon'ble High Court
Chandigarh for the relief and the Hon'ble High Court has granted stay against
L.A.D.T. and declared L.A.D.T. unconstitutional. However no demand has been
raised by the Haryana Sales Tax Department.
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2014
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014
|
||
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
|
|
|
||
|
1. |
Net Sales/Income
from Operations |
699.386 |
826.656 |
2438.984 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
699.386 |
826.656 |
2438.984 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
330.277 |
468.488 |
1346.505 |
|
|
Purchase
of stock in trade |
195.817 |
169.951 |
562.255 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
3.811 |
20.093 |
(3.677) |
|
|
Employee
benefits expenses |
49.219 |
48.270 |
143.527 |
|
|
Depreciation
and amortization expenses |
16.910 |
17.648 |
50.942 |
|
|
Other
expenses |
56.759 |
55.042 |
178.481 |
|
|
Total Expenses |
652.793 |
779.492 |
2278.033 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
46.593 |
47.164 |
160.651 |
|
|
|
|
|
|
|
4. |
Other
Income |
5.703 |
9.209 |
160.651 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
52.296 |
56.373 |
182.620 |
|
|
|
|
|
|
|
6. |
Interest |
28.176 |
26.306 |
84.052 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
24.120 |
30.067 |
98.568 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
24.120 |
30.067 |
98.568 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
5.780 |
7.883 |
26.150 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
18.340 |
22.184 |
72.418 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
18.340 |
22.184 |
72.418 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
103.997 |
103.997 |
109.997 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
0.000 |
|
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a) Basic
and diluted EPS before extraordinary items |
1.76 |
2.13 |
6.96 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.76 |
2.13 |
6.96 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
6219304 |
6219304 |
6219304 |
|
|
-
Percentage of Shareholding |
59.80 |
59.80 |
59.80 |
|
|
|
|
|
|
|
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 |
4180379 |
4180379 |
4180379 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
40.20 |
40.20 |
40.20 |
|
Particulars |
3 Months ended on 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
16 |
|
Disposed of during the quarter |
16 |
|
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 February 11, 2015.
2. Limited Review as required under Clause 41 of
the Listing Agreement has been earned 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 requested to demat their
shares so that the security of the Company can be traded easily.
5. Every shareholder of the Company is requested
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 March 31, 2014 and for the quarter ended
December 14, 2014 the Tax Expense is inclusive of Deferred Tax.
7. The Company operations comprise two segments
i) Primary Segment- Business Segment and ii) Secondary Segment- Geographical
Segment.
8. Previous year's figures have been regrouped /
rearranged wherever necessary.
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. In Million)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014
|
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Primary Segment
(Business) |
|
|
|
|
|
|
Manufacturing |
497.007 |
635.289 |
1833.843 |
|
|
|
Trading |
202.378 |
191.367 |
605.141 |
|
|
|
Unallocated |
5.704 |
9.209 |
21.970 |
|
|
|
Net Sales / Income
from Operation |
705.089 |
835.865 |
2460.954 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Profit (+) /
Loss(-) before Interest & Tax |
|
|
|
|
|
|
Manufacturing |
45.279 |
46.252 |
155.469 |
|
|
|
Trading |
1.313 |
0.913 |
5.182 |
|
|
|
Unallocated |
5.704 |
9.209 |
21.970 |
|
|
|
Total |
52.296 |
56.374 |
182.621 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
28.176 |
26.306 |
84.052 |
|
|
|
|
|
|
|
|
|
|
Total Profit (+) /
Loss(-) before Tax |
24.120 |
30.068 |
98.569 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
[Segment Assets –
Segment Liabilities] |
|
|
|
|
|
|
Primary Segment |
|
|
|
|
|
|
Manufacturing |
567.963 |
607.215 |
567.963 |
|
|
|
Trading |
328.750 |
313.433 |
328.750 |
|
|
|
Unallocated |
184.345 |
142.070 |
184.345 |
|
|
|
Total |
1081.058 |
1062.718 |
1081.058 |
|
|
|
|
|
|
|
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Secondary Segment
[Geographical] |
|
|
|
|
|
|
Domestic |
511.125 |
627.038 |
1910.637 |
|
|
|
Exports (Manufacturing) |
188.260 |
199.618 |
528.347 |
|
|
|
Unallocated |
5.704 |
9.209 |
21.970 |
|
|
|
Total |
705.089 |
835.865 |
2460.954 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Domestic |
24.202 |
22.912 |
89.505 |
|
|
|
Exports (Manufacturing) |
22.390 |
24.253 |
71.146 |
|
|
|
Unallocated |
5.704 |
9.209 |
21.970 |
|
|
|
Total |
52.296 |
56.374 |
182.621 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
28.176 |
26.306 |
84.052 |
|
|
|
|
|
|
|
|
|
|
Net Profit (+) /
Loss(-) before Tax |
24.120 |
30.068 |
98.569 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
[Segment Assets –
Segment Liabilities] |
|
|
|
|
|
|
Domestic |
765.932 |
811.650 |
765.932 |
|
|
|
Exports (Manufacturing) |
130.781 |
108.998 |
130.781 |
|
|
|
Unallocated |
184.345 |
142.070 |
184.345 |
|
|
|
Total |
1081.058 |
1062.718 |
1081.058 |
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)
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 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.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49
|
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.