MIRA INFORM REPORT
|
Report No. : |
349941 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HAPPY FORGINGS
LIMITED |
|
|
|
|
Registered
Office : |
B-XXIX-2254/1, |
|
Tel. No.: |
91-161-2510421 / 2511423 / 2510522 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.07.1979 |
|
|
|
|
Com. Reg. No.: |
16-004008 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 71.670 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910PB1979PLC004008 |
|
|
|
|
IEC No.: |
03093002559 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDH00525A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH4369J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufactures Forged Automotive Components (mainly used by CV
Manufacturers) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an old established company having moderate track record. It
was incorporated in the year 1979 and it manufactures forged automotive
components. For the financial year ended 2014, company has shown improvement in
its revenue profile by earning profit of Rs. 40.383 Million from its
operations as compared to the loss incurred in its previous year records. Further, rating is constrained on account of company’s modest
financial risk profile marked by its moderate net worth base and huge
borrowings recorded in the books. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CRISIL |
|
Rating |
Long term Bank Facilities: BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
March 25, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Bank Facilities: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 25, 2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. N.S. Juneja |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9814216313 |
|
Date : |
17.11.2015 |
LOCATIONS
|
Registered Office : |
B-XXIX-2254/1, |
|
Tel. No.: |
91-161-2510421 / 2511423 / 2510522 |
|
Fax No.: |
91-161-2510050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory: |
Located at:
|
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Paritosh Kumar Garg |
|
Designation : |
Managing director |
|
Address : |
36K, Sarabha Nagar, Ludhiana, India
|
|
Date of Birth/Age : |
08.06.1955 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
02.07.1979 |
|
PAN No.: |
ABKPG4486F |
|
DIN No.: |
00393387 |
|
|
|
|
Name : |
Mrs. Suman Garg |
|
Designation : |
Director |
|
Address : |
36K, Sarabha Nagar, Ludhiana, India
|
|
Date of Birth/Age : |
08.09.1956 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
17.12.1999 |
|
PAN No.: |
ACZPG7167P |
|
DIN No.: |
00393312 |
|
|
|
|
Name : |
Mr. Narinder Singh Juneja |
|
Designation : |
Director |
|
Address : |
HM 321, PHB Colony, Jamalpura, Ludhiana, India |
|
Date of Birth/Age : |
01.04.1954 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
28.03.2006 |
|
PAN No.: |
ACMPJ9989P |
|
DIN No.: |
00393525 |
|
|
|
|
Name : |
Mr. Ashish Garg |
|
Designation : |
Whole time Director |
|
Address : |
36K, Sarabha Nagar, Ludhiana, India
|
|
Date of Birth/Age : |
04.08.1985 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
10.01.2007 |
|
PAN No.: |
AGTPG3772A |
|
DIN No.: |
01829082 |
|
|
|
|
Name : |
Mr. Suresh Chander Garg |
|
Designation : |
Director |
|
Address : |
House No. 3108, Ward No. 11, Chandigarh Road, Jamalpur, Sector 38, Ludhiana-141010, Punjab, India |
|
Date of Appointment : |
31.01.2015 |
|
DIN No.: |
07081175 |
|
|
|
|
Name : |
Mr. Vikas Giya |
|
Designation : |
Director |
|
Address : |
H. No. 3012, Sector 32A, Chandigarh Road, Ludhiana-141010, Punjab, India |
|
Date of Appointment : |
31.01.2015 |
|
DIN No.: |
01399764 |
|
|
|
|
Name : |
Mr. Deepak Gupta |
|
Designation : |
Nominee Director |
|
Address : |
B/231, Twin Towers, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
21.10.2014 |
|
DIN No.: |
00549638 |
|
|
|
|
Name : |
Mr. Nitin Agarwal |
|
Designation : |
Director |
|
Address : |
228-C, BRS Nagar, Ludhiana - 141001, Punjab, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01876908 |
KEY EXECUTIVES
|
Name : |
Mr. N.S. Juneja |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Depesh Kumar |
|
Designation : |
Secretary |
|
Address : |
28-B, Shalimar Park, Bhai Himmat Singh Nagar, Dugri, Ludhiana-141002, Punjab, India |
|
Date of Appointment : |
31.01.2015 |
|
PAN: |
AILPK9719M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
LIST OF ALLOTTEES
As on: 27.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Paritosh Kumar Garg |
|
29872 |
|
Total |
|
29872 |
As on: 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Paritosh Kumar Garg |
|
2868300 |
|
Suman Garg |
|
421210 |
|
Sheena Garg |
|
243800 |
|
Ashish Garg |
|
789590 |
|
Paritosh Kumar Garg (Huf) |
|
480900 |
|
Ayush Capital and Financial Services Private Limited, India |
|
2362160 |
|
Amita Rani |
|
130 |
|
Jai Prakash Aggarwal |
|
130 |
|
Nitin Aggarwal |
|
130 |
|
Satish Kumar and Sons Huf |
|
130 |
|
Satish Kumar |
|
130 |
|
Prateek Aggarwal |
|
130 |
|
Sudeept Aggarwal |
|
130 |
|
Sudesh Kumari Aggarwal |
|
130 |
|
|
|
|
|
Total |
|
7167000 |
Equity Share Break up (Percentage of Total Equity)
As on” 30.09.2014
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
28.29 |
|
Directors or relatives of directors |
|
71.71 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures Forged Automotive Components (mainly used by CV
Manufacturers) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||||
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Imports : |
Not Divulged |
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|
||||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Gupta Sharma and Associates Chartered Accountants |
|
Address : |
586, Malerkotla House, Opposite Old DMC, Civil Lines, Ludhiana, India |
|
PAN No.: |
AAAFG6488J |
|
|
|
|
Memberships : |
- |
|
|
|
|
Collaborators : |
- |
|
|
|
|
Associates: |
|
|
|
|
|
Other related parties |
Paritosh Kumar Garg (HUF) |
CAPITAL STRUCTURE
After as on: 30.09.2014
Authorised Capital: Rs. 100.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 74.657
Million
As on: 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7167000 |
Equity Shares |
Rs.10/- each |
Rs. 71.670
Million |
|
|
|
|
|
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 |
71.670 |
63.420 |
61.720 |
|
(b) Reserves & Surplus |
502.135 |
401.624 |
484.477 |
|
(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) |
573.805 |
465.044 |
546.197 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1722.855 |
1709.435 |
1,179.956 |
|
(b) Deferred tax liabilities
(Net) |
179.468 |
174.047 |
159.654 |
|
(c) Other long term
liabilities |
114.254 |
112.069 |
125.093 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2016.577 |
1995.551 |
1,464.703 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
547.177 |
524.173 |
787.285 |
|
(b) Trade payables |
508.267 |
559.126 |
431.283 |
|
(c) Other current liabilities |
220.128 |
34.673 |
383.608 |
|
(d) Short-term provisions |
37.313 |
21.177 |
22.186 |
|
Total
Current Liabilities (4) |
1312.885 |
1139.149 |
1,624.362 |
|
|
|
|
|
|
TOTAL |
3903.267 |
3599.744 |
3,635.262 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2102.196 |
2119.362 |
2,180.444 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
69.742 |
42.878 |
35.435 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.807 |
117.844 |
98.746 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2258.745 |
2280.084 |
2,314.625 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
699.861 |
561.879 |
652.766 |
|
(c) Trade receivables |
778.888 |
603.866 |
553.794 |
|
(d) Cash and cash equivalents |
40.219 |
52.703 |
17.937 |
|
(e) Short-term loans and
advances |
108.595 |
84.622 |
94.441 |
|
(f) Other current assets |
16.959 |
16.590 |
1.699 |
|
Total
Current Assets |
1644.522 |
1319.660 |
1,320.637 |
|
|
|
|
|
|
TOTAL |
3903.267 |
3599.744 |
3,635.262 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2979.600 |
2477.486 |
2,520.641 |
|
|
Other Income |
14.888 |
11.776 |
33.822 |
|
|
TOTAL
(A) |
2994.488 |
2489.262 |
2,554.463 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1572.677 |
1357.571 |
1,456.227 |
|
|
Purchases of Stock-in-Trade |
4.076 |
9.703 |
8.021 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(62.314) |
(23.981) |
(29.169) |
|
|
Employees benefits expense |
173.167 |
141.768 |
90.356 |
|
|
Other expenses |
785.646 |
608.813 |
471.481 |
|
|
TOTAL
(B) |
2473.252 |
2093.874 |
1,996.916 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
521.236 |
395.388 |
557.547 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
263.090 |
295.438 |
299.223 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
258.146 |
99.950 |
258.324 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
208.159 |
181.175 |
159.424 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
49.987 |
(81.225) |
98.900 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
15.025 |
14.394 |
41.959 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
34.962 |
(95.619) |
56.941 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
221.411 |
139.194 |
48.220 |
|
|
TOTAL
EARNINGS |
221.411 |
139.194 |
48.220 |
|
|
|
|
|
|
|
|
IMPORTS |
34.324 |
55.838 |
102.272 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
5.66 |
(15.49) |
9.23 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
126.606 |
15.230 |
301.190 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.17 |
(3.86) |
2.26 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
17.49 |
15.96 |
22.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.30 |
(2.28) |
2.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
(0.17) |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.18 |
4.84 |
3.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.16 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
{
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
61.720 |
63.420 |
71.670 |
|
Reserves & Surplus |
484.477 |
401.624 |
502.135 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
546.197 |
465.044 |
573.805 |
|
|
|
|
|
|
long-term borrowings |
1179.956 |
1709.435 |
1722.855 |
|
Short term borrowings |
787.285 |
524.173 |
547.177 |
|
current maturities of
long-term debts |
301.190 |
15.230 |
126.606 |
|
Total borrowings |
2268.431 |
2248.838 |
2396.638 |
|
Debt/Equity ratio |
4.153 |
4.836 |
4.177 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2520.641 |
2477.486 |
2979.600 |
|
|
|
(1.712) |
20.267 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2520.641 |
2477.486 |
2979.600 |
|
Profit (Loss) |
56.941 |
(95.619) |
34.962 |
|
|
2.26% |
(3.86%) |
1.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION:
HIGH COURT OF
PUNJAB AND HARYANA
|
Case Details
For Case ITA-198-2015 |
||||
|
Diary Number |
1385774 |
District |
UT-CHANDIGARH |
|
|
Category |
96-STATUTORY APPEALS INCOME TAX |
Main Case Detail |
-- |
|
|
Party Detail |
PR. COMMISSIONER OF INCOME TAX II
LUDHIANA V/S M/S HAPPY FORGINS LIMITED |
|||
|
Advocate Name |
SAVITA SAXENA |
List Type |
||
|
Status |
DISMISSED on 07-AUG-2015 by
HON'BLE THE ACTING CHIEF JUSTICE; HON'BLE MR. JUSTICE GURMEET SINGH
SANDHAWALIA |
|||
|
Miscellaneous
Applications |
||||
|
IN ITA-198-2015 |
||||
|
|
||||
|
Case Listing
Details |
||||
|
Cause List Date |
List Type: Sr. No. |
Bench |
Order Link |
|
|
07-AUG-2015 |
:128 |
HON'BLE THE ACTING CHIEF
JUSTICE; HON'BLE MR. JUSTICE GURMEET SINGH SANDHAWALIA |
---- |
|
|
Details of Copy
Petition Applied in ITA-198-2015 |
||||
|
Petition Type/No |
Petition Date |
Applied By |
Petition Status |
|
|
07-AUG-2015 |
Advocate/Clerk |
Delivered |
||
|
|
||||
|
Impugn Order Detail |
||||
|
Order Date |
Authority |
District |
||
|
17-OCT-14 |
ITAT, CHANDIGARH BENCH B, CHD. |
|||
|
Judgment
Details For Case: ITA-198-2015 Party Detail:
PR. COMMISSIONER OF INCOME TAX II LUDHIANA V/S M/S HAPPY FORGINS LIMITED |
||||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
|
07-AUG-15 |
Final Order |
HON'BLE THE ACTING CHIEF
JUSTICE; HON'BLE MR. JUSTICE GURMEET SINGH SANDHAWALIA |
||
|
||||
YEAR AT A GLANCE:
The production of the company during the year under reporting is 26433.820 MT as against 22851.420 MT during the preceding year. Company has shown a growth of 16% in production and 20% in turnover during the year. The achievement of the company during the year is also become significant, where industry is down by 20% as compared to previous year.
Further with the increase in sales and saving in interest cost as well as raw material procurement cost, company is able to earn a profit of Rs.49.988 Million against loss of Rs. 81.225 Million in previous year. Company’s Cash Profit increased to Rs. 248.500 Million from Rs. 99.900 Million in previous year.
Company has added a number of machines in its Machining Division and with help of the same, production capacity of the machine has been increased from 9060 MT p.a. to 12600 MT p.a. Company is working at maximum of its machining capacity. With the increase in Machining capacity, capacity utilization of the Press forging division has also increased.
UNSECURED LOAN
(Rs. In Million)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Loans and advances from directors |
47.626 |
47.584 |
|
Other loans and advances |
77.771 |
79.671 |
|
|
|
|
|
Total |
125.397 |
127.256 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Claims against company not acknowledged as debt |
4.086 |
|
Guarantees |
5.375 |
|
Other money for which company is contingently liable |
102.600 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10583165 |
13/07/2015 |
254,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
SSI BRANCH,
G.T. ROAD, LUDHIANA - 141003, PUNJAB, |
C60369014 |
|
2 |
10431904 |
27/08/2014 * |
515,200,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
MADHOPURI
CHOWK, LUDHIANA - 141008, PUNJAB, INDIA |
C19248830 |
|
3 |
10389073 |
23/11/2012 |
13,743,215.00 |
ELECTRONICA
FINANCE LIMITED |
128/A, PLOT NO.3,
KAILASHCHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD, PUNE - 411038, MAHARASHTRA,
INDIA |
B62952130 |
|
4 |
10328043 |
27/08/2014 * |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
MADHOPURI
CHOWK, LUDHIANA - 141008, PUNJAB, INDIA |
C19246115 |
|
5 |
10302977 |
03/08/2011 |
115,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, MILLER GANJ LUDHIANA, LUDHIANA - 141003, PUNJAB, INDIA |
B19099332 |
|
6 |
10302982 |
23/09/2011 * |
187,500,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
MILLER GANJ LUDHIANA, LUDHIANA - 141003, PUNJAB, INDIA |
B25074998 |
|
7 |
10277259 |
25/06/2015 * |
1,007,500,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
SSI BRANCH,
G.T. ROAD, LUDHIANA - 141003, PUNJAB, |
C58502378 |
|
8 |
10149186 |
10/09/2009 * |
300,000,000.00 |
IDBI BANK
LIMITED |
SCO-56-56-57,
MADHYA MARG, SECTOR 8-C, CHANDIGARH - 160018, INDIA |
A70094305 |
|
9 |
10096678 |
24/12/2011 * |
200,000,000.00 |
STATE BANK OF
INDIA |
SCB MILLER
GANJ, LUDHIANA - 141003, PUNJAB, INDIA |
B30297907 |
|
10 |
80033443 |
17/01/2012 * |
380,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, MILLER GANJ, AARTI COMPLEX, LUDHIANA - 141003, PUNJAB, INDIA |
B30519862 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipment’s
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.