MIRA
INFORM REPORT
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Report Date : |
22nd
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
HARISH
SCRAP PROCESSORS PRIVATE LIMITED |
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Formerly Known As : |
Harish
Processors Private Limited |
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Registered Office : |
Shed
No. 304 – 305 Marshalling Yard, Kandla Special Economic Zone, Gandhidham –
370 230, Gujarat, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
10.05.1995 |
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Com. Reg. No.: |
04-25824 |
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CIN No.: [Company
Identification No.] |
U37100GJ1995PTC025824 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTH00184C |
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PAN No.: [Permanent
Account No.] |
AAACH5401R |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
Company is engaged in the manufacturing and processing of Plastic,
Agglomerates/ Granuels, Castor Oil/ Cake, Soyabean, Wheat. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
by average 30 Days |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having moderate track. Payments are reported as
slow by average 30 Days. The company is an export Zone. It can
be considered for small to mediocre business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Shed
No. 304 – 305 Marshalling Yard, Kandla Special Economic Zone, Gandhidham –
370 230, Gujarat, India. |
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Tel. No.: |
91-02836-5243652437 |
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Mobile No.: |
91-02836-52438 |
DIRECTORS
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Name : |
Mr.
Chaturani Harish |
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Designation : |
Director |
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Address : |
Sector
No. 1, Plot No. 13, Gandhidham, Kutch – 370 201, Gujarat, India. |
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Date of Birth/Age : |
27.11.1959 |
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Date of Appointment : |
10.05.1995 |
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Name : |
Mr.
Nahata Babulal |
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Designation : |
Director |
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Address : |
Ward –
12B, Plot No. 201, Gandhidham, Kutch – 370 201, Gujarat, India. |
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Date of Birth/Age : |
15.05.1954 |
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Date of Appointment : |
10.05.1995 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
|
Chaturani
Harish |
100500 |
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Nahata
Babulal |
77500 |
BUSINESS DETAILS
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Line of Business : |
The
Company is engaged in the manufacturing and processing of Plastic,
Agglomerates/ Granuels, Castor Oil/ Cake, Soyabean, Wheat. |
GENERAL
INFORMATION
|
Suppliers : |
v
Adinath
International Trading v
Babulal
Nahata A/C (Remunaration) v
Harish
Khona & Company v
Maheshwari
Sales Corporation v
Metro
Security Service v
Narendra
Dave v
Paragon
Plastic Manufacturing v
Raghuvir
Singh & Sons. v
Suresh
Trading Company v
Uni
Exim Limited v
Trisons
Chemicals Industries Limited v
Ganpati
Packaging v
Arihant
Electricals v
B
T Patel & Company v
Kandla
Highway Transport Company v
Nidhi
Shipping v
PEC
Limited |
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Customers : |
v
A.
Samad Trading Company Private Limited v
New
Plastmer India Limited v
B.
G. H. Exim Limited v
Kandla
Poly Plast (I) Private Limited v
Concordia
Agritrading Pte. Limited v
LLC
Vtorichnie Mettaly v
Rishi
Shipping v
Shiva
Poly Resins. |
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No. of Employees : |
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Bankers : |
v
Bank
of Baroda v
Vijay
Bank (Ahmedabad) v
State
Bank of Saurashtra v
Development
Credit Bank Limited v
IDBI v
HDFC
Bank Limited v
Oriental
Bank of Commerce v
State
Bank of India KFTZ v
Corporation
Bank, Ghandhidham Branch, Gandhidham. |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Harish
Khona & Company |
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Qualification: |
Charted
Accountant |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
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500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
178000 |
Equity
Shares |
Rs. 10/- each |
Rs. 1.780 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.780 |
1.780 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.344 |
3.948 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.124 |
5.728 |
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LOAN FUNDS |
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1] Secured Loans |
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3.605 |
2.453 |
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2] Unsecured Loans |
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2.020 |
2.530 |
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TOTAL BORROWING |
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5.625 |
4.983 |
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DEFERRED TAX LIABILITIES |
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0.280 |
0.279 |
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TOTAL |
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12.029 |
10.990 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.376 |
2.365 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.032 |
0.032 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.435 |
8.618 |
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Sundry Debtors |
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10.065 |
1.076 |
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Cash & Bank Balances |
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0.705 |
0.269 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.114 |
0.964 |
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Total Current Assets |
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22.319 |
10.927 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.359 |
2.225 |
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Provisions |
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0.350 |
0.125 |
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Total Current Liabilities |
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16.709 |
2.350 |
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Net Current Assets |
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5.610 |
8.577 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.016 |
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TOTAL |
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12.029 |
10.990 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
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119.124 |
49.759 |
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Profit/(Loss)
Before Tax |
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8.479 |
0.541 |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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8.479 |
0.541 |
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Export
Value |
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112.467 |
63.343 |
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Total
Expenditure |
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117.938 |
48.877 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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7.12 |
1.09 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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7.12 |
1.09 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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29.52 |
4.06 |
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Return
on Investment (ROI) (PBT/Networth) |
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1.38 |
0.09 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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3.65 |
1.28 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.34 |
4.65 |
LOCAL AGENCY
FURTHER INFORMATION
Business:
The
company’s manufacturing facility is based in a leasehold premise from Central
Government.
It is a
100% export oriented unit.
Fixed
Assets:
Electric
Installation, Plant & machinery, Factory Sheds, Furniture & Fixture,
Type Writer, Weighing Machine, Office Equipment, Vehicle, Computer etc.
|
Name
of the company |
HARISH
SCRAP PROCESSORS PRIVATE LIMITED |
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Presented By |
Mr.
Harish C. Chaturani, Director |
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1)
Date and description of instrument creating the change |
07.01.1998
Deed of Hypothecation of Goods to Secure Demand Cash Credit. |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
2.500 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Goods, Raw Materials, Wire Copper, and Others goods |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Repayable
on Demand. Rate of Interest @ 16% p.a. plus interest tax and Margin @ 25% |
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5)
Name and Address and description of the person entitled to the charge. |
Corporation
Bank, Ghandhidham Branch, Gandhidham. |
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6)
Date and brief description of
instrument modifying the charge |
28.07.2001
Common Deed of Hypothecation of Movable Assets/ Debts |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Cash
Credit limit against Hypothecation of Stock, Book Debts increased as under:
The
above facilities are secured again hypothecation of stock in trade, Book
Debts, Stock Consisting of raw materials of Plating, semi finished goods and
finished goods, and also Store & Spares. And Hypothecation movable fixed
assets of like movable plant machinery. Machine, electric Fitting, Type
writer, Furniture & Office equipment. |
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 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.46.20 |
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UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
38 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |