MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HIMSON CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
31, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.07.1988 |
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Com. Reg. No.: |
48005 |
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CIN No.: [Company
Identification No.] |
U24100MH1988PTC048005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH02431C |
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PAN No.: [Permanent
Account No.] |
AAACH1336B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemical Auxiliaries for Textile Industry. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 11132 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
31, |
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Tel. No.: |
91-22-23745304 / 66347415 / 66312794 |
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Mobile No.: |
91-9324355058 / 91-9820129469 |
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Fax No.: |
91-22-66312794 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ramesh Shantilal Mehta |
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Designation : |
Director |
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Address : |
702, Vasant Laxmi, M |
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Date of Birth/Age : |
14.06.1943 |
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Date of Appointment : |
07.07.1988 |
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Name : |
Mr. Rajesh Vinodrai Mehta |
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Designation : |
Director |
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Address : |
402, Saikrupa, |
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Date of Birth/Age : |
04.02.1964 |
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Date of Appointment : |
07.07.1988 |
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Name : |
Mr. Prabodh Shantilal Mehta |
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Designation : |
Director |
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Address : |
52, Dhavalgiri, |
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Date of Birth/Age : |
04.09.1951 |
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Date of Appointment : |
01.03.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Rajesh Vinodrai Mehta |
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50 |
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Mr. Ramesh Shantilal Mehta |
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50 |
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Mr. Probodh Shantilal Mehta |
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5150 |
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Ms. Falguni Prabodh Mehta |
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2300 |
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Ms. Varsha Prabodh Mehta |
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300 |
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Mr. Jay Prabodh Mehta |
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1150 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemical Auxiliaries for Textile Industry. |
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Products : |
Ø
Softener Ø
Dye Fixing 30%, 50%, 60% Ø
Binder SLN Ø
Fixer Ø
Poly Ethylene Emulsion 30% Ø
Macro Amino 40% Ø
Stain Remover Ø
Wetting Agent |
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Exports : |
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Products : |
Ø
Softener Ø
Dye Fixing 30%, 50%, 60% Ø
Binder SLN Ø
Fixer Ø
Poly Ethylene Emulsion 30% Ø
Macro Amino 40% Ø
Stain Remover Ø
Wetting Agent |
GENERAL INFORMATION
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Suppliers : |
Ø
Ajanta Corporation Ø
B I Mehta Ø
Bhawani Chemicals Ø
C J Shah And Company Ø
Deepak Sales Corporation Ø
Grand Organics Private Limited Ø
Octadex Products Ø
PCL Oil Solvents Limited Ø
Petchem Product Ø
Ramniklal S Gosalia Ø
Sai Krupa Enterprises Ø
Suresh Trading Company Ø
Venus Polymers Ø
Vimal Trading Company Ø
Visen Industries Limited Ø
Visen Organic Industries Limited |
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Customers : |
Ø
Aniket Dye Chem Ø
Bhogeshwar Dye Chem. Ø
Dalal Sales Corporation Ø
Hind Rang Udyog Ø
Jindal And Company Secretary Jitendra Chemical Ø
Mafatlal Dyes And Chemical Limited Ø
Malathi Chemical Industries Ø
Pacific Harish Industries Ø
Punam Chem. Ø
R M A Chemicals Ø
Samruth Knitters Private Limited Ø
Raj Lime An Chemical Corporation Ø
Rajasthan Chemical And Mineral Industries Ø
Rajesh Dyes And Chemical Company Secretary Ø
Richa Corporation Ø
Roop Rasayan Industries Private Limited Ø
Shree Kalai Magal Process Ø
Shreenath Chemicals Ø
Sudarshan Textile |
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Bankers : |
Union Bank of Mandvi Branch, Mul- Ratna, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H D Raiyani and Company Chartered Accountants |
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Address : |
602, Amartaru – 3, Off. New |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity shares |
Rs. 10/-
each |
Rs. 0.900
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.900 |
0.900 |
0.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.883 |
1.784 |
1.425 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.783 |
2.684 |
2.325 |
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LOAN FUNDS |
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1] Secured Loans |
4.750 |
2.612 |
3.031 |
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2] Unsecured Loans |
1.772 |
1.827 |
1.824 |
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TOTAL BORROWING |
6.522 |
4.439 |
4.855 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.003 |
0.021 |
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TOTAL |
9.305 |
7.126 |
7.201 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.744 |
2.090 |
1.599 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.125 |
0.224 |
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DEFERREX TAX ASSETS |
0.039 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.950
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2.002 |
2.370 |
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Sundry Debtors |
13.413
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12.674 |
11.108 |
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Cash & Bank Balances |
0.033
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0.015 |
0.014 |
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Other Current Assets |
0.050
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0.052 |
0.052 |
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Loans & Advances |
0.680
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0.378 |
0.258 |
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Total
Current Assets |
17.126
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15.121 |
13.802 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.318
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10.066 |
8.306 |
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Provisions |
0.408
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0.170 |
0146 |
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Total
Current Liabilities |
10.726
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10.236 |
8.456 |
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Net Current Assets |
6.400
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4.885 |
5.346 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.026 |
0.032 |
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TOTAL |
9.305 |
7.126 |
7.201 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
40.431 |
40.427 |
34.925 |
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Other Income |
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0.336 |
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Total Income |
40.431 |
40.427 |
35.261 |
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Profit/(Loss) Before Tax |
0.294 |
0.360 |
0.444 |
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Provision for Taxation |
0.000 |
0.000 |
0.158 |
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Profit/(Loss) After Tax |
0.294 |
0.360 |
0.286 |
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Expenditures : |
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Op. stock of finished goods |
0.000 |
0.000 |
0.371 |
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Purchases |
0.000 |
0.000 |
31.053 |
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Selling and Administration Expenses |
0.000 |
0.000 |
2.755 |
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Interest |
0.259 |
0.276 |
0.000 |
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Depreciation |
0.502 |
0.459 |
0.000 |
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Other expenses |
39.376 |
39.332 |
0.000 |
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Total Expenditure |
40.137 |
40.067 |
34.179 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.72
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0.89 |
0.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.72
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0.89 |
1.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
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2.09 |
2.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.13 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.19
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5.46 |
5.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.59
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1.47 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
Ø
Factory
Ø
Building shed
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Plant and machinery
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Electric installation
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Laboratory equipment
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Furniture
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Cycle
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Weighing scale
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Gate and fencing
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Fans
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Motor car
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Motor car II
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Computer
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Name of the company |
HIMSON
CHEMICAL INDUSTRIES PRIVATE LIMITED |
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Presented
By |
UNION
BANK OF |
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1) Date and description of instrument creating the change |
Hypothecation Agreement of goods and debts Dated: 25.04.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.500 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 by way of first charge in favour of the bank i) Stock of raw materials, work in progress and finished goods of Chemicals which expression shall include all raw materials, semi finished and finished goods, consumables stores and spares and movable property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored or which hereafter may from time to time be brought into or stored or be in or about the borrower’s premises or godown at Tarapur, Boisar and at other places hired by the borrower for the purpose of storage in the Union of India and all other places of storage whatsoever or at any other place in the Union Bank of India or wherever else they may be including any of the said goods with any of the Borrowers agents or at any of the borrower’s agencies or in course of transit by the ship rail or otherwise and ii) The Borrower’s Book debts, outstanding monies deposits receivables, claims and bills contract securities, investments which are now due and owing or which may at any time hereafter during the continuance of this security becoming due and owing to the Borrower in the course of its business by any person or party including any Government or any local or public body or authority (all of which are hereinafter collectively referred to as the “said debts”) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate 2.75 of p. a. with rests or at such other revised rates as may be prescribed by the bank from time to time depending upon the changes in the Prime Lending Tate of the bank or the directives of Reserve Bank of India from time to time or the policy of the Bank on advances for cash credit hypothecation of stocks and book debts facility for Rs. 3.500 millions granted by the bank to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Union
Bank of Mandvi
Branch, Mul- Ratna, |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
As Per Website Details:
The complete range of textile chemical auxilaries; a brand synonymous to trust and reliability since 1978
About Them
Subject is a specialist in the manufacture of chemical auxilaries for the
textile industry. The company was founded in the year 1978 by Mr. Prabodh S.
Mehta, an entrepreneur and visionary. Enriched with almost 3 decades of rich
experience, they are today a brand to be reckoned with. They are a leading
manufacturer and merchant exporter of the Complete Range of Textile Chemical
Auxilaries which are of world class quality. At subject, their prime focus is
complete customer satisfaction and they endeavor to achieve it providing their
clients a one stop solution for all their textile chemical auxilaries which are
the best in the industry.
Apart from providing premium products of unmatched quality, they are also renowned for their customer friendly services, timely delivery and competitive prices. At present, their company is focusing upon expanding its range of operations to include manufacturing of chemicals required in paper and other industries. For them, quality and customer satisfaction are the touchstone of their success, and that is attitude that will lead them to excel with whatever they deal in.
Their
With a brilliant track record spanning almost three decades, subject has become
a forerunner in the industry. They are a trusted manufacturer of the complete
range of Textile Chemical Auxilaries which are used as Finishing Agents in the
textile industry.
For their superlative quality and the unmatched performance they offer, their products are today the first choice for all the leading companies in the country. In addition, they have also established an international market base as a merchant exporter, serving globally reputed textile companies for years.
Their Quality
Through honesty, sustainability and transparency, subject has created a climate
of trust among its customers for the last few decades. It is determined to
exhibit the same brilliant performance in the future offering its valued
clients the best products and services in the industry. To ensure that they can
provide their clients products that are beyond comparison, a stringent quality
control policy is maintained at their company. Raw materials like DCDA, Butyl,
VAM, Styrene, 540 CPVA, Polyethylene Wax 4202, etc. are imported from highly
reliable sources, and the products are thoroughly checked at every stage of
production.
Their Infrastructure
Subject has grown from strength to strength for over the last two decades and
established a robust infrastructural base for itself upon which it is standing
today with pride and steadiness. At their captive factory premise, they are
equipped with in-house facilities for production, quality control and R&D
all of which are loaded with ultra modern machinery like advanced reactors,
boilers and other equipment. From raw material processing to final packaging of
products, everything is done under one roof and under the strict supervision of
their technical experts. It helps them to minimize the production cost and also
the price of the finished products, thus enabling them to provide you cost
effective solutions.
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.24 |
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1 |
Rs. 82.55 |
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Euro |
1 |
Rs. 56.06 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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