MIRA
INFORM REPORT
|
Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HALIDES CHEMICALS PRIVATE LIMITED |
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Registered Office : |
A – 02, MIDC, Kurkumbh, Taluk Daund, District Pune, Kurkumbh – 431105,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
11-87338 |
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CIN No.: [Company
Identification No.] |
U24117PN1995PTC087338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEH04514G |
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PAN No.: [Permanent
Account No.] |
AAACH4368G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Derivatives |
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 11000 |
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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. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as 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 : |
A – 02, MIDC, Kurkumbh, Taluk Daund, District Pune, Kurkumbh – 431105,
Maharashtra, India |
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Tel. No.: |
91-2117-235356, 235661 |
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Fax No.: |
91-2117-235662 91-20-25456520 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Dhananjay Vithal Nigudkar |
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Designation : |
Director |
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Address : |
Flat No. 7, Shriniwas Gaurav Apartments, Plot No. 4, S. No. 133,
Kothrud, Pune – 411029, Maharashtra, India |
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Date of Appointment : |
10.04.1995 |
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Name : |
Mrs. Shailaja Dhananjay Nigudkar |
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Designation : |
Director |
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Address : |
Flat No. 7, Shriniwas Gaurav Apartments, Plot No. 4, S. No. 133,
Kothrud, Pune – 411029, Maharashtra, India |
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Date of Appointment : |
10.04.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Dhananjay Vithal Nigudkar |
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106400 |
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Shailaja Dhananjay Nigudkar |
|
81200 |
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Anita Arun Kaulgud |
|
2400 |
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Madhuri Sanjay Pachpor |
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40000 |
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Sanjay V Pachpor |
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10000 |
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Total |
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240000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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79.17 |
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Other top fifty shareholders |
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20.83 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Derivatives |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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N-Bromosuccinimde |
Qty |
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45230 |
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N-Chlorosuccinimde |
Qty |
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23606 |
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N-Iodosuccinimide |
Qty |
|
910 |
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Cocodiethonolamide |
Qty |
|
480 |
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Sodium Hypo Chloride |
Qty |
|
0 |
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Liquid Bromine |
Qty |
|
36 |
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Dowtherm R P |
Qty |
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0 |
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Acetic Acid |
Qty |
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0 |
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Chloramine T |
Qty |
|
350 |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sonali Patankar and Associates Chartered Accountants |
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Address : |
C – 13B, Renuka Housing Society, Chintamani Nagar Part – I, Bidwewadi,
Pune – 411037, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs. 10/-
each |
RS. 3.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000 |
Equity Shares |
Rs. 10/-
each |
Rs. 2.400
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.400 |
2.400 |
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2] Share Application Money |
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4.100 |
0.000 |
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3] Reserves & Surplus |
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0.049 |
0.049 |
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4] (Accumulated Losses) |
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[3.822] |
[6.919] |
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NETWORTH |
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2.727 |
[4.470] |
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LOAN FUNDS |
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1] Secured Loans |
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6.139 |
7.148 |
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2] Unsecured Loans |
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9.190 |
9.534 |
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TOTAL BORROWING |
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15.329 |
16.682 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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18.056 |
12.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.712 |
10.273 |
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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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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.302 |
3.381 |
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Sundry Debtors |
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4.717 |
1.461 |
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Cash & Bank Balances |
|
1.773 |
0.036 |
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Other Current Assets |
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0.423 |
0.121 |
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Loans & Advances |
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1.716 |
0.570 |
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Total
Current Assets |
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11.931 |
5.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.200 |
3.377 |
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Provisions |
|
0.555 |
0.460 |
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Total
Current Liabilities |
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4.755 |
3.837 |
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Net Current Assets |
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7.176 |
1.732 |
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MISCELLANEOUS EXPENSES |
|
0.168 |
0.207 |
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TOTAL |
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18.056 |
12.212 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
27.551 |
6.616 |
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Other Income |
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0.223 |
0.000 |
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Total Income |
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27.774 |
6.616 |
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Profit/(Loss) Before Tax |
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3.097 |
4.892 |
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Provision for Taxation |
|
1.144 |
0.998 |
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Profit/(Loss) After Tax |
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1.953 |
3.894 |
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Earnings in Foreign Currency : |
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Total Earnings |
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6.008 |
NA |
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Expenditures : |
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Raw Material Consumed |
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15.344 |
1.764 |
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Salaries, Wages, Bonus, etc. |
|
1.000 |
0.897 |
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Managerial Remuneration |
|
0.720 |
0.720 |
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Payment to Auditors |
|
0.010 |
0.010 |
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Interest |
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1.714 |
0.915 |
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Insurance Expenses |
|
0.107 |
0.119 |
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Power & Fuel |
|
5.708 |
5.321 |
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Other Expenditure |
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0.074 |
1.762 |
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Total Expenditure |
|
24.677 |
11.508 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
7.03 |
58.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.24 |
73.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.68 |
30.88 |
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Return on Investment (ROI) (PBT/Networth) |
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1.14 |
[1.09] |
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Debt Equity Ratio (Total Liability/Networth) |
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7.36 |
[4.59] |
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Current Ratio (Current Asset/Current Liability) |
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2.51 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
HALIDES
CHEMICALS PRIVATE LIMITED |
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Presented By |
HALIDES
CHEMICALS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
General agreement
for grant of Medium Term Advances to Small Scale Industries and Hypothecation
of Movables, Book Debts and Other Assets Ancillary
Agreement for Medium Term Loan against Pledge of Movable Machineries Deed of Equitable
Mortgage All the above
agreements are dated 30.07.2001 and create a single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
All present and
future goods bookdebts, movable and other assets of the borrower including
document of title to the goods and other assets such as outstanding moneys,
receivables, claims, bill, invoices, documents, contracts, engagements,
securities, investments and rights and the present and all future machinery
and stock of raw materials, semi finished and finished goods. All Machinery
lying in or about the factory premises in W – 118, ‘S’ Block, MIDC, Bhosari
and MIDC Kurkumbh or elsewhere in India Plot No. W – 118, ‘S’ Block, MIDC, Bhosari, Pune |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 1.25 % over the
SBAR with a minimum of 13.25 % p.a. MARGIN : 47.37 % REPAYMENT : Equal monthly
Instalments of Rs. 0.150 Million |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Small Industrial
Branch, Tara Chambers, Bombay
– Poona Road Pune – 411003 |
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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 |
Fixed Assets
- Computer
- Electrical
Installation
- Factory Shed
- Furniture and
Fixture
- Land
- Office
Equipments
- Plant and
Machinery
- Vehicles
AS PER WEBSITE
Profile
Subject is engaged in manufacturing halogenated derivatives mainly of
succinimide. Subject started its activities in the year 1980. The company was
incorporated in 1995.
The plant is situated at Kurkumbh MIDC Zone which is having excellent
infrastructure viz Common Effluent Treatment Plant, National Highway
Connectivity, Continuous water supply, Colony backup for stay of staff etc. The
Company’s plant is placed/located on 4800 sq.m. land in Kurkumbh MIDC and is
one of the most modern plant to manufacture various products listed. The
production activity is suitably backed by excellent analytical set up equipped
with Auto titrator, HPTLC, UV, etc. Production facility is suitably backed with
equipment like Centrifuges, Fluidised bed driers, Rotary vacuum drier, Steam
boiler, Dowtherm Boiler etc.
The Company is backed up with excellent marketing set-up. The Company follows
G.M.P. and is planning to obtain ISO 9002. The Company’s products are already
approved by M/S. Novartis, Aventis, Ranbaxy Dr. Reddy’s Labs and supplies are
being effected since last many years.
Organisational Aims are:
1. Produce quality goods in time and service the esteem customer with
quality, quantity in time frame suitable to customer.
2. Always make customer feel comfortable while dealing with them.
3. Never they shall give any promises which are out of reach of the
Company.
4. Their Company’s policy is to respect nature.
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.39.34 |
|
UK Pound |
1 |
Rs.80.72 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
YES |
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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
|
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. |
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 |
|