MIRA
INFORM REPORT
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Report Date : |
01.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIGH GRADE INDUSTRIES [INDIA] PRIVATE LIMITED |
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Registered Office : |
A – 510/513, Crystal Plaza, New Link Road, Andheri [West], Mumbai
400058, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
11-128609 |
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CIN No.: [Company
Identification No.] |
U24110MH2000PTC128609 |
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IEC No.: |
0303052716 |
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PAN No.: [Permanent
Account No.] |
AABCH1712Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Master Batches for Plastic Industries |
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 520000 |
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Status : |
Good |
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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. Financial position of
the company is good. Trade relations
are fair. Payments are correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gurnam Singh Kohli |
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Designation : |
Managing Director |
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Mobile No.: |
91-9867624417 |
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Date : |
01.12.2008 |
LOCATIONS
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Registered Office : |
A – 510/513, Crystal Plaza, New Link Road, Andheri [West], Mumbai
400058, Maharashtra, India |
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Tel. No.: |
91-22-26734461 / 517 / 612 / 40775076 |
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Mobile No.: |
91-9821541162 [Mr. Malkani] |
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Fax No.: |
91-22-26734619 |
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E-Mail : |
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Website : |
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Area : |
1120 Sq. fts. |
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Location : |
Owned |
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Factory |
Survey No. 61/2, Plot No. 13, Near Zandu Pharma, Village Masar,
Silvassa – 396230 |
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Tel. No.: |
91-260-6531810 |
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Fax No.: |
91-22 2673 4619 |
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Area : |
10000 Sq. mts. |
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Location : |
Owned |
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Branches : |
Located at Dubai, UAE |
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Tel. No.: |
971 4 3511963 |
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Fax No.: |
971 4 3511964 |
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Branches : |
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Address : |
102, Andher Universal Industrial Premises, J. P. Road, Andheri (West),
Mumbai – 400058 |
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Tel No.: |
91-22-4077 5076 |
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Fax No.: |
91-22-2673 4619 |
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Area : |
500 sq. fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Harikishan Sawhney |
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Designation : |
Director |
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Address : |
158/6, Khar Sandeep Co-operative Society Limited, 10th
Road, Khar, Mumbai 400052, Maharashtra, India |
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Date of Birth/Age : |
24.12.1923 |
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Qualification : |
Graduate Pre Partition (Pakistan) |
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Date of Appointment : |
08.09.2000 |
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Name : |
Mr. Lachu C. Malkani |
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Designation : |
Director |
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Address : |
Plot No. 135, House 6, Hindusthan Co-operative Society, 25th
road, Bandra, Mumbai 400050, Maharashtra, India |
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Date of Birth/Age : |
28.08.1949 |
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Qualification : |
B.E. Mech |
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Experience : |
37 Years |
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Date of Appointment : |
26.12.2000 |
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Name : |
Mrs. Harleen Kohli |
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Designation : |
Director |
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Address : |
1, Imur Co-operative Housing Society, J. P. Road, Andheri [West],
Mumbai 400053, Maharashtra, India |
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Date of Birth/Age : |
20.09.1962 |
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Qualification : |
MSC Biology, M. Phill (Mumbai University) |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mr. Gurnamsingh Bhagatsingh Kohli |
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Designation : |
Director |
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Address : |
Imur Society, Flat No. 1, Ground Floor, Sahakar Road, Andheri [West],
Mumbai 400053, Maharashtra, India |
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Date of Birth/Age : |
13.05.1957 |
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Qualification : |
B.E. Chem from M.S. University
and MBA from Mumbai |
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Experience : |
28 Years |
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Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders [As on 30.09.2006] |
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No. of Shares |
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Harikishan Sawhney |
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1000 |
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Harleen Kohli |
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93550 |
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Belief Impex Private Limited |
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93750 |
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Total |
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188300 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies corporate |
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49.00 |
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Directors or relatives of the Directors |
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51.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Master Batches for Plastic Industries |
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Products : |
Eunox-10, |
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Agencies Held : |
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Exports : |
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Products : |
DDFU Kit, PCS Snow White 6T, Eunix-10, Eunox-68, Eustab-944 |
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Countries : |
Sri Lanka, UAE, Nigeria |
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Imports : |
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Products : |
Phosphites, Alkyl Phenols, Speciality Chemicals |
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Countries : |
China, Taiwan |
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Terms : |
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Selling : |
L/C, Credit ( 90 days) |
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Purchasing : |
L/C and Credit [30 days to 90 days] |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Anti Oxidants / Stabilizers / Speciality Formulations |
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3900 TPA |
1000 TPA |
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DDFU Kits |
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30000 TPA |
10000 TPA |
GENERAL
INFORMATION
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Customers : |
Manufacturing unit, OEM’s and End User |
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No. of Employees : |
35 (9 Office, 26 Factory) |
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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 : |
N. K. J. and Company Chartered Accountants |
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Address : |
A – 402, Rajeshwari Accord, Teli Gali Cross Road, Andheri [East], Mumbai
400069, Maharashtra, India |
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Tel No.: |
91-22-26827879 / 26827969 |
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Fax No.: |
91-22-26827879 / 26827962 |
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E-Mail : |
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Sister Concern : |
Address : A/510-513, Crystal Plaza, New Link Road, Andheri (West),
Mumbai – 400053 Line of Business : Distributors of ICL-IP (Supresta LLC) FRF
Address: A/510-513, Crystal Plaza, New Link Road, Andheri (West),
Mumbai – 400053 Line of Business: Investment in Stocks / Bonds / Real Estate /
Finance. |
CAPITAL STRUCTURE
[As on 31.03.2008]
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
188300 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.883
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.883 |
1.883 |
1.883 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
103.616 |
69.247 |
41.331 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.499 |
71.130 |
43.214 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
34.085 |
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2] Unsecured Loans |
18.012 |
36.612 |
0.000 |
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TOTAL BORROWING |
18.012 |
36.612 |
34.085 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.007 |
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TOTAL |
123.511 |
107.742 |
77.306 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.865 |
16.562 |
7.448 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.039 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
40.065
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41.614 |
35.597 |
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Sundry Debtors |
29.240
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35.329 |
16.668 |
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Cash & Bank Balances |
12.068
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5.649 |
9.426 |
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Other Current Assets |
29.761
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20.212 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
17.022 |
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Total
Current Assets |
111.134
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102.804 |
78.713 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.521
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5.141 |
5.146 |
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Provisions |
11.006
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6.483 |
3.709 |
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Total
Current Liabilities |
12.527
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11.624 |
8.855 |
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Net Current Assets |
98.607
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91.180 |
69.858 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
123.511 |
107.742 |
77.306 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
244.846 |
242.500 |
212.742 |
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Profit/(Loss) Before Tax |
38.918 |
31.627 |
26.315 |
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Provision for Taxation |
4.510 |
3.663 |
0.000 |
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Profit/(Loss) After Tax |
34.409 |
27.964 |
26.315 |
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Earnings in Foreign Currency : |
15.452 |
8.969 |
7.837 |
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Expenditures : |
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Depreciation & Amortization |
2.604 |
1.966 |
0.726 |
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Other Expenditure |
200.721 |
206.941 |
182.356 |
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Total Expenditure |
203.325 |
208.907 |
183.082 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
14.05
|
11.54 |
12.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.05
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11.54 |
12.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.26
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23.42 |
30.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
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0.39 |
0.61 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.29
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0.68 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
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8.87
|
8.84 |
8.88 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 904, Building
No. 13, Indra Darshan Phase II, Shree Swamy Samarth Nagar, Mumbai 400053,
Maharashtra, India to A – 510/513,
Crystal Plaza, New Link Road, Andheri [West], Mumbai 400058, Maharashtra, India
w.e.f. 01.01.2008.
Trade References:
·
Plastene India Private Limited, Gujarat
·
Marvel Industries Limited, Nashik
·
Reliance Industries Limited
·
Gail India Limited
·
Garware Polysters Limited
·
Haldia Petrochemicals Limited
·
Amersian Private Limited
·
Arabian Overseas Trading
·
Elme Petro Chemicals Company Limited
·
Assambly Chemical Company Limited, Nanjing, China
·
Everspring Chemicals Company Limited., Taichung, Taiwan
·
Yantai Yusheng Chemical Company Limited, Yantai, China
Fixed Assets
Mumbai
·
Furniture and Fixtures
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Computers
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Air Conditioner
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Fax Machine
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Electric Fitting
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Office Equipments
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Motor Car : Indigo
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Office Equipment
Silvassa
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Air Conditioner
·
Land
·
Plant and Machinery
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Mould
·
Twin Saw Estruder
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Weiging Scale
·
Laboratory Equipments
·
Borewell
·
Building
·
Building Shed
·
Electrical Fitting
·
Motor Bike
AS PER WEBSITE DETAILS
PROFILE
They are a team of
technically qualified professionals having a vast experience of over 2 decades
and expertise in the field of Specialty Chemicals. Combined turnover of their
group for 2005-2006 was in excess of Rs. 300 Millon. They have their corporate
office at Mumbai - Crystal Plaza, Link Road, Andheri (w) and their works
operations are at Silvassa and Dadra, with a branch network all over India to
render prompt services to their valued customers.
They have their corporate
office at Mumbai - Crystal Plaza, Link Road, Andheri (w) and their works
operations in Silvassa, Dadra Union Territory approx 200 kms from Mumbai.
Their operations in
Silvassa and Dadra are backed up by fully equipped Laboratory testing facilities
for incoming and outgoing materials.
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. 49.84 |
|
UK Pound |
1 |
Rs. 76.81 |
|
Euro |
1 |
Rs. 64.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|