MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
NHC INDUSTRIAL PRIVATE LIMITED |
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Registered Office : |
NHC House, 2/13, Anand Nagar, Santacruz (East), Mumbai-400055, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.10.2006 |
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Com. Reg. No.: |
11-165174 |
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CIN No.: [Company
Identification No.] |
U519096MH2006PTC165174 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN14198C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Spices, Oil Seeds and many other food products |
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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Profit margin is under several pressures. Payments
are usually met in time. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. A S Kamat |
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Designation : |
Account Manager |
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Date : |
19.12.2008 |
LOCATIONS
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Registered Office : |
NHC House, 2/13, Anand Nagar, Santacruz (East), Mumbai-400055, |
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Tel. No.: |
91-22-26165031 |
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E-Mail : |
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Area : |
1500 sq.ft (Owned) |
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Processing Unit : |
D/22/8, MIDC, TTC Industrial Area, |
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Tel. No.: |
91-22-65115248 |
DIRECTORS
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Name : |
Mrs. Alpa A Shah |
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Designation : |
Director |
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Address : |
5, Darshan, 16, Friends Society, |
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Date of Birth/Age : |
04.06.1967 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.10.2006 |
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Other Directorship: |
Midpoint Software and Electro Systems Limited L72200MH1992PLC068021 |
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Name of Partnership Firm: |
NHC Exports Corporation Address: NHC House, 2/13, Anand Nagar, Santacruz (East),
Mumbai-400055, |
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Name : |
Mr. Apoarwa Shah |
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Designation : |
Director |
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Address : |
5, Darshan, 16, Friends Society, |
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Date of Birth/Age : |
01.01.1966 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.10.2006 |
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Name : |
Mr. Himatlal Shah |
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Designation : |
Director |
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Address : |
5, Darshan, 16, Friends Society, |
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Date of Birth/Age : |
31.11.1928 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.10.2006 |
KEY EXECUTIVES
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Name : |
Mr. A S Kamat |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Himatlal H Shah |
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372200 |
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Apoorva H Shah |
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687200 |
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Hansa H Shah |
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100 |
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Alpa A Shah |
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200200 |
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Amit Shah |
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100 |
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Himatlal H Shah Karta |
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100 |
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Apoorva H Shah Karta |
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100 |
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Mukund Joshi |
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100 |
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Smita Joshi |
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100 |
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Mukund C Joshi HUF |
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100 |
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Haresh T Garadia |
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100 |
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Total |
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1260400 |
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List of Allottees |
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No. of Shares Allotted |
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Himatlal H Shah |
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4700 |
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Apoorva Himatala Shah |
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4700 |
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Hansa H Shah |
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100 |
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Alpa Apoorva Shah |
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200 |
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Amit Arunkumar Shah |
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100 |
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Himatlal H Shah |
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100 |
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Apoorva H Shah HUF |
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100 |
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Total |
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10000 |
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List of Allottees |
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No. of Shares Allotted |
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Apoorva H Shah |
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300000 |
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Alpa A Shah |
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200000 |
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Total |
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500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Directors or relatives of directors |
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99.97 |
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Other top fifty (50) shareholders (other than listed above) |
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0.03 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Spices, Oil Seeds and many other food products |
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Exports : |
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Products : |
Spices and Oil Seeds |
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Countries : |
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Terms : |
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Selling : |
Depends |
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Purchasing : |
D/P |
GENERAL INFORMATION
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Suppliers : |
·
Aarti Distributors ·
Aalay Paper Products ·
Anmol Trading Company ·
B. Krishna and Company ·
Century Spices Private Limited ·
Chaitali Industries ·
Dhaval Agri Exports ·
Dhaval Paper Bags Manufacturing Company ·
Dhulchand Chhitarmal Kabra ·
D Vensimal and Sons ·
Frespo Food Products ·
Geetanjali Vastrajaya ·
Geeta Packaging ·
Gifts Food Products Private Limited ·
Heena Foods ·
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Customers : |
Wholesalers and Retailers ·
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Gershon Spices Limited ·
Heap Hong ·
Gershon Spices Limited ·
Hua Lounge Heng SDN. BHD. ·
Khamel Representacoes Importacao E Exportacao
Limited ·
Lionheart Chemical Enterprises ·
Malles Splces Works ·
MAP Enterprises ·
Mazapan De La Rosa ·
MMK Spices SDN BHD ·
Abdulrehaman Suhail For General Trding |
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No. of Employees : |
15 |
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Bankers : |
·
Union Bank of India, Bhat Bazar Branch, Anant
Deep Chambers, 273/277, Narsi Natha Street, Mumbai-400009, Maharashtra, India ·
ICICI Bank Limited ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Talti and Company Chartered Accountant |
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Address : |
201-204, Kalmandir, Chitrakar Ketkar Marg, Near Adarsh Petrol Pump,
Vile Parle (East), Mumbai-400057, |
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Name : |
NGS and Company Chartered Accountant |
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Address : |
B/46, 3rd Floor, Pravasi Industrial Estate, |
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Associates/Subsidiaries : |
NHC Exports Corporation Address: NHC House, 2/13, Anand Nagar, Santacruz (East),
Mumbai-400055, |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1260400 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.604
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 (12 Months) |
31.03.2007 ( 5 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.604 |
7.600 |
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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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8.041 |
0.581 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.645 |
8.181 |
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LOAN FUNDS |
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1] Secured Loans |
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47.553 |
34.895 |
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2] Unsecured Loans |
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6.966 |
2.387 |
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TOTAL BORROWING |
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54.519 |
37.282 |
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DEFERRED TAX LIABILITIES |
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0.224 |
0.216 |
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TOTAL |
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75.388 |
45.679 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.135 |
5.424 |
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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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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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44.055 |
31.215 |
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Sundry Debtors |
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19.299 |
12.176 |
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Cash & Bank Balances |
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29.286 |
19.521 |
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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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18.239 |
5.793 |
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Total
Current Assets |
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110.879 |
68.705 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.448 |
26.987 |
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Provisions |
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14.178 |
1.642 |
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Total
Current Liabilities |
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42.626 |
28.629 |
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Net Current Assets |
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68.253 |
40.076 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.179 |
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TOTAL |
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75.388 |
45.679 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 (12 Months) |
31.03.2007 ( 5 Months) |
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Sales Turnover |
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616.118 |
198.647 |
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Other Income |
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7.416 |
2.148 |
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Total Income |
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623.534 |
200.795 |
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Profit/(Loss) Before Tax |
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11.975 |
1.148 |
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Provision for Taxation |
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4.515 |
0.567 |
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Profit/(Loss) After Tax |
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7.460 |
0.581 |
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Expenditures : |
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Manufacturing Expenses |
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576.727 |
190.003 |
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Administrative Expenses |
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10.856 |
4.100 |
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Financial Charges |
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9.824 |
3.761 |
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Selling and Distribution Expenses |
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13.743 |
1.662 |
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Depreciation & Amortization |
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0.409 |
0.121 |
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Total Expenditure |
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611.559 |
199.647 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 (12 Months) |
31.03.2007 ( 5 Months) |
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PAT / Total Income |
(%) |
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1.19 |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.94 |
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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10.14 |
1.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.58 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.71 |
8.06 |
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Current Ratio (Current Asset/Current Liability) |
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0.26 |
2.39 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
·
Free-hold land
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Office Equipments
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Cars
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Bicycle
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MsalaGrinding Plant
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Chilly Chopping Machine
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Computers
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Electrical Fittings
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Furniture and Fixture
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10031084 |
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Corporate
identity number of the company |
U519096MH2006PTC165174 |
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Name of the
company |
NHC INDUSTRIAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
NHC House, 2/13, Anand Nagar, Santacruz (East), Mumbai-400055, |
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Type of charge |
Others |
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Particular of
charge holder |
Union Bank of India, Bhat Bazar Branch, Anant Deep Chambers, 273/277,
Narsi Natha Street, Mumbai-400009, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
D.P. Note and
Letter of Hypothecation of Bills |
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Date of
instrument Creating the charge |
04.03.2008 |
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Amount secured by
the charge |
Rs. 72.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.75% per annum
with monthly rests. Terms of
Repayment On Demand Margin As per Sanctioned
Terms Extent and
Operation of the charge To Secure FDBP/FIDBP
under L/C and Contract Facility of Rs. 72.500 Millions granted by the bank to
the company |
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Short particulars
of the property charged |
Purchase from or
negotiate a bill or bills of exchange drawn on or accepted or endorsed
against goods and / or merchandise (hereinafter referred to as goods) or
shipping or other documents and / or hold such or any other bill or bills of
exchange and / or documents for collection on the Borrower’s account under
lien to the Bank |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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|
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
3 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
41 |
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 |
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