MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
HARESH PETROCHEM PRIVATE LIMITED |
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Registered Office : |
404/405, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
23.03.2004 |
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Com. Reg. No.: |
11 – 145264 |
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CIN No.: [Company
Identification No.] |
U24100MH2004PTC145264 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07361E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Marketer and Distributor of Petrochemicals and Solvents. |
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 627830 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company in its field. Trade
relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
404/405, |
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Tel. No.: |
91-22-28375382 |
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Fax No.: |
91-22-28254417 |
DIRECTORS
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Name : |
Mr. Kanayalal Kashiram Kasat |
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Designation : |
Director |
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Address : |
Plot No.96, Road No.3, Hindu Colony, Dadar (East), Mumbai – 400 014, |
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Date of Birth/Age : |
31.07.1951 |
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Date of Appointment : |
23.03.2004 |
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Name : |
Mr. Kailash Sohanlal Kasat |
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Designation : |
Director |
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Address : |
C-3, Kaveri Neetha Chs, |
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Date of Birth/Age : |
02.12.1957 |
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Date of Appointment : |
23.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON (26.09.2008)
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Names of Shareholders |
No. of Shares |
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Mr. Kanayalal Kashiram Kasat |
320000 |
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Mr. Kailash Sohanlal Kasat |
160000 |
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Mr. Ratna Kailash Kasat |
240000 |
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Mr. Kamla Kanayalal Kasat |
80000 |
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Total |
800000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category (31.03.2008) |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Marketer and Distributor of Petrochemicals and Solvents. |
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Products : |
Alcohols v
Methanol v
Ethanol v
Isobutanol v
Normal butanol v
Iso Propyl Alcohol v
2 ethyl Alcohol Ketons v
Cyclohexanone v
Acetone v
Methly Iso Butyl Ketone Monomer v
Styrene Monomer v
Butyl Acrylate Monomer Chlorinated
Solvents v
Methylene Dichloride v
Ethylene Dichloride Plasticizers v
Di Octyl Phthalate Other Chemicals v
Toluene v
Cumene v
Phenol v
Acrylonitrile v
Aniline Oil v
Solvent C9 v
Benzene v
Acetic Acid v
Caustic Soda Lye |
GENERAL INFORMATION
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No. of Employees : |
Around 10 |
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Bankers : |
Union Bank of India, Khand Bazar Branch, 109, Kazi Syed Street, Khand
Bazar, Mumbai – 400 003, Maharashtra, India. |
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Facilities : |
Particular |
31.03.2008 (Rs. In millions) |
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SECURED LOAN: Cash Credit from Union Bank of (secured by hypothecation of all stocks and book debts and
collaterally secured by equitable mortgage of office premises) ICICI Bank Limited. Car Loan (secured by hypothecation of car) |
46.786 1.806 |
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Total |
48.592 |
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UNSECURED LOAN: From Directors From Shareholders |
0.163 2.800 |
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Total |
2.963 |
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Banking
Relations : |
-- |
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Auditors : |
D.M. Damle and Company |
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Chartered Accountant |
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Address : |
G-2/106, Kalpita Enclave, |
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Pan No: |
AACPD5615L |
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Associates/Subsidiaries : |
NIL |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs. 100/-Each |
Rs.80.000
Millions |
|
400000 |
Preference Shares |
Rs. 100/- Each |
Rs.40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs. 100/-Each |
Rs.80.000 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 |
80.000 |
120.000 |
120.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.566 |
30.818 |
38.502 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
125.566 |
150.818 |
158.502 |
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LOAN FUNDS |
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1] Secured Loans |
48.593 |
35.773 |
16.913 |
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2] Unsecured Loans |
2.963 |
15.163 |
25.092 |
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TOTAL BORROWING |
51.556 |
50.936 |
42.005 |
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DEFERRED TAX LIABILITIES |
0.326 |
0.108 |
0.108 |
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TOTAL |
177.448 |
201.862 |
200.615 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.846 |
6.729 |
5.970 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
19.493 |
19.493 |
19.493 |
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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 |
46.622
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71.347 |
185.680 |
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Sundry Debtors |
357.778
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180.404 |
217.797 |
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Cash & Bank Balances |
51.572
|
73.049 |
61.898 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
58.775
|
45.484 |
30.378 |
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Total
Current Assets |
514.747
|
370.284 |
495.753 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
313.716
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123.012 |
286.504 |
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Provisions |
51.114
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72.017 |
34.675 |
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Total
Current Liabilities |
364.830
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195.029 |
321.179 |
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Net Current Assets |
149.917
|
175.255 |
174.574 |
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MISCELLANEOUS EXPENSES |
0.192 |
0.385 |
0.578 |
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TOTAL |
177.448 |
201.862 |
200.615 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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Sales Turnover |
1457.588 |
1034.496 |
1002.170 |
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Other Income |
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Total Income |
1457.588 |
1034.496 |
1002.170 |
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Profit/(Loss) Before Tax |
22.804 |
38.408 |
27.221 |
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Provision for Taxation |
8.056 |
13.025 |
9.484 |
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Profit/(Loss) After Tax |
14.748 |
25.383 |
17.737 |
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Total Expenditure |
1434.784 |
996.088 |
974.949 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.02
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2.45 |
1.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.56
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3.71 |
2.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.27
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9.85 |
5.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.18
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0.25 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.9
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1.29 |
2.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.41
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1.89 |
1.54 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
HARESH PETROCHEM PRIVATE LIMITED |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Hypothecations
Agreement of Goods and Debts Dated: 31st August, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.170.000
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 |
Hypothecation by
way of first charge in favour of the Bank: i) Stock of
Chemicals, Solvents, Petrochemicals and Bulk Drugs etc. procured under L/C
which shall include all goods 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 for which hereafter from time to time be brought
into or stored or be in or about the Borrower premises or godown’s at Navi
Mumbai and other places hired by the Borrower for the purposes 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 Borrower’s agent or at any of the
borrower’s agencies or in course of transit by ship, rail or otherwise and ii) The
Borrower’s Book-Debts, outstandings, monies, deposits, receivables, claims and
bills, contracts, securities, investments which are now due and owing or
which may at any time hereafterduring the continuous of these 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 of 14.25% per annum with monthly rests or at such other revised rate as
may be prescribed by the Bnak from time to time depending upon the changes in
the Prime Lending Rate of the Bank or the directives of Reserve Bank of India
from time to time or the policy of the Bank on advances for Import/Inland L/C
(DP/DA 120 days) facility of Rs.170.000 Millions granted by the bank to the
Compnay. Margin: 10%+15% |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Khand Bazar Branch, 109, Kazi Sayed Street, Khand Bazar, Mumbai – 400
003. |
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This form is for |
Creation of
charge Modification of
charge |
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Charge
identification number of the modified |
80031029 |
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Corporate
identity number of the company |
U24100MH2004PTC145264 |
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Name of the
company |
HARESH PETROCHEM
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
404/405 |
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Type of charge |
·
Book
debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
Union Bank of
India, Khand Bazar Branch, 109, Kazi Syed Street, Khand Bazar, Mumbai – 400
003, Maharashtra, India. |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Agreement to Hypothecation Agreement of Goods and Debts |
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Date of instrument
Creating the charge |
12.11.2008 |
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Amount secured by
the charge |
Rs.500.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Usual Terms of
repayment On Demand Margin As per sanction
terms Extent and
operations of the charge To secure Import
/ Inland L/C DP/DA 120 days facility of Rs.500.000 Millions granted by the
Bank to the Company. |
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Date of latest
modification prior to the present modification |
29.03.2008 |
FIXED ASSETS:
A] Buildings
Brahma Shopping
Centre 215
Brahma Shopping
Centre 216
B] Vehicles
Motor Cars
Scooter
C] Others
Computer
Furniture and
Fixtures
Office Equipment
Xerox Machine
Air Conditioners
Fax Machine
Telephone
Equipments
Electrical
Fittings
The company has its imports at 4 major ports, Mumbai, Kandla, Jnpt
and
When a customer invests in a business partnership with them, They
want them to have complete confidence that they have become part of the most
comprehensive management team available. Their experienced specialists possess
unparalleled experience in the import / export business and that knowledge is
put to use in creative ways for each client, because their clients are also
their partners.
The key to their success consists of building bridges between
suppliers and customers and providing high level of services: quality,
efficiency, performance, chartering and processing. Subject is also
characterized by its efforts to establish close, long-term customer
relationships.
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 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.48.49 |
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|
1 |
Rs.71.89 |
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Euro |
1 |
Rs.67.86 |
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 |
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 |
|