MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HERANBA INDUSTRIES LIMITED |
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Registered Office : |
Plot No. 1505/ 1506, GIDC Phase Iii, Vapi, Valsad - 396195, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.03.1992 |
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Com. Reg. No.: |
17315 |
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CIN No.: [Company
Identification No.] |
U24231GJ1992PLC017315 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTH01177B |
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PAN No.: [Permanent
Account No.] |
AAACH3787Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Agro Chemicals |
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 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Comments : |
Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and resourceful industrialists. Their trade relations are reported as fair. Financial position of the company is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Your proposed business dealings of US $ 60000 can be
considered against safe and secured trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ashok Chauhan |
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Designation : |
Account Executive |
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Date : |
19.07.2008 |
LOCATIONS
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Registered Office : |
Plot No. 1505/ 1506, GIDC Phase Iii, Vapi, Valsad-396195, Gujarat,
India |
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Tel. No.: |
91-260-2429856 |
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Mobile No.: |
91-260-2429856 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
101/ 102, Kanchanganga, Factory Lane, Borivali (West), Mumbai-400092,
Maharashtra, India |
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Tel. No.: |
91-22-28982133/ 44/ 23987912/ 14/ 28984439 |
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Fax No.: |
91-22-28338445 |
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E-Mail : |
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Corporate Office : |
Located at Borivali |
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Marketing Office : |
201/ 202, Dwarkesh, Above Tribhuvandas Bhimji Jhaveri, L.T. Road,
Borivali (West), Mumabi-400092, Maharashtra, India |
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Tel. No.: |
91-22-28980680/ 28338443/ 44 |
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Fax No.: |
91-22-28338445 |
DIRECTORS
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Name : |
Mr. Sadashiv Shettey |
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Designation : |
Managing Director |
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Address : |
18/A Tower, Viceroy Park, Opp. Thakur Cinema, Thakur Village,
Kandivali (E), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
13.06.1954 |
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Date of Appointment : |
29.09.1994 |
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E Mail : |
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Name : |
Mr. Raghuram Shetty |
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Designation : |
Whole Time Director |
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Address : |
1601/B, Shantivan Devidas Road, Near Club Aquaria, Eksar Village, Borivali
(W), Mumbai – 400 092, Maharashtra, India |
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Date of Birth/Age : |
25.03.1959 |
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Date of Appointment : |
29.09.1994 |
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E Mail : |
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Name : |
Mrs. Sujata Sadashiv Shetty |
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Designation : |
Director |
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Address : |
18/A Tower, Viceroy Park, Opp. Thakur Cinema, Thakur Village,
Kandivali (E), Mumbai – 400 101, Maharashtra, India |
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Date of Birth/Age : |
08.05.1960 |
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Date of Appointment : |
27.12.2001 |
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Name : |
Mrs. Vanita Shetty |
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Designation : |
Director |
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Address : |
1601/B, Shantivan Devidas Road, Near Club Aquaria, Eksar Village,
Borivali (W), Mumbai – 400 092, Maharashtra, India |
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Date of Birth/Age : |
14.11.1967 |
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Date of Appointment : |
27.12.2001 |
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Name : |
Mrs. Subrata Deobrata Lahiri |
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Designation : |
Director |
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Address : |
B/214 Shailee, Opp. Khetav, Petrol Pump, Polytechnic Road, Ambawadi,
Ahmedabad – 380 015, Gujarat, India |
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Date of Birth/Age : |
01.08.1953 |
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Date of Appointment : |
01.10.2000 |
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Name : |
Mr. Nityandand H. Hegde |
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Designation : |
Director |
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Address : |
204, Pushpakunj, Asha Nagar, W. Highway, Borivli, Mumbai,
Maharashtra, India |
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Name : |
Mr. Prasad K. Shetty |
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Designation : |
Director |
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Address : |
B/7, Hazline Society, 3rd Floor, Gotawadi,
Andheri, Mumbai, Maharashtra, India |
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Name : |
Mr. Jiten Zaverchand Gala |
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Designation : |
Director |
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Address : |
25-2502, M H No. 9-21, Pancharatna Building, Mama Parmanand Road, Mumbai – 400 025, Maharashtra, India |
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Date of Birth/Age : |
15.11.1969 |
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Date of Appointment : |
12.07.2007 |
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Name : |
Mrs. Priti Jiten Gala |
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Designation : |
Director |
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Address : |
2505, Panchratna Building, Opera House, Mumbai – 400 004, Maharashtra, India |
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Date of Birth/Age : |
18.05.1970 |
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Date of Appointment : |
12.07.2007 |
KEY EXECUTIVES
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Name : |
Mr. Anil Kumta |
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Designation : |
Vice President- Domestic Marketing |
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Mobile No.: |
91-98767280624 |
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Tel no.: |
91-22-55738496 |
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Name : |
Mr. Zenobia Shettigar |
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Designation : |
Vice President – International Marketing |
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Tel No.: |
91-22-55738455 |
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Mobile No. ; |
91-9820122698 |
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E Mail No. : |
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Name : |
Mr. Ananthkkrishnan |
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Designation : |
Senior Purchase Manager |
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Mobile No.: |
91-9819892749 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
No. of Shares |
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Sadashiv Shettey |
1320035 |
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Raghuram Shetty |
872485 |
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Sujata Shetty |
138500 |
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Vanita Shetty |
42500 |
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Babu Shetty |
22500 |
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Shanta Shetty |
7500 |
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R K Shetty |
71280 |
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Vithal K Bhandary |
15000 |
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Bhupendra Patel and Raghuram Shetty |
100 |
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Jagdish Patel, Sadashiv Shetty |
100 |
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Shreya Shetty |
10000 |
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Total |
2500000 |
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Names of Shareholders (Preference Shares) |
No. of Shares |
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Sadashiv Shetty |
10100 |
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Raghuram Shetty |
6621 |
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Sujata Shetty |
4800 |
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Vanita Shetty |
3600 |
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Total |
25121 |
Equity Share Breakup (Percentage of Total Equity)
(As on 29.09.2007)
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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29.10 |
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Directors or relatives of directors |
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70.90 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of agro chemicals |
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Products : |
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Exports : |
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Countries : |
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UAE ·
China |
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Imports : |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C and Credit (60 days / 90 days) |
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Purchasing : |
L/C and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
350 (In Office 300 and Corporate Office 50) |
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Bankers : |
·
Corporation Bank Kalbadevi Branch, Babu Genu Road,
Mumbai-400002, Maharashtra, India ·
ICICI Bank, Borivali · The Shamrao Vithal Co-operative Bank Borivli West , Mumbai,
Maharashtra, India |
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Facilities : |
CC-Rs.70.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anay Gogte Chartered Accountant |
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Address : |
Flat No. F/6, 18th Floor, Krishna Nagar, Building, No. 1,
Above Cos- Mos Bank, Chandavarkar Lane, Mumbai-400092, Maharashtra, India |
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Associates/Subsidiaries : |
Shakti Bioscience - Borivali |
CAPITAL STRUCTURE
Authorised Capital : (As on 29.09.2007)
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No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
|
50000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Total |
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Rs. 40.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3435800 |
Equity Shares |
Rs. 10/-
each |
Rs. 34.358
Millions |
|
25121 |
Preference Shares |
Rs. 100/-
each |
Rs. 2.512
Millions |
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Total |
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Rs. 36.870 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
36.870 |
36.870 |
27.512 |
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2] Share Application Money |
27.903 |
1.153 |
3.524 |
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3] Reserves & Surplus |
56.089 |
48.237 |
19.515 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
120.862 |
86.260 |
50.551 |
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LOAN FUNDS |
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1] Secured Loans |
425.406 |
362.857 |
193.971 |
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2] Unsecured Loans |
6.687 |
5.386 |
3.194 |
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TOTAL BORROWING |
432.093 |
368.243 |
197.165 |
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DEFERRED TAX LIABILITIES |
14.942 |
10.049 |
10.672 |
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TOTAL |
56.897 |
464.552 |
258.388 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
259.966 |
277.676 |
131.084 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.191 |
0.185 |
0.183 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.431 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
236.466
|
175.488 |
96.572 |
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Sundry Debtors |
207.100
|
139.962 |
90.124 |
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Cash & Bank Balances |
70.682
|
49.081 |
13.431 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
129.253
|
130.957 |
64.101 |
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Total
Current Assets |
643.501
|
495.488 |
264.228 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
305.643
|
280.223 |
123.173 |
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Provisions |
30.118
|
28.574 |
14.365 |
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Total
Current Liabilities |
335.761
|
308.797 |
137.538 |
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Net Current Assets |
307.740
|
186.691 |
126.690 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
567.897 |
464.552 |
258.388 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1191.371 |
1173.032 |
692.602 |
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Other Income |
60.385 |
52.908 |
46.705 |
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Total Income |
1251.756 |
1225.940 |
739.307 |
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Profit/(Loss) Before Tax |
22.997 |
40.440 |
34.603 |
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Provision for Taxation |
8.193 |
15.808 |
13.861 |
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Profit/(Loss) After Tax |
14.804 |
24.632 |
20.742 |
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Export turnover : |
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Sale of goods manufactured |
720.984 |
724.090 |
313.347 |
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Expenditures : |
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Raw Material Consumed |
847.170 |
810.081 |
426.556 |
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Purchases made for re-sale |
0.000 |
3.351 |
0.000 |
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Consumption of stores and spares parts |
40.909 |
56.792 |
32.651 |
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Increase/(Decrease) in Finished Goods |
(100.028) |
(37.912) |
(17.415) |
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Salaries, Wages, Bonus, etc. |
46.297 |
32.109 |
25.210 |
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Managerial Remuneration |
4.008 |
4.812 |
1.983 |
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Payment to Auditors |
0.133 |
0.126 |
0.102 |
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Interest |
68.442 |
34.981 |
14.434 |
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Insurance Expenses |
9.694 |
8.542 |
5.232 |
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Power & Fuel |
37.766 |
21.587 |
19.070 |
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Depreciation & Amortization |
39.913 |
20.700 |
13.239 |
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Other Expenditure |
234.455 |
230.331 |
183.642 |
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Total Expenditure |
1228.759 |
1185.500 |
704.704 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.18
|
2.01 |
2.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.93
|
3.45 |
4.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.55
|
5.23 |
8.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.47 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.35
|
7.85 |
6.62 |
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Current Ratio (Current Asset/Current Liability) |
|
1.92
|
1.60 |
1.92 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90095381 |
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Corporate identity
number of the company |
U24231GJ1992PLC017315 |
|
Name of the
company |
HERANBA INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 1505/ 1506, GIDC Phase Iii, Vapi, Valsad-396195, Gujarat,
India |
|
Type of charge |
·
Book Debts ·
Movable
Property ·
Floating
Charge |
|
Particular of
charge holder |
Corporation Bank Kalbadevi Branch, Babu Genu Road, Mumbai-400002, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Supplemental
Common Deed of Hypothecation of Moveables/ Assets/ Debts Dated 02.02.2007 |
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Date of
instrument Creating the charge |
05.02.2007 |
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Amount secured by
the charge |
Rs. 0.786 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Adhoc FDBN :- Up to 90 days 8.5% and Above 90 Days 10.5% ·
Terms of
Repayment As per terms and conditions. ·
Margin Nil ·
Extent and
Operation of the charge First Charge |
|
Date of latest
modification prior to the present modification |
10.01.2007 |
|
Particulars of
the present modification |
The Charge is
further modified on 05.02.2007 by way of adhoc FDBN (LC) of Rs. 50.000
Millions, thereby extending charge by supplemental Common Deed of
Hypothecation of Moveable/ Assets/ Debts From Rs. 736.000 Millions to Rs.
786.000 Millions |
Trade References
·
United Phospherous – Andheri
·
Meghnani Industries - Mumbai
Web Details
Subject is
agrochemical players in India. Success story of company finds its root in 1994,
when a technocrat, Mr. Sadashiv K Shetty formed a company, with an
objective of providing innovative products to farmers to increase their farm efficiency.
Since then under the dynamic leadership of Mr. S. K. Shetty, chairman
and managing director, ably assisted by Mr. R. K. Shetty, executive
director; the company is on the path of success and progress. This is only
possible because of companies Big Vision and its philosophy of growing together
with its valuable customers, suppliers and other stakeholders; this is being
reflected in its motto “Let’s succeed together”.
Subject believes in fast sustainable growth
based on a strong foundation of values and ethics; striving for continual
improvement for providing value added solutions to the end customers.
The
company is one of the main producers of the key intermediate D.V. Acid Chloride
(CMAC) which is the basic input material for most of the pyrethroid products
with production capacity of 2700 MT per annum.
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.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
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 |
|