MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HEM CORPORATION PRIVATE LIMITED |
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Registered Office : |
G – 5, Riddhi Siddhi Apartments, Mitagar Cross Road, Mulund [East],
Mumbai 400081, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.2006 |
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Com. Reg. No.: |
160992 |
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CIN No.: [Company
Identification No.] |
U24248MH2006PTC160992 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH09745B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Incense Sticks |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 28000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has done satisfactory business in its
first year. Trade relations are
fair. Business is active. Payments are reported as usually correct
and as per commitments. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Satish Swami |
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Designation : |
Export Manager |
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Date : |
23.06.2008 |
LOCATIONS
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Registered Office : |
G – 5, Riddhi Siddhi Apartments, Mitagar Cross Road, Mulund [East],
Mumbai 400081, Maharashtra, India |
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Tel. No.: |
91-22-21631648 / 49 / 50 |
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Fax No.: |
91-22-21630041 / 21639415 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. fts. |
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Location : |
Owned |
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Branch : |
No. 1039, 20th main, 5th Block, Rajaji Nagar,
Bangalore 560010, Karnataka, India |
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Tel. No.: |
91-80-23408998 |
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Fax No.: |
91-80-23408982 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Uday Lalji Shah |
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Designation : |
Director |
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Address : |
23-24, Siddhi Vinayak Apartments, Mithagar Road, Mulund [East], Mumbai
400081, Maharashtra, India |
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Date of Birth/Age : |
22.10.1956 |
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Date of Appointment : |
05.04.2006 |
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Name : |
Mr. Hemant Lalji Shah |
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Designation : |
Director |
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Address : |
10, Siddhi Vinayak Co-operative Housing Society Limited, B. K. Marg,
Mulund [East], Mumbai 400081, Maharashtra, India |
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Date of Birth/Age : |
24.10.1959 |
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Date of Appointment : |
05.04.2006 |
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Name : |
Mr. Kishore Lalji Shah |
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Designation : |
Director |
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Address : |
401-402, Ankita Apartments, Navghar Road, Mulund [East], Mumbai
400061, Maharashtra, India |
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Date of Birth/Age : |
14.11.1954 |
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Date of Appointment : |
05.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Incense Sticks |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
Vietnam |
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Terms : |
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Selling : |
L/C, D/P |
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Purchasing : |
L/C, D/P |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
Citi Bank NA Citi Tower, Dr.
S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bipin D. Karani and Company Chartered Accountants |
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Address : |
14, Khandke Building No. 2, 81, N. C. Kelkar Road, Dadar [West],
Mumbai 400028, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.600
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.600 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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5.141 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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5.741 |
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LOAN FUNDS |
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1] Secured Loans |
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0.306 |
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2] Unsecured Loans |
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81.542 |
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TOTAL BORROWING |
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81.848 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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87.589 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.475 |
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Capital work-in-progress |
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5.035 |
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INVESTMENT |
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4.688 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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51.369 |
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Sundry Debtors |
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41.509 |
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Cash & Bank Balances |
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8.000 |
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Other Current Assets |
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2.760 |
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Loans & Advances |
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9.802 |
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Total
Current Assets |
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113.440 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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47.672 |
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Provisions |
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8.377 |
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Total
Current Liabilities |
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56.049 |
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Net Current Assets |
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57.391 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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87.589 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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300.000 [Estimated] |
371.690 |
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Total Income |
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371.690 |
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Profit/(Loss) Before Tax |
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NA |
8.103 |
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Provision for Taxation |
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NA |
-- |
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Profit/(Loss) After Tax |
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NA |
8.103 |
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Total Expenditure |
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NA |
363.587 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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24.01 |
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Current Ratio (Current Asset/Current Liability) |
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2.02 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- NOI
Corporation, Japan
- Wonder
Incense, Australia
Form 8
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24248MH2006PTC160992 |
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Name of the
company |
HEM CORPORATION
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G – 5, Riddhi Siddhi Apartments, Mitagar Cross Road, Mulund [East],
Mumbai 400081, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Citi Bank NA Citi Tower, Dr.
S. S. Rao Road, Parel, Mumbai 400012, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
I] loan agreement
and Ii] Memorandum of
entry recording past transaction of equitable mortgage by deposit of title
deeds. |
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Date of
instrument Creating the charge |
30.10.2007 |
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Amount secured by
the charge |
Rs. 5.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest A] Letter of
credit – as per trade terms B] Annually
renewable overdraft faciity 0.25% over and above than the applicable Citibank
PLR which is currently 13.75% p.a. Terms of
Repayment A] Letter of
credit of Rs. 5.000 Millions shall be repayable in 12 months and B] Annually
renewal overdraft facility of Rs. 0.500 Millions shall be annually renewbles. Margin As may be
stipulated by bank from time to time. Extent and
Operation of the charge The company
created an equitable mortgage by way of deposit of title deeds in respect of its
immovable properties as security for repayment, together with interest,
liquidated damages, costs, charges and expenses and all other moneys due and
payable by Borrower to the Bank. |
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Short particulars
of the property charged |
Equitable
mortgage of commercial property being shop no. 60A, Ground Floor, Shanti
Industrial Estate, Sarojini Naidu Road, Mulund [West], Mumbai 400080 |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.97 |
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UK Pound |
1 |
Rs. 84.72 |
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Euro |
1 |
Rs. 66.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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