MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARSH COMMODITIES
PRIVATE LIMITED |
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Registered Office : |
Office No. F-1, Capt.
Skoccher, Plot No. 195, Sector 1A, Gandhidham, Kutch – 370 201, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
21.07.2005 |
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Com. Reg. No.: |
04-46474 |
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CIN No.: [Company
Identification No.] |
U51100GJ2005PTC046474 |
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IEC No.: |
3705001329 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTH00693A |
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PAN No.: [Permanent
Account No.] |
AABCH6038B |
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Legal Form : |
Private Limited Liability
Company. |
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Line of Business : |
Exporter,
importer and trader of ferrous scraps, yarns, all types of textiles, fibre,
chemicals and timbers |
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 43000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by average 30
days |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established trade and exporters. The company is faring well. Trade relations
are fair. Payments are reported as slow by average 30 days. However the company
can be considered for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Office No. F-1,
Capt. Skoccher, Plot No. 195, Sector 1A, Gandhidham, Kutch – 370 201,
Gujarat, India |
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Tel. No.: |
91-2836-235937 / 226469 |
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Mobile No.: |
91-9825130816 |
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Fax No.: |
91-2836-224484 |
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E-Mail : |
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Area : |
1500 Sq. ft. |
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Location : |
Owned |
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Branch Office : |
M-12, Empire
Estate, ring Road, Surat – 395 002, Gujarat, India |
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Tel. No.: |
91-261-2342810 |
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Fax No.: |
91-261-2368200 |
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E-Mail : |
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Area : |
800 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ashwin B.
Agrawal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, Gujarat, India |
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Date of Birth/Age : |
22.09.1975 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Rajendra B.
Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, Gujarat, India |
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Date of Appointment : |
09.08.2005 |
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Name : |
Mr. Rajesh B.
Agarwal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, Gujarat, India |
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Date of Birth/Age : |
27.03.1974 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mr. Babulal
Kajiram Goyal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, Gujarat, India |
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Date of Birth/Age : |
02.02.1949 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mrs. Pushpaben B
Goyal |
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Designation : |
Director |
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Address : |
Plot No. 28/29,
Ward 12/B, Gandhidham – 370201, Gujarat, India |
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Date of Birth/Age : |
02.08.1954 |
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Date of Appointment : |
21.07.2005 |
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Name : |
Mrs. Neetu A
Agarwal |
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Designation : |
Director |
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Address : |
Ward 12-B, Plot
No.27, Gandhidham – 370 201, Gujarat, India |
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Date of Birth/Age : |
10.06.1979 |
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Date of Appointment : |
23.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2008)
|
Names of Shareholders |
No. of Shares |
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Ashwin B. Agarwal
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741000 |
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Rajendra B.
Agarwal |
1000 |
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Babulal Kajiram
Goyal |
1000 |
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Pushpaben B Goyal |
1000 |
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Rajesh B. Agarwal |
1000 |
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Neetu A Agarwal |
250000 |
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Total |
995000 |
List of Allotment (As on 11.08.2008)
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Names of Shareholders |
No. of Shares |
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Ashwin B. Agarwal
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245000 |
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Total |
245000 |
(As on 30.09.2008)
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Equity Share
Breakup |
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter,
importer and trader of ferrous scraps, yarns, all types of textiles, fibre,
chemicals and timbers |
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Imports : |
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Terms : |
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Selling : |
L/C, Cash and
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
L/C, Cash and
Credit (60 days / 90 days) |
GENERAL
INFORMATION
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Suppliers : |
·
Deepak Jogi ·
Emeraid Marine Services Private Limited ·
Five Star Impex ·
J K Express ·
New Site Industries ·
S R Group ·
Sai Om Forwarding Agency ·
Sangita Filament ·
Siddh Yarn Dyeing ·
United Raw Material Private Limited ·
Viking International (D.A.) ·
Zhejiang Huaxin Chemical Fiber Company Limited |
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
Aman Logistics ·
Chetna Textiles ·
Global Express ·
Harish Transport ·
Jai Ambe Tex ·
Kolin Textiles ·
Mahalaxmi Corporation ·
Meena Feb ·
New Site Polymers Private Limited ·
Pepco Fabricss Private Limited ·
Ravani Textiles ·
Vijaya Impex ·
Vraj Tex ·
Zaid Corporation |
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No. of Employees : |
38 (In Office 30 and In Factory 8) |
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Bankers : |
·
Corporation Bank DBZ – North 193, Talwar Building, Opposite
Hotel Shiv Regency, Gandhidham – 370 201, Gujarat, India ·
Indusind Bank ·
Centurion Bank ·
ICICI bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
I H Desai and Associates Chartered Accountants Address : Office No. 13
and 14, Shree Ganesh Building Plot No. 592, Word 12/C, Gandhidham – 370201,
Gujarat, India ·
Samir K Mehta Chartered Accountants Address : A-7, Shree Ganesh Building, Plot 592, Wars 12C, Gandhidham, Gujarat, India Tel
No.: 91-2836-226582 Mobile
No.: 91-9825227882 |
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Associates/Subsidiaries
: |
·
Rudraksh Shipping Adress
:
Plot No. 195, Sector 1A, Gandhidham – 370 201, Gujarat, India Line
of Business : Government of India Licenced House agents at Kandla – Mundra- Mumbai
(Shipping Clearing and Stevedoring) ·
Rudraksh Cargo Carrier Adress
:
Plot No. 195, Sector 1A, Gandhidham – 370 201, Gujarat, India Line
of Business : Trailor Fleet Owner and Transport Contractors |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
995000 |
Equity Shares |
Rs.10/- each |
Rs.9.950 millions |
(As on 31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500
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 |
7.500 |
7.500 |
7.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.148 |
0.240 |
0.051 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.648 |
7.740 |
7.551 |
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LOAN FUNDS |
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1] Secured Loans |
16.193 |
3.455 |
4.561 |
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2] Unsecured Loans |
5.750 |
5.000 |
0.000 |
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TOTAL BORROWING |
21.943 |
8.455 |
4.561 |
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DEFERRED TAX LIABILITIES |
0.178 |
0.033 |
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TOTAL |
30.769 |
16.228 |
12.112 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.662 |
1.691 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
21.002
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17.235 |
0.000 |
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Sundry Debtors |
41.152
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34.159 |
11.298 |
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Cash & Bank Balances |
0.485
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0.290 |
0.040 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
19.906
|
16.418 |
0.992 |
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Total
Current Assets |
82.545
|
68.102 |
12.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
63.543
|
53.686 |
0.149 |
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Provisions |
0.000
|
0.000 |
0.205 |
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Total
Current Liabilities |
63.543
|
53.686 |
0.354 |
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Net Current Assets |
19.002
|
14.416 |
11.976 |
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MISCELLANEOUS EXPENSES |
0.105 |
0.121 |
0.136 |
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TOTAL |
30.769 |
16.228 |
12.112 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
189.635 |
124.334 |
15.332 |
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Other Income |
6.644 |
0.271 |
0.130 |
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Total Income |
196.279 |
124.605 |
15.462 |
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Profit/(Loss) Before Tax |
1.390 |
0.334 |
0.082 |
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Provision for Taxation |
0.517 |
0.144 |
0.031 |
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Profit/(Loss) After Tax |
0.873 |
0.190 |
0.051 |
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Expenditures : |
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Purchases |
162.683 |
118.843 |
0.000 |
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Administrative Expenses |
7.187 |
2.667 |
0.675 |
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Direct Expenses |
19.894 |
18.204 |
14.690 |
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Preliminary Expenses W.Off. |
0.000 |
0.000 |
0.015 |
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Increase/(Decrease) in Finished Goods |
(3.767) |
(17.235) |
0.000 |
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Finance Charges |
6.860 |
1.696 |
0.000 |
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Depreciation & Amortization |
2.032 |
0.096 |
0.000 |
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Total Expenditure |
194.890 |
124.271 |
15.380 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.44
|
0.15 |
0.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
0.27 |
0.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.48
|
0.48 |
0.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.04 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.89
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8.03 |
0.65 |
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Current Ratio (Current Asset/Current Liability) |
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1.30
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1.27 |
34.83 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
· Oswal Lumbers Private Limited
Address : Survey No. 262, National Highway 8A, Gandhidham – 370 201, Kutch, Gujarat, India
Mobile No.: 91-9978555000
· Global Marine Agencies
Address : 2nd Floor, Rishabh Corner, Gandhidham – 370 201, Kutch, Gujarat, India
Mobile No.: 91-9824080851
Form No. 8
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U51100GJ2005PTC046474 |
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Name of the
company |
HARSH COMMODITIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Office No. F-1,
Capt. Skoccher, Plot No. 195, Sector 1A, Gandhidham, Kutch – 370 201, Gujarat |
|
Type of charge |
·
Book Debts
·
Others o
Stocks,
Goods |
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Particular of
charge holder |
Corporation Bank DBZ – North 193, Talwar Building, Opposite Hotel Shiv Regency,
Gandhidham – 370201, Gujarat, India E-mail : Cb467@corpbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
common deed of hypothecation of movable / assets / debts |
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Date of
instrument Creating the charge |
21.06.2007 |
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Amount secured by
the charge |
Rs.57.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Cash Credit – COBAR i.e. 13.25% p.a. at present subject to revision
from time to time. L/C – Commission at 50% of our prescribed rates. (Concession upto 50%
on all import related transactions) ·
Terms of
repayment Cash Credit – Running account repayable on demand subject to annual
renewal L/C – Tenor of DA/DP (IF DA, Usance not exceeding 120 days) ·
Margin Margin on L/C 20 % Margin on cash Credit : 30 %, Book Debts - 40% ·
Extent
operation of the charge The charge shall operate as first and exclusive charge in favor of the
Corporation Bank to secure the principal amount together with interest,
additional interest, all other expenses payable by the company to the
Bank. |
|
Short particulars
of the property charged |
·
Hypothecation
of the entire stocks and goods both present and future ·
Hypothecation
of the receivables, book debts both present and future |
|
Particulars of
the present modification |
Credit facilities
have enhanced from the existing limit thereof from Rs.35.000 millions to
Rs.57.500 millions Cash Credit –
Rs.7.500 millions Import L/C
(DA/DP) Limit cum Letter of Undertaking Limit to avail Buyer’s Credit (ECB) –
Rs.50.000 millions |
Business
To carry on in
India or elsewhere the business of export, import, promotion, trading, buying,
sale of ferrous scraps, yarns, all types of textiles, fibre, chemicals, timbers
and all the items as are mentioned n open general licence, metal, consumer
goods, consumer items, general products, industrial products, any goods,
merchandise, articles, commodities, materials, substances, compounds, buy
products, substitutes, instruments, machines, automobiles and any other items
of all kinds, sizes, types, nature and
description upon terms whatsoever and to act as agents, dealers,
suppliers, distributors, retailers, wholesalers, representatives, stockists,
consignors, consignees, merchants, merchant exporter, export house, star
trading house and to provide import, export related services.
Fixed Assets
·
Activa
·
Air Conditioner
·
Cycle
·
EPABX System
·
Hero Honda
·
Computer System
·
Honda Eterno
·
Office Furniture
·
Godrej File Case
·
Inverter System
·
Maruti Swift Car
·
Mobiole Handset
·
Skoda Car
·
Type Writer
·
Xerox Machine
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|