MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
Note: Hemani Organics and Chemicals Private Limited has been Amalgamated with
Hemani Intermediates Private Limited
IDENTIFICATION DETAILS
|
Name : |
HEMANI INTERMEDIATES PRIVATE LIMITED HEMANI ORGANICS AND CHEMICALS PRIVATE LIMITED AMALGAMATED WITH HEMANI
INTERMEDIATES PRIVATE LIMITED |
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Registered Office : |
12, Khetshi Chatrabhuj Niwas, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.02.1994 |
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Com. Reg. No.: |
11-076416 |
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CIN No.: [Company
Identification No.] |
U24114MH1994PTC076416 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH08249D |
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PAN No.: [Permanent
Account No.] |
AAACH1117Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Organic Pigments
and Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Hemani Organics and Chemical Private Limited is merged into Hemani Intermediates Private Limited since financial year 2006-2007. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Ashish Desai |
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Designation : |
Accountant |
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Date : |
02.04.2011 |
LOCATIONS
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Registered Office : |
12, Khetshi Chatrabhuj Niwas, |
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Tel. No. |
91-22-23754604 / 23727563 |
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Fax No. |
91-22-23712596 / 23740581 |
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Email : |
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Website |
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Administrative Office/ Exports Premonit International Eximp : |
706 / 710, Reena Complex, 7th
Floor, Ramdev Nagar Road, Near Nathani Steel, Vidya Vihar (West),
Mumbai – 400 086, Maharashtra, India |
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Tel. No.: |
91-22-25156988/23723215/25157491/25131641 |
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Fax No.: |
91-22-25134483 |
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Location : |
Owned |
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Factory 1 : |
Plot No. 780 /1,2,40, Shed Area, GIDC Vapi, Dist – Bulsar
– 396 195, |
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Tel. No.: |
91-260-3244693 |
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Mobile No.: |
91-9376841018 (Mr. Ashish Desai) |
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Fax No.: |
91-260-2430634 |
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Location : |
Owned |
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Factory 2 : |
Plot No. 3208, GIDC Industrial Estate, Ankleshwar – 393000, |
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Tel. No.: |
91-264-325212 |
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Fax No.: |
91-264-650627 |
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Factory 3 : |
Plot No. 119, |
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Tel. No.: |
91-260-422189/2430459 |
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Fax No.: |
91-260-2421619 |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Mohan Sunderji Dama |
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Designation : |
Director |
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Address : |
Flat No. 13, 7th Floor, Khatau Apartment Cooperative Housing Society, Joshi Lane, Tilak Road, Ghatkopar (E), Mumbai – 400077, Maharashtra, India |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
01803334 |
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Name : |
Mr. Premji Sunderji Hemani |
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Designation : |
Technical Director |
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Address : |
Payal Morden Cooperative Society, Plot No. 273, GIDC
Vapile Pardi, Valsad – 396195, |
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Date of Birth/Age : |
15.11.952 |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
01808898 |
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Name : |
Mr. Nitin Karsandas Dama |
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Designation : |
Additional Director |
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Address : |
Sai Krupa, Plot No. 209, Room No. 703, Near Samarpan, Blood Bank, Hingwala Lane, Ghatkopar (E), Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
07.11.1964 |
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Date of Appointment : |
24.07.2010 |
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DIN No.: |
01058731 |
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Name : |
Mr. Jayesh Mohan Dama |
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Designation : |
Director |
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Address : |
Khatau Apartment, 7th Floor, Joshi Lane,
Ghatkopar – West, Mumbai – 400086, |
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Date of Birth/Age : |
13.09.1983 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00934721 |
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Name : |
Mr. Karsandas Sunderji Dama |
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Designation : |
Director |
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Address : |
91/2, Bhanushati Wadi, |
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Date of Appointment : |
04.02.1994 |
KEY EXECUTIVES
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Name : |
Mr. Kishan Dama |
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Designation : |
Administrative Head |
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Name : |
Mr. Parag Shah |
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Designation : |
V P Exports |
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Name : |
Mr. Kamal Bhatt |
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Designation : |
Technical Head |
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Name : |
Mr. Premjibhai Hemani |
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Designation : |
Technical Director |
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Name : |
Mr. Mohanbhai Hemani |
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Designation : |
Commercial Director |
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Name : |
Mr. Ramesh Bapat |
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Designation : |
Executive Director |
MAJOR SHAREHOLDERS
As on 30.09.2010
|
Names of Equity Shareholders |
No of Shares |
|
Minal Moahn Dama |
35371 |
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Naina Premji Hemani |
22093 |
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Mohan Sunderji Dama |
24289 |
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Mohan Sunderji Dama (HUF) |
9500 |
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Premji Sunderj Hemani (HUF) |
11770 |
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Premji Sunderji Hemani |
25748 |
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Jayesh Mohan Dama |
10126 |
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Jailesh Premji Hemani |
5195 |
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Total |
144092 |
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Names of Preference Shareholders |
No of Shares |
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Bharat Karsandas Dama |
11 |
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Mohan Sunderji Dama (HUF) |
3 |
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Premji Sunderj Hemani (HUF) |
6 |
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Minal Moahn Dama |
1 |
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Naina Premji Hemani |
1 |
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Jayesh Mohan Dama |
19 |
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Total |
41 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
85.24 |
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Other |
14.76 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Organic Pigments
and Intermediates. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Colourchem Indian Dyestuff Industries Hindustan Inks Limited
Clariant BASF Dystar
Rallis RPG Life Science United Phosporous Limited (UPL) EID Parrys |
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No. of Employees : |
129 (approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Haren Parekh and Company |
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Chartered Accountants |
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Address : |
322/323, Reena Complex, |
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Pan No.: |
AAHPC9566G |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
149900 |
Equity Shares |
Rs. 100/- each |
Rs. 14.990 Millions |
|
100 |
Preferences Shares |
Rs. 100/- each |
Rs. 0.010 Million |
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Total |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
144092 |
Equity Shares |
Rs. 100/- each |
Rs. 14.409 Millions |
|
41 |
Preferences Shares |
Rs. 100/- each |
Rs. 0.004
Million |
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Total |
|
Rs. 14.413 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.413 |
14.413 |
14.413 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
287.673 |
245.506 |
193.099 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
302.086 |
259.919 |
207.512 |
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LOAN FUNDS |
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1] Secured Loans |
379.730 |
211.497 |
209.258 |
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2] Unsecured Loans |
158.461 |
143.467 |
136.213 |
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TOTAL BORROWING |
538.191 |
354.964 |
345.471 |
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DEFERRED TAX LIABILITIES |
15.585 |
21.570 |
21.685 |
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TOTAL |
855.862 |
636.453 |
574.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
290.245 |
311.407 |
259.058 |
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Capital work-in-progress |
212.307 |
0.000 |
0.000 |
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INVESTMENT |
5.235 |
1.492 |
1.481 |
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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 |
134.121
|
94.117 |
80.215 |
|
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Sundry Debtors |
305.631
|
330.210 |
330.236 |
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Cash & Bank Balances |
29.491
|
5.530 |
18.250 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
182.434
|
225.019 |
188.070 |
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Total
Current Assets |
651.677
|
654.876 |
616.771 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
257.232
|
|
242.163 |
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Other Current Liabilities |
18.715
|
265.886 |
17.772 |
|
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Provisions |
27.655
|
65.436 |
42.707 |
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Total
Current Liabilities |
303.602
|
331.322 |
302.642 |
|
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Net Current Assets |
348.075
|
323.554 |
314.129 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
855.862 |
636.453 |
574.668 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
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SALES |
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Income |
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|
1476.587 |
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Other Income |
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|
NA |
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TOTAL (A) |
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NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
175.371 |
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Less |
FINANCIAL
EXPENSES (D) |
|
|
33.004 |
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|
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
142.367 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
50.915 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
|
91.452 |
|
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|
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|
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Less |
TAX (I) |
|
|
29.566 |
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|
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PROFIT AFTER TAX
(G-I) (J) |
|
|
61.886 |
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Earnings Per Share
(Rs.) |
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|
429.37 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.19
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.71
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.79
|
2.64 |
3.12 |
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Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.98 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
OPERATION:
During the year the turnover of the company was Rs. 1476.587 millions. During
the year the company introduced new technology for production of 33 DCB.
Because of these the production was affected for part of the year and to that
extent sales turnover was also affected. However company would be able to reap
the benefits of this change in coming years. The demand for the products of the
company continuous to remain good, though margins are under pressure. However
with the introduction of new technology, company expects to improve its margin.
Form 8:
|
Corporate
identity number of the company |
U24114MH1994PTC076416 |
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Name of the
company |
HEMANI
INTERMEDIATES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
12, Khetshi
Chatrabhuj Niwas, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Current assets
and fixed assets |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Agreement for
Hypothecation |
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Date of
instrument Creating the charge |
23.08.2010 |
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Amount secured by
the charge |
Rs. 40.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As may be specified by bank from time to time. Terms of
Repayment - As may be specified by bank from time to time. Margin - As may
be specified by bank from time to time. Extent and
Operation of the charge - First pari charge by way of hypothecation on fixed
assets, goods and book debts (more particularly described in Serial
No.2,3,4 to the Agreement for
Hypothecation.) of the Company, in favour of DBS Bank Limited as security for
repayment of financial facilities granted by the Bank to the Company. |
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|
Particulars of
the property charged |
Fixed assets,
goods and book debts of the Company, present and future, more particularly
described in Serial No.2,3,4 to the Agreement for Hypothecation. |
Trade References
- BASF
- R P Industries, Vasai, Mumbai
- Deepak Nitriate, Vadodara
Fixed Assets:
- Air conditioner
- Refrigerator
- Lease hold land
- Factory building
- Plant and machinery
- Gas cylinder
- Laboratory equipments
- Furniture and fixtures
- Motor car
- Motor truck
- Typewriter
- Xerox machine
- Mobile phone
- Computer
AS PER WEBSITE
DETAILS
PROFILE:
After the success of Hemani Organics and Chemicals Private Limited, Hemani Group acquired land and machinery in December 1993 to setup a world-class plant and setup under the aegis of Subject.
Today housing state-of-the-art machinery, Subject is a Government recognised
export house catering to the demanding needs of the industry in terms of
quality and capacity. With a team of more than 90 people, the plant is looking
for ISO certification in the near future. They have already won accolades from
clients with regard to there systems and quality processes.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.