MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEUBACH COLOUR PRIVATE LIMITED |
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Registered
Office : |
Plot No.9002-9010 Phase VI, GIDC, Ankleshwar - 393002, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.09.1993 |
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Com. Reg. No.: |
033372 |
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CIN No.: [Company Identification
No.] |
U24110GJ1993PTC033372 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDH00571E |
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PAN No.: [Permanent Account No.] |
AAACH2578P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Organic
Pigments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6272728 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. There
appears some losses being incurred by the company continuously in two
years. However, net worth appears to
be satisfactory. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dharmesh Vaghela |
|
Designation : |
Manager |
|
Contact No.: |
91-9925022083 |
|
Date : |
21.04.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No.9002-9010 Phase VI, GIDC, Ankleshwar - 393002, |
|
Tel. No.: |
91-2646-251623 |
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Fax No.: |
91-2646-250243 |
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E-Mail : |
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Website : |
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Area : |
5000sq.fts |
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Location : |
Owned |
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Branches : |
Located at : Tel. No. 91-265-2330 134/2343310 Fax No. 91-265-300 137
/ 2341682 E-mail :- baroda@heaubach-India.com / heubachB@sprintrpg.net.in / baba@heubach-India.com 22, Tel. No. 91-22-24310933/243109934 Fax No :- 91-22-24372679/24308836 E-mail :- 1. mumbai@heubach-india.com 11, Meckoni House, 369, ‘Land Mark’, 2nd Floor, Tel. 91-265-2314860/2341651/2330134/2343310 Fax. 91-265-2341682/2354827/2300137 E-mail. 1. baroda@heaubach-india.com |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. |
|
Designation : |
Chairman and Managing Director |
|
Address : |
1/99, Radha Sadan, |
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Date of Birth/Age : |
07.02.1961 |
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Date of Appointment : |
13.05.1995 |
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|
|
|
Name : |
Mr. Ashok G. Chitre |
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Designation : |
Director |
|
Address : |
H 9/10 Indra Prastha Society,
Amar Complex, New |
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Date of Birth/Age : |
13.01.1945 |
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Date of Appointment : |
03.03.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Dharmesh Vaghela |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
EQUITY SHARES AS
ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
H P Colour Cyprus Limited, |
|
873735 |
|
|
|
167 |
|
Pigment Colour Limited, |
|
6600 |
|
Total |
|
880502 |
PREFERENCE SHARE AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pigment Colour Limited, |
|
3243260 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.98 |
|
Directors or relatives of Directors |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Organic
Pigments |
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|
|
Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewels Chartered Accountant |
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Address : |
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Holding Company : |
H P Colour Cyprus Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.100/- each |
Rs.125.000 Millions |
|
3250000 |
Preference Shares |
Rs.100/- each |
Rs.325.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
880502 |
Equity Shares |
Rs.100/- each |
Rs.88.050 Millions |
|
3243260 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.324.326 Millions |
|
|
|
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|
Notes:
(i) Of the above 873,735 (Previous Year 788,147) Equity Shares are held by HP Colour Cyprus Limited, Cyprus and 6,600 (Previous Year 6,600) Equity Shares held by Pigment Colour Limited, Bermuda both of which are subsidiaries of Colour Limited, Bermuda, the ultimate Holding Company.
(ii) Of the above, 111,148 (Previous Year 111,148) Equity Shares of Rs.100 each were allotted as fully paid up pursuant to a contract for consideration other than cash.
(iii) Of the above, 6,667 (Previous Year 6,667) Equity Shares of Rs.100 each have been allotted pursuant to a scheme of amalgamation.
(iv) During the year 85,588 equity shares of Rs.100 each, fully paid-up, aggregating Rs.8.559 Millions were allotted at a premium of Rs.715 per share pursuant to resolution approved by the Board of Directors at their meeting held on February 22, 2010.
(v) 3,243,260 (Previous Year 3,243,260) Redeemable Preference Shares of Rs.100 each have been allotted pursuant to a scheme of amalgamation. Terms of Redemption will be as decided by the Board of Directors, but date of Redemption will not exceed a period of twenty years from date of allotment.
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
2600.000 |
Expected Sales (2011-2012) : Rs.2800.000 Millions
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
412.376 |
403.817 |
403.817 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1155.806 |
1161.440 |
1219.465 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1568.182 |
1565.257 |
1623.282 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1188.837 |
1116.657 |
801.514 |
|
|
2] Unsecured Loans |
325.008 |
366.840 |
287.928 |
|
|
TOTAL BORROWING |
1513.845 |
1483.497 |
1089.442 |
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|
|
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|
|
|
DEFERRED TAX LIABILITIES |
3.252 |
0.000 |
100.323 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT |
64.365 |
73.350 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3149.644 |
3122.104 |
2813.047 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1332.334 |
1447.635 |
1613.118 |
|
|
Capital work-in-progress |
95.696 |
163.961 |
121.988 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.369 |
17.953 |
17.759 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1121.893
|
1012.924 |
972.508 |
|
|
Sundry Debtors |
568.865
|
413.421 |
389.878 |
|
|
Cash & Bank Balances |
29.023
|
19.087 |
12.950 |
|
|
Other Current Assets |
0.672
|
0.354 |
0.230 |
|
|
Loans & Advances |
297.988
|
214.415 |
156.272 |
|
Total
Current Assets |
2018.441
|
1660.201 |
1531.838 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
298.670
|
152.741 |
450.100 |
|
|
Other Current Liabilities |
10.305
|
9.870 |
15.415 |
|
|
Provisions |
7.221
|
5.035 |
6.141 |
|
Total
Current Liabilities |
316.196
|
167.646 |
471.656 |
|
|
Net Current Assets |
1702.245
|
1492.555 |
1060.182 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3149.644 |
3122.104 |
2813.047 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
|
2470.249 |
2212.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
212.876 |
224.081 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
(270.873) |
285.793 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX |
|
(57.997) |
(61.712) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
(8.448) |
(28.927) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX |
|
(49.549) |
(32.785) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
909.299 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(2.35)
|
(1.48) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.73)
|
(1.98) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
(0.01) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.05 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.38
|
9.90 |
3.25 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Micro, Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
298.670
|
152.741 |
450.100 |
FORM 8:
|
Corporate
identity number of the company |
U24110GJ1993PTC033372 |
|
Name of the
company |
HEUBACH COLOUR
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.
9002-9010, Phase 4, GIDC, Ankleshwar – 393002, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge Others |
|
Particular of
charge holder |
HDFC BANK LIMITED |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks, Book Debts, Plant, Machinery And Intangible Assets |
|
Date of
instrument Creating the charge |
04/05/2010 |
|
Amount secured by
the charge |
Rs.309.150 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge - First Exclusive
Charge On The Intangible Assets As Per Clause Iv And V of The Agreement - First Pari Passu
Charge On All The Movable P & M - Second Charge
On All The Stocks and Bd of The Company Will Operate As
Continuing Security And Interest, Commission Thereon, Legal And Other Costs,
Charges, Payments, Reimbursements And Expenses Relating Thereto And
Incidental. |
|
Short particulars
of the property charged |
First Pari Passu
Charge on all the movable Plant and Machinery of the company both present and
future. Second Charge on all the stocks and book debt of the company both
present and future First Exclusive charge on all the expertise or technical
know how and all the rights, interest and properties in Trade Marks |
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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.