MIRA INFORM
REPORT
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Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HALIDES CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
A-02, M.I.D.C., Kurkumbh, Taluka Daund, District Pune – 431 105, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.04.1995 |
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Com. Reg. No.: |
11-087338 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000
millions |
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CIN No.: [Company Identification
No.] |
U24117PN1995PTC087338 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEH04514G |
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PAN No.: [Permanent Account No.] |
AAACH4368G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Derivatives. |
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No. of Employees
: |
No Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 99000 |
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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 an established company having satisfactory track. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
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Registered Office : |
A-02, M.I.D.C., Kurkumbh, Taluka Daund, District Pune – 431 105, |
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Tel. No.: |
91-2117-235356/ 235661 |
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Fax No.: |
91-2117-235662 |
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E-Mail : |
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Website : |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Dhananjay Vithal Nigudkar |
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Designation : |
Director |
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Address : |
Flat No.7, Shriniwas Gaurav Apartments, Plot No.4, S. No. 133,
Kothrud, Pune – 411 029, |
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Date of Birth/Age : |
26.01.1950 |
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Date of Appointment : |
10.04.1995 |
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DIN No.: |
00026927 |
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Name : |
Mrs. Shailaja Dhananjay Nigudkar |
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Designation : |
Director |
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Address : |
Flat No.7, Shriniwas Gaurav Apartments, Plot No. 4, S. No. 133,
Kothrud, Pune – 411 029, |
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Date of Birth/Age : |
07.10.1957 |
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Date of Appointment : |
10.04.1995 |
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DIN No.: |
00026986 |
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Name : |
Mr. Sameer Dhananjay Nigudkar |
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Designation : |
Director |
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Address : |
Shriniwas Gaurav Apartment, Flat No.5 and 7, Prabha Housing Society, Plot
No.4, Kothrud, Pune – 411 038, |
|
Date of Birth/Age : |
19.02.1983 |
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Date of Appointment : |
27.06.2008 |
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DIN No.: |
02205912 |
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Name : |
Mr. Sanket Dhananjay Nigudkar |
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Designation : |
Director |
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Address : |
Shriniwas Gaurav Apartments, Flat No.5 and 7, Prabha Housing Society,
Plot No.4, Kothrud, Pune – 411 038, |
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Date of Birth/Age : |
02.05.1984 |
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Date of Appointment : |
27.06.2008 |
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DIN No.: |
02227184 |
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Name : |
Mr. Dilip Madhukar Gokhale |
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Designation : |
Additional Director |
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Address : |
101, Rajas Sakharam Complex, |
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Date of Birth/Age : |
11.04.1964 |
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Date of Appointment : |
01.07.2010 |
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DIN No.: |
03083226 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dhananjay Vithal Nigudkar |
|
418400 |
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Shailaja Dhananjay Nigudkar |
|
356100 |
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Anita Arun Kaulgud |
|
2400 |
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Madhuri Sanjay Pachpor |
|
40000 |
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Sanjay V. Pachpor |
|
10000 |
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Ugrabhai Varanashidas Patel |
|
80000 |
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Maniben Ugrabhai Patel |
|
80000 |
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Sameer Dhananjay Nigudkar |
|
6000 |
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Sanket Dhanjay Nigudkar |
|
6000 |
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Avinash G. Bhave |
|
100 |
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Dilip Madhukar Gokhale |
|
1000 |
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Total |
|
1000000 |
As on 25.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
78.75 |
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Other
top fifty shareholders |
|
21.25 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Derivatives. |
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Products : |
v N-Bromosuccinimde [CAS 128-08-5] v N-Iodosuccinimide [CAS 516-12-1] v N-Chlorosuccinimde [CAS 128-09-6] v Chloramine T [CAS 7080-50-4] |
GENERAL INFORMATION
|
Customers : |
DOMESTIC v
Cirex Pharmaceuticals Limited, v
Allied Fabrichem Private Limited, v
Sai Advantium Pharma Limited, v AR-EX Laboratories Private Limited, Mumbai v Benzo Chem Industries Private Limited, Jalgaon v A.R. Chlorides Jidimetla-Hyderabad v
Gensynth Fine Chemicals Private Limited, v
Inogent Labs Private Limited, v
Leonid Chemicals Private Limited, EXPORTS AND DEEMED EXPORTS v
MERCK v Rohit Enterprises Mumbai v
American Select Warehouse v Sandoz Private Limited, Mumbai v
Fine and Performance Chemical Limited, v S.Nihar Exports Mumbai v
Chukan Butsu Limited, v
Plectronics v ACS Dobfar S.P.A. Italy v ADESIS
INC. |
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No. of Employees : |
Not Available |
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Bankers : |
v
Bank of v HDFC Bank Limited v
State Bank of v
State Bank of v Standard Chartered Bank v
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSA and Associates Chartered Accountants |
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Address : |
102A, Samrudha Varad, Sathe Colony, 1099, Shukrawar Peth, Pune – 411
002, |
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PAN No.: |
AMEPB1162E |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
millions |
|
|
|
|
|
Of the above 220000 Equity Shares of Rs.10/-
each issued as bonus shares out of the free reserve of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.783 |
2.287 |
1.407 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
24.783 |
12.287 |
11.407 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.175 |
7.352 |
3.888 |
|
|
2] Unsecured Loans |
2.938 |
7.435 |
6.858 |
|
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TOTAL BORROWING |
22.113 |
14.787 |
10.746 |
|
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DEFERRED TAX LIABILITIES |
0.083 |
0.000 |
0.000 |
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|
|
|
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|
|
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TOTAL |
46.979 |
27.074 |
22.153 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.626 |
12.706 |
13.475 |
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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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DEFERREX TAX ASSETS |
0.000 |
0.033 |
0.061 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
9.098
|
8.165 |
8.513
|
|
|
Sundry Debtors |
18.105
|
9.745 |
1.624
|
|
|
Cash & Bank Balances |
0.208
|
0.742 |
0.944
|
|
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Other Current Assets |
5.719
|
2.327 |
2.631
|
|
|
Loans & Advances |
1.988
|
0.481 |
0.760
|
|
Total
Current Assets |
35.118
|
21.460 |
14.472 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.327
|
6.017 |
4.068 |
|
|
Other Current Liabilities |
0.528
|
0.196 |
0.104 |
|
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Provisions |
6.910
|
0.912 |
1.683 |
|
Total
Current Liabilities |
13.765
|
7.125 |
5.855 |
|
|
Net Current Assets |
21.353
|
14.335 |
8.617 |
|
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|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
46.979 |
27.074 |
22.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82.673 |
33.376 |
38.669 |
|
|
|
Other Income |
NA |
NA |
0.153 |
|
|
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TOTAL |
NA |
NA |
38.822 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
33.915 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
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|
|
|
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TOTAL |
NA |
NA |
33.915 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
NA |
NA |
4.907 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
1.012 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
12.495 |
0.880 |
3.895 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.422 |
11.517 |
11.588 |
|
|
|
Freight |
1.708 |
1.366 |
0.000 |
|
|
TOTAL EARNINGS |
24.130 |
12.883 |
11.588 |
|
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|
IMPORT VALUE |
16.619 |
6.566 |
4.054 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.49 |
0.88 |
3.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
10.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
12.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
17.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.45
|
1.78 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
3.01 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Company achieved
a turnover of Rs.82.673 millions during the year under report as against a
turnover of Rs.33.376 millions during the previous year.
After charging all
the expenses and considering deferred tax liability, the Company has earned a
profit of Rs.12.495 millions as against profit of Rs.0.880 million in previous
year.
The directors are making all the possible efforts to further improve the
performance of the Company.
FORM: 8
|
Name of the company |
HALIDES
CHEMICALS PRIVATE LIMITED |
|
Presented
By |
HALIDES
CHEMICALS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
General agreement
for grant of Medium Term Advances to Small Scale Industries and Hypothecation
of Movables, Book Debts and Other Assets Ancillary Agreement
for Medium Term Loan against Pledge of Movable Machineries Deed of Equitable
Mortgage All the above
agreements are dated 30.07.2001 and create a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods book debts, movable and other assets of the borrower including
document of title to the goods and other assets such as outstanding moneys,
receivables, claims, bill, invoices, documents, contracts, engagements,
securities, investments and rights and the present and all future machinery
and stock of raw materials, semi finished and finished goods. All Machinery
lying in or about the factory premises in W – 118, ‘S’ Block, MIDC, Bhosari
and MIDC Kurkumbh or elsewhere in Plot No. W – 118, ‘S’ Block, MIDC, Bhosari, Pune |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI : 1.25 % over the
SBAR with a minimum of 13.25 % p.a. MARGIN : 47.37 % REPAYMENT : Equal monthly
Installments of Rs. 0.150 Million |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Small Industrial
Branch, Tara Chambers, Pune – 411003 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90091623 |
|
Corporate
identity number of the company |
U24117PN1995PTC087338 |
|
Name of the
company |
HALDIES CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A – 02, MIDC, Kurkumbh, Taluk Daund, District Pune, Kurkumbh – 431
105, |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of E-Mail: info@halides-pltd.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Advances to
SME segment sanction of credit facilities 2. Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and/or creation of equitable mortgage on additional properties for
existing limits and enhanced limits and additional facilities 3. Tripartite
agreement between MIDC and Haldies Chemicals Private Limited and State Bank
of |
|
Date of
instrument Creating the charge |
22.04.2009 |
|
Amount secured by
the charge |
Rs.9.900 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Working Capital:
Interest @ 1% p.a. above SBI advance rate (SBAR = 12.25%% w.e.f. 10.11.2008)
with a minimum of 13.25%, rising or falling therewith on daily products with
monthly rest. Term Loan:
Interest @ 1.50% p.a. above SBI advance rate (SBAR = 12.25% w.e.f 10.11.2008)
with a minimum of 13.75%, rising or falling therewith on daily products with
monthly rests. Terms of
Repayment The sanction of
working capital credit facilities will be valid for a period of one from the
date of sanction The entire term
loan of Rs.5.000 millions will be repaid in 48 monthly installments with a moratorium
period of 13 months, commercial with effect from April 2010. Margin RM – 25%, SIP –
30%, FG – 30%, receivables (cover 90 days) – 40%, Term Loan – 27.22% Extent and
Operation of the charge Continue till
full repayment of loan. |
|
Short particulars
of the property charged |
All that piece and
parcel of land known as plot no.A-2 in Kurkumbh Industrial Area within
village limits of Kurkumbh and Taluka and Registration Sub-District: Daund
and District and Registration District: Pune containing by admeasurements
405000 Sq.mtrs. or thereabouts and bounded as follows On or towards the
North by: Plot No.A-10, A-11, A-12 On or towards the
South by: Road On or towards the
East by: Plot No. A-1 and On or towards the
West by: Plot No. A-3 |
|
Particulars of
the present modification |
Enhanced mortgage
debt by not exceeding Rs.9.900 millions |
FIXED ASSETS
v Computer
v Electrical Installation
v Factory Shed
v Furniture and Fixture
v Land
v Office Equipments
v Plant and Machinery
v Vehicles – Honda
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.45.87 |
|
|
1 |
Rs.75.15 |
|
Euro |
1 |
Rs.66.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.