MIRA INFORM
REPORT
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Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HARESH OVERSEAS PRIVATE LIMITED |
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Formerly Known As : |
HARESH OVERSEAS TRADING AGENCIES PRIVATE LIMITED |
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Registered Office : |
406 A, Acme Plaza, Andheri - Kurla Road, Andheri (E), Mumbai – 400
059, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
03.11.1983 |
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Com. Reg. No.: |
11-031280 |
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Capital Investment / Paid-up Capital : |
Rs. 10.000 millions |
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CIN No.: [Company
Identification No.] |
u51900mh1983ptc031280 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
mumh07362f |
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PAN No.: [Permanent
Account No.] |
aaach3151n |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Guar Gum Powder and Organic Chemicals |
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No. of Employees : |
15 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 520000 |
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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 traders
of Guar Gum Powder. Trade relations are fair. Financial position is satisfactory.
Payments are 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
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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 |
LOCATIONS
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Registered Office / Administrative office : |
406 A, Acme Plaza, Andheri - Kurla Road, Andheri (E), Mumbai – 400
059, Maharashtra |
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Tel. No.: |
91-22-28375382/83 /
28263394 / 28262017 |
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Fax No.: |
91-22-28254417 / 28302163 |
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E-Mail : |
hppl@hareshgroup.com |
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Website : |
http://www.hareshoverseas.com |
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Factory : |
G-39 TO 41 & 6-57-60, |
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Regional Offices : |
Kandla: 202, Aditya Complex,Sector
1/A, Gandhidham ( |
DIRECTORS
AS ON :30.09.2010
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Name : |
Mr. Kanayalal Kashiram kasat |
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Designation : |
Director |
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Address : |
4th Floor, Plot No. 96 Road, Road No. 3 Hindu Colony,
Dadar, Mumbai – 400 014, |
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Date of Birth/Age : |
31.07.1951 |
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Qualification : |
B.Sc. |
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Experience : |
36 Years |
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Date of Appointment : |
03.11.1983 |
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DIN No.: |
00248793 |
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Name : |
Mr. Kailash Sohanlal Kasat |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
02.12.1957 |
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Qualification : |
B.Com. |
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Experience : |
31 Years |
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Date of Appointment : |
03.11.1983 |
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DIN No.: |
00248704 |
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Name : |
Ms. Ratna Kailash Kasat |
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Designation : |
Director |
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Address : |
501, |
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Date of Birth/Age : |
10.10.1963 |
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Date of Appointment : |
20.04.2010 |
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DIN No.: |
02941789 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON :30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Kailash Sohanlal Kasat |
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44000 |
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Ms. Ratna Kailash Kasat |
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56000 |
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Total |
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100000 |
AS ON :30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Guar Gum Powder and Organic Chemicals |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
15 (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 : |
D M Damle Chartered Accountants |
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Address : |
G2/106 Alpita Enclave, |
CAPITAL STRUCTURE
As on: 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
120.744 |
96.124 |
84.082 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
130.744 |
98.124 |
86.082 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
14.695 |
15.723 |
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2] Unsecured Loans |
0.250 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.250 |
14.695 |
15.723 |
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DEFERRED TAX LIABILITIES |
0.376 |
0.411 |
0.400 |
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TOTAL |
131.370 |
113.230 |
102.205 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
20.159 |
21.938 |
26.977 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
111.526
|
15.666
|
17.041 |
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Sundry Debtors |
57.199
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19.663
|
21.848 |
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Cash & Bank Balances |
66.596
|
55.525
|
37.766 |
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Other Current Assets |
0.008
|
1.209
|
0.008 |
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Loans & Advances |
56.593
|
42.779
|
50.724 |
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Total
Current Assets |
291.922
|
134.842
|
127.387 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
132.835
|
9.039
|
8.257 |
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Current Liabilities |
0.000
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0.000
|
0.000 |
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Provisions |
47.941
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34.640
|
44.096 |
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Total
Current Liabilities |
180.776
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43.679
|
52.353 |
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Net Current Assets |
111.146
|
91.163
|
75.034 |
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MISCELLANEOUS EXPENSES |
0.065 |
0.129 |
0.194 |
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TOTAL |
131.370 |
113.230 |
102.205 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
328.533 |
NA |
149.918 |
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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 |
286.856 |
NA |
113.669 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
41.677 |
19.266 |
36.249 |
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Less |
DEPRECIATION/
AMORTISATION |
2.793 |
3.134 |
4.130 |
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PROFIT BEFORE
TAX |
38.884 |
16.132 |
32.119 |
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Less |
TAX |
13.265 |
4.946 |
11.143 |
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PROFIT AFTER TAX
|
25.619 |
11.186 |
20.976 |
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Earnings Per
Share (Rs.) |
256.19 |
---- |
1.049 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
7.80 |
-- |
13.99 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
12.46 |
10.29 |
20.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.16 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.38 |
0.59 |
0.79 |
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Current Ratio (Current Asset/Current Liability) |
|
1.61 |
3.09 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U51900MH1983PTC031280 |
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Name of the company |
HARESH OVERSEAS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
405, |
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This form is for |
Creation of charge |
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Type of charge |
Movable Property Book Debts |
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Particular of charge holder |
UNION BANK OF INDIA Khand Bazar Branch,
109, Kazi Sayed Street, Khand Bazar, Mumbai – 400003, Maharashtra,
India |
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Nature of instrument creating charge |
Hypothecation Agreement of Goods & Debts |
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Date of instrument Creating the charge |
30.07.2010 |
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Amount secured by the charge |
Rs. 300.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of
Interest: Usual Terms of
Repayment: On Demand Margin: As per sanction terms. Extent and
Operation of the charge: To secure Import/Inland L/C (DP/DA 90-150 days) facility of Rs.300.000
Millions granted by the Bank to the Company. |
|
Short particulars of the property charged (Including location of the
property) |
The Borrower hereby Hypothecates by way of First Charge in favour of
the Bank: (1) Goods/Documents covering Goods Received under LC which
expression shall include All Raw Material, Semi Finished and Finished Goods,
Consumable Stores and Spares and Movable Property of any kind now or at any time hereafter belonging
to or at the disposal of the Borrower and which are now stored or being stored
or which hereafter may from time to time be brought into or stored or be in
or about the Borrower's premises or godown/s at Bhiwandi and at other places
hired by the Borrower and (2) The Book-Debts Created out of Sale of Goods Received under LC which shall include
All The Borrower's Book-Debts, Outstanding, Monies, Deposits, Receivables,
Claims and Bills, Contracts, Securities,
Investments which are now due and owing or which may at any time hereafter
during the continuance of this security becoming due and owing. |
Fixed assets:-
Mumbai
· Computer
· Office Equipment
· Motor Vehicles
· Mobile Phone
· Furniture
· Land
·
· Motor Vehicle
· Computer
· Furniture and Fixtures
· Office Equipments
· Air Conditioners
· Electrical Fittings
· Plant and Machinery
website details:-
Company Profile
Subject was
formerly Haresh Overseas Trading Agencies (P) limited
is a service arm of “Haresh Group of Companies India” for chemicals, solvents
and petrochemicals.
The company's
core business activity is to provide services in international trade of imports
and exports of liquid chemicals to their various domestic and international
clients.
In case of
imports, company provides its clients services such as world wide sourcing of
products, arranging of survey at load port as well as discharge port,
identifying of sea worthy carriers (if required), hiring of offshore tank age
and receiving the liquid cargo into these tanks through ship and shore
pipelines, completing custom formalities by appointing authorised custom house
agent, loading of road tankers of client’s designated transporters.
Overview
Subject is an integrated global supplier for solvents, petrochemicals and guar gum powder for around three decades.
Since their inception in 1983 , they have established ourselves as reliable and reputable sellers of chemicals & solvents serving the Indian as well as International marketplace.
Headquartered in
Mumbai with branch offices in
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 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.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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|
--BANK CHARGES |
YES/NO |
no |
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--LITIGATION |
YES/NO |
no |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
no |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
no |
|
--EXPORT ACTIVITIES |
YES/NO |
no |
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--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.