MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAZEL METALS AND MINERALS PRIVATE LIMITED |
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Registered
Office : |
701, Embassy Centre, Nariman Point, Mumbai - 400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
11-156446 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
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CIN No.: [Company Identification
No.] |
U51420MH2005PTC156446 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH09449G |
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PAN No.: [Permanent Account No.] |
AABCH6073J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importing and Trading in Metals, Paper, Chemicals, |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
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 398000 |
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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 / with some cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
701, Embassy Centre, Nariman Point, Mumbai - 400021, |
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Tel. No.: |
91-22-22824444 |
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Fax No.: |
91-22-22824440 / 22041411 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Nitin Kumar Dindayal Didwania |
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Designation : |
Director |
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Address : |
172, Kshitij, 47, |
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Date of Birth/Age : |
23.06.1974 |
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DIN : |
00210289 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Ashwin Babulal Gandhi |
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Designation : |
Additional director |
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Address : |
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Date of Birth/Age : |
09.09.1960 |
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DIN : |
00656519 |
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Date of Appointment : |
25.07.2006 |
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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Nitin Kumar Dindayal Didwania |
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2995000 |
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Sushmadevi Dindayal Didwania |
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5000 |
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Total |
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3000000 |
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importing and Trading in Metals, Paper, Chemicals, |
PRODUCTION STATUS As on 31.03
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Electricity Generation |
Units |
-- |
5,256,000 |
636,065.26 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
State Bank Of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. R. Modi and Company Chartered Accountant |
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Address : |
12 Laxminarayan Shopping Centre, |
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Tel. No.: |
91-22-28884274 |
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Fax No.: |
91-22-28819304 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
10.000 |
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3] Reserves & Surplus |
69.697 |
42.631 |
20.111 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
99.697 |
72.631 |
50.111 |
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LOAN FUNDS |
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1] Secured Loans |
120.286 |
48.443 |
41.987 |
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2] Unsecured Loans |
27.291 |
35.154 |
27.659 |
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TOTAL BORROWING |
147.577 |
83.597 |
69.646 |
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DEFERRED TAX LIABILITIES |
6.872 |
3.943 |
0.012 |
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TOTAL |
254.146 |
160.171 |
119.769 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.335 |
29.673 |
0.126 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
12.377 |
9.842 |
9.842 |
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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 |
68.061
|
76.086 |
35.277 |
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Sundry Debtors |
330.106
|
274.539 |
182.076 |
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Cash & Bank Balances |
23.414
|
13.343 |
13.744 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
33.153
|
19.710 |
5.240 |
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Total
Current Assets |
454.734
|
383.678 |
236.337 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
230.105
|
256.540 |
122.541 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
8.393
|
6.702 |
4.196 |
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Total
Current Liabilities |
238.498
|
263.242 |
126.737 |
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Net Current Assets |
216.236
|
120.436 |
109.600 |
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MISCELLANEOUS EXPENSES |
0.198 |
0.220 |
0.201 |
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TOTAL |
254.146 |
160.171 |
119.769 |
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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 From Operations |
1619.997 |
1145.998 |
721.826 |
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Other Income |
2.695 |
1.060 |
12.660 |
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TOTAL |
1622.692 |
1147.058 |
734.486 |
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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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Finance Expenses |
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TOTAL |
1585.117 |
1117.998 |
717.367 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
37.575 |
29.060 |
17.119 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.474 |
0.080 |
0.043 |
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PROFIT BEFORE
TAX |
33.101 |
28.980 |
17.076 |
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Less |
TAX |
6.036 |
6.459 |
2.750 |
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PROFIT AFTER TAX |
27.065 |
22.521 |
14.326 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.632 |
20.111 |
5.785 |
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BALANCE CARRIED
TO THE B/S |
69.697 |
42.632 |
20.111 |
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IMPORTS |
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Traded Goods |
252.944 |
162.666 |
41.184 |
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TOTAL IMPORTS |
252.944 |
162.666 |
41.184 |
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Earnings Per
Share (Rs.) |
9.02 |
11.20 |
7.16 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.67
|
1.96 |
1.95 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
2.53 |
2.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.89
|
7.01 |
7.22 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.40 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.87
|
4.77 |
3.92 |
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Current Ratio (Current Asset/Current Liability) |
|
1.91
|
1.46 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS :
During the year, the Company has achieved
turnover of Rs. 1619.997 millions as compared to Rs. 1145.998 millions during
the previous year resulting in revenue growth of 41.36% The Company has made
net profit of Rs. 27.065 millions as against Rs. 22.521 millions in ' the
previous year, an increase of 20.18%. After making adjustment of brought
forward profit of Rs. 42.632 millions the balance profit of Rs. 69.697 millions
in the-Profit & Loss Account has been carried over to the Balance Sheet.
WINDMILL PROJECT :
The Windmill Power project of the Company has
generated 6,36,065.26 units of energy and has generated revenue of Rs. 2.224
millions during the year ended 31st March, 2010
The Wind Power project has enabled the
Company to tap the immense potential of energy generation through
Non-Conventional sources and to avail fiscal incentives germane to such
pioneering business in nascent stages.
FUTURE BUSINESS PROSPECTS :
The Company is conducting due diligence to evaluate the possibilities for merger with an as associate company having very good past track record. The ensuing merger with other company will bring in a good value to the shareholders and all other business related parties
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U51420MH2005PTC156446 |
|
Name of the
company |
HAZEL METALS AND
MINERALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
701 Embassy Centre,
Nariman Point, Mumbai – 400021, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10008650 |
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Type of charge |
|
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Particular of
charge holder |
State Bank Of |
|
Nature of
instrument creating charge |
a) Supplemental Agreement
of Hypothecation of Goods and Assets for increase in the Overall Limit b) Letter
regarding the grant of Individual Limit within the Overall limit. (Collectively
constitute a single charge for Rs.700.000 millions). |
|
Date of
instrument Creating the charge |
19.04.2011 |
|
Amount secured by
the charge |
Rs.700.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest as may be stipulated by the bank from time to time. Terms of
Repayment - On demand Margin – 25% against
Finished goods 30% against Book
Debts/receivables Extent and
Operation of the charge - Hypothecation by way of First charge of all Current
Assets as specified in Item No.15 as security for repayment and discharge by
the Borrower to the Bank on demand of the principal and all other moneys at
any time payable by the Borrower to the Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
present and future Goods, Book-Debts and other Movable Assets of the Company. |
|
Date of
instrument modifying the charge |
27.08.2010 |
|
Particulars of
the present modification |
The charge is now
increased from Rs.450.000 millions to Rs.700.000 millions, in favour of State
Bank of |
FIXED ASSETS :
·
Land
·
Computer System
·
Weight Scale
·
Wind Mill
·
Air Condition
·
Xerox Machine
·
Telephone System
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.44.12 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
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 |
NO |
|
--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.