MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
HERTZ CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
213 Saraf Kasker Industrial Estate, Jogeshwari (West), Mumbai-400101, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2008 |
|
|
|
|
Date of
Incorporation : |
17.02.1986 |
|
|
|
|
Com. Reg. No.: |
11-038969 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.29.037
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1986PLC038969 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07324C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2664L |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporters and Importers of Chemicals, Dyes
and Dyes Intermediates, Toilet Requisites and Preparation, Chemicals Oils, Essence,
Perfumes and Cosmetics. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Latest
financial of the company are missing from the government department. However,
trade relations are reported as fair. Payments terms are not known. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Ramesh |
|
Designation : |
Operator |
|
Date : |
09.06.2011 |
LOCATIONS
|
Registered Office : |
213 Saraf Kasker Industrial Estate, Jogeshwari (West), Mumbai-400101, |
|
Tel. No.: |
91-22-26786931 / 26780057 |
|
Fax No.: |
91-22-26783852 |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Mun Abdeali Shabbir |
|
Designation : |
Director |
|
Address : |
5, Dalamal CHS, Cuffe Parade, Colaba, Mumbai-400005, |
|
Date of Birth/Age : |
02.06.1950 |
|
Date of Appointment : |
17.02.1986 |
|
|
|
|
Name : |
Mr. Mun Abdeali Akbar |
|
Designation : |
Director |
|
Address : |
501, Green Acre, Lokhandwala Complex, Andheri (W), Mumbai-400060, |
|
Date of Birth/Age : |
12.09.1954 |
|
Date of Appointment : |
17.02.1986 |
|
|
|
|
Name : |
Mr. Mun Abdeali Siraj |
|
Designation : |
Director |
|
Address : |
1902, Fortune Towers, Co-Operative Housing Limited, 337 Sir J.J. Marg,
Byculla, Mumbai-400008, |
|
Date of Birth/Age : |
15.03.1955 |
|
Date of Appointment : |
17.02.1986 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mun Abdeali Shabbir |
|
402500 |
|
Mun Abdeali Akbar |
|
322000 |
|
Mun Abdeali Siraj |
|
258750 |
|
Mun Abdeali Khatija |
|
258750 |
|
Mun Abdeali Fehmida |
|
258750 |
|
Mun Abdeali Nafisa |
|
661250 |
|
Mun Abdeali Sakina |
|
339250 |
|
Mun Abdeali Tasneem |
|
402500 |
|
|
|
|
|
Total |
|
2903750 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporters and Importers of Chemicals, Dyes
and Dyes Intermediates, Toilet Requisites and Preparation, Chemicals Oils, Essence,
Perfumes and Cosmetics. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
I.C Dak and Company Chartered Accountant |
|
Address : |
A-208, Super Shopping Complex, Bajaj Cross Road, Kandivali (West),
Mumbai-400067, Maharashtra, India |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2903750 |
Equity Shares |
Rs.10/- each |
Rs.29.037
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.037 |
29.037 |
29.037 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
285.648 |
252.144 |
365.579 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
314.685 |
281.181 |
394.616 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.094 |
1.195 |
2.243 |
|
|
2] Unsecured Loans |
218.467 |
92.921 |
163.031 |
|
|
TOTAL BORROWING |
220.561 |
94.116 |
165.274 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
535.246 |
375.297 |
559.890 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
83.683 |
76.407 |
78.667 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.805 |
91.475 |
1.475 |
|
|
DEFERREX TAX ASSETS |
0.889 |
1.204 |
0.967 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
276.485
|
200.230 |
556.579 |
|
|
Sundry Debtors |
178.133
|
134.359 |
111.341 |
|
|
Cash & Bank Balances |
14.368
|
4.292 |
3.580 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
62.105
|
34.094 |
3.858 |
|
Total
Current Assets |
531.091
|
372.975 |
675.358 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
66.160
|
66.615 |
75.259 |
|
|
Other Current Liabilities |
0.773
|
90.705 |
99.552 |
|
|
Provisions |
20.289
|
9.465 |
21.841 |
|
Total
Current Liabilities |
87.222
|
166.785 |
196.652 |
|
|
Net Current Assets |
443.869
|
206.190 |
478.706 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.021 |
0.075 |
|
|
|
|
|
|
|
|
TOTAL |
535.246 |
375.297 |
559.890 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2986.681 |
4641.094 |
11553.221 |
|
|
|
Other Income |
57.812 |
47.885 |
77.648 |
|
|
|
TOTAL |
3044.493 |
4688.979 |
11630.869 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Share and Mutual Fund Units |
2593.339 |
3903.646 |
11254.455 |
|
|
|
Raw Material Consumed |
345.534 |
328.102 |
302.851 |
|
|
|
Manufacturing and Other Expenses |
119.484 |
101.619 |
94.149 |
|
|
|
|
3058.357 |
|
11651.455 |
|
|
|
Increase/ Decrease in Finished Stocks |
(78.131) |
346.912 |
(71.425) |
|
|
|
TOTAL |
2980.226 |
4680.279 |
11580.030 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
64.267 |
8.700 |
50.839 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.285 |
17.395 |
14.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
50.982 |
(8.695) |
36.754 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.478 |
5.410 |
23.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
33.504 |
(14.105) |
13.526 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
182.324 |
305.759 |
292.233 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
10.000 |
0.000 |
|
|
|
Proposed Dividend |
0.000 |
87.112 |
0.000 |
|
|
|
Tax on Proposed Dividend |
0.000 |
12.218 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
215.828 |
182.324 |
305.759 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
NA |
|
|
|
Machinery |
0.000 |
0.616 |
NA |
|
|
TOTAL IMPORTS |
0.000 |
0.616 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.53 |
(4.85) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
1.10
|
(0.30) |
0.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
(0.19) |
0.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.29
|
(1.93) |
4.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
(0.03) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
0.93 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.09
|
2.23 |
3.43 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
31.03.2006 (Rs. in millions) |
|
Sundry Creditors |
66.160
|
66.615 |
75.259 |
Operations:
Sales and other income for the year amounted
Rs.3044.493 millions as compared to Rs.4688.979 millions for the previous year.
Exports sales during the year amounted to Rs.510.552
millions as against the previous year export sales of Rs.469.559 millions. The
profit after tax for the year amounted to Rs.33.504 millions as against loss of
Rs.14.105 millions in the previous year.
Fixed Assets:
- Air Condition
- Air Vaporizer
- Building
- Computer
- Cooling Tower
- Crates and Containers
- Cycle
- Electric Oven
- Fax Machine
- Fridge
- Furniture and Fixtures
- Heating Equipment
- Laboratory Instrument
- Land
- Machinery
- Material Hand Equipment
- Mixer
- Motor Car
- Office Equipment
- Pager
- Residential Flats
- Scooter
- Storage Equipment
- T.V.
- Tea Machine
- Water Plant
- Water Purifier
- Water Tank
- Xerox Machine
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.4472 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.