MIRA
INFORM REPORT
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Report Date : |
30.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HERCULES PIGMENTS PRIVATE LIMITED |
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Registered Office : |
402, |
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Country : |
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Financials as on : |
31.03.2010 |
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Date of Incorporation : |
31.05.2007 |
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Com. Reg. No.: |
11-171238 |
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Paid-Up Capital : |
Rs. 1.850 Million |
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CIN No.: [Company
Identification No.] |
U24100MH2007PTC171238 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH10656C |
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PAN No.: [Permanent
Account No.] |
AABCH8689Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing
and Marketing of Organic and Inorganic Pigments |
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No. of Employees : |
30 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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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 110000 |
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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. The
company is doing well. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct. 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.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Sirash Kumar |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-26248426 |
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Date : |
29.06.2011 |
LOCATIONS
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Registered Office : |
402, Peninsula Heights, C D Barfiwala Marg, Juhu Lane, Andheri (West),
Mumbai – 400061, Maharashtra, India |
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Tel. No.: |
91-22-26248426 / 26252235 |
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Fax No.: |
91-22-26249393 |
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E-Mail : |
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Website: |
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Area : |
2000sq.fts |
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Location : |
Owned |
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Factory 1 : |
Plot No.316B, Phase 2, GIDC, Vapi, |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Ms. Swetal Narendra Desai |
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Designation : |
Director |
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Address : |
214/215, Ramzarukha, |
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Date of Birth/Age : |
28.05.1978 |
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Date of Appointment : |
31.05.2007 |
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DIN No.: |
00260469 |
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Name : |
Mrs. Vatsala Narendra Desai |
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Designation : |
Director |
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Address : |
214/215, Ramzarukha, |
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Date of Birth/Age : |
24.02.1950 |
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Date of Appointment : |
31.05.2007 |
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DIN No.: |
00260469 |
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Name : |
Mr. Anupam Babubhai Desai |
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Designation : |
Director |
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Address : |
Ramna Falia, Dhamdachha, Taluka Gandevi, District Navsari, Navsari –
396 360, |
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Date of Birth/Age : |
13.10.1962 |
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Date of Appointment : |
31.05.2007 |
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DIN No.: |
02081417 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Swetal N Desai |
74500 |
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Vatsala N Desai |
108500 |
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Anupam B Desai |
2000 |
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Total |
185000 |
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 : |
Manufacturing
and Marketing of Organic and Inorganic Pigments |
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Terms : |
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Selling : |
Cash
and Credit: 30 Days |
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Purchasing : |
Cash
and Credit: 30 Days |
PRODUCTION STATUS (As On 31.03.2009)
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Particulars |
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Installed
Capacity |
Actual
Production |
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Pigments |
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1200 m. tonne
p.a. |
284029 kgs |
GENERAL INFORMATION
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No. of Employees : |
30 (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 : |
Amit Joshi and Company Chartered Accountant |
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Address : |
201, Bhaveshwar Complex, Vidyavihar West, Mumbai – 400086, |
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Pan No.: |
AACPD3476H |
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Associates (As On 31.03.2009) : |
·
Hercules Exports Private Limited ·
Koel Pharma Private Limited ·
Nitsu Chemicals Private limited ·
Staybrite Colors Private Limited ·
Nutech Colors Private Limited ·
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Proprietory Concern (As On 31.03.2009) : |
·
Hercules Exports |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
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Issued, Subscribed, Called Up & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Shares |
Rs. 10/- each |
Rs.1.850
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1.850 |
1.850 |
1.850 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.802 |
15.768 |
15.750 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.652 |
17.618 |
17.600 |
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LOAN FUNDS |
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1] Secured Loans |
40.737 |
26.594 |
15.733 |
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2] Unsecured Loans |
23.254 |
24.661 |
4.289 |
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TOTAL BORROWING |
63.991 |
51.255 |
20.022 |
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DEFERRED TAX LIABILITIES |
1.886 |
1.503 |
0.000 |
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TOTAL |
93.529 |
70.376 |
37.622 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.712 |
51.158 |
16.159 |
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Capital work-in-progress |
0.000 |
0.000 |
20.104 |
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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 |
20.512
|
19.437 |
0.000 |
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Sundry Debtors |
60.073
|
21.453 |
0.000 |
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Cash & Bank Balances |
4.051
|
0.267 |
1.386 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
17.801
|
9.670 |
0.701 |
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Total
Current Assets |
102.437
|
50.827 |
2.087 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
60.254
|
31.237 |
0.802 |
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Other Current Liabilities |
1.737
|
0.415 |
0.000 |
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Provisions |
4.673
|
0.016 |
0.000 |
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Total
Current Liabilities |
66.664
|
31.668 |
0.802 |
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Net Current Assets |
35.773
|
19.159 |
1.285 |
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MISCELLANEOUS EXPENSES |
0.044 |
0.059 |
0.074 |
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TOTAL |
93.529 |
70.376 |
37.622 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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GROSS RECEIPTS |
|
318.277 |
117.232 |
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Less |
EXPENSES |
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301.491 |
115.680 |
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PROFIT BEFORE
TAX |
|
16.786 |
1.552 |
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Less |
PRELIMINARY
EXPENSES WRITTEN OFF |
|
0.015 |
0.015 |
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Less |
TAX |
|
4.574 |
1.519 |
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PROFIT AFTER TAX |
|
12.197 |
0.018 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.018 |
0.000 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
|
2.164 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
|
10.051 |
0.018 |
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Earnings Per
Share (Rs.) |
|
65.93 |
0.10 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.48
|
1.52 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.08 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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4.72
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4.70 |
1.18 |
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Current Ratio (Current Asset/Current Liability) |
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1.54
|
1.60 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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Creditor for Expenses |
14.177 |
4.564 |
0.802 |
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Other Creditors |
46.077 |
26.673 |
0.000 |
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Total |
60.254 |
31.237 |
0.802 |
Note: The registered
address of the company has been shifted from C-3, Ratandeep, 140/141,
Form No. 8
|
Corporate
identity number of the company |
U24100MH2007PTC171238 |
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Name of the
company |
HERCULES PIGMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
402, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Any Interest in
immovable property |
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Particular of charge
holder |
Bank of Bhat Bazar Branch, |
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Nature of
instrument creating charge |
Extension of
Mortgage by Deposits of Title Deeds. |
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Date of instrument
Creating the charge |
11.11.2010 |
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Amount secured by
the charge |
Rs. 102.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
- Interest to be charged as per sanction / review of the account from time to
time. Extent and
operation of the charge - The charge is modified to secure the due payment,
discharge and redemption of the balance due under the TF : FB-Rs.12.500
millions, PC cum FBP/FBD upto 90 days -Rs.55.000 millions [with sub-limit :
PC- Rs.33.000 millions, PSDL -Rs.35.000 millions and CC (Hyp.of Stock/Book
Debts) - Rs.20.000 millions], Import LCs [DP/DA usance 90 days]- Rs.30.000
millions and Inland G'tee (Performance/Financial) -Rs.5.000 millions,
aggregating to Rs.102.500 millions Others - The
charge amount of Rs.102.500 millions is secured together with interest,
compound interest, interest tax, addl / further interest in case of default,
penal interest, commission, liquidated damages, premium on prepayment etc.. |
|
Particulars of
the property charged |
1)
All
that Industrial Plot bearing No.316/B admeasuring 5049.00 sq.mtrs. in Vapi
Notified Industrial Estate, bearing Revenue Survey No.621/P, 622/P, 623/P and
625/P situate, lying and being at GIDC Vapi, Taluka Pardi Dist. Valsad,
Gujarat State, together with all buildings and structures thereon, fixed
plants and machinery, fixtures and fittings, constructed erected or installed
thereon. 2)
Flat
No.32, adm. 466 sq. ft. carpet area on the 3rd floor, Tower - 1, in the
Building known as "Ramjharuka CHS Ltd.", constructed on a piece of
parcel of land bearing Plot No.71 and CTS No.415 lying and being and situated
at S. V. Road, Andheri (West), in the
City limits of Mumbai and Registration Dist. and Mumbai Suburban. |
|
Date of last
modification prior toe the present modification |
16.04.2009 |
|
Particulars of
the present modification |
The charge is
increased upto Rs.102.500 millions to secure TF : FB-Rs.12.500 millions (Review),
PC cum FBP/FBD upto 90 days -Rs.55.000 millions (Increased from Rs.36.000
millions) [with sub-limit : PC- Rs.33.000 millions, PSDL -Rs.35.000 millions
and CC (Hyp.of Stock/Book Debts) - Rs.20.000 millions], Import LCs [DP/DA
usance 90 days]- Rs.30.000 millions (Increased from Rs.20.000 millions and
Inland G'tee (Performance/Financial) - Rs.5.000 millions (Increased from
Rs.2.500 millions). |
Fixed Assets
- Air Conditioner
- Electrical Installation
- Motor car
- Scooter
- Office equipment
- Furniture and fixture
- Plant and machinery
- Computer
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.44.94 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.64.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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.