MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
HR ORGANO CHEM PRIVATE LIMITED |
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Registered Office : |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
12.02.2002 |
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Com. Reg. No.: |
11-134896 |
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CIN No.: [Company
Identification No.] |
U51496MH2002PTC134896 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH05403G |
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PAN No.: [Permanent
Account No.] |
AABCH0149K |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Trader and Importer of Carbon Black, Hydro Carbon Resins |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 370000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track. Financial
position of the company appear to be sound. Trade relations are fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 |
INFORMATION DECLINED BY
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Name : |
Mr. Pravin |
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Designation : |
Accounts Department |
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Date : |
25.03.2011 |
LOCATIONS
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Registered Office : |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
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Tel. No.: |
91-22-22003546 / 7/ 8 / 40461000 |
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Fax No.: |
91-22-22003549 |
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E-Mail : |
accounts@hroc.in / sales@hrorganochem.com / hrorganochem@vsnl.net
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Area : |
Approximately 1000 Sq. Ft |
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Location : |
Owned |
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Branches : |
Located at |
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Wholesaler : |
Located at Bhiwandi ( |
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Location : |
Owned |
DIRECTORS
As on : 30.09.2010
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Name : |
Mr. Anil P Parekh |
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Designation : |
Director |
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Address : |
51. Sarnath, 59B, Bhulabhai Desai Road, Sophia Collage Lane, Breach Candy,
Mumbai- 400020, Maharashtra, India |
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Date of Appointment : |
12.02.2002 |
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Name : |
Mrs. Rama A Parekh |
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Designation : |
Director |
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Address : |
51-A, Sarnath 59, |
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Date of Appointment : |
12.02.2002 |
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Name : |
Mr. Jatin A Parekh |
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Designation : |
Director |
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Address : |
51-A, Sarnath 59, |
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Date of Appointment : |
12.02.2002 |
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Name : |
Mrs. Smita J Parekh |
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Address : |
51-A, Sarnath 59, |
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Designation : |
Director |
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Date of Appointment : |
12.02.2002 |
KEY EXECUTIVES
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Name : |
Mr. Jitendra Mistry |
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Designation : |
Finance Manager |
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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Anil P Parekh |
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37500 |
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Rama A Parekh |
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37500 |
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Jatin A Parekh |
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37500 |
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Smita J Parekh |
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37500 |
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Total |
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150000 |
As on : 30.09.2010
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Equity Share
breakup (percentage of total equity) |
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Carbon Black, Hydro Carbon Resins |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
25 (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 : |
Mr. Bharat Mangaldas Kanakia Chartered Accountant |
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Address : |
602, Abhinandanswami CHS Limited, Plot No.21, Road No.25, Sion,
Mumbai- 400022, |
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Tel. No.: |
91-22-24042222 |
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Fax No.: |
91-22-24040808 |
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PAN No.: |
AGPPK5224R |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- Each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- Each |
Rs.1.500
millions |
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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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
89.837 |
55.021 |
38.497 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
91.337 |
56.521 |
39.997 |
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LOAN FUNDS |
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1] Secured Loans |
0.484 |
0.965 |
0.377 |
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2] Unsecured Loans |
9.000 |
0.000 |
3.874 |
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TOTAL BORROWING |
9.484 |
0.965 |
4.251 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
100.821 |
57.486 |
44.248 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.185 |
6.787 |
5.799 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.250 |
0.250 |
0.250 |
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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 |
25.951
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11.313
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14.783
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Sundry Debtors |
46.641
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27.974
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21.523
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Cash & Bank Balances |
3.444
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5.277
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3.306
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Other Current Assets |
22.025
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28.485
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19.917
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Loans & Advances |
7.037
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0.214
|
0.085
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Total
Current Assets |
105.098
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73.263 |
59.614
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.611
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4.561
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5.540
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Sundry Creditors |
2.023
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0.953
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1.675
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Provisions |
34.077
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17.300
|
14.200
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Total
Current Liabilities |
41.711
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22.814 |
21.415
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Net Current Assets |
63.387
|
50.449 |
38.199
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
100.821 |
57.486 |
44.248 |
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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 |
342.031 |
199.864 |
139.951 |
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Other Income |
16.926 |
13.712 |
10.483 |
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TOTAL |
358.957 |
213.576 |
150.434 |
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Less |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
310.735 |
190.021 |
130.891 |
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Interest |
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Depreciation |
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TOTAL |
310.735 |
190.021 |
130.891 |
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PROFIT BEFORE
TAX |
48.222 |
23.555 |
19.543 |
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Less |
TAX |
13.406 |
7.031 |
6.468 |
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PROFIT AFTER TAX
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34.816 |
16.524 |
13.075 |
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Earnings Per
Share (Rs.) |
232.10 |
110.16 |
87.17 |
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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 |
(%) |
9.69 |
7.73 |
8.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.09 |
11.02 |
13.96 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
33.89 |
29.42 |
29.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52 |
0.41 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.56 |
0.42 |
0.54 |
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Current Ratio (Current Asset/Current Liability) |
|
2.51 |
3.21 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details : (Partial Details)
(Rs.
In Millions)
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Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Ambica Shipping Agency |
1.136 |
Nil |
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Cabot ( |
0.426 |
Nil |
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Bombay Bangalore Fre Car Private Limited |
0.113 |
0.015 |
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Viki Compu Prints |
0.102 |
0.003 |
NA |
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United Ink and Varnish Company Private Limited, Raigad |
0.085 |
0.085 |
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Mahadev Traders |
0.048 |
Nil |
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Hiltone Packaging |
0.036 |
Nil |
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Krishana Stationery and Printer |
0.006 |
Nil |
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Working Results
During the year under consideration, the company has achieved a turnover
of Rs.342.031 millions (Previous year Rs.199.864 millions) and also earned
other income to the extend of Rs.16.926 millions (Previous year Rs.13.712
millions)
The above financial results show that the company has earned net profit
after tax to the tune of Rs.34.816 millions (Previous year Rs.16.524 millions)
after making provision for tax of Rs.13.407 millions (Previous year Rs.7.039
million)
Form 8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90143903 |
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Corporate
identity number of the company |
U51496MH2002PTC134896 |
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Name of the
company |
HR ORGANO CHEM PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
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Nature of description
of the instrument creating or modifying the charge |
No instrument was
executed. However, the equitable mortgage has been extended, over the
immovable properties |
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Date of
instrument Creating the charge |
23.06.2008 |
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Amount secured by
the charge |
Rs.20.700
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As may be
decided, from time to time, by the bank Margin As may be decided
from time to otime, by the bank. Extent and Operation of the charge To secure the due
repayments of credit facilities of Rs.20.700 millions granted by the Bank to
the company. The details are as under: 1) cash credit facility of Rs.10.000 millions 2) bill discounting facility of Rs.1.700
millions 3) bank guarantee of Rs.1.000 million letter of credit
facility of Rs.8.000 millions |
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Short particulars
of the property charged |
All that piece
and parcel of the land being unit no.2, admeasuring 350 sq. ft. situated on ground
floor of the building known as Sussex industrial estate premises CHS Limited,
Dadoji Kondoe cross marg, byculla, Mumbai- 400007, belonging to the company |
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Date of latest
modification prior to the present modification |
29.05.2007 |
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Particulars of
the present modification |
By this
modification, immovable property being unit no.2, adm. 350 sq. ft. situated
at Cash credit of
Rs.10.000 millions, letter of credit of Rs.8.000 millions, Bank guarantee of
Rs.1.000 million and fresh bill discounting facility of Rs.1.700 millions Therefore, the
overall charge now stands at Rs.20.700 millions |
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Corporate
identity number of the company |
U51496MH2002PTC134896 |
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Name of the
company |
H R ORGANO CHEM
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
|
This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
The Shamrao
Vithal Co-op. Bank Ltd., Anand Building, 82/84, Kazi Syed Street, Mandvi,
Mumbai – 400003, Maharashtra, INDIA |
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Nature of
instrument creating charge |
No instrument was
executed. However, the equitable mortgage has been extended over the
immoveable property more particularly described in Column (15) hereof. |
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Date of
instrument Creating the charge |
05/01/2010 |
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Amount secured by
the charge |
Rs. 59.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : As may be
decided, from time to time, by the Bank. Terms of repayment : Nil Margin : As may be
decided, from time to time, by the Bank. Extent and operation of the charge : To secure the due
repayment of the following credit facilities of Rs. 59.000 millions, together
with interest, costs, charges and expenses thereon, granted by the Bank to
the Company 1) Cash Credit Facility of Rs.10.000 millions 2) Letter of Credit
Facility of Rs.48.000 millions (Inter changeability between Cash Credit
facility and Letter of Credit facility to the extent of Rs.10.000 millions
may be allowed) 3) Bank Guarantee facility of Rs.1.000 millions Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
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|
Date of
instrument modifying the charge |
23/06/2008 |
|
Particulars of
the present modification |
By this
modification, the immoveable property/(ies) so mortgaged shall now hold good also
to secure addl. Letter of Credit facility of Rs.40.000 millions now granted to the Company. Hence, the
aggregate credit facilities secured by charge enhanced from Rs.20.700 millions to
Rs.59.000 millions (being 1) CC Facility-Rs.10.000 millions 2) LC Facility
-Rs.48.000 millions 3) Bank Guarantee -Rs.1.000 millions). The Bill
discounting facility of Rs.1.700 millions has been liquidated/cancelled. Therefore, the
overall charge now stands at Rs.59.000 millions |
Fixed Assets
- Computer Software
- Godown
- Computer
- Car
- Mobile Phone
- Fax Machine
- Scanner
- Furniture and Fixture
- EPBX Systems
- Air Conditioner
- Laptop
- Television
- Water Purifier
- Reva Chambers Office Premises
- EPSON Printer
- Office Equipments
- Generators
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. 44.65 |
|
|
1 |
Rs. 71.91 |
|
Euro |
1 |
Rs. 63.28 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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--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 |
|
49 |
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.