MIRA
INFORM REPORT
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Report Date : |
02.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAZEL MERCANTILE LIMITED (w.e.f.19.03.1999) |
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Formerly Known as : |
HAZEL MERCANTILE PRIVATE LIMITED |
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Registered Office : |
181, Ashok Shopping Centre, 2nd Floor, G T Hospital
Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.10.1995 |
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Com. Reg. No.: |
11-93674 |
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Capital
Investment / Paid-up Capital : |
Rs. 150.000 Millions |
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CIN No.: [Company
Identification No.] |
U51900MH1995PLC093674 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH05177E /
MUMH04309E |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business : |
Trader of Petro
Chem, Solvent Chemicals Papers. |
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No. of Employees : |
130 ( 90 In Office and 40 In Branches) (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 6600000 |
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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. |
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 PARTED BY
|
Name : |
Mr. Bharadwaj |
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Designation : |
Assistant Manager |
LOCATIONS
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Registered Office : |
181, Ashoka Shopping Centre, G T Hospital, Complex L T Road, Mumbai-
400001, Maharashtra, India |
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Tel. No.: |
91-22-22824444/ 22610282 |
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Fax No.: |
91-22-22620553 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
Office No.4, 1st
Floor, Naitik Gandhidham Unas Association, |
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Tel. No.: |
91-283-6229548 |
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Corporate Office : |
701/712A, Embassy
Centre, Nariman Point, Mumbai – 400
021, |
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Tel. No.: |
91-22-22824444/
33554444 |
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Fax No.: |
91-22-22824440/22041411
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Marketing
Office : |
1410, Maker Chambers
V, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-22832170 (5
Lines) |
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Fax No.: |
91-22-22821605 |
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E-Mail : |
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Branches : |
·
SEZ Office: Address: shed No. 250, sector III, KSEZ, Kandla, Gandhidham, Gujarat,
India Email: hazelmercantile@hotmail.com
·
·
Kolkata,
·
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DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Nitin Kumar
Deendayal Didwania |
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Designation : |
Chairman |
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Address : |
172, Kshitij, 47,
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Date of
Birth/Age : |
23.06.1974 |
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Date of
Appointment: |
01.04.1997 |
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DIN No.: |
00210289 |
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Name : |
Ms. Sushmadevi
Deendayal Didwania |
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Designation : |
Director |
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Address : |
172, Kshitij, 47,
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Date of
Birth/Age : |
30.09.1955 |
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Date of
Appointment: |
01.04.1997 |
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DIN No.: |
00210240 |
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Name : |
Mr. Vishal
Veersingh Sukhani |
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Designation : |
Director |
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Address : |
30/32, Sukhani
Sadan, 3rd Floor, |
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Date of
Birth/Age : |
15.01.1976 |
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Date of
Appointment: |
06.01.1999 |
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DIN No.: |
00209862 |
KEY EXECUTIVES
|
Name : |
Mr. Ashok
Thakurdas Khemchandani |
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Designation : |
Company Secretary |
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Address : |
F- 124, Anjali Vaswani
Marg, 7, Bungalows, Andheri West, Mumbai- 400061, Maharashtra, India |
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Date of Birth/Age : |
18.08.1956 |
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Date of Appointment : |
05.01.2005 |
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PAN No.: |
AFUPK6931R |
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Name : |
Mr. Bharadwaj |
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Designation : |
Assistant 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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Nitin Kumar Deendayal Didwania |
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14998150 |
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Sushmadevi
Deendayal Didwania |
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450 |
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Vishal Veersingh
Sukhani |
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1000 |
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Ajay Jain |
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100 |
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Yash Gala |
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100 |
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Sourabh Sanghavi |
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100 |
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Sanjay Busa |
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100 |
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Total |
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15000000 |
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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99.99 |
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Other
top fifty shareholders |
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0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Petro
Chem, Solvent Chemicals Papers. |
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Product : |
·
Paints
and Coatings ·
Paper
and Packaging ·
Textile
·
Surfactants
and Detergents ·
Pharmaceutical ·
Photography
and Lmaging ·
Tyres
·
Pipes
·
Trading
in Polymer ·
Metals
·
Electricity
Generation |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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Computer software |
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Unit |
-- |
21550 |
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Electricity Generation |
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Unit |
21800000 |
5021488 |
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GENERAL INFORMATION
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No. of Employees : |
130 ( 90 In Office and 40 In Branches)
(Approximately) |
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Bankers : |
·
Punjab National Bank- Foreshore Road Branch, Raheja Chambers, Nariman Point, Mumbai- 400021,
Maharashtra, India ·
State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Bank Street, Horniman Circle,
Fort, Post Box-10141, Mumbai-400001, Maharashtra, India. ·
IDBI Bank, Cuff Parade, Mumbai – 400005, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shabbir S.
Bagasrawala Chartered
Accountants |
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Address : |
Office No. 8, 1st
Floor, Narayan Niwas, 63, Aarey Road, Goregaon (West), Mumbai – 400 062, |
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Tel. No.: |
91-22-28739939 |
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Subsidiaries : |
v
Hazel Middle v
Hazel Private Limited |
CAPITAL STRUCTURE
AS ON 25.09.2010
Authorised Capital
|
No. of Shares |
Type |
Value |
Amount |
|
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20000000 |
Equity Share |
Rs.10/- Each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
15000000 |
Equity Share |
Rs.10/- Each
|
Rs.150.000
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 |
150.000 |
150.000 |
125.000 |
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2] Share Application Money |
0.000 |
0.000 |
25.000 |
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3] Reserves & Surplus |
1523.369 |
1147.730 |
861.930 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1673.369 |
1297.730 |
1011.930 |
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LOAN FUNDS |
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1] Secured Loans |
498.846 |
415.923 |
285.680 |
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2] Unsecured Loans |
6.764 |
112.725 |
168.515 |
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TOTAL BORROWING |
505.610 |
528.648 |
454.195 |
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DEFERRED TAX LIABILITIES |
47.751 |
36.432 |
36.269 |
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TOTAL |
2226.730 |
1862.810 |
1502.394 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
171.780 |
123.928 |
130.309 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
68.704 |
16.751 |
14.046 |
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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 |
1567.129
|
1049.226
|
785.707
|
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Sundry Debtors |
3273.387
|
2608.707
|
1928.424
|
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Cash & Bank Balances |
252.585
|
201.883
|
157.725
|
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Other Current Assets |
19.793
|
31.423
|
0.000
|
|
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Loans & Advances |
436.628
|
379.618
|
243.727
|
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Total
Current Assets |
5549.522
|
4270.857
|
3115.583
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
3531.109
|
2516.078
|
1729.389
|
|
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Provisions |
32.970
|
33.690
|
29.435
|
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Total
Current Liabilities |
3564.079
|
2549.768
|
1758.824
|
|
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Net Current Assets |
1985.443
|
1721.089
|
1356.759
|
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MISCELLANEOUS EXPENSES |
0.803 |
1.042 |
1.280 |
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|
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|
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TOTAL |
2226.730 |
1862.810 |
1502.394 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Income |
13471.085 |
10071.195 |
7672.904 |
|
|
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Other Income |
42.769 |
18.648 |
31.907 |
|
|
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TOTAL (A) |
13513.854 |
10089.843 |
7704.811 |
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|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Trading and other direct expenses |
12780.511 |
9490.729 |
7275.531 |
|
|
|
Administrative expenses |
82.709 |
71.645 |
53.156 |
|
|
|
Selling and distribution expenses |
86.263 |
72.600 |
42.985 |
|
|
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TOTAL (B) |
12949.483 |
9634.974 |
7371.672 |
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|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
564.371 |
454.869 |
333.139 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.933 |
142.079 |
94.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
419.438 |
312.790 |
238.496 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.867 |
8.891 |
8.282 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
408.571 |
303.899 |
230.214 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
24.158 |
11.079 |
11.594 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
384.413 |
292.820 |
218.620 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1047.730 |
811.930 |
618.428 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
20.000 |
|
|
|
Dividend |
7.500 |
6.000 |
4.375 |
|
|
|
Tax on Dividend |
1.275 |
1.020 |
0.743 |
|
|
BALANCE CARRIED
TO THE B/S |
1373.368 |
1047.730 |
811.930 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.63 |
23.07 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.84
|
2.90
|
2.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.03
|
3.02
|
3.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.14
|
6.91
|
7.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.23
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
2.37
|
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.67
|
1.77 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE
·
Sasol Gull
·
OCI Corporation,
·
Indian Oil Corporation
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
HAZEL MERCANTILE
LIMITED |
|
Presented By |
HAZEL MERCANTILE
LIMITED |
|
1) Date and description of instrument creating the change |
22nd January,
2005 Agreement of hypothecation of goods and assets. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.180.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts and all other movable assets of the company
including document of title to the goods, outstanding moneys, receivable
including receivables by way of cash assistance and / or cash incentives
under the cash scheme or any other scheme, claims including claims by way of
refund of customs/ excises duties under the duty drawback credit scheme or
any other scheme, bills, invoice documents, contracts, insurance policies,
guarantees, engagements, securities investments and rights, all such goods
and other movable assets as may be in the course of shipments, transit or
delivery, shall stand hypothecated to the bank by way of first charge on a
pari passu basis with other consortium members. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Rate
of interest – 1.50% over SBAR, effective rate 11.75% p. a. with monthly
rests. The rate of interest is subject to revision as per RBI/ Bank’s
directives from time to time. ·
Margin:
Finished goods – 25% ·
Receivable
– 40% ·
Charge
operates as a continuing security |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U51900MH1995PLC093674 |
|
Name of the
company |
HAZEL MERCANTILE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
181, Ashoka Centre, G T Hospital, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Bank
Street, Horniman Circle, Fort, Post Box-10141, Mumbai-400001, Maharashtra,
India. |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Agreement of hypothecation of goods and
assets 2) Letter regarding grant of individual
limits within the overall limit (Both the above documents constitute a single charge) |
|
Date of
instrument Creating the charge |
25.02.2010 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Commission
charges will be as per bank policy in force and agreed upon between the bank
and the borrower company. However currently, 50% discount on commission will
be agreed to grant by bank Terms of
Repayment Back to back
letter of credit facility is for the period of 1 year. However are subject to
review from time to time. Margin Margin will be
10% or such other rate as may be determined by bank from time to time. Extent and
Operation of the charge The charge is to
operate as a security for the due repayments of back to back LC facility of
Rs.200.000 millions granted by the bank to the borrower company, together
with interest, costs, charges, expenses, commission, commitment charges,
premia on prepayment or on redemption, guarantee and all other moneys/ dues
payable by the company to the bank in terms of sanction of the said limit
from time to time. Others All other terms
and conditions are as per sanction letter of the Bank loan documents executed
and entered into by the company with the bank from time to time. |
|
Short particulars
of the property charged |
Goods / Exports receivables
relating to the merchant / third country trade transaction. |
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
WEBSITE DETAILS
PROFILE
As a prominent distributor and trade facilitator, Hazel Mercantile Limited [HML] inspires faith by delivering excellence to the end user, while creating growth opportunities for 'the associates', which include partners, suppliers, principals, customers and society.
With a pan-Indian presence and a global footprint, HML offers its associates an unparalleled distribution platform for dynamic markets and products. HML identifies opportunities by synchronizing trade and distribution services while harnessing nascent markets.
With nearly two decades of experience in international trade, HML adds value throughout the supply and demand chain, often incorporating barter trade to optimize returns. By investing in quality, we deliver the best, whether products or services.
The Business Divisions partner you in value creation by capitalizing on the domain expertise in various verticals, prominent amongst which are:
· Chemicals and Petrochemicals
· Polymers
· Paper and Paper Boards
· Metals and Minerals
· Natural Rubber
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.46.02 |
|
|
1 |
Rs.75.43 |
|
Euro |
1 |
Rs.66.70 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.