|
Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
HEMANI INDUSTRIES LIMITED (.we.f 03.05.2011) |
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Formerly Known
As : |
HEMANI INTERMEDIATES LIMITED |
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Registered
Office : |
706-710, Reena Complex, Opposite Nathani Steels, Vidyavihar (West),
Mumbai – 400086, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
03.02.1994 |
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Com. Reg. No.: |
11-076416 |
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Capital
Investment / Paid-up Capital : |
Rs.14.413 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24114MH1994PLC076416 |
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|
|
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH08249D |
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PAN No.: [Permanent Account No.] |
AAACH1117Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Agrochemical Intermediates (Pesticides and Pesticides
Intermediates), Pigments Intermediates, Organic Pigments Intermediates, Dyes
and Dyes Intermediates and Other Specialty Chemicals. |
|
|
|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1208000 |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
706-710, Reena Complex, Opposite Nathani Steels, Vidyavihar (West),
Mumbai – 400086, |
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Tel. No.: |
91-22-25157491/ 25131641/ 25156988/ 23723215 |
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Fax No.: |
91-22-25134483 |
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E-Mail : |
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Factory : |
Located at:
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DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Mohan Sunderji Dama |
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Designation : |
Managing Director |
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Address : |
Flat No 13, 7th Floor, Khatau Apartment, Co-op Housing
Society, |
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Date of Birth/Age : |
21.06.1955 |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
01803334 |
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Other
Directorship:
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Name : |
Mr. Premji Sunderji Hemani |
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Designation : |
Whole Time Director |
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Address : |
Payal Morden Co-op Housing Society, Plot No. 273, GIDC Vapile Pardi,
Valsad – 396195, |
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Date of Birth/Age : |
15.11.1952 |
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Date of Appointment : |
01.08.2007 |
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DIN No.: |
01808898 |
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Other
Directorship:
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Name : |
Mr. Korji Padamshi Hemani |
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Designation : |
Director |
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Address : |
601, Sanskar Chembers, |
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Date of Birth/Age : |
05.05.1950 |
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Date of Appointment : |
04.05.2011 |
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DIN No.: |
03514756 |
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Name : |
Mr. Arvind Kalyanji Mav |
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Designation : |
Director |
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Address : |
703, Reena Complex, Ramdev Nagar, Vidya Vihar (West), Mumbai – 400084,
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Date of Birth/Age : |
19.07.1971 |
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Date of Appointment : |
04.05.2011 |
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DIN No.: |
03517486 |
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Name : |
Mr. Girdhar Khetshi Bhanushali |
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Designation : |
Director |
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Address : |
Kaveri Chembers Limited, Flat No. 1201/2, Neelkanth Valley, 7th
Rajawadi Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
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Date of Birth/Age : |
27.06.1958 |
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Date of Appointment : |
04.05.2011 |
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DIN No.: |
03517496 |
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Name : |
Mr. Nitin Karasandas Dama |
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Designation : |
Whole Time Director |
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Address : |
Sai Krupa, Plot No.209, Room No. 703, Near Samarpan, Blood Bank, |
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Date of Birth/Age : |
07.11.1964 |
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Date of Appointment : |
24.07.2010 |
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DIN No.: |
01058731 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Minali Sharad Wakalkar |
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Designation : |
Secretary |
|
Address : |
B-9, Nilkanth Chhaya, M |
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Date of Appointment : |
01.04.2011 |
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Pan No.: |
ABJPW9358D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Minal Mohan Dama |
|
2210690 |
|
Naina Premji Hemani |
|
1380810 |
|
Mohan Sunderji Dama |
|
1518060 |
|
Mohan Sunderji Dama HUF |
|
593750 |
|
Premji Sunderji Hemani HUF |
|
735620 |
|
Premji Sunderji Hemani |
|
1609250 |
|
Jayesh Mohan Dama |
|
632880 |
|
Jallesh Premji Hemani |
|
324690 |
|
TOTAL |
|
9005750 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.85 |
|
Other top fifty shareholders |
0.15 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agrochemical Intermediates (Pesticides and Pesticides Intermediates),
Pigments Intermediates, Organic Pigments Intermediates, Dyes and Dyes
Intermediates and Other Specialty Chemicals.
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Haren Parekh and Company Chartered Accountant |
|
Address : |
322/323, |
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PAN.: |
AAHPC9566G |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9005750 |
Equity Shares |
Rs.10/- each |
Rs.90.058
Millions |
|
|
|
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|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
149900 |
Equity Shares |
Rs.100/- each |
Rs.14.990 Millions |
|
100 |
Preference Share |
Rs.100/- each |
Rs.0.010 Millions |
|
|
TOTAL |
|
Rs.15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144092 |
Equity Shares |
Rs.100/- each |
Rs.14.409
Millions |
|
41 |
Preference Share |
Rs.100/- each |
Rs.0.004
Millions |
|
|
TOTAL |
|
Rs.14.413 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
14.413 |
14.413 |
14.413 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
287.673 |
245.506 |
193.099 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
302.086 |
259.919 |
207.512 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
379.730 |
211.497 |
209.258 |
|
|
2] Unsecured Loans |
158.461 |
143.467 |
136.213 |
|
|
TOTAL BORROWING |
538.191 |
354.964 |
345.471 |
|
|
DEFERRED TAX LIABILITIES |
15.585 |
21.570 |
21.685 |
|
|
|
|
|
|
|
|
TOTAL |
855.862 |
636.453 |
574.668 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
290.245 |
311.408 |
259.059 |
|
|
Capital work-in-progress |
212.308 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.235 |
1.493 |
1.481 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
134.121
|
94.117 |
80.215 |
|
|
Sundry Debtors |
305.631
|
330.210 |
330.236 |
|
|
Cash & Bank Balances |
29.491
|
5.529 |
18.250 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
182.434
|
225.019 |
188.070 |
|
Total
Current Assets |
651.677
|
654.875 |
616.771 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
257.232
|
254.450 |
242.163 |
|
|
Other Current Liabilities |
18.715
|
11.437 |
17.772 |
|
|
Provisions |
27.656
|
65.436 |
42.708 |
|
Total
Current Liabilities |
303.603
|
331.323 |
302.643 |
|
|
Net Current Assets |
348.074
|
323.552 |
314.128 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
855.862 |
636.453 |
574.668 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2010 |
|
|
|
|
|
|
|
|
SALES |
|
|
1476.587 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
175.371 |
|
|
|
|
|
|
|
Less |
INTEREST
EXPENSES |
|
|
33.004 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
142.367 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
50.915 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
91.452 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
29.566 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
61.886 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
429.36 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.19
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.71
|
NA |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
NA |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.79
|
2.64 |
3.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
1.98 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS OPERATION
During the year the turnover of the company
was Rs.1476.587 millions. During the year the company introduced new technology
for production of 3.3 DCB Because of theis the production was affected for part
of the year and to that extent sales turnover was also affected. However,
company would be able to reap the benefits of this change in coming years. The
demand for the products of the company continuous to remain good, though
margins are under pressure However, with the introduction of new technology,
company expects to improve its margin.
FORM 8
|
Corporate
identity number of the company |
U24114MH1994PLC076416 |
|
Name of the
company |
HEMANI INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
706-710, Reena Complex, Opposite Nathani Steels, Vidyavihar (West),
Mumbai – 400086, Email: hemanigroup@hotmail.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
80019841 |
|
Type of charge |
Book Debts Movable Property (not
being pledge) Floating charge |
|
Particular of
charge holder |
Citi Bank, Trent House, 2nd Floor, G Block, Plot no. C60,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Email: vlaxman@vsnl.com |
|
Nature of
instrument creating charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
30.03.2011 |
|
Amount secured by
the charge |
Rs.145.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest:
Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge: Hypothecation of
Current Assets and Movable fixed assets (excluding machineries exclusively
financed by banks) on first pari passu basis to Citibank NA more particularly
described in Column No.15 as security with Bank, as security for the
repayment of the loan together with all interest, liquidated damages, premia
on prepayment or on redemption, costs, charges and other expenses payable by
Company to Citibank N.A. Others: The charge
created herein for Rs.145.000 millions in favour of Citibank shall rank pari
passu on first charge basis over current assets and movable fixed assets
(excluding machineries exclusively financed by Banks), with the charges
created in favour of Axis Bank for the Fund Based Rs.110.000 millions and
Development Bank of Singapore for the Fund Based Rs.40.000 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation by
way of first pari passu charge on Current Assets of the Company, both present
and future. Hypothecation by
way of first pari passu charge on Movable fixed Assets (excluding machineries
exclusively financed by Banks) of the Company. |
|
Date of
instrument modifying the charge |
07.02.2008 |
|
Particulars of
the present modification |
The charge shall
now stand increased from Rs.125.000 millions to Rs.145.000 millions in favour
of Citibank N.A |
FIXED ASSETS
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.