MIRA INFORM REPORT

 

 

Report Date :

12.07.2012

 

IDENTIFICATION DETAILS

 

Name :

PH TRADING LIMITED [w.e.f. May 2004]

 

 

Formerly Known As :

LARSEN SERVICES AND TRADING LIMITED

 

 

Registered Office :

Poddar Point, 113 Park Street, Block No. B, 10th Floor, Kolkata-700016, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

25.06.1982

 

 

Com. Reg. No.:

21-035011

 

 

Capital Investment / Paid-up Capital :

Rs.4.800 Millions

 

 

CIN No.:

[Company Identification No.]

L51109WB1982PLC035011

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges.

 

 

Line of Business :

Trading of Phenol and Formaldehyde.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 91000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. Even though the company has recorded a better increase in its sales turnover, the profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Poddar Point, 113 Park Street, Block No. B, 10th Floor, Kolkata-700016, West Bengal, India

Tel. No.:

91-33-40675050 / 5048 / 22299697 / 22299538 / 22268993

Fax No.:

91-33-22260135 / 22260136

E-Mail :

himatsingka@hotmail.com

 

 

DIRECTORS

 

As on 31.03.2011

 

Name :

Mr. P. Himatsingka

Designation :

Director

 

 

Name :

Mr. A.K. Bhuwalka

Designation :

Director

 

 

Name :

Mr. A. Jhanwar

Designation :

Director

 

 

Name :

Mr. R. Jhanwar

Designation :

Director

 

 

Name :

Mr. Avishek Himatsingka

Designation :

Director

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2012

 

Names of Shareholders

 

No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/images/clear.gifIndividuals / Hindu Undivided Family

334,460

69.68

http://www.bseindia.com/images/clear.gifBodies Corporate

24,200

5.04

http://www.bseindia.com/images/clear.gifSub Total

358,660

74.72

http://www.bseindia.com/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

358,660

74.72

(B) Public Shareholding

 

 

http://www.bseindia.com/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/images/clear.gifIndividuals

 

 

http://www.bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

121,340

25.28

http://www.bseindia.com/images/clear.gifSub Total

121,340

25.28

Total Public shareholding (B)

121,340

25.28

Total (A)+(B)

480,000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

http://www.bseindia.com/images/clear.gif(1) Promoter and Promoter Group

-

-

http://www.bseindia.com/images/clear.gif(2) Public

-

-

http://www.bseindia.com/images/clear.gifSub Total

-

-

Total (A)+(B)+(C)

480,000

-

 

 

BUSINESS DETAILS

 

Line of Business :

Trading of Phenol and Formaldehyde.

 

 

Products :

PRODUCT DESCRIPTION

 

ITEM CODE

Phenol

2907.111

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         Oriental Bank of Commerce, Kolkata, West Bengal, India

·         Oriental Bank of Commerce, Mumbai, Maharashtra, India

·         Tamilnadu Mercantile Bank, Mumbai, Maharashtra, India

 

 

Facilities :

SECURED LOAN

As on 31.03.2011

[Rs. in Millions]

As on 31.03.2010

[Rs. in Millions]

ICICI Car Loan

[Against hypothecation of motor car]

0.000

0.000

Oriental Bank of Commerce CC A/C (Kolkata)

[Secured against hypothecation of book debts]

48.744

48.933

Total

48.744

48.933

 

 

 

UNSECURED LOAN

 

 

From Companies

85.666

94.608

From Directors

14.007

14.245

Total

99.673

108.853

 

 

 

Banking Relations :

--

 

 

Statutory Auditors :

 

Name :

 Salarpuria and Partners

Chartered Accountants 

Address :

7, Chittaranjan Avenue, Kolkata-700072, West Bengal, India

 

 

Branch Auditors :

 

Name :

M.B. Agarwal and Company

Chartered Accountants

Address :

204, Mhatre Pen Building, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India

 

 

Internal Auditors :

 

Name :

Kataruka and Company

Chartered Accountants

Address :

P-44, Rabindra Sarani, Kolkata-700001, West Bengal, India

 

 

Associates :

·         Abhishek Chemicals Private Limited

·         Davesh Developers Private Limited

·         P.C. Properties Private Limited

·         Swan Silver Wares Private Limited

·         Variable Plaza Private Limited

·         AH Chemicals Private Limited

·         Welcome Suppliers Private Limited

·         Himatsingka Chemicals Private Limited

·         Jamuna Commodities Private Limited

·         Amjey Chem Trade Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

480000

Equity Shares

Rs.10/- each

Rs.4.800 Millions


 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.800

4.800

4.800

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

18.008

15.080

12.636

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

22.808

19.880

17.436

LOAN FUNDS

 

 

 

1] Secured Loans

48.744

48.933

4.392

2] Unsecured Loans

99.673

108.853

77.714

TOTAL BORROWING

148.417

157.786

82.106

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

171.225

177.666

99.542

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2.217

2.389

2.571

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.048

0.723

0.723

DEFERREX TAX ASSETS

0.042

0.082

0.076

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.048

0.048

0.048

 

Sundry Debtors
175.317

187.836

108.611

 

Cash & Bank Balances
3.478

2.843

2.791

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
12.637

11.488

9.354

Total Current Assets
191.480

202.215

120.804

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
8.073

14.896

11.501

 

Other Current Liabilities
2.652

2.683

4.414

 

Provisions
11.837

10.164

8.717

Total Current Liabilities
22.562

27.743

24.632

Net Current Assets
168.918

174.472

96.172

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

171.225

177.666

99.542

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

1171.079

789.833

912.710

 

 

Other Income

0.581

0.300

0.974

 

 

TOTAL                                     (A)

1171.660

790.133

913.684

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

1114.895

742.017

860.204

 

 

Freight and Octroi Charges

15.745

14.782

14.797

 

 

Administrative Selling and Other Expenses

11.798

12.312

13.733

 

 

Bad Debts

1.072

0.159

0.025

 

 

Directors Remuneration

1.157

1.154

1.153

 

 

Loss on Sale of Shares

0.570

0.000

0.000

 

 

TOTAL                                     (B)

1145.237

770.424

889.912

 

 

 

 

 

Less

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

26.423

19.709

23.772

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

20.945

14.973

19.236

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

5.478

4.736

4.536

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.277

0.289

0.334

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                (G)

5.201

4.447

4.202

 

 

 

 

 

Less

TAX                                                                  (H)

1.716

1.443

1.648

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

3.485

3.004

2.554

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

15.080

12.636

10.605

 

DEPRECIATION WRITTEN BACK

0.000

0.000

0.038

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

0.480

0.480

0.480

 

 

Income Tax on Proposed Dividend Tax

0.077

0.080

0.081

 

BALANCE CARRIED TO THE B/S

18.008

15.080

12.636

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

7.26

6.26

5.32

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2012

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

148.260

268.070

203.960

191.310

Total Expenditure

145.310

264.590

201.030

184.790

PBIDT (Excl OI)

2.950

3.480

2.930

6.520

Other Income

0.000

0.570

0.110

0.410

Operating Profit

2.950

4.050

3.040

6.930

Interest

2.390

2.740

2.520

5.320

PBDT

0.560

1.310

0.510

1.610

Depreciation

0.060

0.060

0.0800

0.130

Profit Before Tax

0.500

1.240

0.430

1.480

Tax

0.160

0.380

0.130

0.500

Profit After Tax

0.340

0.850

0.300

0.970

Net Profit

0.340

0.850

0.300

0.970

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.30

0.38

0.28

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.44

0.56

0.46

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.69

2.17

3.41

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.22

0.24

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
7.50

9.33

6.12

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
8.49

7.29

4.90

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

No

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

No

9) Name of person contacted

No

10) Designation of contact person

No

11) Turnover of firm for last three years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

No

18) Major customers

No 

19) Payments terms

No

20) Export / Import details (if applicable)

No

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

No

 

FIXED ASSETS:

 

·         Office Premises

·         Furniture and Fixtures

·         Motor Car

·         Office Equipments

·         Generator

·         Computers

·         Fax Machine

·         Mobile Phone

·         Television

·         Motor Cycle

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.55.37

UK Pound

1

Rs.85.95

Euro

1

Rs.67.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

3

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

44

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.