1. Summary Information
|
|
|
Country |
India |
|
Company Name |
HIRAN ORGOCHEM
LIMITED |
Principal Name 1 |
Mr. Kantilal M. Hiran |
|
Status |
Moderate |
Principal Name 2 |
Mr. H. N. Bafna |
|
|
|
Registration # |
11-029596 |
|
Street Address |
Palm Court, M
Block, 601/A, Link Road, Malad (West), Mumbai – 400064, Maharashtra |
||
|
Established Date |
22.03.1983 |
SIC Code |
-- |
|
Telephone# |
91-22-40953000
(60 lines) |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-40953099 |
Business Style 2 |
Importer |
|
Homepage |
Product Name 1 |
Ciprofloxacin
Hydrochloride |
|
|
# of employees |
147 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.986,569,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group (31.92%) Public
shareholding (68.08%) |
Banking |
State Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
29 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ca (23) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
Actgen
Pharma Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.06.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,366,494,000 |
Current Liabilities |
533,161,000 |
|
Inventories |
129,211,000 |
Long-term Liabilities |
961,515,000 |
|
Fixed Assets |
387,772,000 |
Other Liabilities |
23,462,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,518,138,000 |
|
Invest& other Assets |
51,854,000 |
Retained Earnings |
177,827,000 |
|
|
|
Net Worth |
417,193,000 |
|
Total Assets |
1,935,331,000 |
Total Liab. & Equity |
1,935,331,000 |
|
Total Assets (Previous Year) |
2,223,117,000 |
|
|
|
P/L Statement as of |
30.06.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1,478,452,000 |
Net Profit |
(833,819,000) |
|
Sales(Previous yr) |
2,029,627,000 |
Net Profit(Prev.yr) |
74,488,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIRAN ORGOCHEM LIMITED |
|
|
|
|
Registered
Office : |
Palm Court, M Block, 601/A, Link Road, Malad (West), Mumbai – 400064,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
30.06.2011 |
|
|
|
|
Date of
Incorporation : |
22.03.1983 |
|
|
|
|
Com. Reg. No.: |
11-029596 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.986.569 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1983PLC029596 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH06992G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH0977J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer,
Importer and Exporter of Ciprofloxacin Hydrochloride. |
|
|
|
|
No. of Employees
: |
147 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (23) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge losses incurred by the company in the current year i.e. (2010-11).
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings on a secured 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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Palm Court, M Block, 601/A, Link Road, Malad (West), Mumbai – 400064,
Maharashtra, India |
|
Tel. No.: |
91-22-40953000
(60 lines) |
|
Fax No.: |
91-22-40953099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. 663,
GIDC Panoli, Ankleshwar, Bharuch – 394116, |
|
|
|
|
Factory : |
Plot No. 322/B,
GIDC Panoli, Ankleshwar, Bharuch – 394116, |
DIRECTORS
As on 31.06.2011
|
Name : |
Mr. Kantilal M. Hiran |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Mukesh Naik |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. N. Bafna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. Kailash Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Lunia |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19,411,800 |
27.34 |
|
|
3,257,000 |
4.59 |
|
|
22,668,800 |
31.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
22,668,800 |
31.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2,672,831 |
3.76 |
|
|
3,681,587 |
5.18 |
|
|
6,354,418 |
8.95 |
|
|
|
|
|
|
5,411,776 |
7.62 |
|
|
|
|
|
|
13,573,429 |
19.11 |
|
|
22,243,573 |
31.32 |
|
|
761,004 |
1.07 |
|
|
12,458 |
0.02 |
|
|
373,500 |
0.53 |
|
|
375,046 |
0.53 |
|
|
41,989,782 |
59.13 |
|
Total Public
shareholding (B) |
48,344,200 |
68.08 |
|
Total (A)+(B) |
71,013,000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
27,643,860 |
- |
|
|
27,643,860 |
- |
|
Total
(A)+(B)+(C) |
98,656,860 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Ciprofloxacin
Hydrochloride |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS AS ON 30.06.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pharmaceutical Intermediates |
Kgs. |
N.A |
960000 |
314679 |
|
Reprocessing of Intermediates |
Kgs. |
-- |
-- |
95080 |
GENERAL INFORMATION
|
No. of Employees : |
147 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
State Bank of Patiala |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pachori and Associates Chartered Accountants |
|
|
|
|
Associates
: |
Actgen Pharma Private Limited |
CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98656860 |
Equity Shares |
Rs.10/- each |
Rs.986.569 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 (15 Months) |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
986.569 |
525.030 |
105.006 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
177.827 |
264.444 |
609.980 |
|
|
4] (Accumulated Losses) |
(747.203) |
0.000 |
0.000 |
|
|
NETWORTH |
417.193 |
789.474 |
714.986 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
949.785 |
537.029 |
498.208 |
|
|
2] Unsecured Loans |
11.730 |
0.000 |
17.999 |
|
|
TOTAL BORROWING |
961.515 |
537.029 |
516.207 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1378.708 |
1326.503 |
1231.193 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
387.772 |
370.430 |
365.253 |
|
|
Capital work-in-progress |
0.431 |
1.343 |
12.601 |
|
|
|
|
|
|
|
|
INVESTMENT |
46.929 |
48.029 |
28.989 |
|
|
DEFERREX TAX ASSETS |
0.000 |
5.404 |
38.806 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
129.211
|
693.580 |
519.750
|
|
|
Sundry Debtors |
297.395
|
414.299 |
177.097
|
|
|
Cash & Bank Balances |
251.079
|
89.085 |
72.662
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
818.020
|
594.380 |
672.127
|
|
Total
Current Assets |
1495.705
|
1791.344 |
1441.636 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
524.917
|
761.113 |
|
|
|
Other Current Liabilities |
8.244
|
111.364 |
629.567
|
|
|
Provisions |
23.462
|
24.137 |
27.046
|
|
Total
Current Liabilities |
556.623
|
896.614 |
656.613
|
|
|
Net Current Assets |
939.082
|
894.730 |
785.023
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
4.494 |
6.567 |
0.521 |
|
|
|
|
|
|
|
|
TOTAL |
1378.708 |
1326.503 |
1231.193 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 (15 Months) |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1478.452 |
2029.627 |
1885.671 |
|
|
|
Other Income |
48.336 |
92.696 |
16.566 |
|
|
|
TOTAL (A) |
1526.788 |
2122.323 |
1902.237 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase(Decrease) in Stocks |
484.168 |
(92.737) |
62.105 |
|
|
|
Raw Material Consumed & Project Expenses |
1504.083 |
1810.660 |
1730.854 |
|
|
|
Power, Fuel & Water Charges |
39.739 |
58.319 |
48.884 |
|
|
|
Employees Remuneration & Benefits |
38.674 |
40.279 |
41.521 |
|
|
|
Director's Remuneration |
5.758 |
4.275 |
3.653 |
|
|
|
Manufacturing & Other Expenses |
80.836 |
67.260 |
137.640 |
|
|
|
Selling Expenses |
10.112 |
19.604 |
15.689 |
|
|
|
Extraordinary Items |
15.627 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2178.997 |
1907.660 |
2040.347 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(652.209) |
214.663 |
(138.110) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
146.247 |
86.296 |
92.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(798.456) |
128.367 |
(231.082) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.960 |
23.309 |
21.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(828.416) |
105.058 |
(252.236) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.403 |
30.570 |
(78.459) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
(833.819) |
74.488 |
(173.777) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
60.843 |
6.355 |
182.589 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(25.774) |
20.000 |
0.000 |
|
|
|
Proposed Equity Dividend |
0.000 |
0.000 |
2.100 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
0.357 |
|
|
BALANCE CARRIED
TO THE B/S |
(747.202) |
60.843 |
6.355 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
147.485 |
205.873 |
234.855 |
|
|
TOTAL EARNINGS |
147.485 |
205.873 |
234.855 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
195.807 |
741.293 |
538.059 |
|
|
|
Capital Goods |
0.000 |
0.760 |
0.000 |
|
|
TOTAL IMPORTS |
195.807 |
742.053 |
538.059 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.45) |
1.42 |
(3.31) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2011 1st Quarter |
31.12.2011 2nd Quarter |
|
|
|
UnAudited |
UnAudited |
|
Net Sales |
|
123.230 |
115.640 |
|
Total Expenditure |
|
146.350 |
132.440 |
|
PBIDT (Excl OI) |
|
(23.120 |
(16.800) |
|
Other Income |
|
5.880 |
4.110 |
|
Operating Profit |
|
(17.240) |
(12.690) |
|
Interest |
|
0.000 |
6.960 |
|
Exceptional Items |
|
21.610 |
21.430 |
|
PBDT |
|
4.370 |
1.780 |
|
Depreciation |
|
6.550 |
6.550 |
|
Profit Before Tax |
|
(2.180) |
(4.770) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(2.180) |
(4.770) |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(2.180) |
(4.770) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 (15 Months) |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.46
|
3.51 |
9.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
56.03
|
5.18 |
13.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
43.98
|
4.86 |
13.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.99
|
0.13 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.64
|
1.82 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69
|
1.99 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
During the year, the
company achieved sales of Rs.1552.288 Millions compared to Rs. 2139.925
Millions for the previous financial year registering a decline by 27.46%. The
company incurred Net Loss before Tax of Rs. 828.416 Millions as against Net
Profit before Tax of Rs. 105.959 Millions for the previous financial year.
After making provision for Taxation, the Net Loss stood at Rs. 833.819 Millions
as against Net Profit of Rs.74.488 Millions for the previous financial year.
During the year under review, the company suffered a huge loss of
work-in-progress inventory of Rs. 595.911 Millions due to non conformity with
the Q.C. specifications. Quality deterioration was caused mainly because of
serious problem of controlling process cycle, owing to various reasons chiefly
effluent disposal bottleneck caused by restrictions enforced by Gujarat
Pollution Control Board for discharge of effluent in Common Effluent Treatment
Plant at Panoli. This disrupted the entire business cycle with a resultant
impact on financial flow and its constrictions, created severe limitation to
salvage the situation, which went beyond the control of the management.
Erosion of Net worth:
The peak net worth
of the company during the immediately preceding four financial years was Rs.
873.681 Millions and the company’s net worth as on 30th June, 2011 stands at
Rs. 412.699 Millions reflecting erosion by 52.76%. The chief reason behind such
erosion of net worth is on account of huge loss of work-in-progress inventory
of Rs. 595.911 Millions due to non conformity with the Q.C. specifications.
Further, in compliance of section 23(1)(a)(i) of the Sick Industrial Companies
Act, 1985 this fact will be reported to Board for Industrial and Financial
Reconstruction (BIFR). The foregoing be regarded as the board of directors’
report as to the erosion and its causes pursuant to the provision of section
23(1)(b) of the Sick Industrial Companies Act, 1985.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure
and Developments
The demand for
Bulk Drugs is expected to increase considering growth of user industries viz.
Pharmaceutical Formulating companies.
Opportunities and
Threats
Although the
company’s opportunities lie in the adequate demand for Ciprofloxacin in the
Bulk Drugs segment. Pharmaceutical is a continuous growth industry immune to
economic recession and commodity cycles but due to huge financial loss as to
how the company will be in a position to take advantage of market situation is
some what obscure.
Outlook
The immediate task
in hand is to arrive at an appropriate one time settlement with company’s
Banker. With this background the future business scenario is difficult to be
contrived at the present juncture.
CONTINGENT LIABILITIES (AS ON 30.06.2011)
(i) Liability in respect of Bills Discounted with bank – Nil
(ii) Letter of Credit – Nil
(iii) Claims against the company not acknowledged as debts
(a) Sales Tax – Rs.14.389 Millions
(b) Excise Duty – Rs.6.802 Millions
(c) Income Tax – Rs.0.480 Million
FIXED ASSETS
·
Leasehold Land
·
Plant and Machinery
·
Factory Building
·
Electrical Installations
·
Vehicles
·
Office Equipments
·
Computers
·
Air Conditioners
·
Furniture and Fixtures
·
Lab Equipments
BUSINESS DESCRIPTION
Subject is an India-based company. The Company is an integrated manufacturer of active pharmaceutical ingredients and formulations. It operates through two business segments: Pharmaceuticals and Construction. Pharmaceuticals segment comprises manufacture and trading of pharmaceutical intermediates and chemicals. The Company’s products include human active pharmaceutical ingredients (API) and veterinary products. The API products include Ciprofloxacin Hydrochloride, Ciprofloxacin Base, Ciprofloxacin Lactate, Ofloxacin Base, Ofloxacin Hydrochloride, Levofloxacin Hemihydrate and Quinine Sulphate. The Company’s veterinary products include Enrofloxacin Base, Enrofloxacin Hydrochloride, Difloxacin Hydrochloride, Difloxacin Base and Ciprofloxacin Base. For the six months ended 30 September 2010, Subject’s revenues decreased 18% to RS813.6M. Net income decreased 46% to RS15.1M. Revenues reflect a decrease in income from Pharmaceutical segment. Net income also reflects an increase in purchase of traded goods, a reduction in income from forex items, a rise in interest and finance charges and the presence of exceptional items. The Company is an integrated manufacturer of pharmaceutical ingredients.
More Business Descriptions
Subject is a publicly held India-based company. The company is principally engaged in the production and sale of active pharmaceutical ingredients (APIs) and formulations. The company operates its business under two segments, namely, pharmaceuticals; and construction. The pharmaceuticals segment is engaged in production and sale of pharmaceutical intermediates and chemicals. This segment offers APIs including ofloxacin HCL / base, ciprofloxacin levofloxacin hemihydrate, quinine sulphate, quinine HCL and quinine DiHCL. In addition, the pharmaceutical segment offer veterinary products including difloxacin base / HCL / lactate and sarafloxacin base / HCL / lactate, and enrofloxacin base / HCL / lactate. Hiran is headquartered in Mumbai, India. The company reported revenues of (Rupee) INR 1,526.79 million during the fiscal year ended June 2011, a decrease of 28.06% from 2010. The operating loss of the company was INR 828.42 million during the fiscal year 2011, as against an operating income of INR 105.06 million during 2010. The net loss of the company was INR 833.82 million during the fiscal year 2011, as against a net profit of INR 74.49 million during 2010.
PRESS RELEASES
Hiran
Orgochem's director resigns
India, December 28 -- Hiran Orgochem has informed that Mukesh Naik has ceased to be a director of the company with effect from December 26, 2011 consequent upon his resignation from the Board.
Hiran Orgochem approves termination of
shareholder's agreement
India, December 07 -- Hiran Orgochem has informed that the board of directors of the company at its meeting held on December 06, 2011, has approved the proposed termination of the Shareholder's Agreement between Hiran Orgochem and Ajay Dharamshi and Virchand Dharmashi and Actgen Pharma Private.
Board
Meeting on December 06, 2011
India, December 05 -- Hiran Orgochem Limited has informed BSE that a meeting of the Board of Directors of the Company will be held on December 06, 2011, inter alia, for taking on record the termination of the Shareholders Agreement between the Company and Mr. Ajay Dharamshi and Mr. Vijay Dharamshi and M/s. Actgen Pharma Private Limited.
Board
Meeting on Sep 12, 2011
India, September 12 -- Hiran Orgochem Limited has informed
BSE that a meeting of the Board of Directors of the Company will be held on
September 12, 2011, to convey for considering and to accept the various
stipulation conveyed by State Bank of India consortium (the lead consortium
working capital banker) with respect to carrying out stock audit and any other
matter with the permission of chairman.
Board
Meeting on June 02, 2011
India, May 31 -- Hiran Orgochem Limited has informed BSE that a meeting of the Board of Directors of the Company will be held on June 02, 2011, to approve the board of an occurrence of an unprecedented situation arising out of absenteeism of workmen, shortage of important Raw Material and resultant severe impact on the working of Company.
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.49.80 |
|
|
1 |
Rs.78.79 |
|
Euro |
1 |
Rs.65.74 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
23 |
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.