MIRA
INFORM REPORT
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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HR ORGANO CHEM PRIVATE LIMITED |
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Registered
Office : |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.02.2002 |
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Com. Reg. No.: |
11-134896 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.500 millions |
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CIN No.: [Company Identification
No.] |
U51496MH2002PTC134896 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH05403G |
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PAN No.: [Permanent Account No.] |
AABCH0149K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader and Importer of Carbon Black, Hydro Carbon Resins |
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No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 620000 |
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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 a satisfactory track record.
General financial position of the company is good. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Jitendra |
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Designation : |
Account Department |
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Contact No.: |
91-22-22003546 |
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Date : |
05.02.2013 |
LOCATIONS
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Registered Office : |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, |
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Tel. No.: |
91-22-22003546 / 7/ 8 / 40461000 |
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Fax No.: |
91-22-22003549 |
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E-Mail : |
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Location : |
Approximately 1000 Sq. Ft |
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Owned |
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Branch Office : |
25, |
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Tel. No.: |
91-11-25863261/ 45084920 |
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E-Mail : |
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Wholesaler : |
Located at Bhiwandi ( |
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Location : |
Owned |
DIRECTORS
As on 29.09.2012
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Name : |
Mr. Anil Prataprai Parekh |
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Designation : |
Director |
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Address : |
51. Sarnath, 59B, Bhulabhai Desai Road, Sophia Collage Lane, Breach
Candy, Mumbai- 400020, Maharashtra, India |
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Date of Appointment : |
12.02.2002 |
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DIN No.: |
01651464 |
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Name : |
Mrs. Rama Anil Parekh |
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Designation : |
Director |
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Address : |
51-A, Sarnath 59, |
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Date of Appointment : |
12.02.2002 |
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DIN No.: |
00673851 |
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Name : |
Mr. Jatin Anilkumar Parekh |
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Designation : |
Director |
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Address : |
51-A, Sarnath 59, |
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Date of Appointment : |
12.02.2002 |
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DIN No.: |
00673829 |
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Name : |
Mrs. Smita Jatin Parekh |
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Designation : |
51-A, Sarnath 59, |
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Address : |
Director |
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Date of Appointment : |
12.02.2002 |
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DIN No.: |
00673183 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS
As on 29.09.2012
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Names of Shareholders |
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No. of Shares |
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Anil Pratapraj Parekh |
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37500 |
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Ramaben Anil Parekh |
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37500 |
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Jatin Anil Parekh |
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37500 |
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Smita Jatin Parekh |
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37500 |
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Total |
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150000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Carbon Black, Hydro Carbon Resins |
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Products : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
USA ·
Korea ·
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
45 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Bharat Kanakia and Associates Chartered Accountant |
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Address : |
602, Abhinandanswami CHS Limited, Plot No.21, Road No.25, Sion,
Mumbai- 400022, |
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Tel. No.: |
91-22-24042222 |
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Fax No.: |
91-22-24040808 |
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PAN No.: |
AGPPK5224R |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs. 1.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
154.771 |
121.665 |
89.838 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
156.271 |
123.165 |
91.338 |
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LOAN FUNDS |
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1] Secured Loans |
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0.485 |
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2] Unsecured Loans |
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|
9.000 |
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TOTAL BORROWING |
3.828 |
8.969 |
9.485 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
160.099 |
132.134 |
100.823 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.945 |
34.989 |
37.186 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.250 |
0.250 |
0.250 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.188
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42.567 |
25.951 |
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Sundry Debtors |
85.357
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58.944 |
39.778 |
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Cash & Bank Balances |
10.054
|
1.861 |
3.444 |
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Other Current Assets |
5.860
|
3.592 |
28.248 |
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Loans & Advances |
59.586
|
47.910 |
7.677 |
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Total
Current Assets |
189.045
|
154.874 |
105.098 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
14.669
|
16.947 |
2.024 |
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Other Current Liabilities |
5.962
|
8.022 |
5.400 |
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Provisions |
46.510
|
33.010 |
34.287 |
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Total
Current Liabilities |
67.141
|
57.979 |
41.711 |
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Net Current Assets |
121.904
|
96.895 |
63.387 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
160.099 |
132.134 |
100.823 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
571.112 |
475.245 |
342.032 |
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Other Income |
16.052 |
17.580 |
16.926 |
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TOTAL |
587.164 |
492.825 |
358.958 |
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Less |
EXPENSES |
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Office Expenses |
540.084 |
447.035 |
310.734 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
540.084 |
447.035 |
310.734 |
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PROFIT BEFORE
TAX |
47.080 |
45.790 |
48.224 |
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Less |
TAX |
13.974 |
13.963 |
13.407 |
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PROFIT AFTER TAX
|
33.106 |
31.827 |
34.817 |
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Earnings Per
Share (Rs.) |
220.71 |
212.18 |
232.10 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.64
|
6.45
|
9.69 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.24
|
9.63
|
14.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.21
|
24.12
|
33.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.37
|
0.52 |
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Debt Equity Ratio (Total Debt/Networth) |
|
0.02
|
0.07
|
0.10 |
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Current Ratio (Current Asset/Current Liability) |
|
2.82
|
2.67
|
2.51 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
|
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Trade Payables |
|
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Acceptances |
14.669 |
16.947 |
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Other than Acceptances |
0.000 |
0.000 |
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Total |
14.669 |
16.947 |
2.024 |
%2009-Feb-2013_files/image001.gif){kind=small}
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Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact
person |
Yes |
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11] |
Turnover of firm for last
three years |
Yes |
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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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
-- |
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27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51496MH2002PTC134896 |
|
Name of the
company |
HR ORGANO CHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
112/A, Rawa Chambers- 31, New Marine Lines, Mumbai- 400020, Email: accounts@hrco.in |
|
This form is for |
Modification
of charge |
|
Charge identification
(ID) number of the charge to be modified |
90143903 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
The Shamrao Vithal Co-Op Bank Limited, Anand Building, 82/84, Kazi Syed
Street, Mandvi, Mumbai- 400003, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplementary
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
07.04.2012 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest @PLR-2% p.a Terms of Repayment As may be decided
by the Bank from time to time. Margin As may be decided
by the Bank from time to time Extent and Operation of the charge To secure the due
repayment of Credit facilities aggregating Rs.40.000 Millions, together with
interest, costs, charges and expenses thereon, granted by the Bank to the
Company. Others Total Facilities -------------------- Cash Credit
:Rs.20.000 Millions(Enhanced by Rs 10.000 Millions) Letter of Credit:
Rs 20.00 Millions( Enhanced by Rs 10.000 Millions) (Cash Credit of Rs
20.000 Millions+ Interchangeability between CC and L/C to the extent of Rs
20.000 Millions may be allowed) ------------------------------------------------------------------------- Total Facilities
: Rs 40.000 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
·
The
whole of the Borrower's present and future Stocks of Raw Materials, Stocks in
Process, Semi-Finished and Finished Goods,
Stores and similiar movable
property ·
All
of the Borrower's present and future, book debts, outstanding monies,
receivables, claims, bills, rights to or in moveable properties and assets of
the Company |
|
Date of
instrument modifying the charge |
05.01.2010 |
|
Particulars of
the present modification |
By the present
modification the charged shall hold good to secure aggregate credit
facilities of Rs 40.000 Millions granted by the Bank to the company(being
Cash Credit: Rs 20.000 Millions(enhanced by Rs 10.000 Millions) and L/C : Rs
20.000 Millions(enhanced by Rs 10.000 Millions). Cash credit of Rs 20.000
Millions+ interchangeability between CC and LC to the extent of Rs 20.000
Millions may be allowed. |
WORKING RESULTS
During the year, the company has achieved a turnover of Rs.571.112 millions
(Previous year Rs.475.245 millions) and also earned other income to the extend
of Rs.16.052 millions (Previous year Rs. 17.580 millions)
The above financial results show that the company has earned net profit
after tax to the tune of Rs. 33.106 millions (Previous year Rs. 31.827
millions) after making provision for tax of Rs.13.963 millions (Previous year
Rs.13.407 million)
FIXED ASSETS
·
Computer Software
·
Godown
·
Computer
·
Car
·
Mobile Phone
·
Fax Machine
·
Scanner
·
Furniture and Fixture
·
EPBX Systems
·
Air Conditioner
·
Laptop
·
Television
·
Water Purifier
·
Reva Chambers Office
Premises
·
EPSON Printer
·
Office Equipments
·
Generators
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SPN |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.