MIRA
INFORM REPORT
|
Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HRITIK CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 13/B Laxmi Industrial Estate, New Link Road, Andheri, Mumbai
– 400053, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.02.2010 |
|
|
|
|
Com. Reg. No.: |
11-199606 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.609 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2010PTC199606 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH12757D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH3398B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Penultimate Intermediate. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5000 |
|
|
|
|
Status : |
Small Company |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
Unit No. 13/B Laxmi Industrial Estate, New Link Road, Andheri, Mumbai
– 400053, Maharashtra, India |
|
Tel. No.: |
91-22-66925779/ 26362209 / 66793721/
66925778 |
|
Fax No.: |
91-22-66793720 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Mehul Pravinbhai Parekh |
|
Designation : |
Director |
|
Address : |
FT 11 BL /Marine View Ji Prakash Road, Andheri (West), Mumbai, Maharashtra, India |
|
Date of Birth/Age : |
20.12.1963 |
|
Date of Appointment : |
03.02.2010 |
|
DIN No.: |
02705779 |
|
|
|
|
Name : |
Mrs. Nandini Parekh Mehul |
|
Designation : |
Director |
|
Address : |
11- 11A, Marine View, J.P. Trading, 7 Bungalows, Versova, Andheri (West), Mumbai - 400061, Maharashtra, India |
|
Date of Birth/Age : |
31.10.1970 |
|
Date of Appointment : |
19.10.2012 |
|
DIN No.: |
05356243 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Malay Pravinbhai Parekh |
|
3000 |
|
Mehul Pravinbhai Parekh |
|
3000 |
|
Pankaj J Patel |
|
10 |
|
Babulal M Shah |
|
10 |
|
Devang Hasmukh Shah |
|
10 |
|
Hemant Shah |
|
10 |
|
Kailas P Shah |
|
10 |
|
Kokila P Shah |
|
10 |
|
Shah HUF B Parimal |
|
10 |
|
Sandeep Shah |
|
10 |
|
Unnati Parek |
|
10 |
|
|
|
|
|
Total |
|
6090 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
98.69 |
|
Other top fifty shareholders |
|
1.31 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Penultimate Intermediate. |
GENERAL INFORMATION
|
Suppliers : |
· Hritik Chemical Corporation · Chloro Chem of India · Ujin Pharmachem · Susneh Trading Corporation · J. J. Enterprises · Metro Chem Corporation · Urmi Chemicals · R. R. Enterprises · Nisha Chemicals · Hindustan Speciality Chemicals · Bhavani Chemical Ventures · L.P. Traders · Mahidhara Chemicals Private Limited · Chemox Chemopharma Industries · Royal Chemicals (India) · Mansi Chemicals · Shiv Chemical Industries · International Trade Agency · Maharashtra Drug Chem · Vardhaman Enterprises |
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Customers : |
· Abhilasha Pharma Private Limited · Acacia Life Sciences Private Limited · Acura Labs Private Limited · Alekhya Drugs Private Limited · Anu's Laboratories Limited · Avra Synthesis Private Limited · Best Value Chem Private Limited · Bharat Rasayan · Earthchem Laboratories Private Limited · Enaltec Labs Private Limited · Faluck International · Galaxy Chemicals · Global Enterprises · Harika Drugs Private Limited · Hermes Chemical Company Private Limited · Kamud Drugs Private Limited · Lee Advanced Research Center · Mosam Chem · Neoseal Adhesive Private Limited · Om Laboratories · Onkar Industries |
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No. of Employees : |
Not Available |
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Bankers : |
Corporation Bank, Sheroo Villa, Jai Prakash Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
Kapadia and Company Chartered Accountants |
|
Address : |
601, Damji Shamji Trade Centre, Near Vidhavihar Station (West), Mumbai
– 400086, Maharashtra, India |
|
Tel. No.: |
91-22-25094612/ 65758885 |
|
E-Mail : |
|
|
PAN No.: |
AAGPK2892L |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6090 |
Equity Shares |
Rs.10/- each |
Rs.0.609
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
03.02.2012 to
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.609 |
0.609 |
0.101 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.725 |
0.321 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.028) |
|
|
NETWORTH |
1.334 |
0.930 |
0.073 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.280 |
11.539 |
0.000 |
|
|
2] Unsecured Loans |
2.775 |
2.450 |
1.679 |
|
|
TOTAL BORROWING |
12.055 |
13.989 |
1.679 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13.389 |
14.919 |
1.752 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.184 |
0.066 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.032 |
0.009 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
0.027 |
0.040 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.741
|
9.523 |
2.814 |
|
|
Sundry Debtors |
55.122
|
53.676 |
0.000 |
|
|
Cash & Bank Balances |
1.946
|
4.188 |
0.036 |
|
|
Other Current Assets |
0.248
|
0.354 |
0.000 |
|
|
Loans & Advances |
3.108
|
1.728 |
0.137 |
|
Total
Current Assets |
69.165
|
69.469 |
2.987 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.167
|
39.809 |
1.288 |
|
|
Other Current Liabilities |
23.781
|
14.590 |
0.000 |
|
|
Provisions |
0.071
|
0.266 |
0.000 |
|
Total
Current Liabilities |
56.019
|
54.665 |
1.288 |
|
|
Net Current Assets |
13.146
|
14.804 |
1.699 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.053 |
|
|
|
|
|
|
|
|
TOTAL |
13.389 |
14.919 |
1.752 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.636 |
0.607 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
0.202 |
0.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.434 |
0.420 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
5.515 |
3.743 |
|
|
TOTAL EARNINGS |
|
5.515
|
3.743 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
71.26 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
03.02.2012 to
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.92 |
0.87 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.65 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
51.16 |
73.82 |
40.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23 |
1.27 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
12] |
Profitability for last two 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 |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
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 (CIN) or foreign company registration
number of the company |
U51909MH2010PTC199606 |
|
Name of the
company |
HRITIK CHEMICALS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Unit No. 13/B Laxmi Industrial Estate, New Link Road, Andheri, Mumbai
– 400053, Maharashtra, India E-mail: info@hritikchemical.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Others
(Current Assets) |
|
Particular of
charge holder |
Corporation Bank, Sheroo Villa, Jai Prakash Road, Andheri (West), Mumbai - 400053, Maharashtra, India E-mail: info@ca-adlalwani.com |
|
Nature of
instrument creating charge |
1.common deed of
hypothecation of Movables/Assets/Debts |
|
Date of
instrument Creating the charge |
30.08.2010 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank from time to time Terms of
Repayment As stipulated by
bank from time to time Margin As stipulated by
bank from time to time Extent and
Operation of the charge First
charge(present and future)=total limit Rs.20.000 Millions (cash
credit=Rs.10.000 Millions and letter of credit =Rs.10.000 Millions) Others As stipulated by
bank from time to time and as per agreement attached and as per sanction
letter of the bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge(present
and future on following assets)-(1) hypothecation of all
inventories/goods/stock/products kept at borrower
place/premises/factories/godown's or wherever else or in transit including
brought under L.C./Bank Finance (2) Hypothecation
of all book debts and receivables (3) Hypothecation
of all current assets of the company |
FIXED ASSETS:
· Computer
· Printer
· Office Equipments
· Air Conditioner
· Mobile Phone
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 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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.