MIRA INFORM REPORT
|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
HEMPEL PAINTS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Safal Pride, 502, 5th Floor, Near Oasis Restaurant, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.02.2009 |
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Com. Reg. No.: |
11-195861 |
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Capital Investment
/ Paid-up Capital : |
Rs.200.000 Million |
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CIN No.: [Company Identification
No.] |
U74990MH2009PTC195861 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH12380E |
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PAN No.: [Permanent Account No.] |
AACCH2681P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Globic Antifouling Products and
Paints. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 240000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. The profitability
is under pressure. The liquidity position is weak. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
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 (GENERAL DETAILS)
|
Name : |
Mr. Anil Patel |
|
Designation : |
Accounts Officer |
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Contact No.: |
91-22-61392555 |
|
Date : |
22.03.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Safal Pride, 502, 5th Floor, Near Oasis Restaurant, |
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Tel. No.: |
91-22-61392555/2559910 |
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Fax No.: |
91-22-25559913 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
Located at Nashik |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Umesh Chandra Singh |
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Designation : |
Director |
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Address : |
Flat No.164, Yugdharma, Co- Operative Housing Society, |
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Date of Birth/Age : |
15.07.1962 |
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Date of Appointment : |
15.07.2010 |
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DIN No.: |
02510842 |
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Name : |
Mr. Kim Junge Andersen |
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Designation : |
Director |
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Address : |
Hempel A/S, Lundtoftevej, 150, Kongens
Lyngby,2800, Denmark |
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Date of Birth/Age : |
26.11.1962 |
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Date of Appointment : |
02.07.2010 |
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DIN No.: |
02844744 |
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Name : |
Mr. Sasi Kumar Puthenpurackal Bhaskaran Nair |
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Designation : |
Director |
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Address : |
Akash Leela Chs, Flat No. C/202, Plot No156/158, Sec-21, Nerul, Navi
Mumbai, Maharashtra, India |
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Date of Birth/Age : |
29.11.1954 |
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Date of Appointment : |
02.07.2010 |
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DIN No.: |
02896312 |
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Name : |
Mr. Pierre Yves Jullien |
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Designation : |
Director |
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Address : |
Alhambrave 3,2, 1826, Frederiksbergc, |
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Date of Birth/Age : |
25.05.1950 |
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Date of Appointment : |
02.07.2010 |
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DIN No.: |
02925809 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Patel |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Hempel (Singapore) Pte Limited, Singapore |
|
19999999 |
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Hempel A/S Denmark, Lyngby Denmark |
|
01 |
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Total |
|
20000000 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Globic Antifouling Products and
Paints. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit (30 Days / 60 Days / 90 Days) |
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Purchasing : |
L/C / Cash / Credit (30 Days / 60 Days / 90 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
HSBC Bank, Chembur Branch, Mumbai, Maharashtra, India Tel. No.: 91-9820282220 |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
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PAN.: |
AABFL5878L |
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Ultimate Holding
Company: |
Hempel A/S Denmark |
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Holding Company : |
Hempel Singapore Pte Limited |
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Other related parties
with whom transactions have taken place during the year : |
· Hempel Paints (Emirates) L.L.C. · Pinturas Hempel S.A · Hempel (Portugal) Lda. · Hempel (UK) Limited · Hempel Paints (Saudi) · Hempel (France) S.A · Hempel Coatings (Hellas) S.A. · Hempel (Germany) GmbH · Hempel Coatings SAN. VE TIC Limited. Sti. · Hempel HAI-HONG (China) Limited · Hempel Coatings (Cyprus) Limited · Hempel (Italy) s.r.l. · Hempel (Taiwan) Company Limited · Hempel (The Netherlands) B.V. · Hempel Korea Company Limited · Hempel Paints (Qatar) W.L.L. · Hempel Vietnam Company Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Reconciliation of
number of equity shares
|
Particular |
Number of shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
20000000 |
200.000 |
|
Additions/ (Deletions) during the year |
-- |
-- |
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Balance as at the end of the year |
20000000 |
200.000 |
Disclosure of
shareholding more than five per cent in company
|
Name of shareholder |
Number of shares held in company |
Percentage of shareholding in company |
|
Hempel Singapore Pte Limited |
1,99,99,999 |
100.00% |
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Terms attached to
equity shares:
Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
200.000 |
200.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(138.227) |
(32.551) |
0.000 |
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NETWORTH |
61.773 |
167.449 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
51.279 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
51.279 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
113.052 |
167.449 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.114 |
9.312 |
0.000 |
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Capital work-in-progress |
0.000 |
31.616 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
116.373
|
46.418 |
0.000 |
|
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Sundry Debtors |
138.182
|
58.447 |
0.000 |
|
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Cash & Bank Balances |
0.019
|
114.795 |
0.075 |
|
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Other Current Assets |
0.065
|
0.445 |
0.000 |
|
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Loans & Advances |
20.452
|
10.380 |
0.000 |
|
Total
Current Assets |
275.091
|
230.485 |
0.075 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
185.700
|
98.208 |
0.000 |
|
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Other Current Liabilities |
10.817
|
4.597 |
0.000 |
|
|
Provisions |
1.636
|
1.159 |
0.011 |
|
Total
Current Liabilities |
198.153
|
103.964 |
0.011 |
|
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Net Current Assets |
76.938
|
126.521 |
0.064 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.036 |
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TOTAL |
113.052 |
167.449 |
0.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Other Income |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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Administrative Expenses |
NA |
NA |
NA |
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Advertising Expenses |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX |
(105.676) |
(32.537) |
NA |
|
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|
Less |
TAX |
0.000 |
0.000 |
NA |
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PROFIT / (LOSS)
AFTER TAX |
(105.676) |
(32.537) |
(0.014) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(32.551) |
(0.014) |
0.000 |
|
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|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(138.227) |
(32.551) |
(0.014) |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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Export Earnings |
4.262 |
0.685 |
NA |
|
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TOTAL EARNINGS |
4.262 |
0.685 |
NA |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
NA |
3.258 |
NA |
|
|
|
Traded Goods |
NA |
0.057 |
NA |
|
|
|
Capital Goods |
NA |
0.004 |
NA |
|
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TOTAL IMPORTS |
NA |
3.319 |
NA |
|
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|
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|
Earnings Per
Share (Rs.) |
(5.04) |
(5.04) |
(1.36) |
|
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%20PRIVATE%20LIMITED%20-%20215375%2023-Mar-2013_files/image002.gif){kind=small}
%20PRIVATE%20LIMITED%20-%20215375%2023-Mar-2013_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(33.96)
|
(13.57) |
NA |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
(1.71)
|
(0.19) |
NA |
|
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83
|
0.00 |
0.00 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39
|
2.22 |
6.82 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
- Micro and Small Enterprises |
|
|
|
|
Others |
185.700 |
98.208 |
0.000 |
|
Total |
185.700 |
98.208 |
0.000 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
No |
|
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 |
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 |
---------------------- |
|
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 |
Note:
Registered office of the company has been shifted from
BACKGROUND
Subject was incorporated on September 17, 2009. The Company trades and Manufactures Industrial paints in India.
REVIEW OF OPERATIONS
During the year, the Company has made loss of Rs.105.676 Millions as against Rs.32.537 Millions in previous financial year. Directors are continuously looking for avenues for future growth of the Company in Industrial Paint market.
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
Guarantees given by banks to third parties on behalf of the Company |
0.060 |
0.060 |
|
Guarantee given by bank on behalf of the Company in the normal course of business against which the Company the not received any claims from the beneficiaries. |
1.645 |
-- |
FIXED ASSETS
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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] 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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.