MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDPRAKASH LONSEN INDUSTRIES PRIVATE LIMITED |
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|
|
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Registered
Office : |
301, Hindprakash House, Plot No.10/6, GIDC, Vatva, Ahmedabad – 382445,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.11.2008 |
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Com. Reg. No.: |
04-055401 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24100GJ2008PTC055401 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier and manufacturer of intermediates dye, reactive dye, acid dyes, auxiliaries, pigments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There appears dip in the profitability during 2012. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
NSIC – Performance and Credit Rating = SE1B |
|
Rating Explanation |
Highest performance capability and moderate financial strength. |
|
Date |
21.02.2013 |
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 : |
301, Hindprakash House, Plot No.10/6, GIDC, Vatva, Ahmedabad – 382445,
Gujarat, India |
|
Tel. No.: |
91-79-39827000/ 09/ 39827049 |
|
Fax No.: |
91-79-39827096 |
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E-Mail : |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Santosh Narayan Nambiar |
|
Designation : |
Director |
|
Address : |
C-001, “Sagun Jyotee”, B/h Dhananjay Tower, 100th ft. Road,
Shyamlal # Road, Satellite, Ahmedabad, Gujarat, India |
|
Date of Birth/Age : |
17.10.1970 |
|
Date of Appointment : |
13.07.2009 |
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DIN No.: |
00144542 |
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|
|
|
Name : |
Mr. Sanjayprakash Omprakash Mangal |
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Designation : |
Director |
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Address : |
83, Thakorebhai Tower, Near Law Garden, Ellisbridge, Ahmedabad,
Gujarat, India |
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Date of Birth/Age : |
15.05.1972 |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
02825484 |
KEY EXECUTIVES
|
Name : |
Parikh Dave and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
5-D, 5th Floor, Vardan Exclusive, Next to Vimal House,
Near Stadium Petrol Pump, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Email : |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Santosh Narayan Nambiar |
|
10 |
|
Hindprakash International Private Limited, India |
|
999990 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier and manufacturer of intermediates dye, reactive
dye, acid dyes, auxiliaries, pigments. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Kedia and Kedia Associates Chartered Accountants |
|
Address : |
205, Kaling, 2nd Floor, Mount Carmel School, B/H. B. J. House, Ashram Road,
Ahmedabad – 380009, Gujarat, India |
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Tel. No.: |
91-79-26579971/ 27454978 |
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E-Mail : |
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PAN No.: |
AABFK7236R |
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Holding Company : |
Hindprakash International Private Limited CIN No.: U51909GJ2003PTC041909 |
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Fellow Subsidiaries
: |
Hindprakash (Singapore) Pte Limited |
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Enterprise over
which Key Management Personnel exercise significant influence : |
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Relative of the Key
Management Personnel : |
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CAPITAL STRUCTURE
After: 29.09.2012
Authorised Capital : Rs.25.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.11.000
Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.724 |
12.215 |
6.240 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.724 |
22.215 |
16.240 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
57.092 |
41.325 |
25.255 |
|
|
2] Unsecured Loans |
25.169 |
26.706 |
15.179 |
|
|
TOTAL BORROWING |
82.261 |
68.031 |
40.434 |
|
|
DEFERRED TAX LIABILITIES |
0.132 |
0.083 |
0.014 |
|
|
|
|
|
|
|
|
TOTAL |
110.117 |
90.329 |
56.688 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
18.800 |
8.248 |
5.511 |
|
|
Capital work-in-progress |
0.000 |
0.213 |
0.168 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.370 |
0.370 |
0.370 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
59.579
|
40.353 |
29.696 |
|
|
Sundry Debtors |
95.551
|
65.399 |
43.172 |
|
|
Cash & Bank Balances |
6.319
|
0.761 |
0.433 |
|
|
Other Current Assets |
0.020
|
4.121 |
0.000 |
|
|
Loans & Advances |
23.661
|
22.919 |
14.873 |
|
Total
Current Assets |
185.130
|
133.553 |
88.174 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
90.193
|
47.984 |
36.942 |
|
|
Other Current Liabilities |
2.821
|
3.025 |
|
|
|
Provisions |
1.249
|
1.046 |
0.593 |
|
Total
Current Liabilities |
94.263
|
52.055 |
37.535 |
|
|
Net Current Assets |
90.867
|
81.498 |
50.639 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
110.117 |
90.329 |
56.688 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SALES |
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Income |
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL |
401.283 |
329.175 |
239.303 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
392.788 |
320.109 |
230.822 |
|
|
|
Administrative Expenses |
|
|
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|
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|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
392.788 |
320.109 |
230.822 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.495 |
9.066 |
8.481 |
|
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|
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|
|
|
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Less |
TAX |
2.754 |
2.858 |
2.574 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
5.741 |
6.208 |
5.907 |
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.200 |
0.200 |
0.200 |
|
|
|
Tax on Dividend |
0.032 |
0.033 |
0.034 |
|
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|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
0.000 |
0.190 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
0.190 |
0.000 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Imports |
206.116 |
0.146 |
145.382 |
|
|
TOTAL IMPORTS |
206.116 |
0.146 |
145.382 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.57 |
0.62 |
0.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.43
|
1.89 |
2.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.17
|
6.39 |
9.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.41 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.97
|
3.06 |
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.57 |
2.35 |
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 |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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 |
Yes |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan from ICICI Bank Limited |
25.169 |
26.706 |
|
Total |
25.169 |
26.706 |
BANKERS CHARGES
REPORT AS PER REGISTRY:
|
Corporate
identity number of the company |
U24100GJ2008PTC055401 |
|
Name of the
company |
HINDPRAKASH LONSEN
INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
301, Hindprakash House, Plot No.10/6,GIDC, Vatva Ahmedabad – 382445, Gujarat, India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10176921 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Vijaya Bank,
Industrial Finance Branch, Kamdhenu Complex, Ahmedabad – 380015, Gujarat,
India |
|
Nature of
instrument creating charge |
Mortgage for
enhanced portion to be created by the borrower and others to secure the
enhanced loan granted to the borrower |
|
Date of
instrument Creating the charge |
29.02.2012 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC (H) is at Base
Rate + 4.10% i.e. 10.65% + 4.10% p.a. (floating) = 14.75% with effect from
05.01.2012 Terms of Repayment As per bank's
sanction Margin 1. 25 % against
stock of raw materials / work in progress and finished goods. 2. 50% against
book debts. 3. Cash Margin of
15% / 30% on DP / DA 90 days respectively, will be provided on ILC/FLC. Extent and Operation of the charge All the
securities described in Column no. 15 have been mortgaged to bank to secure
enhanced Cash Credit facility of Rs. 50.000 Millions with sub limit for
ILC/FLC on DP/DA - 90 days of Rs. 30.000 Millions together with interest and
all other moneys payable by the Company to the Lender. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Plot No.A2-114,
Survey No. 442/2 and 444/3 paiki of Vatva Industrial Estate, Phase-II,
Mouje-Sim-Vinzol, Taluka -Daskroi, District Ahmedabad, more particularly
described in memorandum attached herewith. |
|
Date of
instrument modifying the charge |
04.11.2010 |
|
Particulars of
the present modification |
By virtue of
present modification, the said charge is now further extended for additional Cash
Credit (H) limit of Rs. 12.500 Millions. Now charge operates for overall
enhanced CC(H) limit of Rs. 50.000 Millions with sub limit for ILC/FLC on
DP/DA - 90 days of Rs. 30.000 Millions. |
FIXED ASSETS:
- Land
- Building
- Plant and
Equipments
- Furniture and
Fixtures
- Vehicles
- Office
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs. 83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.