MIRA INFORM REPORT
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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
HINDPRAKASH LONSEN INDUSTRIES PRIVATE LIMITED |
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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 |
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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
NSIC – Performance and Credit Rating = SE1B |
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Rating Explanation |
Highest performance capability and moderate financial strength. |
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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
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Registered Office : |
301, Hindprakash House, Plot No.10/6, GIDC, Vatva, Ahmedabad – 382445,
Gujarat, India |
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Tel. No.: |
91-79-39827000/ 09/ 39827049 |
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Fax No.: |
91-79-39827096 |
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E-Mail : |
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Factory : |
Plot No. 114-115, Phase 2, GIDC Estate, Vatva, Ahmedabad – 382445,
Gujarat, India |
DIRECTORS
As on: 29.09.2012
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Name : |
Mr. Santosh Narayan Nambiar |
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Designation : |
Director |
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Address : |
C-001, “Sagun Jyotee”, B/h Dhananjay Tower, 100th ft. Road,
Shyamlal # Road, Satellite, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
17.10.1970 |
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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 |
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Date of Appointment : |
10.08.2011 |
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DIN No.: |
02825484 |
KEY EXECUTIVES
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Name : |
Parikh Dave and Associates |
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Designation : |
Company Secretaries |
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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
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Names of Shareholders |
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No. of Shares |
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Santosh Narayan Nambiar |
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10 |
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Hindprakash International Private Limited, India |
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999990 |
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Total |
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1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier and manufacturer of intermediates dye, reactive
dye, acid dyes, auxiliaries, pigments. |
GENERAL INFORMATION
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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 : |
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Name : |
Kedia and Kedia Associates Chartered Accountants |
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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 :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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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
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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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.724 |
12.215 |
6.240 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.724 |
22.215 |
16.240 |
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LOAN FUNDS |
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1] Secured Loans |
57.092 |
41.325 |
25.255 |
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2] Unsecured Loans |
25.169 |
26.706 |
15.179 |
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TOTAL BORROWING |
82.261 |
68.031 |
40.434 |
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DEFERRED TAX LIABILITIES |
0.132 |
0.083 |
0.014 |
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TOTAL |
110.117 |
90.329 |
56.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.800 |
8.248 |
5.511 |
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Capital work-in-progress |
0.000 |
0.213 |
0.168 |
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INVESTMENT |
0.370 |
0.370 |
0.370 |
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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 |
59.579
|
40.353 |
29.696 |
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Sundry Debtors |
95.551
|
65.399 |
43.172 |
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Cash & Bank Balances |
6.319
|
0.761 |
0.433 |
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Other Current Assets |
0.020
|
4.121 |
0.000 |
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Loans & Advances |
23.661
|
22.919 |
14.873 |
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Total
Current Assets |
185.130
|
133.553 |
88.174 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
90.193
|
47.984 |
36.942 |
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Other Current Liabilities |
2.821
|
3.025 |
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Provisions |
1.249
|
1.046 |
0.593 |
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Total
Current Liabilities |
94.263
|
52.055 |
37.535 |
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Net Current Assets |
90.867
|
81.498 |
50.639 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.117 |
90.329 |
56.688 |
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%2002-Oct-2013_files/image001.gif){kind=small}
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 |
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Other Income |
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TOTAL |
401.283 |
329.175 |
239.303 |
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Less |
EXPENSES |
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Office Expenses |
392.788 |
320.109 |
230.822 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
392.788 |
320.109 |
230.822 |
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PROFIT BEFORE
TAX |
8.495 |
9.066 |
8.481 |
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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 |
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Dividend |
0.200 |
0.200 |
0.200 |
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Tax on Dividend |
0.032 |
0.033 |
0.034 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Export |
0.000 |
0.190 |
0.000 |
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TOTAL EARNINGS |
0.000 |
0.190 |
0.000 |
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IMPORTS |
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CIF Value of Imports |
206.116 |
0.146 |
145.382 |
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TOTAL IMPORTS |
206.116 |
0.146 |
145.382 |
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Earnings Per
Share (Rs.) |
0.57 |
0.62 |
0.59 |
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%2002-Oct-2013_files/image002.gif){kind=small}
%2002-Oct-2013_files/image003.gif){kind=small}
%2002-Oct-2013_files/image004.gif){kind=small}
%2002-Oct-2013_files/image005.gif){kind=small}
%2002-Oct-2013_files/image006.gif){kind=small}
%2002-Oct-2013_files/image007.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.43
|
1.89 |
2.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.17
|
6.39 |
9.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.41 |
0.52 |
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Debt Equity Ratio (Total Debt /Networth) |
|
2.97
|
3.06 |
2.49 |
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Current Ratio (Current Asset/Current Liability) |
|
1.96
|
2.57 |
2.35 |
LOCAL AGENCY FURTHER INFORMATION
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 |
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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 |
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Type of charge |
Immovable property |
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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 |
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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.62.36 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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.