MIRA INFORM REPORT
|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAHIDHARA
CHEMICALS PRIVATE LIMITED (w.e.f. 27.06.1997) |
|
|
|
|
Formerly Known
As : |
SHVET PACK PRIVATE
LIMITED |
|
|
|
|
Registered
Office : |
G-4, Sai Pithambaram
Residency, East Marredapally, Secunderabad – 500 026, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.03.1979 |
|
|
|
|
Com. Reg. No.: |
01-002421 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.25.620
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP1979PTC002421 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM01420G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM3630N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing of Intermediate Chemicals such as sodium
hydride, sodium amide, and magnesium tertiary butoxide, which are primarily,
used in the pharmaceutical, agricultural, flavour and fragrance industries. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1382000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. There is a dip in
profit of the company in the year 2013. However, overall financial position
of the company is decent. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct. The company can
be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
January 06, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
January 06, 2014 |
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 DECLINED BY
|
Name : |
Mr. Jaisurya Madhira |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-40-27733065 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office/ Administrative Office : |
G-4, Sai Pithambaram
Residency, East Marredapally, Secunderabad – 500 026, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27733065 |
|
Fax No.: |
91-40-27733060 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
18, D II Phase-1, I.D.A. Patancheru,
Medak District – 502 319, Andhra Pradesh,
India |
|
Tel. No.: |
91-8455-285904 |
|
Fax No.: |
91-8455-240920 |
|
|
|
|
Factory 2 : |
Plot No.81, J.N. Pharma City, Thanam
Village, Parawada Mandal, Visakhapatnam
District – 531 021, Andhra Pradesh,
India |
|
Tel. No.: |
91-8924-205053/ 54 |
DIRECTORS
AS ON 24.08.2013
|
Name : |
Mr. Hitesh Kumar Manchanda |
|
Designation : |
Director |
|
Address : |
Plot
No.943, Road No.47, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India |
|
Date of Birth/Age : |
06.02.1969 |
|
Date of Appointment : |
25.05.1996 |
|
DIN No.: |
00288096 |
|
|
|
|
Name : |
Mr. Lakshmi Ravindra
Verma Nadimpalli |
|
Designation : |
Director |
|
Address : |
Plot No.182, Keshav Nagar
Colony, Sri Nagar Colony, Hyderabad – 500 078, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.05.1972 |
|
Date of Appointment : |
23.06.1997 |
|
DIN No.: |
00322483 |
|
|
|
|
Name : |
Mr.
Kiran Rudraraju |
|
Designation : |
Managing Director |
|
Address : |
Plot No.147, Dhana
Lakshmi Housing Society, Mahendra Hills, East Marredpally Secunderabad
– 500 026, Andhra Pradesh, India |
|
Date of Birth/Age : |
09.09.1969 |
|
Date of Appointment : |
23.06.1997 |
|
DIN No.: |
00322574 |
|
|
|
|
Name : |
Mr. Narasimharaju
Rudraraju |
|
Designation : |
Director |
|
Address : |
Plot No.147, Dhana
Lakshmi Housing Society, Mahendra Hills, East Marredpally Secunderabad
– 500 026, Andhra Pradesh, India |
|
Date of Birth/Age : |
20.06.1946 |
|
Date of Appointment : |
05.09.1980 |
|
DIN No.: |
00330620 |
|
|
|
|
Name : |
Mr. Rama Raju Nadimpalli |
|
Designation : |
Director |
|
Address : |
8-3-1105/4, Keshav Nagar,
Yellareddy Guda, Srinagar Colony, Hyderabad -
500 073, Andhra Pradesh, India |
|
Date of Birth/Age : |
20.03.1946 |
|
Date of Appointment : |
29.09.1992 |
|
DIN No.: |
02441062 |
KEY EXECUTIVES
|
Name : |
Mr. Jaisurya Madhira |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Narasimharaju
Rudraraju |
|
34650 |
|
K.
Rajeswari |
|
19040 |
|
Rama
Raju Nadimpalli |
|
47340 |
|
Lakshmi
Ravindra Verma Nadimpalli |
|
25650 |
|
Kiran
Rudraraju |
|
21206 |
|
M.
Anupama |
|
17520 |
|
A.
Anupama |
|
540 |
|
N.
Saraswathi |
|
5880 |
|
B.
Pallavi Raju |
|
6000 |
|
Suresh
Kumar Manchanda |
|
7214 |
|
Hitesh Kumar Manchanda |
|
27900 |
|
Rashima Manchanda |
|
13440 |
|
Neena Manchanda |
|
7170 |
|
Rashima Manchanda Hammadi |
|
22650 |
|
Total
|
|
256200 |
AS ON 01.10.2013
|
Names of Allottees |
|
No. of Shares |
|
R.
Narasimha Raju |
|
34650 |
|
R.
Rajeswari |
|
19040 |
|
N.
Rama Raju |
|
47340 |
|
N.L.
Ravindra Varma |
|
25650 |
|
R.
Kiran |
|
21206 |
|
M.
Anupama |
|
17520 |
|
A.
Anupama |
|
540 |
|
N.
Saraswathi |
|
5880 |
|
B.
Pallavi Raju |
|
6000 |
|
Suresh
Kumar Manchanda |
|
7214 |
|
Hitesh
Kumar Manchana |
|
27900 |
|
Rashima
Manchanda |
|
13440 |
|
Neena
Manchanda |
|
7170 |
|
Rashima
Manchanda Hammadi |
|
22650 |
|
Total
|
|
256200 |
AS ON 24.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Intermediate Chemicals such as sodium
hydride, sodium amide, and magnesium tertiary butoxide, which are primarily,
used in the pharmaceutical, agricultural, flavour and fragrance industries. |
|
|
|
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]:
|
Particulars |
Installed
Capacity (MT) |
Actual
Production (MT) |
|
Sodium Hydride |
180.00 |
551.256 |
|
Sodium Amide |
60.00 |
196.886 |
|
Potassium Tertiary Butoxide |
60.00 |
2.696 |
|
Sodium Tertiary Butoxide |
60.00 |
37.180 |
|
Magnesium Tertiary Butoxide |
120.00 |
133.627 |
|
n-Butyl Lithium |
120.00 |
8.116 |
|
n-Butyl chloride |
480.00 |
72.655 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
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|
||||||||||||
|
Bankers : |
State Bank of India,
Saifabad (SIB) Branch, Hyderabad – 500 004, Andhra Pradesh, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.R. Bapuji and Company Chartered Accountants |
|
Address : |
Flat No.204 Vijaya Shree Apartments, Nagarjuna Nagar, Ameerpet,
Hyderabad – 500 073, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23741323/ 23743196/ 23746719 |
|
Fax No.: |
91-40-40034465 |
|
E-Mail : |
|
|
PAN No.: |
AADFK3667N |
|
|
|
|
Enterprises in which Key Management Personnel or their relatives
having significant influence (As on 31.03.2012) : |
Hitesh Organics Private Limited |
CAPITAL STRUCTURE
AFTER 24.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
512400 |
Equity Shares |
Rs.100/-
each |
Rs.51.240
millions |
|
|
|
|
|
AS ON 24.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.100/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
256200 |
Equity Shares |
Rs.100/-
each |
Rs.25.620
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
25.620 |
25.620 |
12.810 |
|
(b) Reserves & Surplus |
319.940 |
266.544 |
200.308 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
345.560 |
292.164 |
213.118 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.184 |
|
(b) Deferred tax liabilities (Net) |
8.462 |
6.728 |
7.482 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.850 |
2.174 |
0.000 |
|
Total
Non-current Liabilities (3) |
9.312 |
8.902 |
7.666 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
28.740 |
29.152 |
0.000 |
|
(b)
Trade payables |
70.002 |
41.687 |
181.088 |
|
(c)
Other current liabilities |
41.637 |
39.155 |
65.486 |
|
(d)
Short-term provisions |
19.813 |
20.465 |
32.159 |
|
Total
Current Liabilities (4) |
160.192 |
130.459 |
278.733 |
|
|
|
|
|
|
TOTAL |
515.064 |
431.525 |
499.517 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
151.802 |
140.842 |
135.726 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
6.662 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2.100 |
2.100 |
2.100 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
106.309 |
55.606 |
17.316 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
260.211 |
198.548 |
161.804 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
44.816 |
15.081 |
6.753 |
|
(c)
Trade receivables |
135.195 |
168.537 |
228.120 |
|
(d)
Cash and cash equivalents |
23.344 |
20.128 |
88.433 |
|
(e)
Short-term loans and advances |
51.498 |
29.231 |
14.407 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
254.853 |
232.977 |
337.713 |
|
|
|
|
|
|
TOTAL |
515.064 |
431.525 |
499.517 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
633.078 |
605.074 |
743.261 |
|
|
|
Other Income |
2.883 |
2.317 |
3.726 |
|
|
|
TOTAL (A) |
635.961 |
607.391 |
746.987 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
487.295 |
445.209 |
576.342 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
487.295 |
445.209 |
576.342 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
148.666 |
162.182 |
170.645 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.777 |
2.753 |
5.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
139.889 |
159.429 |
165.556 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.565 |
15.015 |
7.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
124.324 |
144.414 |
157.991 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.858 |
46.627 |
54.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
83.466 |
97.787 |
103.021 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
0.354 |
78.808 |
25.662 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Prior Year Adjustments |
0.175 |
0.875 |
0.000 |
|
|
|
Dividend |
25.620 |
15.372 |
25.620 |
|
|
|
Tax on Dividend |
4.275 |
2.494 |
4.255 |
|
|
|
Transfer to General Reserve |
50.000 |
157.500 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3.750 |
0.354 |
78.808 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
11.102 |
13.347 |
9.682 |
|
|
TOTAL EARNINGS |
11.102 |
13.347 |
9.682 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
325.78 |
381.68 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.12
|
16.10 |
13.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.64
|
23.87 |
21.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.24
|
33.63 |
32.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.49 |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08
|
0.10 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.79 |
1.21 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
12.810 |
25.620 |
25.620 |
|
Reserves & Surplus |
200.308 |
266.544 |
319.940 |
|
Net worth |
213.118 |
292.164 |
345.560 |
|
|
|
|
|
|
Long-term borrowings |
0.184 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
29.152 |
28.740 |
|
Total borrowings |
0.184 |
29.152 |
28.740 |
|
Debt/Equity ratio |
0.001 |
0.100 |
0.083 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Net Sales |
743.261 |
605.074 |
633.078 |
|
|
|
(18.592) |
4.628 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Net Sales |
743.261 |
605.074 |
633.078 |
|
Profit |
103.021 |
97.787 |
83.466 |
|
|
13.86% |
16.16% |
13.18% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
PERFORMANCE:
The Company achieved a turnover of Rs.635.961 millions
(Net Sales and Other Income) which is higher than the last year of Rs.607.391
millions. But due to increase in power cost and reduction in sale price the Net
Profit of Rs.83.466 millions compared to previous year Rs.97.787 millions.
FUTURE OUTLOOK:
The sale price of Magnesium Tertiary
Butoxide may future come down to competition from within the country as well as
outside the country. The demand for the Magnesium Tertiary Butoxide is
increasing and the company has taken all steps to increase the production and
recovery the solvents to maintain the profitability.
Bankers Charges
Report as per Registry
|
Corporate identity number (CIN) or foreign company registration number of the company |
U24110AP1979PTC002421 |
|||||||||||||||
|
Name of the company |
MAHIDHARA
CHEMICALS PRIVATE LIMITED |
|||||||||||||||
|
Address of the registered office or of the principal place of business in India of the company |
G-4, Sai Pithambaram
Residency, East Marredapally, Secunderabad – 500 026, Andhra Pradesh, India E-Mail: srinivasacs@gmail.com |
|||||||||||||||
|
This form is for |
Modification of charge |
|||||||||||||||
|
Charge identification (ID) number of the charge to be modified |
90117837 |
|||||||||||||||
|
Type of charge |
Book debts Movable property (not being pledge) Others (Corporate guarantee by Hitesh Organics Private Limited) |
|||||||||||||||
|
Particular of charge holder |
State Bank of India,
Saifabad (SIB) Branch, Hyderabad – 500 004, Andhra Pradesh, India E-Mail: sbi.07315@sbi.co.in |
|||||||||||||||
|
Nature of instrument creating charge |
1) Agreement of loan for overall limit 2) Agreement of hypothecation of goods 3) Deed of guarantee for overall limit All dated 28th June, 2013 |
|||||||||||||||
|
Date of instrument Creating the charge |
28.06.2013 |
|||||||||||||||
|
Amount secured by the charge |
Rs.110.000 millions |
|||||||||||||||
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest: CASH CREDIT: Card rate is 2.50% above BR i.e. 12.20%. WORKING CAPITAL:0.5% above BR hence the effective rate is 10.60% TERMLOAN: Card rate i.e. 2.50%+Term premia 0.10% above BR the
effective rate is 12.30% Terms of Repayment: CASH CREDIT : Repayable on Demand TERM LOAN : The Term loan of Rs.10.000 millions will be repayable in
12 quarterly installments of Rs.0.833 million each with last installment of
Rs.0.837 million with a moratorium of 5 months, starting from march, 2014 Margin: Existing Proposed RM: Domestic
25% 25% RM: Imported
25% 25% SIP:
25% 25% FG:
25% 25% Receivables (Cover 90days) 40%
40% Letter of Credit
20% 10% Tl/DPG: - 36% Extent and Operation of the charge: The charge operates as a security to the extent of Rs.110.000 millions
together with all the charges, costs, expenses if any incurred or born by the
bank both present and future. Others: The company is being offered Corporate Guarantee from M/s Hitesh
Organics Private Limited for the loan facility availed by the company from
State Bank of India for Rs.1100.00 Lakhs (Rs.40.000 millions in the form of
Cash Credit, Rs.60.000 millions in the form of FLC/ILC and Rs.10.000 millions
in the form of Term Loan). |
|||||||||||||||
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
PRIMARAY SECURITIES: Hypothecation of all current assets including stocks of raw material,
stores, stock in process, finished goods and receivables Rs.225.254 millions
as on 31.03.2013. Hypothecation of proposed P&M to be purchased with Bank Finance
valued Rs.14.200 millions. COLLATERAL SECURITIES: 1) EM of Flat No.G4 Sai Pithambaram Residency M No.10-3-6/1, East
Marredpalli Secunderabad stands in the name of Mahidhara Chemicals Private
Limited Extent 960 Sq. ft. 2) EM of Flat No.G3 Sai
Pithambaram Residency M No. 10-3-6/1, East Marredpalli Secunderabad stands in
the name of Mahidhara Chemicals Private Limited Extent 1245 Sq. ft. 3) EM of factory land and
building S No.411 at Phase-I IDA Patanchervu stands in the name of Mahidhara
Chemicals Private Limited Extent 11804.76 Sq. Yards 4) EM of Plot nos.17/A, 18/B and 20/A in S. No.7 to 9 10, 11, 23, 408
to 411 part at Patanchervu stands in the name of Mahidhara Chemicals Private
Limited Extent 1124.24 Sq. Yards 5) EM of shed No. C-11 and C-12 S No.19 (part) Industrial Estate
Patanchervu Medak District stands in the name of Hitesh Organics Private
Limited Extent 3104 Sq. Yards 6) EM of Land and Building located in an area of AC6.14 in plot no. 81
survey Nos. 44, 45, 46, 171, 172, 173 and 174 of Thanam, Vishakapatnam stands
in the name of Mahidhara Chemicals Private Limited 6.14 acres. 7) Hypothecation of Machinery |
|||||||||||||||
|
Whether
any of the property or interest therein under reference is not registered in
the name of the company If
yes, in whose name it is registered |
Yes Hitesh Organics Private Limited |
|||||||||||||||
|
Date of instrument modifying the charge |
06.12.2011 |
|||||||||||||||
|
Particulars of the present modification |
(Rs.
in millions)
With the sanction of various limits the overall limits of the company
has been enhanced to Rs.110.000 millions. |
FIXED ASSETS:
·
Land
·
Factory Buildings
·
Plant and Equipment
·
Lab Equipment
·
Electrical Equipment
·
Computer
·
Furniture and Fixtures
·
Vehicle
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.60.27 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.