MIRA INFORM REPORT

 

 

Report No. :

334935

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

HM OVERSEAS PRIVATE LIMITED

 

 

Registered Office :

54-55, Opposite Thermal Lake No.3, Homeland Enclave, Rose Garden Area, Goniana Road, Bathinda – 151001, Punjab

Tel. No.:

91-164-2270751

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.12.1998

 

 

Com. Reg. No.:

16-038461

 

 

Capital Investment / Paid-up Capital :

Rs.11.964 Million

 

 

CIN No.:

[Company Identification No.]

U18104PB1998PTC038461

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader and Importer of Oils and oils products.

 

 

No. of Employees :

30 (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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

It is a private limited company incorporated on 24 December 1998. It is classified as Indian Non-Government company and is registered at Registrar of Companies, Chandigarh. Its authorized share capital is Rs.30.000 Million and its paid up capital is Rs.11.964 Million.

 

Directors of HM Overseas Private Limited are Deepak Goyal and Shivani Singla.

 

Profitability of the company seems to be low. External borrowing of the company also seems to be huge.

 

However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct.

 

The company can be considered normal for business dealing with some caution.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities = B+ (Suspended)

Rating Explanation

Have risk prone credit quality and carries very high credit risk.

Date

March 18, 2015

 

Rating Agency Name

CARE

Rating

Short term bank facilities = A+ (Suspended)

Rating Explanation

Have minimal degree of safety and very high credit risk.

Date

March 18, 2015

 

Reason for Suspension: The ratings have been suspended as the company has not furnished the information required by CARE for monitoring of the ratings.

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Kapil

Designation :

Chief Executive Officer

Contact No.:

91-164-2270751

Date :

05.08.2015

 

LOCATIONS

 

Registered Office :

54-55, Opposite Thermal Lake No.3, Homeland Enclave, Rose Garden Area, Goniana Road, Bathinda – 151001, Punjab, India

Tel. No.:

91-164-2270751

Fax No.:

91-164-2270751

E-Mail :

info@hmoverseas.in

sanjeev@giindustries.in

Location :

Owned

Locality :

Commercial

 

 

Warehouse :

Kandla, Gujarat, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Deepak Goyal

Designation :

Director

Address :

Ward No.1, Home Land, House No. 54, Bathinda - 151001, Punjab, India

Date of Appointment :

10.11.2005

DIN No.:

00635104

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U70101PB2003PLC025712

HOMELAND ENCLAVES LIMITED

Managing director

16/08/2005

16/08/2005

-

Active

NO

2

U18104PB1998PTC038461

HM OVERSEAS PRIVATE LIMITED

Director

10/11/2005

10/11/2005

-

Active

NO

3

U70101DL2005PTC140561

HOMELAND BUILDWELL PRIVATE LIMITED

Director

20/09/2013

10/11/2005

26/12/2014

Active

NO

4

U24100JK2003PLC002277

APEX FIBRE INDIA LIMITED

Director

25/03/2006

25/03/2006

20/11/2010

Active

NO

5

U24219PB2012PTC036712

GH CROP PROTECTION PRIVATE LIMITED

Director

04/10/2012

04/10/2012

05/03/2015

Active

NO

 

 

Name :

Shivani Singla

Designation :

Director

Address :

48, Home Land Enclave, Goniana Road, Bathinda - 151001, Punjab, India

Date of Appointment :

08.11.2010

DIN No.:

03295454

Other Directorship :

S. No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U18104PB1998PTC038461

HM OVERSEAS PRIVATE LIMITED

Director

08/11/2010

08/11/2010

-

Active

NO

2

U51909PB2013PTC037094

A B WORLD TRADE PRIVATE LIMITED

Director

13/02/2013

13/02/2013

26/11/2014

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Kapil

Designation :

Chief Executive Officer

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders

No. of Shares

%age holding

Rahul Goyal

450000

37.61

Darshan Pal HUF

35000

2.93

Deepak Goyal

610200

51.00

Arunima Goyal

4000

0.33

Samita Goyal

90000

7.52

Darshan Goyal

7250

0.61

Total

1196450

100.00

 

 

As on 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Directors or relatives of Directors

51.00

Other top fifty shareholders

49.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of Oils and oils products.

 

 

Products :

Oil and Oils Products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Materials

Countries :
  • Malaysia
  • Singapore
  • Indonesia

 

 

Terms :

 

Selling :

L/C and Credit

 

 

Purchasing :

L/C and Credit

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Mewah Oils and Fats Pte Limited, Singapore

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

  • Sime Darby, Malaysia

 

 

Customers :

Manufacturer

Reference :

Bunge India Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Banker Name

Punjab National Bank

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Oriental Bank of Commerce, Bank Street, Bathinda – 151001, Punjab, India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Loans repayable on demand

14.939

19.206

Total

14.939

19.206

 

Auditors :

 

Name :

ARGR and Company

Chartered Accountants

Address :

9, Dev Samaj Building, The Mall, Bhatinda – 151001, Punjab, India

PAN No.:

AAXFA6446M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern :

AB Chem India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

3000000

Equity Shares

Rs.10/- each

Rs.30.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

1196450

Equity Shares

Rs.10/- each

Rs.11.964 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

11.964

11.964

11.964

(b) Reserves & Surplus

27.609

25.367

23.523

(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)

39.573

37.331

35.487

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

140.947

309.005

29.697

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

140.947

309.005

29.697

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

14.939

19.206

5.154

(b) Trade payables

432.489

378.631

587.889

(c) Other current liabilities

3.048

2.180

2.322

(d) Short-term provisions

1.053

0.877

1.214

Total Current Liabilities (4)

451.529

400.894

596.579

 

 

 

 

TOTAL

632.049

747.230

661.763

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

8.767

9.953

9.994

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.106

0.066

0.013

(d)  Long-term Loan and Advances

0.602

0.107

0.108

(e) Other Non-current assets

0.101

0.202

0.303

Total Non-Current Assets

9.576

10.328

10.418

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1.500

1.500

1.500

(b) Inventories

2.352

0.000

0.000

(c) Trade receivables

100.063

374.242

126.907

(d) Cash and cash equivalents

71.140

91.540

424.184

(e) Short-term loans and advances

447.418

269.620

98.754

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

622.473

736.902

651.345

 

 

 

 

TOTAL

632.049

747.230

661.763

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

1232.454

1415.682

 

 

Other Income

64.798

147.847

 

 

TOTAL

1297.252

1563.529

861.592

 

 

 

 

 

Less

EXPENSES

1293.997

1560.861

857.709

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3.255

2.668

3.883

 

 

 

 

 

Less

TAX

1.014

0.824

1.222

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2.241

1.844

2.661

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.87

1.54

2.22

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1500.000

 

Expected Sales (2015-16): Rs.1700.000 Million

 

The above information has been parted by Mr. Kapil (Chief Executive Officer).

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

148.284

(610.179)

3.913

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

0.18

0.13

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.52

0.36

0.59

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.07

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

3.94

8.79

0.98

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.38

1.84

1.09

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

11.964

11.964

11.964

Reserves & Surplus

23.523

25.367

27.609

Net worth

35.487

37.331

39.573

 

 

 

 

long-term borrowings

29.697

309.005

140.947

Short term borrowings

5.154

19.206

14.939

Total borrowings

34.851

328.211

155.886

Debt/Equity ratio

0.982

8.792

3.939

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

861.592

1563.529

1297.252

 

 

81.470

(17.031)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

861.592

1563.529

1297.252

Profit

2.661

1.844

2.241

 

0.31%

0.12%

0.17%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----------------------

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----------------------

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last four years

Yes

27

Reasons for variation <> 20%

----------------------

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

----------------------

33

Market information

----------------------

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

140.947

309.005

Total

140.947

309.005

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10404417

31/01/2013

100,000,000.00

ORIENTAL BANK OF COMMERCE

BANK STREET, BATHINDA - 151001, PUNJAB, INDIA

B68618032

2

10025353

22/12/2010 *

295,000,000.00

PUNJAB NATIONAL BANK

ARYA SAMAJ CHOWK, BATHINDA - 151001, PUNJAB, INDIA

B03965100

 

* Date of charge modification

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Furniture and fixtures
  • Vehicles
  • Motor 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, India Prisons Service, Interpol, etc.

 

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.63.93

UK Pound

1

Rs.99.82

Euro

1

Rs.70.04

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PNM

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY 

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

2

--RESERVES

1~10

4

--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

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

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.