MIRA INFORM REPORT
|
Report Date : |
02.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
HARDCASTLE PETROFER PRIVATE LIMITED |
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Formerly Known
As : |
HHIL LUBRICANTS PRIVATE LIMITED |
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Registered Office
: |
10, Kitab Mahal, 2nd Floor, 192, Dr. D.N. Road, Fort,
Mumbai – 400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.10.2004 |
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Com. Reg. No.: |
11-149240 |
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Capital
Investment / Paid-up Capital : |
Rs.8.462 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH2004PTC149240 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMH08606D |
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PAN No.: [Permanent Account No.] |
AABCH5032R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of
Specialty Chemical Products. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile
and decent liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Reception |
|
Contact No.: |
91-22-23686617 |
|
Date : |
01.01.2014 |
LOCATIONS
|
Registered Office : |
10, Kitab Mahal, 2nd Floor, 192, Dr. D.N. Road, Fort, Mumbai
– 400001, Maharashtra, India |
|
Tel. No.: |
91-22-23686617 / 23686618 |
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Fax No.: |
91-22-23684644 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on 29.09.2014
|
Name : |
Shatadru Sengupta |
|
Designation : |
Director |
|
Address : |
EMP-34, Flat 101, Neptune Co-Operative Housing. Society Limited,
Evershine Millenium Paradise, Thakur Village, Kandivli, Mumbai – 400101,
Maharashtra, India |
|
Date of Birth/Age : |
25.09.1969 |
|
Date of Appointment : |
25.10.2005 |
|
DIN No. : |
00291695 |
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Name : |
Constantin Heinz Marcus Fischer |
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Designation : |
Director |
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Address : |
Mozartstrasse, 20, Hildesheim, Germany 31141 |
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Date of Birth/Age : |
31.01.1971 |
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Date of Appointment : |
01.09.2009 |
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DIN No. : |
02674171 |
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Name : |
Mr. Amit Jatia |
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Designation : |
Director |
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Address : |
Avanti, 67-A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
|
|
Date of Birth/Age : |
11.02.1967 |
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Date of Appointment : |
07.10.2011 |
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DIN No. : |
00016871 |
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Name : |
Ms. Achal Jatia |
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Designation : |
Director |
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Address : |
Avanti, 67-A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
|
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Date of Birth/Age : |
08.12.1943 |
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Date of Appointment : |
05.08.2011 |
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DIN No. : |
03587681 |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Lalita Devi Jatia |
|
178700 |
|
Usha Devi Jatia |
|
168700 |
|
Winmore Leasing and Holdings Limited |
|
10 |
|
Shri Ayush Jatia |
|
52175 |
|
Shri Akshay Jatia |
|
52175 |
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Petrofer GmbH |
|
220000 |
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Horizon Impex Private Limited |
|
20 |
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Vishwas Investments and Trading Corporative Private Limited |
|
10 |
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Concept Highland Business Private Limited |
|
10 |
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Shri Anurag Jatia |
|
104350 |
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Achal Exim Private Limited |
|
70000 |
|
Saubhagya Impex Private Limited |
|
10 |
|
Total |
|
846160 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
26.00 |
|
Bodies corporate |
8.00 |
|
Directors or relatives of Directors |
66.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Specialty Chemical Products. |
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Products : |
Specialty Chemical Products |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst Bridge,
Opera House, Mumbai – 400007, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khare and Company Chartered Accountants |
|
Address : |
795, Mini Apartment, Bhandarkar Road, Deccen Gymkhana, Pune – 411004,
Maharashtra, India |
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PAN No. : |
ADWPS9180J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates : |
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CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
846160 |
Equity Shares |
Rs.10/- each |
Rs.8.462 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
8.462 |
8.462 |
8.462 |
|
(b) Reserves & Surplus |
431.023 |
427.729 |
374.312 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
439.485 |
436.191 |
382.774 |
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|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.368 |
0.644 |
0.535 |
|
(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) |
0.368 |
0.644 |
0.535 |
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(4)
Current Liabilities |
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|
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(a) Short
term borrowings |
70.589 |
144.280 |
61.394 |
|
(b) Trade
payables |
13.483 |
6.408 |
4.504 |
|
(c) Other
current liabilities |
32.437 |
28.325 |
41.362 |
|
(d) Short-term
provisions |
58.200 |
57.888 |
38.500 |
|
Total Current
Liabilities (4) |
174.709 |
236.901 |
145.760 |
|
|
|
|
|
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TOTAL |
614.562 |
673.736 |
529.069 |
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II.
ASSETS |
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|
(1)
Non-current assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
66.026 |
59.605 |
60.498 |
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(ii)
Intangible Assets |
0.227 |
0.259 |
0.407 |
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(iii)
Capital work-in-progress |
0.338 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.137 |
0.101 |
0.103 |
|
(c) Deferred tax assets (net) |
9.656 |
10.107 |
6.283 |
|
(d) Long-term Loan and Advances |
4.688 |
2.092 |
6.040 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
81.072 |
72.164 |
73.331 |
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
208.827 |
217.640 |
193.561 |
|
(c) Trade
receivables |
271.710 |
238.252 |
216.446 |
|
(d) Cash and
cash equivalents |
12.102 |
88.491 |
15.389 |
|
(e)
Short-term loans and advances |
40.851 |
57.189 |
30.342 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
533.490 |
601.572 |
455.738 |
|
|
|
|
|
|
TOTAL |
614.562 |
673.736 |
529.069 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
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SALES |
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||
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|
|
Income |
1483.023 |
1367.597 |
1287.985 |
|
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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||
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EXPENSES |
NA |
NA |
NA |
||
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||
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PROFIT/(LOSS)
BEFORE TAX |
105.891 |
129.935 |
135.570 |
||
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||
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Less |
TAX |
48.744 |
22.247 |
23.717 |
||
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||
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|
PROFIT/(LOSS)
AFTER TAX |
57.147 |
107.688 |
111.853 |
||
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||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
303.827 |
261.397 |
195.763 |
||
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||
|
Less |
APPROPRIATIONS |
|
|
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||
|
|
|
Transfer to General Reserve |
6.000 |
11.8 |
11.8 |
|
|
|
|
Dividend |
45.693 |
45.693 |
29.615 |
|
|
|
|
Tax on Dividend |
7.765 |
7.765 |
4.804 |
|
|
|
BALANCE CARRIED
TO THE B/S |
301.516 |
303.827 |
261.397 |
||
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||
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
2.945 |
1.718 |
2.525 |
|
|
|
TOTAL EARNINGS |
2.945 |
1.718 |
2.525 |
||
|
|
|
|
|
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||
|
|
Earnings /
(Loss) Per Share (Rs.) |
67.54 |
127.27 |
132.19 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.85 |
7.87 |
8.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.52 |
19.58 |
25.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.30 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16 |
0.33 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.05 |
2.54 |
3.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
8.462 |
8.462 |
8.462 |
|
Reserves & Surplus |
374.312 |
427.729 |
431.023 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
382.774 |
436.191 |
439.485 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
61.394 |
144.280 |
70.589 |
|
Total
borrowings |
61.394 |
144.280 |
70.589 |
|
Debt/Equity
ratio |
0.160 |
0.331 |
0.161 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
1,287.985 |
1,367.597 |
1,483.023 |
|
|
|
6.181 |
8.440 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
1,287.985 |
1,367.597 |
1,483.023 |
|
Profit |
111.853 |
107.688 |
57.147 |
|
|
8.68% |
7.87% |
3.85% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Deposits from others |
0.080 |
0.172 |
|
Total |
0.080 |
0.172 |
OPERATIONS:
Revenue of the Company from operations increased significantly from Rs. 1367.597 Millions to Rs.1483.023 Millions this year, a growth of about 8.44%.However the high cost of materials and finance has taken a toll on the profit before tax which was lower at Rs.105.891 Millions against previous years Rs. 129.935 Millions.
The year 2013-2014 has shown visible signs of a growth trend in the global economy with the Euro zone appearing to come out of recession and registering a positive growth in the second quarter of 2013, while the U.S has recently exhibited signs of strengthening its economy impressively.
Indian economy however continued to slide during the year; its GDP growth rate fell to 4.7%, a second consecutive year of sub 5% GDP growth. For most of the last year the economy was hamstrung by rising inflation rates although slightly lower than, the previous year .The Rupee depreciated to Rs. 68.85 per dollar last August, but has now gradually strengthened to an average rate of Rs. 60.47 per dollar owing to measures taken by the government and the RBI.
With the new government at the centre, India’s GDP growth is expected to improve from the current levels and as per IMF?s projection the expected growth would be around 6.4% in 2015 The Company has maintained a cautious approach and is focused internally to drive growth through increase of its revenues and in the efficiency of its existing operations.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80001984 |
25/07/2014 * |
175,000,000.00 |
ING Vysya Bank Limited |
Gr.
Floor, Patel Chambers, Sandhurst Bridge, Hughes Road, Grant Road, Mumbai,
Maharashtra - 400007, |
C17555483 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.63.32 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.76.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
|
45 |
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.