MIRA
INFORM REPORT
|
Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CALS REFINERIES LIMITED |
|
|
|
|
Registered Office : |
21, Basant Lok Complex, Vasant Vihar, New Delhi 110057 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
25.07.1984 |
|
|
|
|
Com. Reg. No.: |
18775 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L51909DL1984PLC018775 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELC09946G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC0069N |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company. The company shares are listed on stock exchange. |
|
|
|
|
Line of Business : |
Manufacturer and Trader of Computer Hardware. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Non Operational |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Comments : |
Subject is a 20 Years old company but has been non operational since
last 2 Years due to working capital constraint. The Company is diversifying its activities into refinery
business. It has huge accumulated
losses. No further details could be
made available. The Company can be considered for any business dealings on fully safe
and secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
21, Basant Lok Complex, Vasant Vihar, New Delhi 110057, India |
|
Tel. No.: |
91-11-2614056 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
326, Udyog Vihar, Phase - IV, Gurgaon - 122 016, Haryana, India |
|
Tel. No.: |
91-124-430 8060, 430 8061 |
|
Fax No.: |
91-124-430 8062 |
|
E-Mail : |
|
|
|
|
|
Administrative Office: |
E -44/13, Okhla Phase – II, New Delhi – 110 020,
India |
|
Email: |
|
|
|
|
|
Factory: |
Sri Venkatesh Bhawan, W 40 Okhla Industrial Area Phase – II, New Delhi – 110 020, India |
|
Email: |
DIRECTORS
|
Name : |
|
|
Designation : |
Promoter |
|
|
|
|
Name : |
|
|
Designation : |
Chairman |
|
|
|
|
Name : |
|
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
|
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
|
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
|
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
|
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Chief Advisor
[Planning, Strategy and Coordination] |
|
|
|
|
Name : |
|
|
Designation : |
Chief Executive Officer
[Project Implementation] |
|
|
|
|
Name : |
|
|
Designation : |
Chief Financial
Officer [Resource Mobilisation] |
|
|
|
|
Name : |
|
|
Designation : |
[President
Commercial] |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders [As on 31.03.2007] |
No. of Shares |
Percentage of
Holding |
|
Non Resident Indians |
7966 |
0.16% |
|
Financial Institutions |
12600 |
0.18% |
|
Mutual Funds |
9100 |
0.25% |
|
Bodies Corporate |
488975 |
9.73% |
|
Resident Individuals |
4509459 |
89.68% |
|
Total |
5028100 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Computer Hardware. |
|
|
|
|
Products : |
· Consultancy · Software / Training |
GENERAL
INFORMATION
|
Bankers : |
NA |
||||
|
|
|
||||
|
Facilities : |
|
||||
|
|
|
||||
|
Banking
Relations : |
------- |
||||
|
|
|
||||
|
Auditors : |
|
||||
|
Name : |
Virendra Pradeep and Company Chartered Accountants |
||||
|
Address : |
New Delhi, India |
||||
|
|
|
||||
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4342500 |
Equity Shares |
Rs. 10/- each |
Rs.43.425
millions |
|
585000 |
Conversion of Secured fully Convertible Debentures |
|
Rs. 5.850
millions |
|
100600 |
Bonus Shares |
|
Rs. 1.006
millions |
|
|
|
Total
|
Rs.50.281 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.281 |
50.281 |
50.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
[90.100] |
|
|
4] (Accumulated Losses) |
[74.137] |
[73.985] |
0.000 |
|
|
NETWORTH |
[23.856] |
[23.704] |
[39.800] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
11.357 |
40.300 |
|
|
2] Unsecured Loans |
0.542 |
0.545 |
0.500 |
|
|
TOTAL BORROWING |
0.542 |
11.902 |
40.800 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
[23.314] |
[11.802] |
1.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.385 |
0.840 |
0.900 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.261
|
0.261 |
6.600 |
|
|
Sundry Debtors |
0.000
|
0.000 |
9.600 |
|
|
Cash & Bank Balances |
0.310
|
0.024 |
0.000 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.707
|
0.599 |
1.600 |
|
Total
Current Assets |
1.278
|
0.884 |
17.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.977
|
13.526 |
11.400 |
|
|
Provisions |
0.000
|
0.000 |
6.300 |
|
Total
Current Liabilities |
24.977
|
13.526 |
17.700 |
|
|
Net Current Assets |
[23.699]
|
[12.642] |
0.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
[23.314] |
[11.802] |
1.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
0.291 |
0.175 |
0.000 |
|
|
Other Income |
0.000 |
8.805 |
0.000 |
|
|
Total Income |
0.291 |
8.980 |
0.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[0.152] |
[3.080] |
[2.000] |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
[0.152] |
[3.080] |
[2.000] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
0.145 |
10.759 |
0.000 |
|
|
Interest |
0.246 |
0.213 |
0.000 |
|
|
Depreciation & Amortization |
0.050 |
0.091 |
0.100 |
|
|
Other Expenditure |
0.000 |
0.995 |
1.900 |
|
Total Expenditure |
0.443 |
12.060 |
2.000 |
|
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
0.000 |
0.400 |
0.200 |
|
Other Income |
0.000 |
8.700 |
0.600 |
|
Total Income |
0.000 |
9.100 |
0.800 |
|
Total Expenditure |
0.000 |
9.600 |
0.700 |
|
Operating Profit |
0.000 |
-0.500 |
0.100 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Gross Profit |
0.000 |
-0.500 |
0.100 |
|
Depreciation |
0.000 |
0.000 |
0.200 |
|
Tax |
0.000 |
0.000 |
0.200 |
|
Reported PAT |
0.000 |
-0.500 |
-0.300 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current Ratio |
0.24 |
0.28 |
0.32 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
0.02 |
0.01 |
0.00 |
|
Inventory |
0.05 |
0.03 |
0.00 |
|
Debtors |
0.00 |
0.04 |
0.00 |
|
Interest Cover Ratio |
0.50 |
-14.50 |
0.00 |
|
Operating Profit Margin(%) |
66.67 |
-1400.00 |
0.00 |
|
Profit Before Interest And Tax Margin(%) |
33.33 |
-1450.00 |
0.00 |
|
Cash Profit Margin(%) |
0.00 |
-1500.00 |
0.00 |
|
Adjusted Net Profit Margin(%) |
-33.33 |
-1550.00 |
0.00 |
|
Return On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
|
Return On Net Worth(%) |
0.00 |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATION
In absence of any financial resources and due to lack or working capital,
the Company could not have regular operation during the year.
The Company plans to diversify in refinery activities, which has good long term
business potential.
The Company had arrived at an "One Time Settlement" (OTS) with the
Bank and has made all payment, as per the terms of the settlement, with the
money brought in by the promoter.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY AND BUSINESS
ENVIRONMENT
The Indian economy exhibited excellent resilience to spiraling oil prices during 2006 and maintained its growth momentum. Despite hardening of the interest rates and heavy rains in many parts of the country, the economy has registered a growth of around 8% in fiscal 2006-07. Robust capital inflows and the revival of capital investments contributed significantly to the growth momentum. Inflationary pressures continued but remained under control as the impact of oil price increase on energy prices was restricted due to Government intervention. Fiscal scenario improved but remained a cause for concern.
Bottlenecks in infrastructure more particularly power generation, coal
production and transportation became evident. While from an economic
perspective the fiscal year 2008 begins on a comfortable note, long term
solutions to the weak links in the economy need to be addressed to achieve a
sustained GDP growth rate of over 8% p.a.
INDUSTRY OUTLOOK and OPPORTUNITIES FOR
REFINING BUSINESS
The company was not in a position to continue the existing business for the entire financial year as it was constrained by lack of working capital finance. The Directors have successfully settled all the liabilities and have now embarked on diversification. By a separate notice to the members, the Directors have requested for approval of the members to enter into oil refining business. The Board after careful consideration has decided to implement a 5 million tonne Refinery project in Haldia, West Bengal. To lend support to the Board in its new venture, it has invited industry experts to join the Board. The new project requires substantial infusion of funds which will be mobilised by issue of GDR / ADR / FCCB in addition to borrowings in foreign and domestic markets. The Directors request the members to support its new endeavor as they were doing in the. past.
The refining industry is in a growth phase and the gross refining margin
(difference between the crude oil and final product) is continuously
increasing. The company is in the process of tying up of crude supply and
off-take agreements besides entering into an agreement with the vendors for
supply of a well maintained second hand refinery.
Fixed Assets
Ø
Land
Ø
Building
Ø
Plant and Machinery
Ø
Furniture and Fixtures
Ø
Office Equipments
WEBSITE DETAILS:
M/s. CALS Limited was incorporated on July 25, 1984 under the name of M/s. Computer Aided Learning Systems Private Limited as per the Companies Act 1956 and converted into a public limited company on September 22, 1992. The company changed its name from “M/s. Computer Aided Learning Systems Private Limited” to “M/s. CALS Limited” on February 25, 1994.
The company was a
pioneer in the development of bilingual computer systems in India and launched
its first bilingual computer ‘Sulekha’ in 1984-85. This was the first bilingual
computer approved by the Government of India for use in Central and State
Government departments. The company was awarded “Excellence in Exports” by the
Government of India in the year 1990-91. It also achieved the status of “Star
Exporter” for its export performance in the year 1990-91.
The company in its
23rd AGM held on September 12, 2007 changed its name from “CALS Ltd.” to “Cals
Refineries Limited” . The Company made Initial Public Offer in the year 1994.
The Company is listed on the BSE with Scrip Code 526652.
Projects:
The project envisages setting up of a petroleum refinery with a capacity of 100,000 BPSD at Haldia, India by relocation of M/s. Bayernoil refinery located at Ingolstadt, Germany. The refinery is in running condition and presently being operated by M/s. Bayernoil Refineries GmbH and processing 90,000 BPSD of hydrocarbon per annum. The refinery is scheduled for shutdown on June 30, 2008 to commence the dismantling activity. M/s. ThyssenKrupp presently carries out all the maintenance activities including record keeping for the refinery at Ingolstadt. The plant equipment condition is regularly checked and certified by third party inspection agency such as TUV as per German regulations.
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 records 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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
TOTAL |
|
6 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|