MIRA INFORM REPORT
|
Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SEPR REFRACTORIES INDIA LIMITED |
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Registered
Office : |
5th Level, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.11.2000 |
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Com. Reg. No.: |
11-191391 |
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CIN No.: [Company Identification
No.] |
U26922MH2000PLC191391 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27267C |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Refactories. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered for normal business dealings 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
5th Level, Leela Business Park, Andheri-Kurla Road, Marol,
Andheri East, Mumbai-400059, Maharashtra, India |
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Tel. No.: |
91-22-40212121/2122 |
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Fax No.: |
91-22-40212415 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anand Y Mahajan |
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Designation : |
Director |
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Address : |
Fiona 3rd Floor, |
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Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
08.05.2002 |
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Name : |
Mr. R. Srinivasan |
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Designation : |
Director |
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Address : |
201, Sreevatsa Nalaraj Residency, New Damu Nagar, Coimbatore-641014, |
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Date of Birth/Age : |
20.07.1962 |
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Date of Appointment : |
16.03.2006 |
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Name : |
Mr. Ciancioni Claude |
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Designation : |
Director |
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Address : |
48 Avenue Du General Leclerc Villeneuve Les |
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Date of Birth/Age : |
16.07.1947 |
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Date of Appointment : |
30.06.2008 |
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Name : |
Mr. Joseph Andrew Jude Pereira |
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Designation : |
Director |
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Address : |
8 Coral Reef |
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Date of Birth/Age : |
29.11.1948 |
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Date of Appointment : |
26.09.2009 |
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Name : |
Mr. Ramaswamy K.P.M. |
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Designation : |
Director |
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Address : |
A 12, Savita CHS, 7 Bunglows, Andheri West, Mumbai-400061, |
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Date of Birth/Age : |
21.06.1958 |
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Date of Appointment : |
26.09.2009 |
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Name : |
Mr. Bertrand Pierre Antoine Clavel |
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Designation : |
Director |
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Address : |
27 Rue D Hennemont, Saint Germain En Lay E 78, |
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Date of Birth/Age : |
28.02.1966 |
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Date of Appointment : |
26.09.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
SEPR SA, France |
|
3000000 |
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SEPR SA, France and |
|
1 |
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SEPR SA, France and Joseph Andrew Jude Pereira |
|
1 |
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SEPR SA, France and Aju Varghese Aprame |
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1 |
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SEPR SA, France and Mahadeo Puranik |
|
1 |
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SEPR SA, France and Deepak prabhakar Chindarkar |
|
1 |
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SEPR SA, France and Prakash Sabarad |
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1 |
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SEPR SA, France and Rakesh Kothari |
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1 |
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Saint Gobain Webber SA |
|
383386 |
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|
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Total |
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3383393 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Refactories. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Electrocast Refractories |
MTs |
5000 |
5000 |
4715 |
|
Adhesives |
MTs |
10440 |
10440 |
11534 |
GENERAL INFORMATION
|
Bankers : |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W,
Mumbai-400013, Maharashtra, India |
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Facilities : |
Note: Of the above repayable within one year
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A J Shaikh Chartered Accountant |
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Address : |
32, |
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Holding Company: |
SEPR SA, France |
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Associates: |
(As on
31.03.2009)
|
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3383393 |
Equity Shares |
Rs.10/- each |
Rs.33.833
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12th
Months ) |
31.03.2009 (15th Months) |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
33.833 |
33.834 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
890.089 |
746.196 |
430.327 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
923.922 |
780.030 |
460.327 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
166.814 |
254.609 |
0.000 |
|
|
2] Unsecured Loans |
6.679 |
14.298 |
3.282 |
|
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TOTAL BORROWING |
173.493 |
268.907 |
3.282 |
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DEFERRED TAX LIABILITIES |
42.425 |
0.000 |
11.163 |
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|
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|
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TOTAL |
1139.840 |
1048.937 |
474.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
771.362 |
274.200 |
210.021 |
|
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Capital work-in-progress |
17.439 |
504.539 |
3.215 |
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|
|
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INVESTMENT |
31.229 |
0.101 |
166.891 |
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DEFERREX TAX ASSETS |
0.000 |
16.511 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
208.894
|
205.280 |
59.525 |
|
|
Sundry Debtors |
157.259
|
111.111 |
74.417 |
|
|
Cash & Bank Balances |
60.797
|
28.196 |
5.621 |
|
|
Other Current Assets |
1.119
|
0.637 |
0.363 |
|
|
Loans & Advances |
175.744
|
183.205 |
45.131 |
|
Total
Current Assets |
603.813
|
528.429 |
185.057 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
150.018
|
154.019 |
|
|
|
Other Current Liabilities |
112.714
|
107.497 |
85.979 |
|
|
Provisions |
21.271
|
13.327 |
4.433 |
|
Total
Current Liabilities |
284.003
|
274.843 |
90.412 |
|
|
Net Current Assets |
319.810
|
253.586 |
94.645 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
1139.840 |
1048.937 |
474.772 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12th
Months ) |
31.03.2009 (15th Months) |
31.12.2007 |
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|
|
SALES |
|
|
|
|
|
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Income |
980.441 |
1035.817 |
546.453 |
|
|
|
Other Income |
72.784 |
48.073 |
41.734 |
|
|
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TOTAL (A) |
1053.225 |
1083.890 |
588.187 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumption |
252.133 |
294.911 |
156.609 |
|
|
|
Employees Cost |
126.153 |
129.687 |
52.338 |
|
|
|
General and Administrative Expenses |
341.472 |
366.106 |
181.491 |
|
|
|
TOTAL (B) |
719.758 |
790.704 |
390.438 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
333.467 |
293.186 |
197.749 |
|
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|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
17.408 |
14.557 |
1.186 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
316.059 |
278.629 |
196.563 |
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.176 |
44.447 |
26.617 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
246.883 |
234.182 |
169.946 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
102.990 |
(8.557) |
58.810 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
143.893 |
242.739 |
111.136 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
385.237 |
142.498 |
31.362 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
529.130 |
385.237 |
142.498 |
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
356.304 |
231.042 |
|
|
|
Services Income |
NA |
1.695 |
16.326 |
|
|
TOTAL EARNINGS |
NA |
357.999 |
247.368 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
207.642 |
27.624 |
|
|
|
Stores & Spares |
NA |
3.106 |
4.955 |
|
|
|
Capital Goods |
NA |
51.990 |
1.222 |
|
|
|
Trading Goods |
NA |
4.681 |
0.000 |
|
|
|
Packing Material |
NA |
0.446 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
267.865 |
33.801 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
42.53 |
73.41 |
37.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12th
Months ) |
31.03.2009 (15th Months) |
31.12.2007 |
|
PAT / Total Income |
(%) |
13.66
|
22.40 |
18.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.18
|
22.61 |
31.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.95
|
29.18 |
43.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.30 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.70 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.13
|
1.92 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
AMALGAMATION
OF SAINT GOBAIN WEBER INDIA LIMITED (SGWIL) WITH THE COMPANY IN THE PREVIOUS
YEAR:
Pursuant to the scheme approved by the Honorable High Court of Maharashtra
on September 22, 2009, the erstwhile Saint Gobain Weber India Limited (SGWIL),
engaged in the business of manufacture, distribution and trading of Tiling
solutions. Water Proofing compound and concrete repair products, was
amalgamated with the Company effective from April 1, 2008. Accordingly, all the
Assets and Liabilities of the erstwhile SGWIL were transferred to and vested in
the company. Effective the said date. The Amalgamation has been accounted for
under the “Pooling of Interest” method as prescribed by the accounting standard
AS-14 ‘Accounting for Amalgamation.’ Accordingly, all the assets and
liabilities and profit and loss account debit balance of the erstwhile SGWIL as
at March 31, 2008 were taken over at the values as appearing in the books of
SGWIL. The following assets and liabilities were acquired as part of the said
scheme.
|
Liabilities |
Rs.
in Millions |
|
|
|
|
Secured Loan |
(71.416) |
|
Current Liabilities |
(19.548) |
|
|
|
|
Assets |
|
|
Net Fixed Assets |
73.327 |
|
Investment |
0.001 |
|
Current Assets |
29.598 |
|
|
|
|
Equity received after effective date from Saint Gobain Weber SA |
64.999 |
|
|
|
|
Net Assets Value |
76.963 |
As part of the scheme of amalgamation, 383386 equity shares of Rs.10 each
were issued to the shareholder of SGWIL. As provided in the scheme of
amalgamation 575079 equity shares of SGWIL stand cancelled. The excess of net
assets value acquired over share capital issued in consideration thereof
amounting to Rs.73.129 millions has been treated as a capital reserve and
disclosed under reserve and surplus in the financial statements in the previous
year.
The profit and loss accounts for the fifteen months period ended March
31, 2009 includes the transaction effective April 1, 2008 of the erstwhile
SGWIL, details of which are given below.
|
|
SGWIL
(Rs. in Millions) |
|
Income |
|
|
Sales (Gross) |
129.917 |
|
Less: Excise Duty |
(16.240) |
|
Sales (Net) |
113.677 |
|
Other Income |
1.637 |
|
Total |
115.314 |
Amalgamation of
Saint Gobain Weber India Limited
|
|
SGWIL
(Rs. in Millions) |
|
Expenditure |
|
|
Material Consumption |
55.555 |
|
Employee Costs |
32.626 |
|
General and Administration Expenses |
65.816 |
|
Interest and Finance Charges |
4.440 |
|
Depreciation / Amortization |
6.755 |
|
Total |
165.192 |
|
|
|
|
Loss before taxation |
49.878 |
|
Provision for fringe benefit tax |
0.810 |
|
Loss after taxation |
50.688 |
Note: The registered
office of the company has been shifted from Kanjikodekanjikode, Kankikode,
Palakkad,
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U26922MH2000PLC191391 |
|
Name of the
company |
SEPR REFRACTORIES
INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
5th Level, Leela Business Park, Andheri-Kurla Road, Marol,
Andheri East, Mumbai-400059, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel W,
Mumbai-400013, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation of stocks and book debts |
|
Date of
instrument Creating the charge |
18.12.2010 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit (cc)
, WCDL (working capital demand loan)
export credit - as per prevailing market rates Letters of
credit, buyers credit, bank guarantee - commission as per market Terms of
Repayment Cash credit, WCDL (working capital demand loan), export
credit - upto 90 days Letters of
credit, buyers credit - 180 days Bank guarantee -
2 years (including claim period) Margin Inventory - 25%
of all components of inventory (obsolete stocks to be excluded for drawing
power calculation) Book debts - 25%
of debtors (debtors more than 90 days to be excluded) Extent and
Operation of the charge Hypothecation by
way of first pari passu charge to the bank on all the stock in trade both
present and future and all the book debts, outstanding monies receivable,
claims and bills which are now due and owing or which may at any time
hereafter during the continuance of this security becomes due and owing to
the borrower |
|
Short particulars
of the property charged |
I)
Hypothecation
by way of first pari passu charge to the bank all the stock in trade both
present and future II)
Continuance
of This Security |
Fixed Assets:
- Building
- Computer
Equipment
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixtures
- Motor Vehicles
- Technical
Know-How
- Licenses
- Software
- Non-Complete
Fees
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 records 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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
52 |
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.