MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
INOX AIR PRODUCTS LIMITED [w.e.f. 2000-01] |
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Formerly Known As : |
INDUSTRIAL
OXYGEN COMPANY LIMITED |
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Registered Office : |
7th Floor, Ceejay House, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.04.1963 |
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Com. Reg. No.: |
11-012625 |
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Capital Investment
/ Paid-up Capital : |
Rs.103.407 Millions |
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CIN No.: [Company
Identification No.] |
U24999MH1963PLC012625 |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Industrial Gases. |
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No. of Employees
: |
750 (in office + in factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 24400000 |
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Status : |
Good |
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Payment Behaviour : |
Clear |
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Litigation : |
Regular |
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Comments : |
Subject is a well established company having good track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good 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) |
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|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ravi |
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Designation : |
Finance Department |
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Contact No. : |
91-22-40323195 |
LOCATIONS
|
Registered Office : |
7th Floor, Ceejay House, |
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Tel. No.: |
91-22-40323195 / 40323960 |
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Fax No.: |
91-22-40323191 / 40323991 |
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E-Mail : |
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Website : |
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Area : |
4500 sq.ft. |
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Location : |
Owned |
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Factory : |
Raj Also Located at
: Ahmedabad, Bangalore, Butibori, Barotiwala, Bhopal, Chennai, Indore, Jabalpur, Jodhpur, Jejuri, Kalwe, Karjan, Kalol, Mandi-Gobindgarh, Nasik, Patalganga, Pune, Pondicherry, Portblair, Rajkot, Surajpur, Thane, Tarapur, Tadipatri, Visakhapatnam, Vashind and Wardha. |
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Branches : |
Located at - Ř
Tel. No : 91 - 11 - 332 4509 / 332 4245 Fax No. : 91 - 11 - 332 5128 / 332 4773 Ř
Tel. No : 91 - 265 - 326553 Fax No. : 91 - 265 – 333398 Ř Chennai, Tamilnadu Tel. No : 91 - 44 - 826 1453 Fax No : 91 - 44 - 825 6482 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Jain Devendra Pavan |
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Designation : |
Director |
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Address : |
Benzer Terrace, 94 |
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Date of Birth/Age : |
17.05.1951 |
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Date of Appointment : |
28.07.1979 |
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Name : |
Mr. Jain Lalit Subodh |
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Designation : |
Director |
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Address : |
36, Golf Links, |
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Date of Birth/Age : |
02.04.1952 |
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Date of Appointment : |
17.07.1976 |
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Name : |
Mr. Jain Devendra Vivek |
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Designation : |
Director |
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Address : |
47, Golf Links, |
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Date of Birth/Age : |
16.08.1946 |
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Date of Appointment : |
13.01.2003 |
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Name : |
Mr. Hinman Judsun Wayne |
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Designation : |
Director |
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Address : |
7201, |
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Date of Birth/Age : |
16.08.1946 |
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Date of Appointment : |
13.01.2003 |
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Name : |
Mr. Jain Pavan Siddharth |
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Designation : |
Whole Time Director |
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Address : |
94, Benzer Terrace, |
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Date of Birth/Age : |
21.09.1978 |
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Date of Appointment : |
20.05.2003 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
4, |
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Date of Birth/Age : |
02.08.1959 |
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Date of Appointment : |
12.01.2004 |
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Name : |
Mr. Binnig Richard Mark H |
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Designation : |
Director |
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Address : |
9, |
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Date of Birth/Age : |
10.11.1963 |
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Date of Appointment : |
15.03.2006 |
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Name : |
Mr. Mok Gerorge Willbur |
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Designation : |
Director |
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Address : |
House 11, |
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Date of Birth/Age : |
10.11.1961 |
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Date of Appointment : |
23.02.2008 |
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Name : |
Mr. Schult Peter Bruce |
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Designation : |
Director |
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Address : |
5, |
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Date of Birth/Age : |
05.11.1965 |
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Date of Appointment : |
22.09.2009 |
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Name : |
Mr. Olivares Enrique Michael |
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Designation : |
Director |
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Address : |
2570, |
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Date of Birth/Age : |
11.10.1955 |
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Date of Appointment : |
22.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Thakkar Narottamdas Ajay |
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Designation : |
Secretary |
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Address : |
10/12, |
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Date of Birth/Age : |
31.12.1976 |
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Date of Appointment : |
01.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Inox Chemicals Private Limited,
|
1560976 |
|
Siddhomal Investments Private Limited |
1553260 |
|
Siddhomal Air Products Private Limited, |
1956400 |
|
Kirit Modi |
200 |
|
Sachin Modi |
200 |
|
Sukko Devi Meena |
200 |
|
Sitashri Trading and Finance Private Limited, |
65414 |
|
Prodair Corporation |
5143777 |
|
Devansh Trading and Finance Private Limited, |
3954 |
|
Siddhpavan Trading and Finance Limited, |
3774 |
|
Sonal Shah |
200 |
|
A K |
125 |
|
Jaswant Singh Anand |
125 |
|
Maya Maglani |
169 |
|
R A Patel |
250 |
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Vijay Mundra |
500 |
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Yogesh Bahdur Mathur |
188 |
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Rakesh Verma |
813 |
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Amit Agarwal |
113 |
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Sundra Devi |
138 |
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Beena Mathur |
125 |
|
Jolly Patel |
200 |
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Amrit Verma |
375 |
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Manoj Manekji Dand |
500 |
AS ON 30.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
49.74 |
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Bodies corporate |
|
49.75 |
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Other top fifty shareholders |
|
0.51 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Industrial Gases. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
750 (in office + in factory) |
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Bankers : |
Ř
Bank of Maharashtra, 628/629, Ř Standard Chartered Grindlays Bank Limited Ř
ABN
AMRO Bank NV, Ř
Bank of Ř
Ř IDBI Bank Limited Ř
Union Bank of Ř Axis Bank Limited Ř
Royal Bank of |
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Facilities : |
THE ABOVE LOANS ARE SECURED AS UNDER: (I) (a) (1 and 2) Jointly secured on pari-passu basis by hypothecation of of
movable fixed assets of 12SOTPD Air Separation Plant In the premises of lspat
Industries Limited,, Dolvi and Second end subservient charge on all present
and future Currant assets of th Company and additionally secured by
hypothecation, in favour of Bank of Maharashtra, of all movable fixed assets
of the Company’s Units located at Ahmedahad, Puno Gas division, Thane Hydro,
Vashind - JISCO and Tarapur JISCO. (3,4,5 8 6) Jointly secured on pari-passu basis by hypothecation of
all movable fixed assets created forming part of Tonnage Air separation Plant
In the premises of Essar Steal LW at Hazlr and all movable fixed assets of
the Company’s units located at Butlbori and Surajpur (7 and 8) Jointly Secured on paripassu basis by hypothecation of alt
movable fixed assets created or to be created forming purl of 1250 TPD Air
separation Plant in the premises of Steel Authority of India Limited at
Bokaro (9) Secured by second charge on all movable fixed assets created or to
be created forming part of 1260 TPD Air Separation Plant in the premises of
Steel Authority of India Limited at Gokaro. (10) Secured by hypothecation ot movable fixed assets of the Company’s
units located at Vizag end Thane Gas Division. (11,12, 13, and 14)Secured by hypothecation of movable fixed assets of
the Company’s units located at Barotiwalo, Jejuri, Wardha, Dotvt (260 TPD
plant) and Kharagpur. (15) Secured by hypothecation of movable fixed assets created forming
part of 109 1’Pl) Air Separation Plant
in the premises of Steel Authority of India Ltd at Salem and au movable fixed
assets of the company’s units located at Pondicherry. Surajpur II and (16) Secured by hypothecation of Storage Tanks installed in the
premises of the Customers & Transport Tanks and all the moveable fixed
assets of the Company’s units at Chennai and (I) (b) Secured by hypothecation of Stocks & Book debts and second
charge on Plant & Machinery of the Company (ii)Secured by hypothecation of HP Server and base system acquired out
of the said finance.
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Banking Relations
: |
Satisfactory |
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Auditors : |
Patankar and Associates Chartered Accountants 38/1, Mumbai – 400021 |
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Joint Venture : |
Bellary Oxygen Company Private Limited |
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Group Companies : |
Ř Prodair Corporation Ř Air Products and Chemicals Inc., Ř Air Products PLC Ř
Air Products ( Ř Air Products SA- NV Ř Air Products – Singapore PTE Limited Ř Air Products – Korea Inc. Ř
Air Products San Fu Company Limited Ř Air Products GMBH Ř Prodair Air Products India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
1,500,000 |
Preference Shares |
Rs.100/- each |
Rs.150.000 Millions |
|
|
TOTAL |
|
Rs.450.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,340,697 |
Equity Shares |
Rs.10/- each |
Rs.103.406 Millions |
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NOTES:
(1) Issued, Subscribed and paid up Share
Capital includes
(a) Shares allotted as fully paid up Bonus
Shares by capitallisation of Reserves as indicated
1,820,000 Issued by capitallisation of General
Reserve
3,800,000 Issued by capitallisation of
Cylinder Revaluation Reserve
(b) Shares issued and alloted as fully paid up
pursuent to the Scheme of AmalgamatIon without payment being received in cash
968,600 to the Shareholders of erstwhile SMS
Udyog Limited
48,862 to the Shareholders of erstwhile
Superior Air Products Limited
164,656 to the Shareholders of erstwhile
Hydrogas India Private Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
103.406 |
103.406 |
103.406 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6003.429 |
4927.176 |
4119.004 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6106.835 |
5030.582 |
4222.410 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3676.040 |
4191.644 |
4511.927 |
|
|
2] Unsecured Loans |
344.498 |
802.363 |
794.874 |
|
|
TOTAL BORROWING |
4020.538 |
4994.007 |
5306.801 |
|
|
DEFERRED TAX LIABILITIES |
1314.190 |
1131.795 |
865.252 |
|
|
Trade Deposit |
313.804 |
316.992 |
288.434 |
|
|
|
|
|
|
|
|
TOTAL |
11755.366 |
11473.376 |
10682.897 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9219.790 |
9212.271 |
6039.192 |
|
|
Capital work-in-progress |
868.398 |
523.631 |
3128.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
165.026 |
165.026 |
165.026 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
352.226
|
332.735 |
286.684
|
|
|
Sundry Debtors |
713.809
|
844.180 |
684.522
|
|
|
Cash & Bank Balances |
110.458
|
151.037 |
93.389
|
|
|
Other Current Assets |
7.048
|
3.887 |
3.233
|
|
|
Loans & Advances |
1087.107
|
1213.183 |
1290.620
|
|
Total
Current Assets |
2270.648
|
2545.022 |
2358.448 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
489.355
|
692.010 |
|
|
|
Other Liabilities |
90.740
|
109.227 |
69.833
|
|
|
Provisions |
188.401
|
171.337 |
129.862
|
|
Total
Current Liabilities |
768.496
|
972.574 |
1008.639
|
|
|
Net Current Assets |
1502.152
|
1572.448 |
1349.809
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11755.366 |
11473.376 |
10682.897 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6026.819 |
4604.001 |
4065.800 |
|
|
|
Other Income |
119.623 |
72.437 |
331.100 |
|
|
|
TOTAL (A) |
6146.442 |
4676.438 |
4396.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
2952.762 |
2097.679 |
124.200 |
|
|
|
Administrative Expenses |
0.000 |
0.000 |
519.500 |
|
|
|
Raw Material Consumed |
586.777 |
540.417 |
569.900 |
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
5.100 |
|
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
350.200 |
|
|
|
Power & Fuel |
0.000 |
0.000 |
685.800 |
|
|
|
Other Expenditure |
9.653 |
1.950 |
61.500 |
|
|
|
Profit on Assets |
(22.034) |
(3.606) |
0.000 |
|
|
|
TOTAL (B) |
3527.158 |
2636.440 |
2316.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2619.284 |
2039.998 |
2080.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
323.419 |
232.477 |
223.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2295.865 |
1807.521 |
1857.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
621.899 |
484.531 |
418.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1673.968 |
1322.988 |
1493.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
537.425 |
454.326 |
477.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1136.543 |
868.662 |
1016.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1711.348 |
2723.176 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2000.000 |
1820.000 |
NA |
|
|
|
Dividend |
51.703 |
51.703 |
NA |
|
|
|
Tax on Dividend |
8.587 |
8.787 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
787.601 |
1711.348 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.887 |
79.314 |
NA |
|
|
|
Commission Earnings |
13.827 |
0.000 |
NA |
|
|
|
Transport Charges |
0.611 |
9.375 |
NA |
|
|
|
Other |
0.616 |
0.000 |
NA |
|
|
TOTAL EARNINGS |
63.941 |
88.689 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
101.318 |
112.640 |
NA |
|
|
|
Stores & Spares |
33.877 |
7.998 |
NA |
|
|
|
Capital Goods |
390.858 |
115.709 |
NA |
|
|
|
Others |
9.714 |
8.719 |
NA |
|
|
TOTAL IMPORTS |
535.767 |
245.066 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
109.91 |
84.00 |
-- |
|
Expected Sales (2010-2011) : Rs. 8000.000
Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.49
|
18.57 |
23.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.17
|
28.73 |
36.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.56
|
11.25 |
16.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.26 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
1.18 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.61 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was incorporated on 4th April, 1963 in
Mumbai as a private limited company by L. K. Jain and K. C. Godha, Industrial
Oxygen, now INOX Air Products, (INOX) became a deemed public limited company in
August, 1988 and went public in November, 1993. It manufactures industrial
gases, air separation plants, nitrogen PSA plants and low-pressure gas
cylinders. It has manufacturing facilities at eleven locations in
In 1987, the company, as a part of the diversification plan,
promoted Gujarat Flurochemicals jointly with Gujarat Industrial Investment
Corporation in technical collaboration with Stearns Catalytic Division, a
division of United Engineers and Constructors,
It became a deemed public limited liability company under the provisions of Section 43A of the Act, on 30th August 1988. Subsequently the company became a public limited liability company on 24th November 1993 by deleting the restrictive provisions of the company's Articles of Association.
In 1992, the company acquired the Nigen division of IBP
India and also commissioned a 100% EOU to manufacture disposable cylinder. In
1992, INOX (
In 1995-96, two phases out of three of the project at
During 1996-97, it increased the installed capacity of its industrial and
medical gases to 183.273 million cubic mts and has also completed the second
phase of installation of a 500 cub. mts. liquid nitrogen plant at
A manufacturing facility has been established in 1999-2000, to supply oxygen
and nitrogen gas to Stainless India Limited at
The name of the company was changed from Industrial Oxygen Company Limited to Inox Air Products Limited w.e.f. 5th August 1999 as per Fresh Certificate of Incorporation issued by the Registrar of Companies, Mumbai.
The company had commissioned 80 TPD Merchant Plant at
Surajpur and
The company holds 66,24,743 (93.43 %) equity shares of Superior Air Products Limited (SAPL), the company manufacturing and selling industrial gases in Northern India, acquired from Chandra Family, Mauritius Industrial Gases Inc. and Public under the open offer made by the Company as required by EBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997.
A Scheme of amalgamation has been made for amalgamating Superior Air Products Limited with the Company with effect from 1st April, 2001, since the combined entity would achieve synergies in terms of capacity utilisation and ensure that the business is carried out more efficiently and economically and would prove beneficial to both the companies. The scheme provides for issue of one equity share of Rs. 10/- each fully paid up of the Company in lieu of 8 equity shares of Rs. 10/- each of Superior Air Products Limited.
The company also executed agreements with companies owned and controlled by Taneja Group in Madhya Pradesh to acquire assets and complete gas business of all the companies in the group.
It imports raw materials, components and spares and capital goods.
FORM 8
|
Name of the company |
INOX AIR PRODUCTS
LIMITED |
|
Presented By |
INOX AIR PRODUCTS
LIMITED |
|
1) Date and description of instrument creating the change |
Deed of Hypothecation
dated 05.04.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
NR equivalent to
US$ 5.000 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
First exclusive
charge on present and future moveable fixed assets of the company which are
situated at Barotiwala – Liquifier, Patalganga – Liquid Division, Hyderabad –
Liquid Division, Vizag and Thane – Gas Division. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan granted
by ABN Amro Bank NV is secured by the properties listed in Sr. No.3 above and
is repayable in or before 31.12.2008 |
|
5) Name and Address and description of the person entitled to the charge. |
ABN AMRO Bank NV,
|
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
|
This form is for |
Creation of charge |
|
Corporate identity
number of the company |
U24999MH1963PLC012625 |
|
Name of the
company |
INOX AIR PRODUCTS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, Ceejay House, dr. |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Bank of Maharashtra,
628/629, |
|
Nature of description
of the instrument creating or modifying the charge |
Composite Deed of
Hypothecation dated 27th September, 2010. |
|
Date of
instrument Creating the charge |
27.09.2010 |
|
Amount secured by
the charge |
Rs.135.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of interest
1% above base rate. Present base rate is 8.25% and present effective rate is
9.25%. Terms of
Repayment Term Loan of Rs.
135.000 millions plus interest
capitalised during moratorium period upto 31st March 2012 to be repaid in 20
quarterly installments to commence from April - June, 2012. Margin 1.25 times. |
FIXED ASSETS
- Land – Leasehold
- Plant and Machinery
- Office Equipment
- Furniture and Fixtures
- Vehicles
Trade References
- Namakkal Transport Carriers (P) Limited
- Voltech Group, Chennai
Website Details Attached :
Subject is a joint venture company in which the Jain family (former
owners of the Industrial Oxygen Company) and Air Products and Chemicals, Inc.
(APD) hold an equal stake. All Air Products activities in
Head-quartered in Mumbai, INOX Air Products Ltd is one of
the largest manufacturers of industrial gases in
Subject manufactures and supplies industrial gases including Oxygen, Nitrogen,
Helium, Argon, Carbon Dioxide, Hydrogen, and specialty gas mixtures throughout
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.