MIRA
INFORM REPORT
|
Report Date : |
05.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDORAMA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
401, Vikrant, 4th Floor, Rajendra
Place, New Delhi – 110008, Delhi |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.10.2008 |
|
|
|
|
Com. Reg. No.: |
55-224269 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120DL2008PLC224269 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Spandex and Synthetic Yarns, Polyester, Polymers, and
Resins |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to Commenced Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was in the year 2008. The company is yet to
commenced its commercial operations. Payment terms are not known. The company can be considered for business dealings on a secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
401, Vikrant, 4th Floor, Rajendra
Place, New Delhi – 110008, Delhi, India |
|
Tel. No.: |
91-11-45085035 / 43085037 |
|
Fax No.: |
91-44-45085033 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works : |
Village Lodha Majra Nalagarh Road, Baddi –
173205, Himachal Pradesh, India |
|
|
|
|
Corporate Office : |
Tower F 3rd Floor, DLF IT Park, Chandigarh – 160101, Union
Territory, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Amit Lohia |
|
Designation : |
Director |
|
Address : |
J L Bukit Golf Uthamano Pondak Pinang, Jakarta Selatan – 12310,
Indonesia |
|
Date of Birth/Age : |
20.10.1974 |
|
Date of Appointment : |
10.08.2010 |
|
DIN No.: |
00288862 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current
designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U26940MH1996PLC102555 |
INDORAMA CEMENT LIMITED |
Director |
20-09-96 |
20-09-96 |
20-03-08 |
Amalgamated |
NO |
|
2 |
U45201DL1996PTC191777 |
IRAMA ESTATES PRIVATE LIMITED |
Director |
26-09-96 |
26-09-96 |
16-08-07 |
Amalgamated |
NO |
|
3 |
U74200MH2000PLC127214 |
INDORAMA SOFTWARE SOLUTIONS LIMITED |
Director |
16-06-00 |
16-06-00 |
02-07-10 |
Active |
NO |
|
4 |
U17120DL2008PLC224269 |
INDORAMA INDUSTRIES LIMITED |
Director |
15-09-10 |
01-10-08 |
- |
Active |
NO |
|
5 |
U51909DL2009PTC194269 |
INDORAMA INTERNATIONAL PRIVATE LIMITED |
Director |
14-09-09 |
14-09-09 |
- |
Active |
NO |
|
6 |
U66030MH2009PTC195794 |
UIB INSURANCE BROKERS (INDIA) PRIVATE LIMITED |
Director |
19-09-09 |
19-09-09 |
- |
Active |
NO |
|
Name : |
Mr. Sanjeev Parasrampuria |
|
Designation : |
Director |
|
Address : |
501, Resort View, Thakur Complex, Kandivali (East), Mumbai – 400101,
Maharashtra, India |
|
Date of Birth/Age : |
08.12.1960 |
|
Date of Appointment : |
01.10.2008 |
|
DIN No.: |
00007092 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U74999MH1992PTC065938 |
APLUS
ENTERPRISES PVT LTD |
Director |
17-03-92 |
17-03-92 |
- |
Active |
NO |
|
2 |
U74200MH2000PLC127214 |
INDORAMA
SOFTWARE SOLUTIONS LIMITED |
Whole-time
director |
01-04-08 |
16-06-00 |
- |
Active |
NO |
|
3 |
U26940MH1996PLC102555 |
INDORAMA
CEMENT LIMITED |
Whole-time
director |
01-06-06 |
01-04-01 |
20-03-08 |
Amalgamated |
NO |
|
4 |
U17120DL2008PLC224269 |
INDORAMA
INDUSTRIES LIMITED |
Director |
01-10-08 |
01-10-08 |
- |
Active |
NO |
|
Name : |
Mr. Hemant Kumar |
|
Designation : |
Director |
|
Address : |
1001 and 1101, Sai Krip, A Regency Tower Plot -96, Sector – 15, CBD,
Belapur, Navi Mumbai – 400614, Maharashtra, India |
|
Date of Birth/Age : |
21.07.1951 |
|
Date of Appointment : |
08.10.2008 |
|
DIN No.: |
01975051 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65921DL1997PTC086297 |
GARDEN
PROJECTS AND DEVELOPMENT PRIVATE LIMITED |
Director |
31-03-97 |
31-03-97 |
- |
Active |
NO |
|
2 |
L99999MH1995PLC092971 |
MCS
LIMITED |
Director |
31-07-02 |
31-07-02 |
- |
Active |
NO |
|
3 |
U17120DL2008PLC224269 |
INDORAMA
INDUSTRIES LIMITED |
Director |
30-09-09 |
08-10-08 |
- |
Active |
NO |
|
4 |
U74200MH2000PLC127214 |
INDORAMA
SOFTWARE SOLUTIONS LIMITED |
Director |
30-09-09 |
24-04-09 |
- |
Active |
NO |
|
Name : |
Mr. Rajeev Kshetrapal |
|
Designation : |
Director |
|
Address : |
8A, Poorvi Marg, Vasant, Vihar, New Delhi – 110057, Delhi, India |
|
Date of Birth/Age : |
20.12.1953 |
|
Date of Appointment : |
16.06.2010 |
|
DIN No.: |
00754862 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U45201DL1996PTC191777 |
IRAMA
ESTATES PRIVATE LIMITED |
Director |
29-09-06 |
02-09-06 |
16-08-07 |
Amalgamated |
NO |
|
2 |
U70101DL1996PTC076530 |
STRATEGIC
PROJECTS AND TECHNICAL SERVICES PRIVATE LIMITED |
Director |
29-09-07 |
01-09-07 |
- |
Active |
NO |
|
3 |
U51909DL2009PTC194269 |
INDORAMA
INTERNATIONAL PRIVATE LIMITED |
Director |
14-09-09 |
14-09-09 |
- |
Active |
NO |
|
4 |
U17120DL2008PLC224269 |
INDORAMA
INDUSTRIES LIMITED |
Director |
15-09-10 |
16-06-10 |
- |
Active |
NO |
|
5 |
U74200MH2000PLC127214 |
INDORAMA
SOFTWARE SOLUTIONS LIMITED |
Director |
29-09-10 |
25-06-10 |
- |
Active |
NO |
|
6 |
U74899DL1993PTC053574 |
WORTHY
TRADING PRIVATE LIMITED |
Director |
25-09-10 |
30-08-10 |
- |
Active |
NO |
|
7 |
U85190CH2011PTC032694 |
SATYAM
YOG FOUNDATION PRIVATE LIMITED |
Director |
19-01-11 |
19-01-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sanjeev S. Parasruampuria |
|
50010 |
|
Anupama Sanjeev |
|
10 |
|
Yuvraj S. Parasruampuria |
|
10 |
|
Saurabh Rateria |
|
10 |
|
Ghanshyam Goyal |
|
10 |
|
Rajeev Kshetrapal |
|
10 |
|
Kapil Gupta |
|
9 |
|
Vishal |
|
1 |
|
Indorama Enterprises PTE Limited, Singapore |
|
22166926 |
|
|
|
|
|
Total |
|
22216996 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.77 |
|
Directors or relatives of Directors |
0.22 |
|
Other top fifty shareholders |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Spandex and Synthetic Yarns, Polyester, Polymers, and
Resins |
GENERAL INFORMATION
|
Bankers : |
Not available |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
101, “Turf Estate”, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400101,
Maharashtra, India |
|
Tel. No.: |
91-22-66625537 |
|
Fax No.: |
91-22-66625539 |
|
E-mail : |
|
|
Pan No.: |
AAWFS9204N |
|
|
|
|
Holding Company : |
Indorama Enterprises Pte Limited (w.e.f. 27th March 2009) |
|
|
|
|
Fellow Subsidiary : |
Indorama Software Solutions Limited |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22216996 |
Equity Shares |
Rs.10/- each |
Rs.222.170
Millions |
|
|
|
|
|
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2090070 |
Equity Shares |
Rs.10/- each |
Rs.10.900
Millions |
|
|
|
|
|
Note : of the above 2040000 Equity Shares of Rs. 10 each,
fully paid up, are held by the holding Company Indorama Enterprises Pte
Limited, Singapore.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
20.900 |
19.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
20.900 |
19.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.900 |
19.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.305 |
3.797 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000
|
0.000 |
|
|
Sundry Debtors |
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
|
4.669
|
1.826 |
|
|
Other Current Assets |
|
0.001
|
0.000 |
|
|
Loans & Advances |
|
0.109
|
5.024 |
|
Total
Current Assets |
|
4.779
|
6.850 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.000 |
2.274 |
|
|
Other Current Liabilities |
|
0.016
|
0.020 |
|
|
Provisions |
|
0.083
|
0.082 |
|
Total
Current Liabilities |
|
0.099
|
2.376 |
|
|
Net Current Assets |
|
4.680
|
4.474 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
15.916 |
11.229 |
|
|
|
|
|
|
|
|
TOTAL |
|
20.900 |
19.500 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.47 |
12.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
48.27 |
2.88 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
:
Subject has been incorporated on 01/10/2008 this is second and financial
year of the company. Also the company ha not commenced any its commercial
operations and hence no profit and loss account is prepared.
HOLDING COMPANY :
M/s Indorama Enterprises Pte Limited, Singapore is the holding company
of this company w.e.f. 27th March, 2009.
BACKGROUND :
Indorama
Industries Limited has been incorporated on 1st October 2008 to set
up a green field Project pertaining to
manufacturer of Spandex and Synthetic Yarns, Polyester, Polymers, and Resins in
Himachal Pradesh. The project is in nascent stage awaiting approvals required
for Commencement of activities.
NOTE :
The Registered office address of the company has been shifted from
Resort View, 302, Thakur Complex, Kandivali (East), Mumbai – 400101,
Maharashtra, India at present address w.e.f. 09.03.2011.
FIXED ASSETS :
·
Computers
·
Office Equipments and
Accessories
·
Furniture and Fixtures
·
Motor Car
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 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. 49.08 |
|
|
1 |
Rs. 78.65 |
|
Euro |
1 |
Rs. 67.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
|
13 |
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.