BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
HPL ADDITIVES LIMITED |
Principal Name 1 |
MR. HARCHARAN SINGH |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. SATPAL SINGH |
|
|
|
Registration # |
55-008309 |
|
Street Address |
803, VISHAL BHAWAN, 95, |
||
|
Established Date |
24.08.1976 |
SIC Code |
-- |
|
Telephone# |
91-11-26421757 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-11-26474350 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
POLYMER ADDITIVES |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
SPECIALTY CHEMICALS |
|
Paid up capital |
RS.130,154,300/- |
Product Name 3 |
INDUSTRIAL CHEMICALS. |
|
Shareholders |
FOREIGN HOLDINGS-30% BODIES CORPORATE-16% DIRECTORS OR RELATIVES OF DIRECTORS-50% OTHER TOP FIFTY SHAREHOLDERS-4% |
Banking |
ICICI BANK LIMITED |
|
Public Limited Corp. |
NO |
Business Period |
35 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba (46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
ASSOCIATES |
|
TEMPLETON STRATEGIC EMERGING MARKETS FUND II, LDC |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
428,102,000
|
Current Liabilities |
259,751,000
|
|
Inventories |
531,205,000
|
Long-term Liabilities |
291,615,000 |
|
Fixed Assets |
986,932,000 |
Other Liabilities |
157,942,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
709,308,000 |
|
Invest& other Assets |
136,720,000 |
Retained Earnings |
1,243,497,000 |
|
|
|
Net Worth |
1,373,651,000 |
|
Total Assets |
2,082,959,000 |
Total Liab. & Equity |
2,082,959,000 |
|
Total Assets (Previous Year) |
1,904,601,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,906,400,000 |
Net Profit |
174,642,000 |
|
Sales(Previous yr) |
1,822,187,000 |
Net Profit(Prev.yr) |
51,307,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
HPL ADDITIVES LIMITED (w.e.f. 16.11.2007) |
|
|
|
|
Formerly Known
As : |
HIGH POLYMER LABS LIMITED |
|
|
|
|
Registered
Office : |
803, Vishal Bhawan, 95, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.08.1976 |
|
|
|
|
Com. Reg. No.: |
55-008309 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.130.154
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209DL1976PLC008309 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH0073D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH0110P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Polymer Additives, Specialty Chemicals and Industrial Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5495000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office/ Factory : |
803, Vishal Bhawan, 95, |
|
Tel. No.: |
91-11-26421757/ 26431379/ 1522/ 26421570/ 1 |
|
Fax No.: |
91-11-26474350/ 26460981 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
International Office : |
High Polymer Labs, Inc. |
|
Tel. No.: |
(631) 643 5714 |
|
Fax No.: |
(631) 643 5715 |
|
E-Mail : |
DIRECTORS
As on 17.09.2010
|
Name : |
Mr. Harcharan Singh |
|
Designation : |
Chairman and Managing Director |
|
Address : |
174-A, Sainik Farms, Khanpur, |
|
Date of Birth/Age : |
22.07.1937 |
|
Qualification: |
M.Sc. (Hons) Chemistry |
|
Experience : |
51 Years |
|
Date of Appointment : |
24.08.1976 |
|
Last Employment: |
Scientific Officer, Shri Ram Institute of Research and Science |
|
|
|
|
Name : |
Mr. Satpal Singh |
|
Designation : |
Whole time Director |
|
Address : |
439, Sector – 14, |
|
Date of Birth/Age : |
08.08.1944 |
|
Date of Appointment : |
24.08.1976 |
|
|
|
|
Name : |
Mr. Rajesh Narayan Sehgal |
|
Designation : |
Director |
|
Address : |
B 2602, |
|
Date of Birth/Age : |
16.02.1971 |
|
Date of Appointment : |
13.10.2005 |
|
|
|
|
Name : |
Mr. Umesh Anand |
|
Designation : |
Director |
|
Address : |
K-210, Sainik Farms, Khanpur, |
|
Date of Birth/Age : |
16.10.1962 |
|
Qualification: |
MBA |
|
Experience : |
22 Years |
|
Date of Appointment : |
25.02.2000 |
|
Last Employment: |
Partner, Elan International |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
25 E/4, |
|
Date of Birth/Age : |
15.08.1939 |
|
Date of Appointment : |
13.10.2005 |
|
|
|
|
Name : |
Mr. Dilip Digambar Ravetkar |
|
Designation : |
Director |
|
Address : |
I-202, Nav Pinac, Kanchanganga, Aundh, Pune – 411 007, |
|
Date of Birth/Age : |
29.07.1953 |
|
Date of Appointment : |
13.10.2005 |
|
|
|
|
Name : |
Mrs. Veena Choudhary |
|
Designation : |
Director |
|
Address : |
House No.27, Taxila Apartment, IIT Campus, Hauz Khas, |
|
Date of Birth/Age : |
05.01.1951 |
|
Date of Appointment : |
13.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Pravin Bhushan |
|
Designation : |
Company Secretary |
|
Address : |
F-117, Katwaria Sarai, |
|
Date of Birth/Age : |
03.01.1973 |
|
Date of Appointment : |
23.01.2007 |
|
Date of Ceasing: |
13.12.2008 |
|
|
|
|
Name : |
Ms. Deeksha Chopra |
|
Designation : |
Secretary |
|
Address : |
329 First Floor, Santngr Eok, |
|
Date of Birth/Age : |
20.07.1983 |
|
Date of Appointment : |
01.01.2009 |
|
|
|
|
Name : |
Mr. Anil Chadha |
|
Designation : |
Senior Vice President (Corporate Development) |
|
Date of Birth/Age : |
51 Years |
|
Qualification: |
MBA, MS-Consultancy Management |
|
Experience : |
31 Years |
|
Date of Appointment : |
05.01.2005 |
|
Last Employment: |
General Manager – Chemical Division, Nuchem Limited |
|
|
|
|
Name : |
Dr. P.K. Sharma |
|
Designation : |
Senior Vice President (Manufacturing) |
|
Date of Birth/Age : |
51 Years |
|
Qualification: |
M.Sc. M Phil, Ph.D. |
|
Experience : |
24 Years |
|
Date of Appointment : |
01.08.1986 |
|
|
|
|
Name : |
Dr. R C Narula |
|
Designation : |
Vice President (R and D) |
|
Date of Birth/Age : |
58 Years |
|
Qualification: |
M.Sc., Ph D., AMIICHE |
|
Experience : |
31 Years |
|
Date of Appointment : |
20.08.1991 |
|
Last Employment: |
DGM, R and D – Diamines and Chemicals- Vadodara, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Harcharan Singh |
|
1939928 |
|
Manjinder Pal Kaur |
|
2268925 |
|
HPL Merchantile Private Limited, |
|
567926 |
|
HPL Securities Private Limited, |
|
1278949 |
|
Clear Chem Private Limited, |
|
297505 |
|
Satpal Sing |
|
306815 |
|
Maninder Kaur |
|
341546 |
|
Minal Anand |
|
328581 |
|
Ritu Singh |
|
59345 |
|
Arpana Singh |
|
75880 |
|
Simran Singh |
|
61573 |
|
A.D. Singh |
|
259300 |
|
Annupreet Singh |
|
173792 |
|
Umesh Anand |
|
1045404 |
|
Jai karan Anand |
|
5500 |
|
Manpreet Dugal |
|
5500 |
|
Mahinder Kaur |
|
21533 |
|
Nitin Jain and Ravil Saxena |
|
20000 |
|
Templeton Strategic Emerging Markets Fund II, LDC, |
|
3950000 |
|
Baldev Singh |
|
7425 |
|
Fatepuria Brothers, |
|
3 |
|
Total |
|
13015430 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
30.00 |
|
Bodies
corporate |
|
16.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
Other
top fifty shareholders |
|
4.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polymer Additives, Specialty Chemicals and Industrial Chemicals. |
||||||||
|
|
|
||||||||
|
Products : |
·
Polymer Additives o
Property Extenders o
Modifiers o
Polymerisation Catalysts ·
Speciality Chemicals o
For Water Treatment o
For Pharma Intermediates o
For Agro Intermediates o
For Photographic Chemical o
For Personal Care ·
Industial Chemicals o
Hydrazine Hydrate |
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Blowing Agent |
M.T. |
|
9000 |
6993.92 |
|
Specialty and Water Treatment Chemicals |
M.T. |
|
800 |
168.76 |
|
Azo Initiators |
M.T. |
|
350 |
229.39 |
|
Antioxidants |
M.T. |
|
10000 |
2441.30 |
|
Hexamine |
M.T. |
|
900 |
34.51 |
|
H.H 100%, Trizole |
|
|
1750 |
149.15 |
|
PVC Stabilisers Kicker and Blowing Agent and Other Specialty Chemicals |
M.T. |
|
2350 |
1809.16 |
|
Electricity |
Rs. |
|
-- |
8082.43 |
|
Pet Coke/ Furnace Oil/ Rice Husk |
Rs. |
|
-- |
3763.63 |
GENERAL INFORMATION
|
Suppliers : |
· Delcray Cables (Private
) Limited · Barut Polymers
Private Limited · Banas Cooling
Tower Corporation · Enopack Security
Seals · Feroicon
Equipment · Fine Pack
Structures (Private ) Limited · Gastek Engineering
(Private ) Limited · Giriraj Packers · H Guru
Instruments (Private ) Limited · Sadhana and
Company (Private ) Limited · Shenco Vales
(Private) Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited, ·
Citi
Bank NA, Jeevan Vihar, 3
Sansad Marg, ·
Canara
Bank,
DDA Building, Near Paras Cinema, Nehru Place, New Delhi – 110 019, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
Note: *Secured by hypothecation of all existing plant and machinery and by way
of equitable mortgage of land at Duhola and Ballabhagar. The directors have
also given their personal guarantee for securing the loan. **Secured by hypothecation of debtors, movable assets including plant
and machinery, both present and future stock of raw materials, stock in
process, finished good and stores. This is further secured by way of
equitable mortgage of land and Ballabhgarh and Duhola. The directors have
also given their personal guarantee for securing the cash credit. ***Secured by hypothecation of vehicles. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
Building No. 10, 8th Floor, Tower B, |
|
|
|
|
Associates: |
|
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13015430 |
Equity Shares *# |
Rs.10/- each |
Rs.130.154
Millions |
|
|
|
|
|
Notes:
* Includes 3600000 (Previous year 3600000) equity
shares of Rs. 10 each, fully paid up, issued as bonus share by capitalization
of general reserve in earlier years.
# Includes 612656 (Previous year nil) equity
shares of Rs. 10 each fully paid up issued to the shareholders of HPL
Industries Private Limited pursuant to the scheme of amalgamation.
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 |
130.154 |
124.027 |
124.028 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1243.497 |
1068.855 |
992.017 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1373.651 |
1192.882 |
1116.045 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
289.874 |
291.622 |
443.951 |
|
|
2] Unsecured Loans |
1.741 |
1.661 |
0.000 |
|
|
TOTAL BORROWING |
291.615 |
293.283 |
443.951 |
|
|
DEFERRED TAX LIABILITIES |
148.332 |
151.111 |
133.282 |
|
|
EQUITY SHARES TO BE ISSUED PURSUANT TO THE SCHEME |
0.000 |
6.127 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1813.598 |
1643.403 |
1693.277 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
986.932 |
868.847 |
866.233 |
|
|
Capital work-in-progress |
120.970 |
49.272 |
47.387 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.263 |
14.163 |
8.803 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
531.205
|
541.266
|
477.119
|
|
|
Sundry Debtors |
305.401
|
280.172
|
336.402
|
|
|
Cash & Bank Balances |
31.262
|
26.572
|
27.845
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
91.439
|
113.341
|
195.228
|
|
Total
Current Assets |
959.307
|
961.351
|
1036.594
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
213.297
|
180.877
|
211.432 |
|
|
Other Current Liabilities |
46.454
|
55.950
|
47.485
|
|
|
Provisions |
9.610
|
24.371
|
6.823
|
|
Total
Current Liabilities |
269.361
|
261.198
|
265.740
|
|
|
Net Current Assets |
689.946
|
700.153
|
770.854
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Foreign currency monetary item translation different |
1.487 |
10.968 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1813.598 |
1643.403 |
1693.277 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1906.400 |
1822.187 |
1517.317 |
|
|
|
Other Income |
60.401 |
68.486 |
60.242 |
|
|
|
TOTAL (A) |
1966.801 |
1890.673 |
1577.559 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Excise duty |
4.045 |
(3.397) |
4.398 |
|
|
|
Manufacturing and other expenses |
1214.661 |
1348.928 |
1154.165 |
|
|
|
(Increase)/ decrease in work in progress and finished goods |
71.188 |
(23.351) |
(4.609) |
|
|
|
Purchase of goods for resale |
22.953 |
24.685 |
28.050 |
|
|
|
Personnel expenses |
118.176 |
107.382 |
88.700 |
|
|
|
Other operating expenses |
172.902 |
178.296 |
180.530 |
|
|
|
Prior period item |
0.000 |
66.165 |
0.000 |
|
|
|
TOTAL (B) |
1603.925 |
1698.708 |
1451.234 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
362.876 |
191.965 |
126.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.732 |
46.326 |
38.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
337.144 |
145.639 |
87.679 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
81.814 |
80.800 |
79.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
255.330 |
64.839 |
8.419 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.688 |
13.532 |
(5.432) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
174.642 |
51.307 |
13.851 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend |
0.000 |
13.015 |
0.000 |
|
|
|
Dividend Tax |
0.000 |
2.212 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
174.642 |
36.080 |
13.851 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1051.390 |
989.925 |
879.034 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
615.306 |
605.407 |
NA |
|
|
TOTAL IMPORTS |
615.306 |
605.407 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.42 |
3.94 |
1.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.88
|
2.71
|
0.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.39
|
3.56
|
0.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.12
|
3.54
|
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.05
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41
|
0.46
|
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.56
|
3.68
|
3.90 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
Sales and other income for the period were Rs.1966.801 Millions, as
against Rs.1890.673 Millions during the previous period, thereby reflecting an
increase of 4.03%. Also profit after tax increased from Rs.51.307 Millions to
Rs.174.642 Millions thereby reflecting a significant increase.
Exports, which constituted 58.09% of total revenue (previous year
59.06%), are Rs.1107.578 Millions in the current year as compared to
Rs.1076.119 Millions in the last year, thereby reflecting an increase of 2.92%
FUTURE PROSPECTS:
After surviving turmoil of 2008 the world economy took small steps in
regaining its poise and balance in 2009. Though most of developed economies
continued to struggle to stabilize, a few amongst them ably supported by new
Asian developing economies provided much needed hope and positivity. While its
main export markets in
Large scale inventory rationalization of last year by most of
manufactures, not only drove raw materials prices up, but somewhere also
affected supply line adversely. The company continues to nurture its supply
chain in line with its corporate vision and ensure it tot be its strength.
The company continues to improve its operating margins over last fiscal,
made possible by focused process optimization and productivity improvement.
Team stays committed for continual improvement.
Guided by its core values, the company continues to nurture its human
capital. Talent retention and development thereof continues to be a high
priority area. As per site specific three years’ wage agreements with trade union,
same are due for settlement in 2010. Process for an amicable solution has been
rolled out.
Having acquired land on prime industrial area of main
Though due to certain geo-political factors beyond control, plan of the
company to focus on Middle East Asia has slowed down, it remains on trade as a
major growth area with some strategic JV Partners.
The company’s Modifiers portfolio including Chemical Blowing Agents and
Specialty Chemicald led by focused and diligent nurturing has regained major
contribution in turnover and profitability and continues to grow. Keeping in
view growth potential the production capacities have been enhanced for all
grades of Blowing Agents. Company’s plan to continuously modernize technology
and de-bottleneck manufacturing capacities stays on course.
The company has initiated to re-position itself in Antioxidant market as
a niche’ player and has expanded its manufacturing capacity of some special
grade of Antioxidants in last quarter of FY 10. Capacity utilization in near
optimum. In next phase, company plans to invest USD 2.2 Million tio set up
dedicated plant for another set of Specialty Antioxidants in FY 11/ FY 12. This
move, leveraging Company’s technical innovation capabilities shall not only
establish it as complete solution player for property stabilizers, but also
ensure stronger bottom lien in future.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2010 Rs.
In Millions |
|
a) Demand for excise duty case in Appeal with Commission of Central
Excise, Appeal for the period 2002 to 2007 |
0.173 |
|
b. Demand on account of non-payment of LADT for the period 2002-2003 |
0.395 |
|
c) Claims against the company not acknowledged as debts |
|
|
|
0.234 |
|
Income – Tax (Financial Year wise) |
|
|
2003-04* |
8.116 |
|
2004-05 |
0.956 |
|
2005-06 |
0.570 |
* Appeal partly allowed by CIT (A), appeal order is pending before
Assessing officer.
Fixed Assets:
v
v Building
v Plant and Machinery
v Furniture and Fixtures
v Office Equipment
v Vehicles
v Computers
v Software
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.45.94 |
|
|
1 |
Rs.74.28 |
|
Euro |
1 |
Rs.64.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.