MIRA
INFORM REPORT
|
Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
NAVIN FLUORINE INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Sunteck Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.06.1998 |
|
|
|
|
Com. Reg. No.: |
11-115499 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.97.568
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1998PLC115499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP14428B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP0464B |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Chemicals. |
|
|
|
|
No. of Employees
: |
462 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financials 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 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 Office : |
2nd Floor, Sunteck Centre, |
|
Tel. No.: |
91-22-66509999/ 24043300 |
|
Fax No.: |
91-22-66509800 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Mafatlal House,
Backbay Reclamation, Mumbai - 400020, |
|
Tel. No.: |
91-22-56357611/22026944 |
|
Fax No.: |
91-22-56357633 |
|
|
|
|
Factory 1 : |
P. O. Bhestan, Udhana –
|
|
Tel. No.: |
91-261-2890325 |
|
Fax No.: |
91-261-2890288 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
New Industrial Area, |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Samhita Warehousing Complex, 2nd Floor, Gala No.52 to 56,
Bldg. No. 13 A - B |
|
Tel. No: |
91-22-67720300/67720400 |
|
Fax No: |
91-22-28591568/28508927 |
|
E-mail: |
|
|
|
|
|
International Office : |
Global Head of Business Development – Crams |
|
Tel. No.: |
1732-377-3362 |
|
Fax No.: |
1732-377-3317 |
|
E-mail : |
|
|
|
|
|
Investor Relation Centre : |
912, Raheja Centre, Free |
|
Tel. No.: |
91-22-66134700 |
|
Fax No.: |
91-22-22825484 |
|
|
|
|
Branches : |
Located At:
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. A. N. Mafatlal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Hrishikesh A. Mafatlal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. T. M.M. Nambiar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip N. Kapadia |
|
Designation : |
Director |
|
Date of Birth/Age : |
55 years |
|
Qualification : |
B.A, LLB |
|
Experience : |
30 Years in legal field. |
|
Date of Appointment : |
21.01.2003 |
|
|
|
|
Name : |
Mr. Sunil S. Lalbhai |
|
Designation : |
Director |
|
Qualification |
Masters in Chemistry, Economy, Planning and Policy |
|
Experience : |
25
years in Chemicals and General Management. |
|
|
|
|
Name : |
Mr. S.M. Kulkarni |
|
Designation : |
Director |
|
Date of Birth : |
68 years |
|
Date of Appointment : |
19.10.2006 |
|
Qualification : |
B.E. |
|
|
|
|
Name : |
Mr. R. Sankaran |
|
Designation : |
Director |
|
Date of Birth : |
61 years |
|
Date of Appointment : |
30.03.2007 |
|
Qualification : |
Masters in Economics |
|
|
|
|
Name : |
Mr. S.G. Mankad |
|
Designation : |
Director (w.e.f. 29.04.2011) |
|
|
|
|
Name : |
Mr. S.S. Khanolkar |
|
Designation : |
Managing Director (w.e.f 01.01.2011) |
|
|
|
|
Name : |
Mr. Satish Kakade |
|
Designation : |
Managing Director (w.e.f. 06.10.2008) |
|
Qualification : |
Chemical Engineer |
|
Experience : |
31 Years in Chemical Industry |
|
|
|
|
Name : |
Mr. Atul Kumar Srivastava |
|
Designation : |
Finance Director |
|
Qualification |
B. Sc (Hons) FCA |
|
Experience : |
30 Years in Accounts, Taxation and Commerce |
|
Date of Appointment |
21.01.2003 |
|
Other Directorships |
v
Silvia Apparel Limited v
Sulakshana
Securities Limited |
KEY EXECUTIVES
|
Name : |
Mr. N.B. Mankad |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
512,098 |
5.25 |
|
|
3,180,347 |
32.58 |
|
|
66,345 |
0.68 |
|
|
66,345 |
0.68 |
|
|
3,758,790 |
38.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3,758,790 |
38.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
149,228 |
1.53 |
|
|
4,709 |
0.05 |
|
|
94,469 |
0.97 |
|
|
106,339 |
1.09 |
|
|
354,745 |
3.63 |
|
|
|
|
|
|
846,403 |
8.67 |
|
|
|
|
|
|
3,738,698 |
38.30 |
|
|
937,995 |
9.61 |
|
|
124,466 |
1.28 |
|
|
124,335 |
1.27 |
|
|
131 |
- |
|
|
5,647,562 |
57.86 |
|
Total Public shareholding (B) |
6,002,307 |
61.49 |
|
Total (A)+(B) |
9,761,097 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
9,761,097 |
- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Chemicals. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production * |
|
Organic Chemicals |
Tons |
-- |
-- |
|
Synthetic Cryolite, Aluminium Flooride and Fluorocarbon Gases |
Tons |
29010 |
10554 |
|
Hydrofluoric Acid and Other Fluorine Chemicals |
Tons |
34055 |
20332 |
|
Sulphuric Acid and Oleum |
Tons |
39600 |
29641 |
* Including production internally consumed
Note: Installed capacity (on three shift basis) as
certified by the management.
GENERAL INFORMATION
|
No. of Employees : |
462 [Approximately] |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
v
State Bank of v
Axis Bank Limited v
HDFC Bank Limited v
Export Import Bank of |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Note: 1. Secured by first mortgage on the Company's immovable property at first floor of Kalpataru Point, Sion, and Mumbai. 2. Secured by hypothecation of certain stocks and book
debts of the Company, both present and future and second charge created / to
be created on all the fixed assets of the company situated at Bhestan and
certain fixed assets at Dewas, (excluding land under development at Bhestan). |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messers Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9761097 |
Equity Shares |
Rs.10/- each |
Rs.97.611
Millions |
|
|
Less: Call in arrears |
|
Rs.0.043
Million |
|
|
Total |
|
Rs.97.568 Millions |
Note:
- * Includes 49,99,999 equity shares of Rs.
10/- each allotted as fully paid up to the shareholders of Mafatlal
Industries Limited (MIL) pursuant to its scheme of demerger, without
payment being received in cash.
- For options outstanding under Employee
Stock Option Scheme.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
97.568 |
100.955 |
100.954 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3220.468 |
2808.843 |
2189.196 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3318.036 |
2909.798 |
2290.150 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.594 |
113.564 |
526.427 |
|
|
2] Unsecured Loans |
191.397 |
209.983 |
0.000 |
|
|
TOTAL BORROWING |
291.991 |
323.547 |
526.427 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
171.476 |
|
|
|
|
|
|
|
|
TOTAL |
3610.027 |
3233.345 |
2988.053 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1726.752 |
1517.857 |
1474.739 |
|
|
Capital work-in-progress |
348.037 |
261.488 |
264.842 |
|
|
|
|
|
|
|
|
INVESTMENT |
477.606 |
8.456 |
162.458 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
551.020
|
471.781
|
608.772
|
|
|
Sundry Debtors |
568.612
|
389.625
|
607.646
|
|
|
Cash & Bank Balances |
179.088
|
804.657
|
148.098
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1276.249
|
1139.260
|
1025.647
|
|
Total
Current Assets |
2574.969
|
2805.323
|
2390.163 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1256.438
|
1099.798
|
1053.632
|
|
|
Other Current Liabilities |
72.212
|
142.108
|
162.749
|
|
|
Provisions |
188.687
|
117.873
|
87.768
|
|
Total
Current Liabilities |
1517.337
|
1359.779
|
1304.149
|
|
|
Net Current Assets |
1057.632
|
1445.544
|
1086.014
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3610.027 |
3233.345 |
2988.053 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4293.826 |
4291.739 |
4155.908 |
|
|
|
Other Operating Income |
3.055 |
1.512 |
22.899 |
|
|
|
Other Income |
114.397 |
79.031 |
47.383 |
|
|
|
TOTAL (A) |
4411.278 |
4372.282 |
4226.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of trading goods |
32.182 |
26.178 |
6.300 |
|
|
|
Manufacturing Expenses |
3166.824 |
2932.811 |
3089.912 |
|
|
|
Excise Duty |
4.715 |
2.205 |
(22.084) |
|
|
|
Increase/(Decrease) in Finished Goods |
(19.326) |
52.181 |
87.242 |
|
|
|
Impairment |
0.000 |
0.000 |
46.973 |
|
|
|
TOTAL (B) |
3184.395 |
3013.375 |
3208.343 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1226.883 |
1358.907 |
1017.847 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.222 |
24.937 |
86.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1195.661 |
1333.970 |
931.511 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
135.445 |
110.684 |
124.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1060.216 |
1223.286 |
806.662 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
343.778 |
479.671 |
353.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
716.438 |
743.615 |
452.885 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
850.210 |
354.474 |
101.342 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
71.650 |
74.400 |
45.300 |
|
|
|
Transferred to Debentures Redemption
Reserve |
0.000 |
8.050 |
11.200 |
|
|
|
Transferred to Contingency reserve |
0.000 |
0.000 |
25.000 |
|
|
|
Interim Dividend |
65.649 |
65.649 |
50.500 |
|
|
|
Proposed Dividend |
82.969 |
75.749 |
50.500 |
|
|
|
Corporate Dividend Tax |
24.071 |
24.031 |
17.253 |
|
|
BALANCE CARRIED
TO THE B/S |
1322.309 |
850.210 |
354.474 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2088.392 |
2452.150 |
2358.335 |
|
|
|
Contract Research Income |
2.128 |
1.512 |
1.098 |
|
|
TOTAL EARNINGS |
2090.520 |
2453.662 |
2359.433 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1072.059 |
953.709 |
1005.204 |
|
|
|
Stores & Spares |
1.530 |
0.064 |
1.472 |
|
|
|
Capital Goods |
9.466 |
6.869 |
2.960 |
|
|
TOTAL IMPORTS |
1083.055 |
960.642 |
1009.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
71.11 |
73.63 |
44.84 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1949.310 |
|
Total Expenditure |
|
|
1053.440 |
|
PBIDT (Excl OI) |
|
|
895.870 |
|
Other Income |
|
|
39.420 |
|
Operating Profit |
|
|
935.290 |
|
Interest |
|
|
6.390 |
|
PBDT |
|
|
928.900 |
|
Depreciation |
|
|
39.880 |
|
Profit Before Tax |
|
|
889.020 |
|
Tax |
|
|
286.820 |
|
Profit After Tax |
|
|
602.200 |
|
Net Profit |
|
|
602.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.24
|
17.00 |
10.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.69
|
28.50 |
17.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.65
|
28.30 |
18.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.42 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55
|
0.57 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
2.06 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Pursuant to the Rehabilitation Scheme of The Mafatlal Industries Limited, the Chemicals Division of the company viz., Subject Bhestan, Gujarat and Navin Chemical Enterprises (NCE), Dewas, Madhya Pradesh have been demerged and vested in subject company with effect form 1st March, 2002 as a going concern along with assets and liabilities.
MIL was executing a project in
Persuant to MIL’s SS, Income Tax Department to grant exemption from compliance of conditions contained in Section 2 (19AA) of the Income Tax Act, 1961, with regard to demerger of Chemical Division. Accordingly, as per the provisions of Section 72A of the Income Tax Act, 1961, unabsorbed depreciation, aggregating to Rs.327.903 millions, retable to the Chemical Division of MIL has been set off against taxable income of the company and the balance unabsorbed depreciation, aggregating to Rs.83.365 millions, was carried forward for the purpose of Income Tax. Consequently, there was no taxable income for the period. Deferred tax asset had been recongnized in respect of ubabsorbed depreciation carried forward. The company, based on projections, expected sufficient future taxable income to utilize this deferred tax assets.
During the period from 27th August, 1997 to 15th
September, 1997, the workers of company had been on an illegal and unjustified
strike in contravention of the Industrial Disputes Act. The Labour Commissioner
of
YEAR IN RETROSPECT
Turnover for the year remained flat at Rs. 4296.900 millions against Rs.
4293.300 millions of the previous year. Profit after tax of Rs. 716.438
millions remained broadly at the same level as that of the previous year.
Global commodity prices have once again been on the upswing. Crude Oil reached
a high of $ 110 a barrel in last March from $ 75 a barrel in June ’10.
Similarly, all the major raw material prices steadily escalated during the
current fiscal. There has been an increase of 30 % to 50 % in the prices of
fluorspar, sulphur and chloroform, the most critical raw materials for the
Company. However, through some medium term strategic buying, the Company could
smother the impact of rising raw material costs while progressively increasing
the selling prices of its products. During the year there have been steady
price corrections for many of the finished products of the Company, bringing
their margins back on track. Their sustainability, which is a function of the
global demand-supply equilibrium, now needs to be carefully watched. Demand for
refrigerant gases, bulk fluorides and specialty chemicals was robust in the
second half of the current fiscal, both in the international and local markets.
The Indian Rupee during the year remained volatile against the
During 2010 – 11, worldwide issuance of Certified Emissions Reductions
(CERs) from industrial gases projects, which includes the Company’s Project,
were inordinately delayed due to an extensive study conducted by the Clean
Development Mechanism (CDM) Board. As a result there was no issuance of CERs
until the end of December ’10 and there was no CER income booked during the
second and third quarter of the current fiscal. Majority of the CERs issued
since the third quarter has been utilised in fulfilling the old long term
contracts. The demand for carbon credits in the near term and until the end of
2012 is expected to remain steady. However, there are growing uncertainties
around the Kyoto Protocol, its continuity beyond 2012 and most importantly the
eligibility of industrial gases, CERs for use within the European Union (80 %
of the current market) beyond 2012 as a carbon off-set instrument.
A strategic plan to grow the Specialty Chemicals business was formulated
and a medium term road-map was drawn-up. Accordingly the Company took several
steps in the past two years namely; investments in R and D, Pilot Plant, a
multi-purpose plant and entry into Contract Research and Manufacturing Services
(CRAMS).
The state-of-the-art R and D centre commissioned in 2009-10 at
The Company as a good corporate citizen, is alert to its responsibilities
in health, safety and environmental management, the details of which are
covered in the management discussion and analysis.
The Company continues to be rated as (a) ‘CARE A+’ (indicating adequate
safety for timely servicing of debt obligations and low credit risk) for
borrowings with a tenure of more than one year and fund-based facilities and
(b) ‘PR1+’ (indicating strong capacity for timely payment of short-term debt
obligations and lowest credit risk) for its non-fund based facilities.
During the year the residual debt of Rs. 80.100 millions was paid.
Debentures worth Rs. 14.000 millions were also repaid during the year and the
balance debentures of Rs.14.000 millions shall be paid of in the month of
August 2011.
During the year the Company purchased 61599 Sq. Ft (built up area) of
office space in
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
OVERVIEW
The global recovery is proceeding at different speeds in various
regions. The world economy is projected to grow at about 4.50% in 2010 and
4.25% in 2011 (Source: IMF).
INDUSTRY OVERVIEW
The global fluorochemical industry is worth USD 12.7 billion and global
demand for fluorochemicals is expected to rise 2.7 percent annually by volume
through 2013. The Asia Pacific region will remain the largest market while
GROWTH DRIVERS
Automobile: The Indian auto
industry sold 2.5 million cars in 2010-11. Growth of the Indian middle-class
along with growth of the economy over the past few years attracted global auto
majors to the Indian market. Moreover, according to a study released by global
consultancy firm Deloitte, at least one Indian Company will be among the top
six car manufacturers that will dominate the global auto industry by 2020.
These developments will foster unprecedented growth in sales of fluorocarbons
used in automobile air-conditioners.
Pharmaceutical:
Steel: The Indian steel
industry ranks fifth in the world and
REFRIGERATORS
The Indian refrigerator market has a penetration of 18% and is expected to
grow by 16% over the next ten years. Rising nuclear families, increase in the
working women population and deeper rural penetration will fuel the demand for
refrigerators. Major industry players have lined up capacity expansions to tap
increasing demand. This will strengthen the demand for refrigerants, going
forward.
AIR-CONDITIONERS
The Indian room air conditioner market can grow from 2.5 million pieces
to 18 million pieces in 2020, achieving a 25% market penetration. With soaring
temperatures (caused by global warming), wider choice, easy finance
availability and higher disposable incomes, the domestic air-conditioners
industry is expected to grow at CAGR of 22% over the next ten years.
Manufacturers are coming out with new models to enhance the product portfolio
and reap economies of large scale production with a parallel gain in higher
consumer confidence index, driving the demand for refrigerants.
AGROCHEMICALS
The Indian agricultural space reflects a huge potential for growth,
reflected in a single statistic – while over half the country’s population is
engaged in farming, agriculture’s contribution to the country’s GDP has
remained low. Agriculture accounted for 14.2 per cent of the country's gross
domestic product (GDP) in 2010-11
HIGHLIGHTS,
2010-11
Their specialty business is dependent on niche products.
NFIL’s competitive advantage is derived from our in-house capability of
extending chemistry skills into successful technologies through R and D
capabilities. The speed of product development is critical in business growth.
Our full-fledged 20,000 sq.ft Navin Research & Innovation Centre (NRIC)
with state-of-the-art research facilities, along with pilot plant is helping us
develop new products faster to market. We are strengthening our delivery
capabilities through following initiatives:
- The first
multi-purpose plant (MPP-1) was commissioned in
- A Current
Good Manufacturing Practices (cGMP) pilot plant is under construction at
Dewas to address requirements of international pharmaceutical customers.
- Increased
focus on high value pharmaceutical intermediates based on fluorine
chemistry.
The focus of this business is on the growing international
demand for fluorospecialites and being cost competitive against international
competition.
OUTLOOK
Investments made in the previous years in research and manufacturing
will substantially help in developing valueadded products and providing
products to our customers as and when needed. The focus on value-added products
will help the business to enhance the margins. Our growing relationships with
international customers will help us sustain growth for years to come.
FIXED ASSETS
v Land
v Building
v Plant and Machinery
v Furniture, Fittings and Office Equipment
v Vehicles
BUSINESS DESCRIPTION:
Subject is an India-based company. The Company is a producer of fluorochemicals with 20000 tons per annum of hydrofluoric acid capacity. It has a diversified portfolio of advance fluorine derivatives. It operates in three segments: refrigerants, specialty fluorochemicals and bulk fluorides. The refrigerant gases cater to both stationary and mobile refrigeration and air-conditioning segments. The specialty fluorochemicals primarily cater to the pharmaceutical, agrochemical and polymer industries. The Company's products include hydrochlorofluoro carbons and hydrofluoric acid. In May 2011, the Company acquired Manchester Organics Limited For the fiscal year ended 31 March 2010, Navin Fluorine International Limited's revenues increased 3% to RS4.38B. Net income increased 90% to Rs. 824.600 Millions. Revenues reflect an increase in income from exports segment and higher income from other income. Net income also reflect a decrease in manufacturing and other expenses, lower depreciation expenses, a fall in interest expenses and the absence of impairment expenses.
WEBSITE DETAILS:
PROFILE:
Subject belongs to a reputed industrial house of Arvind
Mafatlal Group in
Subject initiated the CDM project to reduce green house gas
HCFC 23 in June 2006 with Ineos Fluor as technology partners an
Subject
has Quality system accreditation with ISO 9001, Environment Management System
accreditation with ISO 14001, World class safety standards 5 star rating by
British Safety Council and OHSAS-18001 certified entity.
The company has ability to produce some of the niche organofluorine
molecules. It offers a diversified portfolio of advanced fluorine derivatives
to the world with wide ranging applications in pharma, agro and petrochemicals.
Subject has an impressive clientele consisting of several fortune 500 companies which include five of the top ten global crop protection companies and three of the top ten global chemical companies.
A positive mind set, holistic approach and thorough professionalism forms the
core of the team named Navin Fluorine. Quality is what they aspire for in every
endeavour of them. Subject strict vigil on the environmental norms and safety
measures at every step of the manufacturing process has resulted in elevating
subject as an entity to rely upon without inhibition.
NEW RELEASES:
Accord Fintech (
21 July 2011
Accord Fintech (
04 May 2011
Accord Fintech (
03 May 2011
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.47.47 |
|
|
1 |
Rs.74.95 |
|
Euro |
1 |
Rs.65.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.