|
Report Date : |
02.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SABIC RESEARCH AND TECHNOLOGY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 5 and 6, Savli GIDC estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
19.02.1998 |
|
|
|
|
Com. Reg. No.: |
04-038809 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2509.658 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ1998PTC038809 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDS01269C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged into the research activities in the
petrochemicals field for improvement and efficiency in the manufacturing
process of SABIC group |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
has been successful in wiping off the accumulated losses of the previous years.
Trade relations are reported as fair. Business active. Payments are reported
to be slow but correct. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management Non – Coprative
LOCATIONS
|
Registered Office : |
Plot No. 5 and 6, Savli GIDC estate, Savli- Baroda
Highway, Village Manjusar - 391 775, Baroda, Gujarat, India |
|
Tel. No.: |
91-2667-265400 |
|
Fax No.: |
91-2667-264245 |
|
E-Mail : |
DIRECTORS
As on 29.04.2011
|
Name : |
Mr. Fahad Alkhodairi |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
11.01.1959 |
|
Date of Appointment : |
01.03.2008 |
|
DIN No.: |
02107492 |
|
|
|
|
Name : |
Nr. Ali Shamrani |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
09.04.1967 |
|
Date of Appointment : |
01.02.2010 |
|
DIN No.: |
02162727 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Bhambhani |
|
Designation : |
Secretary |
|
Address : |
Plot No. 5 and 6 GIDC Manjusar, Tal Savli, Vadodara – 391775, |
|
Date of Birth/Age : |
21.07.1974 |
|
Date of Appointment : |
25.07.2007 |
|
PAN No.: |
AEHPB5296C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.04.2011
|
Names of Shareholders |
|
No. of Shares |
|
Sabic Global Limited, |
|
250965594 |
|
Sabic International Limited, |
|
200 |
|
Total |
|
250965794 |
As on 29.04.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged into the research activities in the
petrochemicals field for improvement and efficiency in the manufacturing
process of SABIC group |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
IDBI Bank, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
31 Nutan Bharat Society, Alkapuri, |
|
PAN.: |
AADFD2337G |
|
|
|
|
Holding Company : |
SABIC Global Limited |
|
|
|
|
Related Parties : |
SABIC Luxembourg Sri. SABIC Global Limited, |
|
|
|
|
Ultimate Holding Company: |
Saudi Basic Industries Cooperation, |
|
|
|
|
Fellow Subsidiaries : |
SABIC Innovative Plastics India Private Limited, |
CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250965794 |
Equity Shares |
Rs.10/- each |
Rs.2509.658
Millions |
|
|
|
|
|
250,965,794 (Previous Year 250,965,794) shares are held by SAB1C Global Limited, the Holding Company and its nominees)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2509.658 |
2509.658 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
68.984 |
0.000 |
0.00 |
|
|
4] (Accumulated Losses) |
0.000 |
(24.141) |
(38.281) |
|
|
NETWORTH |
2578.642 |
2485.517 |
161.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.038 |
0.000 |
|
|
2] Unsecured Loans |
354.158 |
331.857 |
339.578 |
|
|
TOTAL BORROWING |
354.158 |
332.895 |
339.578 |
|
|
DEFERRED TAX LIABILITIES |
49.414 |
50.409 |
19.618 |
|
|
|
|
|
|
|
|
TOTAL |
2982.214 |
2868.821 |
520.915 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1016.733 |
423.267 |
440.325 |
|
|
Capital work-in-progress |
96.913 |
442.524 |
0.239 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.970
|
10.294 |
10.753 |
|
|
Sundry Debtors |
36.094
|
22.127 |
8.925 |
|
|
Cash & Bank Balances |
1775.490
|
1922.352 |
50.390 |
|
|
Other Current Assets |
61.317
|
80.331 |
14.086 |
|
|
Loans & Advances |
74.703
|
21.157 |
10.707 |
|
Total
Current Assets |
1958.574
|
2056.261 |
94.861 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.243
|
1.950 |
12.995 |
|
|
Other Current Liabilities |
9.857
|
12.536 |
0.000 |
|
|
Provisions |
76.906
|
38.745 |
1.515 |
|
Total
Current Liabilities |
90.006
|
53.231 |
14.510 |
|
|
Net Current Assets |
1868.568
|
2003.030 |
80.351 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2982.214 |
2868.821 |
520.915 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
188.657 |
152.658 |
120.580 |
|
|
|
Other Income |
96.070 |
79.351 |
4.038 |
|
|
|
TOTAL |
284.727 |
232.009 |
124.618 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Personal Expenses |
56.588 |
44.525 |
37.310 |
|
|
|
Operating and Other Expenses |
74.521 |
80.283 |
122.604 |
|
|
|
TOTAL |
131.109 |
124.808 |
159.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
153.618 |
107.201 |
(35.296) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.375 |
0.752 |
0.509 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
153.243 |
106.449 |
35.805 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
26.516 |
26.189 |
25.185 |
|
|
|
Prior Period
Expense / (Income) |
(0.403) |
1.835 |
(7.870) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
127.130 |
78.425 |
(53.120) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
34.004 |
64.286 |
3.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
93.126 |
14.139 |
(56.315) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(24.142) |
(38.281) |
19.199 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Provision |
0.000 |
0.000 |
1.165 |
|
|
BALANCE CARRIED
TO THE B/S |
68.984 |
(24.142) |
(38.281) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Research Fees |
188.658 |
152.658 |
120.580 |
|
|
TOTAL EARNINGS |
188.658 |
152.658 |
120.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
1.051 |
2.164 |
3.239 |
|
|
|
Capital Goods |
3.210 |
6.013 |
2.854 |
|
|
TOTAL IMPORTS |
4.261 |
8.177 |
6.093 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.37 |
0.08 |
(2.82) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
32.71
|
6.09 |
(45.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
67.39
|
51.37 |
(44.05) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.27
|
3.16 |
(9.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.03 |
(0.33) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.16 |
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
21.76
|
38.63 |
6.54 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs,
In Millions
|
Particular |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Due to other Than Micro and Small Enterprises |
3.243 |
1.950 |
12.995 |
|
Total |
3.243 |
1.950 |
12.995 |
CONTINGENT LIABILITY
Rs. In Millions
|
Particular |
31.12.2010 |
31.12.2009 |
|
Unexpired Bank Guarantees Issued by Bank |
1.616 |
0.000 |
|
Income Tax Demand in Appeal dispute |
3.671 |
0.000 |
OPERATIONS
During the year the company has made good progress in ongoing projects, moreover. 11 new invention disclosures received from scientists, which are being assessed for patenting. One invention disclosure was processed for patenting and one patent was granted during the year.
Under new T and L way of operations. SRTPL. Proposed 32 new research ideas to Chemicals SBU. Performance Chemicals SBU. Polymers SBU and Fertilizer SBU out of which 15 ideas were converted to new projects and Gate 2 documents were signed. Your Company's researchers were collaborating with global T and l community, helping the progress of projects
Fixed Assets
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.51.16 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
34 |
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.