|
Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OXALATE LIMITED |
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Formerly Known
As : |
INDIAN OXALATE PRIVATE LIMITED |
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Registered
Office : |
257, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.01.1989 |
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Com. Reg. No.: |
11-050428 |
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Capital
Investment / Paid-up Capital : |
Rs.48.144 Millions |
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|
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CIN No.: [Company Identification
No.] |
U74999MH1989PLC050428 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI05091C |
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PAN No.: [Permanent Account No.] |
AAACI3109F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Distributor of Oxalic Acid |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
257, |
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Tel. No.: |
91-22-22622276/ 22610140 |
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Fax No.: |
91-22-22625759/ 22625760 |
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E-Mail : |
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Website : |
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Corporate Office : |
408/409, Mint Chambers, 45/47/49, |
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Tel. No.: |
91-22-22626209/ 22626210 |
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Factory : |
M.I.D.C. Plot No.B-2/B-3, Lote Parshuram, Taluka Khed, Ratnagiri – 415
722, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mrs. Suraiya Rukunuddin Tambe |
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Designation : |
Whole Time Director |
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Address : |
Sagar Classic, Building No.64, 2/203, |
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Date of Birth/Age : |
01.02.1945 |
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Date of Appointment : |
23.01.1989 |
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DIN No.: |
00178852 |
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Other Directorship :
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Name : |
Mr. Rukunddin Ebrahim Tambe |
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Designation : |
Managing Director |
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Address : |
Sagar Classic, Building No.64, 2/203, |
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Date of Birth/Age : |
01.02.1945 |
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Date of Appointment : |
23.01.1989 |
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DIN No.: |
00178870 |
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Other Directorship :
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Name : |
Mr. Altaf Rukunuddin Tambe |
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Designation : |
Whole Time Director |
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Address : |
Sagar Classic, Building No.64, 2/203, |
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Date of Birth/Age : |
11.07.1978 |
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Date of Appointment : |
30.06.2008 |
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DIN No.: |
00297196 |
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Other Directorship :
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Name : |
Mr. N. Kanan |
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Designation : |
Director |
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Address : |
B-33/75-B, Janakpuri, |
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Date of Birth/Age : |
05.07.1955 |
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Date of Appointment : |
27.03.1993 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Ruknuddin Ebrahim Tambe |
1969000 |
|
Suraiya Ruknuddin Tambe |
1030000 |
|
Risk Capital and Technology Finance Corporation Limited, |
100000 |
|
Industrial Development Bank of |
360000 |
|
Industrial Finance Corporation of |
170000 |
|
The Industrial Credit and Investment Corporation of |
170000 |
|
Altaf Ruknuddin Tambe |
350000 |
|
Shaheena Ruknuddin Tambe |
330000 |
|
Sameena Ruknuddin Tambe |
335400 |
|
Total |
4814400 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Public Financial Institutions |
|
16.62 |
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Directors or relatives of Directors |
|
83.38 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Oxalic Acid. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Oxalic Acid |
M.T. |
8000 |
7200 |
6148.200 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v
Barclays Bank PLC v
HDFC Bank Limited v
State Bank of v
Bank of India, Mumbai Corp. Banking Branch,
Mumbai – 400 023, |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400
001, |
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Auditors : |
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Name : |
P.M. Turakhia and Company Chartered Accountants |
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Address : |
102, Osia Friendship, |
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Tel. No.: |
91-22-26280705/ 30948879 |
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Fax No.: |
91-22-66797609 |
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E-Mail : |
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PAN No.: |
AAUPB1584P |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5900000 |
Equity Shares |
Rs.10/- each |
Rs.59.000 Millions |
|
100000 |
Preference Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
Total |
|
Rs.60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4814400 |
Equity Shares |
Rs.10/- each |
Rs.48.144
Millions |
|
|
|
|
|
Note:
74304 Equity shares are allotted as fully paid
up for consideration otherwise than cash.
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 |
48.144 |
48.144 |
48.144 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
72.406 |
75.926 |
75.913 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
120.550 |
124.070 |
124.057 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.291 |
4.381 |
17.131 |
|
|
2] Unsecured Loans |
9.184 |
16.065 |
5.739 |
|
|
TOTAL BORROWING |
12.475 |
20.446 |
22.870 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
133.025 |
144.516 |
146.927 |
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|
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
93.593 |
106.503 |
118.252 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.011 |
0.011 |
0.011 |
|
|
DEFERRED TAX ASSETS |
2.362 |
0.871 |
1.045 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.788
|
11.324 |
16.997 |
|
|
Sundry Debtors |
3.657
|
8.270 |
3.899 |
|
|
Cash & Bank Balances |
71.530
|
63.399 |
58.212 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.672
|
5.844 |
4.450 |
|
Total
Current Assets |
94.647
|
88.837 |
83.558 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26.753
|
26.526 |
35.242 |
|
|
Other Current Liabilities |
27.402
|
21.743 |
18.516 |
|
|
Provisions |
3.433
|
3.437 |
2.181 |
|
Total
Current Liabilities |
57.588
|
51.706 |
55.939 |
|
|
Net Current Assets |
37.059
|
37.131 |
27.619 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
133.025 |
144.516 |
146.927 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
207.637 |
192.386 |
200.097 |
|
|
|
Other Income |
4.654 |
5.287 |
4.869 |
|
|
|
TOTAL (A) |
212.291 |
197.673 |
204.966 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
113.701 |
96.873 |
93.489 |
|
|
|
Manufacturing Expenses |
52.452 |
40.854 |
62.240 |
|
|
|
Employees Remuneration and Benefits |
20.972 |
17.472 |
21.236 |
|
|
|
Administrative and Other Expenses |
17.197 |
18.517 |
21.006 |
|
|
|
Increase/ Decrease in Stock |
(2.631) |
8.395 |
(10.976) |
|
|
|
TOTAL (B) |
201.691 |
182.111 |
186.995 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.600 |
15.562 |
17.971 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.510 |
1.436 |
0.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.090 |
14.126 |
16.981 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.905 |
13.938 |
13.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(4.815) |
0.188 |
3.756 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.295) |
0.174 |
2.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(3.520) |
0.014 |
0.804 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(3.520) |
0.014 |
0.804 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.089 |
39.577 |
49.667 |
|
|
TOTAL EARNINGS |
29.089 |
39.577 |
49.667 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(0.73) |
0.01 |
0.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.66)
|
0.01 |
0.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.32)
|
0.10 |
1.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.53)
|
0.10 |
1.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.00 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.58 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.72 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes /
No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31) PAN of Proprietor/Partner/Director, if available |
No |
|
32) Passport No of Proprietor/Partner/Director, if available |
No |
|
33) Voter ID No of Proprietor/Partner/Director, if available |
No |
FINANCIAL RESULTS
During the year,
the Company has incurred a loss of Rs.4.815 Millions and deducting Provision
for Tax of Rs.0.197 Million and adding Deferred Tax Adjustment of Rs.1.492
Millions, a sum of Rs.3.520 Millions is proposed to be carried to the balance
sheet.
FORM 8
|
Corporate
identity number of the company |
U74999MH1989PLC050428 |
|
Name of the
company |
INDIAN OXALATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
257, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
L and T Finance Limited, L and T House, Ballard Estate, Mumbai – 400
001, |
|
Nature of
instrument creating charge |
Deed of
hypothecation deal no.667140 |
|
Date of
instrument Creating the charge |
01.03.2011 |
|
Amount secured by
the charge |
Rs.0.825 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 5.75% Flat Per
Annum Terms of repayment 44 Months Margin Rs. 0.091 Million
Extent and operation of the charge First and
exclusive charge by way of hypothecation as per clause nos. 2(i), 2(ii), 3,
4, 7, 8(vi), and 16 vide the deed of hypothecation dated 01.03.2011 |
|
Short particulars
of the property charged (Including location of the property) |
Asset description
1 No. LP 407 Bus Bearing Chass No.MAT357251A8J34911 |
FIXED ASSETS
v Land
v
v Furniture and Fixtures
v Plant and Machinery
v Vehicles
v Car
v Office Equipments
v Computers
WEB SITE DETAILS
GROUP PROFILE
The group has been promoted by a Dynamic
Technocrat, Entrepreneur Mr. R.E. Tambe and his wife Mrs. S.R. Tambe.
Mr. Tambe started his career as a trader in industrial and fine chemicals
in 1970. After 10 years of rich experience, Mr. Tambe took a wise decision at
the right time to go for manufacturing Chemicals used in Drugs Industry.
The group manufactures Diethyl Oxalate
and Oxalic Acid. Diethyl Oxalate is manufactured by estrification of
Oxalic Acid and Alcohol. Oxalic Acid is manufactured by oxidation of sugar with
help of Nitric Acid in presence of sulphuric Acid using Vanadium Pentoxide as
catalyst.
S. R. Drugs was incorporated
in 1982 to set up a plant to manufacture Diethyl Oxalate with a initial
capacity of 240TPA. Later on, by research and development the capacity of the
existing plant has been increased to 3600 TPA.
Subsequently the plant for its raw material
namely Oxalic Acid was set up in 1992 in the name of Indian Oxalate Limited and
the production capacity of the plant is 7200 TPA. The plant of Oxalic Acid has
not only ensured the regular supply of Oxalic Acid to S. R. Drugs Private
Limited for manufacturing of Diethyl Oxalate but there is also a tremendous
demand for domestic as well as export market.
The company is managed by a highly qualified
team of Professionals, Chemical Engineers, Mechanical Engineers and Electrical
Engineers under dynamic guidance of Mr. R.E. Tambe and Mrs. S.R. Tambe. The
company is utilizing optimum labour to achieve its full production capacity.
The company has a well equipped in-house R
and D Department with modern equipments like Gas Chromatograph etc. for testing
of the raw materials, intermediate products and finished products. This plant
is supported with a full fledged Effluent treatment plant where the Hydrated
Lime is used for neutralization of Acidic water.
The company is manufacturing finest quality
of Oxalic Acid and Diethyl Oxalate which are well appreciated by domestic as
well as overseas buyers. Also with the finest quality and timely despatch of
material, the group has become a name to reckon with in the domestic as well in
the international market.
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.56.08 |
|
|
1 |
Rs.87.03 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.