MIRA INFORM REPORT
|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OXIDES AND CHEMICALS LIMITED |
|
|
|
|
Formerly Known
As : |
UNI CAMPINE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai –
400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052085 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 21.600 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24300MH1989PLC052085 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI04304G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0797M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Master Batch and Antimony Trioxide. |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 398000 |
|
|
|
|
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 commitment. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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.
INFORMATION DECLINED
Management Non Co-Operative (Date: 21.12.2012)
[Tel No.: 91-20-66308800]
LOCATIONS
|
Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22066231/ 22015895/ 22017130/ 6017 |
|
Fax No.: |
91-22-22082113/ 22096976 |
|
E-Mail : |
daiichi@bom8.vsnl.net.in |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 11, F-II Block, MIDC, Pimpri, Pune – 411018, Maharashtra,
India |
|
Tel. No.: |
91-20-27475461/ 27470110/ 27477873/ 66359375 |
|
Fax No.: |
91-20-27470110/ 66301199 |
|
E-Mail : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Dhunjishaw Maneckji Neterwala |
|
Designation : |
Chairman |
|
Address : |
16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
11.10.1919 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/024/045842 |
|
DIN No.: |
00002513 |
|
|
|
|
Name : |
Mrs. Shernaz Firoze Vakil |
|
Designation : |
Director |
|
Address : |
Flat 301, Shahiana, 67, E & H, Walkeshwar Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
16.06.1950 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/019/261866 |
|
DIN No.: |
00002519 |
|
|
|
|
Name : |
Mr. Feroze Dhunjishaw Neterwala |
|
Designation : |
Director |
|
Address : |
16D, 1L, Palazza Little Gibbs Road, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
14.05.1952 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/024/045290 |
|
DIN No.: |
00008332 |
|
|
|
|
Name : |
Mr. Kavas Dara Patel |
|
Designation : |
Director |
|
Address : |
C-33, River Nest, 311, North Main Road, Koregaon Park, Pune – 411 001,
Maharashtra, India |
|
Date of Birth/Age : |
02.02.1947 |
|
Date of Appointment : |
27.06.1997 |
|
DIN No.: |
00002634 |
|
|
|
|
Name : |
Mr. Dinshaw Shapoorji Anklesaria |
|
Designation : |
Director |
|
Address : |
372 - A/1-2, North Main Road, Koregaon Park, Pune – 411 001,
Maharashtra |
|
Date of Birth/Age : |
27.06.1932 |
|
Date of Appointment : |
07.06.1989 |
|
DIN No.: |
00008353 |
|
|
|
|
Name : |
Cyrus Adi Bagwadia |
|
Designation : |
Director |
|
Address : |
A-10, Rustom Baug, Byculla (East), Mumbai, Maharashtra-400027, India |
|
Date of Birth/Age : |
24.01.1947 |
|
Date of Appointment : |
11.09.2009 |
|
DIN No.: |
01565989 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Behram Maneck Sorabji |
|
Designation : |
Director |
|
Address : |
16-3, Rustom Baug, Sant Savta Marg, Byculla (East), Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
27.11.1947 |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
02035239 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Neterwala
Maneckji Dhunjishaw Jointly: Universal Ferro and Allied Chemicals Limited |
|
100 |
|
Neterwala
Dhunjishaw Feroze Jointly: Universal Ferro and Allied Chemicals Limited |
|
100 |
|
Universal Ferro
and Allied Chemicals Limited |
|
1295800 |
|
Neterwala
Dhunjishaw Feroze Jointly: Neterwala Dhunjishaw Perin |
|
216000 |
|
Neterwala Dhunjishaw
Perin Jointly: Neterwala Dhunjishaw Feroze |
|
216000 |
|
Vakil Firoze
Shernaz Jointly:Mehta Rustom Perin |
|
216000 |
|
Mehta Rustom
Pervin Jointly: Vakil Feroze Shernaz |
|
216000 |
|
Total |
|
2160000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Bodies corporate |
59.99 |
|
Directors or relatives of Directors |
40.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Master Batch and Antimony Trioxide. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):-
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Antimony Trioxide |
Mts. |
N.A. |
1000 |
679.26 |
|
Formulations |
Mts. |
N.A. |
0 |
196.63 |
|
Master Batch
Products and Compounds |
Mts. |
N.A. |
2500 |
248.64 |
GENERAL INFORMATION
|
No. of Employees : |
40 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · State Bank of India, Industrial Finance Branch, Pinjari, Pune-400001, Maharashtra, India · Zoroastrian Co. Op. Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagtiani and Naik Chartered Accountants |
|
Address : |
12-13, Esplanade, 3rd Floor, 3, Amrit Keshav
Nayak Marg, Fort, Mumbai-400001, |
|
Tel Fax : |
91-22-22076071 / 66331785 / 22002875 |
|
PAN No.: |
AAAFJ0344C |
|
|
|
|
Associates : |
|
|
|
|
|
Ultimate Holding
company : |
Chemical and Ferro Alloys Private Limited |
|
|
|
|
Holding Company
: |
Universal Ferro and Allied Chemicals Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity shares |
Rs.10/- each |
Rs.30.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2160000 |
Equity shares |
Rs. 10/- each |
Rs. 21.600 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
21.600 |
21.600 |
21.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
78.064 |
65.336 |
39.581 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
99.664 |
86.936 |
61.181 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
23.794 |
27.385 |
41.552 |
|
|
2] Unsecured Loans |
10.000 |
10.000 |
6.500 |
|
|
TOTAL BORROWING |
33.794 |
37.385 |
48.052 |
|
|
DEFERRED TAX LIABILITIES |
11.482 |
8.064 |
8.718 |
|
|
|
|
|
|
|
|
TOTAL |
144.940 |
132.385 |
117.951 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
42.881 |
41.655 |
43.481 |
|
|
Capital work-in-progress |
0.00 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.100 |
0.100 |
0.100 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.781
|
84.783 |
54.961 |
|
|
Sundry Debtors |
79.595
|
78.720 |
65.988 |
|
|
Cash & Bank Balances |
12.742
|
17.200 |
11.065 |
|
|
Other Current Assets |
0.000
|
0.009 |
1.894 |
|
|
Loans & Advances |
32.723
|
24.627 |
20.744 |
|
Total
Current Assets |
174.841
|
205.339 |
154.652 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
61.750
|
98.519 |
61.974 |
|
|
Other Current Liabilities |
7.070
|
10.731 |
14.329 |
|
|
Provisions |
4.062
|
5.459 |
3.979 |
|
Total
Current Liabilities |
72.882
|
114.709 |
80.282 |
|
|
Net Current Assets |
101.959
|
90.630 |
74.370 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
144.940 |
132.385 |
117.951 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
520.312 |
499.704 |
341.021 |
|
|
|
Job Work Charges |
7.114 |
5.651 |
4.970 |
|
|
|
Other Income |
0.802 |
2.442 |
3.167 |
|
|
|
TOTAL (A) |
528.228 |
507.797 |
349.158 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
389.447 |
|
305.704 |
|
|
|
Purchases of Stock-in-Trade |
38.330 |
54.610 |
|
|
|
|
Employee benefits expense |
20.046 |
17.633 |
|
|
|
|
Other expenses |
37.165 |
29.849 |
|
|
|
|
Changes in inventories of finished goods, work in process and
stock-in-trade |
14.931 |
(25.057) |
|
|
|
|
Exceptional Items |
(8.159) |
9.338 |
|
|
|
|
TOTAL (B) |
491.760 |
453.290 |
305.704 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.468 |
54.507 |
43.454 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
8.614 |
8.448 |
10.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.854 |
46.059 |
33.197 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.068 |
2.836 |
2.822 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.786 |
43.223 |
30.375 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.050 |
14.455 |
9.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.736 |
28.768 |
20.529 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.337 |
29.581 |
20.074 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
8.000 |
|
|
|
Proposed Dividend |
1.728 |
2.592 |
2.592 |
|
|
|
Tax on Distribute Profit |
0.280 |
0.420 |
0.430 |
|
|
BALANCE CARRIED
TO THE B/S |
48.065 |
45.337 |
29.581 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
4.423 |
40.212 |
42.569 |
|
|
|
Commission Income |
0.491 |
0.639 |
0.654 |
|
|
|
Difference in Exchange |
0.000 |
2.174 |
2.186 |
|
|
|
Received on settlement of claim for loss due to fraud |
9.176 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
14.090 |
43.025 |
45.409 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
292.641 |
175.733 |
197.475 |
|
|
|
Spares Parts for Machinery Repairs |
1.976 |
0.409 |
0.000 |
|
|
|
Trading Goods |
30.413 |
38.572 |
45.356 |
|
|
|
Capital Goods |
1.128 |
0.103 |
0.000 |
|
|
TOTAL IMPORTS |
326.158 |
214.817 |
242.831 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.82 |
13.32 |
9.5 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.79
|
5.67
|
5.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.57
|
8.65
|
8.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.92
|
17.50
|
15.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.50
|
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.75
|
2.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
1.79
|
1.93 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable |
61.750
|
98.519 |
61.974 |
|
|
|
|
|
|
Total |
61.750
|
98.519 |
61.974 |
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
FINANCIAL
PERFORMANCE:
The income of the
Company is Rs. 528.200 millions for the year 2011-12 as compared to Rs. 507.800
millions for the previous year, an increase of about 4% over the last year.
PROFITABILITY :
The company has
achieved a PBIDT of Rs. 28.300 millions on a income of Rs. 528.200 millions As
against a PBIDT of Rs. 63.800 millions on a income of Rs. 507.800 millions in
the previous year. The Profit after tax is Rs. 14.700 millions as against a
profit after tax of Rs. 28.800 millions in the previous year.
The profitability
for the year was adversely affected mainly on account of sluggish market
conditions and forex loss caused by global economic conditions.
SALES :
Antimony Trioxide
Division :
During the year,
availability of Antimony Metal at market affordable price was a concern. From
December 2011 onwards, Antimony Metal availability and prices eased out. As
such, they were forced to source Antimony Trioxide from China and fulfill their
market requirements. The year witnessed economic turbulence in Eurozone
countries, which caused INR to depreciate against US $ ranging from 2% to 18 %
particularly in second half of the year. The surge in US $ exchange rate
against INR as stated above, adversely affected their sales realizations in
this division. The year also witnessed wide fluctuations in the prices of
Antimony Trioxide FR grade. ( From US $ 10,900 PMT to US $ 14,000/- PMT ). For
Antimony Trioxide Catalyst Grade, they are still dependent on China and the
prices were fluctuating from US $ 11,850/- PMT to US $ 14,250/- PMT. In
addition to this, there was perpetual slow down in polyester sector. Domestic
sales of Antimony Trioxide were down by 150 MT as a collective effect of these
factors. Despite the situation as mentioned above, they achieved sales in
domestic and export market as
stated below :-
a) Domestic
Sales:- They achieved sales of 436.8 MTs valued at Rs 317.600 millions Against
previous year’s sales of 587.4 MTs valued at Rs. 302.500 millions
b) Export Sales:-
They achieved sales of 6 MTs valued at Rs 4.400 millions against previous
year’s sales of 92 MTs valued at Rs. 40.600 millions
Formulations Division:
They achieved
sales of 324.4 MTs. valued at Rs. 93.400 millions against previous year’s sales
of 194.8 MTs valued at Rs. 48.700 millions They observed encouraging value wise
growth (192%) in formulations business over the FY 2010 – 2011.
Their products are
well accepted in industry sectors like cable, pvc, rubber and leather and have
good potential in the market. However, matching price line, imports pose a
challenge.
Masterbatch
Division:
The growth
potential for the Masterbatch division is very good and they would like to
focus their efforts in order to add more business in flame retardant segment.
a) Own Sales:-
They could achieve a sale of 176.4 MTs. valued at Rs. 46.200 millions Against
previous year’s sale of 245.6 MTs valued at Rs. 51.800 millions They have
reviewed the Masterbatch business and planned strategies to capture more
business and enlarge customer base in selected business segments.
b) Since they have
excess capacity, they undertake Job Work for third parties to keep their manufacturing
facilities utilized. They achieved production of 349.6 MTs and a turnover of
Rs. 7.100 millions against previous year’s production 425.2 MTs valued at Rs.
5.600 millions
The combined
production was 526 MTs valued at Rs. 53.300 millions against previous year’s
combined production of 670.8 MTs valued at Rs. 57.400 millions
Trading Division :
They could achieve
a total sale of 146.9 MTs valued at Rs. 52.800 millions as against previous
year’s sale of 209.1 MTs valued at Rs 55.400 millions Trading sales were less
mainly on account of low demand from battery and electrical industries
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24300MH1989PLC052085 |
|
Name of the company |
INDIAN OXIDES AND CHEMICALS LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai – 400020,
Maharashtra, India Email: cosec@dai-ichiindia.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10067106 |
|
Type of charge |
|
|
Particular of charge holder |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat,
India Email: Upendra.Barve@axisbank.com
|
|
Nature of instrument creating charge |
No Dues Certificate - Term Loan facility issued by Axis Bank vide
Letter no. AXISB/CMC/PUN/3337/11-12 DTD. 31.8.2012 |
|
Date of instrument Creating the charge |
31.08.2012 |
|
Amount secured by the charge |
Rs. 140.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per sanction letter no. PCS/SW/588/2011-12 DTD. 6.3.12 Terms of Repayment As per sanction letter no. PCS/SW/588/2011-12 DTD. 6.3.12 Margin As per sanction letter no. PCS/SW/588/2011-12 DTD. 6.3.12 Extent and Operation of the charge First exclusive hypothecation charge on all current assets including
stocks and book debts and plant and machinery present and future (excluding
trading stock and trading book debts, which is already hypothecated to
Zoroastrian Co-operative Bank Limited) Others Except closure of the Term loan facility there are no other changes in
respect of this charge. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
1st exclusive hypothecation charge on all curr assets incl. stocks and
bk debts and plant and machinery present and future (excl trading stock and
book debts which is hypothecated to Zoroastrian Co-op Bank Limited |
|
Date of instrument modifying the charge |
26.07.2012 |
|
Particulars of the present modification |
No Dues Certificate in respect of closure of Term Loan facility
amounting to Rs. 25.000 millions is issued by Axis Bank vide Letter no.
AXISB/CMC/PUN/3337/11-12 DTD. 31.8.2012. Accordingly the aggregate charge is
reduced from Rs. 165.000 millions to 140.000 millions. |
CONTINGENT
LIABILITIES:
a) Income Tax
Demand disputed in Appeal Rs. 0.525 million (Rs. 0.525 million) against which
an amount of Rs. 0.262 million (Rs. 0.262 million) is paid and shown as Income
Tax Refunds Due.
b) Demands
aggregating to Rs. 0.278 million (Rs. Nil) in respect alleged non-payment of
Tax Deducted at Source under the Income Tax Act for which revised returns have
been submitted to the tax authorities
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
- Laboratory Equipment
- Research Capital Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computers
Intangible Assets
- Computer Software
CMT REPORT (Corruption, Money Laundering and 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 reords 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.55.09 |
|
|
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE and 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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 and 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.