MIRA
INFORM REPORT
|
Report Date : |
31.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SI GROUP - INDIA LIMITED (w.e.f. 13.09.2006) |
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|
|
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Formerly Known
As : |
SCHENECTADY HERDILLIA LIMITED |
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Registered
Office : |
Plot No.2/1, TTC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.07.1963 |
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Com. Reg. No.: |
11-012674 |
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Capital
Investment / Paid-up Capital : |
Rs.423.063
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1963PLC012674 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS04774A |
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|
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PAN No.: [Permanent Account No.] |
AAACH7323L |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacture of Organic Chemicals. |
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No. of Employees
: |
4886 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 10570000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
The company has recorded a better increase in its sales turnover and
profitability during 2011. Financial position of the company appears to be
sound. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
1) Long Term Rating – CARE A- 2) Short Term Rating – CARE A2 |
|
Rating Explanation |
1) Low credit risk and adequate degree of safety. 2) Strong degree of safety and low credit risk. |
|
Date |
September, 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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-cooperative
LOCATIONS
|
Registered Office/ Navi Mumbai Unit/ Import and Export Department : |
Plot No.2/1, TTC Industrial Area, |
|
Tel. No.: |
91-22-66732000/ 01/ 27683328/ 27681153/ 27681154/ 27611508 (Export) |
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Fax No.: |
91-22-27671848/ 27685653/ 2589 |
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E-Mail : |
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Website : |
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Corporate Office : |
1003-1006, 10th Floor, |
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Tel. No.: |
91-22-30782039 |
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Fax No.: |
91-22-30782038 |
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E-Mail : |
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Rasal Unit : |
Village Rasal, P.O. Pali Taluka – Sudhagad, District Raigad – 410 205,
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Tel. No.: |
91-2142-242669/ 242670 |
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Fax No.: |
91-2142-242668 |
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E-Mail : |
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Lote Unit : |
Plot No.D-1/3, M.I.D.C. Lote Parshuram, Taluka – Khed, District
Ratnagiri – 415 722, |
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Tel. No.: |
91-2356-272246/ 272129 |
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Fax No.: |
91-2356-272006 |
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E-Mail : |
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Ranjangaon Unit : |
E-89, MIDC, |
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Tel. No.: |
91-2138-670407 |
DIRECTORS
As on 08.09.2011
|
Name : |
Mr. Daniel Paul Charles Tilley |
|
Designation : |
Director |
|
Address : |
38, |
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Date of Birth/Age : |
06.04.1965 |
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Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00167124 |
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|
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|
Name : |
Mr. Richard Paul Barlow |
|
Designation : |
Director |
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Address : |
11, |
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Date of Birth/Age : |
08.10.1962 |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
00075741 |
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|
|
|
Name : |
Mr. Emmanuel Carl Mauriece Joseph Hess |
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Designation : |
Director |
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Address : |
175, Boulevard Clemence 59700, |
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Date of Birth/Age : |
28.07.1956 |
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Qualification : |
Chemical Engineering (EMSCS), MBA (OSU) |
|
Date of Appointment : |
12.02.2008 |
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DIN No.: |
02019494 |
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|
Name : |
Mr. Balasubramanyam Rajagopal |
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Designation : |
Director |
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Address : |
1801, Raheja Princess, S.K. Bole Marg, Dadar (West), Mumbai – 400 028,
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|
Date of Birth/Age : |
21.09.1955 |
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Qualification : |
B. Tech (Chemical Engineering), MBA (IIM, |
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Experience : |
26 Years |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
02857618 |
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|
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Name : |
Mr. Girindrachandra Chandrakant Vasudeo |
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Designation : |
Director |
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Address : |
358-A, Gangaram Khatri Wadi, Second Floor, |
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Date of Birth/Age : |
23.12.1954 |
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Qualification : |
B. Com. (Hons.), LL.B., FCA, FCS, AICWA |
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Experience : |
31 Years |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00021772 |
KEY EXECUTIVES
|
Name : |
Bhalchandra Madhav Raul |
|
Designation : |
Secretary |
|
Address : |
A3, Kanika CHS Limited, |
|
Date of Birth/Age : |
14.12.1955 |
|
Date of Appointment : |
21.08.2006 |
|
PAN No.: |
AAYPR3589F |
|
|
|
|
Name : |
Dr. Animesh Chakrabarti |
|
Designation : |
Operations Director |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.Sc. (Hons.), M. Tech. Ph.D. (Tech.) |
|
Experience : |
18 Years |
|
Date of Appointment : |
05.11.1992 |
|
|
|
|
Name : |
Dr. Pramod S. Kumbhar |
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Designation : |
Business Development ( |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M. Chem. Ph.D. (Tech.) |
|
Experience : |
17 Years |
|
Date of Appointment : |
01.04.2004 |
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|
|
|
Name : |
Mr. Suresh Varadarajan |
|
Designation : |
General Manager - Finance and Accounts |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
M.Com., ACA, ACS |
|
Experience : |
25 Years |
|
Date of Appointment : |
31.08.2007 |
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|
|
|
Name : |
Mr. Hemant S. Athavale |
|
Designation : |
General Manager - Materials |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B.Com., MBA |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.05.2006 |
|
|
|
|
Name : |
Mr. Sanjeev S. Gokhale |
|
Designation : |
General Manager - Exports |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
BE (Chem.), MBA (Marketing) |
|
Experience : |
28 Years |
|
Date of Appointment : |
06.10.1994 |
|
|
|
|
Name : |
Mr. Muralidhar K. Prabhu |
|
Designation : |
General Manager - Engineering Purchase |
|
Date of Birth/Age : |
49 Years |
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Qualification : |
LEE, BCA, Diploma in Business Management |
|
Experience : |
31 Years |
|
Date of Appointment : |
02.02.2004 |
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|
|
|
Name : |
B.M. Raul |
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Designation : |
General Manager - Secretarial and Legal |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Com. (Hon.), LLB, CAIIB, FCS |
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Experience : |
26 Years |
|
Date of Appointment : |
21.08.2006 |
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|
Name : |
Dr. IAPS Murthy |
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Designation : |
General Manager – Lote Unit |
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Date of Birth/Age : |
47 Years |
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Qualification : |
M. Sc. (Chemistry), Ph.D. (Chemistry) |
|
Experience : |
17 Years |
|
Date of Appointment : |
18.01.2008 |
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|
|
|
Employed for
part of the financial year : |
|
|
Name : |
S.Y. Deshpande |
|
Designation : |
Vice President - Manufacturing |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
B. Tech. |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.10.1998 |
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|
|
|
Name : |
D.B. Satam |
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Designation : |
Vice President - Human Resources |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B.A., MLS |
|
Experience : |
33 Years |
|
Date of Appointment : |
22.08.2005 |
|
|
|
|
Name : |
Mr. Sandeep Puri |
|
Designation : |
Business Director and Regional Sales Director |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
CIPET |
|
Experience : |
26 Years |
|
Date of Appointment : |
08.11.2010 |
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|
|
|
Name : |
Mr. Chakrapani Atmakur |
|
Designation : |
General Manager - Human Resources |
|
Date of Birth/Age : |
44 Years |
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Qualification : |
B.Sc., MBA |
|
Experience : |
18 Years |
|
Date of Appointment : |
17.01.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.12.2011
|
Names of Allottees |
|
No. of Shares |
|
SI Group Inc., |
|
35231619 |
|
SI Group-Canada Limited, |
|
1 |
|
Total |
|
35231620 |
As on 08.09.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Nationalised or other banks |
|
0.02 |
|
Mutual funds |
|
0.01 |
|
Foreign holdings
[Foreign institutional investors, Foreign Companies, Foreign Financial Institutions,
Non-resident Indian or Overseas corporate bodies or others] |
|
14.13 |
|
Bodies corporate |
|
83.33 |
|
Other top fifty shareholders |
|
0.42 |
|
Others |
|
2.09 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of Organic Chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity (1) (MT) |
Actual
Production MT |
|
Basic Chemicals |
78,615 |
66,033 |
|
Industrial Solvents |
33,360 |
35,795 |
|
Performance Resins |
4,000 |
5,531 |
|
Others |
66,720 |
59,465 |
(1) Installed capacity as certified by the management, on which the
auditors have placed reliance, this being a technical matter.
(2) Licensed capacity not disclosed since licensing requirements are not
applicable.
(3) Production includes quantity used for captive consumption.
(4) Excludes 316 MT produced by third party manufacturer.
GENERAL INFORMATION
|
No. of Employees : |
4886 (Approximately) |
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Bankers : |
v
State Bank of v
Bank of v ABN Amro Bank N. V. v Credit Lyonnais Bank v HDFC Bank Limited v
The Bank of v
Bank of v The Hongkong and Shanghai Banking Corporation Limited v JP Morgan Chase Bank, N.A. v
State Bank of |
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|
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Facilities : |
(A) Short-term non
revolving loan from banks-The ultimate holding company has issued corporate
guarantee/stand by letter of credit in favour of the Banks for this loan (B) Buyers credit arrangement |
|
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|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Caterpillar
Financial Services Corporation, 3322 Westend Avenue, Nashville, Tennessee -
037203, United States of America |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, Apollo
Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Ultimate holding
Company : |
SI Group Inc. (Holding 13.73%) |
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|
|
|
Holding Company
: |
|
|
|
|
|
Fellow
Subsidiary : |
v
SI Group-UK, Limited v
SI Group-Canada, Limited v
Yuka-Schenectady Company Limited v
SI Group-Brasil Resinas Limited v
SI Group-Crios Resinas Limited v
SI Group-Ribecourt SAS v
SI Group-Bethune SAS v
SI Group-Switzerland, GmbH v
SI Group-South v
SI Group-Australia Pty Limited v
SI Group ( v
SI Group ( v
Schenectady Korea Limited v
SI Group-Singapore Pte Limited v
SI Group-Energy LLC v
Schenectady International Group Inc. v
v
Schenectady Asia Pacific Holding Inc. v
|
CAPITAL STRUCTURE
After 08.09.2011
Authorised Capital : Rs.1035.000 millions
Issued, Subscribed & Paid-up Capital : Rs.71.029
millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42306250 |
Equity Shares |
Rs.10/- each
|
Rs.423.063
millions |
|
|
|
|
|
Notes:
Of the above:
(1) 2450000 equity
shares of Rs.10 each were allotted as fully paid-up by way of bonus shares by
capitalisation of reserves.
(2) 3675000 equity
shares were issued by way of Rights shares in the ratio of 1:2 at a premium of
Rs.5 per share and 18131250 equity shares were issued by way of Rights shares
in the ratio of 3:4 at a premium of Rs.18 per share.
(3) 1150000 fully
paid-up equity shares were issued to the shareholders of the earstwhile
Schenectady Specialities Asia (Private) Limited (SSAPL) upon merger in the
ratio of 1:10 (Face value Rs.10 each).
(4) 35203357 fully
paid-up equity shares are held by
(5) 5976685 fully paid-up equity shares are held by SI Group Inc.
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 |
423.063 |
423.063 |
423.063 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2219.096 |
1216.380 |
804.855 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2642.159 |
1639.443 |
1227.918 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
199.676 |
360.000 |
|
|
2] Unsecured Loans |
33.138 |
774.444 |
1207.612 |
|
|
TOTAL BORROWING |
33.138 |
974.120 |
1567.612 |
|
|
DEFERRED TAX LIABILITIES |
136.416 |
172.438 |
165.506 |
|
|
|
|
|
|
|
|
TOTAL |
2811.713 |
2786.001 |
2961.036 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1248.898 |
1360.422 |
1478.481 |
|
|
Capital work-in-progress (including capital advances) |
26.874 |
12.700 |
73.203 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
0.004 |
0.004 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
907.949
|
901.942
|
641.154
|
|
|
Sundry Debtors |
1449.155
|
1289.764
|
968.564
|
|
|
Cash & Bank Balances |
187.599
|
13.877
|
69.012
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
252.768
|
273.707
|
364.537
|
|
Total
Current Assets |
2797.471
|
2479.290
|
2043.267
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
883.603 |
755.055 |
454.669 |
|
|
Other Current Liabilities |
154.057
|
99.761
|
87.064
|
|
|
Provisions |
223.874
|
211.599
|
92.186
|
|
Total
Current Liabilities |
1261.534
|
1066.415
|
633.919
|
|
|
Net Current Assets |
1535.937
|
1412.875
|
1409.348
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2811.713 |
2786.001 |
2961.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
9075.528 |
6892.131 |
6257.774 |
|
|
|
Other Income |
90.460 |
57.730 |
61.402 |
|
|
|
TOTAL (A) |
9165.988 |
6949.861 |
6319.176 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
5840.337 |
|
6318.345 |
|
|
|
Manufacturing service costs |
697.029 |
608.306 |
|
|
|
|
Contract cost |
14.313 |
12.821 |
|
|
|
|
Employee related expenses |
479.273 |
347.962 |
|
|
|
|
Administrative selling other expenses |
465.377 |
514.202 |
|
|
|
|
TOTAL (B) |
7496.329 |
6144.995 |
6318.345 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1669.659 |
804.866 |
0.831 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
24.307 |
87.745 |
147.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1645.352 |
717.121 |
(146.188) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
125.300 |
144.498 |
137.903 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1520.052 |
572.623 |
(284.091) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
516.518 |
160.753 |
(50.393) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1003.534 |
411.870 |
(233.698) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
730.842 |
318.771 |
552.469 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1734.376 |
730.842 |
318.771 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
1696.817 |
1440.398 |
1167.628 |
|
|
|
Indenting Commission |
6.158 |
5.635 |
|
|
|
|
Research and development fees |
31.742 |
20.210 |
|
|
|
|
Others |
0.000 |
4.900 |
|
|
|
TOTAL EARNINGS |
1734.717 |
1471.143 |
1201.662 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2168.378 |
1655.772 |
1537.404 |
|
|
|
Traded goods |
0.321 |
34.781 |
157.328 |
|
|
|
Stores, spares and process chemicals |
4.728 |
14.193 |
15.948 |
|
|
|
Capital Goods |
1.842 |
1.135 |
7.680 |
|
|
TOTAL IMPORTS |
2175.269 |
1705.881 |
1718.360 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
23.72 |
9.74 |
(5.52) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.95
|
5.93 |
(3.70) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.75
|
8.31 |
(4.54) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.57
|
14.91 |
(8.07) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.35 |
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.49
|
1.24 |
1.79 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
2.32 |
3.22 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry creditors |
|
|
|
|
- Creditors due small micro enterprises |
0.243 |
0.243 |
0.243 |
|
- Creditors due others |
883.360 |
754.812 |
454.426 |
|
Total
|
883.603 |
755.055 |
454.669 |
|
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) 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 |
Note: The Registered
Office of the company has been changed from Air India Building, 13th
Floor, Nariman Point, Mumbai - 400 021, Maharashtra to the present w.e.f.
18.02.2005.
HISTORY
Promoted in 1965 by EID-Parry (
ACQUISITION OF THERMOSETS DIVISION OF XPRO INDIA
LIMITED:
In alignment with
SI Group business strategy, the Company was looking for expansion of its
business operations in industrial resins which are adjacent to rubber resins
and fall under one of the strategic market segment identified globally.
The Company
identified an opportunity for augmenting its resin business through the
acquisition of the Thermo sets Division of Xpro India Limited (XIL) engaged in
manufacture of Thermo set moulding powders and Synthetic Resins.
The Company has
since signed a Business Purchase agreement (BPA) with XIL on March 24, 2011,
for purchase of its Thermo sets Division on a going concern basis and is in the
process of acquiring the said business from XIL.
OPERATIONS REVIEW:
The sales turnover
at Rs.9840.000 millions was higher by 33.5% compared to that of the previous
year. The increase in turnover was due to both increase in the volumes sold and
higher selling prices. The financial performance during the year improved due
to increase in gross margins on sales. Margins improved due to a concerted
effort to create value by extracting more from the existing plants, optimizing
the sales realizations, judicious sourcing of raw materials and containment of
costs. The internal accruals enabled the company to repay the outstanding debt
during the year which significantly reduced the incidence of interest.
The Company is in the process of de-bottlenecking its capacity of
Isophorone and expects to complete the same by end September 2011.
AMALGAMATION OF
A proposal for
merger of the holding company - SIHPL with the Company was approved by the
Board of Directors of the Company at its meeting held on May 24, 2011. The
Company is in the process of filing an application in the Honorable Bombay High
Court seeking direction to hold shareholders/creditors meeting for approval of
the Merger Scheme. The Appointed date for the merger would be April 1, 2011.
PRODUCTION:
Total production
during the year ended March 31, 2011 at the Navi Mumbai unit was 143,938 MT,
being higher by4.27% compared to 138,059 MT during the previous year.
Production at the Rasal unit was 17,355 MT as against 18,870 MT during
the previous year, a decrease of 8.03%.
Production at Lote
unit was 5,531 MT as against 4,972 MT during the previous year, an increase of
11.25%.
The combined
production at the Navi Mumbai, Rasal and Lote units was 166,824 MT as against
161,901 MT in the previous year, an increase of 3.04%.
FINANCE:
During the year, the Company repaid all its borrowing from the bank and
became a debt free Company. The Company did not accept any fresh deposits or
renew any existing deposits from the public or shareholders during the year. As
of March 31, 2011, deposits aggregating Rs.0.114 million had matured for
payment but not been claimed by the depositors.
The following
products of the Company, viz. Phenol, Acetone, Diacetone Alcohol and
Performance Resins, come under the purview of Cost Accounting Records (Chemical
Industries), Rules, 1987. As per the requirement of Central Government and
pursuant to Section 233B of the Companies Act, 1956, Cost Audit is carried out
of cost records maintained by the Company in respects of Phenol, Acetone,
Diacetone Alcohol and Performance Resins. Subject to the approval of the
Central Government, the Company has appointed Mr. Kishore Bhatia, Cost
Accountant as Cost Auditors to audit the cost accounts of the Company for the
financial year 2011-12, approval of the Central Government has since been
received to the appointment of Mr. Kishore Bhatia. The Cost Audit report for
the financial year 2009-10, which was due to be filed with the Ministry of
Corporate Affairs on September 27, 2010, was filed on September 27, 2010.
CONTINGENT LIABILITIES
NOT PROVIDED FOR IN RESPECT OF: (AS ON 31.03.2011)
(a) Taxation
matters
(i) Demands
against the Company not acknowledged as debts Rs.159.725 millions.
(ii) Decisions in
favour of the Company not accepted by the Department Rs.25.524 millions.
(b) Central Excise
demand against the Company not acknowledged as debt Rs.19.037 millions.
(c) Customs duty
amounting to Rs.17.749 millions in dispute as demand raised against the Company
not acknowledged as debt.
(d) Electricity
duty amounting to Rs.48.655 millions in dispute as demand raised against the
Company not acknowledged as debt.
(e) Water charges
amounting to Rs.6.394 millions in dispute as demand raised against the Company
not acknowledged as debt.
(f) Claims against the Company not acknowledged as debts Rs.3.308
millions.
FIXED ASSETS:
Intangible Assets
v Goodwill
v Technical know how
v Computer software
Tangible Assets
v Leasehold land and development
v Freehold land and development
v Buildings
v Plant and Machinery
v Furniture, Fixtures and Equipment
v Vehicles
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.55.44 |
|
|
1 |
Rs.87.12 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.