1. SUMMARY INFORMATION
|
Country |
|
||
|
Company Name |
PETRO ARALDITE PRIVATE LIMITED |
Principal Name 1 |
Mr. Thukaram Ravindran |
|
Status |
Moderate |
Principal Name 2 |
Mr. Harald M Wiedeman |
|
Registration # |
11-104393 |
||
|
Street Address |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
||
|
Established Date |
10.12.1996 |
SIC Code |
-- |
|
Telephone# |
91-22-28270160 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28270162 |
Business Style 2 |
Dealers |
|
Homepage |
Product Name 1 |
Basic Liquid Resins |
|
|
# of employees |
80 (Approximately) |
Product Name 2 |
Solid Resins |
|
Paid up capital |
Rs.570,000,000/- |
Product Name 3 |
Formulation |
|
Shareholders |
Foreign holdings 76.00% Bodies Corporate – 24.00% |
Banking |
HSBC Bank |
|
Public Limited Corp. |
No |
Business Period |
16 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (32) |
|
Related
Company |
|||
|
Relation- |
Country
|
Company
Name |
CEO |
|
Ultimate Holding
Company |
-- |
Huntsman
Corporation |
-- |
|
Note |
- |
||
2. SUMMARY
FINANCIAL STATEMENT
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
793,490,000 |
Current Liabilities |
409,969,000 |
|
Inventories |
254,217,000 |
Long-term Liabilities |
363,062,000 |
|
Fixed Assets |
458,453,000 |
Other Liabilities |
51,330,000 |
|
Deferred Assets |
0 |
Total Liabilities |
824,361,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
111,799,000 |
|
|
|
Net Worth |
681,799,000 |
|
Total Assets |
1,506,160,000 |
Total Liab. & Equity |
1,506,160,000 |
|
Total Assets (Previous Year) |
1,392,210,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2,660,630,000 |
Net Profit |
154,980,000 |
|
Sales(Previous yr) |
2,743,710,000 |
Net Profit(Prev.yr) |
52,278,000 |
MIRA INFORM REPORT
|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PETRO ARALDITE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
10.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104393 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.570.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1996PTC104393 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP09084F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and
Formulation. |
|
|
|
|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2860000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 PARTED BY
|
Name : |
Mr. Chandra Harsh |
|
Designation : |
Financial Executive |
|
Contact No.: |
91-22-40951556 |
LOCATIONS
|
Registered Office : |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra,
India |
|
Tel. No.: |
91-22-28270160/40951556 |
|
Fax No.: |
91-22-28270162/56975237/40951556 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
|
|
Tel. No.: |
91-44-5940084-89/25940084/25940085/25940086 |
|
Fax No.: |
91-44-59400808 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Thukaram Ravindran |
|
Designation : |
Director |
|
Address : |
APPEARS 2258, Abhirami H Block, Opposite Kathiran Colony, Anna Nagar,
Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
25.09.1953 |
|
Date of Appointment : |
02.09.2008 |
|
DIN No. : |
01731887 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Director |
25/09/2008 |
2/9/2008 |
- |
Active |
NO |
|
Name : |
Mr. Harald M Wiedeman |
|
Designation : |
Director |
|
Address : |
Blasiring 16, Weil AM Rhien-79576, |
|
Date of Birth/Age : |
08.07.1959 |
|
Date of Appointment : |
09.09.2010 |
|
DIN NO: |
03196346 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24132MH2000PTC126012 |
Huntsman Advanced Materials ( |
Director |
27/09/2010 |
9/9/2010 |
- |
Active |
NO |
|
2 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Director |
27/09/2010 |
9/9/2010 |
- |
Active |
NO |
|
Name : |
Stuart David Foster |
|
Designation : |
Director |
|
Address : |
Weichelmattstrasse 58 CH 4103, Bottmingen 4103, |
|
Date of Birth/Age : |
29.08.1950 |
|
Date of Appointment : |
04.09.2009 |
|
DIN NO: |
02782980 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24132MH2000PTC126012 |
Huntsman Advanced Materials ( |
Director |
25/09/2009 |
4/9/2009 |
- |
Active |
NO |
|
2 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Director |
29/09/2009 |
4/9/2009 |
- |
Active |
NO |
|
Name : |
Mr. Patric Peter Verraes |
|
Designation : |
Director |
|
Address : |
Annegijs Boslaan, Overijse-3090, |
|
Date of Birth/Age : |
20.09.1972 |
|
Date of Appointment : |
09.09.2010 |
|
DIN NO: |
03155820 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24132MH2000PTC126012 |
Huntsman Advanced Materials ( |
Director |
27/09/2010 |
9/9/2010 |
- |
Active |
NO |
|
2 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Director |
27/09/2010 |
9/9/2010 |
- |
Active |
NO |
|
3 |
U24100GJ2010PTC062014 |
Huntsman Performance Products ( |
Additional director |
2/4/2011 |
2/4/2011 |
- |
Active |
NO |
|
Name : |
Mr. Rayomand P Sabawalla |
|
Designation : |
Director |
|
Address : |
Ralph Gideon Jaari Building, Med 73, Flat V 517, 500 Jabl Ali 196942, |
|
Date of Birth/Age : |
31.05.1977 |
|
Date of Appointment : |
09.09.2010 |
|
DIN NO: |
03098056 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24132MH2000PTC126012 |
Huntsman Advanced Materials ( |
Whole-time director |
2/12/2010 |
27/07/2010 |
- |
Active |
NO |
|
2 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Director |
27/09/2010 |
9/9/2010 |
- |
Active
|
|
|
Name : |
Mr. Raamakrisnan Govindraman |
|
Designation : |
Director |
|
Address : |
Plot No. 24, Ekambarm 2, Main Road, Udaya Nagar, ETN Porur,
Chennai-600116, Tamilnadu, India |
|
Date of Birth/Age : |
31.08.1971 |
|
Date of Appointment : |
09.09.2010 |
|
DIN NO: |
03156002 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24110MH1996PTC104393 |
Petro Araldite Private Limited |
Whole-time director |
2/12/2010 |
9/9/2010 |
- |
Active |
NO |
|
Name : |
Dominic Louis Savio |
|
Designation : |
Director |
|
Address : |
Do R No. 66, Halls Road, Flat No. 28, Second Floor, Reggla Apartment, Kilpauk,
Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
09.07.1958 |
|
Date of Appointment : |
02.12.2010 |
|
DIN NO: |
03315073 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24110MH1996PTC104393 |
PETRO
ARALDITE PRIVATE LIMITED |
Director |
30/09/2011 |
02/12/2010 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Harsh |
|
Designation : |
Financial Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tamilnadu Petro Products Limited, India |
|
1368000 |
|
Vantico International Sarl, Luxembourge |
|
4332002 |
|
|
|
|
|
TOTAL
|
|
5700002 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
76.00 |
|
Bodies
corporate |
|
24.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and
Formulation. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Basic liquid resins (bulk) |
MT |
20000 |
2716 |
|
Solid resins |
MT |
10000 |
6400 |
|
Liquid solutions |
MT |
4000 |
3349 |
|
Formulations |
MT |
5000 |
4641 |
|
Basic liquid resin (Repacked) |
MT |
-- |
5419 |
|
Formulations (Small Packs) |
MT |
-- |
1943 |
|
Semi finished
goods |
|
|
|
|
Intermediate BLR |
MT |
-- |
13435 |
|
Intermediate formulations |
MT |
-- |
151 |
GENERAL INFORMATION
|
No. of Employees : |
80 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
HSBC Bank |
|||||||||
|
|
|
|||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
ASV N Ramana Tower, 52, |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
PAN No: |
AACFD4815A |
|
|
|
|
Holding Company : |
Vantico
International, S.A.R.L |
|
|
|
|
Ultimate Holding Company : |
Huntsman
Corporation |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Joint Venture : |
Tamilnadu
Petroproducts Limited [L23200TN1984PLC010931] |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs.600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5700002 |
Equity Shares |
Rs.100/-
each |
Rs.570.000
Millions |
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 |
570.000 |
570.000 |
570.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
146.486 |
111.799 |
23.286 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
716.486 |
681.799 |
593.286 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
348.290 |
363.062 |
354.331 |
|
|
TOTAL BORROWING |
348.290 |
363.062 |
354.331 |
|
|
DEFERRED TAX LIABILITIES |
36.370 |
51.330 |
56.444 |
|
|
|
|
|
|
|
|
TOTAL |
1101.146 |
1096.191 |
1004.061 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
440.558 |
458.453 |
486.470 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
304.177
|
254.217
|
323.098
|
|
|
Sundry Debtors |
278.125
|
86.210
|
68.403
|
|
|
Cash & Bank Balances |
85.056
|
433.864
|
251.059
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
365.850
|
273.416
|
263.180
|
|
Total
Current Assets |
1033.208
|
1047.707
|
905.740
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
202.286
|
232.580
|
269.198
|
|
|
Other Current Liabilities |
100.437
|
85.499
|
79.761
|
|
|
Provisions |
69.897
|
91.890
|
39.190
|
|
Total
Current Liabilities |
372.620
|
409.969
|
388.149
|
|
|
Net Current Assets |
660.588
|
637.738
|
517.591
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1101.146 |
1096.191 |
1004.061 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3274.000 |
2660.630 |
2743.710 |
|
|
|
Other Income |
46.000 |
52.347 |
59.444 |
|
|
|
TOTAL (A) |
3320.000 |
2712.977 |
2803.154 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
|
2130.953 |
2364.568 |
|
|
|
Employee Costs |
3093.000 |
40.984 |
36.907 |
|
|
|
Other Expenses |
|
248.725 |
267.307 |
|
|
|
TOTAL (B) |
3093.000 |
2420.662 |
2668.782 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
227.000 |
292.315 |
134.372 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.000 |
2.670 |
0.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
221.000 |
289.645 |
134.087 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.000 |
54.779 |
62.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
168.000 |
234.866 |
71.684 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.000 |
79.886 |
19.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
101.000 |
154.980 |
52.278 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
112.000 |
23.286 |
4.352 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
57.000 |
28.500 |
|
|
|
Corporate Dividend |
|
9.467 |
4.844 |
|
|
BALANCE CARRIED
TO THE B/S |
147.000 |
111.799 |
23.286 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
500.772 |
398.422 |
658.135 |
|
|
|
Recovery of freight on exports |
29.000 |
11.411 |
31.435 |
|
|
TOTAL EARNINGS |
529.772 |
409.833 |
689.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1540.926 |
1132.974 |
1139.814 |
|
|
|
Capital Goods |
1.261 |
9.286 |
9.108 |
|
|
TOTAL IMPORTS |
1542.187 |
1142.260 |
1148.922 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.72 |
27.19 |
9.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.04
|
5.71
|
1.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.13
|
8.83
|
2.62
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.40
|
15.59
|
5.16
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.34
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
1.13
|
1.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
2.55
|
2.33
|
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
OPERATIONAL
HIGHLIGHTS:
Sales during the current
year has increased by 23% as compared to the previous year. Material costs as a
percentage to sales increased to 83% in the current year as against 80% in the
previous year.
Employee costs and other expenses were under control during the year
resulting in a marginal increase in percentage terms to sales to 11% as against
10.88 % in the previous year.
Statutory
restriction on production of solid resin and solutions by TNPCB, issues
relating to effluent treatment and critical raw material supplies, resulted in
lower production which led to potential loss in business revenues.
EBITDA has
decreased to Rs 227.000 Millions as against Rs 291 Millions in the previous
year. The company has also been able to register a cash profit of Rs 221.000
Millions as against Rs 290.000 Millions in the previous year. Net Provision for
tax amounted to Rs 67.000 Millions resulting in a profit after tax of Rs
101.000 Millions. The accumulated balance in the profit and loss account of the
company is Rs 213.000 Millions comprising of Rs 101.000 Millions profit after
tax for the current year and Rs 112.000 Millions as carry forward from the
previous year.
- FIEO Niryat Shree Awards for the year 2008-09 received for
Certificate of Excellence for Exports
- Demand for formulated products was good.
- Domestic demand in 2010 was fairly good and higher than that of
last year.
FUTURE OUTLOOK:
- Import of additional ECH requirement over and above TPL contract
volume to meet the business demand and the operation is fully stabilized.
- The new TPL ECH contract to be signed after mutual agreement
between TPL and PAPL, on pricing formula.
- New products Araldite CW 5551 IN and Aradur HY 5552 IN introduced
in ignition coil system in cycle industry assures low cost and better product
to end users. Good business foreseen.
- Arathane 3427 formulated product transfer will happen in 2011 for
supplying 200 mt per annum to Gamesa for their Wind Turbine business.
- Additional demands from Painting and Coating industry expected in
Q4-2011. Removal of restriction on production of Solids and solutions by
TNPCB is required to meet the demand.
- In Electrical segment, demand for all products has gone up by 15 to
20%.
- Expecting more demand from Egypt for Resin AY105.
- Projects planned : Boiler, New solvent storage facility, ECH
storage capacity enhancement, Reduction of effluent quantity generation
and COD reduction at source, Fume cupboards for QC lab, Permanent/safe
mobile structures in various areas for safe loading and unloading, N2
plant capacity enhancement and static mixer for continuous production of
diluent products.
- Though margins continue to be under pressure, with revival of
economy and return of GDP growth company expects to regain its volume and
market share. Fixed Costs control will be biggest challenge.
CONTINGENT LIABILITIES:
|
Particular |
As on 31.03.2011 (Rs. in
Millions) |
As on 31.03.2010 (Rs. in
Millions) |
|
Tamilnadu General Sales Tax Act, 1959 |
9712.000 |
9712.000 |
|
Central Sales Tax Act, 1956 |
38.000 |
38.000 |
|
Tamilnadu Tax on Entry of Motor Vehicles
into Local Areas Act, 1990 |
2307.000 |
2307.000 |
|
Income Tax Act, 1961 |
88.797 |
0.000 |
|
TOTAL |
12145.797 |
12057.000 |
FIXED ASSETS:
- Factory
buildings
- Plant and
machinery
- Office
equipment
- Computers
- Furniture and
fittings
- Vehicles
- Temporary
structures
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 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.52.75 |
|
|
1 |
Rs.85.07 |
|
Euro |
1 |
Rs.69.04 |
INFORMATION DETAILS
|
Report Prepared by
: |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
|
32 |
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.