MIRA
INFORM REPORT
|
Report No. : |
216132 |
IDENTIFICATION DETAILS
|
Name : |
TOTAL OIL INDIA PRIVATE LIMITED (w.e.f.12.03.2010) |
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|
|
|
Formerly Known
As : |
TOTAL OIL INDIA LIMITED (w.e.f.04.12.2009) TOTAL LPG INDIA LIMITED (w.e.f.24.06.2008) ELF GAS INDIA LIMITED |
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Registered
Office : |
3rd Floor, The Leela Galleria, Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra |
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|
Country : |
India |
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|
|
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Financials (as
on) : |
31.12.2011 |
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Date of Incorporation
: |
09.01.1996 |
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Com. Reg. No.: |
11-194631 |
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Capital
Investment / Paid-up Capital : |
Rs. 271.811
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U23203MH1996PTC194631 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMT15808C |
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PAN No.: [Permanent Account No.] |
AAACE2175M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Lubricating Oils. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10200000 |
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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 an established company having fine track record. General financial
position of the company is good. Trade relations are reported as fair.
Business is active. Payment are reported to be regular and as per
commitments. The company can be considered good for normal 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
|
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 (GENERAL DETAILS)
|
Name : |
Mr. Jeetendra Rajpal Daryani |
|
Designation : |
Secretary |
|
Contact No.: |
91-22-66407700 |
|
Date : |
01.04.2013 |
LOCATIONS
|
Registered Office : |
3rd Floor, The Leela Galleria, Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-66407700 |
|
Fax No.: |
91-22-66047720 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office : |
# 138, Ground Floor and First Floor, Raheja Paramount, Residency Road,
Bangalore – 560025, Karnataka, India |
|
Tel. No. : |
91-80-42730000 |
|
|
|
|
Factory : |
Plot No. 26, TTC Industrial Area, Mahape MIDC, Post Koparkharine, Navi
Mumbai – 400710, Maharashtra, India |
|
Tel. No. : |
91-22-27788000 |
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|
|
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Marketing Office : |
Located at: v
v Chennai v
v
v
|
DIRECTORS
AS ON 16.04.2012
|
Name : |
Mr. Vijay Kumar Balakrishnan |
|
Designation : |
Chairman and Managing director |
|
Address : |
209, Vars, Fantasy, Hac, 2nd Stage, Indiranagar, Bangalore
- 560008, Karnataka, India |
|
Date of Birth/Age : |
12.04.1956 |
|
Date of Appointment : |
05.10.2009 |
|
DIN No.: |
02829765 |
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|
|
|
Name : |
Mr. Prakash Jonnalagadda |
|
Designation : |
Whole-time director |
|
Address : |
380, Sivan Apartments, |
|
Date of Birth/Age : |
04.08.1961 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
02753687 |
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|
|
|
Name : |
Yves Felicien Jassaud |
|
Designation : |
Whole-time director |
|
Address : |
10, Bis AV, DU General Leclerc – 78100, |
|
Date of Birth/Age : |
01.02.1959 |
|
Date of Appointment : |
14.08.2010 |
|
DIN No.: |
03153904 |
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|
|
|
Name : |
Francois Dehodencq |
|
Designation : |
Director |
|
Address : |
8, Draycott Park, # 02-06 Draycott Eight, Singapore - 259404 |
|
Date of Birth/Age : |
07.11.1956 |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
05212868 |
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|
|
|
Name : |
Olivier Goutal |
|
Designation : |
Additional director |
|
Address : |
1 Lady Hill Road, 258670, Singapore - 458676 |
|
Date of Birth/Age : |
26.05.1962 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
05328413 |
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|
|
|
Name : |
Christine Hein |
|
Designation : |
Additional director |
|
Address : |
Total Oil Asia-Pacific Pte Limited, 331, North Bridge Road, #23-01 Odeon Towers, Singapore - 188720 |
|
Date of Birth/Age : |
24.08.1967 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
05349461 |
KEY EXECUTIVES
|
Name : |
Mr. Jeetendra Rajpal Daryani |
|
Designation : |
Secretary |
|
Address : |
501, Tulip CHS, Satguru Gardens, Chendani, Thane (East) - 400603,
Maharashtra, India |
|
Date of Birth/Age : |
20.04.1968 |
|
Date of Appointment : |
13.09.2011 |
|
PAN No.: |
AGHPD5327Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.04.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Total Holding Asie, France |
|
8894387 |
|
Total Raffinage Marketing, France |
|
8544656 |
|
Total |
|
17439043 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Total Raffinage Marketing, France |
|
9742091 |
|
Total |
|
9742091 |
AS ON 16.04.2012
|
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] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Lubricating Oils. |
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Products : |
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Terms : |
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Selling : |
Cash, Credit and Cheque |
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Purchasing : |
Cash, Credit and Cheque |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Lubricating oils
and greases (annual)* |
MT's |
N.A |
60,000 |
-- |
|
- Processed at its own plant |
MT's |
-- |
-- |
42115 |
|
- Processed by third party |
MT's |
-- |
-- |
19344 |
|
Greases of
various grades |
|
|
|
|
|
- Processed by third party |
MT's |
N.A |
N.A |
3107 |
|
Special fluids |
|
|
|
|
|
- Processed by third party |
MT's |
N.A |
N.A |
568 |
* Technically assessed and certified by the management on double shift
basis.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
Ř Standard
Chartered Bank, 90, M G Road, Fort, Mumbai – 400001, Maharashtra, India Ř BNP Paribas
Bank, French Bank Building, 62, Homji Street, Fort, Mumbai – 400001, Maharashtra,
India [Tel No. 91-22-66501300] |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
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Holding company : |
Total Raffinage Marketing |
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Ultimate holding
company : |
Total S.A. |
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|
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Fellow
Subsidiaries / Associates : |
Ř Total
Lubrifiants Ř Arteco Ř Total Belgium
S.A Ř Total Oil Asia
Pacific Pte Limited Ř PT Total Oil
Indonesia Ř S Oil Total
Lubricants Company Limited Ř Total
Lubricants, USA Ř Total Fluids Ř Total Gestion
Internationale, Switzerland Ř Total
Petrochemicals Hongkong Limited Ř Totsa Total Oil
Trading SA, Geneva Ř SA Petrofina
NV-Total Petrochemicals – Belgium Ř Total Vinergy
Bitumen India Private Limited Ř Total Lubricants
Japan Company Limited Ř Total
Philippines Corporation Ř Total Gaz
Vietnam Limited Company Ř Total Projects
India Private Limited Ř Total Lubricants
Taiwan Limited Ř Total Oil
Malaysia SDN BHD Ř Total Oil
Thailand Ř
Total Holding Asie (Formerly known as Elf
Antargaz International, SA ) Ř Total China
Investment Company Limited Ř Arteco Coolants
India Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1220.000 Millions |
|
15,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 1370.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17,439,043 |
Equity Share |
Rs.10/- each |
Rs. 174.390
Millions |
|
9,742,091 |
Preference Shares |
Rs. 10/- each |
Rs. 97.421
Millions |
|
|
Total |
|
Rs. 271.811 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
271.811 |
271.811 |
271.811 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2273.625 |
1547.559 |
1478.610 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2545.436 |
1819.370 |
1750.421 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
330.000 |
28.015 |
71.477 |
|
|
2] Unsecured Loans |
1050.244 |
233.036 |
630.923 |
|
|
TOTAL BORROWING |
1380.244 |
261.051 |
702.400 |
|
|
DEFERRED TAX LIABILITIES |
0.269 |
8.729 |
15.467 |
|
|
|
|
|
|
|
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TOTAL |
3925.949 |
2089.150 |
2468.288 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
980.013 |
892.889 |
841.191 |
|
|
Capital work-in-progress |
524.554 |
270.292 |
174.080 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2705.634
|
1784.640
|
1476.164
|
|
|
Sundry Debtors |
1378.348
|
900.658
|
672.390
|
|
|
Cash & Bank Balances |
217.948
|
134.606
|
1611.672
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
560.590
|
510.203
|
281.771
|
|
Total
Current Assets |
4862.520
|
3330.107
|
4041.997 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1755.079
|
1157.800
|
1187.682 |
|
|
Other Current Liabilities |
478.379
|
531.365
|
402.669
|
|
|
Provisions |
207.680
|
714.973
|
998.629
|
|
Total
Current Liabilities |
2441.138
|
2404.138
|
2588.980 |
|
|
Net Current Assets |
2421.382
|
925.969
|
1453.017
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3925.949 |
2089.150 |
2468.288 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
15955.014 |
13004.368 |
8102.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
14904.205 |
11961.765 |
7105.982 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1050.809 |
1042.603 |
996.318 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
324.743 |
374.286 |
356.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
726.066 |
668.317 |
640.245 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.445 |
0.329 |
171.422 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
66.832 |
64.024 |
|
|
|
Proposed Dividend |
0.000 |
514.000 |
638.757 |
|
|
|
Tax on Dividend |
0.000 |
85.369 |
108.557 |
|
|
BALANCE CARRIED
TO THE B/S |
728.511 |
2.445 |
0.329 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service charges |
14.974 |
38.763 |
91.099 |
|
|
|
Others |
29.936 |
5.587 |
4.043 |
|
|
|
FOB values of exports |
23.105 |
10.091 |
6.223 |
|
|
TOTAL EARNINGS |
68.015 |
54.441 |
101.365 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3770.174 |
2349.652 |
1520.717 |
|
|
|
Finished Goods |
0.000 |
0.000 |
46.141 |
|
|
|
Capital Goods |
75.121 |
22.231 |
21.885 |
|
|
|
Traded Goods |
5311.263 |
4203.984 |
2433.805 |
|
|
TOTAL IMPORTS |
9156.558 |
6575.867 |
4022.548 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.71 |
24.59 |
23.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
4.55 |
5.14
|
7.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.99 |
24.69
|
20.40
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.57
|
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54 |
0.14
|
0.40
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99 |
1.39
|
1.56
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
Sundry creditors |
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
27.273 |
27.584 |
0.000 |
|
Creditors due others |
1727.806 |
1130.216 |
1187.682 |
|
Total |
1755.079 |
1157.800 |
1187.682 |
|
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 |
Yes |
|
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 |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Rupee term loans banks unsecured |
1049.880 |
231.529 |
|
Rupee term loans others unsecured |
0.364 |
1.507 |
|
Total |
1050.244 |
233.036 |
|
Note: Unsecured Loans
from banks under buyers credit + Unsecured loans from Banks under short term
loan |
||
Note:
The registered office of the company
has been shifted from No. 721, CMH Road, Indira Nagar, Bangalore – 560038, Karnataka,
India to the present address w.e.f.30.07.2009
PERFORMANCE REVIEW
LUBRICANTS BUSINESS
The
Company has achieved growth in sales and marginal growth in market share in the
year 2011 battling the duel challenges of slowdown in demand and higher input
costs. Efforts by all the stakeholders to sustain and grow the volumes have
helped the division to improve its market share by 0.1% in 2011. Overall sales
volume grew by about 8%. The growth was fuelled by sales to OEMs which
registered growth of over 31%. Sales revenues stood at 9,777 MINR registering a
growth of over 21% over the previous year. Proactive pricing actions and
product mix improvement has contributed to the superior revenue performance.
The
division has continued to pursue its strategy to focus on high return growing
segments and has taken new initiatives to expand its consumer base through on
ground campaigns, retailer/mechanic contact programs and innovative sales and
trade promotions.
The
Company continues to support Total Elite Club programme to reward the select
distributors who demonstrates high volume growth performance with superior long
term investment in the business to generate sustainable growth over long term.
During
the year, the division continued to focus on a wide array of marketing
activities aimed at strengthening the brand position. In the MCO and PCMO
segment, focus on high potential cities with a combination of promotions and
campaigns continued in the year 2011. The Company has decided to continue its
association with bollywood celebrity Shahid Kapoor for endorsing brand ELF
MOTO. To improve our brand recall in MCO and PCMO segment, the division has
increased investment in media by 22% in 2011. There was a dedicated effort to
improve brand communication of the brand TOTAL in 2011, through a national
multimedia campaign (TV and print). This strategy would help to improve brand
awareness of its flagship product ranges such as TOTAL Quartz and ELF Moto. To
support it further the division has commissioned 300 Moto Zones and 50 Rapid
Auto Service, a branded workshop initiative developed to increase consumer
contact points for the flagship brands.
The
focus on improving presence in high density truck terminals and important
tractor markets continued in the year 2011 across the country. The emphasis was
on systematic conversion among transporters and tractor owners and educating
the independent garages about the benefits of our product.
The
division continued its strategic intent to increase presence of brand TOTAL in
its overall portfolio of product by launching TOTAL Tractagri XPL, a premium
tractor engine oil and also TOTAL Multis XL 3a premium multipurpose grease. The
products were launched with innovative BTL campaign across the country.
Further,
the division continued building and strengthening its relationships with OEMs
with existing and future partners. The Company has been rewarded 2nd time in a
row from Maruti Suzuki “Overall Excellence” award in Silver Category during
their Vendor conference in May 11.
The
Indian Lubricants industry has seen a challenging year in 2011. Slowdown in
demand across sectors coupled with higher input costs has impacted
profitability. All segments including Cars+UVs, 2 Wheelers, CVs and off highway
equipments have shown slowdown in pace of growth in the 2nd half of year 2011
vis a vis 2010. This has also impacted the growth in the lube consumption in
all the main channels such as automotive sales for commercial and consumer
segment. Industrial lubes consumption has also seen slowdown due to slowdown in
all the core sectors including steel, coal, power etc.
To
improve the productivity of vehicles and to reduce the servicing costs for
their consumers, OEMs are upgrading the specifications of recommended products.
This has led to increased drain intervals especially in CVs segment which has
tapered the overall growth in lubricants consumption. Cars and 2 wheeler OEMs
are moving rapidly towards fuel economy products, as is evident from the change
in recommendation to lower viscosity engine oils by Maruti, GM and Honda. They
believe that more and more OEMs would follow this strategy in coming years.
Total has developed a lubricants fuel economy range covering all the segments.
This competitive advantage would position Total favorably with regard to these
evolutions of market.
In
tractor segment the shift from dry brake to wet brake tractors have gathered
momentum and it is expected to continue in the coming years.
The gradual
shift of servicing from unorganized road side garages to OEM franchisee
workshop continues. This has made the OEM franchisee workshop business highly
competitive.
In the
bazaar trade, competition has been intense with all major lubricants players fighting
for the shelf space by offering innovative trade / consumer schemes to the
retailers / mechanics and consumers. In such a cluttered and competitive market
brand recall is becoming more and more important for generating sales pull and
it is also visible from the increased ATL spend in the lubricants industry
LPG BUSINESS
The
Company remained as market leader among all market participants in Boom/Boot
segment achieving 10% growth in volume year on year. 2 Boom customers
commissioned in 2011, including the prestigious Caterpillar installation at
Chennai. 6 new contracts signed in 2011 are expected to yield about 2800 MTs of
sales at full potential
Two
new Auto LPG outlets commissioned (3000 MTs per annum potential) of which one was
the flag ship outlet at Mission Road . 3 new contracts signed in 2011 and
achieved 11% Volume YOY growth, much above the industry average. Market share
improved from 5.02% to 5.42% on all India basis and the division continues to
be ranked second among the highest per pump throughput in India among public
sector and private sector companies.
The
Quantaz segment continues to perform well and is increasingly finding its way
into newer applications. It is the preferred choice in the high volume hot-mix
segment and has registered a growth of over 32%. So far, the Company is the
only player in this segment with a package of 990 liter capacity. Containers
were developed locally this year instead of importing. 22 new Quantaz customers
commissioned (2098 MTs per annum contracted) and 29 new contracts signed (3028
MTs per annum contracted). The eco-system built around the Quantaz package
continues to receive enthusiastic reception from the customers.
The
division’s terminal at Mangalore has achieved an all time record throughput of
0.49 MMT of LPG. Out of this 0.37 MMT belonged to national oil companies and
0.12 MMT was own imports. Terminalling and through putting agreement signed
with Indian Oil Corporation Limited and Bharat Petroleum Corporation Limited
during July 2010 is instrumental in increasing the terminal utilization by many
folds. Revenue from terminalling operation was 5.45 MUSD. This agreement is
valid for 2 years upto end July 2012.
A Very
Large Gas Carrier (VLGC) of 44,000 MT carrying capacity biggest LPG carrier
called on new Mangalore port so far, was discharged at the division’s terminal.
This has become possible after we installed an unloading arm which can handle
ships of such large capacities. This terminal can handle ships of capacities ranging
from 2500 to 44000 MT with the facilities installed at berth no. 12 of new
Mangalore port.
The
division’s plant at Maduranthakam, near Chennai was revamped with “state of the
art” facilities for bottling cylinders and augmented fire protection facilities.
One of
the workers at Mangalore terminal received the “State Award for the Best Worker
of the year 2012” from Directorate of Factories, Karnataka State recognizing
his efforts in promoting safety. Even other workers have also received similar
awards during 2007, 2008 and 2009 as well.
AMALGAMATION
The Board of
Directors of the Company in its meeting held on 13 March 2012 considered and
approved the scheme of amalgamation between Total Vinergy Bitumen India Private
Limited (TVBIPL) and the Company (Scheme) with effect from 1 April 2011 (i.e.
the Appointed Date), subject to requisite approvals of, the members, the
financial institutions, banks and other creditors of the Company and the
Hon’ble High Court of Bombay. The Company has filed an application to dispense
with the meetings of the shareholders and creditors with the Hon'ble High Court
of Judicator at Mumbai on 30 March 2012 and the order is awaited. Pending
sanction of the Scheme by the Hon'ble High Court of Judicator at Mumbai, these
financial statements have been prepared without considering TVBIPL’s accounts
and once the Scheme is effective, these accounts will undergo a change with
effect from the Appointed Date.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.12.2011 |
31.12.2010 |
|
Demands in respect of which appeals have been filed: |
|
|
|
- Excise duty |
7.383 |
7.733 |
|
- Customs duty |
5.894 |
5.894 |
|
- Service tax |
7.842 |
6.724 |
|
- Income tax [including Fringe benefits tax Rs 7,092,477 |
137.818 |
64.953 |
|
- Sales tax |
17.571 |
13.801 |
|
|
|
|
|
Show cause and /or notices received in respect of |
|
|
|
- Excise duty |
25.952 |
1.245 |
|
- Service tax |
1.558 |
1.125 |
|
- Value added tax |
14.404 |
6.338 |
|
- Income tax [including Fringe benefits tax Rs 46,448 |
28.138 |
9.651 |
|
|
|
|
|
Bank guarantees |
|
|
|
- Letter of credit to supplier |
4.276 |
3.145 |
|
- Others |
4.370 |
0.843 |
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 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. 54.39 |
|
|
1 |
Rs. 82.32 |
|
Euro |
1 |
Rs. 69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.