MIRA
INFORM REPORT
|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GANDHAR OIL REFINERY (INDIA) LIMITED |
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Formerly Known
As : |
SUNOCO INDUSTRIES PRIVATE LIMITED GANDHAR OIL REFINERY ( |
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Registered
Office : |
29/3, Sewree Premises Co-Operative Society, Sewree (East), Mumbai- 400
015, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
07.10.1992 |
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Com. Reg. No.: |
11-068905 |
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Capital
Investment / Paid-up Capital : |
Rs. 115.000 Millions |
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CIN No.: [Company Identification
No.] |
U23200MH1992PLC068905 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG09470G MUMG08489F |
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PAN No.: [Permanent Account No.] |
AAACG3996J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Grade Mineral Oils and
Petrolatums. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Gandhar Group. It is a well established company
having satisfactory track record. The company is found to be performing well. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitment. The company can be considered 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
10.01.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating : A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
10.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative (91-22-24113667)
LOCATIONS
|
Registered Office : |
29/3, Sewree Premises Co-Operative Society, Sewree (East), Mumbai- 400
015, Maharashtra, India |
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Tel. No.: |
91-22-24113667/24132804/24146105 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
10th Floor, 1001-1002 Unique Towers, S. V. Road, Goregaon (West),
Mumbai-400062, Maharashtra, India |
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Tel. No.: |
91-22-40635600 |
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Fax No.: |
91-22-40635601 |
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E-Mail : |
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Factory 1 : |
T-10, MIDC Taloja Main Road, Taluka Panvel, District Raigad,
Maharashtra, India |
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Tel. No.: |
91-22-27412047/27401209 |
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Fax No.: |
91-22-27410408 |
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Factory 2 : |
Unit No.2, Plot No.2, Survey 678/1/3, Village Naroli,Near Naroli
Cheack Post, |
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Tel. No.: |
91-260-3293702 |
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Fax No.: |
91-260-2651120 |
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Branch Office : |
Located at: · Indore · Baroda · Haridwar · Pune |
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Depots: |
Located at: · Hyderabad · Baroda · Indore |
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Devanshu Pravinbhai Desai |
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Designation : |
Additional Director |
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Address : |
42, Dharam Prem, |
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Date of Birth/Age : |
26.02.1963 |
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Qualification: |
Advocate |
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Date of Appointment : |
08.11.2010 |
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DIN No. : |
00493980 |
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Name : |
Mr. Rajiv Makhanlal Mattoo |
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Designation : |
Whole Time Director |
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Address : |
B-6, Vasundhara Tilak Road, Ghatkopar East, Mumbai – 400 077,
Maharashtra, India |
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Date of Birth/Age : |
21.12.1958 |
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Qualification: |
B.com |
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Date of Appointment : |
08.11.2010 |
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PAN No.: |
AAJPM7942A |
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DIN No. : |
01062384 |
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Name : |
Mr. Ramesh Babulal Parekh |
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Designation : |
Whole Time Director |
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Address : |
A-802, Adarsh Classic, |
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Date of Birth/Age : |
12.06.1954 |
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Qualification: |
B.com |
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Date of Appointment : |
29.01.2009 |
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PAN No.: |
AAFPP6795C |
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DIN No. : |
01108443 |
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Name : |
Mr. Jitendra Babulal Parekh |
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Designation : |
Whole Time Director |
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Address : |
A-701, Adarsh Classic, |
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Date of Birth/Age : |
26.11.1952 |
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Qualification: |
B.com |
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Date of Appointment : |
01.04.2010 |
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PAN No.: |
AAGPP4510L |
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DIN No. : |
01108480 |
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Name : |
Mr. Aslesh Rameshkumar Parekh |
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Designation : |
Managing Director |
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Address : |
A – 802, Adarsh Classic, Adarsh Dugdhalay Road, Off Marve Road, Malad (West),
Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
01.03.1982 |
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Qualification : |
M.B.A |
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Date of Appointment : |
28.09.2010 |
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PAN No.: |
AGCPP5065E |
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DIN No. : |
02225795 |
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Name : |
Mr. Samir Ramesh Parekh |
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Designation : |
Managing Director |
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Address : |
A-802, Adarsh Classic, |
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Date of Birth/Age : |
12.04.1980 |
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Qualification : |
B.Com |
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Date of Appointment : |
28.09.2010 |
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PAN No.: |
AAFPP6795C |
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DIN No. : |
02225839 |
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Name : |
Mr. Rajiv Jitendra Parekh |
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Designation : |
Whole-time director |
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Address : |
A-701, Adarsh Classic, Adarsh Dugdhalay Compound, Off. |
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Date of Birth/Age : |
28.06.1976 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
02868122 |
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Name : |
Mr. Kailash Babulal Parekh |
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Designation : |
Additional Director |
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Address : |
703/A, Adarsh Classic Off, Marve Road, Malad West, Mumbai – 400 064,
Maharashtra, India |
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Date of Birth/Age : |
15.04.1956 |
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Qualification: |
B.com |
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Date of Appointment : |
08.11.2010 |
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PAN No.: |
AALPP5496L |
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DIN No. : |
02868124 |
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Name : |
Mr. Sitaram Ramgopal Choudhary |
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Designation : |
Additional Director |
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Address : |
C/55, Benher Apartment, Chanoavarkar lane, Borivali (West), Mumbai –
400092, |
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Date of Birth/Age : |
09.07.1974 |
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Qualification: |
B.com |
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Date of Appointment : |
08.11.2010 |
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DIN No. : |
02873497 |
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Name : |
Mr. Sarthak Behuria |
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Designation : |
Director |
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Address : |
K-99, Hauz Khas, New Delhi-110016, India |
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Date of Birth/Age : |
02.03.1952 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
03290288 |
MAJOR SHAREHOLDERS
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh B. Parekh |
|
200000 |
|
Jitendra B. Parekh Jointly with Mrs. Gulab J Parekh |
|
156000 |
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Kailash B Parekh Jointly with Mrs. Padmini Parekh |
|
156000 |
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Gulab J. Parekh Jointly with Jitendra B Parekh |
|
20000 |
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Pooja K. Parekh Jointly with Kailash B. Parekh |
|
16000 |
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Kunal K. Parekh Jointly with Kailash B. Parekh |
|
16000 |
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Samir R. Parekh Jointly with Ramesh B. Parekh |
|
16000 |
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Aslesh R. Parekh Jointly with Ramesh B Parekh |
|
16000 |
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Saurabh R. Parekh Jointly with Ramesh B Parekh |
|
16000 |
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Diya Parekh Jointly with Ramesh Parekh |
|
16000 |
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Ramesh Parekh Jointly with Sunita Parekh |
|
103000 |
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Sunita Parekh Jointly with Ramesh Parekh |
|
44000 |
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Rajiv Parekh Jointly with Jitendra B. Parekh |
|
20000 |
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Padmini K Parekh Jointly with Kailash
B Parekh |
|
20000 |
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Vithaldas G. Parekh Jointly with Prabhavati Parekh |
|
140000 |
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Manish V Parekh Jointly with Neha M Parekh |
|
20000 |
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Neha M Parekh Jointly with Manish V Parekh |
|
20000 |
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Prabhavati V Parekh Jointly with Vithaldas G. Parekh |
|
20000 |
|
Sharda Creation Private Limited, India |
|
50000 |
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Rajiv Jitendra Parekh Jointly with Alka Rajiv Parekh |
|
10000 |
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Kunal Kailash Parekh Jointly with Padmini Kunal Parekh |
|
10000 |
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Sameer Ramesh Parekh Jointly with Sharmishtha Sameer Parekh |
|
10000 |
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Ashlesh Ramesh Parekh Jointly with Sunita Ramesh Parekh |
|
10000 |
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Saurabh Ramesh Parekh Jointly with Sunitha Ramesh Parekh |
|
10000 |
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Pooja Kailash Parekh Jointly with Padmini Kailash Parekh |
|
5000 |
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Alka Rajiv Parekh Jointly with Rajiv Jitendra Parekh |
|
5000 |
|
Sharmishtha S Parekh Sameer Ramesh Parekh |
|
5000 |
|
Gangaram K Ingle |
|
15000 |
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Divya R Parekh Jointly with Sunitha Ramesh Parekh |
|
5000 |
|
Total |
|
1150000 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
4.35 |
|
Directors or relatives of Directors |
76.96 |
|
Other top fifty shareholders |
18.69 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Grade Mineral Oils and
Petrolatums. |
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Products : |
· White Oil and Paraffin Oils · Petroleum Jellies ·
Rubber Process Oils · Transformer Oil ·
Industrial Oils ·
Industrial Fuels and Solvents |
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||||
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Brand Name: |
Divyol |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Petroleum Products |
KL |
167814 |
89823 641* |
|
Specialty Oils |
MT |
(93654) |
(93654) |
|
Petroleum Jelly |
-- |
8208 |
2275 408** |
* Excludes 71 531 KL (P Y NIL) produced for Other on Job work Basis
** Includes 104 422 MT (P Y NIL) produced by others on job work basis
Installed capacity has been worked out on three shifts basis and as
certified by a managing Director and relied upon by the auditors without
verification being a technical matter
GENERAL INFORMATION
|
Customers : |
·
MRF ·
Birla Tyres ·
GRP ·
Marico ·
Dabur ·
Unilever ·
Fenner ·
Bajaj Corporation Limited ·
BHEL ·
Tata Power ·
Reliance ·
Mahindra ·
Sintex ·
Raymond ·
Panasonic ·
Micro Links ·
Pidilite ·
Zenith |
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda, Corporate Financial Service Fort Branch, 4th Floor, 10/12, Mumbai Samachar Marg, Fort, Mumbai - 400001, Maharashtra, India. · Bank of India, Andheri Mid Corporate Branch, 28, MDI Building, 1st Floor, S. V. Road, Andheri (West), Mumbai - 400058, Maharashtra, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B. L. Sarda and Associates Chartered Accountants |
|
Address : |
61, Rajgir Chambers, 7th Floor, Opposite Old Custom House,
12/14, Shahid Bhagat Singh Road, Mumbai - 400 023, Maharashtra, India |
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Tel. No.: |
91-22-22664618/22662752 |
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Fax No.: |
91-22-22665136 |
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E-Mail : |
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PAN.: |
AAASP1454H |
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Subsidiary : |
Gandhar Global Singapore Pte. Limited |
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Enterprises owned/
controlled by key management personnel or their relatives: |
· Parekh Brothers · Parekh Bulk Carriers · Parekh Petroleum Products · Gandhar Coals and Mines · Gandhar Infra projects Private Limited |
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|
|
|
Others: |
Kamlaben Babulal Charitable Trust |
CAPITAL STRUCTURE
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.100/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1150000 |
Equity Shares |
Rs.100/-
each |
Rs. 115.000
Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period :
|
Equity Shares |
Number of Shares |
Amount |
|
At the beginning of the period |
1150000 |
115.000 |
|
Issued during the period |
- |
- |
|
Outstanding at the end of the period |
1150000 |
115.000 |
Terms/rights attached
to equity shares:
The company has only one class of Equity Shares having a par value of Rs. 100/- per share. Each holder of equity shares is entitiled to one vote per share.
The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
During the year ended 31 March 2012, the amount of per share dividend recognized as distributions to equity shareholders is Rs. 5/- (31 March 2011: Rs. 15/-).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Aggregate number of
bonus shares issued during the period of five years immediately preceding the
reporting date:
The company alloted 8,62,500 Equity shares of Rs.100/- each as fully paid up bonus shares by capitalisation of securities premium and general reserves on 03.12.2009.
Details of
shareholders holding more than 5% shares in the company:
|
Name of Shareholder |
Number of Shares |
% of Holding |
|
Ramesh B Parekh |
303000 |
26.35 |
|
Jitendra B Parekh |
156000 |
13.57 |
|
Kailash B. Parekh |
156000 |
13.57 |
|
Vithaldas G. Parekh |
140000 |
12.17 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
115.000 |
115.000 |
|
(b) Reserves & Surplus |
|
751.025 |
606.368 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
866.025 |
721.368 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
37.926 |
44.254 |
|
(b) Deferred tax liabilities (Net) |
|
13.421 |
11.137 |
|
(c) Other long term liabilities |
|
5.968 |
4.618 |
|
(d) long-term provisions |
|
1.958 |
1.610 |
|
Total Non-current Liabilities (3) |
|
59.273 |
61.619 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1441.273 |
1061.563 |
|
(b) Trade payables |
|
1411.243 |
468.851 |
|
(c) Other current
liabilities |
|
163.005 |
140.706 |
|
(d) Short-term provisions |
|
69.767 |
31.816 |
|
Total Current Liabilities (4) |
|
3085.288 |
1702.936 |
|
|
|
|
|
|
TOTAL |
|
4010.586 |
2485.923 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
497.211 |
467.987 |
|
(ii) Intangible Assets |
|
0.502 |
0.623 |
|
(iii) Capital
work-in-progress |
|
64.378 |
36.454 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.020 |
0.020 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
11.578 |
14.728 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
573.689 |
519.812 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1415.084 |
587.883 |
|
(c) Trade receivables |
|
1451.169 |
873.269 |
|
(d) Cash and cash
equivalents |
|
211.139 |
141.803 |
|
(e) Short-term loans and advances |
|
340.898 |
350.479 |
|
(f) Other current assets |
|
18.607 |
12.677 |
|
Total Current Assets |
|
3436.897 |
1966.111 |
|
|
|
|
|
|
TOTAL |
|
4010.586 |
2485.923 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
115.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
504.255 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
619.255 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8.045 |
|
|
2] Unsecured Loans |
|
|
845.453 |
|
|
TOTAL BORROWING |
|
|
853.498 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.550 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1482.303 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
354.060 |
|
|
Capital work-in-progress |
|
|
25.732 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.020 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
376.099 |
|
|
Sundry Debtors |
|
|
501.457 |
|
|
Cash & Bank Balances |
|
|
265.017 |
|
|
Other Current Assets |
|
|
50.788 |
|
|
Loans & Advances |
|
|
186.900 |
|
Total
Current Assets |
|
|
1380.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
118.824 |
|
|
Other Current Liabilities |
|
|
101.440 |
|
|
Provisions |
|
|
57.506 |
|
Total
Current Liabilities |
|
|
277.770 |
|
|
Net Current Assets |
|
|
1102.491 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1482.303 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5843.254 |
4506.271 |
3069.833 |
|
|
|
Other Income |
24.504 |
14.655 |
119.578 |
|
|
|
TOTAL (A) |
5867.758 |
4520.926 |
3189.411 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4169.212 |
3599.366 |
|
|
|
|
Purchases of stock-in-trade |
1461.854 |
376.598 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(613.922) |
(73.706) |
2936.369 |
|
|
|
Employee benefit expense |
40.756 |
36.664 |
|
|
|
|
Other Expenses |
389.649 |
334.572 |
|
|
|
|
TOTAL (B) |
5447.549 |
4273.494 |
2936.369 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
420.209 |
247.432 |
253.042 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
174.605 |
64.436 |
27.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
245.604 |
182.996 |
225.119 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.421 |
12.163 |
9.007 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
229.183 |
170.833 |
216.112 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
77.842 |
48.672 |
68.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
151.341 |
122.161 |
147.998 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100.069 |
10.183 |
5.448 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
12.227 |
130.000 |
|
|
|
Dividend |
5.750 |
17.250 |
11.374 |
|
|
|
Tax on Dividend |
0.933 |
2.798 |
1.889 |
|
|
BALANCE CARRIED
TO THE B/S |
229.727 |
100.069 |
10.183 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales |
1891.169 |
1292.636 |
866.019 |
|
|
TOTAL EARNINGS |
1891.169 |
1292.636 |
866.019 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2286.989 |
1649.321 |
1104.384 |
|
|
|
Materials (Trading) |
1078.755 |
143.481 |
121.219 |
|
|
|
Capital Goods (Plant and machinery and Lab equipment) |
1.901 |
3.749 |
2.466 |
|
|
|
Fuel |
2.438 |
0.249 |
4.902 |
|
|
TOTAL IMPORTS |
3370.083 |
1796.800 |
1232.971 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
131.60 |
106.30 |
260.24 |
|
%20LIMITED%20-%20231838%2008-Aug-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.58
|
2.71
|
4.64
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.92
|
3.79
|
7.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.81
|
6.97
|
12.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.24
|
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.71
|
1.53
|
1.38
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.15
|
4.97
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE
In spite of challenging global and local economic scenario and extreme volatility in forex market, the company has been able to put a very encouraging performance which is evident from a growth of 23.09% in overall sales of the company from Rs.5105.465 Millions to Rs.6284.211 Millions.
Company’s products continues to get encouraging response from overseas market resulting into substantial jump in exports from Rs.1370.639 Millions to Rs.1894.871 Millions registering growth of 38.25% in export revenue.
Company’s foray in non-cooking coal during the year 2010-11 is also yielding rich dividend resulting into substantial jump in coal sales from RS.229.439 Millions to Rs.881.636 Millions and registering growth of 284.25%.
The improved performance has enabled the company earned a net profit before tax of Rs. 228.183 Millions in the year as against a net profit of Rs.170.833 Millions in the previous year.
FUTURE OUTLOOK
(a) Petroleum
Products:
The increasing demand in the power sector augurs well for the demand for Transformer Oil which should continue to show good growth in the year 2012-13
The growth in the automotive and Industrial sectors would decide the growth momentum for the Lubricant products. The overall demand increase for the Tubes and Tyre Industry would drive by large the market demand for process Oils.
With the disposable income increasing in the hands of the general masses, there would be increase in the spending capacity and this is good sign for the market for Liquid Paraffins, Petroleum jelly and White Oils, being essential ingredient for all personal care products and Pharmaceutical Companies. With new markets and better product coverage, would be essential growth driver for exports business.
(b) Non-Cooking Coal:
The company has started the trading business in non-cooking coal from 2010-11.With demand of energy increasing, the Company expects sizable growth in coal business as well.
UNSECURED LOAN:
(Rs in Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Loans and advances from related parties |
246.102 |
87.581 |
|
Other loans and advances |
711.833 |
776.806 |
|
Total |
957.935 |
864.387 |
|
|
|
|
CONTINGENT LIABILITIES
(Rs in Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Outstanding Letters of Credit |
58.303 |
135.474 |
|
Guarantees issued by Bank. |
87.989 |
27.453 |
|
Export obligation against advance authorization licenses issued by Director General of Foreign Trade. |
77.945 |
49.192 |
|
Demand raised by Central Excise Authorities contested by Company. |
3.062 |
3.062 |
|
Demand raised by Sales Tax Authorities contested by Company. |
21.289 |
Nil |
|
Demand raised by Custom Authorities contested by Company. |
0.147 |
Nil |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10386687 |
16/11/2012 |
700,000,000.00 |
Bank of Baroda |
Corporate Financial Service Fort Branch, 4th Floor, 10/12, Mumbai Samachar Marg, Fort,, Mumbai, Maharashtra - 400001, INDIA |
B62138995 |
|
2 |
10363115 |
25/06/2012 |
320,000,000.00 |
ICICI Bank Limited |
Corporate Head Office, ICICI Bank Towers,, Bandra - Kurla Complex, Bandra (East),, Mumbai, Maharashtra - 400051, INDIA |
B42680025 |
|
3 |
10359678 |
11/05/2012 |
325,000,000.00 |
Bank of India |
Andheri Mid Corporate Branch, 28, MDI Bldg., 1st |
B41230780 |
|
4 |
10346000 |
13/03/2012 |
317,500,000.00 |
INDUSIND BANK LTD. |
INDUSIND HOUSE 425, DADASAHEB BHADKAMKAR MARG, |
B36472017 |
|
5 |
10310916 |
05/06/2012 * |
500,000,000.00 |
Axis Bank Limited |
Silvasa Branch, Jigar Complex, Naroli Road, Silvassa, Dadar Nagar Haveli - 396230, INDIA |
B43742360 |
|
6 |
10302761 |
20/07/2011 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B19016500 |
|
7 |
10287838 |
15/11/2010 |
50,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH , JASH CHAMBERS, GROUND FLOOR,, SIR P |
B03128493 |
|
8 |
10257361 |
11/11/2010 |
30,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,, S.V. ROAD, MALAD (WEST), MUMBAI, Maharashtra - 400064, INDIA |
B00299768 |
|
9 |
10234011 |
02/07/2013 * |
4,195,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
B79229340 |
|
10 |
10220506 |
27/01/2012 * |
280,000,000.00 |
THE HONGKONG & SHANGHAI BANKING CORPORATION
LIMITE |
52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA |
B30630628 |
|
11 |
10181019 |
08/10/2009 |
245,000,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
Fort Branch, Jash Chambers, Sir P. M Road, Mumbai, Mumbai, Maharashtra - 400001, INDIA |
A71105456 |
|
12 |
10256057 |
07/07/2011 * |
720,000,000.00 |
State Bank of India |
Industrial Finance Branch, S.V. Road, Malad West, |
B18877423 |
|
13 |
10110310 |
29/11/2010 * |
315,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B02331106 |
|
14 |
90158567 |
07/08/2007 * |
200,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH, JASH CHAMBERS, GROUND FLOOR, SIR P |
A23486376 |
|
15 |
90155458 |
14/05/2008 * |
245,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH , JASH CHAMBERS, GROUND FLOOR, SIR P |
A40645087 |
|
16 |
90158424 |
15/11/2010 * |
325,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH , JASH CHAMBERS, GROUND FLOOR,, SIR P |
B03128287 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Lease hold Land
·
Free hold Land
·
Factory Building
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Office and Laboratory
Equipments
·
Air Conditioner
·
Computer
Intangible Assets
·
Software
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. 61.39 |
|
|
1 |
Rs. 94.17 |
|
Euro |
1 |
Rs. 81.70 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & 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.