MIRA
INFORM REPORT
|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLACK ROSE INDUSTRIES LIMITED ( w.e.f. 06.11.2006) |
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Formerly Known
As : |
ASIA FAB LIMITED |
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Registered
Office : |
145/A, Mittal Towers, Nariman Point, Mumbai - 400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.01.1990 |
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Com. Reg. No.: |
11-054828 |
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Capital Investment
/ Paid-up Capital : |
Rs. 38.720
Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1990PLC054828 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA06716D |
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PAN No.: [Permanent Account No.] |
AAACA3676P |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is
engaged in manufacturing of gloves, fabrics, trading in major chemicals like resorcinol,
polyacrylamide etc. The company is also in the business of power generation
by setting up Windmills. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 551000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
company has recorded modest scale of business operation. The company has
below average financial risk. However, trade relations are reported to be fair. Business is active.
Payments are slow but correct. The company can be considered for business dealings with some caution.
|
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
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
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.
LOCATIONS
|
Registered Office : |
145/A, Mittal Towers, Nariman Point, Mumbai - 400021, |
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Tel. No.: |
91-22-43337200 / 43110100 |
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Fax No.: |
91-22-22873022 / 43110114 |
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E-Mail : |
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Website : |
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Plant : |
Shree Laxmi Co-Operative Industrial Estate Limited, Plot
No. 11 To 18, Hatkanangale, District - |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Atmaram Jatia |
|
Designation : |
Director |
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Name : |
Mr. Shivhari Halan |
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Designation : |
Director |
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Address : |
Patil Heritage, 5134/2/2/1 |
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Date of Birth/Age : |
15.10.1955 |
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Date of Appointment : |
23.01.1996 |
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DIN No.: |
00220514 |
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Name : |
Mr. Anup Jatia |
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Designation : |
Executive Director |
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Address : |
111- A, Somerset House, 61 G, Bhulabhai Desai Road, Mumbai - 400026
Maharashtra, India |
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Date of Birth/Age : |
19.04.1971 |
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Date of Appointment : |
18.01.2007 |
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DIN No.: |
00351425 |
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Name : |
Mr. Sujay Sheth |
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Designation : |
Director |
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Name : |
Mr. Basant Kumar Goenka |
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Designation : |
Director |
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Address : |
94/ S Block – E, New Alipore, Kolkata - 700053, West |
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Date of Birth/Age : |
29.01.1974 |
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Date of Appointment : |
28.03.2003 |
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DIN No.: |
00227217 |
KEY EXECUTIVES
|
Name : |
Mr. C.P. Vyas |
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Address : |
B – 3/12 Mahesh Nagar, |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
10.03.1955 |
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Date of Appointment : |
13.12.2004 |
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PAN No.: |
AAHPU6797R |
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COMPOSITION OF
AUDIT COMMITTEE |
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Name : |
Mr. Shivhari Halan |
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Designation : |
Director |
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Name : |
Mr. Anup Jatia |
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Designation : |
Executive Director |
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Name : |
Mr. Sujay Sheth |
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Designation : |
Director |
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COMPOSITION OF
SHAREHOLDERS’ / INVESTORS’ GRIEVANCES COMMITTEE |
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Name : |
Mr. Basant Kumar Goenka |
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Designation : |
Director |
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Name : |
Mr. Shivhari Halan |
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Designation : |
Director |
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Name : |
Mr. Anup Jatia |
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Designation : |
Executive Director |
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COMPOSITION OF
REMUNERATION COMMITTEE |
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Name : |
Mr. Shivhari Halan |
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Designation : |
Director |
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Name : |
Mr. Sujay Sheth |
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Designation : |
Director |
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Name : |
Mr. Basant Kumar Goenka |
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Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2013
|
(A) Shareholding of Promoter and Promoter Group |
No. of Shares |
% of Holding |
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|
|
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|
239850 |
0.62 |
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|
239850 |
0.62 |
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|
28800000 |
74.38 |
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|
28800000 |
74.38 |
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Total shareholding of Promoter and Promoter Group (A) |
29039850 |
75.00 |
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(B) Public Shareholding |
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|
800 |
0.00 |
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|
200 |
0.00 |
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|
1000 |
0.00 |
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|
428729 |
1.11 |
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|
6204027 |
16.02 |
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|
571258 |
1.48 |
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|
2475136 |
6.39 |
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|
271800 |
0.70 |
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|
1904942 |
4.92 |
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|
4017 |
0.01 |
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|
294377 |
0.76 |
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|
9679150 |
25.00 |
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Total Public shareholding (B) |
9680150 |
25.00 |
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Total (A)+(B) |
38720000 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
38720000 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
The Company is engaged
in manufacturing of gloves, fabrics, trading in major chemicals like
resorcinol, polyacrylamide etc. The company is also in the business of power
generation by setting up Windmills. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· ING Vysya Bank Limited · Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India |
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Facilities : |
Notes : LONG TERM
BORROWINGS : Vehicle Loan (i) From ICICI Bank Limited ( P.Y - HDFC Bank
Limited ) Nature of security : Secured by
hypothecation of vehicles Rate of Interest: The rate of
interest is 11.08% p.a. (P.Y. 9.87% p.a.) Terms of Repayment: Equated monthly installment
of Rs, 0.045 Million commencing from 1st October, 2012 and ending on 1st
April, 2015. (ii) Loan from other party: From Tata Capital
Financial Services Limited. Nature of security : a)
First and exclusive Charge by way of
hypothecation of the Windmills along with its accessories etc. installed at
Tiwri, Location No. 38, Village - Indroka, District : Jodhpur, Rajashthan and
Location No. 311, Samana Site, Village Paddaval, Taluka - Upleta, District :
Rajkot, Gujarat - 360 007 by mortgage of the Land. b)
First and exclusive charge by way of
hypothecation on all trade receivables. c)
Unconditional and irrevocable personal
guarantee of an Executive Director, Mr. Anup Jatia. Rate of Interest: The rate of
interest is 14.75% p.a. (P.Y. 13.25% p.a. to 14.75% p.a.) Terms of Repayment : Equated monthly
installment of Rs. 0.561 Million commencing from 10th October, 2010 and
ending on 10th September, 2016 SHORT TERM BORROWINGS:
Nature of
security: Hypothecation of stocks and book debts of the company, present and
future, and pledge of office premises and corporate guarantee of Black Rose
Trading Private Limited. The above charges rank pari passu for all intents and purposes. Rate of
Interest: Effective cost for the above loans are in the range of 13.00% p.a. to
14.25 % p.a. (P.Y. 12.25% p.a. to 14.45% p.a.) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Karnavat and Company Chartered Accountants |
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Address : |
Kitab Mahal, 192, |
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Holding company : |
Wedgewood Holdings Limited, |
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Wholly-owned
foreign subsidiary company : |
B.R.Chemicals Company Limited |
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Enterprises owned or significantly influenced by
any management personnel or their relatives: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs. 1/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38720000 |
Equity Shares |
Rs. 1/- each |
Rs. 38.720 Millions |
Reconciliation of the Shares outstanding at the beginning and at the end
of the reporting period Equity Shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
38720000 |
38.720 |
|
Add: Bonus Shares issued during the year |
38720000 |
38.720 |
|
Outstanding at
the end of the period |
38720000 |
38.720 |
Terms/Rights attached to equity shares
The company has
only one class of equity share having a par value of Rs. 1/- per share. Each
holder of equity shares is entitled to one vote per share and dividend per
share on pari passu basis. The company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors except interim dividend
is subject to the approval of the shareholders in the ensuing Annual General
Meeting.
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 proportion to the number of equity shares
held by the shareholders.
Shares held by holding/ultimate holding company and/or their
subsidiaries/associates
|
Name of the
Company |
No. of shares |
|
Wedgewood Holdings Limited, Equity Shares of Rs. 1/- each fully paid |
28800000 |
|
Total |
28800000 |
Details of shareholders holding more than 5% share in the company
|
Name of the
Company |
No. of shares |
% Holding |
|
Equity shares of Rs. 1/ each fully paid |
|
|
|
Wedgewood Holdings Limited, |
28800000 |
74.38 % |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
38.720 |
38.720 |
19.360 |
|
(b) Reserves & Surplus |
99.044 |
82.733 |
99.687 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
137.764 |
121.453 |
119.047 |
|
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
84.974 |
63.355 |
33.379 |
|
(b) Deferred tax liabilities (Net) |
20.605 |
20.998 |
15.744 |
|
(c) Other long term liabilities |
0.865 |
0.773 |
0.927 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
106.444 |
85.126 |
50.050 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
130.350 |
139.848 |
127.859 |
|
(b) Trade payables |
155.340 |
182.036 |
232.517 |
|
(c) Other current
liabilities |
35.561 |
29.804 |
32.684 |
|
(d) Short-term provisions |
4.499 |
1.676 |
3.623 |
|
Total Current Liabilities (4) |
325.750 |
353.364 |
396.683 |
|
|
|
|
|
|
TOTAL |
569.958 |
559.943 |
565.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
79.610 |
87.527 |
95.403 |
|
(ii) Intangible Assets |
0.328 |
0.055 |
0.000 |
|
(iii) Capital
work-in-progress |
177.419 |
110.414 |
45.593 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.621 |
1.621 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.116 |
11.844 |
2.224 |
|
(e) Other Non-current assets |
0.723 |
0.670 |
0.733 |
|
Total Non-Current Assets |
262.817 |
212.131 |
143.953 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
81.800 |
129.267 |
171.259 |
|
(c) Trade receivables |
171.902 |
169.685 |
212.882 |
|
(d) Cash and cash
equivalents |
10.047 |
10.067 |
13.070 |
|
(e) Short-term loans and
advances |
37.182 |
36.378 |
22.609 |
|
(f) Other current assets |
6.210 |
2.415 |
2.007 |
|
Total Current Assets |
307.141 |
347.812 |
421.827 |
|
|
|
|
|
|
TOTAL |
569.958 |
559.943 |
565.780 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
843.478 |
809.875 |
876.003 |
|
|
|
Other Income |
3.744 |
3.274 |
4.111 |
|
|
|
TOTAL (A) |
847.222 |
813.149 |
880.114 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
3.058 |
1.995 |
24.256 |
|
|
|
Purchase of traded goods |
695.835 |
682.553 |
791.751 |
|
|
|
Changes in inventories of finished goods, work- in-
progress and traded goods |
48.168 |
41.753 |
(50.274) |
|
|
|
Employee Benefits Expense |
10.878 |
10.208 |
11.736 |
|
|
|
Other Expenses |
34.438 |
44.790 |
38.227 |
|
|
|
TOTAL (B) |
792.377 |
781.299 |
815.696 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
54.845 |
31.850 |
64.418 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.284 |
18.134 |
11.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.561 |
13.716 |
52.782 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
11.613 |
11.330 |
11.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
27.948 |
2.386 |
41.597 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.638 |
(0.020) |
14.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
16.310 |
2.406 |
27.457 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
73.493 |
71.087 |
50.880 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend |
0.000 |
0.000 |
1.936 |
|
|
|
Tax on proposed equity dividend |
0.000 |
0.000 |
0.314 |
|
|
|
Transfer to general reserve |
0.000 |
0.000 |
5.000 |
|
|
BALANCE CARRIED
TO THE B/S |
89.803 |
73.493 |
71.087 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
16.617 |
17.967 |
40.340 |
|
|
|
Commission Income |
0.447 |
1.159 |
0.936 |
|
|
|
Consultancy Fees |
0.183 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
17.247 |
19.126 |
41.276 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
17.014 |
|
|
|
Components and Spare parts |
0.000 |
0.000 |
0.006 |
|
|
|
Capital Goods |
0.000 |
0.772 |
0.733 |
|
|
TOTAL IMPORTS |
0.000 |
0.772 |
17.753 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.42 |
0.06 |
0.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.96
|
0.30
|
3.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.31
|
0.29
|
4.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
0.66
|
9.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.02
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.56
|
1.65
|
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
0.98
|
1.63 |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
22.000 |
26.450 |
|
9.200 |
9.200 |
|
34.604 |
4.604 |
|
1.500 |
2.000 |
|
|
|
|
|
Less : Current maturities of long term borrowings |
(7.170) |
(9.278) |
|
Total |
60.134 |
32.976 |
Notes:
- Public Deposits:
|
Particulars |
Rs.
In Millions |
|
Received from related party |
21.500 |
|
Received from other parties |
0.500 |
|
Total |
22.000 |
Rate of Interest: The rate of interest is 12.50% p.a. (P.Y. 12.50% p.a.)
|
Terms of
Repayment |
Rs.
In Millions |
|
Repayable after 1 year but before 2 years on maturity. |
0.500 |
|
Repayable on or after 21.03.2015 on maturity. |
21.500 |
|
Total |
22.000 |
- Trade Deposit
from related party
|
Particulars |
Rs.
In Millions |
|
Inter Body
Corporate Deposit |
|
|
Black Rose Trading Private Limited |
9.200 |
|
Total |
9.200 |
Terms of Repayment: Repayable anytime
on or after 16.02.2014 but before 16.02.2015
- Other Loans and Advances :
|
Terms of
Repayment |
Rs.
In Millions |
|
Repayable anytime on or after 25.03.2015 |
30.000 |
|
Repayable anytime on or after 06.04.2014 |
4.604 |
|
Total |
34.604 |
- Security Deposits
|
Terms of
Repayment |
Rs.
In Millions |
|
Received from related party |
1.500 |
|
Total |
1.500 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10239389
|
14/09/2010
|
40,000,000.00
|
TATA
CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG,FORT, MUMBAI, Maharashtra - 400001, |
A94426186
|
|
2 |
10202227
|
25/03/2011
* |
70,000,000.00
|
YES
BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -
400018, INDIA |
B11503026
|
|
3 |
10027412
|
06/12/2010
* |
145,000,000.00
|
ING
VYSYA BANK LIMITED |
MITTAL TOWERS A-WING GROUND
FLOOR 210, NARIMAN POINT, MUMBAI, Maharashtra - 400021, |
B02716637
|
|
4 |
90224321
|
24/02/1992
|
8,800,000.00
|
BANK
OF |
|
- |
|
5 |
90224313
|
18/09/1992
* |
4,000,000.00
|
BANK
OF |
|
- |
|
6 |
90224311
|
01/02/1992
|
4,000,000.00
|
BANK
OF |
|
- |
OPERATIONAL PERFORMANCE:
The year 2012 –
2013 started strong in terms of both turnover and profitability during the first
two quarters. The third quarter saw a significant drop in sales due to a sudden
slow down in the domestic market. The company recovered in the fourth quarter
to close the year with a consolidated sales growth of 31%, net profit growth of
750%, and EBITDA growth of 76% compared to the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
The Economy:
It was another
year of disappointing growth for our nation’s economy, with
The Economic
Survey of India, presented by the Finance Minister P. Chidambaram on February
27, 2013, expects the GDP to grow by 6.1 - 6.7 % in the financial year
beginning April 1, 2013.
Many efforts have
been made by the government to restart
The Indian rupee
depreciated from Rs. 51 to Rs. 54 against the dollar during FY2012 - 2013,
hitting a low of ` 57 at one time. The high volatility of our currency is a
sign of the continuing uncertainties in
The Industry
Chemical
The main activity
of the company is the sales and distribution of specialty and performance
chemicals. The company also exports to and sources chemicals for its foreign
principals. The chemicals sold domestically by the company are mostly imported
from
The Indian
chemical industry has a promising future and can become a $150 billion market
in terms of revenue by the end of 2013
.
The growth of the
Indian chemical industry, however, depends on various internal and external
factors. A strong overseas market is needed for companies to expand their
capacities, and unfortunately the current global situation does not support
this. A robust domestic market can be fueled by fast infrastructural growth,
and unfortunately this too has taken a beating due to graft.
Textile
The company’s
operations in this sector are the manufacture of fabrics, yarn, and textile
made ups. The fabric produced is used for the manufacture of made-ups by the
company, which are then sold domestically or exported.
The textile
industry has witnessed many challenges, including upgradation of pollution
control systems, volatile raw material prices, and reduction in labor
availability. Overcoming these factors, the country’s textile industry
continues to grow. The company’s main focus on the textile business is with
OUTLOOK
With the
establishment of the acrylamide plant in Jhagadia,
FIXED ASSETS:
·
·
· Office Equipments
· Electric Installation
· Factory Equipments
· Plant and Machinery
· Furniture and Fittings
· Computers
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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. 61.52 |
|
|
1 |
Rs. 94.99 |
|
Euro |
1 |
Rs. 81.63 |
INFORMATION DETAILS
|
Report Prepared by
: |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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.