MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GULF OIL CORPORATION LIMITED [w.e.f. 12.05.2002] |
|
|
|
|
Formerly Known
As : |
IDL INDUSTRIES LIMITED |
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Registered
Office : |
Kukatpalli P.B. No.1, Sanatnagar (IE), |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
20.04.1961 |
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|
|
|
Com. Reg. No.: |
01-000876 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.198.290
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24292AP1961PLC000876 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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|
|
Line of Business
: |
Subject is engaged in Lubricants, Industrial Explosives, Mining and
Infrastructure Services and Property Development. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 43070000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of International Hinduja Group. It is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
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 |
ICRA |
|
Rating |
BBB [Term Loan] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
April 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.
LOCATIONS
|
Registered / Corporate Office : |
Kukatpalli P.B. No.1, Sanatnagar (IE), |
|
Tel. No.: |
91-40-23810671 –
79 |
|
Fax No.: |
91-40-23813860 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Explosives Division/Mining and Infrastructure
Division Kukatpally Post Bag
No.1, Sanatnagar (I.E) P.O, Hyderabad - 500018, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23810671/79/23707472 |
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E-Mail : |
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Factory 2 : |
Explosives
Division, Rourkela, |
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Factory 3 : |
Bulk Plants Located At:
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Factory 4 : |
Lubes Division,
Silvassa |
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Factory 5 : |
IN Centre, 49/50 MIDC 12th Road, Marol, Andheri East,
Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-28248240 |
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E-mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
R. P. Hinduja |
|
Designation : |
Vice Chairman |
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Name : |
S. G. Hinduja |
|
Designation : |
Chairman |
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Name : |
K. N. Venkata
Subramanian |
|
Designation : |
Director |
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|
Name : |
H. C. Asher |
|
Designation : |
Director |
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|
Name : |
Mr. M. S.
Ramachandran |
|
Designation : |
Director |
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|
Name : |
Mr. Ashok Kini |
|
Designation : |
Director |
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|
Name : |
Mr. Prakash Shah |
|
Designation : |
Director |
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|
Name : |
Ms. Kanchan
Chitale (w.e.f. 5.10.2009) |
|
Designation : |
Director |
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|
Name : |
Vinoo S Hinduja |
|
Designation : |
Director |
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Name : |
V. Ramesh Rao |
|
Designation : |
Director |
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|
Name : |
Mr. Vinod K
Dasari |
|
Designation : |
Director |
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|
Name : |
S. Pramanik |
|
Designation : |
Managing Director |
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|
Name : |
A. K. Das, Alternate to S. G. Hinduja |
|
Designation : |
Director |
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|
Name : |
A. V. Dujean, Alternate to R. P. Hinduja |
|
Designation : |
Director |
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|
Name : |
K.C. Samdani, Alternate
to Vinoo S. Hinduja |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
S. Subramanian |
|
Designation : |
Company Secretary |
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|
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|
Name : |
A. Satyanarayana |
|
Designation : |
Joint General Manager Deputy Company Secretary |
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COMMITTEES OF THE BOARD: |
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AUDIT: |
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|
Name : |
Mrs. Kanchan Chitale |
|
Designation : |
Chairperson |
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|
Name : |
Mr. H. C Asher |
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|
Name : |
Mr. Ashok Kini |
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SHARE TRANSFER AND INVESTORS GRIEVANCE: |
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|
Name : |
Mr. Ashok Kini |
|
Designation : |
Chairman |
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Name : |
Mr. S. Paramanik |
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|
Name : |
Mr. Vinod K Dasari |
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REMUNERATION AND NOMINATION: |
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|
Name : |
Mr. Prakash Shah |
|
Designation : |
Chairman |
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|
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Name : |
Mr. H. C Asher |
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|
Name : |
Mr. M S Ramachndran |
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SAFETY REVIEW: |
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|
Name : |
Mr. Vinod Dasari |
|
Designation : |
Chairman |
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|
Name : |
Mr. Ashok Kini |
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|
Name : |
Mr. K N Venkatasubramanian |
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INVESTMENT APPRAISAL AND PROJECT REVIEW: |
|
|
|
|
|
Name : |
Mr. M S Ramachndran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vinod S Hinduja |
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|
|
Name : |
Mr. Ashok Kini |
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CORPORATE : |
|
|
Name : |
S. Subramanian |
|
Designation : |
Chief Financial Officer and Company Secretary |
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|
|
Name : |
Y. V. Siva Reddy |
|
Designation : |
General Manager (Internal Audit) |
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LUBRICANTS DIVISION : |
|
|
Name : |
Mr. Ravi Chawla |
|
Designation : |
President (Lubricants) |
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|
Name : |
Mr. Amrish Kathane |
|
Designation : |
Senior General Manager (Finance and Accounts) |
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|
Name : |
Mr. Y. P. Rao |
|
Designation : |
Sr. V.P (Technical) |
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|
Name : |
Manish Gangwal |
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Designation : |
G.M. (Finance and Accounts) |
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|
Name : |
R. Varadarajan |
|
Designation : |
Sr. V.P. (Sales and Business Development) |
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|
Name : |
Alok Mahajan |
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Designation : |
G.M. (Marketing) |
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EXPLOSIVES AND CONTRACTS DIVISIONS : |
|
|
Name : |
Raman Gopal |
|
Designation : |
President (IDL Divisions) |
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CONTRACTS DIVISIONS : |
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|
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|
Name : |
T.T. Das |
|
Designation : |
General Manager – Consult |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
49536335 |
49.96 |
|
|
49536335 |
49.96 |
|
Total shareholding of Promoter and Promoter Group (A) |
49536335 |
49.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2757957 |
2.78 |
|
|
2516282 |
2.54 |
|
|
298980 |
0.30 |
|
|
11391412 |
11.49 |
|
|
16964631 |
17.11 |
|
|
|
|
|
|
3558055 |
3.59 |
|
|
|
|
|
|
14329829 |
14.45 |
|
|
10461597 |
10.55 |
|
|
4294533 |
4.33 |
|
|
14650 |
0.01 |
|
|
10809 |
0.01 |
|
|
101764 |
0.10 |
|
|
1500644 |
1.51 |
|
|
2666666 |
2.69 |
|
|
32644014 |
32.93 |
|
Total Public shareholding (B) |
49608645 |
50.04 |
|
Total (A)+(B) |
99144980 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
99144980 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Lubricants, Industrial Explosives, Mining and
Infrastructure Services and Property Development. |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Item |
Unit |
Licensed*
|
Installed
|
Production
|
|
|
|
|
||
|
Detonators |
Million
Nos |
192.00 |
192.00 |
103.29 |
|
Detonating Fuse |
Million
Metres |
45.00 |
22.50 |
22.91 |
|
Safety Fuse |
Million
Metres |
87.78 # |
- |
- |
|
Industrial Explosives- |
Tonnes |
6000.00 |
138000.00 |
42639.41 |
|
Cartridged, Bulk, |
|
|
|
|
|
Emulsion and ANFO |
|
|
|
|
|
Boosters |
Tonnes |
190.00 |
125.00 |
22.99 |
|
Penta Erythritol |
Tonnes |
1440.00 |
- |
- |
|
Tetra Nitrate (PETN) @ |
|
|
|
|
|
Exploders |
Numbers |
500.00 |
- |
- |
|
Single or double or |
Sq.
Metres |
|
|
1122.11 |
|
Multilayer clad plates $ |
Corresponding
to Tonnes |
! |
!! |
77.39 |
|
Lubricating Oils |
KL |
NA |
75000.00 |
51031.00 |
** Installed
Capacity is as certified by the Managing Director and not verified by the
auditors, being a technical matter
NOTES:
1. Licensed
capacity includes letter of intent issued by Government of India and includes
application for renewals
# As given in the
licence, 12 million coils per annum which is equivalent to 87.78 million metres
@ Only Bhiwandi
Plant for which a separate licence has been obtained, however, the plant has
since been closed.
! 1,00,000 Sq.
metres corresponding to maximum tonnage of 25,000 tonnes of cladding plates
!! Installed
Capacity is not estimatable as production can be increased substantially with
the facilities available merely by increasing the size/weight of clad plates
$ Excludes product
meant for development production of intermediate products captively consumed
and products for which no separate licence was required, has not been included
above.
* Pursuant to the
Scheme of Demerger of Explosives undertaking of the Company, the related
licence and installed capacity of 132000 MT is transferred to IDL Explosives
Limited.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
Secunderabad, |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.2/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99144980 |
Equity Shares |
Rs.2/- each |
Rs.198.290
Millions |
NOTES:
TERMS / RIGHTS
ATTACHED TO EQUITY SHARES:
The company
has one class of equity shares having a par value of Rs. 2/- per share. Each holder of equity
shares is entitled to one vote per share. 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 shall be according to the member’s right and interest in the
Company.
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY:
|
Particular |
As on 31st
March 2012 |
|
|
|
No. of Shares
Held |
% Holding in The
Class |
|
Equity Shares of Rs. 2/- each fully paid |
|
|
|
Gulf Oil
International (Mauritius) Inc. |
49536335 |
49.96% |
|
Aasia
Management Consultancy Private Limited |
-- |
-- |
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 |
|
198.290 |
198.290 |
|
(b) Reserves & Surplus |
|
10571.588 |
4229.779 |
|
(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) |
|
10769.878 |
4428.069 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
279.079 |
264.847 |
|
(b) Deferred tax
liabilities (Net) |
|
2.321 |
11.821 |
|
(c)
Other long term liabilities |
|
64.649 |
67.269 |
|
(d)
long-term provisions |
|
927.721 |
949.414 |
|
Total
Non-current Liabilities (3) |
|
1273.770 |
1293.351 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2143.859 |
1242.873 |
|
(b)
Trade payables |
|
949.291 |
1168.995 |
|
(c)
Other current liabilities |
|
615.841 |
646.734 |
|
(d)
Short-term provisions |
|
262.056 |
240.424 |
|
Total
Current Liabilities (4) |
|
3971.047 |
3299.026 |
|
|
|
|
|
|
TOTAL |
|
16014.695 |
9020.446 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
10054.955 |
4165.888 |
|
(ii)
Intangible Assets |
|
14.191 |
15.749 |
|
(iii)
Capital work-in-progress |
|
118.615 |
116.743 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
306.394 |
639.647 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
128.336 |
113.647 |
|
(e)
Other Non-current assets |
|
11.621 |
114.738 |
|
Total
Non-Current Assets |
|
10634.112 |
5166.412 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
249.000 |
249.000 |
|
(b)
Inventories |
|
1725.103 |
1615.524 |
|
(c)
Trade receivables |
|
1103.779 |
976.838 |
|
(d)
Cash and cash equivalents |
|
1878.865 |
643.104 |
|
(e)
Short-term loans and advances |
|
335.837 |
361.971 |
|
(f)
Other current assets |
|
87.999 |
7.597 |
|
Total
Current Assets |
|
5380.583 |
3854.034 |
|
|
|
|
|
|
TOTAL |
|
16014.695 |
9020.446 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
148.717 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4078.977 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4227.694 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1707.451 |
|
|
2] Unsecured Loans |
|
|
1341.283 |
|
|
TOTAL BORROWING |
|
|
3048.734 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7276.428 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5687.035 |
|
|
Capital work-in-progress |
|
|
123.352 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
305.774 |
|
|
DEFERREX TAX ASSETS |
|
|
14.627 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1213.034
|
|
|
Sundry Debtors |
|
|
1180.841
|
|
|
Cash & Bank Balances |
|
|
818.169
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
642.888
|
|
Total
Current Assets |
|
|
3854.932 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1298.250
|
|
|
Other Current Liabilities |
|
|
150.970
|
|
|
Provisions |
|
|
1260.072
|
|
Total
Current Liabilities |
|
|
2709.292
|
|
|
Net Current Assets |
|
|
1145.640
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7276.428 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9594.886 |
9029.303 |
9760.625 |
|
|
|
Other Income |
259.326 |
313.299 |
264.930 |
|
|
|
TOTAL (A) |
9854.212 |
9342.602 |
10025.555 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4254.546 |
|
|
|
|
|
Purchase of Stock in trade |
471.042 |
348.600 |
|
|
|
|
Employee Benefits Expenses |
658.475 |
749.045 |
|
|
|
|
Other Expenses |
3622.327 |
3855.705 |
9057.346 |
|
|
|
Exceptional Items |
(209.217) |
(201.174) |
|
|
|
|
Increase in Inventories of Finished Goods, Work-in-progress and Traded
Goods |
(10.084) |
(259.026) |
|
|
|
|
TOTAL (B) |
8787.089 |
8292.683 |
9057.346 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1067.123 |
1049.919 |
968.209 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
219.839 |
219.194 |
255.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
847.284 |
830.725 |
713.102 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.161 |
160.522 |
170.079 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
703.123 |
670.203 |
543.023 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.000 |
128.300 |
92.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
621.123 |
541.903 |
450.723 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1086.832 |
830.387 |
585.740 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
65.000 |
55.000 |
50.000 |
|
|
|
Proposed Dividend |
218.119 |
198.290 |
133.846 |
|
|
|
Provision For Tax on Proposed Dividend |
35.384 |
32.168 |
22.230 |
|
|
BALANCE CARRIED
TO THE B/S |
1389.452 |
1086.832 |
830.387 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
375.576 |
416.127 |
602.934 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1877.287 |
1605.235 |
1100.590 |
|
|
|
Capital Goods |
13.129 |
3.667 |
3.685 |
|
|
|
Stores and Spares |
1.248 |
2.230 |
0.000 |
|
|
|
Traded Goods |
12.742 |
11.732 |
14.798 |
|
|
TOTAL IMPORTS |
1904.406 |
1622.864 |
1119.073 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.26 |
6.11 |
6.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
2478.900 |
2433.400 |
2479.700 |
2653.000 |
2269.400 |
|
Total Expenditure |
2296.800 |
2239.400 |
2293.100 |
2412.100 |
2029.800 |
|
PBIDT (Excl OI) |
182.100 |
194.000 |
186.700 |
240.900 |
239.600 |
|
Other Income |
56.600 |
61.600 |
130.400 |
96.400 |
85.800 |
|
Operating Profit |
238.700 |
255.600 |
317.100 |
337.300 |
325.400 |
|
Interest |
69.200 |
55.000 |
121.300 |
69.300 |
140.300 |
|
Exceptional Items |
17.000 |
0.000 |
15.800 |
10.300 |
0.000 |
|
PBDT |
186.600 |
200.600 |
211.500 |
278.300 |
185.000 |
|
Depreciation |
36.300 |
36.200 |
36.500 |
35.800 |
36.400 |
|
Profit Before Tax |
150.200 |
164.400 |
175.100 |
242.500 |
148.700 |
|
Tax |
49.500 |
58.500 |
24.700 |
69.600 |
53.000 |
|
Profit After Tax |
100.700 |
105.900 |
150.400 |
172.900 |
95.700 |
|
Net Profit |
100.700 |
105.900 |
150.400 |
172.900 |
95.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.30
|
5.80 |
4.50
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.33
|
7.42 |
5.56
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.51
|
8.11 |
14.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.15 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.22
|
0.34 |
0.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.17 |
1.42
|
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 |
No |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Profile
|
Client Industry |
Refining and
Marketing |
|
Client's discipline |
Crude Oil
Refining |
General
|
The growth of the client's industry is best
described as: |
Growing |
|
Brief description of the services and/or goods
the client provides to the marketplace: |
Subject is
engaged in Lubricants, Industrial Explosives, Mining and Infrastructure
Services and Property Developments |
|
What is the legal structure of the client? |
Subsidiary of a
Parent Company |
|
What type of company is the client? |
Public |
Credit Rating
|
Client's debt tracked by a credit rating agency? |
Yes |
|
Name of credit rating agency: |
ICRA |
|
Credit rating class provided by credit rating
agency: |
Investment Grade |
|
Client credit rating: |
-- |
|
Report on credit worthiness of client purchased
from: |
Not obtained |
Client Financials
|
Does the client have a credit facility? |
Yes |
|
Do you have financial information on this client? |
Yes |
|
Credit facility type: |
Secured/Unsecured |
|
Amount of credit facility: |
Secured:
Rs.645.269 Millions Unsecured:
Rs.1777.669 Millions |
|
Currency of financial statements/data: |
INR Millions |
|
Annualized revenues: |
Rs.9594.886
Millions |
|
Annualized COGS: |
Rs.4254.546
Millions |
|
Annualized EBITDA: |
Rs.1067.123
Millions |
|
Annualized net income: |
Rs.621.123
Millions |
|
Cash balance: |
Rs.1.236
Millions |
|
Marketable Securities balance: |
----- |
|
Accounts Receivable balance: |
Rs.1103.779
Millions |
|
Current Assets balance: |
Rs.5380.583
Millions |
|
Total assets balance: |
Rs.16014.695
Millions |
|
Current Liabilities balance: |
Rs.3971.047
Millions |
|
Long-Term Debt balance: |
Rs.279.079
Millions |
|
Equity balance: |
Rs.10769.878
Millions |
|
Net cash provided by operating activities: |
Rs.255.043
Millions |
|
Date of client's financial data populated: |
31.03.2012 |
|
Financial information provided above audited? |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10421030 |
22/03/2013 |
110,000,000.00 |
STATE BANK OF
MAURITIUS Limited |
101, RAHEJA
CENTRE, FREE PRESS JOURNAL MARG, NAR IMAN POINT, MUMBAI - 400021,
MAHARASHTRA, INDIA |
B73556714 |
|
2 |
10417699 |
21/03/2013 |
8,500,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER
"E", CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B72585615 |
|
3 |
10346900 |
28/03/2012 |
250,000,000.00 |
THE KARUR VYSYA
BANK LIMITED |
CENTRAL
PROCESSING CELL (LOANS), 5-8-363 TO 365,, |
B36749315 |
|
4 |
10343951 |
30/01/2012 |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B35723956 |
|
5 |
10330579 |
23/11/2011 |
311,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJBHAVAN ROAD, SOMAJI |
B30156798 |
|
6 |
10315974 |
15/09/2011 |
680,300,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH,
6-3-652, " KAUTILYA', SOMAJIGUDA |
B24671042 |
|
7 |
10235133 |
08/07/2010 |
1,150,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A92141670 |
|
8 |
10175641 |
03/06/2013 * |
4,216,900,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
CAG BRANCH,
PANJAGUTTA MAIN ROAD, HYDERABAD - 500082, ANDHRA PRADESH, INDIA |
B78514288 |
|
9 |
10127887 |
22/09/2008 |
11,486,601.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
A49565302 |
|
10 |
10106094 |
22/03/2008 |
2,765,398.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA |
A39770029 |
|
* Date of charge modification |
||||||
OPERATIONS:
The total turnover of the Company was Rs. 10757.600 Millions (previous
year - Rs.10010.200 Millions). The profit before exceptional items and taxation
was Rs. 493.900 Millions (Rs. 469.000 Millions). The profit before tax was Rs.
703.100 Millions (Rs. 670.200 Millions). The profit after provision for current
tax of Rs. 158.500 Millions and write back of deferred tax of Rs. 09.500
Millions and adjustment of MAT credit of Rs. 67.000 Millions, was Rs. 621.100
Millions (Rs. 541.900 Millions) resulting in an EPS of Rs. 6.26 for the year
(Rs. 6.11).
PROPERTY
DEVELOPMENT:
BANGALORE:
During the year, the Bangalore project of the Company was notified by
the Ministry of Commerce and Industry, Government of India as Special Economic
Zone (SEZ) comprising of an area of 12.14 hectares (30.35 acres). The remaining
area of 9.32 acres is being developed as non-SEZ property. Auspicious Bhoomi
Puja for the project was performed in the month of April 2012. Designed by
renowned Architects – RSP Design Consultants, the project will consist of a
total of 8.00 million sq ft out of which revenue area is 3.82 million sq ft of
IT SEZ and 1.23 million sq ft of non-SEZ space encompassing a Hotel, Serviced
Apartments, Commercial Offices and a Retail Mall. It is being developed at a
total cost of Rs 18000.000 Millions on a Joint Development basis with Hinduja
Realty Ventures Limited who are responsible for all Architectural Scheme design,
project funding, permissions, approvals, construction and development,
marketing / leasing and eventual maintenance of the entire complex. There will
be no additional cost to be incurred by the Company on the development. In
return for making available the land for the project, the Company is entitled
to 30% of the entire developed area totalling 2.4 million sq ft out of which
revenue area will be 1.5 million sq ft. Revenues are planned in a phased manner
from the last quarter of the FY 2013–14. The Co-Developers are involving
reputed contractors and consultants for adherence to quality and timely
completion of the project in a phased manner in about 5 ˝ Years.
HYDERABAD:
Work on the 100 ft. road through the property of the Company being laid
by Greater Hyderabad Municipal Corporation (GHMC) has been progressing well.
The Company had handed over 8 acres and 11 guntas of land for the road, in lieu
of which the Company is entitled to waiver of impact fee in respect of the
proposed development of the property. The Company is in advanced stage of
entering into of agreement for developing the property with Hinduja Realty
Ventures Limited; sharing ratio based on the recommendations of reputed
property consultants is being considered.
MINING AND
INFRASTRUCTURE (IDLCONSULT):
The Year 2011-12 was no better for the Mining Industry over the previous
year and the performance of Mining and Infrastructure Division (IDL Consult) is
held back by various Governmental issues faced by mine owners. The mining
contracts in the Iron ore block of Orissa which was contributing to the
business of the Division in the previous years were affected due to the
statutory restrictions from the State and Central Government on account of
lease areas allowed for mining and environmental exigencies. As a result, the
Division ended the year with the revenue of Rs. 510.000 Millions as against Rs.
1260.000 Millions in the previous year. However the Division has taken up one
Irrigation Project in Andhra Pradesh to build canals for the Pranahita Chevella
Project. Division’s contract is in the first package of this prestigious
Project in AP. Uranium ore mining project for Uranium Corporation of India
under the Department of Atomic Energy suffered due to issues amongst the
management of UCIL and the land losers for few months. The Project picked up in
the later part of the year. The Division had undertaken an ambitious project
for implementing and integrating Management system covering Quality, Safety,
Occupation health and environment. This Division is the only Mining Service
Provider in India with all certification under ISO 9001, ISO 14001 and BS OHSAS
18001.
EXPORTS:
Sales of explosive accessories was Rs. 280.000 Millions during F 12 as
against Rs. 310.000 Millions in previous year. This was despite continuing
economic slowdown in both Europe and Middle East and more stringent shipping
procedures and increased competition. Margins were maintained by optimizing
product mix, clubbing shipments and better cost management. Exports of the
Lubricants Division were at 658 KL during 2011-12 as compared to 1487 KL in
2010-11. Export turnover of lubricant products was lower at Rs. 91.400 Millions
during 2011-12 against Rs. 133.400 Millions in 2010-11. The Division is
exporting its products mainly to ASEAN markets and highly competitive Middle
East markets.
OUTLOOK FOR THE CURRENT YEAR:
Volume growth in the lubricant industry is expected to be subdued at
similar levels as in the last year at 5 % in the bazaar market and 2-3 %
overall. The automotive industry growth is pegged at 10-11 % (as per SIAM).
Increasing input costs and adverse exchange rates are likely to put pressure on
margins. The Division will focus on maintaining its volume growth at double the
rate of the industry and increase its presence in the B2B / OEM segments.
Additional opportunities to extend the distribution base and network in the
automotive and industrial markets are also being tapped to increase market
shares. New Synthetic lubricant products and mineral based ‘long life’ products
will be launched in 2012-13. Competition is expected to increase as they have
been losing volumes with more price discounts and promotions, putting pressure
on margins and market share.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
(i) Claims against the Company not
acknowledged as debts |
|
|
|
(a) Income Tax Demands |
175.690 |
175.836 |
|
(b) Wealth Tax |
19.666 |
19.666 |
|
(c) Sales Tax Demands |
194.224 |
227.911 |
|
(d) Excise Demands |
79.303 |
76.362 |
|
(e) Service Tax |
0.000 |
0.449 |
|
(f) Additional Demands towards cost of
land |
5.493 |
0.381 |
|
(g) Claims of workmen/ex-employees |
8.540 |
7.604 |
|
(h) Other Matters |
9.326 |
9.326 |
|
(i) Performance and Other Guarantees |
54.201 |
17.862 |
|
(ii) Corporate Guarantees* |
1055.980 |
64.470 |
|
*(a) The Company has given a Corporate Guarantee of 100 Million Taka
to South East Bank Limited, on behalf of Gulf Oil Bangladesh Ltd., a
subsidiary of Gulf Oil Corporation Ltd. The amount outstanding as on 31st
March 2012 is 10.40 Million Taka - Rs. 6.730 Millions (31st March 2011 4.67
Million Taka – Rs.2.971 Millions). *(b) During the year, the Company has given a Corporate Guarantee of
Rs. 991.300 Millions to Banks on behalf of its wholly owned Subsidiary IDL
Explosives Limited till such time charge on the security is created by IDL
Explosives Limited . The amount outstanding as on 31st March 2012 is Rs.
54.158 Millions (31st March 2011 Rs. 99.996 Millions). (iii) The Competition Commission of India has passed an order in a
case filed by a customer imposing a penalty of Rs. 289.476 Millions. The
Company is in the process of initiating an appeal with the Competition
Appellate Tribunal against the said order. |
||
FIXED ASSETS:
- Land-Freehold
- Land-Leasehold
- Buildings
- Leasehold Improvements
- Plant and Machinery Equipments etc.
- Furniture, Fixtures and Office appliances
- Vehicles
- Technical Knowhow
PRESS RELEASE:
GULF OIL NET PROFIT AT RS. 530.000 MILLIONS.
DIVIDEND AT 110%
25 MAY 2013
HIGHLIGHTS FOR Q4
- Turnover Increases by 7%
- Operating Profit up 77%
Mumbai, 25th May 2013: Gulf Oil Corporation Limited, a Hinduja Group
Company, has reported a 7% increase in income in Q4. For the year ended 31st
March 2013, the turnover was Rs. 10810.000 Millions and Profit After Tax Rs.
530.000 Millions. The Board has recommended a Dividend of Rs. 2.20 (110%), a
payout of 48%
Division wise performance and highlights are as under:
LUBRICANTS DIVISION:
The Lubricants Division continued to record growth in revenues and volumes in
4th quarter of Financial Year 2012-13. The gross turnover for the quarter
increased to Rs. 2350.000 Millions as compared to Rs. 2130.000 Millions in the
corresponding quarter of the previous year i.e. a growth of 10% on QoQ basis.
Operational Profit before Interest and Tax for the quarter has also gone up by
13% to Rs. 260.000 Millions compared to Rs. 230.000 Millions in the
corresponding quarter of the previous year mainly on account of higher volumes
achieved by the Division. For the year ended 31st March’13, Lubricants Division
achieved turnover of Rs. 8430.000 Millions compared to Rs. 7560.000 Millions in
the previous year 2011-12 , a growth of 12% and Operational Profit before
interest and tax for the year increased by 13% to Rs. 1060.000 Millions against
Rs. 940.000 Millions in the previous year. Operational Results also reflect the
effective margin management strategy pursued by the Division.
The overall demand for lubricants was subdued due to the lower goods movement,
flat / negative growth of the automobile, infrastructure, mining and industrial
sectors. The Lubricants Division continued its growth momentum and recorded
positive volume growth across all geographies and segments which were well
ahead of its major competitors. This faster growth is resulting in increased
market share for the Division across segments.
Brand Initiatives – In Q4 the Division strengthened its position in the new
generation diesel engine segment by increasing sales for its new product range
- Gulf Super Fleet Turbo range of products which was launched earlier in the
year to meet the requirements of latest generation of commercial vehicles like
TATA Motors, Eicher, etc. The product range has received very positive response
from consumers, trade and influencers. To enhance visibility at the retail
level a signage program was launched for the top markets.
EXPLOSIVES DIVISION:
The Explosives Division manufacturing the detonators and initiators, achieved
sales of Rs.220.000 Millions in Q4 as compared to Rs. 210.000 Millions in the
corresponding quarter of the previous year. The business had to be curtailed on
account of delayed export shipments and power shortages in Hyderabad since July
2012. For the year the turnover was Rs. 780.000 Millions (Previous Year :
Rs.890.000 Millions ) due to several mining sites being closed on account of
regulatory issues.
The introduction of electronic programmable detonators in the market last year
resulted in orders from large mining companies and extensive field trials with
other mining organizations. The trials have proven the detonators to be capable
of precision blasting at sites near to habitats besides being eco-friendly
thereby resulting in low noise and vibration levels with increased productivity
by parameters.
New products have been developed for boostering and metal forming applications
for commercial manufacture, and high energetic materials for defense
applications.
MINING AND INFRASTRUCTURE DIVISION
(IDLCONSULT):
IDLconsult Division reported a service income of Rs 100.000 Millions in Q4 of
2012-13 as against Rs 160.000 Millions in 2011-12.
Volumes have reduced for the year due to the
continued closure of the iron ore and manganese mines in Orissa where our major
clients, the mine lessees are awaiting fresh clearances from various statutory
Departments to restart their mines. The Government is expected to be focused
towards Mining in the coming months to revive this sector.
PROPERTY DEVELOPMENT
BANGALORE:
Work on the Rs.18000.000 Millions project at Yelahanka, Bengaluru, consisting
of a 30 acre IT / ITES SEZ park and a 10 acre Hotel / Hospitality / Retail
areas being developed in association with Hinduja Realty Ventures Limited, is
progressing as per plan. Foundation work and 3 level basement structures on the
first building in SEZ sector is nearing completion. Infrastructure works and developments
in North Bangalore, the emerging growth corridor, will give a boost to the real
estate developments. Signal-free expressways from Hebbal and Yelahanka to
Bangalore Airport, is expected to be completed by mid 2014, providing excellent
and fast access to our project site, situated directly on the expressway.
HYDERABAD:
For the Hyderabad property, where the Company has entered into a Development
Agreement with Hinduja Estates Private Limited, work by GHMC on the 100 feet
road passing through the Company’s property, is in the final stages.
RESTRUCTURING AND DERISKING OF THE
COMPANY:
In view of the diverse nature of the
Company’s businesses, the Company has been actively considering restructuring
of the various businesses of the Company. A Committee of Directors was
authorized to look into various options for de-risking and restructuring. Based
on the recommendations of the Committee, the Board has in principle approved
the demerger of the Lubricants business into a separate listed company. The detailed
scheme will be approved in the next Board meeting
The Company through its subsidiaries in the United Kingdom and USA acquired
100% stake in Houghton International Inc., USA in December 2012. The Board has
been seized of the high leveraged position and has been exploring several
de-risking options including dilution in control and accordingly, not
consolidated financial statements of Houghton International Inc.
GULF OIL NET PROFIT UP 15% IN Q3
08 FEBRUARY 2013
HIGHLIGHTS FOR Q3
- Turnover up 2.5%
- Operating Profit increase 26% QoQ
Mumbai, 8th February 2013: Gulf Oil Corporation Limited, a Hinduja Group
Company, has reported a 25% increase in Profit from Operations before Interest
and Exceptional Items for Q3 at Rs.150.000 Millions as against Rs.120.000
Millions in the same quarter last year.
DIVISION WISE PERFORMANCE AND HIGHLIGHTS
ARE AS UNDER:
LUBRICANTS DIVISION:
The Lubricants Division achieved a turnover for the quarter of Rs. 2310.000
Millions as compared to Rs. 2130.000 Millions in the corresponding quarter of
the previous year i.e. a growth of 9% on QoQ basis amid tight market
conditions. Operational Profit before Interest and Tax for the quarter has also
gone up by 11% to Rs. 290.000 Millions compared to Rs. 260.000 Millions in the
corresponding quarter of the previous year.
The Division faced subdued market conditions and low industrial growth which
resulted in drop in OEM sales and severe competition from key competitors in
the areas of motorcycle oils and diesel engine oils with aggressive pricing and
promotion. Lubricants consumption was also impacted due to slowdown in the
industrial, mining and infrastructure sectors.
In spite of the above, the Division increased its market share in motorcycle
oil segment through increased distribution reach; and in the diesel engine oil
segment through the introduction of new product targeted at the Tata vehicles
segment.
EXPLOSIVES DIVISION:
The Explosives Division handling the
detonators business, achieved sales of Rs. 170.000 Millions in Q3 as compared
to Rs. 200.000 Millions in the corresponding quarter of the previous year. The
decrease was on account of reduced export shipments and power shortages faced
by the converters in Hyderabad and low demand from the mining and infra
sectors.
MINING AND INFRASTRUCTURE DIVISION
(IDLCONSULT):
The Mining and Infrastructure Division achieved revenue of Rs 45.000 Millions
in Q3 as compared to Rs. 120.000 Millions in the corresponding quarter of the
last year. Continued closure and slow down of the major iron ore and manganese
mines of our clients in the Orissa due to various environmental and other
statutory reasons have affected the performance in Q3.
However, around the end of Q3 the Division
started working at a new iron ore mine of Adhunik Group in Orissa. Also the
Patmunda manganese mine in Orissa is expected to start operating after a long
closure of more than one year from January 2013 onwards. The Division is
pursuing various mining and irrigation project opportunities in various states.
PROPERTY DEVELOPMENT:
Work
on the Rs.18000.000 Millions project at Yelahanka, Bangalore, consisting of a
30 acre IT / ITES SEZ park and a 10 acre Hotel / Hospitality / Retail areas
being developed in association with Hinduja Realty Ventures Limited, is
continuing. Foundation work on the first building in SEZ sector is progressing
well. Bulk materials such as aggregates, cement, steel, etc. have been procured
after receiving tax and duty exemption. Erection and testing of the batching
plant completed.
Infrastructure works such as signal-free expressways from Hebbal and Yelahanka
to Bangalore Airport, are expected to be completed by mid 2014, providing
excellent and fast access to our project site. This will give a boost to the
real estate developments in North Bangalore, the emerging growth corridor.
For the Hyderabad property, where the Company has entered into a Development
Agreement with Hinduja Estates Private Limited, work by GHMC on the 100 feet
road passing through the Company’s property, is about 70% complete. In the
meantime, investments in developments outside the Company premises, abutting
the new 100-feet road, are increasing rapidly. As a result of this
infrastructure initiative of the Government and as per reports from leading
property consultants, Kukatpally will witness higher demand in the near future.
AQUISITIION OF HOUGHTON INTERNATIONAL
INC. IN THE USA.
The Company through its subsidiary in the United Kingdom has completed has
completed acquisition of 100% stake in Houghton International Inc. for USD
1.045 billion, after satisfactory conclusion of regulatory approvals in the
USA.
The acquisition through the step-down
subsidiary ensures that the financials of GOCL will not be affected. The debt
will be serviced through Houghton International Inc.’s cash flows.
RESTRUCTURING
OF THE COMPANY.
In view of the diverse nature of the Company’s businesses, the Board of
Directors of the Company at its Meeting yesterday, discussed about
restructuring of the various businesses of the Company including demerger of
the Lubricants business into a separate listed company and authorized the
Committee of Directors to consider the matter and make necessary
recommendations.
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.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.