MIRA
INFORM REPORT
|
Report Date : |
12.12.2013 |
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 : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be fair. General financial
position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considerd for business dealings at usual trade
terms and condition. NOTE: Latest financial for the year 2013 is not available with us. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk |
|
Date |
October 18, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
October 18, 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 DENIED BY
|
Name : |
Mr. Punil Shah |
|
Designation : |
CFO |
|
Contact No.: |
91-22-24113667 |
|
Date : |
11.12.2013 |
LOCATIONS
|
Registered Office : |
29/3, Sewree Premises Co-Operative Society, Sewree (East), Mumbai- 400
015, Maharashtra, India |
|
Tel. No.: |
91-22-24113667 / 24132804 / 24146105 |
|
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 02.09.2013
|
Name : |
Mr. Devanshu Pravinbhai Desai |
|
Designation : |
Additional Director |
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Address : |
42, Dharam Prem, Nehru Road, Vile Parle (East), Mumbai –
400057, Maharashtra, India |
|
Date of Birth/Age : |
26.02.1963 |
|
Qualification: |
Advocate |
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Date of Appointment : |
08.11.2010 |
|
DIN No. : |
00493980 |
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|
|
|
Name : |
Mr. Rajiv Makhanlal Mattoo |
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Designation : |
Whole Time Director |
|
Address : |
B-6, Vasundhara Tilak Road, Ghatkopar East, Mumbai – 400 077,
Maharashtra, India |
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Date of Birth/Age : |
21.12.1958 |
|
Qualification: |
B.com |
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Date of Appointment : |
08.11.2010 |
|
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 |
|
Address : |
A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve
Road, Malad (West), Mumbai - 400 064, Maharashtra, India |
|
Date of Birth/Age : |
12.06.1954 |
|
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 |
|
Address : |
A-701, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road,
Malad (West), Mumbai - 400 064, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1952 |
|
Qualification: |
B.com |
|
Date of Appointment : |
01.04.2010 |
|
PAN No.: |
AAGPP4510L |
|
DIN No. : |
01108480 |
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|
|
|
Name : |
Mr. Aslesh Rameshkumar Parekh |
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Designation : |
Managing Director |
|
Address : |
A – 802, Adarsh Classic, Adarsh Dugdhalay Road, Off Marve
Road, Malad (West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1982 |
|
Qualification : |
M.B.A |
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Date of Appointment : |
28.09.2010 |
|
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 |
|
Address : |
A-802, Adarsh Classic, Adarsh Dugdhalay Road, Off. Marve Road,
Malad (West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1980 |
|
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 |
|
Address : |
A-701, Adarsh Classic, Adarsh Dugdhalay Compound, Off.
Marve Road, Malad (West), Mumbai-400 064, Maharashtra, India |
|
Date of Birth/Age : |
28.06.1976 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
02868122 |
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|
|
|
Name : |
Mr. Kailash Babulal Parekh |
|
Designation : |
Additional Director |
|
Address : |
703/A, Adarsh Classic Off, Marve Road, Malad West, Mumbai
– 400 064, Maharashtra, India |
|
Date of Birth/Age : |
15.04.1956 |
|
Qualification: |
B.com |
|
Date of Appointment : |
08.11.2010 |
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PAN No.: |
AALPP5496L |
|
DIN No. : |
02868124 |
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|
|
Name : |
Mr. Sitaram Ramgopal Choudhary |
|
Designation : |
Additional Director |
|
Address : |
C/55, Benher Apartment, Chanoavarkar lane, Borivali (West),
Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
09.07.1974 |
|
Qualification: |
B.com |
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Date of Appointment : |
08.11.2010 |
|
DIN No. : |
02873497 |
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|
|
Name : |
Mr. Sarthak Behuria |
|
Designation : |
Director |
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Address : |
K-99, Hauz Khas, New Delhi-110016, India |
|
Date of Birth/Age : |
02.03.1952 |
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Date of Appointment : |
29.09.2012 |
|
DIN No.: |
03290288 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2013
|
Names of Shareholders |
No. of Shares |
|
Ramesh B. Parekh |
200000 |
|
Jitendra B. Parekh Jointly with Mrs. Gulab J Parekh |
186000 |
|
Kailash B Parekh Jointly with Mrs. Padmini Parekh |
186000 |
|
Gulab J. Parekh Jointly with Jitendra B Parekh |
30000 |
|
Pooja K. Parekh Jointly with Kailash B. Parekh |
26000 |
|
Kunal K. Parekh Jointly with Kailash B. Parekh |
28500 |
|
Samir R. Parekh Jointly with Ramesh B. Parekh |
16000 |
|
Aslesh R. Parekh Jointly with Ramesh B Parekh |
16000 |
|
Saurabh R. Parekh Jointly with Ramesh B Parekh |
16000 |
|
Diya Parekh Jointly with Ramesh Parekh |
26000 |
|
Ramesh Parekh Jointly with Sunita Parekh |
153000 |
|
Sunita Parekh Jointly with Ramesh Parekh |
54000 |
|
Rajiv Parekh Jointly with Jitendra B. Parekh |
20000 |
|
Padmini K Parekh Jointly with
Kailash B Parekh |
30000 |
|
Rajiv Jitendra Parekh Jointly with Alka Rajiv Parekh |
22500 |
|
Kunal Kailash Parekh Jointly with Padmini Kunal Parekh |
10000 |
|
Sameer Ramesh Parekh Jointly with Sharmishtha Sameer Parekh |
22500 |
|
Ashlesh Ramesh Parekh Jointly with Sunita Ramesh Parekh |
10000 |
|
Saurabh Ramesh Parekh Jointly with Sunitha Ramesh Parekh |
10000 |
|
Pooja Kailash Parekh Jointly with Padmini Kailash Parekh |
5000 |
|
Alka Rajiv Parekh Jointly with Rajiv Jitendra Parekh |
15000 |
|
Sharmishtha S Parekh Sameer Ramesh Parekh |
15000 |
|
Divya R. Parekh Jointly With Sunita Parekh |
5000 |
|
Ashlesh Parekh Jointly With Dimple Parekh |
12500 |
|
Saurabh Parekh Jointly with Nishitha Parekh |
15000 |
|
Dimple Parekh Jointly with Ashlesh Parekh |
10000 |
|
Nishitha Saurabh Parekh Jointly with Saurabh R. Parekh |
10000 |
|
|
|
|
Total |
1150000 |
As on 02.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Grade Mineral Oils and
Petrolatums. |
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||||
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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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Brand Names : |
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 : |
Information declined by the management. |
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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 ·
State Bank of India Industrial Finance Branch,
S.V. Road, Malad West, Mumbai - 400064, Maharashtra, India ·
Axis Bank Limited Silvasa Branch, Jigar Complex,
Naroli Road, Silvassa - 396230, Dadar Nagar Haveli, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Instituation : |
Axis Trustee
Services Limited Axis House, 2nd Flr,
Bombay Dyeing Mills Compound,, Pandurang Budhkar Marg, Worli,, Mumbai -
400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
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 |
|
Tel. No.: |
91-22-22664618/22662752 |
|
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 |
|
|
|
|
Others: |
Kamlaben Babulal Charitable Trust |
CAPITAL STRUCTURE
As on 31.03.2012
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 |
|
|
|
|
|
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 (H) |
77.842 |
48.672 |
68.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
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-%20246633%20_%20MIRA%2012-Dec-2013_files/image001.gif){kind=small}
|
Particulars |
|
|
31.03.2013 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
12100.000 |
|
|
|
|
|
The above information has been parted by Mr. Punil Shah
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
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
Current maturities of long-term debt |
35.798 |
27.516 |
0.000 |
|
|
|
|
|
|
Total |
35.798 |
27.516 |
0.000 |
|
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
four 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 |
LITIGATION DETAILS
|
Stamp No.:- SL/3514/2009 Filing
Dte:- 20.11.2009 Reg. No.:- S/40/2010 Reg.
Date:- 06.01.2010 |
|
|
Petitioner:- SOGIMPEX SARL- Petn.Adv.:- AJAY SETHI (0) District:- OUTSIDE MAHARASHTRA |
Respondent:- GANDHAROIL REFINERY LIMITED. - Resp.Adv.:- VISHAL B THADANI (0) |
|
Bench:- SINGLE Status:- Pre-Admission Last Date:- 21.04.2011 Last Coram :- REGISTRAR (OS) PROTHONOTARY AND SR.
MASTER |
Category : LONG
CAUSE SUITS Stage:- FOR DIRECTION |
|
Act :- Code of civil Procedure 1908 |
|
UNSECURED LOANS
|
Particular |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
246.102 |
87.581 |
|
Other loans and advances |
711.833 |
776.806 |
|
Total |
957.935 |
864.387 |
|
|
|
|
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 Floor, S.V.Road,
Andheri (West), Mumbai, Maharashtra - 400058, INDIA |
B41230780 |
|
4 |
10346000 |
13/03/2012 |
317,500,000.00 |
INDUSIND BANK LTD. |
INDUSIND HOUSE 425,, DADASAHEB BHADKAMKAR MARG, MUMBAI, Maharashtra - 400004, INDIA |
B36472017 |
|
5 |
10310916 |
05/06/2012 * |
500,000,000.00 |
Axis Bank Limited |
Silvasa Branch, Jigar Complex,, Naroli Rd., 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 .M. ROAD , FORT,
MUMBAI, Maharashtra - 400001, INDIA |
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 Flr, Bombay Dyeing Mills Compound, |
B79229340 |
|
10 |
10220506 |
27/01/2012 * |
280,000,000.00 |
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
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 |
23/08/2013 * |
4,095,000,000.00 |
State Bank of India |
Industrial Finance Branch, S.V. Road, Malad West, Mumbai, Maharashtra
- 400064, INDIA |
B83576702 |
|
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 .M. ROAD , FORT,
MUMBAI, Maharashtra - 400001, INDIA |
A23486376 |
|
15 |
90155458 |
14/05/2008 * |
245,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH , JASH CHAMBERS, GROUND FLOOR, SIR P .M. ROAD , FORT,
MUMBAI, Maharashtra - 400001, INDIA |
A40645087 |
|
16 |
90158424 |
15/11/2010 * |
325,000,000.00 |
ORIENTAL BANK OF COMMERCE |
FORT BRANCH , JASH CHAMBERS, GROUND FLOOR, SIR P .M. ROAD , FORT,
MUMBAI, Maharashtra - 400001, INDIA |
B03128287 |
* Date of charge modification
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.
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 |
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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
YES |
|
--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.