MIRA
INFORM REPORT
|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
MULTIBASE INDIA LIMITED |
|
|
|
|
Registered
Office : |
74/5-6, Daman Industrial Estate, Kadaiya Village, Nanidaman, Daman and
Diu-396210, Union Territory |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.12.1991 |
|
|
|
|
Com. Reg. No.: |
56-002959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 126.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L01122DD1991PLC002959 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Polypropylene Compound, Thermoplastic
Elastomer, Silicon Master Batch and Thermoplastic Master Batch. |
|
|
|
|
No. of Employees
: |
45 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Multibase S. A France. It is an established
company having satisfactory track record. Profitability of the company seems to be decent. Overall fundamentals
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 considered for business dealings at usual trade
terms and condition. |
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-260-6614400 |
|
Date : |
16.12.2013 |
LOCATIONS
|
Registered Office / Factory : |
74/5-6, Daman Industrial Estate, Kadaiya Village, Nanidaman, Daman and
Diu-396210, Union Territory |
|
Tel. No.: |
91-260-6614400 |
|
Fax No.: |
91-260-2221518 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
60000 Sq. Ft. |
|
Location : |
Sq. Mtr. |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Simon Bernard |
|
Designation : |
Director (Resigned w.e.f. May 1, 2013) |
|
|
|
|
Name : |
Ms. Diane Kelly |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harish Narendra Motiwalla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Chhabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Krishna Joshi |
|
Designation : |
Director (Appointed w.e.f. May 1, 2013) |
|
|
|
|
Name : |
Mr. Deepak Dhanak |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Ms. Amee B. Joshi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sanjay Goel |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
9464994 |
75.00 |
|
|
9464994 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
9464994 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
244033 |
1.93 |
|
|
|
|
|
|
1452297 |
11.51 |
|
|
1183713 |
9.38 |
|
|
274963 |
2.18 |
|
|
5192 |
0.04 |
|
|
2600 |
0.02 |
|
|
26546 |
0.21 |
|
|
13800 |
0.11 |
|
|
6100 |
0.05 |
|
|
220725 |
1.75 |
|
|
3155006 |
25.00 |
|
Total Public shareholding (B) |
3155006 |
25.00 |
|
Total (A)+(B) |
12620000 |
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) |
12620000 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Multibase S A |
94,64,994 |
75.00 |
75.00 |
|
|
Total |
94,64,994 |
75.00 |
75.00 |
(*) The term encumbrance has the same
meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
1 |
Hitesh Ramji Jhaveri |
273642 |
2.17 |
2.17 |
|
|
2 |
Harsha Hitesh Jhaveri |
174215 |
1.38 |
1.38 |
|
|
|
Total |
447857 |
3.55 |
3.55 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Polypropylene Compound, Thermoplastic
Elastomer, Silicon Master Batch and Thermoplastic Master Batch. |
|
|
|
|
Exports : |
|
|
Products : |
·
Slicon Master Batch ·
Thermoplastic, Elastoers |
|
Countries : |
·
China ·
Singapore ·
Korea |
|
|
|
|
Imports : |
|
|
Products : |
·
R M and Machines |
|
Countries : |
·
Taiwan ·
UK ·
USA |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Credit |
|
|
|
|
Purchasing : |
L/C, Credit |
GENERAL INFORMATION
|
No. of Employees : |
45 (Approximately) |
|
|
|
|
Bankers : |
·
Citi Bank ·
HDFC Bank Limited ·
State Bank of India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Vadodara, Gujarat, India |
|
|
|
|
Holding Company : |
·
Multibase S.A, France |
|
|
|
|
Ultimate Holding Company : |
·
Dow Corning Corporation |
|
|
|
|
Subsidiaries : |
·
DC China Holding Company Limited ·
DC Multibase ZJG Company Limited ·
Dow Corning (Barry HQ) Limited ·
Dow Corning (Hong Kong HQ) Asia ·
Dow Corning Company – Korea ·
Dow Corning India Private Limited ·
Dow Corning Singapore Pte Limited ·
Dow Corning Thailand Limited ·
Multibase Inc. Copley |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs.10/- each |
Rs. 130.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12620000 |
Equity Shares |
Rs.10/- each |
Rs. 126.200
Millions |
|
|
|
|
|
NOTE
(1) The Company has one class of equity shares having a par value of Rs. 10
each. Each shareholder is eligible for one vote per share held. If any, dividend
is proposed by Board of Directors, it is subject to approval of shareholders in
the ensuing Annual General Meeting. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
(2) Out of the above equity shares 9,464,994 shares i.e. 75% (Previous year
9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding
Company (of which Dow Corning Corporation , USA is the ultimate Holding
Company).
(3) Except for above, no other shareholder holds more than 5% of the equity
shares of the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
126.200 |
126.200 |
126.200 |
|
(b) Reserves & Surplus |
163.378 |
118.481 |
96.515 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
289.578 |
244.681 |
222.715 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2.093 |
1.916 |
0.795 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.872 |
2.941 |
2.422 |
|
Total Non-current Liabilities (3) |
4.965 |
4.857 |
3.217 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
62.767 |
74.141 |
50.152 |
|
(c) Other current
liabilities |
5.967 |
6.414 |
14.613 |
|
(d) Short-term provisions |
0.119 |
0.213 |
13.263 |
|
Total Current Liabilities (4) |
68.853 |
80.768 |
78.028 |
|
|
|
|
|
|
TOTAL |
363.396 |
330.306 |
303.960 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
45.087 |
43.317 |
41.153 |
|
(ii) Intangible Assets |
0.165 |
0.616 |
0.652 |
|
(iii) Capital work-in-progress |
0.210 |
0.000 |
0.095 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.315 |
0.000 |
1.446 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
45.777 |
43.933 |
43.346 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
103.359 |
81.582 |
64.152 |
|
(c) Trade receivables |
93.716 |
68.608 |
59.963 |
|
(d) Cash and cash
equivalents |
83.336 |
89.352 |
79.934 |
|
(e) Short-term loans and
advances |
37.208 |
46.831 |
56.565 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
317.619 |
286.373 |
260.614 |
|
|
|
|
|
|
TOTAL |
363.396 |
330.306 |
303.960 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
451.464 |
396.974 |
377.999 |
|
|
|
Other Income |
8.230 |
5.220 |
3.547 |
|
|
|
TOTAL (A) |
459.694 |
402.194 |
381.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
276.213 |
262.436 |
219.615 |
|
|
|
Purchase of Stock In Trade |
35.008 |
20.604 |
10.195 |
|
|
|
Employee benefits expenses |
29.749 |
29.274 |
30.717 |
|
|
|
Other Expenses |
59.592 |
59.872 |
57.950 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(12.127) |
(8.808) |
14.383 |
|
|
|
TOTAL (B) |
388.435 |
363.378 |
332.860 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
71.259 |
38.816 |
48.686 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.945 |
0.947 |
1.041 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
70.314 |
37.869 |
47.645 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.927 |
4.368 |
3.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
65.387 |
33.501 |
43.926 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.490 |
11.536 |
14.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
44.897 |
21.965 |
29.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
52.793 |
40.906 |
42.075 |
|
|
|
Income from Shared Services Operations |
5.036 |
5.450 |
6.135 |
|
|
TOTAL EARNINGS |
57.829 |
46.356 |
48.210 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
184.091 |
183.975 |
145.922 |
|
|
|
Capital Goods |
0.000 |
0.807 |
3.245 |
|
|
|
Others |
0.000 |
0.026 |
0.000 |
|
|
TOTAL IMPORTS |
184.091 |
184.808 |
149.167 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.56 |
1.74 |
2.31 |
|
Expected Sales (2013-2014) : Rs. 560.000 Millions
The above information has been parted by Mr. Sanjay Goel.
QUARTERLY RESULTS
|
Particulars (Rs.
Millions) |
Jun 2013 |
Sep 2013 |
|
Audited /
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
118.000 |
145.100 |
|
Total
Expenditure |
102.000 |
132.300 |
|
PBIDT (Excl OI) |
16.000 |
12.900 |
|
Other Income |
1.900 |
2.000 |
|
Operating Profit |
17.900 |
14.800 |
|
Interest |
0.200 |
0.200 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
17.800 |
14.600 |
|
Depreciation |
1.200 |
1.200 |
|
Profit Before
Tax |
16.600 |
13.500 |
|
Tax |
5.400 |
4.400 |
|
Provisions and
contingencies |
0.000 |
0.000 |
|
Profit After Tax |
11.200 |
9.100 |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
|
Net Profit |
11.200 |
9.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.77
|
5.46 |
7.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.48
|
8.44 |
11.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.00
|
10.14 |
14.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.61
|
3.55 |
3.34 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Debt |
NA |
NA |
NA |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
VIEW INDEX OF
CHARGES - No Charges Exist for Company
NATURE OF
OPERATIONS
Subject is engaged
in manufacturing and selling of Polypropylene Compound, Thermoplastic
Elastomer, Silicon Master Batch and Thermoplastic Master Batch.
OPERATIONS FY 2012-13
During the year,
the Company reported gross revenue from operations of Rs. 497.678 Millions as
against Rs. 430.763 Millions during the FY 2011-12. The Company reported Profit
Before Tax of Rs. 65.387 Millions and Profit After Tax of Rs. 44.897 Millions
as against Rs. 33.501 Millions and Rs. 21.965 Millions respectively for the previous
Financial Year, thereby reporting an increase of 95% and 104% respectively.
MANAGEMENT
DISCUSSION AND ANALYSIS
CAVEAT
This section of the Annual Report has been included in adherence to the spirit
enunciated in the Code of Corporate Governance approved by the Securities and
Exchange Board of India. Shareholders and Readers are cautioned that in the
case of data and information external to the Company, though the same are based
on sources believed to be reliable, no representation is made on its accuracy
or comprehensiveness. Further, utmost care has been taken to ensure that the
opinion expressed therein contain its perceptions on most of the important
trends having a material impact on the Company’s operations.
This section of the Annual Report has been included in adherence to the
spirit enunciated in the Code of Corporate Governance approved by the
Securities and Exchange Board of India. Shareholders and Readers are cautioned
that in the case of data and information external to the Company, though the
same are based on sources believed to be reliable, no representation is made on
its accuracy or comprehensiveness. Further, utmost care has been taken to
ensure that the opinion expressed therein contain its perceptions on most of
the important trends having a material impact on the Company’s operations.
BACKGROUND AND
INDUSTRY OUTLOOK
Year started with the backdrop of the markets recovering from the
slow-down. The Company increased its presence in the Automotive (safety and non
safety products) and Silicon based thermoplastics segment. The Company
prioritized its focus on Silicon-enhanced products and identified new
opportunities in Engineering polymer markets. Thermoplastic Elastomers sales in
India continued to grow at a steady rate by converting some of the non TPE
applications to TPE. The Company managed to hold the margins in an increasingly
competitive market and during the global economy slowdown through a mix of
innovative products, selective price increase and qualifying alternate raw
materials.
OVERVIEW
It has been recognized world over that India is one of the fastest
growing economies. The relevant markets for Multibase are growing steadily and
they expect that the Company will benefit from this. The business prospects for
the Company are good with increased volumes in these market segments. Increased
competition and uncertainty in the world petrochemical markets could put some
pressure on margins, since there could be the double effect of raw material
price rises as well as pressure from competition. Company produces a range of
both commodity and specialty products which are used in a wide range of
applications in markets such as Automotive, Personal Care, Personal hygiene,
Stationery, Telecommunications and Engineering Polymers etc. The Company
continuously develops new generation products through its modern R and D plant
in Daman to stay ahead of the competition. Global grades are now being produced
in Daman to address the requirement of Automotive sector.
FINANCIAL REVIEW
The overall performance of the Company for the current financial year
improved significantly as compared to previous financial year in spite of
various challenges faced during the year such as overall slow-down of economy,
high inflation and increase of prices of imported raw materials and commodities
globally. During the year, the Company reported gross revenue from operations
of Rs. 497.678 Millions as against Rs. 430.763 Millions during the FY 2011-12.
The Company reported Profit Before Tax of Rs. 65.387 Millions and Profit After
Tax of Rs. 44.897 Millions as against Rs. 33.501 Millions and Rs. 21.965
Millions respectively for the previous Financial Year, thereby reporting an
increase of 95% and 104% respectively.
FIXED ASSETS
·
Land and site development
·
Factory building
·
Office building
·
Leasehold improvement
·
Plant and machinery
·
Laboratory equipment
·
Office equipment’s
·
Air conditioner
·
Furniture and fixture
·
Computers
·
Vehicles
·
Computer 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. 61.95 |
|
UK Pound |
1 |
Rs. 101.14 |
|
Euro |
1 |
Rs. 85.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.