MIRA
INFORM REPORT
|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
KLJ RESOURCES LIMITED (w.e.f. 16.01.1991) |
|
|
|
|
Formerly Known
As : |
JAINSONS RESOURCES LIMITED |
|
|
|
|
Registered
Office : |
Shantiniketan Building, Suite No.22, Ground Floor, 8, Camac Street,
Kolkata – 700 017, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
24.11.1986 |
|
|
|
|
Com. Reg. No.: |
21-041487 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.71.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120WB1986PLC041487 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALK03240G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK1181C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading and
Manufacturing of Chemicals. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 4911000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Management has failed to file the latest financial of 2013, with the
government department. As per the available, the company has achieved a better growth in its
sales turnover, but there appears a drastic dip in the net profitability
during 2012. However, the financial position of the company is good. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitment. In view of old and reputed group and its associates, the company can
be considered 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 |
CRISIL |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
July 24, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
July 24, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-11-41427427)
LOCATIONS
|
Registered Office : |
Shantiniketan Building, Suite No.22, Ground Floor, 8, Camac Street,
Kolkata – 700 017, West Bengal, India |
|
Tel. No.: |
91-33-22823851 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
KLJ House, 63, Rama Marg, Najafgarh Road, New Delhi – 110 015, India |
|
Tel. No.: |
91-11-25459706 |
|
Fax No.: |
91-11-25459709 |
|
|
|
|
Corporate Office 2 : |
KLJ Complex, 70/B-39, Shivaji Marg, Najafgarh Road, New Delhi - 110
015, India |
|
Tel. No.: |
91-11-49207300 |
|
Fax No.: |
91-11-25935730 |
|
|
|
|
Factory : |
Located at: ·
Silvassa, (Union Territory of Dadra and Nagar
Haveli), India |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Hemant Jain |
|
Designation : |
Managing Director |
|
Address : |
6-B/9, N.E.A, Old Rajinder Nagar, New Delhi – 110 060, India |
|
Date of Birth/Age : |
18.08.1971 |
|
Qualification : |
Graduate,
Diploma in International Business |
|
Date of Appointment : |
01.10.2005 |
|
PAN No.: |
AALPJ1370K |
|
DIN No.: |
00506995 |
|
|
|
|
Name : |
Mr. Shanti Lal Dugar |
|
Designation : |
Director |
|
Address : |
3/104, 2nd Floor, Ramesh Nagar, New Delhi – 110 015, India |
|
Date of Birth/Age : |
16.07.1978 |
|
Qualification : |
B.Com, ACA |
|
Expertise in specific functional area : |
Finance, Tax and
Forex Management |
|
Date of Appointment : |
22.07.2011 |
|
PAN No.: |
AHCPD8321Q |
|
DIN No.: |
03441727 |
|
|
|
|
Name : |
Mr. Sunil Andley |
|
Designation : |
Director |
|
Address : |
7276, Pkt-7, Sectord, Vasant Kunj, New Delhi, India |
|
Date of Birth/Age : |
26.02.1963 |
|
Qualification : |
LLB |
|
Date of Appointment : |
22.07.2011 |
|
PAN No.: |
ABQPA4072P |
|
DIN No.: |
03098680 |
|
|
|
|
Name : |
Mr. Dilip Kumar Karn |
|
Designation : |
Director |
|
Address : |
63, Rama Marg, New Delhi – 110 015, India |
|
Date of Birth/Age : |
06.02.1953 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
10.10.1997 |
|
DIN No.: |
00061804 |
|
PAN No.: |
AALPK4457C |
|
|
|
|
Name : |
Mr. Umakant Upendra Bhobe |
|
Designation : |
Director |
|
Address : |
1, Gautam Niwas, J.P. Road, Andheri (West), Mumbai – 400 053,
Maharashtra, India |
|
Date of Birth/Age : |
15.01.1942 |
|
Date of Appointment : |
01.10.2005 |
|
DIN No.: |
01489172 |
|
|
|
|
Name : |
Mr. Sudeep Sumer Mehta |
|
Designation : |
Director |
|
Address : |
13, Surya Nagar, Karkhana, Secunderabad – 500 003, Andhra Pradesh,
India |
|
Date of Birth/Age : |
21.02.1970 |
|
Qualification : |
MBA |
|
Expertise in specific functional area : |
Business
Management and Administration |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
00483072 |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Sharma |
|
Designation : |
Secretary |
|
Address : |
K-117, Kirti Nagar, New Delhi - 110015, India |
|
Date of Birth/Age : |
13.09.1965 |
|
Date of Appointment : |
01.04.2009 |
|
PAN No.: |
ALQPS6513F |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
Note:
Shareholding Details File Attached
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
47.28 |
|
Directors
or relatives of directors |
|
52.11 |
|
Other
top fifty shareholders |
|
0.43 |
|
Others
|
|
0.18 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and
Manufacturing of Chemicals. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Punjab
National Bank Large Corporate Branch,
A-9, Connaught Place, New Delhi – 110 001, India ·
State
Bank of India (Lead Bank), Commercial Branch,
N-3, South Extension Part-I, New Delhi – 110 049, India ·
State Bank of India, Commercial Branch, A-5 South Extension Part-I, New Delhi – 110 048,
India ·
HDFC Bank Limited, G-3-4, K. G. Marg, New Delhi – 110 001, India ·
State Bank of India, B-2, C, Block Community Centre, Naraina Vihar, New Delhi – 110 028,
India ·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India ·
State Bank of India (Mid Corporate Loan Administrative Unit), 2nd Floor,
Chandni Chowk, Delhi – 110 006, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Pugalia and Company Chartered Accountants |
|
Address : |
2nd Floor, 20E, Lake Road, Kolkata – 700 029, West Bengal,
India |
|
PAN No.: |
AFUPP1211P |
|
|
|
|
Associate Company : |
·
KLJ Polymers and Chemicals Limited, India (CIN
No.: U24119DL1989PLC036883) ·
KLJ Plasticizers Limited, India (CIN No.: U25200DL2008PLC181088)
·
KLJ Organic Limited, India (CIN No.:
U74899DL1995PLC068170) ·
KLJ Organic (Thailand) Limited, Thailand ·
Kundalia Industries, India ·
KLJ Developers Private Limited, India (CIN No.:
U45201DL2006PTC145296) Kinetic Impex Limited, India (CIN No.:
L51909WB1985PLC039455) |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7160000 |
Equity Shares |
Rs.10/- each |
Rs.71.600
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 |
|
71.600 |
250.000 |
|
(b) Reserves & Surplus |
|
1156.204 |
586.436 |
|
(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) |
|
1227.804 |
836.436 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
88.248 |
88.554 |
|
(d) Long-term
provisions |
|
5.763 |
1.505 |
|
Total Non-current
Liabilities (3) |
|
94.011 |
90.059 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
443.576 |
483.050 |
|
(b)
Trade payables |
|
3976.246 |
2107.489 |
|
(c) Other
current liabilities |
|
57.135 |
27.464 |
|
(d) Short-term
provisions |
|
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
|
4476.957 |
2618.003 |
|
|
|
|
|
|
TOTAL |
|
5798.772 |
3544.498 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
50.510 |
43.130 |
|
(ii)
Intangible Assets |
|
0.203 |
0.036 |
|
(iii)
Capital work-in-progress |
|
15.287 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
15.153 |
8.753 |
|
(c) Deferred tax assets (net) |
|
4.772 |
3.355 |
|
(d) Long-term Loan and Advances |
|
14.123 |
13.204 |
|
(e) Other
Non-current assets |
|
79.041 |
46.765 |
|
Total Non-Current
Assets |
|
179.089 |
115.243 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3158.267 |
2022.115 |
|
(c)
Trade receivables |
|
1959.646 |
851.214 |
|
(d) Cash
and cash equivalents |
|
326.145 |
319.954 |
|
(e)
Short-term loans and advances |
|
164.781 |
233.220 |
|
(f)
Other current assets |
|
10.844 |
2.752 |
|
Total
Current Assets |
|
5619.683 |
3429.255 |
|
|
|
|
|
|
TOTAL |
|
5798.772 |
3544.498 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
250.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
318.766 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
568.766 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
237.929 |
|
|
2] Unsecured Loans |
|
|
60.355 |
|
|
TOTAL BORROWING |
|
|
298.284 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
867.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
44.403 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7.038 |
|
|
DEFERRED TAX ASSETS |
|
|
2.739 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1383.690
|
|
|
Sundry Debtors |
|
|
403.327
|
|
|
Cash & Bank Balances |
|
|
146.996
|
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
84.451
|
|
Total
Current Assets |
|
|
2018.464 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
396.946
|
|
|
Other Current Liabilities |
|
|
808.648
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
1205.594 |
|
|
Net Current Assets |
|
|
812.870
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
867.050 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
11062.190 |
5542.058 |
3574.657 |
|
|
|
Other Income |
41.884 |
25.627 |
15.951 |
|
|
|
TOTAL (A) |
11104.074 |
5567.685 |
3590.608 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
22.887 |
0.000 |
|
|
|
|
Purchases of
stock-in-trade |
11565.470 |
5589.298 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(1119.156) |
(638.424) |
|
|
|
|
Employee benefit
expense |
52.572 |
34.615 |
|
|
|
|
Other expenses |
259.766 |
138.838 |
|
|
|
|
TOTAL (B) |
10781.539 |
5124.327 |
3231.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
322.535 |
443.358 |
358.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.054 |
36.688 |
30.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
226.481 |
406.670 |
328.067 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.687 |
4.575 |
4.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
221.794 |
402.095 |
323.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.787 |
134.425 |
112.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
152.007 |
267.670 |
210.717 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
557.302 |
289.632 |
78.915 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA
|
557.302 |
289.632 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated
on F.O.B. basis |
659.712 |
69.597 |
145.370 |
|
|
|
Insurance Claim |
5.540 |
0.339 |
|
|
|
TOTAL EARNINGS |
665.252 |
69.936 |
145.370 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials (Chemicals) |
9168.760 |
4460.246 |
3328.675 |
|
|
TOTAL IMPORTS |
9168.760 |
4460.246 |
3328.675 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.23 |
53.53 |
42.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.37 |
4.81 |
5.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.00 |
7.26 |
9.05
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.85 |
11.38 |
15.68
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.48 |
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.36 |
0.58 |
0.52
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.31 |
1.67
|
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved
in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
115.160 |
0.000 |
|
Other loans and advances |
4.742 |
246.229 |
|
|
|
|
|
Total |
119.902 |
246.229 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10391785 |
02/11/2012 * |
6,200,000,000.00 |
State Bank of
India (Lead Bank) |
Commercial
Branch, N-3, South Extension Part-I, New Delhi – 110 049, India |
B64749492 |
* Date of charge modification
FINANCIAL PERFORMANCE
• The total
revenue of the Company for Fiscal year 2012 stood Rs.11104.000 millions as against
Rs.5567.600 millions for Fiscal year 2011, showing an increase of 99.44%.
• The net worth of
Company increased by 46.80% from Rs.836.400 millions in Fiscal year 2011 to
Rs.1227.800 millions in Fiscal year 2012.
• The Earnings
Before Interest, Taxes, Depreciation and Amortization (EBIDTA) (before
exceptional items) is Rs.317.900 millions in Fiscal year 2012.
• Profit after Tax
(PAT) Rs.152.000 millions in Fiscal year 2012.
• Amount of profit
transferred to Balance Sheet for Fiscal year 2012 is Rs.152.000 millions and
total Profit available for appropriation is Rs.709.300 millions.
MANUFACTURING PLANT
The Company
entered into manufacturing foray besides its trading activities and set up its
Chemicals manufacturing plant at Silvassa, (Union Territory of Dadra and Nagar
Haveli), India. The present manufacturing capacity of the plant is 1.08 Lac
Metric Ton/Year. It is their endeavor to increase this capacity during
Financial Year 2012-13.
LISTING OF SECURITIES
The Company’s
Equity Shares are Listed on The Calcutta Stock Exchange Limited.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL ECONOMY REVIEW
Heightened global
uncertainty during the second half of last year, disruptions to regional supply
chains from the floods in Thailand, lingering effects of the earthquake and
tsunami in Japan, and policy tightening in some large developing countries
combined to significantly reduce global demand in Q4 2011 – resulting in the
sharpest contraction in global merchandise trade seen since June 2009.
Economic activity
in South Asia has slowed considerably, following a promising start to 2012.
Regional industrial production, exports and capital flows, which showed signs
of recovery in the first two months of the year, faltered by the end of the
first quarter. The new slowdown comes on the heels of a sharp deceleration in
economic growth in the second half of 2011, which saw regional GDP growth
decline to an estimated 7.1 percent for the year, from 8.6 percent in 2010. In
India, the region’s largest economy, growth measured at factor cost slowed
sharply to 6.5 percent in the 2011-12 fiscal year ending in March, from 8.4
percent in the previous two fiscal years. Inflationary pressures continue to
remain strong in most South Asian countries. On the domestic side, pressures
are arising from capacity constraints, persistent fiscal deficits, strong wage
push pressures, and high food inflation South Asian countries tightened
monetary policies over the last year to contain inflationary pressures.
INDIAN ECONOMY REVIEW
With recent global
developments contributing to a significant rebalancing of portfolios as a
result of rapidly changing risk perceptions and appetites, the Indian
macroeconomic environment has looked turbulent during the past year. After a
promising start to the decade in 2010-11, with achievements like maintaining
GDP growth rate around 8 percent, bringing down fiscal deficit to 4.8 percent
of GDP as well as containing current account deficit to 2.6%, the fiscal year
2011-12 has been challenging for the Indian Economy. The year started on a note
of optimism through impressive growth in exports and high levels of foreign
exchange inflows, only to moderate as the year progressed through continued
monetary tightening in response to the untamed inflationary pressures.
Gradually, high levels of inflation gave way to a slowdown in the growth.
Additionally, as fiscal conditions worsened over the year, export numbers were
revised in light of data discrepancies leading to a widening of trade deficit.
In light of a perceivably weak macro-economic environment, a well-planned
economic revival policy from the Government’s part is required to get back the
Indian Economy on the path to stable and prosperous growth.
CHEMICAL SECTOR REVIEW
The chemical and
petrochemical sector in India presently constitutes 14% of the domestic
industrial activity. The growth of petrochemicals and chemicals is projected at
12.6% and 8% respectively in 11th Five Year Plan. According to the United
Nations Industrial Development Organization (UNIDO), in terms of value added at
constant 2000 prices, the Indian chemical Industry was the 6th largest in the
world and 3rd largest in Asia in the year 2008. As per the latest
available information from industry associations, the size of the Indian
Chemical Industry in the year 2010 was US$ 108.4 Billion.
Growth in exports
of chemicals and related products witnessed higher growth during 2011-12 as
compared with 2010-11. Exports of petroleum products grew by 34.0 percent
during 2011-12 as against 47.1 per cent during 2010-11.
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computer Equipments
Intangible Assets
· 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 records 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.62.38 |
|
|
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
5 |
|
--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 |
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 |
|
DEFAULTERS |
|
|
|
--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.