MIRA
INFORM REPORT
|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SI GROUP - INDIA LIMITED (w.e.f.13.09.2006) |
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Formerly Known
As : |
SCHENECTADY HERDILLIA LIMITED (w.e.f.22.03.2002) HERDILLIA CHEMICALS LIMITED |
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Registered
Office : |
Plot No.2/1, TTC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.07.1963 |
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Com. Reg. No.: |
11-012674 |
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Capital
Investment / Paid-up Capital : |
Rs. 423.345 Millions |
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CIN No.: [Company Identification
No.] |
U99999MH1963PLC012674 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS04774A |
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PAN No.: [Permanent Account No.] |
AAACH7323L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Trading of Organic Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 13560000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “SI Group Inc., USA”. It is a well-established and reputed company having a fine track
record. There appears drastic dip in the profitability. However, the company
has recorded a better increase in its sales turnover during 2013. Financial
position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of payments
is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4
% between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term Bank facilities : (Withdrawn) |
|
Date |
April 5, 2012 |
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Rating Agency Name |
CARE |
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Rating |
Short term Bank facilities : (Withdrawn) |
|
Date |
April 5, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Navi Mumbai Unit/ Import and Export Department : |
Plot No.2/1, TTC Industrial Area, Thane-Belapur Road, Navi Mumbai -
400703, Maharashtra, India |
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Tel. No.: |
91-22-66732000/ 01/ 27683328/ 27681153/ 27681154/ 27611508 (Export) |
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Fax No.: |
91-22-27671848/ 27685653/ 2589 |
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E-Mail : |
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Website : |
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Corporate Office : |
1003-1006, 10th Floor, Arcadia, 195, NCPA Marg, Nariman
Point, Mumbai - 400021, Maharashtra, India |
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Tel. No.: |
91-22-30782000/ 30782039 |
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Fax No.: |
91-22-30782038 |
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E-Mail : |
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Rasal Unit : |
Village Rasal, P.O. Pali Taluka – Sudhagad, District Raigad – 410205,
Maharashtra, India |
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Tel. No.: |
91-2142-242669/ 242670 |
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Fax No.: |
91-2142-242668 |
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E-Mail : |
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Lote Unit : |
Plot No.D-1/3, M.I.D.C. Lote Parshuram, Taluka – Khed, District
Ratnagiri – 415722, Maharashtra, India |
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Tel. No.: |
91-2356-272246/ 272129 |
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Fax No.: |
91-2356-272006 |
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E-Mail : |
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Ranjangaon Unit : |
E-89, MIDC, Ranjangaon Nagar Road, Taluka Shirur, District Pune –
412220, Maharashtra, India |
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Tel. No.: |
91-2138-670407 |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Girindrachandra Chandrakant Vasudeo |
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Designation : |
Managing director |
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Address : |
358-A, Gangaram Khatri Wadi, Second Floor, J.S. Road, Mumbai – 400002,
Maharashtra, India |
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Date of Birth/Age : |
23.12.1954 |
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Qualification : |
B. Com. (Hons.), LL.B., FCA, FCS, AICWA |
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Experience : |
32 Years |
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Date of Appointment : |
10.10.2013 |
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PAN No.: |
AADPV5438N |
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DIN No.: |
00021772 |
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Other Directorship :
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Name : |
Mr. Richard Paul Barlow |
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Designation : |
Director |
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Address : |
11, Devoe Drive, Clifton Park, New York 12065 |
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Date of Birth/Age : |
08.10.1962 |
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Date of Appointment : |
22.02.2002 |
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DIN No.: |
00075741 |
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Name : |
Mr. Emmanuel Carl Mauriece Joseph Hess |
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Designation : |
Director |
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Address : |
175, Boulevard Clemence 59700, Marcqen Baroeu, France 59700 |
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Date of Birth/Age : |
28.07.1956 |
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Qualification : |
Chemical Engineering (EMSCS), MBA (OSU) |
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Date of Appointment : |
12.02.2008 |
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DIN No.: |
02019494 |
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Name : |
Mr. Pankaj Chadha |
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Designation : |
Whole-time director |
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Address : |
B 19/1, DLF Phase 1, Gurgaon - 122002, Haryana, India |
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Date of Birth/Age : |
17.10.1960 |
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Date of Appointment : |
10.10.2013 |
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DIN No.: |
00159744 |
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Other
Directorship :
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Name : |
Frank Anthony Bozich |
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Designation : |
Additional director |
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Address : |
1174 Ruffner Road, Niskayuna NY 12309 |
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Date of Birth/Age : |
16.09.1960 |
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Date of Appointment : |
10.10.2013 |
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DIN No.: |
06711320 |
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KEY EXECUTIVES
|
Name : |
Mr. Bhalchandra Madhav Raul |
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Designation : |
Manager |
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Address : |
A3, Kanika CHS Limited, Dr. Radhakrishnan Cross Road, Andheri (East),
Mumbai – 400069, Maharashtra, India |
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Date of Birth/Age : |
14.12.1955 |
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Date of Appointment : |
21.08.2006 |
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PAN No.: |
AAYPR3589F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 26.09.2013
|
Equity Share Breakup |
Percentage of Holding |
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Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
97.34 |
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Bodies
corporate |
0.13 |
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Other
top fifty shareholders |
0.42 |
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Others |
2.11 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Organic Chemicals. |
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Products/ Services : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India Commercial Branch,
Horniman Circle, Mumbai – 400023, Maharashtra, India · The Bank of Nova Scotia Mittal Tower, 'B' Wing, Nariman Point, Mumbai – 400021, Maharashtra,
India · State Bank of India Commercial Branch (Advances), N.G.N. Vaidya Marg, Mumbai – 400023,
Maharashtra, India · Bank of Baroda ABN Amro Bank N. V. Credit Lyonnais Bank HDFC Bank Limited Bank of America The Hongkong and Shanghai Banking Corporation Limited JP Morgan Chase Bank, N.A. |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· Caterpillar Financial Services Corporation 3322 Westend Avenue,
Nashville, Tennessee - 037203, United States of America |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi,
Mumbai - 400011, Maharashtra, India |
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Income-tax PAN
of auditor or auditor's firm : |
AAIFB4734C |
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Holding company: |
SI Group, Inc., United States |
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Fellow Subsidiary Company: |
·
Schenectady Korea Limited SI Group-Australia Pty. Limited SI Group-South Africa
(Proprietary) Limited SI Group (Shanghai) Trading
Limited SI Group UK Limited SI Group-Switzerland, GmbH SI Group-Singapore Pte. Limited SI Group-Crios Resinas S.A. SI Group-(Shanghai) Company
Limited SI Group-Bethune SAS SI Group-Canada Limited SI Group-Ribecourt SAS SI Group (Nanjing) Company
Limited Schenectady International
Group, Inc. Schenectady Luxembourg Sarl Schenectady Asia Pacific
Holding Inc. Uralchimplast SI Group |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1035.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42,334,513 |
Equity Shares |
Rs. 10/- each |
Rs. 423.345
Millions |
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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 |
423.345 |
423.345 |
423.063 |
|
(b) Reserves & Surplus |
2967.541 |
2883.357 |
2219.097 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
3390.886 |
3306.702 |
2642.160 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
49.657 |
40.683 |
33.138 |
|
(b) Deferred tax liabilities (Net) |
89.967 |
100.941 |
136.416 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
373.017 |
349.265 |
74.376 |
|
Total Non-current Liabilities (3) |
512.641 |
490.889 |
243.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
166.341 |
0.000 |
0.000 |
|
(b) Trade payables |
883.813 |
1113.105 |
781.678 |
|
(c) Other current
liabilities |
333.730 |
253.255 |
255.983 |
|
(d) Short-term provisions |
23.361 |
187.068 |
158.905 |
|
Total Current Liabilities (4) |
1407.245 |
1553.428 |
1196.566 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1647.960 |
1755.149 |
1215.351 |
|
(ii) Intangible Assets |
41.457 |
53.124 |
33.547 |
|
(iii) Capital
work-in-progress |
36.061 |
25.876 |
26.277 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
93.150 |
89.923 |
27.422 |
|
(e) Other Non-current assets |
84.250 |
51.227 |
47.446 |
|
Total Non-Current Assets |
1902.882 |
1975.303 |
1350.047 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1323.976 |
1349.431 |
907.950 |
|
(c) Trade receivables |
1789.535 |
1650.778 |
1460.689 |
|
(d) Cash and cash
equivalents |
78.433 |
184.387 |
187.599 |
|
(e) Short-term loans and
advances |
214.213 |
183.896 |
173.857 |
|
(f) Other current assets |
1.733 |
7.224 |
2.514 |
|
Total Current Assets |
3407.890 |
3375.716 |
2732.609 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10567.700 |
10281.020 |
9135.040 |
|
|
|
Other Income |
60.267 |
60.048 |
30.949 |
|
|
|
TOTAL (A) |
10627.967 |
10341.068 |
9165.989 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7533.926 |
6955.220 |
5718.500 |
|
|
|
Purchases of stock-in-trade |
4.518 |
2.045 |
0.293 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
21.203 |
(197.602) |
13.891 |
|
|
|
Employee benefit expense |
592.119 |
559.987 |
513.459 |
|
|
|
Other expenses |
1946.455 |
1637.232 |
1251.116 |
|
|
|
TOTAL (B) |
10098.221 |
8956.882 |
7497.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
529.746 |
1384.186 |
1668.730 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
12.381 |
7.620 |
24.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
517.365 |
1376.566 |
1644.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.285 |
161.090 |
125.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
345.080 |
1215.476 |
1519.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
112.828 |
407.085 |
515.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
232.252 |
808.391 |
1003.535 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2368.952 |
1734.377 |
730.900 |
|
|
|
|
|
|
|
|
|
Add |
Profit and Loss Account on merger of Schenectady (India) Holdings
Private Limited |
0.000 |
54.630 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
23.225 |
80.839 |
0.000 |
|
|
|
Proposed dividend on Equity Shares |
0.000 |
127.004 |
0.000 |
|
|
|
Tax on Proposed dividend - 2011-12 |
0.000 |
20.603 |
0.000 |
|
|
|
Interim dividend - 2012-13 |
63.502 |
0.000 |
0.000 |
|
|
|
Tax on Interim dividend - 2012-13 |
10.302 |
0.000 |
0.000 |
|
|
|
Interim dividend - 2012-13 (2nd) |
63.502 |
0.000 |
0.000 |
|
|
|
Tax on interim dividend - 2012-13 (2nd) |
10.302 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2430.371 |
2368.952 |
1734.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
|
|
1833.134 |
1696.817 |
|
|
|
Indenting Commission |
|
7.403 |
6.158 |
|
|
|
Research and development fees |
|
29.789 |
31.742 |
|
|
|
Others |
|
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2165.429 |
1870.326 |
1734.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS
(Including merchant imports) |
|
|
|
|
|
|
|
Raw Materials |
|
2642.327 |
2168.378 |
|
|
|
Traded goods |
|
1.693 |
0.321 |
|
|
|
Stores, spares and process chemicals |
|
30.627 |
4.728 |
|
|
|
Capital Goods |
|
0.300 |
1.842 |
|
|
TOTAL IMPORTS |
2608.032 |
2674.947 |
2175.269 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.49 |
19.10 |
23.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.19
|
7.82 |
10.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.27
|
11.82 |
16.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
|
22.83 |
37.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.37 |
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06
|
0.01 |
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
2.17 |
2.28
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 12.07.2013 |
|
Lodging No: ITXAL/1123/2013 Filing
Date: 12.07.2013 Reg. No.: ITXA/1925/2013 Reg. Date: 10.09.2013 |
|
Petitioner: COMMISSIONER OF INCOME TAX (LARGE Respondent: SI GROUP -
INDIA LIMITED Petn. Adv : SHRI. A.R. MALHOTRA (0) Resp.
Adv.: ATUL K. JASANI (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
TAX APPEALS Next Date: 13.01.2014
Stage: Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260 A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90371420 |
20/01/2000 |
2,300,000.00 |
JANATA SAHAKRI BANK LIMITED |
1444 SHUKRAWAR PETH THORALE BAJIRAO RAOD, PUNE, MAHARASHTRA, INDIA |
- |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Sales Tax liability |
49.657 |
40.683 |
|
Total |
49.657 |
40.683 |
|
NOTE As per the package scheme of incentive, the Company was allowed to accumulate the sales tax collected from customers in respect of goods produced at Lote Factory for the first ten years of commencement of the Factory. As per the repayment terms of the above facility to the
Company, repayment would start from FY 2013-14 over 5 annual installments
(after the end of 10 years) aggregating to Rs. 49.657 Millions (Previous year
Rs. 40.683 Millions) (amount being equal to the amount collected and accrued
as sales tax payable annually). |
||
SCHEME OF
AMALGAMATION
The Scheme of Amalgamation (the Scheme) of Schenectady (India) Holdings Private Limited (SIHPL) with the Company was sanctioned by the Honorable High Court of Bombay on 25 November 2011. The Scheme was accordingly given effect to, using the pooling of interest method as per AS 14 Accounting for Amalgamation, in the financial statements which include the assets and liabilities of SIHPL with effect from 1 April 2011 (?the Appointed date?) and the results for the year ending 31 March 2012.
The erstwhile Schenectady (India) Holdings Private Limited was a subsidiary of SI Group, Inc. USA and was the holding Company of SI Group-India Limited.
On the Scheme becoming effective the accounting in the books of the Company was as under:-
The Company recorded all the assets and liabilities of SIHPL transferred to and vested in the Company pursuant to this Scheme at their respective book values as appearing in the books of SIHPL.
The Company discharged the consideration of Rs. 352.316 Millions by issue of 35.232 Millions fully paid up equity shares of face value of Rs. 10 each to the members of SIHPL holding fully paid up equity shares and whose names appear in the Register of Members of the Company as on the Record Date and accordingly Share Capital Account of the Company was credited by this amount.
The General Reserve of SIHPL was merged with the respective General Reserve and Securities Premium Account of the Company;
On merger becoming effective, SIHPL ceased to exist and therefore, the extant provisions of Reserve Bank of India for Non-Banking Financial Companies did not apply. In view of the above, the Statutory Reserve in the books of SIHPL as on the Appointed Date became General Reserve of the Company with effect from the Appointed date.
Loans or other obligations, if any, due between or amongst SIHPL and the Company were not otherwise discharged or liquidated by either of the companies, stood discharged and/or cancelled and were of no effect and SIHPL or the Company, as the case may be and there were no further obligations outstanding in that behalf.
The difference between the amount of net assets taken over by the Company and the value of consideration issued to the shareholder of SIHPL was credited to the Amalgamation Reserve Account in the Company, which cannot be used for distribution of dividend.
On merger, investments in the equity capital of the Company made by SIHPL were cancelled and Equity share capital of the Company were reduced to the extent of the face value of shares held by SIHPL. Excess of cost of investment of SIHPL over the face value of shares held by the Company was adjusted against the Securities Premium Account.
OPERATIONS REVIEW
The sales turnover at Rs. 115.400 Millions was higher by 4% compared to that of the previous year. The increase in turnover is due to higher inflationary selling prices of finished goods. The financial performance during the year under review was adversely impacted by the steep increase in input cost. Competition and slowdown in the economy also impacted the overall margins of the company.
Their Company received the prestigious Indian National Energy Conservation Award (Second prize) from Government of India in India for outstanding efforts in energy saving in chemical sectors for the year 2012 for efforts on utility cost reduction at its Rasal unit.
Various other cost saving measures were also implemented at all the sites which included liquid jet ejectors in different plants, heat integration system in DPO plant at Navi Mumbai, fuel switch over at Lote unit from diesel to LSHS, installation of de-super heaters at Navi Mumbai and VFDs to cooling water pumps at Lote unit. Further, process improvement and intensification efforts continued at all sites to improve yields and utility consumptions.
PRODUCTION
The combined production at the Navi Mumbai, Rasal, Lote and Ranjangaon units for the year ended March 31, 2013 was 173,145 MT as against 174,642 MT in the previous year, a marginal decrease of 1%.
Production during the year ended March 31, 2013 at the Navi Mumbai unit was 1,36,265 MT, being lower by 5% compared to 143,192 MT during the previous year.
Production at the Rasal unit was 12,098 MT as against 13,844 MT during the previous year, a decrease of 13%.
Production at the Lote unit was 7,784 MT as against 6,536 MT during the previous year, an increase of 19%.
Production at newly acquired Ranjangaon unit was 16,998 MT as against 11,070 MT for the part of the previous year.
SALES AND EXPORTS
During the financial year Raw material prices continued to increase, however finished products prices did not move in tandem.
The Government of India removed anti dumping duty on Phenol imported from US and Taiwan in the month of March 2012, which furtherimpacted their margin.
During the year 2012-13, the Company has laid emphasis on downstream products to improve the market share. Their customer engagement allows their customers to stay productively engaged with the Company.
During the year, exports aggregated to Rs. 2130.000 Millions FOB (previous year Rs. 1830.000 Millions) an increase of 16% over the previous year.
FINANCE
During the year, the Company did not accept any fresh deposits or renew any existing deposits from the public or shareholders. As of March 31, 2013, deposits aggregating Rs. 0.044 Million had matured for payment but not paid/deposited with the concerned authority under regulatory advice.
As per the Order issued by the Ministry of Corporate Affairs (MCA), Cost Audit Branch on January 24, 2012, cost accounting of Organic and Inorganic Chemicals falling under specified chapters of Central Excise Tariff Act, 1985 are required to be audited by a Cost Auditor. As per the requirement of Central Government and pursuant to Section 233B of the Companies Act, 1956, cost audit will now be carried out of cost maintained by the Company in respects of all its products falling under the category of Organic Chemicals. Subject to the approval of the Central Government, the Company has appointed Mr. Kishore Bhatia, Cost Accountant as Cost Auditors to audit the cost accounts of the Company for the financial year 2013-14. The Cost Audit report for the financial year 2011-12, which was due to be filed with the Ministry of Corporate Affairs within the extended time limit upto February 28, 2013, was filed on January 7, 2013.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
Contingent
liabilities not provided for in respect of:
(a) Taxation matters
(i) Demands against the Company not acknowledged as debts Rs. 120.152 Millions (2012 Rs. 149.814 Millions)
(ii) Decisions in favour of the Company not accepted by the Department Rs. 69.753 Millions (2012 Rs. 25.524 Millions)
(b) Central Excise demand against the Company not acknowledged as debt Rs. 19.037 Millions (2012 Rs. 19.037 Millions)
(c) Service tax demand against the Company not acknowledged as debt Rs. 10.444 Millions (2012 Rs. 10.444 Millions)
(d) Customs duty amounting to Rs. Nil (2012 Rs. 7.385 Millions) in dispute as demand raised against the Company not acknowledged as debt.
(e) Electricity duty amounting to Rs. 75.453 Millions (2012 Rs. 61.190 Millions) in dispute as demand raised against the Company not acknowledged as debt.
(f) Claims against the Company not acknowledged as debts Rs. Nil Millions (2012 Rs. 16.695 Millions).
FIXED ASSETS
Tangible Assets
Leasehold
land and development
Freehold
land and development
Buildings
Plant
and Machinery
Furniture,
Fixtures and Equipment
Vehicles
Intangible Assets
Goodwill
Technical
know how
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 records 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. 61.98 |
|
|
1 |
Rs. 101.49 |
|
Euro |
1 |
Rs. 84.79 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI / BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.