MIRA
INFORM REPORT
|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHREYAS INTERMEDIATES LIMITED (w.e.f. April, 1992) |
|
|
|
|
Formerly Known
As : |
SHREYAS INTERMEDIATE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-21, D-22, D-23, M.I.D.C., Lote Parshuram, Taluka Khed, District :
Ratnagiri – 415722, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2011 |
|
|
|
|
Date of
Incorporation : |
06.11.1989 |
|
|
|
|
Com. Reg. No.: |
11-145047 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 311.039 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24120PN1989PLC145047 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS17881D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Company is engaged in the business of manufacturer and sale of
Pigments and Pigment Intermediates and Bi-Products. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. It has incurred huge loss from its operations during 2012. There appears
huge dip in the reserves of the company due to loss. There appear huge external borrowings recorded by the company. However, business is active. Payment terms are reported as slow and
delayed. The company can be considered for business dealings on s safe and
secured 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
D (Long term rating) |
|
Rating Explanation |
Default |
|
Date |
28.03.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
D (Short term rating) |
|
Rating Explanation |
Default |
|
Date |
28.03.2012 |
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.
INFORMATION DECLINED BY
MANAGEMENT NON - CO-OPERATIVE (Tel. No.: 91-22-42766500)
LOCATIONS
|
Registered Office/ Factory : |
D-21, D-22, D-23, M.I.D.C., Lote Parshuram, Taluka Khed, District :
Ratnagiri – 415722, Maharashtra, India |
|
Tel. No.: |
91-2356-272471/ 272182 |
|
Fax No.: |
91-2356-272571 |
|
E-Mail : |
|
|
Website: |
|
|
Area : |
12000 sq.ft. |
|
Location : |
Leased |
|
|
|
|
Corporate Office : |
122-125 Solaris # 2, Universal Industrial Estate, Saki Vijar Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-28470570/ 71/ 72/ 73/
42766500 |
|
Fax No.: |
91-22-28571227/ 66924202 |
|
E-Mail : |
accounts@shreyasintermediates.com |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Dinesh Shankarlal Sharma |
|
Designation : |
Director |
|
Address: |
102, 2A Shantivan, |
|
Date of Birth/ Age: |
29.11.1956 |
|
Date of Appointment: |
06.11.1989 |
|
DIN No.: |
01231046 |
|
|
|
|
Name : |
Prof. (Mrs.) Neelam Arora |
|
Designation : |
Director |
|
Address: |
Arora Villa, Plot No. 6, Sector 3 Shree Nagar, Thane West,
Mumbai-400604, |
|
Date of Birth/ Age: |
22.03.1959 |
|
Date of Appointment: |
29.01.2005 |
|
DIN No.: |
01603068 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address: |
31 Sagar Tarang, 15 A Worli Seaface, Mumbai-400025, |
|
Date of Birth/ Age: |
15.10.1943 |
|
Date of Appointment: |
29.11.2008 |
|
DIN No.: |
02339427 |
|
|
|
|
Name : |
Mr. Bramhanand Dabbas |
|
Designation : |
Director |
|
Address: |
Flat No. 302 102 Madhav Estate, Sher E Punjab, |
|
Date of Birth/ Age: |
24.11.1931 |
|
Date of Appointment: |
25.07.2003 |
|
DIN No.: |
01718487 |
|
|
|
|
Name : |
Mr. Gopal Krishan Sharma |
|
Designation : |
Director |
|
Address: |
973, Sector 21 C, Housing Board Colony, Faridbad-121001, |
|
Date of Birth/ Age: |
15.09.1951 |
|
Date of Ceasing : |
18.10.2010 |
|
DIN No.: |
02993993 |
|
|
|
|
Name : |
Mr. Ramchandra Dhondu Ghanekar |
|
Designation : |
Director |
|
Date of Appointment: |
05.04.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6018900 |
37.38 |
|
|
3809700 |
23.66 |
|
|
9828600 |
61.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9828600 |
61.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2100 |
0.01 |
|
|
2800 |
0.02 |
|
|
4900 |
0.03 |
|
|
|
|
|
|
1169275 |
7.26 |
|
|
|
|
|
|
2355585 |
14.63 |
|
|
2699437 |
16.76 |
|
|
46103 |
0.29 |
|
|
46103 |
0.29 |
|
|
6270400 |
38.94 |
|
Total Public shareholding (B) |
6275300 |
38.97 |
|
Total (A)+(B) |
16103900 |
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) |
16103900 |
0.00 |
Shareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Promoter and Promoter Group
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Arun Sharma |
25,000 |
0.16 |
|
Cyan Formulators Private Limited |
19,26,700 |
11.96 |
|
Deft Holdings Private Limited |
18,67,300 |
11.60 |
|
Dinesh Shankarlal Sharma |
1,40,000 |
0.87 |
|
Dinesh Sharma |
2,07,500 |
1.29 |
|
Dr Arun Sharma |
75,000 |
0.47 |
|
Malvika Harbo Pharma |
15,700 |
0.10 |
|
Padma Sharma |
20,000 |
0.12 |
|
Shankarlal Sharma |
5,53,200 |
3.44 |
|
Shreyas Sharma |
10,01,250 |
6.22 |
|
Shruti Sharma |
10,00,000 |
6.21 |
|
Snehlata Sharma HUF |
26,14,450 |
16.23 |
|
Sohini Sharma HUF |
3,82,500 |
2.38 |
|
Total |
98,28,600 |
61.03 |
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
|
Name of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
Lloyds Securities Limited |
472600 |
2.93 |
|
Rina Satish Sanghvi |
167010 |
1.04 |
|
Mansukh Harakchand Shah |
195000 |
1.21 |
|
Raj Kumar |
323010 |
2.01 |
|
Dipak Kanayalal Shah |
165000 |
1.02 |
|
Total |
1322620 |
8.21 |
BUSINESS DETAILS
|
Line of Business : |
Company is engaged in the business of manufacturer and sale of
Pigments and Pigment Intermediates and Bi-Products. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 30.09.2010
|
Particulars |
Unit |
|
|
Actual
Production |
|
Pigment Blue |
Kgs |
|
|
4008492 |
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Bank of Baroda ·
State Bank of India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Note : CHARGES : A) Loans given under 1 and 2 are secured by first legal charges of
Company's Land/Building/Plant and Machinery etc. fixed or moveable and all
other similar assets acquired or to be acquired in future situated at Plot
No. D-21, D-22 and D-23, MIDC Industrial Area, Lote Parshuram, Taluka Khed,
Dist : Ratnagiri, Maharastra and 125, Solaris - II, Saki Vihar Road, Powai, Andheri East, Mumbai - 400072. Additional Legal Charges have been provided in respect of Land and
building located at Plot No: C/27, Lote Parshuram Ratnagiri, MIDC,
Maharashtra belonging to M/s. Cyan Formluators (Private) Limited Additional Legal Charges have been provided in respect of Land and
building located at Plot No: B/57, Lote Parshuram Ratnagiri, MIDC,
Maharashtra belonging to M/s. Shivalik International. Further these are secured by floating charges on all the liquid and
other assets of the Company and Guaranteed by one present and one Ex-Director
of the Company at the time of execution of the securities and further
renogotiations. A further pledge of share has also made by shareholder of the
Company and Personal Guarnatees of a Director, an Ex-Director and 2
shareholders of the Company have also been given. B) Working Capital Loan from Bank of Baroda and State Bank of India
are secured by first charge of inventories and by second charge on the fixed
assets of the Company and personal guarantee of some the Directors of the
Company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sayeed Khan and Associates Chartered Accountants |
|
Address : |
54/C, Level-1, Dewan Centre, |
CAPITAL STRUCTURE
As on
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
15000000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16103900 |
Equity Shares |
Rs. 10/- each |
Rs. 161.039
Millions |
|
15000000 |
Preference Shares |
Rs. 10/-
each |
Rs. 150.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 311.039 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
311.039 |
311.039 |
311.039 |
|
|
2] Share Application Money |
0.00 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
34.647 |
184.901 |
264.602 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
345.686 |
495.940 |
575.641 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1182.591 |
1075.843 |
824.485 |
|
|
2] Unsecured Loans |
78.105 |
81.927 |
72.658 |
|
|
TOTAL BORROWING |
1260.696 |
1157.770 |
897.143 |
|
|
DEFERRED TAX LIABILITIES |
10.546 |
10.546 |
10.546 |
|
|
|
|
|
|
|
|
TOTAL |
1616.928 |
1664.256 |
1483.330 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
967.278 |
1024.570 |
841.070 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
375.688
|
448.044
|
575.640
|
|
|
Sundry Debtors |
238.105
|
142.227
|
135.853
|
|
|
Cash & Bank Balances |
24.078
|
23.471
|
28.500
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
76.860
|
42.788
|
59.756
|
|
Total
Current Assets |
714.731
|
656.530
|
799.749
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.470
|
19.951
|
162.081
|
|
|
Other Current Liabilities and Provisions |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
74.921
|
27.297
|
168.556
|
|
|
Net Current Assets |
639.810
|
629.233
|
631.193
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
9.840 |
10.453 |
11.067 |
|
|
|
|
|
|
|
|
TOTAL |
1616.928 |
1664.256 |
1483.330 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Sale of Products) |
1774.814 |
857.401 |
1104.550 |
|
|
|
Other Income |
6.586 |
10.924 |
5.490 |
|
|
|
TOTAL (A) |
1781.400 |
868.325 |
1110.040 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
1710.022 |
857.628 |
958.179 |
|
|
|
Preliminary Expenses w/off |
0.614 |
0.614 |
0.614 |
|
|
|
Increase / Decrease in Stock |
42.786 |
[81.713] |
[6.388] |
|
|
|
TOTAL (B) |
1753.422 |
776.529 |
952.405 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
27.978 |
91.796 |
157.635 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.640 |
124.865 |
107.688 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(92.662) |
[33.069] |
49.947 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.592 |
46.632 |
41.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
[150.254] |
[79.701] |
8.883 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
[150.254] |
[79.701] |
8.663 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
161.391 |
241.092 |
232.745 |
|
|
|
|
|
|
|
|
|
Less: |
Deferred Tax Liability |
0.00 |
0.000 |
0.316 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
11.137 |
161.391 |
241.092 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
350.795 |
195.894 |
251.400 |
|
|
TOTAL EARNINGS |
350.795 |
195.894 |
251.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Import Value |
32.226 |
47.486 |
35.400 |
|
|
TOTAL IMPORTS |
32.226 |
47.486 |
35.400 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings/(Loss) Per Share (Rs.) |
[9.33] |
[4.95] |
0.52 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2011 |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
248.030 |
474.340 |
257.390 |
399.690 |
|
Total Expenditure |
225.390 |
474.380 |
272.680 |
619.540 |
|
PBIDT (Excl OI) |
22.640 |
(0.040) |
(15.290) |
(219.850) |
|
Other Income |
0.630 |
0.350 |
0.020 |
1.330 |
|
Operating Profit |
23.270 |
0.310 |
(15.270) |
(218.520) |
|
Interest |
34.720 |
29.500 |
33.800 |
30.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(11.450) |
(29.190) |
(49.070) |
(249.420) |
|
Depreciation |
12.500 |
10.500 |
14.000 |
14.410 |
|
Profit Before Tax |
(23.950) |
(39.690) |
(63.070) |
(263.830) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(23.950) |
(39.690) |
(63.070) |
(263.830) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(23.950) |
(39.690) |
(63.070) |
(263.830) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
[8.43]
|
[9.18]
|
0.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[8.47]
|
[9.30]
|
0.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[8.93]
|
[4.74]
|
0.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.43]
|
[0.16]
|
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.86
|
2.39
|
1.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.54
|
24.05
|
4.74
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
30.09.2011 |
30.09.2010 |
30.09.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
68.470 |
19.951 |
162.081 |
|
|
|
|
|
|
Total |
68.470
|
19.951 |
162.081 |
|
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
Unsecured Loan |
30.09.2011 (Rs. in Millions) |
30.09.2010 (Rs. in Millions) |
|
From Others |
78.105 |
81.927 |
|
Total |
78.105 |
81.927
|
REVIEW OF OPERATIONS
The year continued to be challenging one as the Company is struggling
with the timely disbursement of moneys from the banks though the margin moneys from
the promoters is long in place. The CDR has taken due note of the situation and
has recommended the release of extra interest charged and also rate reduction
in interest. However the package is still to be implemented in toto. The
Company was prompt in payment of its commitment to the banks till June 2010.
However the Banks disbursement could not come on time and the finances of the
Company were compromised by repayment of the installments and interest on the
new plant which could not be worked for want of working capital moneys from the
banks.
The CDR has now made the position easy by deferring the instalments and
deferrinf the interest. The pachakge however is still in the process of being
implemented. The company has recorded a higher turnover of Rs.1774.814 millions
as against the turnover of Rs 868.324 millions in the corresponding previous
year. There was loss after tax of Rs. 150.254 millions as against loss after
tax at Rs. 79.700 millions in the previous year. The directors are hopeful that
the company would come out of red in about 2 years. The Demand for Company's
products continues to remain high. The Implementation of the strategic cost
management initiatives has resulted in improving productivity significantly.
PRODUCTION AND
PERFORMANCE
The Company has
produced Pigments to match international quality. The production achieved
during the year was 7055 tons of Pigment. The Capacity utilization in this
product was approximately 30 %. However in the Pigment capacity utilization was
low on account of the project not being complete dues to balancing equipments.
The Company hopes to achieve full capacity utilization in the coming years as
they are in the process of installing the balancing equipments.
MANAGEMENT DISCUSSION AND ANALYSIS
(within the limits set by the Company's competitive position)
The Company is
engaged in the business of manufacture and sale of Pigments and Pigment
intermediates and bi-products. Substantial revenues come from the sale of these
products to various segments across various industries including corporate and
business houses. The Company continues to take several steps to expand the
markets in India as well as overseas; the industry is continuing its efforts to
get the Government support both at the Central and the State levels to have a
lower rate of duties on fuel and oil.
The outlook for
the industry is positive given the size of the opportunity. The Company is
hopeful that with the combination of market development and expansion activity,
there will be a healthy market growth over the next few years.
The Company has
good internal control systems, the adequacy of which has been reported by its
Auditors in their report as required by the Companies (Auditor's Report) Order,
2003. The discussion on financial performance of the Company is covered in the
Directors' Report. The number of employees as on 30th September 2011 was 197.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2011 |
|
Guarantee given by
the company's Bankers and Counter guaranteed by the company |
2.600 |
|
Claims against
the company not acknowledged as Debts* |
Nil |
* A claim filed by
a Creditor of the company in respect of Letter of Credit Dues dishonoured by the
bank during the previous year has been decided by the Honourable High Court.
The above dues shall be payable by the company in 15 equal monthly installments
commencing from 01/2/2012.
Fixed Assets
- Land
- Building
- Plant and Machinery
- Effluent Treatment Plant
- Electrical Installation
- Furniture and Fixtures
- Other Equipment
- Vehicles
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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
22 |
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.