MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT BOROSIL LIMITED |
|
|
|
|
Registered
Office : |
Village Govali, Taluka – Jhagadia, Bharuch – 393001, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
22.12.1988 |
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Com. Reg. No.: |
011663 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 1241.038 Millions |
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|
|
CIN No.: [Company Identification
No.] |
L26100GJ1988PLC011663 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Solar glass industry. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4800000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is an established company having moderate track. The company has been incurring huge loss from its operations for past
some years which has resulted in complete erosion of its reserves. The
Liquidity position of the company is under pressure due to continuous losses. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. The company can be considered for business dealings with great
caution. |
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 |
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 : |
Village Govali, Taluka – Jhagadia, Bharuch – 393001, Gujarat, India |
|
Tel. No.: |
91- 2645-220300 |
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Fax No.: |
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E-Mail : |
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Website : |
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Factory : |
Ankelshwar – Rajpipla RD, 167, M.I.D.C, Bhosari – 411026, Pune,
Maharashtra, India |
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|
|
|
Corporate Office : |
1101, Crescenzo, G Block, Opp. MCA Club, Bandra Kurla Complex, Bandra
(East), Mumbai - 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-67406300 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. B. L. Kheruka |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. P. K. Kheruka |
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Designation: |
Vice Chairman |
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|
Name : |
Mr. Shashi Mehra |
|
Designation : |
Director |
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|
Name : |
Mr. Jagdish Joshi |
|
Designation : |
Director |
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|
Name : |
Mr. Ashok Jain |
|
Designation : |
Whole-time Director |
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|
Name : |
Mr. Ashok Kumar Doda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kishor Talreja |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
39822376 |
58.38 |
|
|
39822376 |
58.38 |
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|
|
|
|
|
11300000 |
16.57 |
|
|
11300000 |
16.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
51122376 |
74.95 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
49300 |
0.07 |
|
|
49300 |
0.07 |
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|
|
|
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|
2700077 |
3.96 |
|
|
|
|
|
|
11755025 |
17.23 |
|
|
2437326 |
3.57 |
|
|
143396 |
0.21 |
|
|
70786 |
0.10 |
|
|
72610 |
0.11 |
|
|
17035824 |
24.98 |
|
Total Public shareholding (B) |
17085124 |
25.05 |
|
Total (A)+(B) |
68207500 |
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) |
68207500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Solar glass industry. |
PRODUCTION STATUS
|
Particulars |
31.03.2013 |
|
I. Sheet Glass on
2 mm basis in Sq. mtrs. |
|
|
Installed Capacity |
12500000* |
|
Actual Production |
Nil |
|
II. Low Iron
Textured/Patterned Glass on 2 mm basis in Sq. mtrs |
|
|
Installed Capacity |
7665000 |
|
Actual Production |
7317201 |
Note: * Furnace cooled down on 28.7.2010 and not yet renewed.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s. Singhi and Company Chartered Accountants |
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Associate Companies: |
·
Borosil Glass Works Limited ·
Window Glass Limited ·
Swapan Properties LLP ·
Fennel Investment and Finance Private Limited ·
Broadfield Holdings Limited ·
Sonargaon Properties LLP ·
Gujarat Fusion Glass Limited ·
Vyline Glass Works Limited ·
Borosil International Limited ·
Cycas Trading LLP |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92000000 |
Equity Shares |
Rs.5/- each |
Rs.460.000 Millions |
|
|
Unclassified Share Capital |
|
Rs. 40.000 Millions |
|
|
|
|
|
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs.900.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68207500 |
Equity Shares |
Rs.5/- each |
Rs. 341.038
Millions |
|
9000000 |
Preference Shares |
Rs.100/- each |
Rs. 900.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1241.038 Millions |
Face value reduced From Rs.10/- to Rs.5/- per
share as per approval of shareholders in the EGM held on 14th
February, 2003.
** The preference shares has the priority in
case of payment of dividend and in case of winding up that of repayment of
Capital and arrears of dividend.
Voting Rights attached to these shares are as
per provisions of Sec. 87 of the Companies Act, 1956.
These shares are redeemable not later than 7
years from the date of issue i.e 17th March, 2012 but the Company has
option to redeem it any time by giving two months notice in writing.
|
Shareholders holding More Than 5% Of Equity Shares |
% |
No. of Shares |
|
Fennel Investment and
Finance Private Limited |
33.13 |
22600000 |
|
Borosil Glass Workd
Limited |
25.25 |
17222376 |
|
Broadfield Holdings
Limited |
16.57 |
11300000 |
|
|
|
|
|
|
74.95 |
51122376 |
|
|
|
|
|
Shareholders holding More Than 5% of Preference Shares |
% |
No. of Shares Held |
|
Borosil Glass Works
Limited |
100.00 |
9000000 |
Reconciliation of the No of shares
outstanding and the amount of share capital as at March 31, 2013 and March 31,
2012
|
|
31.03.2013 |
|
|
Particulars |
No of shares |
(Rs. In Millions) |
|
Equity Shares |
|
|
|
Number of shares at the
beginning |
68,207,500 |
341.038 |
|
Add : Shares Issued
during the Year |
Nil |
Nil |
|
Number of shares at the
end |
68,207,500 |
341.038 |
|
|
|
|
|
Preference Shares |
|
|
|
Number of shares at the
beginning |
9,000,000 |
900.000 |
|
Add : Shares Issued during
the Year |
Nil |
Nil |
|
Number of shares at the
end |
9,000,000 |
900.000 |
|
|
|
|
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 |
1241.038 |
1241.038 |
341.038 |
|
(b) Reserves & Surplus |
(33.460) |
46.443 |
257.405 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1207.578 |
1287.481 |
598.443 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
457.127 |
432.303 |
337.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
10.646 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.261 |
1.856 |
1.746 |
|
Total Non-current Liabilities (3) |
459.388 |
434.159 |
349.592 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
109.515 |
33.439 |
781.007 |
|
(b) Trade payables |
159.627 |
116.243 |
126.049 |
|
(c) Other current
liabilities |
46.466 |
37.987 |
41.050 |
|
(d) Short-term provisions |
6.110 |
3.503 |
2.759 |
|
Total Current Liabilities (4) |
321.718 |
191.172 |
950.865 |
|
|
|
|
|
|
TOTAL |
1988.684 |
1912.812 |
1898.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1227.771 |
1191.487 |
1208.202 |
|
(ii) Intangible Assets |
1.260 |
1.663 |
2.754 |
|
(iii) Capital
work-in-progress |
31.858 |
12.814 |
63.249 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.243 |
0.231 |
0.001 |
|
(d) Long-term Loan and Advances |
137.414 |
95.958 |
0.000 |
|
(e) Other Non-current assets |
86.556 |
132.250 |
108.231 |
|
Total Non-Current Assets |
1485.102 |
1434.403 |
1382.437 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
30.233 |
0.000 |
0.000 |
|
(b) Inventories |
233.452 |
218.934 |
238.925 |
|
(c) Trade receivables |
171.392 |
156.817 |
155.122 |
|
(d) Cash and cash
equivalents |
9.224 |
10.558 |
9.782 |
|
(e) Short-term loans and
advances |
30.158 |
49.367 |
59.249 |
|
(f) Other current assets |
29.123 |
42.733 |
53.385 |
|
Total Current Assets |
503.582 |
478.409 |
516.463 |
|
|
|
|
|
|
TOTAL |
1988.684 |
1912.812 |
1898.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
955.319 |
790.950 |
926.646 |
|
|
|
Other Income |
13.159 |
18.786 |
24.647 |
|
|
|
TOTAL (A) |
968.478 |
809.736 |
951.293 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
258.016 |
227.026 |
286.893 |
|
|
|
Changes in Inventories of Finished Goods, WIP and Stock in Trade |
5.982 |
10.094 |
(62.303) |
|
|
|
Employee Benefits Expenses |
141.626 |
115.699 |
112.976 |
|
|
|
Selling and Distribution Expenses |
135.473 |
176.163 |
241.322 |
|
|
|
Other Expenses |
365.650 |
338.288 |
433.862 |
|
|
|
TOTAL (B) |
906.747 |
867.270 |
1012.750 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
61.731 |
(57.534) |
(61.457) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.371 |
115.541 |
81.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.360 |
(173.075) |
(142.519) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
148.694 |
139.010 |
132.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(121.334) |
(312.085) |
(275.105) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(41.431) |
(100.893) |
(85.953) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(79.903) |
(211.192) |
(189.152) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(162.172) |
3.020 |
192.172 |
|
|
|
|
|
|
|
|
|
Add |
SET OFF OF LOSS
FROM GENERAL RESERVE |
0.000 |
46.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(242.075) |
(162.172) |
3.020 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
73.141 |
358.616 |
360.996 |
|
|
TOTAL EARNINGS |
73.141 |
358.616 |
360.996 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
26.495 |
16.865 |
26.214 |
|
|
|
Packing Material |
1.510 |
1.012 |
0.837 |
|
|
|
Raw Material |
49.900 |
45.696 |
30.528 |
|
|
|
Capital Items |
102.147 |
2.985 |
7.140 |
|
|
TOTAL IMPORTS |
180.052 |
66.558 |
64.719 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.36) |
(3.14) |
(2.77) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(8.25)
|
(26.08) |
(19.88) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.70)
|
(39.46) |
(29.69) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.20)
|
(16.43) |
(14.99) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
(0.24) |
(0.46) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47
|
0.36 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57
|
2.50 |
0.54 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
HIGH COURT OF GUJARAT |
|
MISC.CIVIL APPLICATION (STAMP NUMBER) No. 1207 of 2013 |
|
|
|
|
|
Status : PENDING |
|
CCIN No : 001018201301207 |
|
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||||
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||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
DEPUTY COMMISSIONER OF INCOME TAX |
MR KM PARIKH for: Applicant(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
GUJARAT BOROSIL LIMITED |
|
|
|
|||
|
Presented On |
: 10/06/2013 |
Registered On |
: - |
|
Bench Category |
: - |
District |
: BHARUCH |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 0 times |
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StageName |
: - |
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|
Office Objection |
|
Filing Stage - WHETHER
FILED WITHIN LIMITATION ? |
|
Classification |
DB - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - RESTORATION |
|
Act |
CIVIL PROCEDURE CODE, 1908 |
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
10/06/2013 |
APPEARANCE NOTE |
MR KM PARIKH ADVOCATE |
0 |
MR KM PARIKH(575), for P:1 |
|
2 |
10/06/2013 |
CERTIFIED COPY |
MR KM PARIKH ADVOCATE |
5 |
MR KM PARIKH(575), for P:1 |
|
3 |
10/06/2013 |
MEMO OF APPEAL/PETITION/SUIT |
MR KM PARIKH ADVOCATE |
20 |
MR KM PARIKH(575), for P:1 |
PERFORMANCE
Sheet Glass
The furnace was cooled down on 28th July, 2010 and it was
decided not to renew the same for making sheet glass.
The surplus workmen of the sheet glass plant had disputed the Company’s
decision to go for partial closure against which the Company had filed appeal
before the Gujarat High Court. In the meanwhile, the said workmen have been
absorbed in the Solar Glass operations and Company has since withdrawn the
appeal. A settlement with the recognized Workers union has been signed in March
2013.
Solar Glass
The Solar glass market worldwide continues to remain sluggish since March
2011 and the prices of modules and components are very low. Consequently, the
prices of solar glass also are low and there is overcapacity in international
market. The company started focusing on the domestic market and is now
supplying to almost all the Indian consumers of solar glass. However the
domestic market also remained uncertain after March 2012 and the company had to
rethink its strategy. In September 2012 the Company introduced Patterned glass
for Architectural applications and has gradually added new designs. The
experience to produce patterned glass led to significant improvement on
operations and even solar glass production could be increased substantially
with economies in consumptions and costs.
One of the major international customers who had bought lot of glass
until December 2011, but due to drop in prices and quality had held back
payments, on the pretext of claims. Finally after examining all the claims and
protracted negotiations through discussions, a settlement was drafted. However,
the customer did not sign the settlement and offered delayed payment schedules
and wanted to leave the settlement open ended which was not agreed to. Finally
a case has been filed in Court at Netherlands for recovery. Provision has been
made in accounts for 2011-12 for the amount agreed to be allowed as
discounts/claims and the amount recoverable has been shown as doubtful in
2012-13.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company is engaged in low iron solar glass production for
application in solar power sector. Solar PV market internationally is facing
tough times in view of recession in European countries. In India, Solar power
is gaining momentum in view of policy push by the Government of India and is expected
to grow.
In view of uncertain demand for solar glass the Company has started to
produce Patterned glass for Architectural applications and the product has been
well accepted in the market. The Company has plans to continue to serve this
segment. In fact the Company is able to sell its Patterned glass at a premium
over the competition owing to its superior quality.
The Company had last year decided to discontinue production of sheet
glass and the furnace has not been renewed.
OUTLOOK
The growth of solar energy in the Country is expected to accelerate
which will require huge quantity of low iron glass. The solar energy produced
will be more dependable by this non-conventional route and will reduce pressure
on natural resources besides being non-polluting and environment friendly.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Inter Corporate Deposits |
116.082 |
58.705 |
|
Total |
116.082 |
58.705 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
a) Letters of Credit outstanding |
29.972 |
71.953 |
|
b) Claims against the Company not
acknowledged as debt |
1.766 |
1.026 |
|
c) i) Excise matters relating to valuation
in appeal before Supreme Court From February1999 to June 2005 |
0.455 |
0.455 |
|
Equivalent amount of penalty, interest |
0.797 |
0.797 |
|
ii) Excise matters relating to valuation in appeal
before Commissioner-Surat From July 2005 to June 2006 |
0.200 |
0.200 |
|
Equivalent amount of penalty, interest &
redemption fine |
0.450 |
0.450 |
|
The Company is legally advised that the disputed
demands will not be sustained in view of the judgment by Supreme Court
dismissing appeal of the department for the period July 2006 to June 2007 in
its own case as also various legal pronouncements in similar other matters. A sum of Rs.58.933 Millions paid under
protest in respect of i) above disputed demand has been shown as advances
recoverable. |
||
|
d) Income tax matter in Appeal filed by the
Company before CIT-Appeals in respect of assessment year 2010-11 on account
of disallowances/additions amounting to `5387 thousands (previous year Rs.93.671 Millions) |
1.831 |
35.121 |
|
e) Appeal filed by the Company in Sales tax
matter relating to purchase of fuel and Additional Tax for financial years
2000-01, 2002-03 and 2004-05 Interest and penalty thereon. |
29.187 |
29.187 |
|
No liability is expected in view of judicial
pronouncement by High Court in similar matter of other Companies. |
25.897 |
25.897 |
|
f) Order of Commissioner appeals in Service
tax matter taken in further appeal before CESTAT. |
0.295 |
1.137 |
|
Equivalent penalty and interest |
0.365 |
1.206 |
|
g) Arrears of dividend on Preference Share
Capital from 17.3.12 to 31.03.2013. |
84.320 |
3.320 |
|
h) Disputed amount of gas transportation charges
including interest –matter pending in appeal before High Court |
4.413 |
0.000 |
FIXED ASSETS
Tangible Assets
·
Land (Free hold) and Site
Development
·
Building
·
Plant and Machinery
·
Furniture, Fixtures and
Fittings
·
Motor Vehicles
·
Computers
Intangible Assets
·
Computer system 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.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
INFORMATION DETAILS
|
Report Prepared by
: |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.