MIRA
INFORM REPORT
|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VINATI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
B-12 and B-13, MIDC, Areamahad, District Raigad-402309, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052224 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 89.745 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24116MH1989PLC052224 |
|
|
|
|
Legal Form : |
It is a Public Limited Liability company. The company’s shares are listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is
engaged in manufacturing of chemicals. |
|
|
|
|
No. of Employees
: |
545 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9650000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Banking Facilities = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
08.08.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
08.08.2012 |
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/Factory 1 : |
B-12 and B-13, MIDC, Areamahad, District Raigad-402309, |
|
Tel. No.: |
91-2145-232012/13/14 |
|
Fax No.: |
91-2145-232010 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Parinee Crecenzo, 102, 11th Floor, Plot No. C-38 and C-39, G
Block, Behind MCA, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
|
Tel. No.: |
91-22-4201444/ 42014428 |
|
Fax No.: |
91-22-28510729 / 42014438 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
A-20, MIDC, Lote-Parashuram, Taluka-Khed, District Ratnagiri-415722, |
|
Tel. No.: |
91-2356-273032/ 33 |
|
E -Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Vinod Saraf |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. Girish M. Dave |
|
Designation : |
Non-Executive
Chairman and Director |
|
Qualification : |
M.com, LLB,
CAIIB Graduate |
|
|
|
|
Name : |
Mr. Mohit Rajesh Mutreja |
|
Designation : |
Director |
|
Date of Birth : |
09.08.1982 |
|
Date of Appointment : |
19.05.2009 |
|
|
|
|
Name : |
Mr. Chintaman Bhaskar Gokhale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ayliur Akileswaraiyer Krishnan |
|
Designation : |
Director |
|
Qualification : |
Chemical
Engineer |
|
|
|
|
Name : |
Mr. Sunil Banwarilal Saraf |
|
Designation : |
Director |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. R K Saraswat |
|
Designation : |
Director |
|
Date of Birth : |
17.04.1938 |
|
Qualification : |
Chartered
Accountant |
|
Date of Appointment : |
24.01.2011 |
|
|
|
|
Name : |
Ms. Vinati Saraf Mutreja |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Ms. Viral Saraf Mittal |
|
Designation : |
Director -
Corporate Strategy |
KEY EXECUTIVES
|
Name : |
Mr. Nandkishore Goyal |
|
Designation : |
Chief Financial
Officer (CFO) |
|
|
|
|
Name : |
Mr. Jayesh Ashar |
|
Designation : |
Chief Operating
Officer (COO) |
|
|
|
|
Name : |
Mr. B.S. Lathi |
|
Designation : |
Executive
President – Mahad Plant |
|
|
|
|
Name : |
Mr. M D Purohit |
|
Designation : |
Vice President
(Technical) – Lote Plant |
|
|
|
|
Name : |
Mr. Mahendra Kumar Churiwala |
|
Designation : |
Sr. Vice
President - Marketing |
|
|
|
|
Name : |
Mr. Amit Thanawala |
|
Designation : |
Vice President –
Marketing |
|
|
|
|
Name : |
Mr. Gunvant S. Singhi |
|
Designation : |
Company Secretary
Cum Finance Controller |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15290512 |
30.97 |
|
|
21733835 |
44.02 |
|
|
37024347 |
74.99 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
37024347 |
74.99 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
308309 |
0.62 |
|
|
115452 |
0.23 |
|
|
783571 |
1.59 |
|
|
1207332 |
2.45 |
|
|
|
|
|
|
551517 |
1.12 |
|
|
|
|
|
|
8769223 |
17.76 |
|
|
1713713 |
3.47 |
|
|
106368 |
0.22 |
|
|
89161 |
0.18 |
|
|
17207 |
0.03 |
|
|
11140821 |
22.56 |
|
Total Public shareholding (B) |
12348153 |
25.01 |
|
Total (A)+(B) |
49372500 |
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) |
49372500 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in manufacturing of chemicals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Isobutyl Benzene |
MT |
14000.00 |
11134.34 |
|
2 Acrylamido 2Methylpropane Sulphonic Acid |
MT |
12000.00 |
10744.20* |
|
Isobutylene |
MT |
12000.00 |
4668.79* |
|
Sodium Salt of 2
Acrylamido 2Methylpropane Sulphonic Acid |
MT |
-- |
7893.64** |
* It includes
quantity used for manufacturing of other products.
** It includes quantity manufactured through third party.
GENERAL INFORMATION
|
No. of Employees : |
545 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Note : Long Term
Borrowings a)
Nature of
Security for Secured Loan from: ·
IFC (ECB): Term Loan from
International Finance Corporation (IFC) is secured by first Pari Passu charge
on all Fixed assets of the Company -immovable and movable (present and future)
(excluding the office premises located at Parinee Crescenzo, Bandra Kurla
Complex) and second pari passu charge on all the Current Assets and
unconditional and personal irrevocable guarantee of Managing Director Mr.
Vinod Saraf. ·
SBI (ECB): Term Loan from
State Bank of India (SBI) is secured by first Pari Passu charge on all Fixed
assets of the Company –immovable and movable (present and future) (excluding
the office premises located at Parinee Crescenzo, Bandra Kurla Complex) and
second pari passu charge on all the Current Assets. ·
SBI (FCNR): Exclusive charge
on Office Premises located at 1102, Parinee Crescenzo, 11th Floor, C-38 and
C-39, ”G” Block, Behind MCA, Bandra Kurla Complex, Bandra (East) , Mumbai -
51 and personal guarantee of Managing Director Mr. Vinod Saraf. ·
Citibank (FCNR):
First
Pari-passu charge on the movable fixed assets of the company located at Lote
and Mahad (present and future) and personal guarantee of Managing Director
Mr. Vinod Saraf. a)
Rate of
Interest:
i.
IFC (ECB): ECB carries interest of 240 bps + six
months libor
ii.
SBI (ECB): ECB carries interest of 280 bps + six
months libor
iii.
SBI (FCNR): Foreign Currency loan carried
interest of 450 bps + six months libor
iv.
Citi Bank (FCNR): Foreign Currency loan carries
interest of 445 bps.
v.
FCCB: Fixed Coupon Rate of @.55% per annum and
accumulated arrears of interest @ 3.5% compounded half-yearly, if the bonds
are redeemed on the redemption date and option of conversion into equity
shares is not exercised. b)
Terms of Repayment:
i.
IFC ECB: Repayable in 10 half yearly equal
installments from December 2012 to June 2017
ii.
SBI ECB: Repayable in 9 half yearly equal
installments from September 2013 to March 2017
iii.
SBI FCNR: Repayable in 19 quarterly equal
installments from November 2012 to August 2017.
iv.
Citibank FCNR: Repayable in 9 quarterly equal
installments from June 2013 to June 2015
v.
FCCB: Convertible at the option of the lender
into equity shares at Rs.100 (Rs. 2 paid up) each during any time starting
from the date of subscription i.e. 28th July 2011 and ending 5 years. If the
option is not exercised , then it is to be redeemed on the final redemption
date along with accumulated arrears of interest on pro-rata basis @ 3.5% per
annum compounded semi annually Short Term
Borrowings : a)
Nature of
Security for Secured Loan from: Banks: Hypothecation of
inventories, all the present and future book debts and other receivables,
first charge on all present and future fixed assets situated at Mahad works
and residential building at Mahad and second charge on all fixed assets
situated at Lote works and personal guarantee of Managing Director, Mr. Vinod
Saraf. b)
Rate of
interest:
i.
Working Capital
Advances From Banks: Foreign Currency loan carries interest ranging
from 200 bps to 250 bps + 3/6 months libor. Rupee Loan carries interest
ranging from 9.75% to 11.35%.
ii.
Unsecured Loan: Foreign
Currency loan carries interest ranging from 200 bps to 250 bps + 3/6 months
libor. c)
Terms of
repayment: Repayable on demand. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Karnavat and Company Chartered Accountant |
|
Address : |
Mumbai, |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs. 2/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49372500 |
Equity Shares |
Rs. 2/- each |
Rs. 98.745 Millions |
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting period :
|
Equity Shares (Face value of
Rs. 2 each fully paid-up) |
Number
of Shares |
Rs. In Millions |
|
|
|
|
|
At the beginning of the period |
49372500 |
98.745 |
|
Outstanding at
the end of the period |
49372500 |
98.745 |
Terms/Rights attached to equity shares:
The company has only one class of equity share having a par value of Rs.
2 per share. Each holder of equity shares is entitled to one vote per share. The
company declares and pays dividends in Indian Rupees. The dividend except
interim dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares
will be entitled to receive remaining assets of the company, after distribution
of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Aggregate number
of bonus shares issued during the period of 5 years immediately preceding the
reporting date:
|
Particulars |
Year of Issue |
No. of Bonus shares issued |
|
Equity shares of Rs. 10 each allotted as fully paid bonus shares by capitalization
of general reserve and accumulated profits |
28 November 2007 |
3291500 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vinod Saraf |
7937250 |
16.08% |
|
Kavita Saraf |
6228000 |
12.61% |
|
Suchir Chemicals Private Limited |
4753235 |
9.63% |
|
Viral Pharma Private Limited |
2625000 |
5.32% |
|
Vinati Wax industries Private Limited |
2985750 |
6.05% |
|
Mithali Chemical Private Limited |
3330140 |
6.75% |
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 |
98.745 |
98.745 |
98.745 |
|
(b) Reserves & Surplus |
2313.736 |
1771.517 |
1338.227 |
|
(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) |
2412.481 |
1870.262 |
1436.972 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1355.345 |
913.007 |
260.413 |
|
(b) Deferred tax liabilities (Net) |
261.019 |
149.005 |
117.368 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1616.364 |
1062.012 |
377.781 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
653.033 |
619.227 |
353.032 |
|
(b) Trade payables |
156.297 |
88.784 |
119.017 |
|
(c) Other current
liabilities |
444.759 |
265.660 |
187.738 |
|
(d) Short-term provisions |
186.072 |
139.728 |
103.687 |
|
Total Current Liabilities (4) |
1440.161 |
1113.399 |
763.474 |
|
|
|
|
|
|
TOTAL |
5469.006 |
4045.673 |
2578.227 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2868.246 |
1405.467 |
1073.844 |
|
(ii) Intangible Assets |
33.096 |
37.719 |
37.882 |
|
(iii) Capital
work-in-progress |
140.485 |
567.439 |
360.369 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3041.827 |
2010.625 |
1472.095 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
127.727 |
78.980 |
31.620 |
|
(b) Inventories |
546.429 |
430.222 |
350.144 |
|
(c) Trade receivables |
1131.946 |
856.799 |
519.216 |
|
(d) Cash and cash
equivalents |
337.700 |
319.531 |
19.402 |
|
(e) Short-term loans and
advances |
282.167 |
349.021 |
185.425 |
|
(f) Other current assets |
1.210 |
0.495 |
0.325 |
|
Total Current Assets |
2427.179 |
2035.048 |
1106.132 |
|
|
|
|
|
|
TOTAL |
5469.006 |
4045.673 |
2578.227 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5529.154 |
4474.606 |
3226.488 |
|
|
|
Other Income |
37.637 |
28.319 |
63.521 |
|
|
|
TOTAL (A) |
5566.791 |
4502.925 |
3290.009 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3399.084 |
2738.054 |
1876.218 |
|
|
|
Purchase of Stock-in-Trade (Chemicals) |
0.000 |
0.000 |
2.061 |
|
|
|
Changes in Inventories of Finished goods and Work-in-progress |
(48.988) |
(61.386) |
(44.185) |
|
|
|
Employee benefits expense |
225.877 |
183.259 |
148.666 |
|
|
|
Other Expenses |
749.877 |
664.799 |
546.495 |
|
|
|
TOTAL (B) |
4325.850 |
3524.726 |
2529.255 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1240.941 |
978.199 |
760.754 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.387 |
91.806 |
71.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1125.554 |
886.393 |
689.558 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.495 |
70.371 |
64.493 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1026.059 |
816.022 |
625.065 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
339.431 |
267.968 |
105.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
686.628 |
548.054 |
519.692 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1584.277 |
1205.987 |
812.891 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on Equity Share for the
year |
123.432 |
98.745 |
64.184 |
|
|
|
Dividend distribution tax on proposed dividend
on Equity Share |
20.977 |
16.019 |
10.412 |
|
|
|
Transfer to general
reserve |
70.000 |
55.000 |
52.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2056.496 |
1584.277 |
1205.987 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods calculated on F.O.B. Value |
3596.797 |
3295.158 |
2507.076 |
|
|
|
Other Income |
0.000 |
1.309 |
0.000 |
|
|
TOTAL EARNINGS |
3596.797 |
3296.467 |
2507.076 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
121.269 |
481.032 |
542.913 |
|
|
|
Stores & Spares |
0.011 |
5.998 |
0.088 |
|
|
|
Capital Goods |
56.769 |
72.157 |
0.000 |
|
|
TOTAL IMPORTS |
178.049 |
559.187 |
543.001 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.91 |
11.10 |
10.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.33
|
12.17 |
15.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.56
|
18.24 |
19.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.27
|
40.09 |
56.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.44 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83
|
0.82 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.83 |
1.45 |
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 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------- |
|
22] |
Litigations that the firm
/ promoter involved in |
------- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
------- |
|
26] |
Buyer visit details |
------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2013 Rs.
in Millions |
As
on 31.03.2012 Rs.
in Millions |
|
Long term
Borrowings |
|
|
|
Foreign Currency convertible bonds from IFC |
271.697 |
255.533 |
|
Short Term
Borrowings |
|
|
|
Loans from Bank (discounting of trade receivables) |
111.406 |
101.676 |
|
Total |
383.103 |
357.209 |
ECONOMY OVERVIEW
Global economic
growth weakened to 3.2 per cent in 2012 from 3.9 per cent in 2011 but is
expected to rebound to 3.5 per cent in 2013. If crisis risks do not materialize
and financial conditions continue to improve, global growth could be stronger
than projected even as downside risks remain significant, including renewed
setbacks in the euro area and risks of excessive near-term fiscal consolidation
in the
The growth of the
Indian economy hovered around 5 per cent in 2012-13, the lowest in a decade on
account of a poor performance of the country’s manufacturing, agriculture and
service sectors. The Indian economy is likely to grow 6.5 per cent in 2013 and
a projected 7.2 per cent in 2014. The national investment rate in
34 per cent, and
expected to increase to 36 per cent by the end of 12th Five Year
Plan.
INDUSTRY OVERVIEW
There was a steep
growth in the global chemical industry ($ 3 trillion) in the last five years.
The global chemical industry historically concentrated in three regions (North
America, Western Europe and
The global
chemical industry is passing a change, with
CORPORATE OVERVIEW
Vinati Organics
(incorporated 1989) manufactures specialty organic intermediaries and monomers.
The Company is the world’s largest manufacturer of Isobutylbenzene (IBB, market
share 60% and 2-Acrylamido 2-methylpropanesulfonic Acid (ATBS, market share
40%)
REVIEW OF OPERATIONS
The Company’s
operations have shown impressive growth during the year. The net sales/Income
from operations during the year has gone up to Rs. 5529.154 Millions from Rs.
4474.606 Millions, registering a growth of 23% over the previous year. The
robust growth in sales can be attributed to the phenomenal growth in IBB sales
which grew by more than 33% as compared to previous year.
The Company’s
profit before tax has also gone up from Rs. 816.022 Millions in previous year to
Rs. 1026.059 Millions in current year registering a robust growth of 26%.
FIXED ASSETS:
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computers
- Air
Conditioners
- Vehicles
- Technical
Know How Fees
- Licensed
Software’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transaction 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. 59.39 |
|
|
1 |
Rs. 89.89 |
|
Euro |
1 |
Rs. 77.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.