1. Summary Information
|
|
|
Country |
|
|
Company Name |
Manali Petrochemicals Limited |
Principal Name 1 |
Mr. Ashwin C Muthiah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. T K Arun |
|
|
|
Registration # |
18-013087 |
|
Street Address |
SPIC House 88, Old No.97, |
||
|
Established Date |
11.06.1986 |
SIC Code |
-- |
|
Telephone# |
Not Available |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Petrochemical Products |
|
|
# of employees |
310
(Approximately) |
Product Name 2 |
Propylene Oxide ( |
|
Paid up capital |
Rs.860,347,000/- |
Product Name 3 |
Propylene Glycol (PG) |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 44.81%, Public Shareholding- 55.19% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
7 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
SIDD Life Sciences Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance
Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,065,586,000 |
Current Liabilities |
518,649,000 |
|
Inventories |
598,389,000 |
Long-term Liabilities |
20,290,000 |
|
Fixed Assets |
1,025,483,000 |
Other Liabilities |
326,947,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
865,886,000 |
|
Invest& other Assets |
101,091,000 |
Retained Earnings |
1,064,316,000 |
|
|
|
Net Worth |
1,924,663,000 |
|
Total Assets |
2,790,549,000 |
Total Liab. & Equity |
2,790,549,000 |
|
Total Assets (Previous Year) |
2,705,104,000 |
|
|
|
P/L
Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
5,221,527,000 |
Net Profit |
273,159,000 |
|
Sales(Previous yr) |
5,739,630,000 |
Net Profit(Prev.yr) |
436,797,000 |
MIRA
INFORM REPORT
|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANALI PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
SPIC House 88, Old No.97, Mount Road, Guindy, Chennai - 600032, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.06.1986 |
|
|
|
|
Com. Reg. No.: |
18-013087 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.860.347
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24294TN1986PLC013087 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM00306F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Petrochemical Products like Propylene Oxide (PO),
Propylene Glycol (PG) and Polyols (PY). |
|
|
|
|
No. of Employees
: |
310 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. There appears a slight dip in the sales turnover where as a drastic
fall in the net profitability of the company during 2013. However, trade relations are fair. Business is active. Payment terms
are usually correct. 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 – 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 |
A1 (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
05.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A- (Long Term Bank Facilities) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
05.10.2012 |
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 : |
SPIC House 88, Old No. 97, Mount Road, Guindy, Chennai - 600032, Tamilnadu, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-mail: |
|
|
Website: |
|
|
|
|
|
Principal Office and Plant I: |
|
|
Tel. No.: |
91-44-25941025/ 25941249/ 25941253/ 25941557/ 25943910/ 25941421 |
|
Fax No.: |
91-44-25941199 |
|
E-Mail : |
|
|
|
|
|
Plant II: |
Sathangadu Village, Manali, Chennai – 6000680, Tamilnadu, India |
|
Tel. No.: |
91-44-25941698/ 25941402 |
|
|
|
|
Secretarial Department: |
Ponneri High Road, Manali, Chennai 600068, Tamilnadu, India |
|
Tel. No.: |
91-44-25943895 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Branches |
Located at: · Delhi · Mumbai · Kolkata |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Ashwin C Muthiah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. T K Arun |
|
Designation : |
Director (Nominee of TIDCO) |
|
|
|
|
Name : |
Mr. Brig (Retd.) Harish Chandra Chawla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kulbir Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjiv Ralph Noronha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Muthukrishnan Ravi |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. S Vasudevan |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
|
|
|
Audit Committee : |
· Mr. Brig (Retd.) Harish Chandra Chawla ·
Mr. T K Arun · Mr. Kulbir Singh · Mr. Sanjiv Ralph Noronha |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
65856053 |
38.29 |
|
|
11212500 |
6.52 |
|
|
12250 |
0.01 |
|
|
12250 |
0.01 |
|
|
77080803 |
44.81 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
77080803 |
44.81 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
185100 |
0.11 |
|
|
26325 |
0.02 |
|
|
2260000 |
1.31 |
|
|
2471425 |
1.44 |
|
|
|
|
|
|
|
|
|
|
10746566 |
6.25 |
|
|
|
|
|
|
|
|
|
|
59861720 |
34.80 |
|
|
15900060 |
9.24 |
|
|
5938655 |
3.45 |
|
|
64636 |
0.04 |
|
|
2810655 |
1.63 |
|
|
2975814 |
1.73 |
|
|
85050 |
0.05 |
|
|
2500 |
0.00 |
|
|
92447001 |
53.75 |
|
|
|
|
|
Total Public
shareholding (B) |
94918426 |
55.19 |
|
|
|
|
|
Total (A)+(B) |
171999229 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
171999229 |
100.00 |
(1) Indian
Bodies Corporate
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Petrochemical Products like Propylene Oxide (PO),
Propylene Glycol (PG) and Polyols. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Propylene Oxide |
MT |
36000 |
32149 |
|
Propylene Glycol |
MT |
20000 |
19224 |
|
Polyols # # # |
MT |
# # # 50000 |
21461 |
|
PGMME |
MT |
2700 |
939 |
|
DCP and DCIPE |
MT |
7200 |
6339 |
|
Di – Propylene Glycol |
MT |
2320 |
1711 |
|
Tri – Propylene Glycol |
MT |
288 |
164 |
|
DPGMME |
MT |
460 |
217 |
NOTE:
· # From March 2010
· ## From February 2011
· ### Grade Dependent
· Including Captive Consumption.
· As certified by management and relied on by the auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
310 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
State Bank of Hyderabad ·
State Bank of Patiala ·
Indian Bank ·
Canara Bank ·
Punjab National Bank ·
Corporation Bank ·
State Bank of Bikaner and Jaipur ·
State Bank of Mauritius |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells, Chennai Chartered Accountants |
|
Address : |
ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai-
600017, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
S Gopalan and Associates |
|
Address : |
F-1, Nethrambigai Apartments 15, Vembuli Amman Koil Street, K K Nagar West, Chennai – 600078, Tamilnadu, India |
|
|
|
|
Associates : |
· SIDD Life Sciences Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.5/- each |
Rs.1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
171999229 |
Equity Shares |
Rs.5/- each |
Rs.859.996
Millions |
|
|
Add: Shares Forfeited |
|
Rs.0.351
Million |
|
|
|
|
|
|
|
Total |
|
Rs.860.347 Millions |
NOTE:
1.
There has been no movement in the Share Capital during
the year. The Company has only one class of equity shares having a par value of
Rs.5 per share. Each holder of the equity shares is entitled to one vote per
share. In the event of repayment of Share Capital, the same will be in
proportion to the number of equity shares held.
2.
For the year ended March 31, 2013, the amount of
dividend recognized as distributions to equity shareholders is Rs.0.50 per
shares (Previous year: Re.0.60). The Dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
Details of shares
held by shareholders holding more than 5% shares in the Company:
|
|
31.03.2012 |
|
|
Name of
shareholders |
No. of Shares |
% Holding |
|
SIDD Life Sciences Private Limited |
65846053 |
38.28 |
|
Tamilnadu Industrial Development Corporation Limited |
11212500 |
6.52 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
860.347 |
|
(b) Reserves & Surplus |
|
|
1064.316 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
|
1924.663 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
150.247 |
|
(c) Other long
term liabilities |
|
|
19.167 |
|
(d) long-term
provisions |
|
|
9.487 |
|
Total Non-current
Liabilities (3) |
|
|
178.901 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
20.290 |
|
(b)
Trade payables |
|
|
444.174 |
|
(c)
Other current liabilities |
|
|
55.308 |
|
(d) Short-term
provisions |
|
|
167.213 |
|
Total Current
Liabilities (4) |
|
|
686.985 |
|
|
|
|
|
|
TOTAL |
|
|
2790.549 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1025.483 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
37.440 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
41.245 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
153.781 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
1257.949 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
22.406 |
|
(b)
Inventories |
|
|
598.389 |
|
(c)
Trade receivables |
|
|
391.981 |
|
(d) Cash
and cash equivalents |
|
|
64.587 |
|
(e)
Short-term loans and advances |
|
|
455.000 |
|
(f)
Other current assets |
|
|
0.237 |
|
Total
Current Assets |
|
|
1532.600 |
|
|
|
|
|
|
TOTAL |
|
|
2790.549 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
860.347 |
860.347 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
883.373 |
566.518 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1743.720 |
1426.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.872 |
59.217 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
11.872 |
59.217 |
|
|
DEFERRED TAX LIABILITIES |
|
134.420 |
131.358 |
|
|
|
|
|
|
|
|
TOTAL |
|
1890.012 |
1617.440 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
989.897 |
915.330 |
|
|
Capital work-in-progress |
|
47.155 |
101.054 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
180.390 |
339.429 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
654.381
|
431.299
|
|
|
Sundry Debtors |
|
383.541
|
286.893
|
|
|
Cash & Bank Balances |
|
63.178
|
46.014
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
386.562
|
125.506
|
|
Total
Current Assets |
|
1487.662
|
889.712
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
503.615
|
|
|
|
Other Current Liabilities |
|
88.657
|
526.742
|
|
|
Provisions |
|
222.820
|
101.343
|
|
Total
Current Liabilities |
|
815.092
|
628.085
|
|
|
Net Current Assets |
|
672.570
|
261.627
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1890.012 |
1617.440 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5221.527 |
5739.630 |
4519.027 |
|
|
|
Other Income |
70.776 |
68.321 |
47.506 |
|
|
|
TOTAL (A) |
5292.303 |
5807.951 |
4566.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Packing Material Consumed |
3597.543 |
3943.227 |
3116.184 |
|
|
|
Purchase of Traded Goods |
190.497 |
136.505 |
135.307 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
401.842 |
|
|
|
Employee Cost |
188.742 |
248.374 |
148.128 |
|
|
|
Other Expenses |
927.698 |
951.034 |
385.366 |
|
|
|
Increase/ Decrease in Stock |
(50.554) |
(138.146) |
(27.895) |
|
|
|
TOTAL (B) |
4853.926 |
5140.994 |
4158.932 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
438.377 |
666.957 |
407.601 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.448 |
19.229 |
15.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
416.929 |
647.728 |
392.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.579 |
58.840 |
49.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
353.350 |
588.888 |
343.125 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.191 |
152.091 |
90.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
273.159 |
436.797 |
252.775 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
557.373 |
404.549 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend Current Year |
NA |
NA |
86.000 |
|
|
|
Tax on Dividend |
NA |
NA |
13.951 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
557.373 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
28.263 |
34.089 |
25.154 |
|
|
|
Freight and Insurances |
0.536 |
1.002 |
1.076 |
|
|
TOTAL EARNINGS |
28.799 |
35.091 |
26.230 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Stores and Consumables |
952.419 |
1184.559 |
865.797 |
|
|
|
Traded Goods |
160.705 |
102.961 |
103.135 |
|
|
TOTAL IMPORTS |
1113.124 |
1287.520 |
968.932 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.59 |
2.54 |
1.47 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.16
|
7.52
|
5.53
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.77
|
10.26
|
7.59
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.03
|
23.77
|
19.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.34
|
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01
|
0.01
|
0.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
1.83
|
1.42
|
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 |
No |
|
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 |
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 |
OPERATIONAL
HIGHLIGHTS
During the year
the operations of the Company were affected due to general economic slow-down aggravated by cut-throat
competition from overseas
polyol suppliers. On account of these, there was some setback
in the operations vis a vis the
performance in the
last couple of
years, resulting in lower
production, sales and
profits. The net profit for the year was lower by about 37% at
Rs.273.100 Millions against Rs.436.800 Millions in the previous year.
Availability of
bio mass fuel for the Captive Power Plant (CPP) has become dearer due to spurt
in demand for casuarina wood from paper mills and also similar power plants.
Even at increased costs supplies are not forthcoming, forcing the Company to
operate the CPP at lower loads. The Company is developing alternate fuels for
the CPP to ensure operations at optimum load. Also, plans are afoot to purchase
power through energy exchanges to meet the short-fall.
Creation of bulk
storage facility for Propylene Oxide at Ennore Port is in progress and is
expected to be operational during the 2nd quarter of FY 2013-14.
FINANCIAL REVIEW
The year 2012-13 witnessed moderate changes in interest rates. The repo
rate increases during
the year 2011-12 resulted
in steep increase in
lending rates of
banks and other
operators. However, during the year, these were retained at the previous
year’s level in the first half and slightly brought down during the second
half, to induce economic growth. On the forex front, there was a sharp decline
in rupee value by about 6.7%. These resulted in marginal increase in the cost
of funds. Also the investible surplus was
significantly lower due
to decline in operations witnessed during the year and
higher capital spending for creation of storage facilities.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company
operates in the Polyurethanes (PUs) Market, comprising two sectors: Methylene
diisocyanate (MDI) and Toluene Diisocyanate (TDI). The PUs market in India has
displayed a robust growth rate over the past 5 years and is highly potential.
MDI-based PUs are growing at a faster rate, as these are easier to handle and
have a wider application base compared to TDI- based PUs.
Indian
Polyurethane industry’s performance during 2007-2012 had been impressive with
double-digit growth, but the market has become stagnant in 2013 due to various
factors like overall economic slow-down, impact of global economic crisis on
Indian manufacturers, inflationary pressures, monsoon failure, etc.
The company also
manufactures Propylene Glycol (PG) for pharma, fragrance and industrial
applications and continues to perform well in the Pharma and fragrance sectors.
The off-take of PG for industrial applications is lower due to availability of
alternate cheaper materials.
MARKET SCENARIO
During the year,
the Company achieved a turnover of Rs. 5798.700 Millions against Rs.6295.200
Millions in FY 2011-12, lower by about 8% on account of the reasons stated
above. It may be recalled that during the previous year (FY 2011-12), the
company achieved all time high sales and
profits, notwithstanding the overall economic growth being lower as the Indian
Polyurethane market performed better. The growth in automotive and
appliances segments during
the last few years intensified demand for PUs in
India. However, during the year, the slow-down stretched to all the segments
and hence the Company too suffered on account of sluggish market coupled
with dumping of overseas
materials by MNCs enjoying zero duty on
polyols imported into India. With the global economy witnessing further
deterioration, the situation worsened in the 2nd half of the year and in order
to retain its market share, the Company had to sell products at very low
prices, eroding the margins substantially.
OUTLOOK
The World Trade Organization has scaled down the global trade growth forecast for the year 2013 at 3.30% from the earlier 4.5%; it may be pertinent to note that the global trade growth had fallen to 2% in 2012 from 5.11% in 2011. This trend is expected to persist in the short-term and revival could happen in the medium term.
In order to
overcome the setback, the company has taken steps to develop new applications
for its products in brake fluid, drilling applications, water proofing,
etc., while also taking
care of its commitment to environment. The Company is
also exploring the possibilities to develop product applications in medical
devices.
The Company has
also created additional storage
facilities for the finished goods
at its plants, in addition to the arrangements for bulk storage
facilities for imported
raw materials in Ennore Port
which are expected to provide flexibility in plant operations depending on
market conditions.
The company is
confident of overcoming the difficulties through modified product mix and
foraying into newer markets.
FUTURE OUTLOOK AND NEW PRODUCTS
CONTINGENT
LIABILITIES
|
Particular |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
a) Bills discounted |
14.496 |
41.344 |
30.839 |
|
b) Letters of Credit / Guarantees |
267.311 |
307.575 |
201.629 |
|
c) Disputed Excise and Customs demands |
6.807 |
6.807 |
7.405 |
|
d) Disputed Sales Tax demands |
5.771 |
5.771 |
5.771 |
|
e) Disputed Income Tax demands |
11.867 |
11.867 |
48.802 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80047338 |
30/12/1996 |
663,868,000.00 |
DEPARTMENT OF COMMERCIAL
TAXES |
GOVT. OF
TAMILNADU, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
2 |
90297555 |
15/11/2006 * |
225,600,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
NO.86 RAJAJI SALAI, CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
3 |
80053563 |
07/04/1995 * |
88,300,000.00 |
CANARA BANK |
TEYNAMPET
BRANCH, TEYNAMPET, CHENNAI, TAMILNADU |
- |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Land
- Development on lease-hold land
- Plant and Machinery
- Building
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.45 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.