MIRA
INFORM REPORT
|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
INOX AIR PRODUCTS LIMITED [w.e.f. 2000-01] |
|
|
|
|
Formerly Known
As : |
INDUSTRIAL
OXYGEN COMPANY LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Ceejay House, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
04.04.1963 |
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|
|
|
Com. Reg. No.: |
11-012625 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.103.407 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24999MH1963PLC012625 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5569D |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Industrial Gases. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 37000000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Clear |
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Litigation : |
Regular |
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Comments : |
Subject is a well established company having good 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) |
|
India |
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 |
CRISIL |
|
Rating |
Long term rating: AA |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry low credit risk. |
|
Date |
December, 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 PARTED BY
|
Name : |
Mr. Ravi |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-40323195 |
|
Date : |
24.06.2013 |
LOCATIONS
|
Registered Office : |
7th Floor, Ceejay House, |
|
Tel. No.: |
91-22-40323195 / 40323960 |
|
Fax No.: |
91-22-40323191 / 40323991 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Raj Bhavan Road, Somajiguda, 6-3-902 / D / 202, F No.202, Durga
Apartments, Hyderabad, Andhra Pradesh, India |
|
|
|
|
Factory 2 : |
Village Kunjhal, Industrial Area, Barotiwala, District Solan-174103, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-271127 / 271128 |
|
Fax No.: |
91-1795-271115 |
|
|
|
|
Factory : |
Also
Located At Ahmedabad Andaman and Nicobar Islands Andhra Pradesh Bangalore Butibori Barotiwala Bhopal Chennai Indore Jabalpur Jharkhand Jodhpur Jejuri Kalwe Karjan Kalol Mandi-Gobindgarh Mahrashtra Nasik Patalganga Pune Pondicherry Portblair Rajkot Surajpur Thane Tarapur Tadipatri Tamilnadu Uttar Pradesh Visakhapatnam Vashind West Bengal Wardha |
DIRECTORS
As on 11.09.2012
|
Name : |
Mr. Pavan Devendra Jain |
|
Designation : |
Managing Director |
|
Address : |
Benzer Terrace, 94 Worli Sea Face, Mumbai – 4000018, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1951 |
|
Qualification : |
B.E.(Chem.) |
|
PAN No.: |
AAJPJ5851D |
|
Date of Appointment : |
17.10.2004 |
|
DIN No.: |
00030098 |
|
|
|
|
Name : |
Mr. John Walter Marsland |
|
Designation : |
Director |
|
Address : |
945, North 38th Street, Allentown, Pennsylvania, USA 18104 |
|
Date of Birth/Age : |
07.10.1966 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
05152715 |
|
|
|
|
Name : |
Mr. David Roy Edmondson |
|
Designation : |
Director |
|
Address : |
Lindfields Oast House Lane Farnham, United Kingdom |
|
Date of Birth/Age : |
12.01.1960 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
02544317 |
|
|
|
|
Name : |
Bruce Allan Schult |
|
Designation : |
Director |
|
Address : |
22, Woodgrove Avenue, Singapore 738064 |
|
Date of Birth/Age : |
05.11.1965 |
|
Qualification : |
B.Sc. and Mechanical Engineer |
|
Date of Appointment : |
22.09.2009 |
|
DIN No.: |
02796080 |
|
|
|
|
Name : |
Mr. Vivek Kumar Jain |
|
Designation : |
Director |
|
Address : |
47, Golf Links, New Delhi-110003, India |
|
Date of Birth/Age : |
30.08.1955 |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00029968 |
|
|
|
|
Name : |
Mr. Subodh Kumar Jain |
|
Designation : |
Director |
|
Address : |
36, Golf Links, New Delhi – 110003, Delhi, India |
|
Date of Birth/Age : |
02.04.1952 |
|
Date of Appointment : |
17.07.1976 |
|
DIN No.: |
00031010 |
|
|
|
|
Name : |
Mr. Siddharth Jain |
|
Designation : |
Whole-time director |
|
Address : |
94, Benzar Terrace, Worli, Sea Face, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
21.09.1978 |
|
Qualification : |
B.E.(Mech.) |
|
Date of Appointment : |
20.05.2003 |
|
PAN No.: |
ACYPJ7083L |
|
DIN No.: |
00030202 |
KEY EXECUTIVES
|
Name : |
Mr. Narendra Mehra |
|
Designation : |
Secretary |
|
Address : |
Ceejay House, 7th Floor, Dr. A. B. Road, Worli, Mumbai-400018,
Maharashtra, India |
|
Date of Birth/Age : |
28.01.1954 |
|
Date of Appointment : |
02.06.2011 |
|
Pan No.: |
AAAPM1041K |
|
|
|
|
Name : |
Mr. Ravi |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2012
Note: Shareholding details file attached
As on 11.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.74 |
|
Bodies corporate |
49.75 |
|
Other top fifty shareholders |
0.50 |
|
Others |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Industrial Gases. |
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Products : |
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Terms : |
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||||
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Selling : |
Cash and Credit (30 days) |
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|
||||
|
Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Industrial and Medical Gases |
CuM / Lacs |
12220.05 |
7753.87** |
|
Air Separation Plants |
Nos. |
*** |
-- |
NOTES:
1)
* NA represents ‘Not Applicable’ in view of
Government of India Notification No. S.D.477 (E) dated 25.7.1991.
2)
** Including Production for Captive Consumption.
3)
*** In the opinion of the Management, in view of
the wide range of Air Separation Plants having different capacity etc., installed capacity cannot
4)
Oxygen, Nitrogen and Argon Gases are produced from
the same plant.
5)
Installed capacities are as certified by Management
on which the Auditors have relied, being a Technical matter.
GENERAL INFORMATION
|
Customers : |
OEM’s and Others (Manufacturer) |
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No. of Employees : |
800 (Approximately) |
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|
Bankers : |
· Standard Chartered Bank, 23, Narain Manzil, Barakhamba Road, New Delhi - 110001, India Bank of Maharashtra Union Bank of India The Royal Bank of Scotland N.V. DBS Bank |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Patankar and Associates Chartered Accountant |
|
Address : |
Ameya, 4, Anand Bag Co-Operative Housing Society, 999, Navi Peth,
Pune-411030, Maharashtra, India |
|
Pan No.: |
AABFP8926B |
|
|
|
|
Joint venture : |
Bellary Oxygen Company Private Limited CIN No.: U40200KA2005PTC036482 |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Inox India Limited CIN No.: U99999GJ1976PLC018945 Gujarat Fluorochemicals Limited CIN No.: L24110GJ1987PLC009362 |
|
|
|
|
Related Party : |
· Air Products Plc, United Kingdom Air Products (Middle East) Fze, United Arab Emirates Air Products And Chemicals Inc., United States Air Products Singapore Pte Limited, Singapore Prodair Corporation, United States Air Products Sa Nv,
Belgium Air Products Gmbh, Germany Air Products San Fu Company Limited, Taiwan, Province of
China |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
1500000 |
Preference Shares |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
TOTAL |
|
Rs. 450.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10340697 |
Equity Shares |
Rs.10/- each |
Rs. 103.407
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
103.407 |
103.407 |
|
(b) Reserves & Surplus |
|
9167.676 |
7423.644 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
9271.083 |
7527.051 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2047.563 |
1943.996 |
|
(b) Deferred tax liabilities (Net) |
|
1537.986 |
1442.042 |
|
(c) Other long term liabilities |
|
389.848 |
358.170 |
|
(d) long-term provisions |
|
128.914 |
140.987 |
|
Total Non-current Liabilities (3) |
|
4104.311 |
3885.195 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.096 |
48.691 |
|
(b) Trade payables |
|
339.685 |
392.585 |
|
(c) Other current
liabilities |
|
1267.554 |
1180.992 |
|
(d) Short-term provisions |
|
139.769 |
110.234 |
|
Total Current Liabilities (4) |
|
1747.104 |
1732.502 |
|
|
|
|
|
|
TOTAL |
|
15122.498 |
13144.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
10088.140 |
9697.305 |
|
(ii) Intangible Assets |
|
9.174 |
19.587 |
|
(iii) Capital
work-in-progress |
|
1041.562 |
158.696 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
150.025 |
165.030 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
890.252 |
659.573 |
|
(e) Other Non-current assets |
|
0.030 |
0.020 |
|
Total Non-Current Assets |
|
12179.183 |
10700.211 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
15.005 |
0.001 |
|
(b) Inventories |
|
478.256 |
422.533 |
|
(c) Trade receivables |
|
839.812 |
943.422 |
|
(d) Cash and cash
equivalents |
|
1124.342 |
600.217 |
|
(e) Short-term loans and
advances |
|
469.828 |
472.511 |
|
(f) Other current assets |
|
16.072 |
5.853 |
|
Total Current Assets |
|
2943.315 |
2444.537 |
|
|
|
|
|
|
TOTAL |
|
15122.498 |
13144.748 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
103.407 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
6003.429 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
6106.835 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3676.040 |
|
|
2] Unsecured Loans |
|
|
344.498 |
|
|
TOTAL BORROWING |
|
|
4020.538 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1314.190 |
|
|
OTHER LIABILITIES |
|
|
313.803 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11755.366 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
9219.790 |
|
|
Capital work-in-progress |
|
|
868.398 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
165.026 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
352.226
|
|
|
Sundry Debtors |
|
|
724.707
|
|
|
Cash & Bank Balances |
|
|
110.458
|
|
|
Other Current Assets |
|
|
7.048
|
|
|
Loans & Advances |
|
|
1087.107
|
|
Total
Current Assets |
|
|
2281.546 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
500.254
|
|
|
Other Current Liabilities |
|
|
90.739
|
|
|
Provisions |
|
|
188.401
|
|
Total
Current Liabilities |
|
|
779.394 |
|
|
Net Current Assets |
|
|
1502.152
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
11755.366 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7473.671 |
7019.223 |
6026.819 |
|
|
|
Other Income |
406.207 |
106.917 |
141.657 |
|
|
|
TOTAL (A) |
7879.878 |
7126.140 |
6168.476 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
595.807 |
|
|
|
|
|
Purchases of stock-in-trade |
434.272 |
432.224 |
3539.191 |
|
|
|
Employee benefit expense |
638.249 |
564.044 |
|
|
|
|
Other expenses |
2881.940 |
2656.610 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(3.540) |
(9.240) |
|
|
|
|
TOTAL (B) |
4546.728 |
4065.649 |
3539.191 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
3333.150 |
3060.491 |
2629.285 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
162.412 |
243.392 |
323.418 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3170.738 |
2817.099 |
2305.867 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
700.057 |
709.499 |
631.899 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
2470.681 |
2107.600 |
1673.968 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
768.465 |
627.292 |
537.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1702.216 |
1480.308 |
1136.543 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.818 |
787.601 |
1711.348 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1660.091 |
2000.000 |
2000.000 |
|
|
|
Dividend |
51.703 |
51.703 |
51.703 |
|
|
|
Tax on Dividend |
8.388 |
8.388 |
8.587 |
|
|
BALANCE CARRIED
TO THE B/S |
189.852 |
207.818 |
787.601 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
3.894 |
15.552 |
48.887 |
|
|
|
Service Charges |
|
|
13.827 |
|
|
|
Transport Charges |
|
|
0.611 |
|
|
|
Other |
|
|
0.616 |
|
|
TOTAL EARNINGS |
3.894 |
15.552 |
63.941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Materials |
889.261 |
118.169 |
101.318 |
|
|
|
Stores & Spares |
|
22.529 |
33.877 |
|
|
|
Capital Goods |
|
62.553 |
390.858 |
|
|
|
Traded Goods |
|
25.711 |
9.714 |
|
|
TOTAL IMPORTS |
889.261 |
228.962 |
535.767 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
164.61 |
143.15 |
109.91 |
|
|
Particulars |
|
|
31.03.2013 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
8000.000 |
|
|
|
|
|
Expected Sales (2013-2014) : Rs. 8150.000 millions
The above information has been parted by Mr. Ravi (Finance Executive)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
31.35
|
20.77
|
18.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.06
|
30.03
|
27.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.74
|
16.44
|
14.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.28
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.22
|
0.26
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.24
|
0.23
|
2.93 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE
The registered office has been shifted from 56, Jolly Maker Chambers II,
Nariman Point, Mumbai-400021, Maharashtra, India to the present address
w.e.f.01.10.2006.
PROJECTS
IMPLEMENTED
During the year, the Company has implemented the following projects:
i ) Expansion of capacity by 400 M3/hr GAN at Gujarat Fluorochemicals Limited , Dahej . Production commenced from 24th October , 2011 .
ii ) Expansion of capacity by 100 TPD LOX/LIN at Puducherry . Production commenced from 26th March, 2012 .
iii ) Installed 2x4 0 HPN Nitrogen Generator (Total capacity 8000 NM3/hr ) at Posco Maharashtra Steel Private Limited , Mangaon. Producti n commenced from 22nd February 2012 .
iv ) Installed a Harvest Hydrogen Generator (capacity 25 0 NM3/hr ) at Posco Maharashtra Steel Private Limited, Mangaon. Production commenced from 30th March, 2012 .
UNDE R IMPLEMENTATION
i ) 200 TPD LOX/LIN /LAR Plant and One Harvest Hydrogen Generator (Capacity 250 NM3/hr) at Bhiwadi. ii) 200 TPD LOX / LIN / LAR Plant at Karjan . iii) 200 TPD LOX/LIN/LAR Plant and Harvest Hydrogen Plant (Capacity 500 NM3/hr ) at Ville Bhagad, Mangaon . iv) Expansion of capacity by 200 TPD LOX/LIN /LAR at Barotiwala. v) Expansion of capacity by 150 TPD LOX / LIN at Hyderabad.
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Deferred sales tax loan |
37.890 |
43.881 |
|
Loans and advances from others |
270.300 |
270.300 |
|
Total |
308.190 |
314.181
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24999MH1963PLC012625 |
|
Name of the
company |
INOX AIR PRODUCTS
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
7th Floor, Ceejay House, Dr. Annie Beasant Road, Worli,
Mumbai - 400018, Maharashtra, India E-mail: narendra.mehra@inoxap.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10401702 |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Standard Chartered Bank, 23, Narain Manzil, Barakhamba Road, New Delhi - 110001, India E-mail: kasturi.amin@sc.com
|
|
Nature of
instrument creating charge |
Supplemental Unattested
Memorandum of Hypothecation dated 09/05/2013. |
|
Date of
instrument Creating the charge |
09.05.2013 |
|
Amount secured by
the charge |
Rs. 554.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed by and
with the Bank. Terms of Repayment As agreed by and
with the Bank. Margin As agreed by and
with the Bank. Extent and Operation of the charge The security by
way of Hypothecation has been created in favour of Standard Chartered Bank
for the purpose of securing the external commercial borrowing facility to the
extent of USD 10 Mio (Facility Amount) granted to Inox Air Products Ltd.
(Facility). Others For the purpose of filing the Form 8, it is clarified that the Facility Amount is repayable in USD, hence any repayment from the sale/enforcement proceeds of the above said assets shall be made at the prevailing foreign currency exchange rate, for conversion from Indian Rupees to USD, at the time of repayment, to ensure full repayment of the Facility Amount ($ 1 = INR 55.48) |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and
future moveable fixed assets of the Company's unit at Karjan and Tadipatri. |
|
Particulars of
the present modification |
By the
Supplemental to Unattested Memorandum of Hypothecation dated 09.05.2013
present charge is modified to also include as security all present and future
moveable fixed assets of the Company's unit at Tadipatri along with Karjan |
FIXED ASSETS
· Land
Buildings
Office
Building
Factory
Building
Plant
and Equipment
Factory
Equipments
Furniture
and Fixtures
Vehicles
Office
equipment
Computer
Equipments
Other
Equipments
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 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.59.73 |
|
|
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.