MIRA INFORM REPORT
|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAH PETROLEUMS LIMITED |
|
|
|
|
Registered
Office : |
406/7, Embassy Centre, Nariman Point, Mumbai 400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.07.1983 |
|
|
|
|
Com. Reg. No.: |
11- 030372 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.220.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23201MH1983PLC030372 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35820B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS5295B |
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|
|
|
Legal Form : |
A Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
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|
|
|
Line of Business
: |
Manufacturing of Industrial Oils and Lubricants. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4910000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record.
There appears tremendous dip in the profitability during 2012. However, the
company operates on its own funds. Financial position of the company appears
to be good. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal 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) |
|
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 |
FITCH |
|
Rating |
A2 [Non Fund Based Limits] |
|
Rating Explanation |
Good intrinsic capacity for timely payment of financial commitment. |
|
Date |
01.10.2012 |
|
Rating Agency Name |
FITCH |
|
Rating |
BBB [Fund Based Limits] |
|
Rating Explanation |
Adequate capacity for payment of financial commitment. |
|
Date |
01.10.2012 |
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 : |
406/7, Embassy Centre, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66301911 / 22873097 |
|
Fax No.: |
91-22-22875751 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Plot No. 5 to
14, Behind Dewan and Shah Industrial Estate, Village: Valiv, Vasai (East),
District Thane, Maharashtra, India |
|
|
|
|
Factory 2: |
Survey No. 97/2,
Daman Industrial Estate, Kadaiya, Daman Pataliya Road, Nani Daman-396210,
India |
|
|
|
|
Regional Office : |
BF-173, Sector 1, Near Baisakhi, Saltlake City,
Kolkata-700064, West Bengal, India Tel. No.: 91-33-40046564 / 21062001 Fax No.: 91-33-40046566 428/2, Rani Khera Road, Opposite Dhana Builders, Mundka, New
Delhi-110041 India Tel. No.: 91-11-28343152 / 54 / 32596427 M2, Prince Centre, 709-710, Pathari Road, Anna
Salai, Chennai-600006, Tamilnadu, India Tel. No..: 91-44-28297056 |
|
|
|
|
Branch Office : |
Located At: · Bangalore · Chandigarh · Chennai · Faridabad · Hyderabad · Indore · Kolkata · New Delhi · Pune · Vadodara |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Rajendra Sah
|
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vivek Sah |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. Aditya Sah |
|
Designation : |
Joint Managing
Director |
|
|
|
|
Name : |
Mr. Bruno P.Y.G.
Seghin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Noshir B.
Dubash |
|
Designation : |
Independent, Non
Executive Director |
|
|
|
|
Name : |
Mr. Alok D.
Sukhani |
|
Designation : |
Independent, Non
Executive Director |
|
|
|
|
Name : |
Mr. Pradip C.
Shah |
|
Designation : |
Independent, Non
Executive Director |
|
Date of Birth/ Age: |
19.05.1956 |
|
Qualification: |
B.com, LLB and FCS |
|
Date of Appointment: |
05.04.2004 |
|
|
|
|
Name : |
Mr. Vinay G. Rao |
|
Designation : |
Independent, Non
Executive Director |
|
Date of Birth/ Age: |
24.03.1944 |
|
Qualification: |
BE (MET) |
|
Date of Appointment: |
05.04.2004 |
KEY EXECUTIVES
|
Name : |
Mr. D Malla Reddy |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sandeep Kedia |
|
Designation : |
Head of Finance |
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 |
|
|
|
|
|
|
|
|
10930292 |
24.84 |
|
|
10930292 |
24.84 |
|
|
|
|
|
|
27300000 |
62.05 |
|
|
27300000 |
62.05 |
|
Total shareholding of Promoter and Promoter Group (A) |
38230292 |
86.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
157095 |
0.36 |
|
|
1038860 |
2.36 |
|
|
1195955 |
2.72 |
|
|
|
|
|
|
468617 |
1.07 |
|
|
|
|
|
|
3621742 |
8.23 |
|
|
339670 |
0.77 |
|
|
143724 |
0.33 |
|
|
57215 |
0.13 |
|
|
86509 |
0.20 |
|
|
4573753 |
10.39 |
|
Total Public shareholding (B) |
5769708 |
13.11 |
|
Total (A)+(B) |
44000000 |
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) |
44000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Industrial Oils and Lubricants. |
||||||||
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|
|
||||||||
|
Brand Names : |
“IPOL®TM” |
||||||||
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|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Oil and Lubricants |
Ltrs |
62027476 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Axis Bank Limited, Nariman Point, Mumbai - 400021, Maharashtra, India · Dena Bank, Sachivalaya Corner, Mumbai - 400021, Maharashtra, India · ICICI Bank, Mumbai, Maharashtra, India · IDBI Bank, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.D. Daga and
Company Chartered Accountants |
|
Address : |
5/2, Tardeo AC Market Building, Tardeo Road, Mumbai-400034,
Maharashtra, India |
|
|
|
|
Investor Company-Controlling Interest : |
NAF India Holdings Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs.5/- each |
Rs.220.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44000000 |
Equity Shares |
Rs.5/- each |
Rs.220.000 Millions |
|
|
|
|
|
NOTES:
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
PARTICULAR |
31.03.2012 No. of Shares |
|
Shares Outstanding At The Beginning of The Year |
44,000,000 |
|
Shares Issued During The Year |
-- |
|
Shares Outstanding At The End Of The Year |
44,000,000 |
The details of
Shareholders holding more than 5% shares:
|
PARTICULAR |
31.03.2012 |
|
|
|
No. of Shares |
% Age Held |
|
NAF India Holdings Limited |
27300000 |
62.05% |
|
Rajendra Sah |
3565935 |
8.104% |
|
Shobha Sah |
2704000 |
6.145% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
220.000 |
220.000 |
|
(b) Reserves & Surplus |
|
1009.877 |
1009.802 |
|
(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) |
|
1229.877 |
1229.802 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
24.789 |
21.980 |
|
(c) Other long term
liabilities |
|
10.885 |
8.135 |
|
(d) long-term
provisions |
|
4.537 |
2.505 |
|
Total Non-current
Liabilities (3) |
|
40.211 |
32.620 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
2105.447 |
1650.871 |
|
(c) Other
current liabilities |
|
160.528 |
140.241 |
|
(d) Short-term
provisions |
|
0.991 |
3.812 |
|
Total Current
Liabilities (4) |
|
2266.966 |
1794.924 |
|
|
|
|
|
|
TOTAL |
|
3537.054 |
3057.346 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
344.736 |
350.937 |
|
(ii)
Intangible Assets |
|
6.764 |
8.010 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.797 |
0.000 |
|
(v)
Revaluation Reserve |
|
(31.886) |
(32.871) |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
67.307 |
43.483 |
|
(e) Other
Non-current assets |
|
62.049 |
61.105 |
|
Total Non-Current
Assets |
|
449.767 |
430.664 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
455.225 |
410.361 |
|
(b)
Inventories |
|
873.556 |
790.709 |
|
(c) Trade
receivables |
|
1312.406 |
1059.498 |
|
(d) Cash
and cash equivalents |
|
293.770 |
229.754 |
|
(e)
Short-term loans and advances |
|
152.330 |
136.360 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
3087.287 |
2626.682 |
|
|
|
|
|
|
TOTAL |
|
3537.054 |
3057.346 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
220.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
854.233 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1074.233 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
12.394 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1086.627 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
345.772 |
|
|
Capital work-in-progress |
|
|
11.387 |
|
|
Less: Revaluation Reserve |
|
|
(33.855) |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
411.578 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
561.809
|
|
|
Sundry Debtors |
|
|
766.448
|
|
|
Cash & Bank Balances |
|
|
193.040
|
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
182.745
|
|
Total
Current Assets |
|
|
1704.042 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
231.890
|
|
|
Other Current Liabilities |
|
|
1117.621
|
|
|
Provisions |
|
|
2.786
|
|
Total
Current Liabilities |
|
|
1352.297
|
|
|
Net Current Assets |
|
|
351.745
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1086.627 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4800.695 |
3655.987 |
2780.573 |
|
|
|
Other Income |
45.402 |
20.233 |
120.545 |
|
|
|
TOTAL (A) |
4846.097 |
3676.220 |
2901.118 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3732.953 |
|
|
|
|
|
Purchases Of Stock-in-Trade |
127.691 |
82.129 |
|
|
|
|
Employee Benefit Expenses |
150.116 |
128.339 |
2876.243 |
|
|
|
Other Expenses |
541.988 |
471.021 |
|
|
|
|
Changes in Inventories Of Finished Goods |
(14.726) |
(29.940) |
|
|
|
|
TOTAL (B) |
4538.022 |
3464.996 |
2876.243 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
308.075 |
211.224 |
24.875 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
281.521 |
17.651 |
65.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.554 |
193.573 |
(41.032) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.260 |
20.712 |
17.242 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4.294 |
172.861 |
(58.274) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.707 |
14.725 |
2.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.587 |
158.136 |
(61.214) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
496.631 |
341.556 |
403.284 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.440 |
2.200 |
0.440 |
|
|
|
Tax on Dividends |
0.072 |
0.365 |
0.074 |
|
|
|
Residual Dividend |
0.001 |
0.002 |
0.000 |
|
|
|
Transfer to General Reserve |
0.500 |
0.494 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
496.205 |
496.631 |
341.556 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB Basis) |
209.990 |
184.269 |
141.028 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2860.845 |
2089.293 |
1684.676 |
|
|
|
Capital Goods |
1.289 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
2862.134 |
2089.293 |
1684.676 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.01 |
3.59 |
(1.39) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1176.900 |
1020.000 |
1001.700 |
975.100 |
|
Total Expenditure |
1139.600 |
950.900 |
956.100 |
990.100 |
|
PBIDT (Excl OI) |
37.200 |
69.100 |
45.600 |
(15.000) |
|
Other Income |
09.700 |
55.500 |
9.000 |
14.000 |
|
Operating Profit |
46.900 |
124.600 |
54.600 |
(1.000) |
|
Interest |
144.100 |
0.000 |
76.000 |
3.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(97.200) |
124.600 |
(21.400) |
(4.600) |
|
Depreciation |
05.400 |
05.500 |
05.500 |
5.600 |
|
Profit Before Tax |
(102.700) |
119.200 |
(26.900) |
(10.200) |
|
Tax |
0.000 |
0.000 |
0.000 |
(8.000) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(102.700) |
119.200 |
(26.900) |
(2.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(102.700) |
119.200 |
(26.900) |
(2.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.01
|
4.30 |
(2.11)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.09
|
4.70 |
(2.10)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.12
|
5.59 |
2.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.14 |
(0.05)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.46 |
1.26
|
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 |
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 |
-- |
|
23] |
Banking Details |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
BUSINESS RESULTS:
Net Sales/Income
from operations for the year ended 31st March, 2012 amounted to Rs.
4800.695 Millions as compared to Rs. 3655.987 Millions for last year,
registering a growth of 31.31%. The profit for the year stood at Rs. 0.587
Million against the profit of Rs. 158.136 Millions in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Subject is one of the
manufacturers of industrial lubricants in India and manufacturing wide range of
industrial and automotive lubricants, specialties and process oils etc., under
the brand name of “IPOL®TM” at Vasai and Daman plants. This industry has much
growth potential and is growing globally.
OVERVIEW:
The financial
statements have been prepared in compliance with the requirements of the
Companies Act, 1956 and made on a prudent and reasonable basis, in order that
the financial statements reflects a true and fair manner the form and substance
of transactions, and reasonably present our state of affairs and profit for the
year.
The Company’s Net
Sales/Income from operations for the year ended 31st March, 2012 amounted to
Rs. 4800.695 Millions as compared to Rs. 3655.987 Millions for last year,
registering a growth of 31.31%. The profit for the year stood at Rs. 0.587
Million against the profit of Rs. 158.136 Millions in the previous year. Considering the performance of the company,
the Board of Directors recommended dividend Rs. 0.01 per share (0.2%) on the
equity shares of Rs. 5/- each for the financial year 2011-12.
INDUSTRY OUTLOOK:
The public sector
undertakings have dominated the Indian lubes market upto 1993 and they had a
collective market share of approximately 89%, but after 1993, the Government
has liberalized and decentralized the norms of import of key raw material,
determination of pricing regulations and reduction in the custom duties on
import of base oil. Due to liberalization policy, the fair competition took
place between the private players and public sector undertakings. In today’s
position, around more than 20 companies are operating in the Indian lubricants
market. Until the 1980, lubricants produced in the country were basically
simple blends based on low and medium level technologies. More sophisticated
lubricants were imported and these amounted for a very small market. The entry
of multinationals has led to complex and premium brands being introduced into
the Indian market. The Indian lubricants market is the fourth largest in the
world.
MARKET SEGMENTS:
There are two
major segments of the lubricants industry. The automotive lubricants segment,
which has an approximate market share of 65% and the industrial lubricants
segment accounting for the rest.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
Guarantees given by Banks |
10.174 |
2.363 |
|
Estimated amount of contracts / capital commitments |
2.006 |
5.887 |
|
Claims against the
Company not acknowledged as debts: |
|
|
|
(i) Excise matters |
9.409 |
9.409 |
|
(ii) Sales Tax matters |
129.984 |
131.079 |
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH, 2013
(Rs. In millions)
|
Sr. No. |
Particulars |
Unaudited |
Audited |
|
|
|
Quarter ended 31.03.2013 |
Quarter ended 31.12.2012 |
Year ended 31.03.2013 |
|
|
PART I |
|
|
|
|
|
1 |
Income from Operations (a) Net Sales / Income from |
|
|
|
|
|
Operations |
971.515 |
998.471 |
4154.204 |
|
|
(Net of excise duty) |
|
|
|
|
|
(b) Other Operating Income |
3.619 |
3.180 |
19.490 |
|
|
Total Income from operations (net) |
975.134 |
1001.651 |
4173.695 |
|
2 |
Expenses (a) Cost
of Materials Consumed (b) Purchases
of Stock-in-Trade |
803.400 |
802.893 |
3380.813 |
|
|
(c) Changes in Inventories of Finished
Goods Work-in-Progress and Stock-in-Trade |
27.514 |
(12.129) |
(12.509) |
|
|
(d) Employee Benefits Expense |
40.873 |
45.088 |
161.777 |
|
|
(e) Depreciation and Amortisation Expense |
5.579 |
5.472 |
21.962 |
|
|
(f)
Other Expenses |
118.350 |
119.408 |
504.539 |
|
|
Total Expenses |
995.717 |
960.732 |
4056.582 |
|
3 |
Profit / (Loss) from Operations before
Other Income, Finance Costs and Exceptional items (1- 2) |
(20.583) |
40.919 |
117.113 |
|
4 |
Other Income |
14.018 |
9.005 |
43.495 |
|
5 |
Profit / (Loss) from Ordinary Activities
before Finance Costs & Exceptional Items(3 +/- 4) |
(6.565) |
49.924 |
160.608 |
|
6 |
Finance Costs |
3.608 |
76.839 |
181.194 |
|
7 |
Proit / (Loss) from Ordinary Activities after
Finance Costs but before Exceptional Items (5 +/- 6) |
(10.174) |
(26.914) |
(20.586) |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Proit / (Loss) from Ordinary Activities
before Tax (7 +/- 8) |
(10.174) |
(26.914) |
(20.586) |
|
10 |
Tax Expense |
(7.951) |
- |
(7.951) |
|
11 |
Net Profit / (Loss) from Ordinary
Activities after Tax (9 +/- 10) |
(2.223) |
(26.914) |
(12.635) |
|
12 |
Extraordinary Items (Net of Tax Expense) |
- |
- |
- |
|
13 |
Net Profit / (Loss) for the |
|
|
|
|
|
period (11 +/- 12) |
(2.223) |
(26.914) |
(12.635) |
|
14 |
Paid-up Equity Share Capital (Face value of
Rs. 5/- each) |
220.000 |
220.000 |
220.000 |
|
15 |
Reserves excluding Revaluation Reserves |
- |
- |
996.725 |
|
16 |
Earnings Per Share (Rs.) Basic and Diluted |
(0.05) |
(0.61) |
(0.29) |
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding - Number
of Shares - Percentage
of Shareholding |
57,69,708 13.11% |
57,69,708 13.11% |
57,69,708 13.11% |
|
2 |
Promoters & Promoter Group Shareholding |
|
|
|
|
|
(a) Pledged / Encumbered |
Nil |
Nil |
Nil |
|
|
(b) Non-encumbered |
|
|
|
|
|
- Number
of Shares - Percentage
of Shares (as a % of the total shareholding of Promoter
and Promoter Group) - Percentage
of Shares (as a % of the total share capital of the
company) |
3,82,30,292 100.00 86.89% |
3,82,30,292 100.00 86.89% |
3,82,30,292 100.00 86.89% |
|
Particulars |
Quarter Ended 31.03.2013 |
|
B INVESTOR COMPLAINTS (No.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2013
|
Sr. No. |
Particulars |
31.03.2013 Audited |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
220.000 |
|
|
(b) Reserves and Surplus |
996.725 |
|
|
(c) Money received against Share Warrants |
- |
|
|
Sub-Total
- Shareholders' Funds |
1216.725 |
|
2 |
Share Application Money
pending allotment |
- |
|
3 |
Non-Current Liabilities |
|
|
|
(a) Long-term Borrowings |
- |
|
|
(b) Deferred Tax Liabilities (net) |
2.690 |
|
|
(c) Other Long-term Liabilities |
5.385 |
|
|
(d) Long-term Provisions |
5.060 |
|
|
Sub-Total
- Non-Current Liabilities |
13.135 |
|
4 |
Current Liabilities |
|
|
|
(a) Short-term Borrowings |
- |
|
|
(b) Trade Payables |
1614.620 |
|
|
(c) Other Current Liabilities |
128.400 |
|
|
(d) Short-term Provisions |
1.036 |
|
|
Sub-Total
- Current Liabilities |
1744.056 |
|
|
TOTAL -
EQUITY AND LIABILITIES |
2973.916 |
|
B |
ASSETS |
|
|
1 |
Non-Current Assets |
|
|
|
(a) Fixed Assets |
297.531 |
|
|
(b) Non-Current Investments |
- |
|
|
(c) Deferred Tax Assets (net) |
- |
|
|
(d) Long-term Loans and Advances |
62.032 |
|
|
(e) Other Non-Current Assets |
49.108 |
|
|
Sub-Total
- Non-Current Assets |
408.672 |
|
2 |
Current Assets |
|
|
|
(a) Current Investments |
350.621 |
|
|
(b) Inventories |
888.234 |
|
|
(c) Trade Receivables |
926.281 |
|
|
(d) Cash and Cash Equivalents |
243.666 |
|
|
(e) Short-term Loans and Advances |
156.442 |
|
|
(f) Other Current Assets |
- |
|
|
Sub-Total
- Current Assets |
2565.243 |
|
|
TOTAL -
ASSETS |
2973.916 |
Notes:
The above audited Financial Results were reviewed by the Audit committee and approved by the Board of Directors at their respective meetings held on 30th May, 2013.
The Company has a single business segment namely "Lubricants".
The Board has recommended dividend @ 0.2% i.e. Rs. 0.01 per equity share for the year ended 31st March, 2013.
Figures for the previous year / quarter have been regrouped / rearranged, wherever necessary.
FIXED ASSETS:
- Land
- Buildings
- Furniture and Fixtures
- Plant and Machinery
- Vehicles
- Fork Lift
- Computer Systems
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.59.85 |
|
|
1 |
Rs.92.31 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.