1. Summary Information
|
|
|
Country |
India |
|
Company Name |
C AND E LIMITED |
Principal Name 1 |
Mr. Bulaki Das Bhaiya |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rajannan Raghavendra Ravi |
|
|
|
Registration # |
21-025027 |
|
Street Address |
95, Park Street,
2nd Floor, Kolkata-700016, West Bengal, India |
||
|
Established Date |
22.03.1961 |
SIC Code |
-- |
|
Telephone# |
91-33-22261175 / 5652 / 1393 / 0769 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-33-22492218 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Engineered Innovative chemicals |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 29,550,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Directors or
relatives of Directors - 99.96 % Other top fifty shareholders -
0.04 % |
Banking |
State
Bank of India |
|
Public Limited Corp. |
No |
Business Period |
52 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Chemcrown Exports Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
320,721,000 |
Current Liabilities |
72,428,000 |
|
Inventories |
71,977,000 |
Long-term Liabilities |
159,445,000
|
|
Fixed Assets |
87,298,000 |
Other Liabilities |
10,484,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
242,357,000 |
|
Invest& other Assets |
3,845,000 |
Retained Earnings |
211,934,000 |
|
|
|
Net Worth |
241,484,000 |
|
Total Assets |
483,841,000 |
Total Liab. & Equity |
483,841,000 |
|
Total Assets (Previous Year) |
654,484,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
413,627,000 |
Net Profit |
12,540,000 |
|
Sales(Previous yr) |
401,105,000 |
Net Profit(Prev.yr) |
20,506,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
C AND E LIMITED (w.e.f. 08.09.2005) |
|
|
|
|
Formerly Known
As : |
COMPONENTS AND EQUIPMENTS LIMITED (w.e.f. 01.08.2001) COMPONENTS AND EQUIPMENTS PRIVATE LIMITED AENES SALES AND AGENCIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
95, Park Street, 2nd Floor, Kolkata-700016, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.03.1961 |
|
|
|
|
Com. Reg. No.: |
21-025027 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 29.550 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB1961PLC025027 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLC10531D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCC5418K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of an exclusive range of
Especially Engineered Innovative chemicals for processing and finishing of
leather. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 960000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in profitability during the year 2011-2012. However, general financial position of the company seems to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Cash Credit) |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligations it carry moderate credit risk. |
|
Date |
January, 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 : |
95, Park Street, 2nd Floor, Kolkata-700016, West
Bengal, India |
|
Tel. No.: |
91-33-22261175 / 5652 / 1393 / 0769 |
|
Fax No.: |
91-33-22492218 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
New No. 182, Old No. 271 Poonamallee High Road, Ankur
Manor, Kilpauk, Chennai-600010, Tamilnadu, India |
|
Tel. No.: |
91-44-28362047 / 28361048. |
|
Fax No.: |
91-44-28360945 |
|
|
|
|
Factory : |
Village Judikalan, Plot No.69B, Industrial Area -
Baddi-173025, Himachal Pradesh, India |
|
Tel. No.: |
91- 1795-245156 / 246963 / 245148 / 245242 |
|
Fax No.: |
91- 1795-246964 / 91 |
|
Email : |
|
|
|
|
|
China Office : |
Room No. 1009, DongShan, Square, No. 69, XianLie Zhong
Road, Guangzhou, Pin Code- 510095 P.R. |
|
Tel. No.: |
+86 20 8732 7751 / +86 20 8732 6815 |
|
Fax No.: |
+86 20 3758 9472 |
|
E-Mail : |
DIRECTORS
As on 20.09.2012
|
Name : |
Mr. Bulaki Das Bhaiya |
|
Designation : |
Whole-time director |
|
Address : |
12, Sunny Park, 2nd Floor, Ballygunge, Kolkata-700016, West Bengal, India |
|
Date of Birth/Age : |
19.03.1943 |
|
Date of Appointment : |
20.06.2006 |
|
DIN No.: |
00134202 |
|
|
|
|
Name : |
Mr. Rajannan Raghavendra Ravi |
|
Designation : |
Director |
|
Address : |
Flat No. 11, Kumaran Apartment, 43, 3rd Main Road Ghandinagar, Chennai-600020, Tamilnadu, India |
|
Date of Birth/Age : |
02.05.1956 |
|
Date of Appointment : |
03.12.2010 |
|
DIN No.: |
00136289 |
|
|
|
|
Name : |
Mr. Mukund bhaiya |
|
Designation : |
Director |
|
Address : |
12, Sunny Park, 2nd Floor, Ballygunge, Kolkata-700016, West Bengal, India |
|
Date of Birth/Age : |
03.09.1974 |
|
Date of Appointment : |
13.12.2008 |
|
DIN No.: |
00182872 |
|
|
|
|
Name : |
Mr. Ashok Das Gupta |
|
Designation : |
Director |
|
Address : |
1402, Brook Tower, Hiland Park, 1925 Chak Garia, Kolkata-700094, West Bengal, India |
|
Date of Birth/Age : |
15.12.1947 |
|
Date of Appointment : |
08.08.2011 |
|
DIN No.: |
01058360 |
|
|
|
|
Name : |
Mr. Bijay Kumar Bagri |
|
Designation : |
Whole-time director |
|
Address : |
H. No. 592, Sector 8, Panchkula-134109, Haryana, India |
|
Date of Birth/Age : |
14.09.1970 |
|
Date of Appointment : |
03.12.2010 |
|
DIN No.: |
01408485 |
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Kumar Patni |
|
Designation : |
Secretary |
|
Address : |
64, Subarban Park Road, Howrah, Kolkata-711101, West
Bengal, India |
|
Date of Birth/Age : |
03.01.1983 |
|
Date of Appointment : |
15.07.2009 |
|
PAN No.: |
AJAPP4804A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Gouri Shankar Baldewa |
|
1134 |
|
Gopal Das Bagri |
|
88944 |
|
Rama Bagri |
|
351393 |
|
Anil Kumar Bagri |
|
153675 |
|
Indra Kumar Bagri |
|
439275 |
|
Bulaki Das Bhaiya-Karta Bulaki Das Bhaiya- HUF |
|
1919366 |
|
Bijay Kumar Bagri |
|
375 |
|
Gopal Das Bagri-HUF |
|
429 |
|
Ganga Devi Bhaiya |
|
9 |
|
Bhaiya Investment and Trading Company, India |
|
100 |
|
H.C. Family Trust |
|
100 |
|
Bulaki Das Bhaiya |
|
100 |
|
Renu Bhatter |
|
100 |
|
Total |
|
2955000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.96 |
|
Other top fifty shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of an exclusive range of
Especially Engineered Innovative chemicals for processing and finishing of
leather. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
v State Bank of India, SCB, SCO 103 TO 106, Branch Code 09926, Sector 17 B, Chandigarh - 160017, India v Indusind Bank Limited v ICICI Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Note Term loan of Rs. 17.842 millions (Previous Year Rs. 23.973 millions)
from State Bank of India is secured by hypothecation of fixed assets of the
company as well as first charge on fixed assets and personal guarantee of
directors. Repayable within two years. Term loan of Rs. 3.873 millions (Previous Year Rs. 3.800 millions)
from ICICI Bank Limited is secured by equitable mortgage of immovable
property financed by them and charge on the same. Repayable within fourteen
years. Term loans of Rs. 2.421 millions (Previous Year Rs. 2.635 millions)
from various finance companies / Banks are secured against the vehicles
financed by them. Repayable within three years. *Working Capital Borrowings are secured by hypothecation of
inventories, book debts and other current assets as well as first charge on
fixed assets and personal guarantee of directors. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
L B JHA and Company Chartered Accountants |
|
Address : |
404 and 405, Yogeshwar Building, M 2, Connaught Place, New Delhi-
110001,
India |
|
Tel. No.: |
91-11-24500591 |
|
Fax No.: |
91-11-41510952 |
|
E-Mail : |
|
|
PAN No.: |
AABFL0464G |
|
|
|
|
Associates : |
v H.C. Family
Trust v Chemcrown
Exports Limited v Proventus Life
Sciences Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2955000 |
Equity Shares |
Rs.10/- each |
Rs. 29.550 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.550 |
29.550 |
29.550 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
211.934 |
198.030 |
182.244 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
241.484 |
227.580 |
211.794 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
141.165 |
110.192 |
75.821 |
|
|
2] Unsecured Loans |
18.280 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
159.445 |
110.192 |
75.821 |
|
|
DEFERRED TAX LIABILITIES |
3.640 |
2.725 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
404.569 |
340.497 |
287.615 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
87.298 |
86.376 |
55.142 |
|
|
Capital work-in-progress |
3.370 |
3.054 |
2.906 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.475 |
0.445 |
0.369 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.977
|
61.174 |
55.059 |
|
|
Sundry Debtors |
270.574
|
213.853 |
196.357 |
|
|
Cash & Bank Balances |
14.693
|
10.012 |
14.710 |
|
|
Other Current Assets |
0.000
|
0.000 |
7.087 |
|
|
Loans & Advances |
35.454
|
28.948 |
5.647 |
|
Total
Current Assets |
392.698
|
313.987 |
278.860 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
38.989
|
31.523 |
34.164 |
|
|
Other Current Liabilities |
33.439
|
23.346 |
8.833 |
|
|
Provisions |
6.844
|
8.496 |
6.665 |
|
Total
Current Liabilities |
79.272
|
63.365 |
49.662 |
|
|
Net Current Assets |
313.426
|
250.622 |
229.198 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
404.569 |
340.497 |
287.615 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
413.627 |
401.105 |
354.329 |
|
|
|
Other Income |
0.200 |
0.124 |
1.539 |
|
|
|
TOTAL (A) |
413.827 |
401.229 |
355.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
218.822 |
|
|
|
|
|
Purchases of Stock-in-Trade |
18.302 |
11.804 |
303.802 |
|
|
|
Employee Benefits Expenses |
41.744 |
37.841 |
|
|
|
|
Other Expenses |
87.523 |
81.044 |
|
|
|
|
Extraordinary Items |
(2.029) |
0.000 |
|
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
(1.358) |
(5.548) |
|
|
|
|
TOTAL (B) |
363.004 |
352.123 |
303.802 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) |
50.823 |
49.106 |
52.066 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.905 |
9.704 |
10.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.918 |
39.402 |
41.446 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.822 |
9.217 |
12.471 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
17.096 |
30.185 |
28.975 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.556 |
9.679 |
5.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
12.540 |
20.506 |
23.945 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
170.730 |
160.392 |
146.632 |
|
|
|
|
|
|
|
|
|
Add |
Provision for
earlier year for Dividend and Corporate Dividend Tax Written back |
2.584 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.500 |
5.000 |
5.000 |
|
|
|
Proposed Dividend |
2.955 |
4.432 |
4.432 |
|
|
|
Dividend Tax |
0.479 |
0.736 |
0.753 |
|
|
BALANCE CARRIED
TO THE B/S |
178.920 |
170.730 |
160.392 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
115.417 |
102.820 |
85.168 |
|
|
TOTAL EARNINGS |
115.417 |
102.820 |
85.168 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.24 |
6.93 |
8.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.03
|
5.11 |
6.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
7.53 |
8.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.56
|
7.54 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.13 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.66
|
0.48 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.95
|
4.96 |
5.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 REVIEW:
The business environment remained extremely challenging and the recessionary economic conditions leading to slowdown in demand and inflation pushed scale up of input costs left its adverse imprint on overall performance for 2012. Directors are pleased to inform that in spite of difficult times, the Company, based on its intrinsic strength, has broadly maintained its performance. Net sales is Rs. 411.641 millions during the year 2011-12 vis a vis Rs 399.200 millions in the year 2010-11 recording a growth of 3.12% year on year. The standalone sales achieved by the Company in the Leather Chemical division is Rs. 353910 Thousands as compared to Rs. 360.165 millions last year. In the year 2011-12 the company achieved FBT of Rs 17.096 millions as compared to Rs. 30.185 millions last year.
These adverse results were because of the setback received by the Company as a result of actions of the former Managing Director of the Company and his son who was the Chief Representative of the Company in China. The Company is taking steps to recover the losses suffered by it as a result of their actions.
INDUSTRY STRUCTURE
AND DEVELOPMENT AND FUTURE PROSPECTS
The Company is into the leather chemical manufacturing activity which are often called specialty chemicals. Specialty chemicals segment is the third largest segment of Chemical Industry accounting for 22% of overall industry. Specialty chemicals are defined as a "group of relatively high value, low volume chemicals known for their end use applications and/ or performance enhancing properties. The specialty chemicals segment (including the knowledge chemicals) currently estimated at USD 27 Bn, construction about one-third of the Indian Chemicals Industry.
The company is focusing more on water based aliphatic polyurethane coatings keeping in mind the enormous opportunities in this field. Polyurethane has come a long way since their creation in the beginning of the World War II. The technology of the future is polyurethanes with low volatile organic compounds. Higher VOC solvent based polyurethanes are out of compliance in many parts of the country. Water borne polyurethane coatings not only have low VOC content, but also contain low odor and are cleaned up easily with water. The popularity of these coatings results from polyurethane's inherent versatility, excellent roughness as well as chemical, solvent, abrasion and corrosion resistance. Many polyurethane topcoats are also noted for their weather and UV resistance. Polyurethanes can provide protection in application thicknesses of just a few mils or they can be designed to be thick and flexible. It is the engineered urethane linkages which make up the "backbone" of the polymer and determine the characteristics of the polyurethane. Considering the varied properties and uses of polyurethane coatings, they can be applied with a variety of application equipment, including air sppray, airless spray, brush or roller. Regardless of the application method, these coatings must be applied to properly prepared substrates in order to achieve optimal performance. There are equally good, opportunities for hybrid PU which is a mixture of PU and acrylic. Polyurethane finds is application in various industries i.e., Leather, Textile, Paints, Wood etc.
The growth of Leather Industry holds a prominent place in the performance of our Company. The Leather Industry holds a prominent place in the Indian economy. This sector is known for its consistency in high export earnings and it is among the top ten foreign exchange earners for the country. With an annual turnover of over USS 7.5 billion, the export of leather and leather products increased manifold over the past decades and touched USS 4.86 billion in 2011-12, recording a cumulative annual growth rate of about 8.22% (5 years).
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Loans and Advances from related parties |
18.280 |
0.000 |
|
Total |
18.280
|
0.000
|
CONTINGENT
LIABILITIES: (AS ON 31.03.2012)
Unexpired Letter of Credit issued by bank on behalf of the company Rs.
10.970 millions
Income Tax demand for various assessment years amounting to Rs. 1.613
millions has not been provided for as the company has filed appeal with the
appropriation authorities.
FIXED ASSETS
v
Tangible Assets
·
Land
·
Paintings
·
Building
·
Computer
·
Cycle
·
Office Equipments
·
Furniture and Fittings
·
Miscellaneous Fixed
Assets
·
Moulds
·
Plant and Machinery
·
Electric Installation
·
Vehicles
v
Intangible Assets
·
Trade Mark
WEB DETAILS
PROFILE
Subject is a multiflorous organization in India, and involved in the manufacturing and marketing of an exclusive range of Especially Engineered Innovative chemicals for processing and finishing of leather for the last 3 decades. The visionary ideas inspiring the product development and dexterously spread business network are candidly focused to help their customers shorten lead times and meet quality specifications.
Subject is an ISO 9001 :2008, ISO 14001:2004 and OHSAS 18001:2007 company and is pioneer in leather chemicals in India since inception and the brands offered are amongst the most trusted ones in the industry. All their products are REACH compliant making them acceptable in the European markets.
Subject is basically manufacturing and exporting a very wide range of chemicals for all types of leathers. Their state-of-the-art manufacturing facilities are located in Baddi, in North India. The processes are precisely controlled and monitored by well experienced and qualified team. The quality of products is assured, as it is well tested at their research centre and focused quality assurance system.
Subject is committed to set standards one can depend upon, both in quality and range. Cogent solutions are offered for aesthetic upgradation with physical and environmental parameters well assured. The uniquely crafted cationic ingredients are ingenious off shoots from the intent crave for beauty and balance in the leather finishing endeavour. The novel class of products comprising of Syntans, Lacquers, Compact and Resin Binders, Anionic and Cationic PUs, Dye Solutions, Proteins, Fillers, Waxes,Grounds Oils, Auxillaries etc link natural with exoticism in a decisively modern spirit.
At Subject, they believe in Creating Excellence and have a strong distribution network in India. The product mix is well designed to satisfy the needs and expectations of their esteemed customers all over. Their products are widely used by all the reputed tanneries in countries like China, Indonesia, Thailand, Vietnam, Bangladesh, Pakistan, UK, Nigeria, and Egypt. They have a very strong presence in China with a liaison office too. They are the pioneers of Dye Solutions, i.e Anionic and Cationic, which are available in Normal and High Concentration, wide range of Lacquers and Acrylic Binders, Proteins, Waxes, Grounds, Fillers and Feel modifiers and few very special Syntans.
Stepping up in the role of a responsible harbinger of innate ideas, Subject. has recently set up a state-of-the-art manufacturing plant for Puthanes. The current range comprises of 15 different Puthanes to be used from the base coat through to intermediate to topcoats.
They have competent and dedicated Technical team to provide, "Complete Solutions to the Problems", technical support system to their customers in India and abroad. If success is the prize for speed of reaction unrivalled precision and outstanding consistency, they , at Subject, believe in creating excellence in order to create your success.
They believe in life the only thing that is constant is change. Innovation is what will separate them from the masses and stretch their boundaries of imagination.
CMT REPORT (Corruption, Money Laundering and 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.54.34 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE and 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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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 and 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.