MIRA INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRASOL CHEMICALS LIMITED (w.e.f. 26.03.2007) |
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Formerly Known
As : |
PRACHI POLY PRODUCTS LIMITED |
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Registered
Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.01.1992 |
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Com. Reg. No.: |
11-065026 |
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Capital
Investment / Paid-up Capital : |
Rs.29.113 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1992PLC065026 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06256F |
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|
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PAN No.: [Permanent Account No.] |
AAACP2389N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Phosphorus Based Chemicals, Hydrogenated Products and Acetone Based Chemical |
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No. of Employees
: |
275 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is established company having a satisfactory track record. There
appears slight dip in profitability during the current year. However, general financial position of the company seems to be good.
Company performance capacity appears to be high. 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB+ (Long Term Loan) |
|
Rating Explanation |
This rating is considered to have moderate risk of default regarding
timely servicing of financial obligation. |
|
Date |
November 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. Pankil Nishit Dharia |
|
Designation : |
Director |
|
Contact No.: |
91-9820044351 |
|
Date : |
27.04.2013 |
LOCATIONS
|
Registered / Corporate Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC, Mumbai
– 400 710, |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430 |
|
Mobile No.: |
91-9820044351 (Mr. Pankil Nishit
Dharia) |
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Fax No.: |
91-22-27782430 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. ft. |
|
Location : |
Leased |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Jatin Narendra Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
43, Valentina, N G Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
10.02.1992 |
|
DIN No.: |
00190587 |
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|
|
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Managing Director |
|
Address : |
Block No.15, Utkarsha Building, Sicka Nagar, V P Road, Mumbai – 400004, Maharashtra, India. |
|
Date of Birth/Age : |
09.02.1973 |
|
Date of Appointment : |
09.08.2001 |
|
PAN No.: |
AGKPP1804B |
|
DIN No.: |
00190701 |
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|
|
|
Name : |
Mr.
Bhisham Kumar Gupta |
|
Designation : |
Managing
Director |
|
Address : |
Plot No. 49, Sector 28, Vashi, Navi Mumbai – 400703,
Maharashtra, India |
|
Date of Birth/Age : |
15.02.1938 |
|
Date of Appointment : |
01.01.1995 |
|
DIN No.: |
00339159 |
|
|
|
|
Name : |
Mr.
Nishith Rajnikant Shah |
|
Designation : |
Whole
– time Director |
|
Address : |
41, Valentina, N G Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
21.06.1959 |
|
Date of Appointment : |
24.01.1992 |
|
PAN No.: |
AAFPS2657C |
|
DIN No.: |
00381267 |
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|
|
|
Name : |
Mr. Sharad Dhirajlal Mehta |
|
Designation : |
Director |
|
Address : |
A-3, Vasundhara, Irani Road, Dahanu Road – 401602, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1934 |
|
Date of Appointment : |
10.02.1992 |
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DIN No.: |
00190959 |
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|
|
|
Name : |
Mr. Tushar Natverlal Dharia |
|
Designation : |
Director |
|
Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1956 |
|
Date of Appointment : |
24.01.1992 |
|
PAN No.: |
AABPD2315C |
|
DIN No.: |
00191118 |
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|
|
|
Name : |
Mr. Pankil Nishit Dharia |
|
Designation : |
Whole – time Director |
|
Address : |
8/16, Brij Bhuvan, 630, Pedder Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1984 |
|
Date of Appointment : |
15.11.2010 |
|
DIN No.: |
03309485 |
|
|
|
|
Name : |
Mr. Suketu Navinchandra Parikh |
|
Designation : |
Director |
|
Address : |
Navjivan Co-operative Housing Society, 7th Floor, Building11, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1963 |
|
Date of Appointment : |
19.02.1998 |
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DIN No.: |
00191390 |
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|
|
|
Name : |
Mr. Dhaval Nalin Parikh |
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Designation : |
Whole Time Director |
|
Address : |
9, Dasheshwar, 118/20, |
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Date of Birth/Age : |
11.11.1980 |
|
Date of Appointment : |
31.05.2007 |
|
DIN No.: |
01636199 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
1.86 |
|
Bodies corporate |
0.87 |
|
Directors or relatives of Directors |
83.36 |
|
Others |
13.91 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Phosphorus Based Chemicals,
Hydrogenated Products and Acetone Based Chemical |
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Products : |
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Exports : |
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Products : |
Phosphorus Based Chemicals, Hydrogenated Products and
Acetone Based Chemical |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
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PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Phosphorus Compounds |
Tones |
9600 |
3518 |
|
Acetone Compounds |
Tones |
8000 |
6545 |
|
Additive |
Tones |
1200 |
174 |
|
Hexylene Glycol |
Tones |
1200 |
116 |
|
Others (Including Sub activities) |
Tones |
-- |
4728 |
Notes:
1)
Installed capacity is as certified by the
management is based on estimated production of a product if the entire plant
and machinery working on continuous basis exclusively for the product in a
year.
2)
Production includes quantities produced for Captive
Consumption.
3)
Phosphorus Compounds production is including Job
work.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
275 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S. V. Shanbhag and Company Chartered Accountants |
|
Address : |
122/124/125, Vardhaman Market, Plot No.75, Sector-17, Opposite Andhra
Bank, Vashi, Navi Mumbai - 400703, Maharashtra, India |
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Pan No.: |
AKYPS5895F |
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Relatives of Key
Management Personal : |
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Concern in which
some individuals referred to in category B is proprietor / Partner : |
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Companies in which
some individuals referred to in category B is Director : |
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CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital : Rs.40.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.30.932 Millions
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3093217 |
Equity Shares |
Rs.10/- each |
Rs.29.113 Millions |
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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 |
29.113 |
27.293 |
27.293 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
336.197 |
283.420 |
235.991 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
365.310 |
310.713 |
263.284 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
419.319 |
229.587 |
86.803 |
|
|
2] Unsecured Loans |
25.919 |
90.930 |
69.228 |
|
|
TOTAL BORROWING |
445.238 |
320.517 |
156.031 |
|
|
DEFERRED TAX LIABILITIES |
36.558 |
31.880 |
31.630 |
|
|
|
|
|
|
|
|
TOTAL |
847.106 |
663.110 |
450.945 |
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
255.044 |
223.240 |
221.861 |
|
|
Capital work-in-progress |
351.716 |
229.575 |
51.583 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
265.391
|
224.675 |
131.299
|
|
|
Sundry Debtors |
305.690
|
253.078 |
188.845
|
|
|
Cash & Bank Balances |
1.075
|
2.117 |
4.747
|
|
|
Other Current Assets |
3.498
|
2.543 |
0.000
|
|
|
Loans & Advances |
46.583
|
62.333 |
37.143
|
|
Total
Current Assets |
622.237
|
544.746 |
362.034 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
217.312
|
238.152 |
158.755
|
|
|
Other Current Liabilities |
139.767
|
71.265 |
4.733
|
|
|
Provisions |
24.812
|
25.034 |
21.045
|
|
Total
Current Liabilities |
381.891
|
334.451 |
184.533 |
|
|
Net Current Assets |
240.346
|
210.295 |
177.501
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
847.106 |
663.110 |
450.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
revenue from operations |
1651.870 |
1298.098 |
1052.049 |
|
|
|
Other Income |
0.958 |
2.768 |
14.224 |
|
|
|
TOTAL (A) |
1652.828 |
1300.866 |
1066.273 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1209.764 |
|
|
|
|
|
Purchases of stock-in-trade |
78.041 |
55.468 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(12.726) |
(17.638) |
956.176 |
|
|
|
Employee benefit expense |
39.998 |
32.245 |
|
|
|
|
Other expenses |
226.884 |
170.528 |
|
|
|
|
TOTAL (B) |
1541.961 |
1183.516 |
956.176 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.867 |
117.350 |
110.097 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.421 |
19.404 |
15.795 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
79.446 |
97.946 |
94.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.983 |
13.753 |
12.538 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.463 |
84.193 |
81.764 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.605 |
27.189 |
27.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
40.858 |
57.004 |
53.864 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
204.541 |
163.113 |
123.023 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
8.247 |
8.188 |
7.096 |
|
|
|
Tax on Proposed Dividend |
1.338 |
1.328 |
1.178 |
|
|
|
Other Reserve |
0.330 |
0.060 |
0.000 |
|
|
|
Transfer to General Reserve |
5.000 |
6.000 |
5.500 |
|
|
BALANCE CARRIED TO
THE B/S |
230.484 |
204.541 |
163.113 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
253.592 |
251.932 |
142.026 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
2.942 |
|
|
TOTAL EARNINGS |
253.592 |
251.932 |
144.968 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
937.252 |
659.252 |
535.547 |
|
|
|
Capital Goods |
2.004 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
939.256 |
659.252 |
535.547 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.86 |
20.89 |
22.77 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
2000.000 |
Expected Sales (2013-14) : Rs. 2500.000 Millions
The above information has been parted by Mr. Pankil Nishit Dharia
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.47
|
4.38 |
5.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.90
|
6.49 |
7.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.35
|
10.96 |
14.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22
|
1.03 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.63 |
1.96 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Creditors due others |
217.312
|
238.152 |
158.755
|
|
Total |
217.312
|
238.152 |
158.755
|
|
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 three 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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS OPERATIONS:
During the year, the Company’s turnover (including Excise Duty and Taxes) for the year amounted to Rs. 1852.171 Millions, an increase of 28.31% over the previous year. During the year there was volatility and increase in the international prices of the Company’s key raw materials like phosphorous and acetone. The volatility of the foreign exchange and weakening of the rupee also increased the material cost. Infact they loss Rs.18.017 Millions in Forex this financial year, These costs could not be fully passed on to the customers resulting in reduced margins. Further, the high inflation resulted in increase in operating expenses, freight costs and other overheads. However, the Company tried to mitigate it’s the cost increases by implementing various cost monitoring and control measures and foreign exchange management techniques. The Company’s Profit before Finance Cost, Exchange gain / (loss), Depreciation and Tax was Rs. 128.884 Millions, an increase of 14 .91 % over the previous year .
OUTLOOK AND FUTURE
PLAN :
The Company is setting up a world class Phenol Acetone Plant with a production capacity of 15000 Tonnes per annum of Phenol and 9000 Tonnes per annum Acetone, where the Acetone produced shall be consumed in house. This plant is in an advanced stage of completion and simultaneously they are awaiting the Environmental Clearance from MoEF, Delhi. This plant is expected to contribute significantly to the growth in turnover and profitability in the coming years.
As part of backward integration of the multipurpose hydrogenation unit, the Company is installing an indigenous Hydrogen generation plant which is in an advanced stage of completion.
The Company believes in continuous upgradation of its products and processes to deliver the best quality product at competitive rates. The Company views its R and D capabilities as a vital component of its business strategy that will provide the Company with a sustainable, long term competitive advantage.
Over the coming years, the Company is looking to increase its manufacturing portfolio two folds by Foreign Collaborations / tie up with MNC’s and introduction of several new products. It intends to grow exponentially from this point and is actively evaluating various proposals for the same including setting up of manufacturing facilities at additional geographical locations.
CONTINGENT LIABILITIES
NOT PROVIDED FOR (As on 31.03.2012)
a) Bank Guarantee Outstanding as on 31st March, 2012 Rs.0.739 Million (Previous year : Rs. 2.029 Millions).
b) As per the notice received from NMMC the property Tax due upto 31.03.2010 is Rs.1.204 Millions. This is recognised as a contingent liability, as the Small Scale Engineers Association of MIDC TTC area (SSEATTC) has filed writ petition no. 2787 of 2001 in the High Court challenging the imposition of all taxes, including Cess and property tax by NMMC in the MIDC TTC Industrial Area, where MIDC is local and planning authority and as such NMMC has no legal right to do so. The supreme court of India has set aside the order dated 24.01.2006 of the Honourable High Court and has remanded back the matter to the High Court for hearing on merits.
c) The company has, in a previous year, received demand notice from customs department for short charge /less charge of anti dumping duty on acetone as per section 28 of Customs Act, 1962 for Rs.5.130 Millions. The company has paid a part Rs. 0.518 Million and provided for Rs.1.238 Millions, as worked out by the company’s consultant. The balance of Rs. 3.374 Millions is considered as contingent liability, based on the advice of consultant the balance demand of Rs. 3.374 Millions is erroneous and not chargeable to the company. The company has already submitted the detailed letter with working to the Assistant Commissioner of Customs for dropping the demand.
d) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 60.000 Millions (Previous year: Rs.1.250 Millions)
e) Following Liabilities in respect of Excise Act have not been provided as cases are pending before the concerned authorities for finalisation.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U99999MH1992PLC065026 |
|
Name of the
company |
PRASOL CHEMICALS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10006267 |
|
Type of charge |
|
|
Particular of
charge holder |
CITI Bank N.A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
modification for Goods Security Agreement. |
|
Date of
instrument Creating the charge |
12.10.2012 |
|
Amount secured by
the charge |
Rs.365.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction terms
and as may be decided by the bank and company mutually from time to time. Terms of Repayment Repayable on
demand, annually renewable. Margin Borrower shall at
all times during the continuance of the security maintain a sufficient amount
to provide the margin of security as may from time to time advised by the
bank. Extent and Operation of the charge First pari-passu
charge on the current assets (including stocks and book debts) and second
pari-passu charge on movable fixed assets (including plant and machinery,
office equipment, furniture and fixtures etc.) including assets of the
Phenol-Acetone project, Mesityl, Oxide project and hydrogenation project of
the borrower both present and future. Others The charge is
secured in favour of Citibank N.A for Rs. 365.000 Millions, Andhra Bank Rs.
10.100 Millions and The Royal Bank of Scotland N.V. for Rs. 400.000 Millions
for the repayment of all monies in respect of the credit facility, including
outstanding balance and also all interest, costs, charges and expenses. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Current assets (including stocks and book debts) and on movable fixed assets (including plant and machinery, office equipment, furniture and fixtures etc.) including assets of the Phenol-Acetone project, Mesityl, Oxide project and hydrogenation project of the borrower both present and future. |
|
Date of instrument
modifying the charge |
07.09.2012 |
|
Particulars of
the present modification |
By this
modification the limit is enhanced from Rs.265.000 Millions to Rs.365.000
Millions and the charge is secured by First pari-passu charge on the current
assets (including stocks and book debts) and second pari-passu charge on
movable fixed assets (including plant and machinery, office equipment,
furniture and fixtures etc.) including assets of the Phenol-Acetone project,
Mesityl, Oxide project and hydrogenation project of the borrower both present
and future. |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|||||||||
|
LONG TERM
BORROWINGS |
|
|
|||||||||
|
From shareholders |
15.240 |
25.915 |
|||||||||
|
From others |
24.031 |
32.131 |
|||||||||
|
Current Maturities of Long Term – Borrowings |
(45.842) |
(12.727) |
|||||||||
|
Current Maturities of Long Term Fixed Deposits |
(39.271) |
0.000 |
|||||||||
|
SHORT TERM BORROWINGS |
|
|
|||||||||
|
Short Term Loan From HDFC Bank Ltd. |
0.000 |
30.000 |
|||||||||
|
Loan Form Directors |
20.161 |
15.611 |
|||||||||
|
Fixed Deposits Form Shareholders and Others |
51.600 |
0.000 |
|||||||||
|
Total |
25.919 |
90.930 |
|||||||||
|
Rs.
In Millions
|
|||||||||||
FIXED ASSETS
·
Land
·
·
·
Lab Equipment
·
Air Conditioner
·
Telephone System
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computers
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
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.53.74 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.