MIRA INFORM REPORT
|
Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SI GROUP - INDIA LIMITED (w.e.f. 13.09.2006) |
|
|
|
|
Formerly Known
As : |
SCHENECTADY HERDILLIA LIMITED (w.e.f. 22.03.2002) HERDILLIA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.2/1, TTC Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
01.07.1963 |
|
|
|
|
Com. Reg. No.: |
11-012674 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.423.345
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1963PLC012674 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS04774A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH7323L |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacture of Organic Chemicals. |
|
|
|
|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 13227000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘SI Group Inc., USA’. It is a well established and reputed company having a fine track
record. There appears some dip in the profitability. However, the company has
recorded a better increase in its sales turnover during 2012. Financial
position of the company appears to be sound. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
September, 2011 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September, 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 DECLINED
Management non-cooperative
(Contact No.: 91-22-66732000)
LOCATIONS
|
Registered Office/ Navi Mumbai Unit/ Import and Export Department : |
Plot No.2/1, TTC Industrial Area, |
|
Tel. No.: |
91-22-66732000/ 01/ 27683328/ 27681153/ 27681154/ 27611508 (Export) |
|
Fax No.: |
91-22-27671848/ 27685653/ 2589 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1003-1006, 10th Floor, |
|
Tel. No.: |
91-22-30782000/ 30782039 |
|
Fax No.: |
91-22-30782038 |
|
E-Mail : |
|
|
|
|
|
Rasal Unit : |
Village Rasal, P.O. Pali Taluka – Sudhagad, District Raigad – 410 205,
|
|
Tel. No.: |
91-2142-242669/ 242670 |
|
Fax No.: |
91-2142-242668 |
|
E-Mail : |
|
|
|
|
|
Lote Unit : |
Plot No.D-1/3, M.I.D.C. Lote Parshuram, Taluka – Khed, District
Ratnagiri – 415 722, |
|
Tel. No.: |
91-2356-272246/ 272129 |
|
Fax No.: |
91-2356-272006 |
|
E-Mail : |
|
|
|
|
|
Ranjangaon Unit : |
E-89, MIDC, |
|
Tel. No.: |
91-2138-670407 |
DIRECTORS
As on 21.09.2012
|
Name : |
Mr. Daniel Paul Charles Tilley |
|
Designation : |
Director |
|
Address : |
38, Timberwick Drive, Clifton Park, New York New York |
|
Date of Birth/Age : |
06.04.1965 |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00167124 |
|
|
|
|
Name : |
Mr. Richard Paul Barlow |
|
Designation : |
Director |
|
Address : |
11, Devoe Drive, Clifton Park, New York 12065 |
|
Date of Birth/Age : |
08.10.1962 |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
00075741 |
|
|
|
|
Name : |
Mr. Emmanuel Carl Mauriece Joseph Hess |
|
Designation : |
Director |
|
Address : |
175, Boulevard Clemence 59700, Marcqen Baroeu, France 59700 |
|
Date of Birth/Age : |
28.07.1956 |
|
Qualification : |
Chemical Engineering (EMSCS), MBA (OSU) |
|
Date of Appointment : |
12.02.2008 |
|
DIN No.: |
02019494 |
|
|
|
|
Name : |
Mr. Balasubramanyam Rajagopal |
|
Designation : |
Director |
|
Address : |
1801, Raheja Princess, S.K. Bole Marg, Dadar (West), Mumbai – 400 028,
Maharashtra, India |
|
Date of Birth/Age : |
21.09.1955 |
|
Qualification : |
B. Tech (Chemical Engineering), MBA (IIM, Calcutta) |
|
Experience : |
28 Years |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
02857618 |
|
PAN No.: |
ACGPR5229N |
|
|
|
|
Name : |
Mr. Girindrachandra Chandrakant Vasudeo |
|
Designation : |
Director |
|
Address : |
358-A, Gangaram Khatri Wadi, Second Floor, J.S. Road, Mumbai – 400
002, Maharashtra, India |
|
Date of Birth/Age : |
23.12.1954 |
|
Qualification : |
B. Com. (Hons.), LL.B., FCA, FCS, AICWA |
|
Experience : |
32 Years |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00021772 |
|
PAN No.: |
AADPV5438N |
KEY EXECUTIVES
|
Name : |
Bhalchandra Madhav Raul |
|
Designation : |
Secretary |
|
Address : |
A3, Kanika CHS Limited, Dr. Radhakrishnan Cross Road, Andheri (East), Mumbai
– 400 069, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1955 |
|
Date of Appointment : |
21.08.2006 |
|
PAN No.: |
AAYPR3589F |
|
|
|
|
Name : |
Dr. Pramod S. Kumbhar |
|
Designation : |
Director – R&D |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
M. Chem. Ph.D. (Tech.) |
|
Experience : |
18 Years |
|
Date of Appointment : |
01.04.2004 |
|
|
|
|
Employed for
part of the financial year : |
|
|
Name : |
Mr. Sanjeev S. Gokhale |
|
Designation : |
General Manager - Exports |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
BE (Chem.), MBA (Marketing) |
|
Experience : |
29 Years |
|
Date of Appointment : |
06.10.1994 |
|
|
|
|
Name : |
Mr. Sandeep Puri |
|
Designation : |
Business Director and Regional Sales Director |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
CIPET |
|
Experience : |
27 Years |
|
Date of Appointment : |
08.11.2010 |
|
|
|
|
Name : |
Mr. Pankaj Chadha |
|
Designation : |
Operations Director - Resins |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B. Tech. - IIT |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.08.2011 |
|
|
|
|
Name : |
Mr. Amit Tandon |
|
Designation : |
Regional Sales Director |
|
Date of Birth/Age : |
40 Years |
|
Qualification : |
BE (Chem.), PGCBM |
|
Experience : |
17 Years |
|
Date of Appointment : |
06.02.2012 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2012
Note:
Shareholding details file attached.
As on 21.09.2012
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Nationalised or other banks |
|
0.03 |
|
Foreign holdings
[Foreign institutional investors, Foreign Companies, Foreign Financial
Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
97.34 |
|
Bodies corporate |
|
0.14 |
|
Other top fifty shareholders |
|
0.49 |
|
Others |
|
2.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of Organic Chemicals. |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity (1) (MT) |
Actual
Production MT |
|
Basic Chemicals |
78,615 |
66,033 |
|
Industrial Solvents |
33,360 |
35,795 |
|
Performance Resins |
4,000 |
5,531 |
|
Others |
66,720 |
59,465 |
(1) Installed capacity as certified by the management, on which the auditors
have placed reliance, this being a technical matter.
(2) Licensed capacity not disclosed since licensing requirements are not
applicable.
(3) Production includes quantity used for captive consumption.
(4) Excludes 316 MT produced by third party manufacturer.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
v
State
Bank of India, Commercial Branch, Horniman Circle, Mumbai – 400 023,
Maharashtra, India v
Bank
of Baroda v
ABN
Amro Bank N. V. v
Credit
Lyonnais Bank v
HDFC
Bank Limited v
The
Bank of Nova Scotia, Mittal Tower, 'B' Wing, Nariman Point, Mumbai –
400 021, Maharashtra, India v
Bank
of America v
The
Hongkong and Shanghai Banking Corporation Limited v
JP
Morgan Chase Bank, N.A. v
State Bank of India, Commercial Branch
(Advances), N.G.N. Vaidya Marg, Mumbai – 400 023, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Caterpillar Financial
Services Corporation, 3322 Westend Avenue, Nashville, Tennessee - 037203,
United States of America |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, Apollo
Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
|
|
|
|
Holding Company
: |
SI Group Inc., United States (Holding - 97.34%) |
|
|
|
|
Fellow Subsidiary
: |
v
SI Group-UK Limited, United Kingdom v
SI Group-Canada Limited, Canada v
Yuka-Schenectady Company Limited, Japan v
SI Group-Crios Resinas S.A., Brazil v
SI Group-Ribecourt SAS, France v
SI Group-Bethune SAS, France v
SI Group-Switzerland GmbH, Switzerland v
SI Group-South Africa (Proprietary) Limited,
South Africa v
SI Group-Australia Pty. Limited, Australia v
SI Group (Shanghai) Company Limited, China v
SI Group (Nanjing) Company Limited, China v
SI Group (Shanghai) Trading Limited, China v
Schenectady Korea Limited, Korea v
SI Group-Singapore Pte. Limited, Singapore v
Schenectady International Group Inc., United
States v
Schenectady Luxembourg Sarl, Luxembourg v
Schenectady Asia Pacific Holding Inc., United
States v
Schenectady Aircraft LLC, United States |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
103500000 |
Equity Shares |
Rs.10/- each |
Rs.1035.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42334513 |
Equity Shares |
Rs.10/- each
|
Rs.423.345
millions |
|
|
|
|
|
Notes:
(a) The
reconciliation of the number of shares outstanding and the amount of share
capital as at 31 March 2012
|
Particulars |
As at 31st
March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares at the beginning |
42306250 |
423.063 |
|
Add: Issue of shares to shareholders of SIHPL consequent to merger |
35231620 |
352.316 |
|
Less: Cancellation of Company's shares held by SIHPL consequent to
merger |
35203357 |
352.034 |
|
Number of shares at the end |
42334513 |
423.345 |
(b) Details of
shareholder holding more than 5% shares:
|
Name of
Shareholder |
As at 31st
March, 2012 |
|
|
% holding in
that class of Shares |
No. of shares
held |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
SI Group, Inc. (Holding Company) |
97.34% |
41208304 |
|
Schenectady
(India) Holdings Private Limited (Holding Company in Previous Year) |
- |
- |
|
|
97.34% |
41208304 |
(c) Terms/rights attached to equity shares
The Company has
only one class of equity shares having a par value of Rs.10 per share. Each
holder of equity shares is entitled to vote per share. The dividend as and
when, the Board of directors recommend will be subject to the approval at the
Annual General Meeting.
(d) 35231620
(Equity Shares of Rs.10 each were issued for consideration other than cash as
fully paid up to SI Group Inc, (except 1 (one) Equity share of Rs.10 each held
by SI Group Canada.
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 |
423.345 |
423.063 |
423.063 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2883.357 |
2219.097 |
1216.380 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3306.702 |
2642.160 |
1639.443 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
199.676 |
|
|
2] Unsecured Loans |
40.683 |
33.138 |
774.444 |
|
|
TOTAL BORROWING |
40.683 |
33.138 |
974.120 |
|
|
DEFERRED TAX LIABILITIES |
100.941 |
136.416 |
172.438 |
|
|
|
|
|
|
|
|
TOTAL |
3448.326 |
2811.714 |
2786.001 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1808.273 |
1248.898 |
1360.422 |
|
|
Capital work-in-progress (including capital advances) |
25.876 |
26.277 |
12.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.004 |
0.004 |
0.004 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1349.431
|
907.950
|
901.942
|
|
|
Sundry Debtors |
1650.778
|
1460.689
|
1289.764
|
|
|
Cash & Bank Balances |
184.387
|
187.599
|
13.877
|
|
|
Other Current Assets |
55.782
|
49.960
|
0.000
|
|
|
Loans & Advances |
247.003
|
201.279
|
273.707
|
|
Total
Current Assets |
3487.381
|
2807.477
|
2479.290
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1113.105 |
781.678 |
755.055 |
|
|
Other Current Liabilities |
253.255
|
255.983
|
99.761
|
|
|
Provisions |
506.848
|
233.281
|
211.599
|
|
Total
Current Liabilities |
1873.208
|
1270.942
|
1066.415
|
|
|
Net Current Assets |
1614.173
|
1536.535
|
1412.875
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3448.326 |
2811.714 |
2786.001 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10281.020 |
9135.040 |
6892.131 |
|
|
|
Other Income |
60.048 |
30.949 |
57.730 |
|
|
|
TOTAL (A) |
10341.068 |
9165.989 |
6949.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6955.220 |
5718.500 |
|
|
|
|
Purchases of stock-in-trade |
2.045 |
0.293 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(197.602) |
13.891 |
|
|
|
|
Employee benefit expense |
559.987 |
513.459 |
|
|
|
|
Other expenses |
1637.232 |
1251.116 |
|
|
|
|
TOTAL (B) |
8956.882 |
7497.259 |
6144.995 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1384.186 |
1668.730 |
804.866 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
7.620 |
24.307 |
87.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1376.566 |
1644.423 |
717.121 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
161.090 |
125.300 |
144.498 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1215.476 |
1519.123 |
572.623 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
407.085 |
515.588 |
160.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
808.391 |
1003.535 |
411.870 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1734.400 |
730.900 |
318.771 |
|
|
|
|
|
|
|
|
|
|
Profit and Loss Account on merger of Schenectady (India) Holdings
Private Limited |
54.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
80.800 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
127.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
20.600 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2369.000 |
1734.400 |
730.842 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
1833.134 |
1696.817 |
1440.398 |
|
|
|
Indenting Commission |
7.403 |
6.158 |
5.635 |
|
|
|
Research and development fees |
29.789 |
31.742 |
20.210 |
|
|
|
Others |
0.000 |
0.000 |
4.900 |
|
|
TOTAL EARNINGS |
1870.326 |
1734.717 |
1471.143 |
|
|
|
|
|
|
|
|
|
|
IMPORTS
(Including merchant imports) |
|
|
|
|
|
|
|
Raw Materials |
2642.327 |
2168.378 |
1655.772 |
|
|
|
Traded goods |
1.693 |
0.321 |
34.781 |
|
|
|
Stores, spares and process chemicals |
30.627 |
4.728 |
14.193 |
|
|
|
Capital Goods |
0.300 |
1.842 |
1.135 |
|
|
TOTAL IMPORTS |
2674.947 |
2175.269 |
1705.881 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
19.10 |
23.72 |
9.74 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.82 |
10.95
|
5.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.82 |
16.63
|
8.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.95 |
37.45
|
14.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.57
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.01
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86 |
2.21
|
2.32 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
- Due to Micro, Small and Medium Enterprises |
5.056 |
0.243 |
0.243 |
|
- Others |
1108.149 |
781.435 |
754.812 |
|
Total
|
1113.205 |
781.678 |
755.055 |
|
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 |
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)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
(A) 40.683 |
33.138 |
|
Total
|
40.683 |
33.138 |
Note: (A) As per the package scheme of incentive, the Company was
allowed to accumulate the sales tax collected from customers in respect of
goods produced at Lote Factory for the first ten years of commencement of the
Factory.
Note:
The Registered Office of the company has been changed from Air India
Building, 13th Floor, Nariman Point, Mumbai - 400 021, Maharashtra
to the present w.e.f. 18.02.2005.
OPERATIONS REVIEW
The sales turnover
at Rs.11110.000 millions was higher by 13% compared to that of the previous
year. The increase in turnover was due to increase in the volumes sold. The
financial performance during the year was impacted by the lower margin on sale.
The existing margins were achieved through a concerted effort to create value
by extracting more from the existing plants, optimizing the sales realizations,
judicious sourcing of raw materials and containment of costs.
The Company
de-bottlenecked its capacity of Isophorone in September 2011. The Cumene
catalyst was changed in October 2011. The Diphenyl Oxide plant was restarted in
December 2011. The 7 in 1 de-bottlenecked project at Lote was implemented in
April 2011, which has enhanced production capacity of Phenolic Resins.
AMALGAMATION OF SCHENECTADY (INDIA) HOLDINGS
PRIVATE LIMITED (SIHPL) WITH THE COMPANY
Consequent upon
the approval at the Court convened shareholders’ meeting held on August 8,
2011, the Hon’ble Bombay High Court approved the Scheme of Amalgamation for the
merger of SIHPL with the Company on November 25, 2011. The Appointed date for
the merger was April 1, 2011. The scheme has become effective from December 15,
2011.
In view of the
above, the financial results of the Company for the year ended March 31, 2012
are inclusive of the operations of erstwhile SIHPL from the Appointed date.
As per the Scheme
35203357 equity shares held by SIHPL in the share capital of the Company were
cancelled on the scheme becoming effective. Further, as per the Scheme, the
company issued and allotted 35231620 equity shares of Rs.10/- each as fully
paid up, to the shareholders of the erstwhile SIHPL on December 21, 2011.
In accordance with the Scheme, post merger the Authorised Share Capital
of the Company increased from Rs.600.000 millions to Rs.1035.000 millions.
PRODUCTION
The combined
production at the Navi Mumbai, Rasal, Lote and Ranjangaon units was 174,642 MT
as against 166,824 MT in the previous year, an increase of 4.7%.
Production during
the year ended March 31, 2012 at the Navi Mumbai unit was 143,192 MT, being
marginally lower by 0.5% compared to 143,938 MT during the previous year.
Production at the
Rasal unit was 13,844 MT as against 17,355 MT during the previous year, a
decrease of 20%.
Production at Lote
unit was 6,536 MT as against 5,531 MT during the previous year, an increase of
18%.
Production at
newly acquired Ranjangaon unit was 11,070 MT for the period starting from
August 18, 2012 when the unit became part of the Company.
FINANCE
Acquisition of the
Thermosets Division of Xpro India Limited made during the year was fully funded
out of the internal accruals of the Company.
During the year,
the Company did not accept any fresh deposits or renew any existing deposits
from the public or shareholders. As of March 31, 2012, deposits aggregating
Rs.0.044 million had matured for payment but not paid/deposited with the
concerned authority under regulatory advice.
The following
products of the Company, viz. Phenol, Acetone, Diacetone Alcohol and
Performance Resins, come under the purview of Cost Accounting (Chemical
Industries), Rules, 1987. As per the recent Order issued by the Ministry of
Corporate Affairs (MCA), Cost Audit Branch on January 24, 2012, cost accounting
of Organic and Inorganic Chemicals falling under specified chapters of the
Central Excise Tariff Act, 1985 are required to be audited by a Cost Auditor.
As per the requirement of Central Government and pursuant to Section 233B of
the Companies Act, 1956, cost audit will now be carried out of cost records
maintained by the Company in respects of all its products falling under the
category of Organic Chemicals. Subject to the approval of the Central
Government, the Company has appointed Mr. Kishore Bhatia, Cost Accountant as
Cost Auditors to audit the cost accounts of the Company for the financial year
2012-13. The Cost Audit report for the financial year 2010-11, which was due to
be filed with the Ministry of Corporate Affairs on September 27, 2011, was
filed on September 23, 2011.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT
OF (AS ON 31.03.2012):
(a) Taxation
matters
(i) Demands
against the Company not acknowledged as debts Rs.149.814 millions.
(ii) Decisions in
favour of the Company not accepted by the Department Rs.25.524 millions.
(b) Central Excise
demand against the Company not acknowledged as debt Rs.19.037 millions.
(c) Service tax
demand against the Company not acknowledged as debt Rs.10.444 millions.
(d) Customs duty
amounting to Rs.7.385 millions in dispute as demand raised against the Company
not acknowledged as debt.
(e) Electricity
duty amounting to Rs.61.190 millions in dispute as demand raised against the
Company not acknowledged as debt.
(f) Water charges
amounting to Rs. Nil in dispute as demand raised against the Company not
acknowledged as debt.
(g) Claims against the Company not acknowledged as debts Rs.16.695
millions.
FIXED ASSETS:
Intangible Assets
v Goodwill
v Technical know how
v Computer software
Tangible Assets
v Leasehold land and development
v Freehold land and development
v Buildings
v Plant and Machinery
v Furniture, Fixtures and Equipment
v Vehicles
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.74 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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 |
|
61 |
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.