MIRA INFORM REPORT

 

 

Report Date :

03.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE PORTS AND TERMINALS LIMITED

 

 

Registered Office :

Admin Building, MTF Area, Village Sikka, Taluka and District Jamnagar - 361140, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

14.03.1997

 

 

Com. Reg. No.:

04-031906

 

 

Capital Investment / Paid-up Capital :

Rs. 3220.000 Millions

 

 

CIN No.:

[Company Identification No.]

U45102GJ1997PLC031906

 

 

PAN No.:

[Permanent Account No.]

AABCR3878B

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Providing Port and Marine Facilities, Transportation and Logistics, Construction and Engineering, SEZ Co-development and Pipeline Infrastructure Facilities.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (71)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 452768000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of Reliance Group and it is merged with nine group companies with itself. It is a well established and reputed company having a good track record.

 

There appear losses recorded by the company during 2012. It shows good financial support from its holding company. Networth of the company appears to be good.

 

However, trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

40 Billion Non-Convertible Debenture : AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

May 28, 2013

 

 

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 DECLINED

 

MANAGEMENT NON-COOPERATIVE [91-22-29770000]

 

 

LOCATIONS

 

Registered Office :

Admin Building, MTF Area, Village Sikka, Taluka and District Jamnagar - 361140, Gujarat, India

Tel. No.:

91-288-2313641

Fax No.:

Not Available

E-Mail :

geeta.fulwadaya@ril.com

rina.padalia@ril.com

Website :

http://www.ril.com

 

 

Corporate Office : 

3rd Floor, Maker Chambers, IV 222, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel No.:

91-22-22785500

Fax No.:

91-22-22785560

 

 

DIRECTORS

 

AS ON 30.03.2013

 

Name :

Mr. Raja Kolumum Ramachandran

Designation :

Director

Address :

1703/ 1704, Building 1, Raheja Classique, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

19.12.1956

Qualification :

B Sc, CA, ICWA

Date of Appointment :

09.06.2007

DIN No.:

00006673

 

 

Name :

Mr. Subhashchandra Anantram Malhotra

Designation :

Director

Address :

602, Tulsi Shyam CHS, Limited, Highway Junction Road, Wagle Estate, Thane (West), Thane - 400604, Maharashtra, India

Date of Birth/Age :

13.11.1940

Qualification :

Graduate in Mechanical Engineer

Date of Appointment :

23.03.1997

DIN No.:

00013967

 

 

Name :

Mr. Sandeep Junnarkar Hemendra

Designation :

Director

Address :

Flat No.1702, Wallace Apartments, Naushir Sharucha Marg, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

02.07.1951

Qualification :

B Sc, Post Graduate degree in Law

Date of Appointment :

23.03.1997

DIN No.:

00003534

 

 

Name :

Sundar Mathrubootheswaran

Designation :

Director

Address :

302, B, Shree Jagjeevan, CHS Limited, Plot No. 302, A, Sector 21, Nerul, Navi Mumbai - 400706, Maharashtra, India

Date of Birth/Age :

30.12.1955

Qualification :

B.Com, ACA

Date of Appointment :

19.01.2011

DIN No.:

00433686

 

 

Name :

Bhadri Prasad Yepuri

Designation :

Director

Address :

Sector No. 22, House No. 25/D, Reliance Greens Motikhavdi, Jamnagar – 361142, Gujarat, India

Date of Birth/Age :

02.01.1958

Date of Appointment :

15.03.2013

DIN No.:

06526111

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishvanath Rachappa Indi

Designation :

Manager

Address :

Reliance Greens House No. 26, Sector 3, Village Motikhavdi, P.O. Digvijaygram, Jamnagar - 361140, Gujarat, India 

Date of Birth/Age :

17.03.1959

Qualification :

MBA-Finance, MTech-Civi, BTech-Civil

Experience :

30 Years

Date of Appointment :

01.05.2007

PAN No.:

AADPI6022K

 

 

Name :

Mrs. Geeta Kalyandas Fulwadaya

Designation :

Secretary

Address :

E–51, Jharokha II, Kalptaru Vatika, Akurli Road, Opposite ESIS Hospital, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

17.11.1980

Date of Appointment :

20.03.2006

PAN No.:

AAFPF7961G

 

 

Name :

A. Poddar

Designation :

Senior Vice President

 

 

Name :

A. Ramanathan

Designation :

Senior Vice President

 

 

Name :

Shivakumar Chavadi

Designation :

Senior General Manager

 

 

Name :

D Murali

Designation :

President

 

 

Name :

C.V.S.K. Prasad

Designation :

Senior Executive Vice-President

 

 

Name :

V. L. Perumallu

Designation :

Senior Vice President

 

 

Name :

P. B. M. Rao

Designation :

Senior Vice President

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.03.2013

 

Names of Equity Shareholders [Physical Mode]

 

No. of Shares

 

Reliance Industries Holding Private Limited, India

 

639999999

Rajeev Mittal jointly with Reliance Industries Holding Private Limited, India

 

1

Sanjeev Dandekar jointly with Reliance Industries Holding Private Limited, India

 

1

Priyen Shah jointly with Reliance Industries Holding Private Limited, India

 

1

Reliance Property Management Services Private Limited, India jointly with Reliance Industries Holding Private Limited, India

 

1

Hitesh Vora jointly with Reliance Industries Holding Private Limited, India

 

1

Satish Parikh jointly with Reliance Industries Holding Private Limited, India

 

1

 

 

 

Total

 

 

640000005

 

 

Names of Equity Shareholder [Electronic Mode]

 

No. of Shares

 

Reliance Industries Holding Private Limited, India

 

2109999995

 

 

 

Total

 

 

2109999995

 

 

Names of Preference Shareholder

 

No. of Shares

 

Leisure Life Commercials Private Limited, India

 

47000000

 

 

 

Total

 

 

47000000

 

 

AS ON 30.03.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Port and Marine Facilities, Transportation and Logistics, Construction and Engineering, SEZ Co-development and Pipeline Infrastructure Facilities.

 

 

Products/ Services :

ITC Code No.

 

Product Descriptions

99675111

Port service

12.35

Infrastructure Facilities in SEZ

1554.40

Transportation and Logistics

95.03

Pipeline Infrastructure Facilities

670.28

Construction and Engineering

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :

·         Indian Bank, United India Building, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, India

 

·         IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

 

·         Axis Bank Limited, Axis House, 2E, Bombay Dyeing Mills Compound, PB Marg, Worli, Mumbai - 400025, Maharashtra, India

 

 

Facilities :

 

SECURED LOANS

30.06.2012

(Rs. In Millions)

30.06.2011

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Non-convertible debentures others

35000.000

10000.000

Rupee term loans from banks

11370.800

15652.100

Foreign currency term loans from banks

15210.700

15468.600

Term loans from others

1182.900

1677.300

 

 

 

Total

 

62764.400

42798.000

 

NOTE

 

LONG TERM BORROWING

 

(A) 9.55% Unsecured Redeemable Non Convertible Debentures- PPD 2 aggregating to Rs. 5000.000 Millions (Previous Year Rs. 5000.000 Millions) are redeemable at par in two tranches of Rs. 2000.000 Millions and Rs. 3000.000 Millions on June 2, 2013 and June 2, 2014 respectively. The Company and the Investors have Call and Put option respectively for early redemption at par at the end of 3 years from the Date of Allotment i.e. June 2, 2009.

 

9.50% Unsecured Redeemable Non Convertible Debentures- PPD 1 aggregating to Rs 4700.000 Millions (Previous Year Rs. 5000.000 Millions) are redeemable at par in two tranches of Rs. 1880.000 Millions and Rs. 2820.000 Millions on June 6, 2013 and June 6, 2014 respectively. The Company and the Investors have Call and Put option respectively for early redemption at par at the end of 3 years from the Date of Allotment i.e. June 6, 2009.

 

(B) 9.30% Secured Redeemable Non Convertible Debentures- PPD 3 aggregating to Rs. 10000.000 Millions (Previous Year Rs. 10000.000 Millions) are redeemable at par on February 27, 2015. These Non Convertible Debentures are secured by way of mortgage of specific immovable property of the Company.

 

10.40% Secured Redeemable Non Convertible Debentures- PPD 4 aggregating of Rs. 25000.000 Millions (Previous Year Nil) are redeemable at par on July 18, 2021. These Non Convertible Debentures are secured by way of first ranking charge on Current Assets and Loans and Advances of the Company, not hypothecated to existing lenders of the Company and also secured by a negative lien on the fixed assets of the Company existing as on June 30, 2011.

 

(A) Term Loans from Banks and Financial Institutions in Indian Currency to the extent of Rs. 14251.900 Millions (Previous Year Rs. 19668.500 Millions) are secured by a first ranking pari passu charge:

a) over the Company's rights, title and interest in the immovable properties inclusive of the leasehold interest in the leasehold lands both situated at Village Sikka, Taluka Jamnagar and used for rendering Port Infrastructure services under the Contract Documents pertaining to old port facilities

b) over the movable fixed assets and current assets used for rendering Port Infrastructure service under the Contract Documents pertaining to old port facilities

c) on the right, title and interest of the Company in the designated account, investments made out of balance proceeds lying in the designated account and an assignment of Company's right, title and interest in, to or in respect of the Contract Documents and insurance policies pertaining to old port facilities.

 

Term Loans from Banks in Indian Currency to the extent of Rs. 3077.500 Millions (Previous Year Rs. 3608.600 Millions) are secured by a first pari passu mortgage and charge over fixed assets, all current assets (excluding receivables), all receivables including any proceeds received or arising under any insurance claim, the Trust and Retention Account and all amounts credited therein relating to Pipeline Infrastructure division.

 

Term Loans from Banks in Indian Currency to the extent of Rs. Nil (Previous Year Rs. 2000.000 Millions) are secured by a first charge by way of hypothecation of entire moveable assets acquired out of the proceeds of the loan / facility (including movable machinery, machinery spares, tools and accessories acquired) pertaining to Engineering, Construction and SEZ Co-developer division.

 

(B) Term Loans from Banks in Foreign Currency are secured by a first ranking pari passu mortgage and charge:

a) over all moveable assets of the additional port and marine facilities (New Port Facilities) - "Project", including current assets (floating charge), but excluding the Dividend Account and assets and investments created there from;

b) by way of assignment of the Company’s right, title, interest, benefit, claims and demands under each of the Key Project Agreements, relating to "Project"

c) by way of assignment of the Company’s rights, titles and interest under or in respect of all permits, approvals, clearances, contractor guarantees, warranties and performance bonds relating to the Project

d) over the Company’s right, title and interest in the immovable property situated at Village Nanikhavdi, Taluka Jamnagar, Gujarat, pertaining to the Project, inclusive of the leasehold interest under the Land Lease Agreement.

 

 

 

Banking Relations :

--

 

 

Financial Institution :

Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India

 

 

Auditors :

 

Name :

Chaturvedi and Shah

Chartered Accountants

Address :

714-715, Tulsiani Chambers,212, Nariman Point, Mumbai – 400021, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAFC0662N

 

 

Holding company :

·         Reliance Industries Holding Private Limited

CIN No.: U65923MH2007PTC168016

·         Priyash Commercials Private Limited

CIN No.: U51100GJ2005PTC046468

 

 

Fellow Subsidiary / Subsidiary Company:

·         Reliance Engineering (Middle East) DMCC

·         India Utilities and Power Limited

CIN No.: U40100GJ2010PLC059460

·         Relcom Venture Capital Private Limited

CIN No.: U74999MH2000PTC126923

·         Reliance Utilities Private Limited

CIN No.: U99999GJ2000PTC050444

·         Relogistics Infrastructure Limited

CIN No.: U74140MH2000PLC128405

·         Reliance Gas Transportation Infrastructure Limited

CIN No.: U60300GJ1999PLC040064

·         Kankhal Investments and Trading Company Private Limited

CIN No.: U65923MH1979PTC021244

·         Reliance Enterprises Holding Private Limited

CIN No.: U67120MH2007PTC168012

·         Deccan Finvest Private Limited

CIN No.: U65910MH2000PTC211633

·         Reliance Utilities and Power Private Limited

CIN No.: U40100GJ1991PTC051130

·         Alliance Infrastructure Enterprises

·         Reliance Consolidated Holdings Private Limited

CIN No.: U65999MH2007PTC168431

·         Reliance Investment and Trading Private Limited

CIN No.: U67120MH2007PTC168436

·         Antilia Commercial Private Limited

CIN No.: U51900MH2000PTC125501

 

 

Associates :

·         Reliance Industries Limited

CIN No.: L17110MH1973PLC019786

·         Reliance Jamnagar Infrastructure Limited

CIN No.: U45300GJ1999PLC036347

·         The Indian Film Combine Private Limited

CIN No.: U92100MH1942PTC003702

·         Reliance Singapore Holdings Pte. Limited

 

 

Others :

·         Rishikesh Enterprises LLP

·         Pitambar Enterprises LLP

·         Pavana Enterprises LLP

·         Ganga Enterprises

 

 

CAPITAL STRUCTURE

 

AS ON 30.06.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50,000,000,000

Equity Shares

Re. 1/- each

Rs. 50000.000 Millions

2,500,000,000

10% Non-Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 25000.000 Millions

 

Total

 

Rs. 75000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,750,000,000

Equity Shares

Re. 1/- each

Rs. 2750.000 Millions

47,000,000

10% Non-Cumulative Redeemable Preference Shares

Rs. 10/- each

Rs. 470.000 Millions

 

Total

 

Rs. 3220.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

30.06.2012

30.06.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

3220.000

3040.000

(b) Reserves & Surplus

 

109972.000

164459.900

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

113192.000

167499.900

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

62764.400

52798.000

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

10684.100

77004.000

(d) long-term provisions

 

2755.200

0.000

Total Non-current Liabilities (3)

 

76203.700

129802.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

0.000

1887.300

(b) Trade payables

 

1865.200

1887.000

(c) Other current liabilities

 

34818.500

55079.300

(d) Short-term provisions

 

2804.100

58.400

Total Current Liabilities (4)

 

39487.800

58912.000

 

 

 

 

TOTAL

 

228883.500

356213.900

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

28924.600

15531.400

(ii) Intangible Assets

 

32030.100

18093.400

(iii) Capital work-in-progress

 

905.400

739.600

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

43227.700

221288.100

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

46430.100

15056.800

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

151517.900

270709.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

4980.200

18209.500

(b) Inventories

 

1881.500

2032.300

(c) Trade receivables

 

5065.300

3830.800

(d) Cash and cash equivalents

 

126.500

6881.200

(e) Short-term loans and advances

 

65120.500

53924.500

(f) Other current assets

 

191.600

626.300

Total Current Assets

 

77365.600

85504.600

 

 

 

 

TOTAL

 

228883.500

356213.900

 

 

SOURCES OF FUNDS

 

 

 

30.06.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

3040.000

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

157578.500

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

160618.500

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

122361.700

2] Unsecured Loans

 

 

22009.100

TOTAL BORROWING

 

 

144370.800

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

304989.300

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

39377.500

Capital work-in-progress

 

 

1634.100

 

 

 

 

INVESTMENT

 

 

267425.900

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

2930.900

 

Sundry Debtors
 

 

3777.600

 

Cash & Bank Balances
 

 

3918.100

 

Other Current Assets
 

 

6810.500

 

Loans & Advances
 

 

26475.600

Total Current Assets
 

 

43912.700

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

3533.300

 

Other Current Liabilities
 

 

42190.500

 

Provisions
 

 

1637.100

Total Current Liabilities
 

 

47360.900

Net Current Assets
 

 

(3448.200)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

304989.300

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

30.06.2012

30.06.2011

30.06.2010

 

 

SALES

 

 

 

 

 

Income

48451.200

48271.200

51179.300

 

 

Other Income

960.200

652.500

1817.500

 

 

TOTAL                                    

49411.400

48923.700

52996.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Purchases of stock-in-trade

48.600

33.200

 

 

 

Changes in inventories of finished goods, work-in-progress and

stock-in-trade

14.300

22.100

 

 

 

Employee benefit expense

2447.900

2268.700

 

 

 

Other expenses

25641.700

21759.400

 

 

 

TOTAL                                    

28152.500

24083.400

25265.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

21258.900

24840.300

27731.800

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

7580.500

5120.800

5051.800

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION              

13678.400

19719.500

22680.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

14872.400

8371.000

10464.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX 

(1194.000)

11348.500

12215.700

 

 

 

 

 

Less

TAX                                                                 

123229.900

1397.000

1627.700

 

 

 

 

 

 

ADJUSTMENTS RELATED MERGER ACQUISITIONS                                                

--

--

4.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(124423.900)

9951.500

10584.000

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

8974.800

93.800

(9802.300)

 

 

 

 

 

Less

SHORT PROVISION FOR TAX FOR EARLIER YEARS

--

0.500

4.900

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transferred to Debenture Redemption Reserve

0.100

1070.000

683.000

 

BALANCE CARRIED TO THE B/S

(115449.200)

8974.800

93.800

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

14030.700

12381.900

12083.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

430.200

557.500

437.000

 

 

Components and spare parts

507.500

777.400

1590.000

 

TOTAL IMPORTS

937.700

1334.900

2027.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(50.08)

5.79

6.15

 

 

KEY RATIOS

 

PARTICULARS

 

 

30.06.2012

30.06.2011

30.06.2010

PAT / Total Income

(%)
(251.81)

20.34

19.97

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(2.46)

23.51

23.87

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(0.65)

8.46

14.67

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
(0.01)

0.07

0.08

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.55

0.33

0.90

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.96

1.45

0.93

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

CURRENT MATURITIES OF LONG TERM DEBT

 

Particulars

30.06.2012

(Rs. In Millions)

30.06.2011

(Rs. In Millions)

30.06.2010

(Rs. In Millions)

 

 

 

 

Current maturities of long-term debt

18674.600

11454.300

NA

 

 

 

 

 

 

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

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10447220

03/09/2013

40,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

B83578674

2

10314624

15/10/2011

25,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

B23953987

3

10255948

29/12/2010

10,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

B01964667

4

10074361

19/04/2012 *

23,000,000,000.00

AXIS BANK LIMITED

AXIS HOUSE, 2E, BOMBAY DYEING MILLS COMPOUND, PB MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA

B39413943

5

10047253

26/10/2007 *

42,500,000,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA

A26142075

6

10004050

28/03/2006

6,000,000,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA

A00354126

7

90211642

22/05/1987

5,300,000.00

THE INDUSTRIAL RECONSTRUCTION BANK OF INDIA

NETAJI SUBHAS ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

UNSECURED LOANS

30.06.2012

(Rs. In Millions)

30.06.2011

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Non-convertible debentures others

0.000

10000.000

SHORT TERM BORROWINGS

 

 

Intercorporate borrowings

0.000

1365.000

Loans and advances from related parties

0.000

522.300

 

 

 

Total

 

0.000

11887.300

 

 

Note:

The registered office address of the company has been shifted from Village Magpar / Padana, Taluka Lalpur, District Jamnagar, Gujarat, India to present address w.e.f.16.07.2008.

 

 

SCHEMES OF AMALGAMATION AND / OR ARRANGEMENT (THE "SCHEMES"):

 

During the year, the Company had filed following Schemes of Amalgamation and / or Arrangement:-

 

a) Scheme of Arrangement between the Company and Reliance Industries Holding Private Limited (RIHPL) under Sections 391 to 394 of Companies Act, 1956 for demerger of the Investment Division of the Company to RIHPL. The Scheme of Arrangement has been sanctioned by the Hon'ble High Court of Gujarat at Ahmedabad vide its order dated November 30, 2012 and the Hon'ble High Court of Judicature at Bombay vide its order dated December 21, 2012. The Scheme of Arrangement has become effective from December 27, 2012 with Appointed Date being February 1, 2012

 

In accordance with the said Scheme of Arrangement and as per approval of the Hon'ble High Courts, the assets, liabilities, rights and obligations relating to the Investment Division of the Company have been transferred to and vested with RIHPL with effect from February 1, 2012.

 

b) Scheme of Amalgamation and Arrangement among the Company, Priyash Commercials Private Limited (PCPL), RIHPL and Reliance Utilities Private Limited under Sections 391 to 394 read with Sections 100 to 103 of Companies Act, 1956. The Scheme Amalgamation and Arrangement has been sanctioned by the Hon'ble High Court of Gujarat at Ahmedabad vide its order dated November 30, 2012 and by the Hon'ble High Court of Judicature at Bombay vide its order dated December 21, 2012. The Scheme of Amalgamation and Arrangement has become effective from December 28, 2012 with Appointed Date being March 1, 2012.

 

In terms of said Scheme:

 

(i) PCPL has been amalgamated with RIHPL;

(ii) The issued, subscribed and paid-up share capital of the Company has been reduced with effect from the Appointed Date by cancellation of;

A) 390000000 Equity Shares of Re. 1 each

B) 19479167 10% Non-Cumulative Compulsorily Convertible Preference Shares - Series A of Rs. 10/- each;

C) 28333333 10% Non-Cumulative Compulsorily Convertible Preference Shares - Series B of Rs. 10/- each

D) 37187500 10% Non-Cumulative Compulsorily Convertible Preference Shares - Series C of Rs. 10/- each

 

 

OPERATIONS:

 

During the year, the income from operations is Rs. 48451.200 Millions as against Rs. 48271.200 Millions in the previous year. The Profit before Interest, Depreciation and Tax for the year is Rs. 22031.400 Millions as against Rs. 25936.100 Millions in the previous year.

 

 

FIXED ASSETS

 

Tangible Assets

·         Land

·         Buildings

·         Other Building

·         Plant and Equipment

·         Other plant and Equipment

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

 

Intangible Assets

·         Computer Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 62.36

UK Pound

1

Rs. 101.20

Euro

1

Rs. 84.54

 

 

INFORMATION DETAILS

 

Information Gathered by :

PDT

 

 

Report Prepared by :

MRI / BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

71

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.