1. Summary Information
|
Country |
India |
||
|
Company Name |
INDIAN ADDITIVES
LIMITED |
Principal Name 1 |
Mr. Natarajan Ravi |
|
Status |
Good |
Principal Name 2 |
Mr. Szopiak Kurt Walter |
|
Registration # |
18-017705 |
||
|
Street Address |
Express Highway,
Manali, Chennai – 600068, |
||
|
Established Date |
13.07.1989 |
SIC Code |
-- |
|
Telephone# |
91-44-25941236 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-25941184 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Oil |
|
|
# of employees |
122
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
236,680,200 /- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 50% Bodies corporate – 50% |
Banking |
Indian Overseas
Bank |
|
Public Limited Corp. |
NO |
Business Period |
24 years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint Venture |
India
|
Chevron Oronite Company LLC |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,077,677,000 |
Current Liabilities |
264,984,000 |
|
Inventories |
794,289,000 |
Long-term Liabilities |
10,151,000 |
|
Fixed Assets |
453,312,000 |
Other Liabilities |
433,364,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
708,499,000 |
|
Invest& other Assets |
59,479,000 |
Retained Earnings |
1,439,578,000 |
|
|
|
Net Worth |
1,676,258,000 |
|
Total Assets |
2,384,757,000 |
Total Liab. & Equity |
2,384,757,000 |
|
Total Assets (Previous Year) |
2,112,584,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
4,792,448,000 |
Net Profit |
366,786,000 |
|
Sales(Previous yr) |
4,131,795,000 |
Net Profit(Prev.yr) |
360,701,000 |
MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN ADDITIVES LIMITED |
|
|
|
|
Registered
Office : |
Express Highway, Manali, Chennai – 600068, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.07.1989 |
|
|
|
|
Com. Reg. No.: |
18-017705 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 236.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24294TN1989PLC017705 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI02603G/ CHEI0413A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1445G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Lubricating Oil Additives. |
|
|
|
|
No. of Employees
: |
122 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 6700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a 50:50 joint venture between Chevron Oronite Company LLC,
USA and Chennai Petroleum Corporation Limited, India It is a well established and reputed company having fine track record. Financial position of the company is good. Net worth of the company
appears to be strong and health. Profit margins of the company reported to be
fair. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings of
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
CARE |
|
Rating |
AA- (long Term Bank Facilities) |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
05.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
05.04.2013 |
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 BY
Management non co-operative
LOCATIONS
|
Registered Office/Factory : |
Express Highway, Manali, Chennai – 600068, |
|
Tel. No.: |
91-44-25941236 / 30970200 / 30970400 |
|
Fax No.: |
91-44-25941184 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
480, Anna Salai, Nandanam, Chennai – 600035, |
|
Tel. No.: |
91-44-25942133 |
|
Fax No.: |
91-44-25941184 |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Mr. Natarajan Ravi |
|
Designation : |
Managing Director |
|
Address : |
5/14, Thulukanam Street, West Mambalam, Chennai-600033, Tamilnadu,
India |
|
Date of Birth/Age : |
26.07.19.67 |
|
Date of Appointment : |
10.10.2011 |
|
DIN No.: |
05106493 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Managing
director |
10/10/2011 |
10/10/2011 |
Active |
NO |
|
2 |
U11102TN2006PTC061317
|
CHEVRON PETROLEUM
INDIA PRIVATE LIMITED |
Director |
28/09/2012 |
30/03/2012 |
Active |
NO |
|
Name : |
Mr. Szopiak Kurt Walter |
|
Designation : |
Director |
|
Address : |
17, Greenwood Crescent, Singapore 286 983 |
|
Date of Birth/Age : |
04.07.1960 |
|
Date of Appointment : |
25.05.2010 |
|
DIN No.: |
03552247 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
27/09/2010 |
25/05/2010 |
Active |
NO |
|
Name : |
Mr. Jeff Waite |
|
Designation : |
Additional Director |
|
Address : |
877, Alvarado Street, Sanfrancisco 94114, California |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
03591203 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
26/09/2011 |
01/07/2011 |
Active |
NO |
|
Name : |
Mr. Dorairaj Lilly |
|
Designation : |
Additional Director |
|
Address : |
2, 2nd Cross Road, 3rd Circular Road, Jawahar
Road, Chennai – 600 082, Tamilnadu, India |
|
Date of Birth/Age : |
04.07.1953 |
|
Qualification : |
CA, CWA, CS |
|
Date of Appointment : |
01.06.2011 |
|
DIN No.: |
03545561 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
26/09/2011 |
01/06/2011 |
- |
Active |
NO |
|
2 |
L40101TN1965GOI005389
|
CHENNAI
PETROLEUM CORPORATION LIMITED |
Whole-time
director |
01/06/2011 |
01/06/2011 |
31/07/2013 |
Active |
NO |
|
3 |
U11101TN1989PLC017403
|
NATIONAL
AROMATICS AND PETROCHEMICALS CORPORATION LIMITED |
Nominee director
|
29/09/2011 |
27/06/2011 |
- |
Active |
NO |
|
Name : |
Mr. Kanagasabapathy Murugesan |
|
Designation : |
Whole Time Director |
|
Address : |
Door No.11, Flat No.4, Taurus Apartments, 11th Avenue,
Ashok Nagar, Chennai-600083, Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1986 |
|
Date of Appointment : |
24.10.2011 |
|
DIN No.: |
05123359 |
KEY EXECUTIVES
|
Name : |
Ms. M Muthulakshmi |
|
Designation : |
Secretary |
|
Address : |
57A, Periyar Street, Thenpazhani Nagar, Kolathur, Chennai-600099,
Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1986 |
|
Date of Appointment : |
13.07.2012 |
|
PAN No.: |
BCFPM4331L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chennai Petroleum Corporation Limited, India |
1183395 |
|
Chevron Oronite Company LLC, USA |
1183397 |
|
A S Basu |
1 |
|
M. Sankaranarayanan |
1 |
|
Walter Szopiak, Singapore |
1 |
|
D. Lily |
1 |
|
S Ventaramana |
1 |
|
Jeff Waite, Singapore |
1 |
|
N Ravi |
1 |
|
K Murugesan |
2 |
|
TOTAL
|
2366801 |
AS ON 25.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Lubricating Oil Additives. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
122 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountant |
|
Address : |
No.10, M.G. Road,
Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Joint Venture : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2394470 |
Equity Shares |
Rs.100/-
each |
Rs. 239.447
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2366802 |
Equity Shares |
Rs.100/-
each |
Rs. 236.680
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
236.680 |
236.680 |
|
(b) Reserves & Surplus |
|
1439.578 |
1211.244 |
|
(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) |
|
1676.258 |
1447.924 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
36.644 |
19.544 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
91.750 |
57.647 |
|
Total Non-current
Liabilities (3) |
|
128.394 |
77.191 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
10.151 |
0.000 |
|
(b) Trade
payables |
|
235.313 |
309.871 |
|
(c) Other
current liabilities |
|
29.671 |
30.354 |
|
(d) Short-term
provisions |
|
304.970 |
247.244 |
|
Total Current
Liabilities (4) |
|
580.105 |
587.469 |
|
|
|
|
|
|
TOTAL |
|
2384.757 |
2112.584 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
445.615 |
348.006 |
|
(ii)
Intangible Assets |
|
7.697 |
10.951 |
|
(iii)
Capital work-in-progress |
|
59.479 |
15.609 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10.837 |
12.352 |
|
(e) Other
Non-current assets |
|
3.232 |
3.521 |
|
Total Non-Current
Assets |
|
526.860 |
390.439 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
794.289 |
847.869 |
|
(c) Trade
receivables |
|
538.108 |
471.767 |
|
(d) Cash
and cash equivalents |
|
225.333 |
101.174 |
|
(e)
Short-term loans and advances |
|
292.427 |
298.354 |
|
(f) Other
current assets |
|
7.740 |
2.981 |
|
Total
Current Assets |
|
1857.897 |
1722.145 |
|
|
|
|
|
|
TOTAL |
|
2384.757 |
2112.584 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
236.680 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
988.081 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1224.761 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
15.544 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1240.305 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
230.363 |
|
|
Capital work-in-progress |
|
|
56.267 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
507.653
|
|
|
Sundry Debtors |
|
|
338.331
|
|
|
Cash & Bank Balances |
|
|
362.451
|
|
|
Other Current Assets |
|
|
9.393
|
|
|
Loans & Advances |
|
|
208.391
|
|
Total
Current Assets |
|
|
1426.219 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
245.207
|
|
|
Other Current Liabilities |
|
|
13.139
|
|
|
Provisions |
|
|
214.198
|
|
Total
Current Liabilities |
|
|
472.544 |
|
|
Net Current Assets |
|
|
953.675
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1240.305 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4792.448 |
4131.795 |
3424.856 |
|
|
|
Other Income |
7.740 |
17.707 |
46.127 |
|
|
|
TOTAL (A) |
4800.188 |
4149.502 |
3470.983 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3461.578 |
3151.674 |
197.225 |
|
|
|
Purchase of Stock In Trade |
60.932 |
54.277 |
-- |
|
|
|
Employee benefits expenses |
143.280 |
126.029 |
109.416 |
|
|
|
Other Expenses |
521.518 |
402.982 |
-- |
|
|
|
Administrative selling other expenses |
-- |
-- |
93.316 |
|
|
|
Research development expenditure |
-- |
-- |
1.960 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(27.105) |
(126.157) |
2470.178 |
|
|
|
TOTAL (B) |
4160.203 |
3608.805 |
2872.095 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
639.985 |
540.697 |
598.888 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.430 |
9.491 |
5.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
630.555 |
531.206 |
593.749 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.808 |
30.297 |
21.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
583.747 |
500.909 |
571.928 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
216.961 |
140.208 |
197.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
366.786 |
360.701 |
374.084 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1050.564 |
863.471 |
664.790 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
36.679 |
36.070 |
37.408 |
|
|
|
Dividend |
118.340 |
118.340 |
118.340 |
|
|
|
Tax on Dividend |
20.112 |
19.198 |
19.655 |
|
|
BALANCE CARRIED
TO THE B/S |
1242.219 |
1050.564 |
863.471 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1699.060 |
1145.263 |
|
|
|
Stores & Spares |
|
1.014 |
3.813 |
|
|
|
Capital Goods |
|
1.828 |
5.207 |
|
|
TOTAL IMPORTS |
NA |
1701.902 |
1154.283 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
154.97 |
152.40 |
158.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.64
|
8.69 |
10.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.18
|
12.12 |
16.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.10
|
23.89 |
34.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.35 |
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
2.93 |
3.02
|
LOCAL AGENCY FURTHER INFORMATION
|
COURT CASE CHENNAI COURT CASE STATUS INFORMATION SYSTEM
|
|
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 |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
Term Loans from Banks |
10.151 |
0.000 |
|
|
|
|
|
TOTAL |
10.151 |
0.000 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
90281722 |
30/10/1992 |
230,000,000.00 |
INDIAN OVERSEAS BANK |
ESPLANADE BRANCH, MADRAS,
TAMILNADU - 600108, INDIA |
- |
|
2 |
90281720 |
26/02/2009 * |
205,000,000.00 |
INDIAN OVERSEAS BANK |
CHENNAI HOUSE, ESPLANADE,
CHENAI, TAMILNADU - 60 |
A58284738 |
|
|
|
|
|
|
|
|
|
* Date of charge modification |
||||||
GENERAL INFORMATION
Subject is engaged
in the manufacture and sale of lubricating oil additives. The Company has
manufacturing facility in Chennai and the Company was formed as a 60:40 joint venture
between Chennai Petroleum Corporation (CPCL) and Chevron Oronite Company LLC
(COCL) in July 1989 and was a Government Company. In January 2000, COCL infused
fresh capital at a premium and the shareholding pattern was revised to 50:50.
All the actions mentioned here (formation of JV, infusion of capital at premium
and revision in shareholding
pattern) were carried out with specific approvals from the Government of
India.
As per the Joint
Venture Agreement entered into between the JV partners, further issue of the
capital will be made in proportion to the shares held by them at the time of
such issue to enable them to maintain their holdings at the existing
percentage.
FINANCIAL
PERFORMANCE AND OUTLOOK
The key highlights of 2012-13 performance in comparison to 2011-12 were
Highest ever Sales Volume and Sales Revenue Gross Sales Revenue grew by 18%
supported by volume growth and increased unit sale realization. Input costs
were higher by 17% as compared to the previous year
Power and Fuel costs were up by 27%.
The Company has drawn up plans to grow volumes and profitability.
MANUFACTURING
ACTIVITIES
All plants are
running to capacity to meet the current market demand and to maintain healthy inventory
of components, intermediates and products. During the year, the Company had
commissioned a DG set, Air Compressor, Filteration equipment and Centrifuge
system for Furnace Oil. These equipments have enhanced the reliability of the
plant and also the environment friendly nature of operations.
MARKETING
ACTIVITIES
During 2012-13,
the lubricant market witnessed general slowdown due to moderation in demand in
the automobile industry, subdued macroeconomic environment and sluggish
industrial demand.
There has been a
softening of the selling price of some of the chemicals in the international
market. However, as the rupee exhibited persistent volatility in 2012-13, the
advantages of softening of global prices could not be fully realized.
The Company continued
to face competition in implementing price increases with certain customers,
with other additive suppliers pricing their products aggressively in the
market.
Towards our effort
to enhance their customer responsiveness image, a web enabled tracking facility
was offered to customers to facilitate them to monitor their despatches on real
time basis.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Equipments
and Appliances
- Furniture and
Fixture
- 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 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. 61.77 |
|
UK Pound |
1 |
Rs. 99.06 |
|
Euro |
1 |
Rs. 83.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
64 |
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.