|
Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN OXIDES AND CHEMICALS LIMITED |
|
|
|
|
Formerly Known
As : |
UNI CAMPINE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052085 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 21.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24300MH1989PLC052085 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI04304G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0797M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Master Batch and Antimony Trioxide. |
|
|
|
|
No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Even though sale of the company has dipped, profit of the company has
increased in 2013. Trade relation reported to be fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing 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
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the
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 : |
|
|
Tel. No.: |
91-22-22066231/ 22015895/ 22017130/ 6017 |
|
Fax No.: |
91-22-22082113/ 22096976 |
|
E-Mail : |
daiichi@bom8.vsnl.net.in |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 11, F-II Block, MIDC, Pimpri, Pune – 411018, |
|
Tel. No.: |
91-20-27475461/ 27470110/ 27477873/ 66359375 |
|
Fax No.: |
91-20-27470110/ 66301199 |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Dhunjishaw Maneckji Neterwala |
|
Designation : |
Chairman |
|
Address : |
16D, 1L, Palazza Little |
|
Date of Birth/Age : |
11.10.1919 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/024/045842 |
|
DIN No.: |
00002513 |
|
|
|
|
Name : |
Mrs. Shernaz Firoze Vakil |
|
Designation : |
Director |
|
Address : |
Flat 301, Shahiana, 67, E & H, |
|
Date of Birth/Age : |
16.06.1950 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/019/261866 |
|
DIN No.: |
00002519 |
|
|
|
|
Name : |
Mr. Feroze Dhunjishaw Neterwala |
|
Designation : |
Director |
|
Address : |
16D, 1L, Palazza Little |
|
Date of Birth/Age : |
14.05.1952 |
|
Date of Appointment : |
07.06.1989 |
|
Voter ID No.: |
MT/04/024/045290 |
|
DIN No.: |
00008332 |
|
|
|
|
Name : |
Mr. Kavas Dara Patel |
|
Designation : |
Director |
|
Address : |
C-33, River Nest, 311, |
|
Date of Birth/Age : |
02.02.1947 |
|
Date of Appointment : |
27.06.1997 |
|
DIN No.: |
00002634 |
|
|
|
|
Name : |
Mr. Dinshaw Shapoorji Anklesaria |
|
Designation : |
Director |
|
Address : |
372 - A/1-2, |
|
Date of Birth/Age : |
27.06.1932 |
|
Date of Appointment : |
07.06.1989 |
|
DIN No.: |
00008353 |
|
|
|
|
Name : |
Cyrus Adi Bagwadia |
|
Designation : |
Director |
|
Address : |
A-10, Rustom Baug, Byculla (East), Mumbai, Maharashtra-400027, |
|
Date of Birth/Age : |
24.01.1947 |
|
Date of Appointment : |
11.09.2009 |
|
DIN No.: |
01565989 |
|
|
|
|
Name : |
Behram Maneck Sorabji |
|
Designation : |
Director |
|
Address : |
16-3, Rustom Baug, Sant Savta Marg, Byculla (East), Mumbai, |
|
Date of Birth/Age : |
27.11.1947 |
|
Date of Appointment : |
19.03.2008 |
|
DIN No.: |
02035239 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Neterwala Maneckji
Dhunjishaw Jointly: Universal Ferro and Allied Chemicals Limited |
100 |
|
Neterwala
Dhunjishaw Feroze Jointly: Universal Ferro and Allied Chemicals Limited |
100 |
|
Universal Ferro
and Allied Chemicals Limited |
1295800 |
|
Neterwala Dhunjishaw
Feroze Jointly: Neterwala Dhunjishaw Perin |
216000 |
|
Neterwala
Dhunjishaw Perin Jointly: Neterwala Dhunjishaw Feroze |
216000 |
|
Vakil Firoze
Shernaz Jointly: Mehta Rustom Perin |
216000 |
|
Mehta Rustom
Pervin Jointly: Vakil Feroze Shernaz |
216000 |
|
TOTAL
|
2160000 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
59.99 |
|
Directors or relatives of Directors |
40.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Master Batch and Antimony Trioxide. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):-
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
Antimony Trioxide |
Mts. |
1000 |
679.26 |
|
Formulations |
Mts. |
0 |
196.63 |
|
Master Batch
Products and Compounds |
Mts. |
2500 |
248.64 |
GENERAL INFORMATION
|
No. of Employees : |
40 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Corporate Banking Branch,
214/215, City Mall, 2nd Floor, Pune-411007, ·
State Bank of · The Zoroastrian Co-Operative Bank Limited, Pune Branch, Modern House, 634, Sachapir Street, Pune Camp, Pune-411001, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagtiani and Naik Chartered Accountants |
|
Address : |
12-13, Esplanade, 3rd Floor, 3, Amrit Keshav
Nayak Marg, Fort, Mumbai-400001, |
|
Tel. No.: |
91-22-22076071 / 66331785 / 22002875 |
|
PAN No.: |
AAAFJ0344C |
|
|
|
|
Holding Company : |
Universal Ferro And Allied Chemicals Limited CIN No.:- U13200MH1956PLC009898 |
|
|
|
|
Ultimate Holding Company : |
Chemical and Ferro Alloys Private Limited |
|
|
|
|
Associates : |
·
Dai Ichi Karkaria Limited ·
Anosh Finance and Investment Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2160000 |
Equity Shares |
Rs.10/- each |
Rs. 21.600
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
21.600 |
21.600 |
21.600 |
|
(b) Reserves & Surplus |
92.912 |
78.064 |
65.337 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
114.512 |
99.664 |
86.937 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
10.000 |
10.000 |
|
(b) Deferred tax liabilities (Net) |
12.521 |
11.482 |
8.064 |
|
(c) Other long term liabilities |
0.250 |
0.250 |
0.250 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
12.771 |
21.732 |
18.314 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39.789 |
23.794 |
27.385 |
|
(b) Trade payables |
38.613 |
61.750 |
98.519 |
|
(c) Other current
liabilities |
14.501 |
6.820 |
10.480 |
|
(d) Short-term provisions |
2.908 |
4.062 |
5.459 |
|
Total Current Liabilities (4) |
95.811 |
96.426 |
141.843 |
|
|
|
|
|
|
TOTAL |
223.094 |
217.822 |
247.094 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.503 |
42.734 |
41.560 |
|
(ii) Intangible Assets |
0.308 |
0.147 |
0.095 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.100 |
1.037 |
0.904 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
42.011 |
44.018 |
42.659 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
59.958 |
49.781 |
84.783 |
|
(c) Trade receivables |
72.343 |
79.595 |
78.720 |
|
(d) Cash and cash
equivalents |
15.732 |
12.742 |
17.200 |
|
(e) Short-term loans and
advances |
33.050 |
31.686 |
23.723 |
|
(f) Other current assets |
0.000 |
0.000 |
0.009 |
|
Total Current Assets |
181.083 |
173.804 |
204.435 |
|
|
|
|
|
|
TOTAL |
223.094 |
217.822 |
247.094 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
442.765 |
527.426 |
505.355 |
|
|
|
Other Income |
1.190 |
0.802 |
2.442 |
|
|
|
TOTAL (A) |
443.955 |
528.228 |
507.797 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
304.970 |
389.447 |
366.917 |
|
|
|
Purchase of Stock In Trade |
67.080 |
38.330 |
54.610 |
|
|
|
Employee benefits expenses |
24.751 |
20.046 |
17.633 |
|
|
|
Other Expenses |
26.503 |
37.164 |
29.849 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(11.229) |
14.931 |
(25.057) |
|
|
|
Exceptional Items |
0.000 |
(8.159) |
9.338 |
|
|
|
TOTAL (B) |
412.075 |
491.759 |
453.290 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.880 |
36.469 |
54.507 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.496 |
8.615 |
8.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.384 |
27.854 |
46.059 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3.940 |
4.068 |
2.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
21.444 |
23.786 |
43.223 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.596 |
9.050 |
14.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
14.848 |
14.736 |
28.768 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.632 |
4.423 |
40.212 |
|
|
|
Commission Earnings |
0.548 |
0.491 |
0.639 |
|
|
|
Reimbursement of Expenses |
0.196 |
0.000 |
0.000 |
|
|
|
Received on settlement of claim for loss due to fraud |
0.000 |
9.176 |
0.000 |
|
|
|
Differed in Exchange |
0.000 |
0.000 |
2.174 |
|
|
TOTAL EARNINGS |
2.376 |
14.090 |
43.025 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
237.664 |
292.641 |
175.733 |
|
|
|
Stores & Spares |
0.000 |
1.976 |
0.408 |
|
|
|
Capital Goods |
0.436 |
1.128 |
0.103 |
|
|
|
Traded Capital |
62.965 |
30.413 |
38.572 |
|
|
TOTAL IMPORTS |
301.065 |
326.158 |
214.816 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.87 |
6.82 |
13.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.34
|
2.79 |
5.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.84
|
4.51 |
8.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.62
|
10.92 |
17.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.24 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.34 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.80 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
----- |
|
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Loans and Advances from Related Parties (Repayable in June 2013 and
carries interest @10% p.a.) |
0.000 |
10.000 |
|
|
|
|
|
TOTAL |
0.000 |
10.000 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Debt |
7.000 |
0.000 |
5.132 |
|
|
|
|
|
|
TOTAL |
7.000 |
0.000 |
5.132 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10070809 |
11/05/2013 * |
140,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch, 214/215 City
Mall, Second Floor, Pune, Maharashtra - 411007, |
B78140456 |
|
2 |
10067106 |
11/05/2013 * |
140,000,000.00 |
Axis Bank Limited |
Corporate Banking Branch, 214/215 City
Mall, Second Floor, Pune, Maharashtra - 411007, |
B78139086 |
|
3 |
90237599 |
07/11/2006 * |
10,000,000.00 |
The Zoroastrian Co-operative Bank Limited |
634, |
- |
|
* Date of charge modification |
||||||
FINANCIAL PERFORMANCE
The total income of
the Company is Rs. 443.900 Millions for the year 2012-13 as compared to
Rs.528.200 Millions for the previous year, a decrease of about 16 % over the
last year.
PROFITABILITY
The company has achieved
a PBIDT of Rs. 31.900 Millions on income of Rs. 443.900 Millions as against a
PBIDT of Rs. 28.300 Millions on income of Rs. 528.200 Millions in the previous
year. The Profit after tax is Rs.14.800 Millions as against a profit after tax
of Rs.14.700 Millions in the previous year. The drop in sales during the year
was not only due to sluggish market conditions in certain industry segments,
but also due to concerted efforts by the Company to reduce low margin sales of
Antimony Trioxide whilst also reducing their exposure to CENVAT Credit buildup.
SALES
ANTIMONY TRIOXIDE DIVISION
The year witnessed
stable demand for Antimony Trioxide, despite of slow down in the economy in
general. Down trend in some segments like automobiles, polyester, E and E, infrastructure
etc was observed. Further to this, fluctuations in prices of Antimony Metal and
Antimony Trioxide along with high exchange rate of US $ in terms of INR
compelled them to be cautious in their dealings of Antimony Trioxide. In view
of this, they chalked out a strategy to sell Antimony Trioxide to selective
customers. As such their sales of Antimony Trioxide in the FY 12 - 13 were less
by 28% as compared to FY 11 - 12. There were no significant export sales as
they were out priced
FORMULATIONS DIVISION
They achieved
sales of 278.2 MTs. valued at Rs. 94.700 Millions against previous year's sales
of 324.4 MTs valued at Rs. 93.400 Millions. They were able to maintain sales
value, however, they observed de growth in terms of quantity by 14% over the FY
2011 - 2012.
In Formulations
division sales were low mainly on account of time taken by customers for
product approval and resolution of quality issues. For some products in
Formulations, they are facing competition in form of low priced imported products.
In addition to this, sales were further affected by slow down in certain
segments.
MASTERBATCH DIVISION
a)
Own Sales :- They could achieve a sale of 169.5
MTs. valued at Rs. 44.800 Millions against previous year's sale of 176.4 MTs
valued at Rs. 46.200 Millions
b)
Drop in Job Work business was observed as a result
of change in business strategies of some major customers. They achieved
production of 84.8 MTs and a turnover of Rs. 3.200 Millions against previous
year's production 349.6 MTs valued at Rs. 7.100 Millions.
The combined production was 254.3 MTs valued at Rs. 48.000 Millions
against previous year's combined production of 526 MTs valued at Rs. 53.300
Millions
TRADING DIVISION
They could achieve
a total sale of 191.8 MTs valued at Rs. 70.500 Millions as against previous
year's sale of 146.9 MTs valued at Rs 52.800 Millions. Trading sales were more
by 30% mainly on account of better demand from battery and E and E sectors
compared to previous year.
OUTLOOK FOR THE CURRENT YEAR
The Economy is
expected to grow at a moderate rate of 4% to 5% in FY 2013 -14 in the wake of
high fiscal deficit and current account deficit in the economy. They expect
some strong measures from government to enable economic reforms to gather the
pace. Initial market trends show slow recovery of economy, however, they are
very much optimistic about overall improvement in all concerned industrial
segments.
a)
ANTIMONY TRIOXIDE DIVISION
ATO will continue
to find usage for flame retardant applications in Automobile, E and E, PU Foam,
Cables, PVC Products, Rubber Products, Textiles, Plastic segments. They
continue to sell strategically to selective high volume customers and kept a
sales target of 316 MTs for the FY 13 - 14.
b)
FORMULATIONS DIVISION
They observed that
some grades of formulations are working as effective substitute to ATO. Their
thrust would be promoting formulations in the segments such as Cables, Plastic
products, PVC and Rubber Products, PU Foam and FRLS applications. With
encouraging acceptance to the formulations products, they will step up their
efforts to get more business and widen their customer base. They also aim at
more and more applications of their formulations products. There is good export
potential for their formulations and they have already made a good headway in
the middleeast and gulf countries where their products are under evaluation.
They, however, face a threat from imported formulations, which are available at
lower price. In order to overcome this threat, they are stepping up their R and
D efforts so as to provide products with better performance and timely taking
care of customers' needs. One of the main drawback is lack of testing in
c)
MASTERBATCH DIVISION
They anticipate
surge in telecom / battery sector and observed entry of new players / ventures
into the market. They have developed cost competitive flame retardant Master
batches and other Master batches to cater this segment.
They have
developed new products for machine components intended to be exported by their
customer. The customer has cleared the product after conducting initial trials.
They have obtained UL certification for one of the ABS based products and aim
at obtaining further UL certification for more ABS and PP based products.
They are also
taking efforts at all possible levels to make use of flame retardant products
mandatory in line with practices prevalent in developed countries.
d)
TRADING DIVISION
They expect stable
business in this division and will introduce some new flame retardant products
in domestic market.
FIXED ASSETS
Tangible Assets
·
·
·
Plant and Machinery
·
Electrical Installation
·
Laboratory Equipment
·
Research Capital Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computers
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,
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. 61.53 |
|
|
1 |
Rs. 99.74 |
|
Euro |
1 |
Rs. 84.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & 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.