1. SUMMARY INFORMATION
|
Country |
|
||
|
Company Name |
PETRO ARALDITE PRIVATE LIMITED |
Principal Name 1 |
Mr. Thukaram Ravindran |
|
Status |
Moderate |
Principal Name 2 |
Mr. Harald M Wiedeman |
|
Registration # |
11-104393 |
||
|
Street Address |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
||
|
Established Date |
10.12.1996 |
SIC Code |
-- |
|
Telephone# |
91-22-28270160 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-28270162 |
Business Style 2 |
Dealers |
|
Homepage |
Product Name 1 |
Basic Liquid Resins |
|
|
# of employees |
Not Available |
Product Name 2 |
Solid Resins |
|
Paid up capital |
Rs.570,000,000/- |
Product Name 3 |
Formulation |
|
Shareholders |
Foreign holdings 76.00% Bodies Corporate – 24.00% |
Banking |
HSBC Bank |
|
Public Limited Corp. |
No |
Business Period |
17 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation- |
Country
|
Company
Name |
CEO |
|
Ultimate Holding
Company |
-- |
Huntsman
Corporation |
-- |
|
Note |
- |
||
2. SUMMARY
FINANCIAL STATEMENT
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
871,810,000 |
Current Liabilities |
725,010,000 |
|
Inventories |
435,510,000 |
Long-term Liabilities |
281,510,000 |
|
Fixed Assets |
429,190,000 |
Other Liabilities |
84,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,090,920,000 |
|
Invest& other Assets |
0,000 |
Retained Earnings |
75,590,000 |
|
|
|
Net Worth |
645,590,000 |
|
Total Assets |
1,736,510,000 |
Total Liab. & Equity |
1,736,510,000 |
|
Total Assets (Previous Year) |
1,473,766,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
3,405,420,000 |
Net Profit |
(70,900,000) |
|
Sales(Previous yr) |
3,274,000,000 |
Net Profit(Prev.yr) |
101,000,000 |
MIRA INFORM REPORT
|
Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
PETRO ARALDITE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
10.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104393 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.570.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1996PTC104393 |
|
|
|
|
TAN No.: [Tax Deduction Collection Account No.] |
MUMP09084F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP5685K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and Formulation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Huntsman Corporation, United States”. It is an established
company having moderate track record. The company has incurred a loss from its operating activities during
2012 which has heavily deteriorated its reserves. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of strong holding company, the subject can be considered for
business dealings with slight caution. |
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.
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.
LOCATIONS
|
Registered Office : |
5th Floor, Building No. 10, Solitaire Corporate Park, 167,
Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra,
India |
|
Tel. No.: |
91-22-28270160/40951556 |
|
Fax No.: |
91-22-28270162/56975237/40951556 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
|
|
Tel. No.: |
91-44-5940084-89/25940084/25940085/25940086 |
|
Fax No.: |
91-44-59400808 |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Senthi Kumar Dharmar |
|
Designation : |
Director |
|
Address : |
10, Rajavelu Street, Royapuram, Chennai – 600013, Tamilnadu, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Date of Appointment : |
24.11.2011 |
|
DIN No.: |
00202578 |
|
|
|
|
Name : |
Mr. Rayomand P Sabawalla |
|
Designation : |
Director |
|
Address : |
Ralph Gideon Jaari Building, Med 73, Flat V 517, 500 Jabl Ali 196942, |
|
Date of Birth/Age : |
31.05.1977 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
03098056 |
|
|
|
|
Name : |
Mr. Patric Peter Verraes |
|
Designation : |
Director |
|
Address : |
Annegijs Boslaan, Overijse-3090, |
|
Date of Birth/Age : |
20.09.1972 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
03155820 |
|
|
|
|
Name : |
Mr. Raamakrisnan Govindraman |
|
Designation : |
Director |
|
Address : |
Plot No. 24, Ekambarm 2, Main Road, Udaya Nagar, ETN Porur,
Chennai-600116, Tamilnadu, India |
|
Date of Birth/Age : |
31.08.1971 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
03156002 |
|
|
|
|
Name : |
Mr. Harald M Wiedeman |
|
Designation : |
Director |
|
Address : |
Blasiring 16, Weil AM Rhien-79576, |
|
Date of Birth/Age : |
08.07.1959 |
|
Date of Appointment : |
09.09.2010 |
|
DIN No.: |
03196346 |
|
|
|
|
Name : |
Dominic Louis Savio |
|
Designation : |
Director |
|
Address : |
Do R No. 66, Halls Road, Flat No. 28, Second Floor, Reggla Apartment,
Kilpauk, Chennai – 600010, Tamilnadu, India |
|
Date of Birth/Age : |
09.07.1958 |
|
Date of Appointment : |
02.12.2010 |
|
DIN No.: |
03315073 |
|
|
|
|
Name : |
Mr. Steven Michael Hanshaw |
|
Designation : |
Director |
|
Address : |
Relnacherstr 63A, 4106, Therwil, Switzerland |
|
Date of Birth/Age : |
03.09.1966 |
|
Date of Appointment : |
27.02.2012 |
|
DIN No.: |
05204047 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tamilnadu Petro Products Limited, India |
|
1368000 |
|
Vantico International Sarl, Luxembourge |
|
4332002 |
|
|
|
|
|
TOTAL
|
|
5700002 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
76.00 |
|
Bodies corporate |
24.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and
Formulation. |
PRODUCTION STATUS (31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Basic liquid resins (bulk) |
MT |
20000 |
2155 |
|
Solid resins |
MT |
10000 |
5426 |
|
Liquid solutions |
MT |
4000 |
1696 |
|
Formulations |
MT |
5000 |
4894 |
|
Basic liquid resin (Repacked) |
MT |
-- |
7149 |
|
Formulations (Small Packs) |
MT |
-- |
2100 |
|
Semi finished
goods |
|
|
|
|
Intermediate BLR |
MT |
-- |
13517 |
|
Intermediate formulations |
MT |
-- |
151 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
HSBC Bank |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana Tower, 52, |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Ultimate Holding
Company : |
Huntsman Corporation |
|
|
|
|
Holding Company : |
Vantico International, S.a.r.l |
|
|
|
|
Fellow Subsidiary
Company : |
|
|
|
|
|
Joint venture: |
Tamilnadu Petroproducts Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5700002 |
Equity Shares |
Rs.100/-
each |
Rs.570.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
570.000 |
|
(b) Reserves & Surplus |
|
|
75.590 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
645.590 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
281.510 |
|
(b) Deferred tax liabilities (Net) |
|
|
32.660 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
3.390 |
|
Total Non-current
Liabilities (3) |
|
|
317.560 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
0.000 |
|
(b) Trade
payables |
|
|
578.270 |
|
(c) Other
current liabilities |
|
|
146.740 |
|
(d) Short-term
provisions |
|
|
48.350 |
|
Total Current
Liabilities (4) |
|
|
773.360 |
|
|
|
|
|
|
TOTAL |
|
|
1736.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
429.190 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
106.120 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
535.310 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
435.510 |
|
(c) Trade
receivables |
|
|
121.870 |
|
(d) Cash
and cash equivalents |
|
|
236.920 |
|
(e)
Short-term loans and advances |
|
|
406.900 |
|
(f) Other
current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
1201.200 |
|
|
|
|
|
|
TOTAL |
|
|
1736.510 |
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
570.000 |
570.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
146.486 |
111.799 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
716.486 |
681.799 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
348.290 |
363.062 |
|
|
TOTAL BORROWING |
|
348.290 |
363.062 |
|
|
DEFERRED TAX LIABILITIES |
|
36.370 |
51.330 |
|
|
|
|
|
|
|
|
TOTAL |
|
1101.146 |
1096.191 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
440.558 |
458.453 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
304.177
|
254.217
|
|
|
Sundry Debtors |
|
278.125
|
86.210
|
|
|
Cash & Bank Balances |
|
85.056
|
433.864
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans & Advances |
|
365.850
|
273.416
|
|
Total
Current Assets |
|
1033.208
|
1047.707
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
202.286
|
232.580
|
|
|
Other Current Liabilities |
|
100.437
|
85.499
|
|
|
Provisions |
|
69.897
|
91.890
|
|
Total
Current Liabilities |
|
372.620
|
409.969
|
|
|
Net Current Assets |
|
660.588
|
637.738
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1101.146 |
1096.191 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3405.420 |
3274.000 |
2660.630 |
|
|
|
Other Income |
21.860 |
46.000 |
52.347 |
|
|
|
TOTAL (A) |
3427.280 |
3320.000 |
2712.977 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material |
|
|
2130.953 |
|
|
|
Employee Costs |
3446.700 |
3093.000 |
40.984 |
|
|
|
Other Expenses |
|
|
248.725 |
|
|
|
TOTAL (B) |
3446.700 |
3093.000 |
2420.662 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(19.420) |
227.000 |
292.315 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
6.000 |
2.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(19.420) |
221.000 |
289.645 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
55.190 |
53.000 |
54.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(74.610) |
168.000 |
234.866 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.710) |
67.000 |
79.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(70.900) |
101.000 |
154.980 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
146.799 |
111.799 |
23.286 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
66.000 |
57.000 |
|
|
|
Corporate Dividend |
0.000 |
0.000 |
9.467 |
|
|
BALANCE CARRIED
TO THE B/S |
75.90 |
146.799 |
111.799 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
486.280 |
500.772 |
398.422 |
|
|
|
Recovery of freight on exports |
|
29.000 |
11.411 |
|
|
TOTAL EARNINGS |
486.280 |
529.772 |
409.833 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1540.926 |
1132.974 |
|
|
|
Capital Goods |
NA |
1.261 |
9.286 |
|
|
TOTAL IMPORTS |
NA |
1542.187 |
1142.260 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.44 |
17.72 |
27.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.07)
|
3.04
|
5.71
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.19)
|
5.13
|
8.83
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.30)
|
11.40
|
15.59
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.12)
|
0.23
|
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.44
|
0.49
|
0.53
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.77
|
2.55
|
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 |
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 |
No |
CORPORATE INFORMATION
Subject was incorporated in India on December 10, 1996 and promoted as a joint venture between Ciba India Private Limited (CIPL) a wholly owned subsidiary of Ciba Specialty Chemicals Holding Inc, Switzerland (CIBA) and Tamilnadu Petroproducts Limited (TPL). The equity participation by CIPL and TPL were 76 % and 24 % respectively. On March 22, 2001, M/s. Vantico International SA acquired 76% of the equity shares held by CIPL as a part of global arrangement to purchase the polymer division worldwide from CIBA. Further a capital restructuring exercise comprising an exchange offer, private equity placement, bridge and debt financing was completed on June 30, 2003 and Huntsman Advanced Materials LLC had acquired the shares of the Vantico Group.
The manufacturing facility of the Company is situated at Manali in the state of Tamilnadu and its primary objective is to carry on the business of manufacturing and dealing in basic liquid resins, solid resins and formulations thereof. The Company’s principal suppliers and customers are the joint venture partners and related entities.
The Company is yet to appoint a company secretary in accordance with the provisions of section 383A of The Companies Act, 1956.
OPERATIONAL
HIGHLIGHTS:
Sales during the current year have grown by 3.7% as compared to the previous year. However margins continued to be under severe pressure. Material costs as a percentage to sales increased to 88.7% in the current year as against 83.1% in the previous year. Also the increased Crude oil cost resulted in increased utility cost.
The Power cost continue to be high due to compulsary power cuts upto 30% implemented by the local government, which resulted in consumption of diesel generated power with higher cost . However the company has taken initiative to buy power at the cheaper rate from the IEX, the benefit of same will be reflected in the next year financial year.
EBITDA has declined to Negetive Negative Rs.19.420 Millions. The company has registered a cash loss of Rs.19.420 Millions. There was no requirement for Provision for current tax this year and there was reversal of provision for Deferred tax (Asset) for Rs. 3.710 Millions resulting in a Net Loss after tax of Rs.70.900 Millions. The accumulated balance in the profit and loss account of the company as on 31st March 2012.
FUTURE OUTLOOK
- The ECH Supply contract with TPL is under discussion and will be signed after mutual agreement between TPL and PAPL.
- New products Araldite CW 5551 IN and Aradur HY 5552 IN commercial batch taken and more orders are expected. Good business foreseen.
- Arathane 3427 orders are expected from M/s Gamesa for their Wind Turbine business.
- Future market for resin products will be stable.
- In Electrical segment, demand for all products has gone up by 15 to 20%.
- Projects planned: Engineering stores expansion, Positional standby pumps for critical drives in Resin plant, Steam flow meters at battery limit of SR, Fastact and Tankfarm, Quality Control lab fume cupboards replacement, T140 W40 Pre cooler retubing / K190 Distillation Column packings replacement / B160 B05 (Decantation vessel side manway provision), Acoustic enclosures for Diesel generator sets, MCS audit finding implementation, Critical spares for Engineering.
- Though margins continue to be under pressure, with revival of economy and return of GDP growth company expects to regain its volume and market share. Fixed Costs control will be biggest challenge.
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term borrowings |
|
|
|
Deferred sales tax loan |
281.510 |
348.290 |
|
Total |
|
|
|
Deferred payment liabilities represent the sales tax
liability covered under the sales tax deferral scheme of the Government of
Tamilnadu for new or existing industries, while undertaking expansion or
diversification of the unit, for a period of ten years, commencing from July
1, 2000. The repayment of the deferred liability has commenced from July,
2010 and will be paid on monthly basis as per the terms of eligibility
certificate. The total amount paid during the year amounts to Rs. 31.820
Millions (Previous year Rs. 19.440 millions).As per the terms of eligibility
certificate, if the company defaults in payment of Government loan, the moveable
and immovable properties of the company shall be liable to be attached /
proceeded towards the realisation of outstanding Government loan under
Revenue Recovery Act together with interest at 24% per annum (simple
interest) calculated from the due date for repayment of loan. The term
movable shall include cash / shares / debentures / Bank balance etc. |
||
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Factory
buildings
- Plant and
machinery
- Office
equipment
- Computers
- Furniture and
fittings
- Vehicles
- Temporary
structures
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.66.04 |
|
|
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.