MIRA
INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SI GROUP - INDIA LIMITED (w.e.f. 13.09.2006) |
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|
Formerly Known
As : |
SCHENECTADY HERDILLIA LIMITED (w.e.f. 22.03.2002) HERDILLIA CHEMICALS LIMITED |
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Registered Office
: |
Plot No.2/1, TTC Industrial Area, Thane-Belapur Road, Navi
Mumbai - 400 703, Maharashtra (w.e.f. 18.02.2005) |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.07.1963 |
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Com. Reg. No.: |
11-012674 |
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Capital
Investment / Paid-up Capital : |
Rs.423.345 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1963PLC012674 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS04774A |
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PAN No.: [Permanent Account No.] |
AAACH7323L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged in manufacture and trading of organic chemicals. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13564000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of SI Group Inc. SI Group is world’s leading
developer and manufacturer of chemical intermediates, phenolic resins, alkyl
phenolic resins and alkylated phenols and has operations in six continents.
It is a well-established company having satisfactory track. The management has seen an improvement in the sales volume, but has
seen a drastic fall in its net profitability during 2013. The company possesses a decent financial profile marked by favourable
networth and moderate gearing during the year under review. The ratings also take into consideration the volatility in prices of
commodity chemicals, prevailing exchange risk and shift international
competition. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitment. In view of strong and experience promoters, diversified product
portfolio and the technical and financial support extended from the promoter
group, the subject 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- (Withdrawn) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April 05, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2 (Withdrawn) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April 05, 2012 |
Note:
CARE has withdrawn the said ratings on the
request of the subject as the outstanding facilities have been repaid.
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
(Tel. No.: 91-22-66732000)
LOCATIONS
|
Registered Office/ Navi Mumbai Unit/ Import and Export Department : |
Plot No.2/1, TTC Industrial Area, Thane-Belapur Road, Navi Mumbai –
400 703, Maharashtra, India |
|
Tel. No.: |
91-22-66732000/ 01/ 27683328/ 27681153/ 27681154/ 27611508 (Export) |
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Fax No.: |
91-22-27671848/ 27685653/ 2589 |
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E-Mail : |
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Website : |
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Corporate Office : |
1003-1006, 10th Floor, Arcadia, 195, NCPA Marg, Nariman
Point, Mumbai – 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-30782000/ 30782039 |
|
Fax No.: |
91-22-30782038 |
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E-Mail : |
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Rasal Unit : |
Village Rasal, P.O. Pali Taluka – Sudhagad, District Raigad – 410 205,
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Tel. No.: |
91-2142-242669/ 242670 |
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Fax No.: |
91-2142-242668 |
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E-Mail : |
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Lote Unit : |
Plot No.D-1/3, M.I.D.C. Lote Parshuram, Taluka – Khed, District
Ratnagiri – 415 722, |
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Tel. No.: |
91-2356-272246/ 272129 |
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Fax No.: |
91-2356-272006 |
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E-Mail : |
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Ranjangaon Unit : |
E-89, MIDC, |
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Tel. No.: |
91-2138-670407 |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Daniel Paul Charles Tilley |
|
Designation : |
Director |
|
Address : |
38, Timberwick Drive, Clifton Park, New York New York |
|
Date of Birth/Age : |
06.04.1965 |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00167124 |
|
|
|
|
Name : |
Mr. Richard Paul Barlow |
|
Designation : |
Director |
|
Address : |
11, Devoe Drive, Clifton Park, New York 12065 |
|
Date of Birth/Age : |
08.10.1962 |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
00075741 |
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|
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|
Name : |
Mr. Emmanuel Carl Mauriece Joseph Hess |
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Designation : |
Director |
|
Address : |
175, Boulevard Clemence 59700, Marcqen Baroeu, France 59700 |
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Date of Birth/Age : |
28.07.1956 |
|
Qualification : |
Chemical Engineering (EMSCS), MBA (OSU) |
|
Date of Appointment : |
12.02.2008 |
|
DIN No.: |
02019494 |
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|
|
|
Name : |
Mr. Balasubramanyam Rajagopal |
|
Designation : |
Managing Director |
|
Address : |
1801, Raheja Princess, S.K. Bole Marg, Dadar (West), Mumbai – 400 028,
Maharashtra, India |
|
Date of Birth/Age : |
21.09.1955 |
|
Qualification : |
B. Tech (Chemical Engineering), MBA (IIM, Calcutta) |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
02857618 |
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PAN No.: |
ACGPR5229N |
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|
|
|
Name : |
Mr. Girindrachandra Chandrakant Vasudeo |
|
Designation : |
Whole-Time Director |
|
Address : |
358-A, Gangaram Khatri Wadi, Second Floor, J.S. Road, Mumbai – 400
002, Maharashtra, India |
|
Date of Birth/Age : |
23.12.1954 |
|
Qualification : |
B. Com. (Hons.), LL.B., FCA, FCS, AICWA |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00021772 |
|
PAN No.: |
AADPV5438N |
KEY EXECUTIVES
|
Name : |
Mr. Bhalchandra Madhav Raul |
|
Designation : |
Secretary |
|
Address : |
A3, Kanika CHS Limited, Dr. Radhakrishnan Cross Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1955 |
|
Date of Appointment : |
21.08.2006 |
|
PAN No.: |
AAYPR3589F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
Note:
Shareholding details file attached.
AS ON 26.09.2013
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings
[Foreign institutional investors, Foreign Companies, Foreign Financial
Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
97.34 |
|
Bodies corporate |
|
0.13 |
|
Other top fifty shareholders |
|
0.42 |
|
Others |
|
2.11 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in manufacture and trading of organic chemicals. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity (1) (MT) |
Actual
Production MT |
|
Basic Chemicals |
78,615 |
66,033 |
|
Industrial Solvents |
33,360 |
35,795 |
|
Performance Resins |
4,000 |
5,531 |
|
Others |
66,720 |
59,465 |
(1) Installed capacity as certified by the management, on which the
auditors have placed reliance, this being a technical matter.
(2) Licensed capacity not disclosed since licensing requirements are not
applicable.
(3) Production includes quantity used for captive consumption.
(4) Excludes 316 MT produced by third party manufacturer.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
|
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Facilities : |
-- |
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Banking Relations
: |
-- |
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|
Financial Institutions : |
Caterpillar
Financial Services Corporation, 3322 Westend Avenue, Nashville, Tennessee -
037203, United States of America |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus,
Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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Holding Company
: |
SI Group Inc., United States (Holding - 97.34%) |
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Fellow
Subsidiary Companies : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
103500000 |
Equity Shares |
Rs.10/- each |
Rs.1035.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42334513 |
Equity Shares |
Rs.10/- each
|
Rs.423.345 millions |
|
|
|
|
|
Notes:
(a) The
reconciliation of the number of shares outstanding and the amount of share
capital as at 31 March 2012
|
Particulars |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares at the beginning |
42334513 |
423.345 |
|
Add: Issue of shares to shareholders of SIHPL consequent to merger |
-- |
-- |
|
Less: Cancellation of Company's shares held by SIHPL consequent to
merger |
-- |
-- |
|
Number of shares
at the end |
42334513 |
423.345 |
(b) Details of
shareholder holding more than 5% shares:
|
Name of
Shareholder |
As at 31st
March, 2013 |
|
|
% holding in
that class of Shares |
No. of shares
held |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
SI Group, Inc. (Holding Company) |
97.34% |
41208304 |
|
|
97.34% |
41208304 |
(c) Shares held by holding/ultimate holding
company and/or their subsidiaries/associates:
|
Name of
Shareholder |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
SI Group, Inc. (Holding Company) |
41208304 |
412.083 |
|
|
41208304 |
412.083 |
(d) Terms/rights attached to equity shares
The Company has only
one class of equity shares having a par value of Rs.10 per share. Each holder
of equity shares is entitled to vote per share. The dividend as and when, the
Board of directors recommend will be subject to the approval at the Annual
General Meeting.
(e) 35231620
(Equity Shares of Rs.10 each were issued for consideration other than cash as
fully paid up to SI Group Inc, (except 1 (one) Equity share of Rs.10 each held
by SI Group Canada.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
423.345 |
423.345 |
423.063 |
|
(b) Reserves & Surplus |
2967.541 |
2883.357 |
2219.097 |
|
(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) |
3390.886 |
3306.702 |
2642.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
49.657 |
40.683 |
33.138 |
|
(b) Deferred tax liabilities (Net) |
89.967 |
100.941 |
136.416 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
373.017 |
349.265 |
74.376 |
|
Total
Non-current Liabilities (3) |
512.641 |
490.889 |
243.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
166.341 |
0.000 |
0.000 |
|
(b)
Trade payables |
883.813 |
1113.105 |
781.678 |
|
(c)
Other current liabilities |
333.730 |
253.255
|
255.983
|
|
(d)
Short-term provisions |
23.361 |
187.068
|
158.905
|
|
Total
Current Liabilities (4) |
1407.245 |
1553.428 |
1196.566 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1647.960 |
1755.149 |
1215.351 |
|
(ii)
Intangible Assets |
41.457 |
53.124 |
33.547 |
|
(iii)
Capital work-in-progress |
36.061 |
25.876 |
26.277 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
93.150 |
89.923 |
27.422 |
|
(e)
Other Non-current assets |
84.250 |
51.227 |
47.446 |
|
Total
Non-Current Assets |
1902.882 |
1975.303 |
1350.047 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1323.976 |
1349.431
|
907.950
|
|
(c)
Trade receivables |
1789.535 |
1650.778
|
1460.689
|
|
(d)
Cash and cash equivalents |
78.433 |
184.387
|
187.599
|
|
(e)
Short-term loans and advances |
214.213 |
183.896 |
173.857 |
|
(f)
Other current assets |
1.733 |
7.224 |
2.514 |
|
Total
Current Assets |
3407.890 |
3375.716 |
2732.609 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10567.700 |
10281.020 |
9135.040 |
|
|
|
Other Income |
60.267 |
60.048 |
30.949 |
|
|
|
TOTAL (A) |
10627.967 |
10341.068 |
9165.989 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7533.926 |
6955.220 |
5718.500 |
|
|
|
Purchases of stock-in-trade |
4.518 |
2.045 |
0.293 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
21.203 |
(197.602) |
13.891 |
|
|
|
Employee benefit expense |
592.119 |
559.987 |
513.459 |
|
|
|
Other expenses |
1946.455 |
1637.232 |
1251.116 |
|
|
|
TOTAL (B) |
10098.221 |
8956.882 |
7497.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
529.746 |
1384.186 |
1668.730 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
12.381 |
7.620 |
24.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
517.365 |
1376.566 |
1644.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.285 |
161.090 |
125.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
345.080 |
1215.476 |
1519.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
112.828 |
407.085 |
515.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
232.252 |
808.391 |
1003.535 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2368.952 |
1734.377 |
730.842 |
|
|
|
|
|
|
|
|
|
|
Profit and Loss Account on merger of Schenectady (India) Holdings Private
Limited |
0.000 |
54.630 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to General Reserve |
23.225 |
80.839 |
0.000 |
|
|
|
Proposed
dividend on Equity Shares |
0.000 |
127.004 |
0.000 |
|
|
|
Tax
on Proposed dividend - 2011-12 |
0.000 |
20.603 |
0.000 |
|
|
|
Interim
dividend - 2012-13 |
63.502 |
0.000 |
0.000 |
|
|
|
Tax
on Interim dividend - 2012-13 |
10.302 |
0.000 |
0.000 |
|
|
|
Interim
dividend - 2012-13 (2nd) |
63.502 |
0.000 |
0.000 |
|
|
|
Tax
on interim dividend - 2012-13 (2nd) |
10.302 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2430.371 |
2368.952 |
1734.377 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
2129.045 |
1833.134 |
1696.817 |
|
|
|
Indenting Commission |
10.934 |
7.403 |
6.158 |
|
|
|
Research and development fees |
25.450 |
29.789 |
31.742 |
|
|
TOTAL EARNINGS |
2165.429 |
1870.326 |
1734.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS
(Including merchant imports) |
|
|
|
|
|
|
|
Raw Materials |
2548.302 |
2642.327 |
2168.378 |
|
|
|
Traded goods |
4.079 |
1.693 |
0.321 |
|
|
|
Stores, spares and process chemicals |
54.767 |
30.627 |
4.728 |
|
|
|
Capital Goods |
0.884 |
0.300 |
1.842 |
|
|
TOTAL IMPORTS |
2608.032 |
2674.947 |
2175.269 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.49 |
19.10 |
23.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
2.19 |
7.82 |
10.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.27 |
11.82 |
16.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54 |
22.83 |
37.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.37 |
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.01 |
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42 |
2.17 |
2.28
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
423.063 |
423.345 |
423.345 |
|
Reserves & Surplus |
2219.097 |
2883.357 |
2967.541 |
|
Net worth |
2642.160 |
3306.702 |
3390.886 |
|
|
|
|
|
|
long-term borrowings |
33.138 |
40.683 |
49.657 |
|
Short term borrowings |
0.000 |
0.000 |
166.341 |
|
Total borrowings |
33.138 |
40.683 |
215.998 |
|
Debt/Equity ratio |
0.013 |
0.012 |
0.064 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
9135.040 |
10281.020 |
10567.700 |
|
|
|
12.545 |
2.788 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Revenue from operations |
9135.040 |
10281.020 |
10567.700 |
|
Profit |
1003.535 |
808.391 |
232.252 |
|
|
10.99% |
7.86% |
2.20% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
49.657 |
40.683 |
|
SHORT-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
30.000 |
0.000 |
|
Working capital loans from banks |
136.341 |
0.000 |
|
Total
|
215.998 |
40.683 |
Notes:
LONG-TERM BORROWINGS
As per the package scheme
of incentive, the Company was allowed to accumulate the sales tax collected from
customers in respect of goods produced at Lote Factory for the first ten years
of commencement of the Factory.
As per the repayment terms
of the above facility to the Company, repayment would start from FY 2013-14
over 5 annual instalments (after the end of 10 years) aggregating to Rs.49.657
millions (Previous year Rs.40.683 millions) (amount being equal to the amount
collected and accrued as sales tax payable annually).
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90371420 |
20/01/2000 |
2,300,000.00 |
JANATA SAHAKRI BANK
LIMITED |
1444, SHUKRAWAR PETH THORALE
BAJIRAO ROAD, PUNE, MAHARASHTRA, INDIA |
- |
Note:
The Registered Office of the company has been changed from Air India
Building, 13th Floor, Nariman Point, Mumbai - 400 021, Maharashtra
to the present w.e.f. 18.02.2005.
OPERATIONS REVIEW:
The sales turnover at Rs.11540.000
millions was higher by 4% compared to that of the previous year. The increase
in turnover is due to higher inflationary selling prices of finished goods. The
financial performance during the year was adversely impacted by the steep increase
in input cost. Competition and slowdown in the economy also impacted the
overall margins of the company.
The Company received the
prestigious Indian National Energy Conservation Award (Second prize) from Government
of India in India for outstanding efforts in energy saving in chemical sectors
for the year 2012 for efforts on utility cost reduction at its Rasal unit.
Various other cost saving
measures were also implemented at all the sites which included liquid jet
ejectors in different plants, heat integration system in DPO plant at Navi
Mumbai, fuel switch over at Lote unit from diesel to LSHS, installation of
de-super heaters at Navi Mumbai and VFDs to cooling water pumps at Lote unit.
Further, process improvement and intensification efforts continued at all sites
to improve yields and utility consumptions.
PRODUCTION:
The combined production at
the Navi Mumbai, Rasal, Lote and Ranjangaon units for the year ended March 31,
2013 was 173,145 MT as against 174,642 MT in the previous year, a marginal
decrease of 1%.
Production during the year
ended March 31, 2013 at the Navi Mumbai unit was 1,36,265 MT, being lower by 5%
compared to 143,192 MT during the previous year.
Production at the Rasal
unit was 12,098 MT as against 13,844 MT during the previous year, a decrease of
13%.
Production at the Lote unit
was 7,784 MT as against 6,536 MT during the previous year, an increase of 19%.
Production
at newly acquired Ranjangaon unit was 16,998 MT as against 11,070 MT for the
part of the previous year.
SALES AND EXPORTS:
During the financial year
Raw material prices continued to increase, however finished products prices did
not move in tandem.
The Government of India
removed anti-dumping duty on Phenol imported from US and Taiwan in the month of
March 2012, which further impacted their margin.
During the year 2012-13,
the Company has laid emphasis on downstream products to improve the market
share. Their customer engagement allows their customers to stay productively
engaged with the Company.
During the year, exports
aggregated to Rs.2130.000 millions FOB (previous year Rs.1830.000 millions) an
increase of 16% over the previous year.
FINANCE:
During the year, the
Company did not accept any fresh deposits or renew any existing deposits from
the public or shareholders. As of March 31, 2013, deposits aggregating Rs.0.044
million had matured for payment but not paid/deposited with the concerned
authority under regulatory advice.
As per the Order issued by
the Ministry of Corporate Affairs (MCA), Cost Audit Branch on January 24, 2012,
cost accounting records of Organic and Inorganic Chemicals falling under
specified chapters of Central Excise Tariff Act, 1985 are required to be
audited by a Cost Auditor. As per the requirement of Central Government and
pursuant to Section 233B of the Companies Act, 1956, cost audit will now be
carried out of cost records maintained by the Company in respects of all its
products falling under the category of Organic Chemicals. Subject to the
approval of the Central Government, the Company has appointed Mr. Kishore
Bhatia, Cost Accountant as Cost Auditors to audit the cost accounts of the
Company for the financial year 2013-14. The Cost Audit report for the financial
year 2011-12, which was due to be filed with the Ministry of Corporate Affairs within
the extended time limit upto February 28, 2013, was filed on January 7, 2013.
SCHEME OF AMALGAMATION
The Scheme of Amalgamation
(‘the Scheme’) of Schenectady (India) Holdings Private Limited (‘SIHPL’) with
the Company was sanctioned by the Honorable High Court of Bombay on 25th
November 2011. The Scheme was accordingly given effect to, using the pooling of
interest method as per AS-14 Accounting for Amalgamation, in the financial
statements which include the assets and liabilities of SIHPL with effect from 1st
April 2011 (‘the Appointed date’) and the results for the year ending 31st
March 2012.
The erstwhile Schenectady
(India) Holdings Private Limited was a subsidiary of SI Group, Inc. USA and was
the holding Company of SI Group-India Limited.
On the Scheme becoming
effective the accounting in the books of the Company was as under:-
·
The
Company recorded all the assets and liabilities of SIHPL transferred to and
vested in the Company pursuant to this Scheme at their respective book values
as appearing in the books of SIHPL.
·
The
Company discharged the consideration of Rs.352.316 millions by issue of
35,231,620 fully paid up equity shares of face value of Rs.10/- each to the
members of SIHPL holding fully paid up equity shares and whose names appear in
the Register of Members of the Company as on the Record Date and accordingly
Share Capital Account of the Company was credited by this amount.
·
The
General Reserve of SIHPL was merged with the respective General Reserve and
Securities Premium Account of the Company;
·
On
merger becoming effective, SIHPL ceased to exist and therefore, the extant
provisions of Reserve Bank of India for Non-Banking Financial Companies did not
apply. In view of the above, the Statutory Reserve in the books of SIHPL as on
the Appointed Date became General Reserve of the Company with effect from the appointed
date.
·
Loans
or other obligations, if any, due between or amongst SIHPL and the Company were
not otherwise discharged or liquidated by either of the companies, stood
discharged and/or cancelled and were of no effect and SIHPL or the Company, as
the case may be and there were no further obligations outstanding in that
behalf.
·
The
difference between the amount of net assets taken over by the Company and the
value of consideration issued to the shareholder of SIHPL was credited to the
‘Amalgamation Reserve’ Account in the Company, which cannot be used for
distribution of dividend.
·
On
merger, investments in the equity capital of the Company made by SIHPL were
cancelled and Equity share capital of the Company were reduced to the extent of
the face value of shares held by SIHPL. Excess of cost of investment of SIHPL
over the face value of shares held by the Company was adjusted against the
Securities Premium Account.
CONTINGENT LIABILITIES (AS ON 31.03.2013):
Contingent liabilities not provided for in respect of:
(a) Taxation matters
(i) Demands against the
Company not acknowledged as debts Rs.120.152 millions
(ii) Decisions in favour of
the Company not accepted by the Department Rs.69.753 millions
(b) Central Excise demand
against the Company not acknowledged as debt Rs.19.037 millions
(c) Service tax demand
against the Company not acknowledged as debt Rs.10.444 millions
(d) Customs duty amounting
to Rs. Nil in dispute as demand raised against the Company not acknowledged as
debt.
(e) Electricity duty
amounting to Rs.75.453 millions in dispute as demand raised against the Company
not acknowledged as debt.
(f)
Claims against the Company not acknowledged as debts Rs. Nil
FIXED ASSETS:
Intangible Assets
· Goodwill
· Technical know how
· Computer software
Tangible Assets
· Leasehold land and development
· Freehold land and development
· Buildings
· Plant and Machinery
· Furniture, Fixtures and Equipment
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime
:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.65 |
|
|
1 |
Rs.99.21 |
|
Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUB |
|
|
|
|
Analysis Done by
: |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.