MIRA INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMPLAST SANMAR LIMITED |
|
|
|
|
Formerly Known
As : |
CHEMICALS AND PLASTICS INDIA LIMITED |
|
|
|
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Registered
Office : |
No. 9, Cathedral Road, Chennai – 600086, Tamilnadu |
|
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Country : |
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Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
13.03.1985 |
|
|
|
|
Com. Reg. No.: |
18-011637 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.799.699 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230TN1985PLC011637 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC00051C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC3000F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Manufacture PVC Resins. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer Rating = BBB- |
|
Rating Explanation |
The rating are considered to having moderate degree of safety regarding
timely servicing of financial obligation. |
|
Date |
29.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-cooperative (91-44-28118300)
LOCATIONS
|
Registered/ Corporate Office 1 : |
No. 9, Cathedral Road, Chennai – 600086, Tamilnadu, India |
|
Tel. No.: |
91-44-28118300/ 28273333/ 28273334/ 28273335/ 28273336/ 28128500/ 28128722/ 28128723/ 28128724 |
|
Fax No.: |
91-44-28111902/ 28269359/ 282777411/ 28112627 |
|
E-Mail : |
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|
Website : |
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|
|
|
Plants : |
Mettron
Plant I :
Plant II, Plant
III and Plant IV: Raman Nagar PO, Mettur Dam - 636403,
Tamilnadu, India Cuddalore Plant : SIPCOT Industrial Complex Phase II, Semmankuppam, Cuddalore - 607 005, Tamilnadu, India. Tel. : 91 4142 239 280 Fax. : 91 4142 239 281 Karaikal
Plant: Melavanjore Village, T.R.Pattinam Panchayat,
Nagore - 611002, Tamilnadu, India Industrial
Alcohol Plant II :
Caustic Chlor Vedaranyam Salt
Works Salt
Works : |
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|
Branch Office : |
Located at :-
|
DIRECTORS
As on 30.07.2012
|
Name : |
Mr. Pavattakudi Sundaresan Jayaraman |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.B2, Ashok Aishwaryam New No.13, Habibullah Road, T. Nagar, Chennai – 600017, Tamilnadu, India |
|
Date of Birth/ Age : |
08.05.1950 |
|
Date of Appointment : |
01.09.2000 |
|
DIN No.: |
00011108 |
|
PAN No.: |
AANPJ1076E |
|
|
|
|
Name : |
Mr. Srinivasan Gopal |
|
Designation : |
Managing Director |
|
Address : |
Srikrish 47-A4, Main Road, Gandhi Nagar Adyar, Tamilnadu, India |
|
Date of Birth/ Age : |
10.09.1950 |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
00012142 |
|
PAN No.: |
AANPG1005E |
|
|
|
|
Name : |
Mr. Valapet Krishnaswamy Parthasarathy |
|
Designation : |
Director |
|
Address : |
Flat No.08/243, TTK Road, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/ Age : |
31.01.1939 |
|
Date of Appointment : |
29.07.2004 |
|
DIN No.: |
00022559 |
|
|
|
|
Name : |
Mr. Mahadevan Surya Sekhar |
|
Designation : |
Director |
|
Address : |
Sri Raj 30, Krishnapuri, Rapuram, Chennai – 600028, Tamilnadu, India |
|
Date of Birth/ Age : |
11.08.1948 |
|
Date of Appointment : |
15.04.2005 |
|
DIN No.: |
00013667 |
|
|
|
|
Name : |
Mr. Manachanallur Narayanaswamy Radhakrishnan |
|
Designation : |
Director |
|
Address : |
No.12, Besant Avenue, Karpagam Gardens Adyar, Chennai – 600020, Tamilnadu, India |
|
Date of Birth/ Age : |
03.08.1943 |
|
Date of Appointment : |
08.06.2005 |
|
DIN No.: |
00011091 |
|
|
|
|
Name : |
Mr. Sankara Venkitasubra Mony |
|
Designation : |
Director |
|
Address : |
Flat No.B-201, The Atrium 49 Kalakshetra Road, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India |
|
Date of Birth/ Age : |
06.10.1937 |
|
Date of Appointment : |
16.01.2006 |
|
DIN No.: |
00013645 |
|
|
|
|
Name : |
Mr. Balasubramanian Natraj |
|
Designation : |
Director |
|
Address : |
1A Seasons, No 19 Ganapathi Colony, 1st Street, Teynampet, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/ Age : |
03.10.1946 |
|
Date of Appointment : |
18.11.2013 |
|
DIN No.: |
00022038 |
KEY EXECUTIVES
|
Name : |
Mr. Mahadevan Raman |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.8/2-19, Moosa
street, Chennai – 600017, Tamilnadu, India |
|
Date of Birth/ Age : |
20.08.1960 |
|
Date of Appointment : |
31.10.2007 |
|
PAN No.: |
AAEPR5253Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.07.2012
SHAREHOLDING DETAILS FILE ATTACHED
As on 30.07.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
96.00 |
|
Other top fifty shareholders |
0.46 |
|
Other |
3.41 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture PVC Resins. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Holding Company : |
Sanmar Holdings Limited |
|
|
|
|
Associates / Fellow
Subsidiaries : |
|
CAPITAL STRUCTURE
After 18.11.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000 |
Equity Shares |
Rs. 500000/- each |
Rs.2000.000 Millions |
|
3500000 |
Cumulative redeemable preference shares |
Rs.100/- each |
Rs.350.000 Millions |
|
|
Total |
|
Rs.2350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600 |
Equity Shares |
Rs. 500000/- each |
Rs.800.000
Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.1/- each |
Rs.2000.000 Millions |
|
35000 |
Cumulative redeemable preference shares |
Rs.100/- each |
Rs.3.500 Millions |
|
|
Total |
|
Rs.2003.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
799699067 |
Equity Shares |
Rs.1/- each |
Rs.799.699
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 |
799.699 |
799.699 |
799.699 |
|
(b) Reserves & Surplus |
544.753 |
425.226 |
944.709 |
|
(c) Money
received against share warrants |
1250.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2594.452 |
1224.925 |
1744.408 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3124.094 |
4687.336 |
6526.151 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
235.275 |
277.237 |
186.585 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3359.369 |
4964.573 |
6712.736 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2465.101 |
2983.497 |
1099.961 |
|
(b) Trade
payables |
7671.478 |
6954.063 |
7242.697 |
|
(c) Other
current liabilities |
2999.235 |
2951.437 |
3843.645 |
|
(d) Short-term
provisions |
86.431 |
103.492 |
8.998 |
|
Total Current
Liabilities (4) |
13222.245 |
12992.489 |
12195.301 |
|
|
|
|
|
|
TOTAL |
19176.066 |
19181.987 |
20652.445 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12235.071 |
13599.303 |
13994.622 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
614.300 |
72.383 |
51.667 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.500 |
17.800 |
17.800 |
|
(c) Deferred tax assets (net) |
818.400 |
813.700 |
604.100 |
|
(d) Long-term Loan and Advances |
191.145 |
153.173 |
248.244 |
|
(e) Other
Non-current assets |
63.609 |
48.016 |
69.397 |
|
Total Non-Current
Assets |
13930.025 |
14704.375 |
14985.830 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1812.267 |
1499.981 |
1865.528 |
|
(c) Trade
receivables |
921.453 |
1308.334 |
1338.171 |
|
(d) Cash
and cash equivalents |
694.964 |
62.165 |
404.758 |
|
(e)
Short-term loans and advances |
1757.161 |
1478.009 |
1434.471 |
|
(f) Other
current assets |
60.196 |
129.123 |
623.687 |
|
Total
Current Assets |
5246.041 |
4477.612 |
5666.615 |
|
|
|
|
|
|
TOTAL |
19176.066 |
19181.987 |
20652.445 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22432.236 |
21296.976 |
19208.715 |
|
|
|
Other Income |
129.534 |
107.209 |
93.631 |
|
|
|
TOTAL (A) |
22561.770 |
21404.185 |
19302.346 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13765.625 |
12960.507 |
11767.787 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(88.919) |
226.984 |
348.752 |
|
|
|
Employee benefit expense |
927.595 |
910.189 |
735.173 |
|
|
|
Other Expenses |
5399.164 |
5459.977 |
4626.487 |
|
|
|
TOTAL (B) |
20003.465 |
19557.657 |
17478.199 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2558.305 |
1846.528 |
1824.147 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1504.555 |
1613.619 |
1564.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1053.750 |
232.909 |
260.047 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
938.923 |
933.910 |
822.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
114.827 |
(701.001) |
(562.761) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(4.700) |
(181.518) |
(140.880) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
119.527 |
(519.483) |
(421.881) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
185.425 |
205.589 |
234.284 |
|
|
TOTAL EARNINGS |
185.425 |
205.589 |
234.284 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13356.675 |
11791.184 |
10522.887 |
|
|
|
Stores & Spares |
1200.611 |
1438.279 |
1148.481 |
|
|
|
Capital Goods |
210.446 |
11.798 |
19.160 |
|
|
TOTAL IMPORTS |
14767.732 |
13241.261 |
11690.528 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.15 |
(0.65) |
(0.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.53
|
(2.43) |
(2.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
(3.29) |
(2.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.65
|
(3.84) |
(2.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.57) |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.15
|
6.26 |
4.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.40
|
0.34 |
0.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
799.699 |
799.699 |
799.699 |
|
Reserves & Surplus |
944.709 |
425.226 |
544.753 |
|
Net
worth |
1744.408 |
1224.925 |
1344.452 |
|
|
|
|
|
|
long-term borrowings |
6526.151 |
4687.336 |
3124.094 |
|
Short term borrowings |
1099.961 |
2983.497 |
2465.101 |
|
Total
borrowings |
7626.112 |
7670.833 |
5589.195 |
|
Debt/Equity
ratio |
4.372 |
6.262 |
4.157 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19208.715 |
21296.976 |
22432.236 |
|
|
|
10.871 |
5.331 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
19208.715 |
21296.976 |
22432.236 |
|
Profit / (Loss) |
(421.881) |
(519.483) |
119.527 |
|
|
(2.20%) |
(2.44%) |
0.53% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
CIVIL MISC. APPEAL |
|
Case No.: |
700 |
|
Year : |
2012 |
|
Petitioner : |
COMMISSIONER OF CENTARL |
|
Respondent : |
M/S CHEMPLAST SANMAR LTD |
|
Pet's Advocate : |
M/S.K.RAVI ANANTHA PADMAN |
|
Res's Advocate : |
M/S L.MAITHILI& ASSOCIATE |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 12 2012 |
MANAGEMENT DISCUSSION
AND ANALYSIS
PVC Business
Review of Operations
The company has two plants for production of PVC resin, one at Mettur Dam to produce Suspension and Paste PVC and the other at Cuddalore to produce Suspension PVC. The Mettur Dam plant is integrated with on-site Vinyl Chloride Monomer (VCM) manufacturing facilities. The Ethylene Dichloride (EDC) required to make VCM for Mettur plant operation is produced at the company’s plant at Karaikal using imported ethylene and on-site chlorine. The company imports VCM required for Cuddalore plant operation.
Suspension Resin:
The demand for Suspension resin in India grew sharply in the year to around 23 lac tonnes, a growth of 15% over the previous year. Of this, around 12.5 lac tonnes was supplied by domestic producers while the balance was imported into the country. Domestic demand was high due to the very good demand from the pipes segment, the largest application for Suspension PVC.
Prices of Suspension PVC fluctuated in line with the quotes for imported material. As India is one of the largest and fastest growing PVC markets in the world, this has become an attractive and potential market for many international producers.
Towards the end of the year, a significant VCM producer in the region, namely, VCMSB Malaysia, decided to close down their plant. This, coupled with the shutdown of the Tosoh plant in Japan the previous year, took out around 800,000 MT of VCM from the Asian market. This resulted in a spurt in VCM prices. This was mitigated to a large extent by the renegotiation of VCM purchase contract terms, the sourcing of additional quantities of VCM from geographically advantageous locations. Also increase in netbacks on sale of PVC was achieved by optimisation of logistics costs.
Paste Resin:
The market for Paste PVC in India grew to around 105,000 MT, a growth of over 20% over the previous year. The growth was driven by a good growth in the artificial leather segment, which accounts for a major part of the demand for Paste PVC in India. The market is expected to grow further. With this in mind, and to retain the company’s pre-eminent position in the Paste PVC market in India, the company has embarked on a grade conversion project to convert the entire Mettur PVC facility (currently capable of producing Suspension PVC, Paste PVC and Battery Separator grade PVC of an aggregate capacity of 66,000 MT per annum) into an exclusive Paste PVC facility of 66,000 MT per annum. This conversion project has since been successfully commissioned.
Domestic prices for Paste PVC dropped significantly during the year due to very low prices quoted for imported Paste PVC. Due to the economic slowdown in Europe and the consequential shrinking of the markets there, European and other international Paste PVC producers have been offering material to India at low prices, affecting domestic prices.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Borrowings |
0.000 |
1445.000 |
|
Total |
0.000 |
1445.000 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10429121 |
25/05/2013 |
550,000,000.00 |
IDFC LIMITED |
KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMILNADU - 600031, INDIA |
B76159383 |
|
2 |
10384634 |
07/10/2013 * |
730,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
CATHEDRAL ROAD BRANCH, 70 CATHEDRAL ROAD, CHENNAI, TAMILNADU - 600086, INDIA |
B88277314 |
|
3 |
10212383 |
26/09/2012 * |
1,050,000,000.00 |
STATE BANK OF HYDERABAD |
1ST FLOOR, 45 SECOND LINE BEACH, CHENNAI, TAMILNADU - 600001, INDIA |
B60956190 |
|
4 |
10210540 |
28/09/2012 * |
820,000,000.00 |
ANDHRA BANK |
MOWBRAYS ROAD BRANCH, 265 TTK ROAD ALWARPET, CHEN |
B60955663 |
|
5 |
10210123 |
09/10/2012 * |
120,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKIG BRANCH IV FLOOR, TARAPOR |
B61601654 |
|
6 |
10210120 |
09/10/2012 * |
515,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH, IV FLOOR, TARAPORE TOWERS,826 ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B61602181 |
|
7 |
10199773 |
26/03/2013 * |
850,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, II FLOOR, M O H BUILDING, 576,
ANNA SALAI, CHENNAI, TAMILNADU - 600006, |
B73604795 |
|
8 |
10191413 |
05/10/2012 * |
500,000,000.00 |
BANK OF BARODA |
21 GOPALAKRISHNA STREET, T NAGAR, CHENNAI, TAMILNADU - 600017, INDIA |
B60937745 |
|
9 |
10191414 |
29/07/2013 * |
1,415,000,000.00 |
BANK OF BARODA |
21 GOPALAKRISHNA STREET, T NAGAR, CHENNAI, TAMILNADU - 600017, INDIA |
B80747207 |
|
10 |
10179439 |
26/09/2012 * |
200,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET, CHENNAI, TAMILNADU - 600015, INDIA |
B60953882 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.60.12 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.