MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN GASES LIMITED |
|
|
|
|
Registered
Office : |
43, Palace Court 1, KYD Street, P S Park Street, Kolkata-700016, West
Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.02.1995 |
|
|
|
|
Com. Reg. No.: |
21-068251 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.150.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40200WB1995PLC068251 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The
company is engaged primarily in the business of Bottling, Trading of LPG and Retailing
of Auto LPG. |
|
|
|
|
No. of Employees
: |
More than 24 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1019000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Overall financial position of the company is decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
BBB [Fund Based Limit-Cash Credit] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 [Non Fund Based Limits-Bank Guarantee] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
February 2014 |
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 PARTED BY
|
Name : |
Mr. Sumit |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-33-22299897 |
|
Date : |
03.04.2014 |
LOCATIONS
|
Registered Office : |
43, Palace Court 1, KYD Street, P S Park Street, Kolkata-700016, West Bengal,
India |
|
Tel. No.: |
91-33-22299897/8606 |
|
Fax No.: |
91-33-22496826 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Bottling Plants:
Burdwan: De-Gaul Avenue, Khairasole, Village, Durgapur, District Burdwan,
West Bengal, India Bangalore: Survey No. 124/1, Budihal, Nelamangala, Taluk Bangalore
Rural District, Bangalore-562123, Karnataka, India Hyderabad: 4th Floor, Venus Plaza Begumpet, Bibinagar, District Nalgonda,
Hyderabad-500016, Andhra Pradesh, India |
|
|
|
|
Retail Outlet: |
Located at Paschim Medinipur,
India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sushil Kr. Bhansali |
|
Designation : |
Chairman |
|
|
|
|
Name : |
AVM Debabrata Choudhury |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Tejvir Singh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anil Choudhury Legha |
|
Designation : |
Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
1644814 |
10.97 |
|
|
6089666 |
40.60 |
|
|
7734480 |
51.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
7734480 |
51.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3459350 |
23.06 |
|
|
|
|
|
|
1668938 |
11.13 |
|
|
2092082 |
13.95 |
|
|
45150 |
0.30 |
|
|
45150 |
0.30 |
|
|
7265520 |
48.44 |
|
Total Public shareholding (B) |
7265520 |
48.44 |
|
Total (A)+(B) |
15000000 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged primarily in the business of Bottling, Trading of LPG and
Retailing of Auto LPG. |
|
|
|
|
Terms : |
|
|
Selling : |
Cheque |
|
|
|
|
Purchasing : |
Cheque |
GENERAL INFORMATION
|
No. of Employees : |
More than 24 [Approximately] |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
DBS Bank Limited, 4A, Nandalal
Basu Sarani, Kolkata - 700071, West Bengal, India ·
Central Bank of India, Camac
Street Branch, Industry House, 10, Camacs Treet, Kolkata- 700017, West
Bengal, India ·
Axis Bank Limited, Corporate Banking Branch
(CBB), 1, Shakespeare Sarani, AC Market, 3rd Floor,
Kolkata- 700071, West Bengal , India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sarkar Gurumurthy and
Associates Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 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 |
150.000 |
85.698 |
79.777 |
|
(b) Reserves & Surplus |
104.794 |
37.985 |
23.242 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
50.500 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
254.794 |
174.183 |
103.019 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.160 |
4.183 |
4.316 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
43.265 |
|
(d) long-term provisions |
15.564 |
50.268 |
0.000 |
|
Total Non-current Liabilities (3) |
19.724 |
54.451 |
47.581 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
185.092 |
100.559 |
111.276 |
|
(b) Trade payables |
184.347 |
149.242 |
95.825 |
|
(c) Other current liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Short-term provisions |
6.259 |
3.637 |
3.805 |
|
Total Current Liabilities (4) |
375.698 |
253.438 |
210.906 |
|
|
|
|
|
|
TOTAL |
650.216 |
482.072 |
361.506 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
82.836 |
85.059 |
65.474 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.814 |
2.791 |
3.158 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
4.552 |
3.353 |
0.000 |
|
Total Non-Current Assets |
90.202 |
91.203 |
68.632 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7.143 |
4.966 |
14.142 |
|
(c) Trade receivables |
471.939 |
327.820 |
219.219 |
|
(d) Cash and cash equivalents |
10.361 |
9.998 |
8.488 |
|
(e) Short-term loans and advances |
69.769 |
47.203 |
47.189 |
|
(f) Other current assets |
0.802 |
0.882 |
0.482 |
|
(g) Misc. Assets to the extent not w/f |
0.000 |
0.000 |
3.354 |
|
Total Current Assets |
560.014 |
390.869 |
292.874 |
|
|
|
|
|
|
TOTAL |
650.216 |
482.072 |
361.506 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
Income |
2095.124 |
1359.326 |
897.253 |
|
|
Other Income |
1.717 |
1.093 |
0.714 |
|
|
TOTAL (A) |
2096.841 |
1360.419 |
897.967 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
2026.347 |
1297.442 |
859.797 |
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
(2.177) |
9.176 |
(4.501) |
|
|
Employees benefits expense |
3.105 |
2.904 |
2.473 |
|
|
Other expenses |
8.368 |
5.413 |
4.821 |
|
|
TOTAL (B) |
2035.643 |
1314.935 |
862.590 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
61.198 |
45.484 |
35.377 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
26.833 |
20.803 |
17.380 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION
AND AMORTISATION (C-D) (E) |
34.365 |
24.681 |
17.997 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
6.741 |
5.895 |
4.740 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
27.624 |
18.786 |
13.257 |
|
|
|
|
|
|
|
Less |
TAX (H) |
5.826 |
4.043 |
3.407 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
21.798 |
14.743 |
9.850 |
|
|
|
|
|
|
|
Add |
SECURITIES PREMIUM RESERVE |
45.011 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD (K) |
37.985 |
23.242 |
13.392 |
|
|
|
|
|
|
|
|
BALANCE CARRIED TO THE B/S |
104.794 |
37.985 |
23.242 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
2.39 |
1.72 |
1.15 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
433.400 |
578.000 |
622.000 |
|
Total
Expenditure |
421.200 |
555.400 |
600.200 |
|
PBIDT
(Excl OI) |
12.200 |
22.600 |
21.800 |
|
Other
Income |
0.000 |
0.000 |
0.000 |
|
Operating
Profit |
12.200 |
22.600 |
21.800 |
|
Interest |
06.300 |
14.600 |
13.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
05.900 |
08.000 |
08.000 |
|
Depreciation |
01.700 |
01.700 |
01.700 |
|
Profit
Before Tax |
04.200 |
06.300 |
06.300 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
04.200 |
06.300 |
06.300 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
04.200 |
06.300 |
06.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.04
|
1.08 |
1.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.32
|
1.38 |
1.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.27
|
3.92 |
3.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.74
|
0.60 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.54 |
1.39 |
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 |
79.777 |
85.698 |
150.000 |
|
Reserves & Surplus |
23.242 |
37.985 |
104.794 |
|
Net worth |
103.019 |
123.683 |
254.794 |
|
|
|
|
|
|
long-term borrowings |
4.316 |
4.183 |
4.160 |
|
Short term borrowings |
111.276 |
100.559 |
185.092 |
|
Total borrowings |
115.592 |
104.742 |
189.252 |
|
Debt/Equity ratio |
1.122 |
0.847 |
0.743 |
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 |
897.253 |
1359.326 |
2095.124 |
|
|
|
51.499 |
54.130 |
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 |
897.253 |
1359.326 |
2095.124 |
|
Profit |
9.850 |
14.743 |
21.798 |
|
|
1.10% |
1.08% |
1.04% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10449993 |
29/11/2013 * |
154,600,000.00 |
DBS BANK LIMITED |
4A, NANDALAL BASU SARANI,
KOLKATA - 700071, WEST BENGAL, INDIA |
B90542507 |
|
2 |
10402552 |
05/02/2013 |
430,000,000.00 |
CENTRAL BANK OF INDIA |
CAMAC STREET BRANCH,
INDUSTRY HOUSE, 10, CAMAC S |
B67923037 |
|
3 |
10380161 |
26/09/2012 |
70,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE S |
B59536474 |
|
4 |
10360027 |
17/09/2012 * |
160,000,000.00 |
DBS BANK LIMITED |
KOLKATA BRANCH, 4A,
NANDALAL BASU SARANI, KOLKATA - 700071, WEST BENGAL, INDIA |
B58985250 |
* Date of charge modification
|
Unsecured Loan |
As
on 31.03.2013 [Rs. in Millions] |
As
on 31.03.2012 [Rs. in Millions] |
|
Long Term
Borrowings |
|
|
|
Term Loans |
|
|
|
From Other Parties |
3.779 |
3.145 |
|
TOTAL
|
3.779 |
3.145 |
CORPORATE INFORMATION
The company is engaged primarily
in the business of Bottling, trading of LPG and Retailing of Auto LPG. It has
its LPG Bottling plant at Durgapur and Auto LPG
retailing station at Paschim Medinipur.
REVIEW OF OPERATION:
The Company has been
gradually gearing up its performance level to consolidate its position in the
face of stiff competition in the market with firm commitment and sustained
efforts. The company expects to maintain persistent growth in the years to
come. During the period 2012-13, the Company has achieved a substantial growth,
both in turnover and profits
Net Sales increased
by………………………………….54% to Rs. 2095.124 Millions
PBDIT increased
by……………………………………….34% to Rs. 61.198 Millions
Profit before tax increased
by………………………47% to Rs. 27.624 Millions
Net
Profit increased by………………………………..48% to Rs. 21.798
Millions
FUTURE OUTLOOK:
During the course of
current financial year, the Board has witnessed an impressive rise in demand
mainly due to public awareness for usage of commercial cylinders in commercial
applications in the place of domestic cylinders and accordingly the Company
expects to perform better. The Management has taken adequate steps to cater the
future demand for consolidating its position in the market. LPG being more
economical in comparison with others fuels and the industry will gain
significance not only in the Eastern Region, but also throughout India. The
company has also decided for setting up/or purchase more Bottling Plant/Auto
LPG Retail Outlets (Dispensing Stations) which will require substantial
investment in future. The company is evaluating all the options to propel its
expansion plans. After government’s restriction on supply of subsidised LPG in
domestic sector the company is planning to enter in domestic supply of LPG and
this will open new avenue. Further the company decided to engage itself and
work in the field of conventional and non-conventional form of energy and
power. India is one of the few countries which have plenty of hydro, tidal,
wind and solar energy available which can be easily harnessed. Hence to grab
this opportunity the company alters it’s MOA under section 192A and the same is
approved by the Registrar of Companies, West Bengal.
BOTTLING SEGMENT
The company caters the commercial
cylinder market of West Bengal, Bihar and Orissa from
its own bottling plant situated at Durgapur. The
company already stepped forward to set up few new LPG bottling plant at
strategically potential locations to cover Central and Southern India as well
for marketing its “EAST GAS” brand commercial LPG cylinders. This will add to
company’s presence in Domestic, Commercial and Industrial segment. With various
government checks on Domestic LPG supplies the company expects that the
Domestic sector will also open up as Good Avenue.
BULK LPG
The Company expects good
growth in this segment due to the conversion of major industries from Coal/
other alternate fuels to LPG/Propane due to Environment concerns. LPG being a
cleaner and cheaper fuel is preferred choice of the Industrial Customers. The
company is also exploring opportunities throughout India as usage of LPG in
Industrial houses is growing.
AUTO LPG
The Company has already
commissioned its 1st ALRO in West Bengal with the plan to make the chain of 100
Auto LPG Refilling Outlets throughout India in coming years.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT:
INDUSTRY
STRUCTURE AND DEVELOPMENTS:
India is working towards
self-reliance in O and G segment and has immense potential to achieve the same,
as about 80 per cent of the country's sedimentary area is yet to be explored.
Recent large-scale oil and gas discoveries in the Krishna Godavari
and Rajasthan basins have further consolidated India's confidence to achieve
the targets. India stood out as one of the top contributors to growth in the
refining sector in 2013, according to the International Energy Agency (IEA).
The latest report released by the international entity shows that the country
processed 4.5 million barrels per day (mbpd) of crude
oil in October 2012, (680, 000 bpd higher than a year earlier).
Thus the market of LPG is
growing and Government of India also takes many initiatives for growth of this
sector. The Indian oil ministry has set targets to reduce energy import
dependency from current 80 per cent to 50 per cent by 2020.
FINANCIAL PERFORMANCE
REVIEW OF THE COMPANY:
A critical appraisal is
made by the Audit Committee before drawing Quarterly Statement of Accounts and
the Board also reviewed the same on each occasion. The company has outperformed
in the year 2012-13 compared to the year 2011-12. Total income has gone up from
1359.300 Millions to 2095.100 Millions, operating profit from 38.496 Millions
to 52.739 Millions and net profit before tax from 18.786 Millions to 27.624 Millions.
1. Share Capital – The
company has authorised share capital of Rs. 150.000
Millions comprising of equity shares of face value Rs.10/- The paid up share
capital is Rs.150.000 Millions. During the year company issued 64, 36,200
shares at a premium of Rs.7 per share.
2. Reserve and Surplus –
Total accumulated profit as on 31/03/2013 is Rs.
104.794 Millions.
3. Loan Profile – The
Company has taken secured loan of Rs. 0.381 Million
and the unsecured loan stands to Rs. 3.779 Millions.
4. Fixed Assets – During
the year, total additions to the gross block of assets was Rs.
4.067 Millions. Full additional investment in fixed assets was funded out of
internal accruals.
5. Investments – The
Company has not made any fresh investment in capital market during the year.
6.
Cash and Bank Balance – The Company had adequate liquidity of Rs.10.361.
Millions in the various Bank Accounts.
OUTLOOK:
The company has achieved
its highest sales turnover during the year. In view of the undergoing economic
reforms the prospect of the Industry seems certain. The Management of the
Company has been keeping close watch to take this opportunity even at the risk
of more investment in the sector. LPG will see growing consumption in India
despite the availability of more natural gas from KG basin, Gail, etc. This is
due to the ease of transportation unlike natural gas which requires huge
investment in infrastructure such as pipelines and a gas grid. All segments of
the LPG business, including Industrial supplies, Commercial LPG and Auto LPG
dispensing stations are expected to see high growth. The management has further
decided to engage itself and work in the field of conventional and
non-conventional form of energy and power. India is one of the few countries
with plenty of hydro, tidal, water, wind solar, wind available and could be
easily harnessed. The Indian Renewable Energy Development Agency and the
Ministry of Non-Conventional Energy Sources are formulating a programme to have
solar and other energy and power in more than a million households in the next
few years. To grab this upcoming opportunity management has decided to import
the renewable energy products and allied equipment to set up in
India.
FIXED ASSETS:
·
Land and Development –
Leasehold
·
Building
·
Plant, Machinery and
Equipment
·
LPG Cylinders
·
Furniture and Fixtures
·
Vehicles and Motor Car
·
Office Equipments
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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.