MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIVI ORGANICS LIMITED (w.e.f.01.07.1998) |
|
|
|
|
Formerly Known
As : |
PRIVI ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.1982 |
|
|
|
|
Com. Reg. No.: |
11-026867 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 148.450 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24120MH1982PLC026867 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17382B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4717A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of aroma chemicals. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There appears dip in profit of the company in 2013. However, overall
financial position of the company is decent.
Trade relation reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
13.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.12.2013 |
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. Sachin |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-22-66023500 |
LOCATIONS
|
Registered Office and Knowledge Centre : |
“Privi house”, A-71, TTC,
Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai – 400709,
Maharashtra, India |
|
Tel. No.: |
91-22-27783040-48/ 66023500/ 66023600 |
|
Fax No.: |
91-22-27783049 |
|
E-Mail : |
mahadeshewarsachin@privi.co.in sales@privi.co.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
111-A, Karimjee Building, 2nd Floor, M.G. Road,
Opposite Mumbai University, |
|
Tel. No.: |
91-22-22662626 |
|
Fax No.: |
91-22-22623950 |
|
|
|
|
Factory 1 : |
A7, MIDC, Mahad, Raigad – 402309, |
|
Tel. No.: |
91-2145-232122 |
|
Fax No.: |
91-2145-233494 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
C4 and 5, MIDC, Mahad, Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-233245/ 232122 |
|
Fax No.: |
91-2145-233754/ 233494 |
|
Location : |
Owned |
DIRECTORS
As on 03.09.2013
|
Name : |
Mr. Mahesh Purshottam Babani |
|
Designation : |
Managing director |
|
Address : |
7/8, Satguru House,
Sherley Rajan Road, Opposite Carter Road, Bandra (West) Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
01.04.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00051162 |
|
PAN No.: |
AFLPB1549R |
|
|
|
|
Name : |
Mr. Satan Santumal Bharwani |
|
Designation : |
Director |
|
Address : |
34, Bandra
Amarjeevan Society, St. Martin Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
01.09.1936 |
|
Qualification : |
M.A., CAIIB |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00183286 |
|
|
|
|
Name : |
Mr. Arjan Jehanand Advani |
|
Designation : |
Director |
|
Address : |
38, Sunita
Building, 3rd Floor, Opposite Colaba Post Office, Colaba, Mumbai –
400005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1936 |
|
Qualification : |
B. Chem Engg,
DBM |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00076951 |
|
|
|
|
Name : |
Mr. Anoop Purshotam Babani |
|
Designation : |
Director |
|
Address : |
11, Satguru House,
Sherley Rajan Road Opposite Carter Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
27.05.1954 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
18.03.1999 |
|
DIN No.: |
00185218 |
|
PAN No.: |
AFLPB1551R |
|
|
|
|
Name : |
Mr. Doppalapudi B Rao |
|
Designation : |
Whole-time director |
|
Address : |
903, Daffodils,
Satguru Gardens, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1946 |
|
Qualification : |
M.E. |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00356218 |
|
PAN No.: |
AADPR7777A |
|
|
|
|
Name : |
Mr. Rajesh Harichandra Budhrani |
|
Designation : |
Director |
|
Address : |
6 Ardmore Park,
19-01, The Ardmore, Singapore-259953 |
|
Date of Birth/Age : |
01.08.1970 |
|
Qualification : |
B. Sc, Major in
Accounts and Finance |
|
Date of Appointment : |
11.08.2005 |
|
DIN No.: |
01284426 |
|
|
|
|
Name : |
Mr. Rahul Raisurana |
|
Designation : |
Director |
|
Address : |
19 Ballygunge
Circular Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
31.03.1980 |
|
Qualification : |
B.Com (Hons.),
MBA, Masters in International Management |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
02570812 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Vishanlal Kathuria |
|
Designation : |
Secretary |
|
Address : |
Shilp-II, Flat
No. 504 , The Residency CHS, L.B.S. Marg, Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
01.07.2006 |
|
PAN No.: |
AFRPK9121J |
|
|
|
|
Name : |
Mr. Sachin |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.09.2013
NOTE: MAJOR SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 03.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
36.84 |
|
Bodies corporate |
11.16 |
|
Directors or relatives of Directors |
43.76 |
|
Other top fifty shareholders |
8.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of aroma chemicals. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Aromotic Chemicals at A-7, MIDC, Mahad |
MT |
3300 |
|
|
Aromotic Chemicals at C-4, C-5, C-6, C-7 |
MT |
6300 |
|
|
By Products [2011] |
MT |
-- |
20686.97 |
Notes: * Installed capacity is as certified by the Management and accepted by the Auditors, as it is a technical matter. (Figures in brackets pertain to previous year).
GENERAL INFORMATION
|
No. of Employees : |
800 (Approximately) |
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|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· ING Vysya Bank Limited, 22, M G Road,Bangalore, Bangalore - 560001, Karnataka, India ·
Bank of Baroda, Mulji Jetha Building, 185/187,
Princess Street, Mumbai – 400002, Maharashtra, India (Joined the consortium w.e.f 31.01.2005) |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000/30902511 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives: |
· Minar Organics Private Limited, India [U24110MH1994PTC075907] · Privi Life Sciences Private Limited, India [U24239MH1990PTC057075 · Satguru Constructions Company Private Limited, India [U70100MH1987PTC042650] · Vivira Chemicals Private Limited, India [U24110MH1989PTC052478] · Privi Pharma Private Limited · Vivira Chemical Industries |
|
|
|
|
Subsidiary company: |
· Privi Biotechnologies Private Limited.(formally known as Prime Machine Company Private Limited ) [U74220MH1985PTC037534] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14845001 |
Equity Shares |
Rs. 10/- each |
Rs. 148.450
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 |
148.450 |
148.450 |
136.583 |
|
(b) Reserves & Surplus |
1448.676 |
1374.690 |
866.849 |
|
(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) |
1597.126 |
1523.140 |
1003.432 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
637.532 |
474.413 |
656.620 |
|
(b) Deferred tax liabilities (Net) |
68.107 |
63.906 |
66.372 |
|
(c) Other long term liabilities |
0.025 |
0.025 |
0.025 |
|
(d) long-term provisions |
24.761 |
21.429 |
17.792 |
|
Total Non-current Liabilities (3) |
730.425 |
559.773 |
740.809 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
960.202 |
672.107 |
345.116 |
|
(b) Trade payables |
929.147 |
1098.095 |
983.524 |
|
(c) Other current
liabilities |
520.340 |
398.077 |
698.771 |
|
(d) Short-term provisions |
28.555 |
31.009 |
108.694 |
|
Total Current Liabilities (4) |
2438.244 |
2199.288 |
2136.105 |
|
|
|
|
|
|
TOTAL |
4765.795 |
4282.201 |
3880.346 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1352.173 |
1503.517 |
1033.136 |
|
(ii) Intangible Assets |
16.694 |
5.510 |
3.220 |
|
(iii) Capital
work-in-progress |
358.296 |
30.529 |
174.572 |
|
(iv)
Intangible assets under development |
40.639 |
22.314 |
0.000 |
|
(b) Non-current Investments |
66.356 |
66.356 |
1.834 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
183.236 |
142.660 |
136.908 |
|
(e) Other Non-current assets |
96.346 |
18.272 |
71.217 |
|
Total Non-Current Assets |
2113.740 |
1789.158 |
1420.887 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.501 |
1.501 |
1.501 |
|
(b) Inventories |
1071.950 |
1059.570 |
753.797 |
|
(c) Trade receivables |
1261.796 |
1096.657 |
890.930 |
|
(d) Cash and cash
equivalents |
159.625 |
249.199 |
736.185 |
|
(e) Short-term loans and
advances |
157.183 |
86.116 |
77.046 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2652.055 |
2493.043 |
2459.459 |
|
|
|
|
|
|
TOTAL |
4765.795 |
4282.201 |
3880.346 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4294.580 |
3837.035 |
3630.389 |
|
|
|
Other Income |
22.868 |
53.115 |
94.254 |
|
|
|
TOTAL |
4317.448 |
3890.150 |
3724.643 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3057.401 |
2844.887 |
2373.012 |
|
|
|
Purchases of stock-in-trade |
9.143 |
0.000 |
72.525 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(163.068) |
(209.426) |
19.238 |
|
|
|
Employee benefit
expense |
158.490 |
132.172 |
128.456 |
|
|
|
Other expenses |
757.803 |
651.388 |
531.281 |
|
|
|
Prior Period
Items |
0.000 |
0.000 |
3.784 |
|
|
|
TOTAL |
3819.769 |
3419.021 |
3128.296 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
497.679 |
471.129 |
596.347 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
182.582 |
146.181 |
75.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
315.097 |
324.948 |
521.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
184.591 |
130.500 |
112.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
130.506 |
194.448 |
408.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
56.520 |
58.381 |
177.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
73.986 |
136.067 |
231.325 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
626.287 |
490.220 |
303.991 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
17.349 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.000 |
3.952 |
|
|
|
Provision for Dividend Distribution Tax |
0.000 |
0.000 |
23.795 |
|
|
BALANCE CARRIED
TO THE B/S |
700.273 |
626.287 |
490.220 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2876.724 |
2683.049 |
2458.384 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2397.729 |
2014.328 |
|
|
|
Capital Goods |
NA |
8.734 |
3.824 |
|
|
TOTAL IMPORTS |
NA |
2406.463 |
2018.152 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.98 |
9.41 |
19.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.71
|
3.50
|
6.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
5.07
|
11.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
|
4.67
|
11.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.13
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40
|
0.75
|
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.13
|
1.15 |
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 |
136.583 |
148.450 |
148.450 |
|
Reserves & Surplus |
866.849 |
1374.690 |
1448.676 |
|
Net
worth |
1003.432 |
1523.140 |
1597.126 |
|
|
|
|
|
|
long-term borrowings |
656.620 |
474.413 |
637.532 |
|
Short term borrowings |
345.116 |
672.107 |
960.202 |
|
Total
borrowings |
1001.736 |
1146.520 |
1597.734 |
|
Debt/Equity
ratio |
0.998 |
0.753 |
1.000 |
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 |
3630.389 |
3837.035 |
4294.580 |
|
|
|
5.692 |
11.924 |
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 |
3630.389 |
3837.035 |
4294.580 |
|
Profit |
231.325 |
136.067 |
73.986 |
|
|
6.37% |
3.55% |
1.72% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
LITIGATION DETAILS |
||||
|
Bench:- Bombay |
||||
|
Lodging No. : |
ITXAL/710/2014 |
Failing Date:- |
24/03/2014 |
|
|
|
||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
PRIVI ORGANICS LIMITED |
|
|
Petn.Adv:- |
A R MALHOTRA (I3164) |
|
|
|
|
District:- |
MUMBAI |
|||
|
|
||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|
|
Status:- |
Pre - Admitted |
Stage:- |
|
|
|
Last Date:- |
01/04/2014 |
|
||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||
|
|
|
|||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
||
FINANCIAL AND
OPERATIONAL REVIEW:
The global recessionary trend witnessed in the previous year continued during the current year as well. The growth of the world economy slipped from 3.9% in 2011 to just 3.1% in 2012 (corresponding to financial year ending 31/03/2012 and 31/03/2013 respectively). Currency volatility resulted in forex losses and led to profit erosion. The Company, under the above scenario has still been able to achieve a Profit before Tax of Rs. 130.506 Millions, net of Forex Losses. (Previous Year Rs.194.448 Millions).
The Company achieved a net sales turnover of Rs. 4236.304 Millions (Previous year Rs. 3837.035 Millions) registering a growth of 10%. While the export sales turnover grew by 6%, the local sales turnover showed a resounding growth of 26% due to certain global customers diversifying their contracts through their Indian arm.
The Company’s net worth as on March 31, 2013 was Rs. 1597.126 Millions, with paid-up capital of Rs.148.451 Millions and accumulated reserves and surplus of Rs. 1448.676 Millions.
The Company’s performance could have been better but for the following factors:
Steep depreciation of the INR against USD from INR [50.80] / USD in April 2012 to INR [54.43] / USD in March 2013 with a peak level of INR [57.72] / USD seen in November 2012.. A weak demand environment, due to the economic crisis in Europe, increased competition and Just-in-Time purchases from key customers. This led to a further reduction in finished goods prices Volatility in the prices of major raw materials. Increase in overheads due to inflation and increased power costs due to high oil prices.
OUTLOOK:
The Company, having achieved a growth of over 10% over the previous year, continues to experience a slowdown in demand for its products particularly in Europe. But the good news is that USA seems to be doing better than earlier - though still far from the potential that this key market holds for us. Demand in Latin America and Asia continues to be buoyant. Large buyers like Firmenich, Givaudan, Henkel and P and G are seeing positive signs in terms of business momentum for the year 2013. The demand for consumer products continues to be strong in Brazil, India, China and other Asian Countries from where the top five fragrance houses continue to see their growth. Demand for consumer products in developed nations such as the USA, Europe and Japan continue to be resilient. The Company sees its growth coming from key accounts in emerging and developing countries and its product mix will enable the Company to increase its share of revenue coming from specialty aroma chemicals.
The Company is continuously trying to make inroads in to the developing markets by seeking more and more customers that will help propel the growth path set by it. In fact, the Company is now selling to nine of the top 10 fragrance houses.
COMPANY OVERVIEW
Subject is manufacturer, supplier and exporter of aroma chemicals.
Privi started manufacturing aroma chemicals in the year 1992 with only two products, which it gradually expanded to a range of over 50 products.
Privi also develops and produces custom-made aroma chemicals as per specific requirement of the customer. The Company’s manufacturing units are located at Mahad. Privis in-house Research and Development center has been accorded recognition by the Department of Scientific and Industrial Research.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Borrowing from government semi-government bodies |
3.744 |
4.368 |
|
Deferred sales tax loan |
51.948 |
57.249 |
|
Total |
55.692 |
61.617 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10463697 |
11/10/2013 |
83,000,000.00 |
BANK OF BARODA |
PRINCESS STREET
BRANCH, 1ST FLOOR, MULJI JETHA B |
B90910902 |
|
2 |
10459580 |
20/09/2013 |
150,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B89286975 |
|
3 |
10360606 |
29/05/2012 |
448,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, 25, BARAKHAMBA ROAD, BIRLA TO WER, NEW DELHI, DELHI - 110001, INDIA |
B41620253 |
|
4 |
10288943 |
02/05/2011 |
167,660,400.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
B13762489 |
|
5 |
10257414 |
12/11/2010 |
368,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAILAN
MANZIL, BARKHAMBA ROAD, NEW DELHI, |
A98873672 |
|
6 |
10095029 |
13/12/2013 * |
985,000,000.00 |
BANK OF BARODA |
PRINCESS STREET BRANCH, 185/187, MULJI JETHA BLDG. 1ST FLOOR, PRINCESS STREET, MUMBAI, MAHARASHTR A - 400002, INDIA |
B92482249 |
|
7 |
10079171 |
05/09/2007 |
19,000,000.00 |
PUNJAB NATIONAL BANK |
ILACO HOUSE, SIR P.
M. ROAD, FORT, MUMBAI, MAHAR |
A26390146 |
|
8 |
10078044 |
05/09/2007 |
34,000,000.00 |
PUNJAB NATIONAL BANK |
ILLACO HOUSE, SIR
P.M. ROAD, MUMBAI, MAHARASHTRA |
A26388710 |
|
9 |
10044586 |
28/02/2007 |
230,000,000.00 |
PUNJAB NATIONAL BANK LIMITED |
ILACO HOUSE, FORT,
MUMBAI, MAHARASHTRA - 400001, |
A12748687 |
|
10 |
10036131 |
03/01/2007 |
49,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS,
GROUND FLOOR, SANDHURST BRIDGE, |
A10534071 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
Rs.
in Millions |
|
|
Demand of Rs.1.552 millions (paid of Rs.6.00 paid) raised by Customs, Excise and Service Tax Appellate Tribunal West Zonal Bench, Mumbai for clearance of imported goods under DEPB scheme. (Contravention of the provisions of Section 111 (o) of the Customs Act, 1962) |
1.552 |
1.552 |
|
Demand raised by Income Tax Authorities |
28.083 |
28.083 |
|
Total |
29.635 |
29.635 |
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Leasehold improvements
Intangible assets
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.