MIRA
INFORM REPORT
|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
IVP LIMITED |
|
|
|
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Registered
Office : |
Shashikant Narayan Redij Marg, Ghorupdeo, Cotton Green, Mumbai - 400033, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
05.07.1929 |
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|
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|
Com. Reg. No.: |
11-001503 |
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Capital
Investment / Paid-up Capital : |
Rs. 103.263 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74999MH1929PLC001503 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUM104866B |
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|
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|
PAN No.: [Permanent
Account No.] |
AAAC10992A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of
Foundry Chemicals, Castings, and Allied products. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered normal for business dealing at usual
trade terms and condition. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-64562352
LOCATIONS
|
Registered Office/ Corporate Office / Factory 1 : |
Shashikant Narayan Redij Marg, Ghorupdeo, Cotton
Green, Mumbai - 400033, Maharashtra,
India |
|
Tel No: |
91-22-23723399 / 23719631 / 2 / 3 / 4/64652352-54/53 |
|
Fax No: |
91-22-2373 9064/ 23723399/23719633 |
|
E-mail: |
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|
Website: |
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|
Location: |
Owned |
|
|
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|
Factory 2 : |
Golmuri, |
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|
Factory 3 : |
28-B, Kumbalagudu, 1st Phase, KIADB
Industrial Area, |
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|
|
|
Factory 4 : |
D-19/D-20,
MIDC Area, Tarapur, Thane - 401 506, |
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|
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|
Divisional sales
offices : |
·
Ahmadabad ·
·
Mumbai ·
·
·
·
·
·
Chennai ·
·
Secunderabad |
|
|
|
|
Representative
offices at : |
·
Asansol ·
Gurgaon ·
Hubli ·
·
·
Pune |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
Shiraz Abdul Razak Allana |
|
Designation : |
Chairman – Non Executive |
|
Address : |
Allana House, Allana Road, Colaba, Mumbai – 400001, Maharashtra, India
|
|
Date of Birth/Age : |
11.07.1960 |
|
Date of Appointment : |
18.06.2002 |
|
DIN No.: |
00481054 |
|
|
|
|
Name : |
Mr. Deendayal Vyas (from 1.4.2013) |
|
Designation : |
Whole time Director and President |
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|
|
|
Name : |
Mr. Sam Burjorji Jijina |
|
Designation : |
Whole time Director and Company Secretary |
|
Address : |
17, Ahura Apartment, Gunpowder Road, Mumbai – 400010, Maharashtra,
India |
|
Date of Birth/Age : |
17.03.1950 |
|
Date of Appointment : |
26.06.2001 |
|
DIN No.: |
00260123 |
|
|
|
|
Name : |
Mr. Gowrishankar Kuppuswamy Tirumangalam |
|
Designation : |
Whole time Director and Company Secretary |
|
Address : |
12 Caramel Apartment, 30 Nepeansea Road, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
16.03.1950 |
|
Date of Appointment : |
29.05.2005 |
|
DIN No.: |
00847357 |
|
|
|
|
Name : |
Mr. Raghunath Moanlal Rai Kumar |
|
Designation : |
Whole time Director and Company Secretary |
|
Address : |
B- 703, Utpal Park, 7th Floor, Shitaladevi Temple Road, Mumbai – 400016, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1925 |
|
Date of Appointment : |
26.05.2005 |
|
DIN No.: |
00261227 |
|
|
|
|
Name : |
Mr. Amin Manekia |
|
Designation : |
Whole time Director and Company Secretary |
|
Address : |
10 Bhaveshwar, Sagar, 20 Nepeansea Road, Mumbai – 400010, Maharashtra,
India |
|
Date of Birth/Age : |
16.06.1961 |
|
Date of Appointment : |
15.07.2009 |
|
DIN No.: |
00053745 |
|
|
|
|
Name : |
Mr. Deendayal Vyas |
|
Designation : |
Executive Management Executive Director and President |
KEY EXECUTIVES
|
Name : |
Mr. K. R. Dharawat (from 22.02.2013) |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. S. S. Sayed (from 1.4.2013) |
|
Designation : |
Company Secretary |
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|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
191834 |
1.86 |
|
|
6028076 |
58.38 |
|
|
6219910 |
60.23 |
|
|
|
|
|
|
1094759 |
10.60 |
|
|
1094759 |
10.60 |
|
Total
shareholding of Promoter and Promoter Group (A) |
7314669 |
70.84 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
350 |
0.00 |
|
|
3140 |
0.03 |
|
|
35505 |
0.34 |
|
|
234911 |
2.27 |
|
|
273906 |
2.65 |
|
|
|
|
|
|
150629 |
1.46 |
|
|
|
|
|
|
1243850 |
12.05 |
|
|
1328786 |
12.87 |
|
|
14423 |
0.14 |
|
|
14205 |
0.14 |
|
|
218 |
0.00 |
|
|
2737688 |
26.51 |
|
Total Public
shareholding (B) |
3011594 |
29.16 |
|
|
|
|
|
Total (A)+(B) |
10326263 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
10326263 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 1 lakh
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Foundry Chemicals, Castings, and Allied products. |
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|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||
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Bankers : |
·
Union Bank of India, Mumbai, Maharashtra, India ·
Vijaya Bank, Mumbai, Maharashtra, India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
Note : (*) (i) Secured By Hypothecation by way of First Pari - passu charge on
entire current assets i.e. stocks, book debts moveable properties at all
locations of the company, monies deposits, receivables, bills contracts,
securities and instruments. (ii) There are
no defaults on repayments of any of the above loans or interest thereon. |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
B.S. Mehta and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associates: |
·
Frigorifico Allana Limited ·
Frigerio Conserva Allana Limited ·
Allana Frozen Foods Limited ·
Anjaneya Cold Storage Limited ·
Allana Bros Private Limited ·
Delmon Foods Limited ·
Allana Services Limited ·
Allana
Exports Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity shares |
Rs.10/- each |
Rs.5.000 Millions |
|
24500000 |
Preference Shares |
Rs.10/- each |
Rs.245.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10326263 |
Equity Shares |
Rs.10/- each |
Rs.103.263
Millions |
|
|
|
|
|
NOTE:
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 one vote per share. The Company declares and pays dividend proposed
by Board of Directors subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the current year, the dividend amount
of Rs. 1.00 per share is proposed.
In the event of liquidation of the company,
the holders of Equity Shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution
will be proportion to the number of Equity Shares held by shareholders.
Reconciliation of the Shares Outstanding at the beginning and at the end
of the reporting period
|
Name of the Shareholder |
31.03.2014 |
|
|
|
No. of shares |
Rs. In Millions |
|
Equity Shares Outstanding at the Beginning
of the Year |
10,326,263 |
103.262 |
|
Equity Shares issued during the year |
-- |
-- |
|
Equity Shares bought back during the year |
-- |
-- |
|
Equity Shares oustanding at the end of the
year |
10,326,263 |
103.262 |
The company has neither bought back nor forfeited any shares.
Share holder having more than 5% of holding
|
Name of the Shareholder |
31.03.2014 |
|
|
|
No. of shares |
% Holding |
|
Allana Exports Limited |
2,659,994 |
25.76% |
|
Allana Cold Storage Limited |
891,473 |
8.63% |
|
Anjenya Cold Storage Limited |
662,660 |
6.42% |
|
Phoenicia Shipping Company Limited |
882,946 |
8.55% |
|
|
5,097,073 |
49.36% |
Details of utilisation of proceeds raised through public issue - Not
Applicable
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
103.263 |
103.263 |
103.263 |
|
(b) Reserves & Surplus |
417.412 |
405.354 |
387.052 |
|
(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) |
520.675 |
508.617 |
490.315 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
19.674 |
17.331 |
15.170 |
|
(c) Other long term
liabilities |
0.00 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.427 |
1.172 |
1.389 |
|
Total Non-current Liabilities
(3) |
21.101 |
18.503 |
16.559 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
42.368 |
45.039 |
40.000 |
|
(b) Trade payables |
171.057 |
178.279 |
201.134 |
|
(c) Other current
liabilities |
134.178 |
138.294 |
135.185 |
|
(d) Short-term provisions |
16.732 |
21.852 |
22.803 |
|
Total Current Liabilities
(4) |
364.335 |
383.464 |
399.122 |
|
|
|
|
|
|
TOTAL |
906.111 |
910.584 |
905.996 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
150.581 |
157.329 |
155.982 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2.799 |
3.545 |
5.395 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.284 |
0.284 |
0.284 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.392 |
12.782 |
7.700 |
|
(e) Other Non-current
assets |
1.676 |
3.188 |
3.021 |
|
Total Non-Current Assets |
161.732 |
177.128 |
172.382 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
138.716 |
125.641 |
118.850 |
|
(c) Trade receivables |
537.318 |
533.133 |
533.462 |
|
(d) Cash and cash
equivalents |
28.509 |
25.266 |
33.270 |
|
(e) Short-term loans
and advances |
26.505 |
42.975 |
39.267 |
|
(f) Other current
assets |
13.331 |
6.441 |
8.765 |
|
Total Current Assets |
744.379 |
733.456 |
733.614 |
|
|
|
|
|
|
TOTAL |
906.111 |
910.584 |
905.996 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1459.412 |
1505.767 |
1537.913 |
|
|
|
Other Income |
15.558 |
13.747 |
9.055 |
|
|
|
TOTAL (A) |
1474.970 |
1519.514 |
1546.968 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1154.634 |
1152.820 |
1174.378 |
|
|
|
Purchase of Stock-in-Trade |
37.331 |
40.933 |
45.537 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(12.227) |
1.698 |
(2.725) |
|
|
|
Employee benefit expense |
51.514 |
48.158 |
43.391 |
|
|
|
Other expenses |
187.285 |
205.828 |
193.042 |
|
|
|
Exceptional Items |
0.000 |
2.127 |
0.000 |
|
|
|
TOTAL (B) |
1418.537 |
1451.564 |
1453.623 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.433 |
67.950 |
93.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.640 |
4.378 |
4.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
53.793 |
63.572 |
89.069 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.035 |
11.514 |
11.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
41.758 |
52.058 |
77.708 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.126 |
15.140 |
17.275 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
24.632 |
36.918 |
60.433 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
66.700 |
50.700 |
11.800 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
2.800 |
3.500 |
|
|
|
Proposed Dividend |
10.300 |
15.500 |
15.500 |
|
|
|
Corporate Dividend Tax |
1.800 |
2.600 |
2.500 |
|
|
BALANCE CARRIED
TO THE B/S |
77.200 |
66.700 |
50.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
27.357 |
26.060 |
21.481 |
|
|
|
Commission |
3.235 |
0.554 |
1.319 |
|
|
TOTAL EARNINGS |
30.592 |
26.614 |
22.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
217.103 |
194.642 |
241.942 |
|
|
|
Trading |
26.776 |
29.938 |
34.625 |
|
|
TOTAL IMPORTS |
243.879 |
224.580 |
276.567 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.39 |
3.58 |
5.85 |
|
|
|
Diluted |
2.39 |
3.58 |
5.85 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.67 |
2.43 |
3.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.86 |
3.46 |
5.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.62 |
5.74 |
8.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.10 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.09 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04 |
1.91 |
1.84 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
103.263 |
103.263 |
103.263 |
|
Reserves & Surplus |
387.052 |
405.354 |
417.412 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
490.315 |
508.617 |
520.675 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
40.000 |
45.039 |
42.368 |
|
Total
borrowings |
40.000 |
45.039 |
42.368 |
|
Debt/Equity
ratio |
0.082 |
0.089 |
0.081 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1,537.913 |
1,505.767 |
1,459.412 |
|
|
|
(2.090) |
(3.078) |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1,537.913 |
1,505.767 |
1,459.412 |
|
Profit/(Loss) After Tax |
60.433 |
36.918 |
24.632 |
|
|
3.93% |
2.45% |
1.69% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note: Registered office of the company has been
shifted from Sidhwa House, Third Floor, N.A Sawant Marg, Sasoon Dock, Colaba,
Mumbai-400005,
PERFORMANCE FOR
THE YEAR:
Revenue for the
year declined by 2.93% over the previous year to Rs.1475.000 Millions. Demand
for foundry chemicals was impacted on account of the challenging economic
environment and slowdown in automobile and steel sector, which impacted casting
industry.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
OPERATING
PERFORMANCE FOR THE YEAR
Foundries are the
backbone of any industrial economy that produces metal castings, used by
sectors such as automotive, construction, heavy machinery, mining, railways,
steel. The processes of manufacturing of the castings in each sector has unique
requirement and characteristics. Thus our customers need tailor-made solutions
and
services.
Indian Foundry
Chemical industry is around Rs.1500 crores and its products are used in the
manufacture of metal cast components for applications in Auto, Tractor,
Railways, Defence, Textile, Cement, Power machinery, Pumps, Valves,
Construction, Electricals and special applications. The Castings produced are
ferrous, non-ferrous, aluminium alloy, cast iron, steel, ductile cast etc.
The Company
operates across two major market sectors of the foundry chemicals industry –
automotive castings
and steel
castings. Of the overall industry, companies with joint ventures with
multinational companies, collectively enjoy market share of 55% and the
remaining market share is enjoyed by Indian companies.
MACRO ECONOMIC
SITUATION
The year 2013-2014
was a difficult and challenging one for the core sector and manufacturing
sector in India. GDP growth dropped to below 5% and inflation remained above
the comfort level of Reserve Bank of India. Adverse balance of payment and
higher current account deficit kept rupee very volatile and depreciating
against
all major
currencies touching a peak of Rs. 68.85 to the US Dollar before returning to a
level of Rs. 62 by the end of the financial year.
AUTOMOTIVE
INDUSTRY
The automotive
sector was in downturn during the year 2013-14. Sales of passenger and
commercial vehicles as well three wheelers declined by 6.8%, 20.3% and 11%
respectively.
The macro economic
situation and sluggish performance of the automotive industry impacted the
Company’s performance adversely.
OUTLOOK
Going by the
initial indications at the start of the financial year 2014-15, no significant
positive change is seen in the current market conditions. However, the management
of your Company is hopeful that in the coming period, with high expectation for
turnaround in GDP growth, control over inflation, a stable rupee and faster
implementation of policies, the manufacturing sector will be back on track and
with that the foundry industry will regain its growth trajectory. The Company
has already created adequate production capacity of foundry resins and related
products to take advantage of the opportunities that may arise on the recovery
of demand. The manufacturing facility for powder resins has been consolidated
and the Company has started producing the powder resins at Tarapur plant. The
Company is also looking at increasing export volumes.
The Company,
having realised that it is heavily dependent on resins for foundries and
in-order to reduce the dependency, has already made a foray in the area of
other non-foundry resins and as per initial feed back, the non-foundry resins
products have been well accepted in the market.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10308841 |
22/09/2011 * |
150,000,000.00 |
VIJAYA BANK |
MAKER CHAMBERS IV, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B24426140 |
|
2 |
10222018 |
04/12/2010 * |
25,000,000.00 |
UNION BANK OF
INDIA |
MUMBAI SAMACHAR MARG, 66/80,MUMBAI
SAMACHAR MARG |
B01397983 |
|
3 |
10222019 |
05/05/2011 * |
44,000,000.00 |
UNION BANK OF
INDIA |
MUMBAI SAMACHAR MARG,, 66/80,MUMBAI
SAMACHAR MARG |
B12113213 |
NOTE: * Date of
charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs. in
millions) |
31.03.2013 (Rs. in
millions) |
|
|
|
|
|
Claims against the Company not acknowledged
as Debts |
2.396 |
2.396 |
|
Bank Guarantee with Parties |
2.225 |
20.000 |
|
Bank Guarantee for Customs Duty / Octroi |
0.000 |
0.772 |
|
Sales Tax [VAT of various states and CST] {(includes
bank Guarantee Rs.0.045 Million (Rs.0.045 Million)} |
4.435 |
4.435 |
|
Excise / Service Tax |
8.720 |
9.637 |
|
Mumbai Agricultural Produce marketing
Committee (APMC) |
1.798 |
1.798 |
|
Electricity Charges |
0.196 |
0.196 |
|
Mumbai Port Trust * |
86.977 |
73.772 |
|
Infrastructure Damage Charge |
7.617 |
7.617 |
|
Duty on export obligation pending against
advance |
|
|
|
NOTE: * The Company has filed a writ petition in
the Hon’ble High Court at Mumbai Challenging the charging of rent on Market value
of property as also not renewing the lease up to year 2024 which is vocative
of the order passed by the Hon’ble Supreme Court on January 13, 2004 and the
same has been admitted on January 24, 2012 which is pending for disposal. |
||
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Equipment
·
Furniture, Fixtures and
Fittings
·
Office Equipment
·
Computers
·
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, bloked, 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.60.85 |
|
UK Pound |
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.