MIRA
INFORM REPORT
|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA SPECIALTY CHEMICALS INDIA LIMITED [w.e.f. 13.06.2011] |
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Formerly Known
As : |
ALBRIGHT AND WILSON CHEMICAL INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.09.1965 |
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Com. Reg. No.: |
11-013331 |
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Capital
Investment / Paid-up Capital : |
Rs. 33.800 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1965PLC013331 |
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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
: |
Subject is engaged in Manufacture of Organic Chemicals. |
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No. of Employees
: |
195 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear (Company is not traded on BSE / NSE in last 30 days) |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and loss that company has incurred from its operational
activities during financial year 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Fund based facilities: “A+ (SO)” (Suspended) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
December 2013 |
Reason for Suspended: Absence of requisite information.
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 PARTED BY
|
Name : |
Mr. Neeraj Mishra |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-66637100 |
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Date : |
13.08.2014 |
LOCATIONS
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Registered Office : |
Phoenix House, A Wing, 4th Floor, 462, Senapati Bapat Marg,
Lower Parel (West), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-66637100 |
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Fax No.: |
91-22-66637100 / 91-22-24952834 |
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E-Mail : |
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Area : |
15000 Sq.ft. |
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Location : |
Rented |
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Factory : |
MIDC Industrial Estate, Dhatav, Roha, District
Raigad - 402116, Maharashtra, India |
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Tel. No.: |
91-2194-263573 / 75 |
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Fax No.: |
91-2194-263571 |
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Area : |
17 Acres |
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Location : |
Leased |
DIRECTORS
AS ON: 31.03.2013
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Name : |
Mr. D. D. Chopra |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Suresh Talwar |
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Designation : |
Chairman |
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Name : |
Mr. Michel Ybert |
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Designation : |
Alt. Guo Lin |
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Name : |
Ms. Ian Brown |
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Designation : |
Alt. Ms. Quitterie Dupontreue De Pelleport |
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Name : |
Mr. Sanjeev Mukerjee |
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Designation : |
Director |
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Name : |
Mr. Ranjit Pandit |
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Designation : |
Director |
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Name : |
Mr. Yogesh Thar |
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Designation : |
Director |
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Name : |
Mr. Pierre-Franck Valentin |
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Designation : |
Alt. Chen Pu |
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Name : |
Mr. Prakash Raman |
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Designation : |
Director |
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Name : |
Mr. Manoj Khullar |
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Designation : |
Managing Director (w. e. f. 1st January 2013) |
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Name : |
Mr. Thomas Leutner |
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Designation : |
Managing Director (upto 31st December 2012) |
KEY EXECUTIVES
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Name : |
Mr. Niranjan Ketkar |
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Designation : |
Legal Manager and Company Secretary |
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Name : |
Mr. Neeraj Mishra |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on:
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Manufacture of Organic Chemicals. |
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Exports : |
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Products : |
Organic Chemicals |
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Countries : |
·
USA ·
France ·
Dubai ·
Oman |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Malaysia ·
USA |
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Terms : |
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Selling : |
Cash, Credit and open credit |
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Purchasing : |
Cash, Credit and open credit |
GENERAL INFORMATION
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Supplier : |
Bharat Petroleum |
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Customer : |
Wholesaler, Retailers and End Users ·
Hindustan Unilever ·
Procter and Gamble |
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No. of Employees : |
195 (Approximately) |
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Bankers : |
· State Bank of India · Corporation Bank ·
BNP Paribas ·
ING Vysya Bank, BNP Paribas, Mumbai Main
Branch, Mumabi, Maharashtra, India |
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Facilities : |
Note: Cash credit and overdraft facilities from bank, packing
credit, export packing credit and buyers credit carry interest ranging
between 2.7% p.a. and 15.2% p.a. computed on the basis of actual amount
utilised and are repayable on demand. These are secured by hypothecation of
inventories including raw materials, semi-finished goods, stock in process,
finished goods, book debts, bills receivable and all other recoverables, both
present and future. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Solicitors : |
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Name : |
Crawford Bayley and Company |
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Holding Company
: |
Rhodia UK Limited |
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Ultimate Holding
Company : |
Rhodia S.A., France |
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Fellow
Subsidiaries : |
· Rhodia Inc. USA · Rhodia Operations S.A.S., France · Rhodia Nicca Limited · Rhodia Poliamida E Especialidades Ltd. A, Brazil · Rhodia Polyamide Company Limited · Korea PT Rhodia Manyar · Rhodia (China) Company Limited · Rhodia Thai Industries Limited · Rhodia Asia Pacific Pte. Limited, Singapore · Rhodia Polymers and Specialties India Private Limited · Rhodia Feixiang Specialty Chemicals Company Limited · Rhodia (ZHENJIANG) Chemicals Company Limited · Rhodia Thai Holdings Limited · Rhodia UK Limited · Zhuhai Rhodia Specialty Chemicals Company Limited · Rhodia Korea Company Limited · Rhodia-Hengchang (Zhang Jiagang) · Solvay Specialities India Private Limited · Sunshield Chemicals Limited · Rhodia S.A. France |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.33.800 Millions
AS ON: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
3375600 |
Equity Shares |
Rs.10/- each |
Rs.33.756
Millions |
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Reconciliation of the
number of shares outstanding at the beginning and at the end of the year Equity
shares
|
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As on 31.03.2013 |
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No. of shares |
Rs. In Millions |
|
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At the beginning of the period |
3375600 |
33.756 |
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Add: Issued during the period |
-- |
-- |
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Outstanding at the end of the period |
3375600 |
33.756 |
Terms/Rights attached
to equity shares
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10 per share. Accordingly, all equity shares rank equally with regard to dividend and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
During the fifteen months period ended March 31, 2013, the amount of per share dividend recognized as distributable to equity shareholders is Rs. 2 (previous year: Rs. Nil). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Shares held by
Holding / ultimate Holding Company and/or their Subsidiaries
|
|
As on 31.03.2013 |
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No. of shares |
Rs. In Millions |
|
|
Rhodia UK Limited (Holding Company) |
2461974 |
24.620 |
Details of
shareholders holding more than 5% equity shares in the Company
|
Name of the
shareholder |
As on 31.03.2013 |
|
|
No. of shares |
% Holding |
|
|
Rhodia UK Limited |
2461974 |
72.93% |
|
Taj Performance Fund (Mauritius) Limited |
225507 |
6.68% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 (12 Months) |
31.03.2013 (15 Months) |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
33.800 |
33.756 |
33.756 |
|
(b) Reserves & Surplus |
647.900 |
715.595 |
354.864 |
|
(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) |
681.700 |
749.351 |
388.620 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.200 |
0.252 |
0.857 |
|
(d) long-term
provisions |
18.700 |
17.360 |
13.346 |
|
Total Non-current
Liabilities (3) |
18.900 |
17.612 |
14.203 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
403.700 |
279.623 |
505.972 |
|
(b)
Trade payables |
537.300 |
166.520 |
375.383 |
|
(c) Other
current liabilities |
54.500 |
196.438 |
226.929 |
|
(d) Short-term
provisions |
11.700 |
17.185 |
7.819 |
|
Total Current
Liabilities (4) |
1007.200 |
659.766 |
1116.103 |
|
|
|
|
|
|
TOTAL |
1707.800 |
1426.729 |
1518.926 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
512.300 |
525.872 |
533.223 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
25.088 |
8.784 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.003 |
0.003 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
157.000 |
158.494 |
67.535 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
2.000 |
|
Total Non-Current
Assets |
669.300 |
709.457 |
611.545 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
385.000 |
280.289 |
368.933 |
|
(c)
Trade receivables |
537.200 |
323.857 |
307.459 |
|
(d) Cash
and cash equivalents |
0.800 |
18.692 |
92.820 |
|
(e)
Short-term loans and advances |
114.900 |
92.692 |
136.751 |
|
(f)
Other current assets |
0.600 |
1.742 |
1.418 |
|
Total
Current Assets |
1038.500 |
717.272 |
907.381 |
|
|
|
|
|
|
TOTAL |
1707.800 |
1426.729 |
1518.926 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (12 Months) |
31.03.2013 (15 Months) |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
2657.200 |
2844.155 |
2522.041 |
|
|
Other Income |
53.900 |
54.642 |
23.514 |
|
|
TOTAL (A) |
2711.100 |
2898.797 |
2545.555 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1637.300 |
1668.123 |
1520.420 |
|
|
Purchases of
Stock-in-Trade |
458.300 |
457.872 |
643.770 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(40.100) |
48.945 |
(91.476) |
|
|
Employees benefits
expense |
173.600 |
180.010 |
104.174 |
|
|
Other expenses |
372.500 |
388.303 |
302.501 |
|
|
Exceptional Items |
67.100 |
(362.185) |
0.000 |
|
|
TOTAL (B) |
2668.700 |
2381.068 |
2479.389 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
42.400 |
517.729 |
66.166 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
17.800 |
46.001 |
44.641 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.600 |
471.728 |
21.525 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.300 |
103.098 |
78.186 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(67.700) |
368.630 |
(56.661) |
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
(67.700) |
368.630 |
(56.661) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
306.824 |
(26.306) |
30.355 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
NA |
27.600 |
0.000 |
|
|
Dividend |
NA |
1.100 |
0.000 |
|
|
Tax on Dividend |
NA |
6.800 |
0.000 |
|
|
BALANCE CARRIED TO THE
B/S |
NA |
306.824 |
(26.306) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
334.864 |
219.272 |
|
|
Indenting commission |
NA |
10.619 |
3.543 |
|
|
Exchange Gain (Net) |
NA |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
345.483 |
222.815 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
569.717 |
495.795 |
|
|
Traded Goods |
NA |
285.146 |
184.579 |
|
|
Stores & Spares |
NA |
2.720 |
0.365 |
|
|
TOTAL IMPORTS |
NA |
857.583 |
680.739 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(20.05) |
109.20 |
(16.79) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (12 Months) |
31.03.2013 (15 Months) |
31.12.2011 |
|
PAT / Total Income |
(%) |
(2.50) |
12.72 |
(2.23) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.55) |
12.96 |
(2.25) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.96) |
26.30 |
(3.75) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.49 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59 |
0.37 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.09 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.03.2013 (15 Months) |
31.03.2014 (12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
33.756 |
33.756 |
33.800 |
|
Reserves & Surplus |
354.864 |
715.595 |
647.900 |
|
Net
worth |
388.620 |
749.351 |
681.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
505.972 |
279.623 |
403.700 |
|
Total
borrowings |
505.972 |
279.623 |
403.700 |
|
Debt/Equity
ratio |
1.302 |
0.373 |
0.592 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.03.2013 (15 Months) |
31.03.2014 (12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2522.041 |
2844.155 |
2657.200 |
|
|
|
12.772 |
-6.573 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.03.2013 (15 Months) |
31.03.2014 (12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
2522.041 |
2844.155 |
2657.200 |
|
Profit/(Loss) After Tax |
(56.661) |
368.630 |
(67.700) |
|
|
(2.25%) |
12.96% |
(2.55%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS : NOT AVAILABLE
|
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 |
Yes |
|
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Short-term
borrowings |
|
|
|
From Banks (#) |
NA |
140.000 |
|
Inter Corporate Loan from Group Company (##) |
NA |
100.000 |
|
|
|
|
|
Total |
NA |
240.000 |
|
Note:
# Loan from bank is a short term loan repayable within a month and carries a interest at 10.5% p.a. The loan is secured by a corporate guarantee from Rhodia SA France, a subsidiary of the ultimate holding company. # # The loan from
Solvay Specialities India Private Limited. is an intercorporate loan which
was taken during the period, repayable on demand and carries an interest rate
of 9.5% p.a. |
||
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
|
RHODIASPECIALITY CHEMICALS INDIA LIMITED |
|
BSE |
SEBI (DELISTING OF EQUITY SHARES) REGULATIONS 2009 |
DELISTED DUE TO SEBI (DELISTING OF EQUITY SHARES)
REGULATIONS 2009 FROM 28-MAY-2014 |
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2014 (Rs. In Millions) |
31.03.2013 (Rs. In Millions) |
|
Matters relating to undervaluation of assessable value |
NA |
17.508 |
|
Nonpayment of
duty on clearance of goods meant for export by the customer |
NA |
5.815 |
|
Availment of modvat credit |
NA |
0.784 |
|
Total |
NA |
24.107 |
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Leasehold Land
·
Building and Roads
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
Intangible Assets:
·
Patents
·
Technical Know-How
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. 61.18 |
|
|
1 |
Rs. 102.56 |
|
Euro |
1 |
Rs. 81.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.