MIRA INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SI GROUP - INDIA LIMITED (w.e.f. 13.09.2006) |
|
|
|
|
Formerly Known
As : |
SCHENECTADY HERDILLIA LIMITED (w.e.f. 22.03.2002) HERDILLIA CHEMICALS LIMITED |
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|
Registered
Office : |
Plot No.2/1, TTC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.07.1963 |
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|
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|
Com. Reg. No.: |
11-012674 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.423.345
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1963PLC012674 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS04774A |
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|
|
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PAN No.: [Permanent Account No.] |
AAACH7323L |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject
is engaged in manufacture and trading of organic chemicals. |
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|
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|
No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
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 : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of SI Group Inc. SI Group is world’s leading
developer and manufacturer of chemical intermediates, phenolic resins, alkyl
phenolic resins and alkylated phenols and has operations in six continents.
It is a well-established company having satisfactory track. The management has seen an improvement in the sales volume, but has
seen a drastic fall in its net profitability during 2013. The company possesses a decent financial profile marked by favourable
networth and moderate gearing during the year under review. The ratings also take into consideration the volatility in prices of
commodity chemicals, prevailing exchange rate risk and stiff international
competition. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitment. In view of strong and experience promoters, diversified product
portfolio and the technical and financial support extended from the promoter
group, the subject can be considered normal for business dealings 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.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A- (Withdrawn) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April 05, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2 (Withdrawn) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April 05, 2012 |
NOTE:
CARE has withdrawn the said ratings on the
request of the subject as the outstanding facilities have been repaid.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-22-66732000)
LOCATIONS
|
Registered Office/ Navi Mumbai Unit/ Import and Export Department : |
Plot No.2/1, TTC Industrial Area, |
|
Tel. No.: |
91-22-66732000/ 01/ 27683328/ 27681153/ 27681154/ 27611508 (Export) |
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Fax No.: |
91-22-27671848/ 27685653/ 2589 |
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E-Mail : |
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Website : |
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Corporate Office : |
1003-1006, 10th Floor, |
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Tel. No.: |
91-22-30782000/ 30782039 |
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Fax No.: |
91-22-30782038 |
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E-Mail : |
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Rasal Unit : |
Village Rasal, P.O. Pali Taluka – Sudhagad, District Raigad – 410 205,
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Tel. No.: |
91-2142-242669/ 242670 |
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Fax No.: |
91-2142-242668 |
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E-Mail : |
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Lote Unit : |
Plot No.D-1/3, M.I.D.C. Lote Parshuram, Taluka – Khed, District
Ratnagiri – 415 722, |
|
Tel. No.: |
91-2356-272246/ 272129 |
|
Fax No.: |
91-2356-272006 |
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E-Mail : |
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Ranjangaon Unit : |
E-89, MIDC, |
|
Tel. No.: |
91-2138-670407 |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Mr. Daniel Paul Charles Tilley |
|
Designation : |
Director |
|
Address : |
38, |
|
Date of Birth/Age : |
06.04.1965 |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00167124 |
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|
|
|
Name : |
Mr. Richard Paul Barlow |
|
Designation : |
Director |
|
Address : |
11, Devoe Drive, Clifton Park, New York 12065 |
|
Date of Birth/Age : |
08.10.1962 |
|
Date of Appointment : |
22.02.2002 |
|
DIN No.: |
00075741 |
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Name : |
Mr. Emmanuel Carl Mauriece Joseph Hess |
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Designation : |
Director |
|
Address : |
175, Boulevard Clemence 59700, Marcqen Baroeu, France 59700 |
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Date of Birth/Age : |
28.07.1956 |
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Qualification : |
Chemical Engineering (EMSCS), MBA (OSU) |
|
Date of Appointment : |
12.02.2008 |
|
DIN No.: |
02019494 |
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|
|
|
Name : |
Mr. Balasubramanyam Rajagopal |
|
Designation : |
Managing Director |
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Address : |
1801, Raheja Princess, S.K. Bole Marg, Dadar (West), Mumbai – 400 028,
Maharashtra, India |
|
Date of Birth/Age : |
21.09.1955 |
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Qualification : |
B. Tech (Chemical Engineering), MBA (IIM, Calcutta) |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
02857618 |
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PAN No.: |
ACGPR5229N |
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|
|
|
Name : |
Mr. Girindrachandra Chandrakant Vasudeo |
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Designation : |
Whole-Time Director |
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Address : |
358-A, Gangaram Khatri Wadi, Second Floor, J.S. Road, Mumbai – 400
002, Maharashtra, India |
|
Date of Birth/Age : |
23.12.1954 |
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Qualification : |
B. Com. (Hons.), LL.B., FCA, FCS, AICWA |
|
Date of Appointment : |
08.09.2010 |
|
DIN No.: |
00021772 |
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PAN No.: |
AADPV5438N |
KEY EXECUTIVES
|
Name : |
Mr. Bhalchandra Madhav Raul |
|
Designation : |
Secretary |
|
Address : |
A3, Kanika CHS Limited, Dr. Radhakrishnan Cross Road, Andheri (East),
Mumbai – 400 069, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1955 |
|
Date of Appointment : |
21.08.2006 |
|
PAN No.: |
AAYPR3589F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
Note:
Shareholding details file attached.
AS ON 26.09.2013
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign
institutional investors, Foreign Companies, Foreign Financial Institutions,
Non-resident Indian or Overseas corporate bodies or others] |
|
97.34 |
|
Bodies corporate |
|
0.13 |
|
Other top fifty shareholders |
|
0.42 |
|
Others |
|
2.11 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in manufacture and trading of organic chemicals. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Installed
Capacity (1) (MT) |
Actual
Production MT |
|
Basic Chemicals |
78,615 |
66,033 |
|
Industrial Solvents |
33,360 |
35,795 |
|
Performance Resins |
4,000 |
5,531 |
|
Others |
66,720 |
59,465 |
(1) Installed capacity as certified by the management, on which the
auditors have placed reliance, this being a technical matter.
(2) Licensed capacity not disclosed since licensing requirements are not
applicable.
(3) Production includes quantity used for captive consumption.
(4) Excludes 316 MT produced by third party manufacturer.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management |
|
|
|
|
Bankers : |
·
State
Bank of India, Commercial Branch, Horniman Circle, Mumbai – 400 023,
Maharashtra, India ·
Bank
of Baroda ·
ABN
Amro Bank N.V. ·
Credit
Lyonnais Bank ·
HDFC
Bank Limited ·
The
Bank of Nova Scotia, Mittal Tower, 'B' Wing, Nariman Point, Mumbai –
400 021, Maharashtra, India ·
Bank
of America ·
The
Hongkong and Shanghai Banking Corporation Limited ·
JP
Morgan Chase Bank, N.A. ·
State Bank of India, Commercial Branch
(Advances), N.G.N. Vaidya Marg, Mumbai – 400 023, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Caterpillar
Financial Services Corporation, 3322 Westend Avenue, Nashville, Tennessee -
037203, United States of America |
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|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus,
Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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|
|
|
Holding Company
: |
SI Group Inc., United States (Holding - 97.34%) |
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|
|
|
Fellow
Subsidiary Companies : |
·
SI Group-UK Limited, United Kingdom ·
SI Group-Canada Limited, Canada ·
SI Group-Crios Resinas S.A., Brazil ·
SI Group-Ribecourt SAS, France ·
SI Group-Bethune SAS, France ·
SI Group-Switzerland GmbH, Switzerland ·
SI Group-South Africa (Proprietary) Limited,
South Africa ·
SI Group-Australia Pty. Limited, Australia ·
SI Group (Shanghai) Company Limited, China ·
SI Group (Nanjing) Company Limited, China ·
SI Group (Shanghai) Trading Limited, China ·
Schenectady Korea Limited, Korea ·
SI Group-Singapore Pte. Limited, Singapore ·
Schenectady International Group Inc., United
States ·
Schenectady Luxembourg Sarl, Luxembourg ·
Schenectady Asia Pacific Holding Inc., United
States ·
Uralchimplast - SI Group |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
103500000 |
Equity Shares |
Rs.10/- each |
Rs.1035.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
42334513 |
Equity Shares |
Rs.10/- each
|
Rs.423.345
millions |
|
|
|
|
|
Notes:
(a) The reconciliation
of the number of shares outstanding and the amount of share capital as at 31
March 2012
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares at the beginning |
42334513 |
423.345 |
|
Add: Issue of shares to shareholders of SIHPL consequent to merger |
-- |
-- |
|
Less: Cancellation of Company's shares held by SIHPL consequent to
merger |
-- |
-- |
|
Number of shares
at the end |
42334513 |
423.345 |
(b) Details of shareholder
holding more than 5% shares:
|
Name of
Shareholder |
As at 31st March, 2013 |
|
|
% holding in
that class of Shares |
No. of shares
held |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
SI Group, Inc. (Holding Company) |
97.34% |
41208304 |
|
|
97.34% |
41208304 |
(c) Shares held by holding/ultimate holding
company and/or their subsidiaries/associates:
|
Name of
Shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
SI Group, Inc. (Holding Company) |
41208304 |
412.083 |
|
|
41208304 |
412.083 |
(d) 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 vote per share. The dividend as and when, the
Board of directors recommend will be subject to the approval at the Annual
General Meeting.
(e) 35231620
(Equity Shares of Rs.10 each were issued for consideration other than cash as
fully paid up to SI Group Inc, (except 1 (one) Equity share of Rs.10 each held
by SI Group Canada.
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 |
423.345 |
423.345 |
423.063 |
|
(b) Reserves & Surplus |
2967.541 |
2883.357 |
2219.097 |
|
(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) |
3390.886 |
3306.702 |
2642.160 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
49.657 |
40.683 |
33.138 |
|
(b) Deferred tax liabilities (Net) |
89.967 |
100.941 |
136.416 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
373.017 |
349.265 |
74.376 |
|
Total Non-current
Liabilities (3) |
512.641 |
490.889 |
243.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
166.341 |
0.000 |
0.000 |
|
(b)
Trade payables |
883.813 |
1113.105 |
781.678 |
|
(c)
Other current liabilities |
333.730 |
253.255
|
255.983
|
|
(d) Short-term
provisions |
23.361 |
187.068
|
158.905
|
|
Total Current
Liabilities (4) |
1407.245 |
1553.428 |
1196.566 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1647.960 |
1755.149 |
1215.351 |
|
(ii)
Intangible Assets |
41.457 |
53.124 |
33.547 |
|
(iii)
Capital work-in-progress |
36.061 |
25.876 |
26.277 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.004 |
0.004 |
0.004 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
93.150 |
89.923 |
27.422 |
|
(e) Other
Non-current assets |
84.250 |
51.227 |
47.446 |
|
Total Non-Current
Assets |
1902.882 |
1975.303 |
1350.047 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1323.976 |
1349.431
|
907.950
|
|
(c)
Trade receivables |
1789.535 |
1650.778
|
1460.689
|
|
(d) Cash
and cash equivalents |
78.433 |
184.387
|
187.599
|
|
(e)
Short-term loans and advances |
214.213 |
183.896 |
173.857 |
|
(f)
Other current assets |
1.733 |
7.224 |
2.514 |
|
Total
Current Assets |
3407.890 |
3375.716 |
2732.609 |
|
|
|
|
|
|
TOTAL |
5310.772 |
5351.019 |
4082.656 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10567.700 |
10281.020 |
9135.040 |
|
|
|
Other Income |
60.267 |
60.048 |
30.949 |
|
|
|
TOTAL (A) |
10627.967 |
10341.068 |
9165.989 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7533.926 |
6955.220 |
5718.500 |
|
|
|
Purchases of stock-in-trade |
4.518 |
2.045 |
0.293 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
21.203 |
(197.602) |
13.891 |
|
|
|
Employee benefit expense |
592.119 |
559.987 |
513.459 |
|
|
|
Other expenses |
1946.455 |
1637.232 |
1251.116 |
|
|
|
TOTAL (B) |
10098.221 |
8956.882 |
7497.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
529.746 |
1384.186 |
1668.730 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
CHARGES (D) |
12.381 |
7.620 |
24.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
517.365 |
1376.566 |
1644.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
172.285 |
161.090 |
125.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
345.080 |
1215.476 |
1519.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
112.828 |
407.085 |
515.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
232.252 |
808.391 |
1003.535 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2368.952 |
1734.377 |
730.842 |
|
|
|
|
|
|
|
|
|
|
Profit and Loss Account on merger of Schenectady (India) Holdings
Private Limited |
0.000 |
54.630 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer
to General Reserve |
23.225 |
80.839 |
0.000 |
|
|
|
Proposed
dividend on Equity Shares |
0.000 |
127.004 |
0.000 |
|
|
|
Tax
on Proposed dividend - 2011-12 |
0.000 |
20.603 |
0.000 |
|
|
|
Interim
dividend - 2012-13 |
63.502 |
0.000 |
0.000 |
|
|
|
Tax
on Interim dividend - 2012-13 |
10.302 |
0.000 |
0.000 |
|
|
|
Interim
dividend - 2012-13 (2nd) |
63.502 |
0.000 |
0.000 |
|
|
|
Tax
on interim dividend - 2012-13 (2nd) |
10.302 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2430.371 |
2368.952 |
1734.377 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
2129.045 |
1833.134 |
1696.817 |
|
|
|
Indenting Commission |
10.934 |
7.403 |
6.158 |
|
|
|
Research and development fees |
25.450 |
29.789 |
31.742 |
|
|
TOTAL EARNINGS |
2165.429 |
1870.326 |
1734.717 |
|
|
|
|
|
|
|
|
|
|
IMPORTS
(Including merchant imports) |
|
|
|
|
|
|
|
Raw Materials |
2548.302 |
2642.327 |
2168.378 |
|
|
|
Traded goods |
4.079 |
1.693 |
0.321 |
|
|
|
Stores, spares and process chemicals |
54.767 |
30.627 |
4.728 |
|
|
|
Capital Goods |
0.884 |
0.300 |
1.842 |
|
|
TOTAL IMPORTS |
2608.032 |
2674.947 |
2175.269 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
5.49 |
19.10 |
23.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.19 |
7.82 |
10.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.27 |
11.82 |
16.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.54 |
22.83 |
37.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.37 |
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.01 |
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42 |
2.17 |
2.28
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
423.063 |
423.345 |
423.345 |
|
Reserves & Surplus |
2219.097 |
2883.357 |
2967.541 |
|
Net worth |
2642.160 |
3306.702 |
3390.886 |
|
|
|
|
|
|
long-term borrowings |
33.138 |
40.683 |
49.657 |
|
Short term borrowings |
0.000 |
0.000 |
166.341 |
|
Total borrowings |
33.138 |
40.683 |
215.998 |
|
Debt/Equity ratio |
0.013 |
0.012 |
0.064 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
9135.040 |
10281.020 |
10567.700 |
|
|
|
12.545 |
2.788 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Revenue from operations |
9135.040 |
10281.020 |
10567.700 |
|
Profit |
1003.535 |
808.391 |
232.252 |
|
|
10.99% |
7.86% |
2.20% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
Check
List by Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
08/08/2014 |
|
||||
|
|
Lodging No.:- |
CHSL/1307/2014 |
Filing Date:- |
08/08/2014 |
|
|
|
|
Main Matter |
|
|
|
Lodging No.:- |
SSL/2854/2011 |
Reg No.:- |
SS/231/2012 |
|
|
|
Petitioner:- |
CRESCENT CHEMSOL PRIVATE LIMITED |
Respondent:- |
SI GROUP-INDIA LIMITED |
|
|
|
Petn.Adv.:- |
ECONOMIC LAWS PRACTICE (I2575) |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
CHAMBER SUMMONS. |
|
|
|
Next Date:- |
19/08/2014 |
Stage:- |
|
|
|
|
Coram:- |
ACCORDING TO SITTING LIST |
|
|
|
Act :- |
Code of Civil Procedure 1908 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax loan |
49.657 |
40.683 |
|
SHORT-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
30.000 |
0.000 |
|
Working capital loans from banks |
136.341 |
0.000 |
|
Total
|
215.998 |
40.683 |
Notes:
LONG-TERM BORROWINGS
As per the package scheme
of incentive, the Company was allowed to accumulate the sales tax collected
from customers in respect of goods produced at Lote Factory for the first ten
years of commencement of the Factory.
As per the repayment terms
of the above facility to the Company, repayment would start from FY 2013-14
over 5 annual instalments (after the end of 10 years) aggregating to Rs.49.657
millions (Previous year Rs.40.683 millions) (amount being equal to the amount
collected and accrued as sales tax payable annually).
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90371420 |
20/01/2000 |
2,300,000.00 |
JANATA SAHAKRI BANK
LIMITED |
1444, SHUKRAWAR PETH
THORALE BAJIRAO ROAD, PUNE, MAHARASHTRA, INDIA |
- |
Note:
The Registered Office of the company has been changed from Air India
Building, 13th Floor, Nariman Point, Mumbai - 400 021, Maharashtra
to the present w.e.f. 18.02.2005.
OPERATIONS REVIEW:
The sales turnover at
Rs.11540.000 millions was higher by 4% compared to that of the previous year.
The increase in turnover is due to higher inflationary selling prices of
finished goods. The financial performance during the year was adversely
impacted by the steep increase in input cost. Competition and slowdown in the
economy also impacted the overall margins of the company.
The Company received the
prestigious Indian National Energy Conservation Award (Second prize) from
Government of India in India for outstanding efforts in energy saving in
chemical sectors for the year 2012 for efforts on utility cost reduction at its
Rasal unit.
Various other cost saving
measures were also implemented at all the sites which included liquid jet
ejectors in different plants, heat integration system in DPO plant at Navi
Mumbai, fuel switch over at Lote unit from diesel to LSHS, installation of
de-super heaters at Navi Mumbai and VFDs to cooling water pumps at Lote unit.
Further, process improvement and intensification efforts continued at all sites
to improve yields and utility consumptions.
PRODUCTION:
The combined production at the
Navi Mumbai, Rasal, Lote and Ranjangaon units for the year ended March 31, 2013
was 173,145 MT as against 174,642 MT in the previous year, a marginal decrease
of 1%.
Production during the year
ended March 31, 2013 at the Navi Mumbai unit was 1,36,265 MT, being lower by 5%
compared to 143,192 MT during the previous year.
Production at the Rasal
unit was 12,098 MT as against 13,844 MT during the previous year, a decrease of
13%.
Production at the Lote unit
was 7,784 MT as against 6,536 MT during the previous year, an increase of 19%.
Production
at newly acquired Ranjangaon unit was 16,998 MT as against 11,070 MT for the
part of the previous year.
SALES AND EXPORTS:
During the financial year
Raw material prices continued to increase, however finished products prices did
not move in tandem.
The Government of India
removed anti-dumping duty on Phenol imported from US and Taiwan in the month of
March 2012, which further impacted their margin.
During the year 2012-13,
the Company has laid emphasis on downstream products to improve the market
share. Their customer engagement allows their customers to stay productively
engaged with the Company.
During the year, exports
aggregated to Rs.2130.000 millions FOB (previous year Rs.1830.000 millions) an
increase of 16% over the previous year.
FINANCE:
During the year, the
Company did not accept any fresh deposits or renew any existing deposits from
the public or shareholders. As of March 31, 2013, deposits aggregating Rs.0.044
million had matured for payment but not paid/deposited with the concerned
authority under regulatory advice.
As per the Order issued by
the Ministry of Corporate Affairs (MCA), Cost Audit Branch on January 24, 2012,
cost accounting records of Organic and Inorganic Chemicals falling under specified
chapters of Central Excise Tariff Act, 1985 are required to be audited by a
Cost Auditor. As per the requirement of Central Government and pursuant to
Section 233B of the Companies Act, 1956, cost audit will now be carried out of
cost records maintained by the Company in respects of all its products falling
under the category of Organic Chemicals. Subject to the approval of the Central
Government, the Company has appointed Mr. Kishore Bhatia, Cost Accountant as
Cost Auditors to audit the cost accounts of the Company for the financial year
2013-14. The Cost Audit report for the financial year 2011-12, which was due to
be filed with the Ministry of Corporate Affairs within the extended time limit
upto February 28, 2013, was filed on January 7, 2013.
SCHEME OF AMALGAMATION
The Scheme of Amalgamation
(‘the Scheme’) of Schenectady (India) Holdings Private Limited (‘SIHPL’) with
the Company was sanctioned by the Honorable High Court of Bombay on 25th
November 2011. The Scheme was accordingly given effect to, using the pooling of
interest method as per AS-14 Accounting for Amalgamation, in the financial
statements which include the assets and liabilities of SIHPL with effect from 1st
April 2011 (‘the Appointed date’) and the results for the year ending 31st
March 2012.
The erstwhile Schenectady
(India) Holdings Private Limited was a subsidiary of SI Group, Inc. USA and was
the holding Company of SI Group-India Limited.
On the Scheme becoming
effective the accounting in the books of the Company was as under:-
·
The
Company recorded all the assets and liabilities of SIHPL transferred to and
vested in the Company pursuant to this Scheme at their respective book values
as appearing in the books of SIHPL.
·
The
Company discharged the consideration of Rs.352.316 millions by issue of
35,231,620 fully paid up equity shares of face value of Rs.10/- each to the
members of SIHPL holding fully paid up equity shares and whose names appear in
the Register of Members of the Company as on the Record Date and accordingly Share
Capital Account of the Company was credited by this amount.
·
The
General Reserve of SIHPL was merged with the respective General Reserve and
Securities Premium Account of the Company;
·
On
merger becoming effective, SIHPL ceased to exist and therefore, the extant
provisions of Reserve Bank of India for Non-Banking Financial Companies did not
apply. In view of the above, the Statutory Reserve in the books of SIHPL as on
the Appointed Date became General Reserve of the Company with effect from the
appointed date.
·
Loans
or other obligations, if any, due between or amongst SIHPL and the Company were
not otherwise discharged or liquidated by either of the companies, stood
discharged and/or cancelled and were of no effect and SIHPL or the Company, as
the case may be and there were no further obligations outstanding in that
behalf.
·
The
difference between the amount of net assets taken over by the Company and the
value of consideration issued to the shareholder of SIHPL was credited to the
‘Amalgamation Reserve’ Account in the Company, which cannot be used for
distribution of dividend.
·
On
merger, investments in the equity capital of the Company made by SIHPL were
cancelled and Equity share capital of the Company were reduced to the extent of
the face value of shares held by SIHPL. Excess of cost of investment of SIHPL
over the face value of shares held by the Company was adjusted against the
Securities Premium Account.
CONTINGENT LIABILITIES (AS ON 31.03.2013):
Contingent liabilities not provided for in respect of:
(a) Taxation matters
(i) Demands against the
Company not acknowledged as debts Rs.120.152 millions
(ii) Decisions in favour of
the Company not accepted by the Department Rs.69.753 millions
(b) Central Excise demand against
the Company not acknowledged as debt Rs.19.037 millions
(c) Service tax demand
against the Company not acknowledged as debt Rs.10.444 millions
(d) Customs duty amounting
to Rs. Nil in dispute as demand raised against the Company not acknowledged as
debt.
(e) Electricity duty
amounting to Rs.75.453 millions in dispute as demand raised against the Company
not acknowledged as debt.
(f)
Claims against the Company not acknowledged as debts Rs. Nil
FIXED ASSETS:
Intangible Assets
· Goodwill
· Technical know how
· Computer software
Tangible Assets
· Leasehold land and development
· Freehold land and development
· Buildings
· Plant and Machinery
· Furniture, Fixtures and Equipment
· 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, blocked, 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.61.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.