MIRA INFORM REPORT
|
Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDOFIL INDUSTRIES LIMITED (w.e.f. 05.10.2010) |
|
|
|
|
Formerly Known
As : |
INDOFIL ORGANIC INDUSTRIES LIMITED |
|
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Registered
Office : |
Kalpataru Square, 4th Floor, Off Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
09.02.1993 |
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|
|
|
Com. Reg. No.: |
11-070713 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 206.602 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110MH1993PLC070713 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM07395D |
|
|
|
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PAN No.: [Permanent Account No.] |
AABC4568D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Import of Plastic Chemicals. |
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No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12320000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported as regular and as per commitment. The company can be considered good 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.
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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating=A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
07.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
07.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Suresh |
|
Designation : |
Export Manager |
|
Contact No.: |
91-22-66637373 |
|
Date : |
02.12.2014 |
LOCATIONS
|
Registered Office / Head Office : |
Kalpataru Square, 4th Floor, Off Andheri Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-66637373 / 66637555 |
|
Fax No.: |
91-22-28322272 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1: |
Off. S. V. Road, Azad Nagar, Sandoz Baug, Thane – 400 607,
Maharashtra, India |
|
Tel No.: |
91-22-67999100 |
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Fax No.: |
91-22-25898357 |
|
|
|
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Factory 2: |
Plot No Z8, SEZ Area, Dahej SEZ Limited, Taluka Vagra, Bharauch - 392130, Gujarat, India |
|
Tel. No.: |
91-2641-304101 |
DIRECTORS
As on 20.09.2013
|
Name : |
Mr. Jayaraman Ramachandran |
|
Designation : |
Director |
|
Address : |
417, Faculty Quarters, Indian Institute of Management, Bannerghatta, Bangalore
– 560076, Karnataka, India |
|
Date of Birth/Age : |
01.06.1957 |
|
Qualification : |
Chartered/ Cost Accountant and Doctorate from IIM Ahmedabad |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00004593 |
|
|
|
|
Name : |
Mr. Krishan Kumar Modi |
|
Designation : |
Director |
|
Address : |
A-1, Maharani Bagh, New Delhi – 110065, India |
|
Date of Birth/Age : |
27.08.1940 |
|
Qualification : |
B.Sc., Advanced Management Programme from Harvard |
|
Date of Appointment : |
01.03.2012 |
|
PAN No.: |
AANPM0159M |
|
Voter ID No.: |
DKY 1289875 |
|
DIN No.: |
00029407 |
|
|
|
|
Name : |
Mr. Samir Modi |
|
Designation : |
Director |
|
Address : |
A-1, Maharani Bagh, New Delhi - 110065, India |
|
Date of Birth/Age : |
15.12.1969 |
|
Qualification : |
Graduate and Executive MBA from Harvard University, USA Graduate and MBA From Harvard University, USA |
|
Date of Appointment : |
09.02.1993 |
|
DIN No. : |
00029554 |
|
|
|
|
Name : |
Mr. Charu Bhartia |
|
Designation : |
Whole-time director |
|
Address : |
A-1, Maharani Bagh, New Delhi – 110065, India |
|
Date of Birth/Age : |
28.10.1962 |
|
Qualification : |
Commerce Graduate and MBA |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
00029625 |
|
|
|
|
Name : |
Mr. Sunil Kumar Alagh |
|
Designation : |
Director |
|
Address : |
12C, IL Palazzo, Little GIBBS Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
06.11.1946 |
|
Qualification : |
Graduate and MBA from IIM, Kolkata |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00103320 |
|
|
|
|
Name : |
Mr. Munesh Khanna |
|
Designation : |
Director |
|
Address : |
Beachwood House, Ground Floor, Jussawala Wadi, Juhu, Mumbai – 400049,
Maharashtra, India |
|
Date of Birth/Age : |
12.05.1962 |
|
Qualification : |
CA |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00202521 |
|
|
|
|
Name : |
Mr. Mahendra Naranji Thakkar |
|
Designation : |
Director |
|
Address : |
133/134, Chandramani, 7th Floor, Telang X Road No.3,
Matunga, Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
17.10.1941 |
|
Qualification : |
CA |
|
Date of Appointment : |
17.08.2007 |
|
DIN No.: |
00268818 |
|
|
|
|
Name : |
Mr. Sanjay Ramakant Buch |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
7/31, Bandra Sona Housing Complex, Krishnachandra Marg, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
26.09.1968 |
|
Qualification : |
Advocate and Solicitor |
|
Date of Appointment : |
11.08.2009 |
|
DIN No.: |
00391436 |
|
|
|
|
Name : |
Mr. Manoj Singh |
|
Designation : |
Nominee Director |
|
Address : |
D-306, Sector 47, Gautam Budh Nagar, Noida – 201303, Uttar Pradesh,
India |
|
Date of Birth/Age : |
03.12.1964 |
|
Qualification : |
IAS |
|
Date of Appointment : |
06.06.2012 |
|
DIN No.: |
03644955 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh |
|
Designation : |
Export Manager |
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|
|
|
Name : |
Mr. Chintamani D. Thatte |
|
Designation : |
Secretary |
|
Address : |
Laxmi Vilas Co-operative Housing Society, Flat No.401, Near Ghantali
Mandir, Naurpada, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
02.04.1965 |
|
Date of Appointment : |
20.11.2012 |
|
PAN No.: |
AABPT7409D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
As on 20.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and State] |
9.45 |
|
Public financial companies |
1.44 |
|
Nationalised or other banks |
0.05 |
|
Mutual funds |
0.01 |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
12.19 |
|
Bodies corporate |
63.46 |
|
Directors or relatives of Directors |
2.46 |
|
Other top fifty shareholders |
3.09 |
|
Others |
7.85 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Import of Plastic Chemicals. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Srilanka · Belgium · Pakistan · Singapore |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Korea · US |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturers |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
· Union Bank of India (acting as Lead Bank), Industrial Finance Branch, 1st Floor, Union Bank, Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra, India · Bank of Bahrain and Kuwait Bsc, 225, Jolly Maker Chambers II, Nariman Point, Mumbai - 400099, Maharashtra, India · The Shamrao Vithal Cooperative Bank Limited, SVC Tower, Nehru Road, Vakola, Santacruz (East), Mumbai - 400055, Maharashtra, India ·
Standard Chartered Bank, Standard Chartered
Towers, 3rd Floor, 201B/1, Western Express Highway, Goregaon
(East), Mumbai - 400063, Maharashtra, India |
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Facilities : |
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Financial Institutions : |
· L & T Finance Limited, L & T House, Ballard Estate, Mumbai - 400001, Maharashtra, India · SICOM Limited, Nirmal, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Bansi S. Mehta and Company Chartered Accountants |
|
Address : |
Botawala Building, 2nd Floor, Horniman Circle, Fort, Mumbai
– 400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB6405G |
|
|
|
|
Subsidiary
Companies : |
· Quick Investment (India) Limited CIN No.: U65993DL1979PLC010018 · Good Investments (India) Limited CIN No.: U65993DL1979PLC010060 · Indo Baijin Chemicals Private Limited CIN No.: U24233GJ2011PTC065293 · Indofil Bangladesh Private Limited · Indofil – Costarica S.A. |
|
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|
Associate
Companies: : |
· HIFIL Chemicals Private Limited CIN No.: U24100MH2009PTC198057 · KKM Management Centre Private Limited CIN No.: U74999DL1996PTC080090 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
· Godfrey Phillips India Limited CIN No.: L16004MH1936PLC008587 · H.M.A. Udyog Private Limited CIN No.: U36999DL1981PTC011548 · Modi Care Limited CIN No.: U72200DL1973PLC110617 · MODI ENTERTAINMENT LIMITED CIN No.: U74899DL1995PLC064964 · Beacon Travels Private Limited CIN No.: U74899DL1988PTC030391 · Bina Fashions and Food Private Limited CIN No.: U51311DL1999PTC099509 · Premium Merchants Limited CIN No.: L51909DL1985PLC021077 · Modi Rubber Limited CIN No.: L25199UP1971PLC003392 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 440.000 Millions |
|
600,000 |
6% Non-Cumulative Preference Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,807,086 |
Fully paid up Equity Shares |
Rs.10/- each |
Rs. 118.071 Millions |
|
8855314 |
Fully Called up Equity Shares |
Rs.10/- each |
Rs. 88.553 Millions |
|
|
|
|
|
|
|
Less: Calls in Arrear |
|
Rs. 0.022 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 206.602
Millions |
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 |
206.602 |
206.602 |
202.741 |
|
(b) Reserves & Surplus |
4105.945 |
3293.180 |
2728.937 |
|
(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) |
4312.547 |
3499.782 |
2931.678 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1756.199 |
2178.707 |
2724.478 |
|
(b) Deferred tax liabilities (Net) |
366.846 |
266.544 |
152.891 |
|
(c) Other long term
liabilities |
93.954 |
91.707 |
85.501 |
|
(d) long-term provisions |
51.601 |
54.677 |
50.057 |
|
Total Non-current
Liabilities (3) |
2268.600 |
2591.635 |
3012.927 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5310.377 |
4599.998 |
3578.626 |
|
(b) Trade
payables |
1993.571 |
1709.218 |
1481.731 |
|
(c) Other
current liabilities |
1633.927 |
1317.544 |
762.470 |
|
(d) Short-term
provisions |
322.153 |
171.341 |
112.236 |
|
Total Current
Liabilities (4) |
9260.028 |
7798.101 |
5935.063 |
|
|
|
|
|
|
TOTAL |
15841.175 |
13889.518 |
11879.668 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2430.935 |
2358.458 |
2174.989 |
|
(ii)
Intangible Assets |
3419.408 |
3326.925 |
140.275 |
|
(iii) Capital
work-in-progress |
396.301 |
306.635 |
2957.793 |
|
(iv)
Intangible assets under development |
632.877 |
529.250 |
495.083 |
|
(b) Non-current Investments |
450.090 |
450.090 |
453.732 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
582.032 |
331.444 |
103.193 |
|
(e) Other
Non-current assets |
19.535 |
14.038 |
10.281 |
|
Total Non-Current
Assets |
7931.178 |
7316.840 |
6335.346 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2395.114 |
1876.343 |
2041.518 |
|
(c) Trade
receivables |
4418.400 |
4096.718 |
2863.871 |
|
(d) Cash
and cash equivalents |
319.627 |
197.614 |
170.485 |
|
(e)
Short-term loans and advances |
735.446 |
370.534 |
391.674 |
|
(f) Other
current assets |
41.410 |
31.469 |
76.774 |
|
Total
Current Assets |
7909.997 |
6572.678 |
5544.322 |
|
|
|
|
|
|
TOTAL |
15841.175 |
13889.518 |
11879.668 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13619.528 |
11243.701 |
9756.486 |
|
|
|
Other Income |
44.509 |
53.963 |
73.752 |
|
|
|
TOTAL (A) |
13664.037 |
11297.664 |
9830.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6834.578 |
5424.146 |
5235.994 |
|
|
|
Purchase of Stock-in-trade |
772.742 |
639.592 |
390.009 |
|
|
|
Changes in Inventories of finished goods, work-in-progress
and stock-in-trade |
(214.433) |
197.396 |
(119.780) |
|
|
|
Employee Benefits Expenses |
1009.795 |
1017.981 |
817.529 |
|
|
|
Other Expenses |
2841.630 |
2624.522 |
2287.044 |
|
|
|
TOTAL (B) |
11244.312 |
9903.637 |
8610.796 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
2419.725 |
1394.027 |
1219.442 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
855.362 |
534.172 |
452.195 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1564.363 |
859.855 |
767.247 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
541.592 |
233.792 |
190.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1022.771 |
626.063 |
576.747 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
113.320 |
2.959 |
142.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
909.451 |
623.104 |
434.536 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (FOB) |
6015.967 |
5004.078 |
3894.942 |
|
|
|
Other Income(Gross) |
39.403 |
97.427 |
0.000 |
|
|
TOTAL EARNINGS |
6055.370 |
151.505 |
3894.942 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3541.117 |
|
|
|
|
|
Packing Materials |
16.534 |
27.906 |
|
|
|
|
Stores and Spare Parts |
2.093 |
0.885 |
|
|
|
|
Traded Goods |
283.941 |
143.826 |
|
|
|
|
Capital Goods |
397.537 |
262.345 |
|
|
|
TOTAL IMPORTS |
4241.222 |
2866.171 |
5366.314 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
44.02 |
30.16 |
24.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.68 |
5.54 |
4.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.77 |
12.40 |
12.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12 |
4.97 |
7.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.18 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.64 |
1.94 |
2.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.84 |
0.93 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
202.741 |
206.602 |
206.602 |
|
Reserves & Surplus |
2728.937 |
3293.180 |
4105.945 |
|
Net
worth |
2931.678 |
3499.782 |
4312.547 |
|
|
|
|
|
|
long-term borrowings |
2724.478 |
2178.707 |
1756.199 |
|
Short term borrowings |
3578.626 |
4599.998 |
5310.377 |
|
Total
borrowings |
6303.104 |
6778.705 |
7066.576 |
|
Debt/Equity
ratio |
2.150 |
1.937 |
1.639 |
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) |
|
Sales |
9756.486 |
11243.701 |
13619.528 |
|
|
|
15.243 |
21.130 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9756.486 |
11243.701 |
13619.528 |
|
Profit |
434.536 |
623.104 |
909.451 |
|
|
4.45% |
5.54% |
6.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
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 |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10529525 |
29/09/2014 |
980,000,000.00 |
INDUSIND BANK LIMITED |
425, D.B. MARG, OPERA HOUSE, MUMBAI, MAHARASHTRA - 400004, INDIA |
C32523698 |
|
2 |
10490994 |
27/03/2014 |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 4000 |
C03362233 |
|
3 |
10507583 |
14/03/2014 |
600,000,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, 216, BACKBAY RECLAMATION, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C10206829 |
|
4 |
10428319 |
31/08/2013 * |
500,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B85699684 |
|
5 |
10375981 |
13/09/2012 |
313,500,000.00 |
BANK OF BAHRAIN AND KUWAIT BSC |
225, JOLLY MAKER CHAMBERS II, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400099, INDIA |
B57908998 |
|
6 |
10374098 |
30/08/2012 |
100,000,000.00 |
THE SHAMRAO VITHAL COOPERATIVE BANK LIMITED |
SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400055, INDIA |
B57094468 |
|
7 |
10361201 |
01/06/2012 |
270,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, BIRLA TOWER, 26, BARAMKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B41776360 |
|
8 |
10367167 |
01/06/2012 |
299,700,000.00 |
BARCLAYS BANK PLC |
CEEJAY HOUSE, SHIVSAGAR ESTATE, DR.A.B.ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B44374379 |
|
9 |
10359536 |
01/06/2012 |
810,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B41162512 |
|
10 |
10350631 |
01/06/2012 * |
500,000,000.00 |
L & T FINANCE LIMITED |
L & T HOUSE, BALLARD
ESTATE,, MUMBAI, MAHARASHTRA |
B42115303 |
|
11 |
10340366 |
23/02/2012 |
500,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B34209973 |
|
12 |
10319718 |
09/11/2011 |
5,694,900,000.00 |
UNION BANK OF INDIA |
IFB, IST FLOOR, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B26094508 |
|
13 |
10253687 |
01/10/2010 |
120,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A99201337 |
|
14 |
10187283 |
01/10/2009 |
100,000,000.00 |
SICOM LIMITED |
NIRMAL, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A73633950 |
|
15 |
10164288 |
13/05/2009 |
200,000,000.00 |
THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ(E), MUMBAI, MAHARASHTRA - 400055, INDIA |
A64568629 |
|
16 |
10152804 |
12/03/2009 |
250,000,000.00 |
UNION BANK OF INDIA |
UNION BANK BHAVAN, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A60020252 |
|
17 |
10085471 |
23/12/2013 * |
7,820,000,000.00 |
UNION BANK OF INDIA (ACTING AS LEAD BANK) |
INDUSTRIAL FINANCE BRANCH,
1ST FLR, UNION BANK, B |
B96681291 |
|
18 |
10090764 |
07/12/2007 |
200,000,000.00 |
UNION BANK OF INDIA LIMITED |
UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, MUMBAI, MAHARASHTRA - 400021, INDIA |
A33752189 |
|
19 |
10087339 |
15/02/2008 * |
250,000,000.00 |
SICOM LIMITED |
NIRMAL BLDG1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A33750886 |
|
20 |
10084745 |
15/02/2008 * |
269,500,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, TRADE PLAZA, 414, VEER SAVARKAR MARG,, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
A34100792 |
|
21 |
10150636 |
29/03/2007 |
269,500,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, TRADE PLAZA, VEER SAVARKAR MARG, PRABADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
A14013437 |
* Date of charge modification
OPERATIONS
Production of Agrochemicals Division for the year has been 52,709 MT as against 43,258 MT in the previous year and sales have been 34,408 MT against 45,291 MT in the previous year.
In case of Specialty Chemicals Division, the production has been 16,880 MT as against 17,115 MT in the previous year and the sales have been 29,719 MT against 17,268 MT in the previous year.
EXPORTS
The Company made exports (FOB) worth Rs. 6020.000 Millions against Rs. 5000.000 Millions in the previous year. The renewed steps are being initiated by the Company to enhance exports of both its Agrochemicals and Specialty and Performance Chemicals Divisions.
CAPACITY EXPANSION
During the year, Dahej facility was able to meet the demand for the current year and shall also be able to meet the requirements for the year 2014-15.
Looking forward to the expected demand, the Company proposes to set up a Greenfield Multi-purpose Agro Synthesis facility for production of Multi-products (Technical and Export Formulations) with a capacity of 4,000 TPA of Technical Products and 10,000 TPA of Formulations.
With a vision to be a global leader in growth with customer success, the Company has embarked upon Project Milliard to become a US$ 1 billion Company in next six years. In order to ensure satisfaction and prosperity of its customers, the company has been constantly providing customized solutions with a more focused approach.
JOINT VENTURE WITH
SHANGHAI BAIJIN CHEMICAL GROUP CO. (SBC), CHINA FOR CARBON DISULPHIDE (CS2)
The Joint Venture project of the Company at Dahej for manufacturing of Carbon Di-Sulphide (CS2), a major raw material for Mancozeb, progressed very well during the year. The erection work of the state-of-art project was completed in March, 2014 and commercial production was successfully started in April, 2014. The plant will ensure uninterrupted supply of CS2 to the Company. It will take the company to new heights of production excellence.
BRAND
ACQUISITION IN EUROPE
After the acquisition of Dithane® brand from Dow AgroSciences, including the rights and associated trademarks of Dithane®, the Company-wide program Project Eureka was launched. The Eureka team successfully met all the challenges and garnered good growth over the previous period. The Company could successfully ensure continuous supply to new Eureka customers. This acquisition has reinforced Company’s reputation as high quality manufacturer of Mancozeb enhancing its presence in Mancozeb variants.
AGRICULTURAL BUSINESS
DIVISION
OUTLOOK
The agriculture sector in India continues to receive focused attention from governments, government bodies, banks, financial institutions and other agencies and authorities. Private sector has been steadily investing in farming and agro based business Farm produces fetch decent return to farmers. The new Government is expected to give special attention to pro-agricultural development activities in order to curb rising inflation. All these factors are contributing to growth of agriculture. The monsoon forecast for the ensuing season is uneven and unbalanced due to the effects of El Nino climatic pattern. However with the Company’s strategy to focus on irrigated areas, the near future outlook for the Company appears reasonably good.
The Company is all geared up not only to extract maximum from this positive seasonal outlook in domestic scene but also ensuring dedicated efforts towards geographic expansion in S. America, Brazil & Russia. Achieving full potential of Offices in China/ Bangladesh is among the strategic imperatives Indofil is looking at besides increasing the product portfolio.
SPECIALTY AND
PERFORMANCE CHEMICALS DIVISION
INDUSTRY SCENARIO
The Indian chemicals industry, which earned revenues in the range of $ 155-160 billion in 2013, is likely to grow at a rate of 11-12 percent in the next two to three years, wherein the specialty chemicals segment is expected to show considerable growth. Buoyed by key factors such as robust growth in end user segments, government?s and industry’s focus towards manufacturing, value addition and increased competitiveness of Indian manufacturers in the global markets; India is likely to emerge as a major player in the global specialty chemicals domain
FIXED ASSETS
TANGIBLE ASSETS
· Land – Freehold
· Land – Leashold
· Factory Buildings
· Non-Factory Buildings
· Plant and Machinery
· Other Plant Equipments
· Furniture and Fixture
· Vehicles
· Office Equipments
· Buildings
· Plant and Machinery
· Furniture and Fixture
· Other Equipments
INTANGIBLE
ASSETS
· License, Registration, etc. In Respect of Acquired Business
· Scientific Research Expenditure for Product Development
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.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
6 |
|
--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 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.