MIRA INFORM REPORT
|
Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAVIN FLUORINE INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Sunteck Centre, |
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Country : |
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|
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Financials (as
on) : |
31.03.2014 |
|
|
|
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Date of
Incorporation : |
25.06.1998 |
|
|
|
|
Com. Reg. No.: |
11-115499 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 97.572
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1998PLC115499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP14428B |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCP0464B |
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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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|
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Line of Business
: |
Manufacturer of Fluorine Chemistry, Refrigeration Gases, Some Basic Building Block Fluorides and Specialty Organofluorines. |
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No. of Employees
: |
584 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined during financial year 2014. However, the rating reflects well-established position of the company
in the fluorochemicals industry supported by comfortable financial risk
profile and adequate liquidity position. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Proposed Standalone Commercial paper (CP)
issue : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
04.12.2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (CONTACT NO.: 91-22-66509999)
LOCATIONS
|
Registered Office : |
2nd Floor, Sunteck Centre, |
|
Tel. No.: |
91-22-66509999/ 24043300 |
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Fax No.: |
91-22-66509800 |
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E-Mail : |
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Website : |
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Factory 1 : |
P. O. Bhestan, Udhana –
|
|
Tel. No.: |
91-261-2890325 |
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Fax No.: |
91-261-2890288 |
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E-Mail : |
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Factory 2 : |
New Industrial Area, |
|
Tel. No.: |
91-727-2403015 |
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Fax No.: |
91-727-2259362 |
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E-Mail : |
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Sales Office : |
35C, Shivaji Marg, |
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Tel. No.: |
91-11-42475793/ 5796 |
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Fax No.: |
91-11-42475792 |
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|
|
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Other Sales Offices : |
Located At: · Mumbai · Chennai ·
·
|
|
|
|
|
International Sales Office 1 : |
Navin Fluorine
International Limited |
|
Tel. No.: |
908-243-0159 |
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Fax No.: |
908-450-1311 |
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E-Mail : |
|
|
|
|
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International Sales Office 2 : |
Manchester Organics Limited The Heath Business and |
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Tel. No.: |
44 (0) 1928 710 200 |
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Fax No.: |
44 (0) 1928 710 225 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Hrishikesh A. Mafatlal |
|
Designation : |
Chairman |
|
Date of Birth/ Age: |
58 Years |
|
Expertise in
functional areas : |
He is an Industrialist having diversified experience of more than 35
years in the areas of Textiles, Chemicals, Petrochemicals, Financial Services
etc. |
|
Date of Appointment : |
25.06.1998 |
|
|
|
|
Name : |
Mr. S.S. Khanolkar |
|
Designation : |
Managing Director |
|
Date of Appointment : |
01.01.2011 |
|
|
|
|
Name : |
Mr. T. M.M. Nambiar |
|
Designation : |
Director |
|
Date of Birth/ Age: |
77 Years |
|
Qualification : |
B.Com, A. |
|
Expertise in functional
areas : |
Having vast experience of over 51 Years and was associated as
President / Chairman/ Member of the prestigious Institutions like Cement
Manufacturers Association, National Council for Cement and Building Materials
and Development Council for Cement Industry, The Associated Chamber of
Commerce and Industry of India, Bombay Chamber of Commerce etc. He was
associated for more than 26 years with Associated Cement Company Ltd.
including 6 years as Managing Director. |
|
Date of Appointment : |
03.03.2003 |
|
|
|
|
Name : |
Mr. Pradip N. Kapadia |
|
Designation : |
Director |
|
Date of Birth/ Age: |
62 Years |
|
Qualification : |
B.A, LL.B Having experience of more than 36 Years in the legal field. He
is the Partner of Vigil Juris, Advocates and Solicitors, Mumbai. |
|
Expertise in
functional areas : |
Advocate and Solicitor. |
|
Date of Appointment : |
21.01.2003 |
|
|
|
|
Name : |
Mr. Sunil S. Lalbhai |
|
Designation : |
Director |
|
Date of Birth/ Age: |
53 Years |
|
Qualification : |
B. Sc, M.S (Chemistry), U.S.A, M.S (Economy Planning and Policy), |
|
Expertise in
functional areas : |
He is an Industrialist having varied experience of more than 30 years
in chemical and general management. |
|
Date of Appointment : |
03.03.2003 |
|
|
|
|
Name : |
Mr. S.M. Kulkarni |
|
Designation : |
Director |
|
Date of Birth/ Age: |
75 years |
|
Qualification : |
B.E, Fellow, Institute of Management-U.K., Fellow Indian Institution
of Engineers and Fellow |
|
Expertise in
functional areas : |
Corporate and Business Advisor |
|
Date of Appointment : |
19.10.2006 |
|
|
|
|
Name : |
Mr. V. P. Mafatlal |
|
Designation : |
Director |
|
Date of Birth/ Age: |
40 years |
|
Qualification : |
B.Sc (Economics) |
|
Expertise in
functional areas : |
Textiles and Chemicals. Industrialist having business experience of
more than 17 Years in Textiles and Chemicals. |
|
Date of Appointment : |
21.01.2003 |
|
|
|
|
Name : |
Mr. S.G. Mankad |
|
Designation : |
Director |
|
Date of Birth/ Age: |
67 Years |
|
Qualification : |
I.A.S (Retd.) M.A. (History) |
|
Expertise in
functional areas : |
He is a retired IAS Officer. He was the Chief Secretary to Government
of Gujarat from 2005 to 2007 and has also held important positions in
Government of India (Ministries of Finance, Agriculture and Human Resource
Development) and Government of Gujarat. |
|
Date of Appointment : |
29.04.2011 |
|
|
|
|
Name : |
Mr. H. H. Engineer |
|
Designation : |
Director |
|
Date of Birth/ Age: |
66 Years |
|
Qualification : |
Diploma in Business Management from |
|
Expertise in
functional areas : |
He has varied experience of over 44 years in the Banking Sector. He
retired as an Executive Director, Wholesale Banking of HDFC Bank Limited. |
|
Date of Appointment : |
23.10.2013 |
|
|
|
|
Name : |
Mr. Atul Kumar Srivastava |
|
Designation : |
Finance Director |
|
Date of Birth/ Age: |
61 Years |
|
Expertise in
functional areas : |
Finance Accounting, Taxation and Commerce |
|
Date of Appointment : |
21.01.2003 |
KEY EXECUTIVES
|
Name : |
Mr. N. B. Mankad |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total
No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
484841 |
4.96 |
|
|
3240508 |
33.17 |
|
|
65145 |
0.67 |
|
|
65145 |
0.67 |
|
|
3790494 |
38.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3790494 |
38.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1015621 |
10.40 |
|
|
1859 |
0.02 |
|
|
691808 |
7.08 |
|
|
1709288 |
17.50 |
|
|
|
|
|
|
577958 |
5.92 |
|
|
|
|
|
|
2709775 |
27.74 |
|
|
916387 |
9.38 |
|
|
65895 |
0.67 |
|
|
38 |
0.00 |
|
|
65857 |
0.67 |
|
|
4270015 |
43.71 |
|
Total Public shareholding (B) |
5979303 |
61.20 |
|
Total (A)+(B) |
9769797 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9769797 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS,
CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND
PROMOTER GROUP
|
Sl.No. |
Name of the Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
|
10,85,193 |
11.11 |
0 |
0.00 |
0.00 |
11.12 |
|
|
|
6,46,081 |
6.61 |
314000 |
48.60 |
3.21 |
6.62 |
|
3 |
Nocil Limited |
5,66,340 |
5.80 |
0 |
0.00 |
0.00 |
5.80 |
|
4 |
Suremi Trading Private Limited |
3,37,879 |
3.46 |
0 |
0.00 |
0.00 |
3.46 |
|
5 |
Mafatlal Exim Private Limited |
3,24,484 |
3.32 |
274728 |
84.67 |
2.81 |
3.32 |
|
6 |
Mafatlal Industries Limited |
1,89,964 |
1.94 |
0 |
0.00 |
0.00 |
1.95 |
|
7 |
Gayatri Pestichem Mfg Pvt Ltd |
44,610 |
0.46 |
0 |
0.00 |
0.00 |
0.46 |
|
8 |
Arvi Associates Pvt Ltd |
25,672 |
0.26 |
0 |
0.00 |
0.00 |
0.26 |
|
9 |
Mafatlal Impex Private Ltd |
10,255 |
0.10 |
0 |
0.00 |
0.00 |
0.11 |
|
10 |
Pamil Investments Private Limited |
6,486 |
0.07 |
0 |
0.00 |
0.00 |
0.07 |
|
11 |
Sushripada Investments Private Limited |
3,414 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
12 |
Sumil Holding Private Ltd |
20 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
13 |
Milap Texchem Private Limited |
20 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
14 |
Milekha Texchem Company Private Limited |
20 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
15 |
Shamir Texchem Texchem Private Limited |
20 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
16 |
Shripad Associates Pvt Ltd |
50 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
17 |
Hrishikesh Arvind Mafatlal |
1,83,937 |
1.88 |
0 |
0.00 |
0.00 |
1.88 |
|
18 |
Vishad Padmanabh Mafatlal |
1,11,433 |
1.14 |
0 |
0.00 |
0.00 |
1.14 |
|
19 |
Vishad P.Mafatlal Pam Huf1 P Mafatlal |
910 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
20 |
Sheth Mafatlal Gagalbhai Foundation Trustno 2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
21 |
Sheth Mafatlal Gagalbhai Foundation Trustno.3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
22 |
Sheth Mafatlal Gagalbhai Foundation Trust No 10 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
23 |
Sheth Mafatlal Gagalbhai Foundation Trust No 9 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
24 |
Sheth Mafatlal Gagalbhai Foundation Trust No22 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
25 |
Sheth Mafatlal Gagalbhai Foundation Trust No 20 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
26 |
Sheth Mafatlal Gagalbhai Foundation Trust No 5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
27 |
Sheth Mafatlal Gagalbhai Foundation Trust No 7 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
28 |
Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.1 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
29 |
Shri Arvind N Mafatlal Public Charitable Trust |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
30 |
Shri Arvind N Mafatlal Public Charitable Trust No.2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
31 |
Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.1 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
32 |
Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
33 |
Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
34 |
Navinchandra Mafatlal Charity Trust No 11 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
35 |
Navinchandra Mafatlal Charity Trust No 2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
36 |
Navinchandra Mafatlal Charity Trust No 3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
37 |
Navinchandra Mafatlal Charity Trust No 6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
38 |
Navinchandra Mafatlal Charity Trust No 12 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
39 |
Navinchandra Mafatlal Charity Trust No 13 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
40 |
Navinchandra Mafatlal Charity Trust No 15 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
41 |
Shri Pransukhlal Charity Trust No 3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
42 |
Shri Pransukhlal Charity Trust No 2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
43 |
Navinchandra Mafatlal Charity Trust No 4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
44 |
Navinchandra Mafatlal Charity Trust No 7 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
45 |
Navinchandra Mafatlal Charity Trust No 14 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
46 |
Navinchandra Mafatlal Charity Trust No 5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
47 |
Shri Arvind N Mafatlal Public Charitable Trust No.3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
48 |
Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
49 |
Shri Padmanabh Arvind Mafatlal Public Charitable Trust No.5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
50 |
Navinchandra Mafatlal Charity Trust No 9 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
51 |
Sheth Mafatlal Gagalbhai Foundation Trust No 12 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
52 |
Sheth Mafatlal Gagalbhai Foundation Trust No 13 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
53 |
Sheth Mafatlal Gagalbhai Foundation Trust No 6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
54 |
Shri Hrishikesh Arvind Mafatlal Public Charitable No.2 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
55 |
Sheth Mafatlal Gagalbhai Foundation Trust No 8 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
56 |
Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.3 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
57 |
Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
58 |
Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
59 |
Seth Mafatlal Gagalbhai Foundation Trust No 11 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
60 |
Shri Arvind N Mafatlal Public Charitable Trust No.4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
61 |
Shri Arvind N Mafatlal Public Charitable Trust No.5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
62 |
Shri Arvind N Mafatlal Public Charitable Trust No.6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
63 |
Shri Pransukhlal Charity Trust No 5 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
64 |
Shri Pransukhlal Charity Trust No 4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
65 |
Shri Hrishikesh Arvind Mafatlal Public Charitable Trust No.6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
66 |
Seth Mafatlal Gagalbhai Foundation Trust N0.4 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
67 |
Navinchandra Mafatlal Charity Trust N0 8 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
68 |
Navinchandra Mafatlal Charity Trust N0 10 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
69 |
Shri Arvind N Mafatlal Public Charitable Trust No.7 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
70 |
Seth Mafatlal Gagalbhai Foundation Trust N0 14 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
71 |
Seth Mafatlal Gagalbhai Foundation Trust N0 17 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
72 |
Seth Mafatlal Gagalbhai Foundation Trust N0 16 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
73 |
Shri Arvind N Mafatlal Public Charitable Trust No.8 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
74 |
Sheth Mafatlal Gagalbhai Foundation Trust No.19 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
75 |
Shri Pransukhlal Charity Trust No 6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
76 |
Sheth Mafatlal Gagalbhai Foundation Trust No 21 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
77 |
Sheth Mafatlal Gagalbhai Foundation Trust No 15 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
78 |
Shri Pransukhlal Charity Trust |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
79 |
Shri Padmanabh Arvind Mafatlal Public Chartiable Trust No.6 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
80 |
Sheth Mafatlal Gagalbhai Foundation Trust No 18 |
786 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
81 |
Mrs Sushila Arvind Mafatlal Public Charitable Trust No.1 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
82 |
Mrs Sushila Arvind Mafatlal Public Charitable Trust No.2 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
83 |
Mrs Sushila Arvind Mafatlal Public Charitable Trust No.3 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
84 |
Vishad Padmanabh Mafatlal Public Charitable Trust No.1 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
85 |
Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.1 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
86 |
Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.2 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
87 |
Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.3 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
88 |
Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.4 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
89 |
Mrs Rekha Hrishikesh Mafatlal Public Charitable Trust No.5 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
90 |
Mrs Sushila Arvind Mafatlal Public Charitable Trust No.4 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
91 |
Mrs.Sushila Arvind Mafatlal Public Charitable Trust No.5 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
92 |
Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.1 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
93 |
Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.2 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
94 |
Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.3 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
95 |
Vishad P Mafatlal Public Charitable Trust N0.4 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
96 |
Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.4 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
97 |
Vishad Padmanbh Mafatlal Public Charitable Trust N0.3 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
98 |
Vishad Padmanbh Mafatlal Public Charitable Trust N0.2 |
624 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
99 |
Shri Padmakesh Public Charity Trust No 4 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
100 |
Shri Padmakesh Public Charity Trust No 3 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
101 |
Shri Padmakesh Public Charity Trust No 2 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
102 |
Shri Padmakesh Public Charity Trust No 1 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
103 |
Shri Rishipad Public Charity Trust N0 3 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
104 |
Shri Rishipad Public Charity Trust N0 2 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
105 |
Shri Rishipad Public Charity Trust N0 4 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
106 |
Shri Rishipad Public Charity Trust N0.1 |
542 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
107 |
Mrs.Vijayalaxmi Navinchandra Mafatlal Public Charit Trust No.16 |
393 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
108 |
Mrs Vijayalaxmi Navinchandra Mafatlal Public Charity Trust No.19 |
393 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
109 |
Mrs Vijayalaxmi Navinchandra Mafatlal Public Charitable Trust No.20 |
393 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
110 |
Maithiliben N Desai |
256 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
111 |
Mrs Miloni Padmanabh Mafatlal Public Charitable Trust No.5 |
196 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
112 |
Vishad Padmanabh Mafatlal |
75,007 |
0.77 |
0 |
0.00 |
0.00 |
0.77 |
|
113 |
Hrishikesh Arvind Mafatlal |
75,007 |
0.77 |
0 |
0.00 |
0.00 |
0.77 |
|
114 |
A.N. Mafatlal Karta Of A.N.M. Huf 4 Mafatlal |
11,170 |
0.11 |
0 |
0.00 |
0.00 |
0.11 |
|
115 |
Aarti Hrishikesh Mafatlal |
5,024 |
0.05 |
0 |
0.00 |
0.00 |
0.05 |
|
116 |
Hrishikesh Arvind Mafatlal |
4,490 |
0.05 |
0 |
0.00 |
0.00 |
0.05 |
|
117 |
Rekha Hrishikesh Mafatlal |
3,772 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
118 |
Maithili N Desai |
3,303 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
119 |
P.A.Mafatlal As Karta Of P.A.M. Huf 1 Mafatlal |
2,910 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
120 |
Anjali Hrishikesh Mafatlal |
1,998 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
121 |
Aarti Manish Chadha |
1,830 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
122 |
Anjali Kunal Agarwal |
1,830 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
123 |
Priyavrat Hrishikesh Mafatlal |
1,829 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
124 |
Chetna Padmanabh Mafatlal |
203 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
125 |
Priyavrat Hrishikesh Mafatlal |
188 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
37,90,494 |
38.80 |
588728 |
15.53 |
6.03 |
38.83 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS,
CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PUBLIC AND HOLDING
MORE THAN 1% OF THE TOTAL NUMBER OF SHARES
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Atyant Capital Management Limited A/ Atyant |
315988 |
3.23 |
3.23 |
|
|
2 |
Reliance Capital Trustee Co Ltd-A/C |
284831 |
2.92 |
2.92 |
|
|
3 |
Ajay Shivnarain Upadhyaya |
200000 |
2.05 |
2.05 |
|
|
4 |
Bluebell Clothing Pvt Ltd |
154070 |
1.58 |
1.58 |
|
|
5 |
Ghi Ltp Ltd |
170150 |
1.74 |
1.74 |
|
|
6 |
Sundaram Mutual Fund A/c Sundaram Smile Fund |
141036 |
1.44 |
1.44 |
|
|
7 |
DSP Blackrock Micro Cap Fund |
357577 |
3.66 |
3.66 |
|
|
8 |
Minal B Patel |
180580 |
1.85 |
1.85 |
|
|
|
Total |
1804232 |
18.47 |
18.47 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fluorine Chemistry, Refrigeration Gases, Some Basic Building Block Fluorides and Specialty Organofluorines. |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
No. of Employees : |
584 (Approximately) |
|||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
Bankers : |
·
State Bank of · Axis Bank Limited · HDFC Bank Limited |
|||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitors : |
Vigil Juris |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises over which key management
personnel and their relatives are able to exercise significant influence : |
· Mafatlal Industries Limited · Mafatlal Fabrics Private Limited · NOCIL Limited · Seth Navinchandra Mafatlal Foundation Trust ·
Sri Sadguru Seva Sangh Trust |
|
|
|
|
Joint Venture : |
Swarnim Gujarat
Fluorspar Private Limited |
|
|
|
|
Subsidiary Company : |
· Sulakshana Securities Limited · Manchester Organics Limited |
|
|
|
|
A partnership firm where the Company is a
majority partner : |
Urvija Associates |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,761,097 |
Equity Shares |
Rs. 10/- each |
Rs. 97.611
Millions |
|
|
Less: Calls in
arrears |
|
Rs. 0.039
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 97.572 Millions |
a. Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
Opening
balance |
Buyback |
Closing
balance |
|
Equity shares with voting rights |
|
|
|
|
Year ended 31 March, 2014 |
|
|
|
|
- Number of shares |
9,761,097 |
-- |
9,761,097 |
|
- Amount |
97.611 |
-- |
97.611 |
b. 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 equity
shareholder is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the Shareholders in the ensuing Annual General
Meeting. During the year ended 31 March 2014, the amount of dividend, per
share, recognized as distributions to equity shareholders is Rs.16/- (year
ended 31 March, 2013, Rs.15/-)
c. Details of shareholders
holding more than 5% shares in the company:
|
Equity shares of
Rs.10/- each fully paid |
31 March, 2014 |
|
|
Name |
Nos. |
% holding |
|
Mafatlal Impex Private Limited |
1,085,193 |
11.12 |
|
Suremi Trading Private Limited |
646,081 |
6.62 |
|
NOCIL Limited |
566,340 |
5.80 |
d. For details of
shares reserved for issue under the employee stock option (ESOP) plan of the
company.
e. During the period of five years immediately preceding the reporting
date:
Pursuant to the decision
of the Board of Directors of the Company taken in its meeting dated 24
September, 2010, the Company bought back 338,792 equity shares of nominal value
of Rs.10/- each at a price of Rs. 400/- per share for an aggregate value of
Rs.135.517 Millions during 2010-11 under Section 77A of the Companies Act, 1956
through tender offer by utilising the Securities premium account to the extent
of Rs.132.129 Millions. The Capital redemption reserve was created out of
General reserve for Rs.3.388 Millions being the nominal value of shares thus
bought back. All the equity shares bought back were extinguished by 5 March,
2011.
f. Calls unpaid (by other than officers and directors)
|
|
31
March, 2014 |
|
7,871 (previous year
7,891) equity shares of Rs.10/- each, Rs.5/- called up but unpaid |
0.039 |
|
|
|
g. Out of the
rights issue made in 2004-05, 109 equity shares could not be offered on rights
basis due to the non-availability of details of beneficial holders from depositories.
The same are kept in abeyance.
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 |
97.572 |
97.572 |
97.569 |
|
(b) Reserves & Surplus |
5320.980 |
4997.060 |
4736.151 |
|
(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) |
5418.552 |
5094.632 |
4833.720 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
331.558 |
325.646 |
286.392 |
|
(c)
Other long term liabilities |
230.551 |
204.959 |
201.405 |
|
(d)
long-term provisions |
38.449 |
33.958 |
28.351 |
|
Total
Non-current Liabilities (3) |
600.558 |
564.563 |
516.148 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
569.957 |
832.392 |
933.439 |
|
(b)
Trade payables |
582.358 |
501.488 |
451.537 |
|
(c)
Other current liabilities |
135.129 |
123.886 |
101.832 |
|
(d)
Short-term provisions |
115.402 |
97.294 |
765.329 |
|
Total
Current Liabilities (4) |
1402.846 |
1555.060 |
2252.137 |
|
|
|
|
|
|
TOTAL |
7421.956 |
7214.255 |
7602.005 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2252.005 |
2295.835 |
2354.598 |
|
(ii)
Intangible Assets |
7.616 |
8.906 |
9.913 |
|
(iii)
Capital work-in-progress |
53.118 |
87.064 |
52.304 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1344.935 |
1651.789 |
1859.420 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
552.144 |
518.109 |
459.168 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
4209.818 |
4561.703 |
4735.403 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1284.482 |
814.618 |
190.000 |
|
(b)
Inventories |
572.662 |
719.322 |
840.161 |
|
(c)
Trade receivables |
828.701 |
708.455 |
623.935 |
|
(d)
Cash and cash equivalents |
252.803 |
274.656 |
1050.218 |
|
(e)
Short-term loans and advances |
254.584 |
124.117 |
112.140 |
|
(f)
Other current assets |
18.906 |
11.384 |
50.148 |
|
Total
Current Assets |
3212.138 |
2652.552 |
2866.602 |
|
|
|
|
|
|
TOTAL |
7421.956 |
7214.255 |
7602.005 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4491.384 |
5246.937 |
7038.585 |
|
|
|
Other Income |
293.623 |
138.525 |
910.053 |
|
|
|
TOTAL (A) |
4785.007 |
5385.462 |
7948.638 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2085.889 |
2478.866 |
2519.651 |
|
|
|
Purchases of Stock-in-Trade |
44.265 |
61.986 |
55.709 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.833) |
(1.476) |
(107.379) |
|
|
|
Employees benefits expense |
482.719 |
441.619 |
408.757 |
|
|
|
Other expenses |
1278.246 |
1461.599 |
1664.788 |
|
|
|
TOTAL (B) |
3884.286 |
4442.594 |
4541.526 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
900.721 |
942.868 |
3407.112 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.963 |
60.974 |
35.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
846.758 |
881.894 |
3371.693 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
205.507 |
196.117 |
177.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
641.251 |
685.777 |
3194.351 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
134.612 |
254.144 |
881.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
506.639 |
431.633 |
2312.356 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
2769.500 |
2551.800 |
1322.300 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to general reserve |
50.700 |
43.200 |
232.000 |
|
|
|
Interim dividend |
73.200 |
73.200 |
83.000 |
|
|
|
Proposed Special Dividend |
83.000 |
73.200 |
63.400 |
|
|
|
Corporate dividend tax |
26.500 |
24.300 |
585.700 |
|
|
|
BALANCE CARRIED TO
THE B/S |
3042.700 |
2769.500 |
2551.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1078.181 |
1357.110 |
1616.231 |
|
|
|
FOB value of carbon credits |
0.000 |
571.054 |
2519.001 |
|
|
|
Contract Research Income |
249.853 |
136.872 |
18.647 |
|
|
TOTAL EARNINGS |
1328.034 |
2065.036 |
4153.879 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1146.372 |
1459.903 |
1879.698 |
|
|
|
Stores, spares and packing materials |
14.702 |
7.203 |
7.788 |
|
|
|
Capital Goods |
16.653 |
3.690 |
31.698 |
|
|
TOTAL IMPORTS |
1177.727 |
1470.796 |
1919.184 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
51.90 |
44.22 |
236.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
11.28 |
8.23 |
32.85 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
20.05 |
17.97 |
48.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.65 |
12.52 |
56.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.13 |
0.66 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11 |
0.16 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29 |
1.71 |
1.27 |
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 |
97.569 |
97.572 |
97.572 |
|
Reserves & Surplus |
4736.151 |
4997.060 |
5320.980 |
|
Net
worth |
4833.720 |
5094.632 |
5418.552 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
933.439 |
832.392 |
569.957 |
|
Total
borrowings |
933.439 |
832.392 |
569.957 |
|
Debt/Equity
ratio |
0.193 |
0.163 |
0.105 |
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 |
7038.585 |
5246.937 |
4491.384 |
|
|
|
(25.455) |
(14.400) |
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 |
7038.585 |
5246.937 |
4491.384 |
|
Profit |
2312.356 |
431.633 |
506.639 |
|
|
32.85% |
8.23% |
11.28% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10085926 |
09/05/2012 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, |
B39932413 |
|
2 |
10029585 |
14/06/2012 * |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, |
B45328804 |
|
3 |
80016822 |
13/02/2013 * |
500,000,000.00 |
AXIS BANK LIMITED |
|
B69781938 |
|
4 |
90145649 |
09/05/2012 * |
900,000,000.00 |
STATE BANK OF |
OVERSEAS BRANCH,1204,
ASHOK MAHAL, |
B39872213 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial paper |
190.853 |
198.329 |
|
|
|
|
|
Total |
190.853 |
198.329 |
CORPORATE
INFORMATION
Subject is a public limited company domiciled in
AMALGAMATION
With effect from 1 April, 2012 Mafatlal Denim Limited (MDL) has been
amalgamated with MIL under the composite scheme of arrangement and amalgamation
of MDL and Mishapar Investments Limited with MIL. Consents of the Honorable
High Courts of Bombay and
YEAR IN RETROSPECT
Profit after tax (PAT) increased by 17% from Rs.431.600 Millions to
Rs.506.600 Millions despite an erosion of income from sale of carbon credits by
Rs.571.100 Millions compared to the previous year and the Profit before tax
(PBT) declined by 6% from Rs.685.800 Millions to Rs.641.200 Millions. This has
been the first full year of operations of the Company without any income from
sale of carbon credits since 2007-08. Turnover declined by 14% from Rs.5246.900
Millions to Rs.4491.400 Millions during the year. Overall revenues from
operations however, declined by a marginal 4%. Performances of the individual
verticals have been a mixed experience. Revenues from inorganic fluorides and
Contract Research and Manufacturing Services (CRAMS) grew by 14% and 82%
respectively, but they have been off-set by 12% decline in both the refrigerant
gases and specialty verticals over the previous year.
This is the second consecutive year of the Indian rupee sharply
weakening against the US Dollar. Last year, from a level of 49 the Indian rupee
moved down to 54/55 and in 2013-14 it went all the way down to 68 in August’ 13
before settling at 60 at the end of March 2014. While the depreciating rupee
continued to put inflationary pressures on the domestic market, the other
indices of the Indian economy like, GDP growth, industrial production, consumer
demand, housing sector growth, etc. also remained depressed. The only silver
lining was the boost in the export earnings on account of a weak Indian Rupee.
Given the challenges of the business environment, during the current
fiscal, the Company embarked on an aggressive plan to strengthen the resilience
and sustainability of its various business verticals and improve the operating
efficiencies across its manufacturing and materials management functions. Many
work-practices and standard operating procedures were reviewed and modified to
bring in overall permanent cost efficiencies in input- output norms, energy
usages, import-export points, parcel sizes, etc. The combination of all these
efforts helped the Company maintain a healthy PBT and improve its PAT during
the current fiscal. Going forward, these initiatives will also strengthen the
competitiveness of the products in the international markets.
The CRAMS business has grown in line with its business plan to a
respectable level of Rs.255.900 Millions for the current year. The offerings by
the Company in the dedicated fluorine space have been well accepted by the
international community of pharma researchers and formulators. In 2013-14 more
than 40 molecules have been developed, worked on and delivered to more than 15
global pharma and agro majors. Encouraged by the excellent response from a
large community of diverse global players the Company decided to embark on an
ambitious expansion of its contract manufacturing by investing Rs.650.000
Millions at its Dewas site to enable it to deliver ton level quantities in
larger batch sizes. The new capacity is expected to come on stream in the first
quarter of the next fiscal. Alongside augmenting its delivery capabilities, the
Business Unit (BU) is also enhancing its marketing reach in the US West coast
and Japan by having a direct representation in those geographies in addition to
Europe, where Manchester Organics Limited (MOL), the UK based subsidiary of the
Company has a strong presence. The NFIL-MOL combine has also worked well
together to garner a higher share in the contract research and manufacturing
space of fluorinated molecules.
The inorganic fluorides have grown by 14% during the year despite a very
challenging domestic market by achieving higher volumes of potassium and sodium
fluorides and price increases across its product range. It has also initiated
exports in a good way which has a potential to grow in the coming years thereby
improving capacity utilization in the BU and insulating the overall revenues of
the Company from market and product related uncertainties. The BU has been ably
supported by in-house R and D initiatives.
The Refrigerant Gases business remained under severe price pressures during
the year. Disconnect between the input costs and product prices continued
through the year due to a global demand - capacity imbalance. There has been a
12% decline in the revenues from this BU on the back of weak pricing despite
sustained volumes.
The specialty BU also suffered a 12% decline due to weak demand of some
of its strong products. However, it could access price escalations from exports
due to a weak rupee. It could also achieve modest price increases in the
domestic market due to its unique market position in some of the critical high
value products.
The Company has a high exposure to fuel price movement as all its BUs,
except CRAMS have high materials handling. But, despite a 15% rise in the price
of diesel during the year the logistics costs could be managed within limits as
Hazira port became operational for containerized cargos during the year. The
Company will continue to enjoy this permanent advantage due to the proximity of
Bhestan plant, which, by far is the largest operations of the Company, to
Hazira.
Through the year the technology teams worked relentlessly to improve
productivity, quality and costs of the flag-ship products to offer a
competitive marketing edge to the Bus on one hand and flexibility of sourcing
to the supply chain on the other.
During the year substantial quantities of non-Chinese fluorspar (the
most important raw material) have been used while maintaining and improving
product quality. This helped the supply chain to cap the cost of fluorspar,
which is completely imported, despite a sharp depreciation in rupee.
During the year a conservative stocking strategy for raw materials was
followed to remain closer to the market price of all the raw materials and
access the resultant movement in the finished product prices. This helped in
successful inventory management and maintain a low average working capital
through the year.
The company maintained a good financial health with a sizeable treasury
income. The basEl II rating of the Company is maintained at ‘CARE AA-’
(indicating high degree of safety regarding timely servicing of financial obligations
and very low credit risk) for borrowings with a tenure of more than one year
and fund-based facilities. The rating for short-term facilities (less than one
year) has been maintained at‘ CARE A+’(indicating very strong degree of safety
regarding timely servicing of financial obligations and lowest credit risk) for
its non-fund based facilities. The Company is fully committed to its
responsibilities in health, safety and environmental (HSE) management and has
continued to make sizable investments in HSE during the year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The economic slowdown is expected to have bottomed out last year. A
spell of global financial turbulence caused capital outflows and pressure on
the exchange rate, but strong policy measures stabilized the currency, rebuilt
reserves, and narrowed the excessive current account deficit. Weaknesses
remain, however, and include persistent inflation, fiscal imbalances,
bottlenecks to investment, and inefficiencies that require structural reforms.
Without a systemic resolution, growth is forecast to pick up modestly.
However, they are optimistic about their prospects as the Indian economy
works towards its recovery and with their wide ranging capabilities; they
expect to deliver a strong performance going forward.
GLOBAL
FLUOROCHEMICALS INDUSTRY OUTLOOK
The global scenario for chemicals during the year was mixed, as the
The global fluorochemicals market is expected to reach USD 24.99 billion
by 2020. Positive demand outlook from key application markets such as
refrigeration, HVAC, pharmaceuticals, aluminium, steel and electronic
consumables is expected to drive fluorochemicals sales over the next six years.
The gradual recovery of automotive industry, especially in Asia and increasing
application scope for fluoropolymers in chemical processing, construction,
electronics, automotive, cookware and medical is also expected to drive
fluorochemicals demand over the forecast period.
Fluorocarbons dominated the global market, accounting for over 52% of
global fluorochemicals volumes in 2013. Hydrochlorofluorocarbon (HCFC),
accounting for over 60% of the total fluorocarbon market, is currently being
phased out by Hydro FluoroCarbon (HFC) and other products, owing to regulatory
pressure. As a result, HCFC demand will decline going forward. Demand for HFCs
grew considerably from 2001 to 2011, and they will continue their strong
advances as replacements for HCFCs in the developing world. However, concerns over
the global warming potential (GWP) of HFCs will begin to limit demand,
particularly in
Being the largest global market for automotive, pharmaceuticals, electronic
consumables and chemical processing, Asia Pacific dominated fluorochemicals
demand in 2013, accounting for over 46% of global volumes. Asia Pacific
fluorochemicals market revenue is expected to reach USD 11.68 billion by 2020.
North America and
SEGMENT ANALYSIS
REFRIGERANTS
The Company has a near forty year history of manufacturing and selling
HCFC 22 in
In 2013-14, the Company derived 32% percent of its refrigerant revenues
from international markets (same as the previous year) while the rest was
marketed within
As informed earlier the division’s CER income ceased with effect from 31
December, 2012.
SPECIALTY
CHEMICALS
The Company’s specialty segment manufactures fluorine based molecules
with niche applications in the specialized petrochemicals, pharmaceutical and
agrochemical segments.
The division has a rich fluorine chemistry competence backed by a robust
research set-up. 36% of its revenue is derived from international business.
The specialties business withered weak demand of some of its
high-selling products through the year. However, the business could access
price escalations from exports due to a weak rupee scenario. It could also
achieve modest price increases in the domestic market due to its unique value
proposition. During the year the division introduced 2 (previous year 6) new fluorinated
compounds with growing applications in the pharmaceutical and agrochemical
sectors. The Company expects to work closely with customers and introduce new
products to widen its customer base.
INORGANIC
FLUORIDES
This segment caters mainly to the steel sector and also has dominant
applications in the glass, pharmaceutical and agrochemical industries.
The inorganic fluorides BU grew by 14% during the year despite very
challenging domestic market situations, by growing volumes of new organic
fluorides and modest price increases across its product range. It has also
initiated its exports business which has a potential to grow in the coming
years thereby improving capacity utilization in the BU and insulating the overall
revenues of the Company from market and product related uncertainties.
The division also introduced a compound for the glass industry in the
current year, providing cost competitiveness. The product has a high potential
to grow both in the domestic and international markets in the coming years.
CONTRACT RESEARCH
AND MANUFACTURING SERVICES (CRAMS) AND RESEARCH AND DEVELOPMENT
The Contract research and manufacturing services is a new vertical the
company ventured into two years back. During the year, the division posted a
handsome turnover of Rs.260.000 Millions which is expected to strongly grow in
FY 15 and the future years. This is a research and knowledge based initiative
to cater to the rapid product development need of the major global pharma and
agro companies in Europe,
Encouraged by the excellent responses from a large community of diverse
global players the Company decided to embark on an expansion of its contract
manufacturing facility by investing Rs.650.000 Millions at its Dewas site to
enable it to deliver ton level quantities in larger batch sizes. The new capacity
is expected to come on stream in the first quarter of the next fiscal.
Alongside augmenting its delivery capabilities, the BU is also enhancing its
marketing reach in the US West coast and Japan by having a direct
representation in those geographies in addition to US East coast and Europe,
where Manchester Organics Limited (MOL), the UK based subsidiary of the Company
has a strong presence. The NFIL-MOL combine has also worked well together to
garner a higher share in the contract research and manufacturing space of
fluorinated molecules.
STATEMENT OF UNAUDITED
STANDALONE RESULTS FOR THE QUARTER AND HALF ENDED 30TH SEPTEMBER,
2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Three Months
ended 30.09.2014 |
Three Months
ended 30.06.2014 |
Years to date figures
for current period ended 30.09.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
1238.593 |
1295.445 |
2534.038 |
|
Other Operating Income |
3.2700 |
5.385 |
8.655 |
|
Total Income from
operations (net) |
1241.863 |
1300.830 |
2542.693 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
625.639 |
593.962 |
1219.601 |
|
(b) Purchase of stock in trade |
21.208 |
46.858 |
68.066 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(60.534) |
8.073 |
(52.461) |
|
(d) Employee benefit expenses |
138.614 |
166.727 |
305.341 |
|
(e) Depreciation and amortization expenses |
43.911 |
44.913 |
88.824 |
|
(f) Other Expenses |
378.256 |
362.623 |
740.879 |
|
Total Expenses |
1147.094 |
1223.156 |
2370.250 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
94.769 |
77.674 |
172.443 |
|
Other Income |
56.928 |
38.233 |
95.161 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
151.697 |
115.907 |
267.604 |
|
Finance costs |
8.621 |
1.736 |
10.357 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
143.076 |
114.171 |
257.247 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
143.076 |
114.171 |
257.247 |
|
Tax Expenses |
42.270 |
29.180 |
71.450 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
100.806 |
84.991 |
185.797 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
97.661 |
97.572 |
97.661 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per share (of Rs. 10/- each) (not annualised) * - Basic and diluted EPS for the period/ year |
10.33 |
8.71 |
19.03 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
5979303 |
5970603 |
5979303 |
|
Percentage of Shareholding |
61.20% |
61.17% |
61.20% |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
588728 |
588728 |
588728 |
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
15.53% |
15.53% |
15.53% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
6.03% |
6.03% |
6.03% |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
3201766 |
3201766 |
3201766 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
84.47% |
84.47% |
84.47% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
32.80% |
32.80% |
32.80% |
|
|
PARTICULARS |
Three Months ended
30.09.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
97.661 |
|
(b) Reserves & Surplus |
5405.409 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5503.070 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
117.309 |
|
(b) Deferred tax liabilities
(Net) |
321.611 |
|
(c) Other long term
liabilities |
230.551 |
|
(d) long-term provisions |
45.275 |
|
Total
Non-current Liabilities (3) |
714.746 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
298.556 |
|
(b) Trade payables |
682.296 |
|
(c) Other current liabilities |
185.329 |
|
(d) Short-term provisions |
107.736 |
|
Total
Current Liabilities (4) |
1273.917 |
|
|
|
|
TOTAL |
7491.733 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
2323.975 |
|
(b) Non-current Investments |
1281.431 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
760.802 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
4366.208 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1164.482 |
|
(b) Inventories |
774.312 |
|
(c) Trade receivables |
825.560 |
|
(d) Cash and cash equivalents |
66.931 |
|
(e) Short-term loans and
advances |
277.933 |
|
(f) Other current assets |
16.307 |
|
Total
Current Assets |
3125.525 |
|
|
|
|
TOTAL |
7491.733 |
NOTES:
The results of the quarter/half-year ended 30th September, 2014 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 20th October, 2014. They have been subjected to limited review by the statutory auditors.
The Board of Directors of the Company declared an interim dividend of Rs. 7.50
per share on 97,69,797 equity shares of nominal value of Rs. 10/- each,
aggregating to Rs. 73.273 Millions for the financial year 2014-15.
The Company has charged depreciation based on the revised remaining useful life
of the assets as per the requirement of Schedule II of Companies Act, 2013
effective from 01st April, 2014. Due to the above, depreciation charges for the
quarter and half year ended 30th September, 2014 are lower by Rs. 9.415 and Rs.
16.143 Millions, respectively. Further, based on transitional provision
provided in note 7 (b) of Schedule II, an amount of Rs. 16.626 Millions (net of
Deferred Tax) has been adjusted with General Reserve.
The Company operates solely in the chemical business segment.
Previous period’s/year’s figures have been regrouped, wherever necessary, to
correspond with those of the current period.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Excise matters disputed in appeal These relate to MODVAT on capital purchases (pending before the Assistant Commissioner) and permit fee on purchase of alcohol (pending before the High Court) |
12.752 |
15.820 |
|
b. Claims against the Company not
acknowledged as debts Labour matters involving issues like regularization of employment, termination of employment, compensation against severance, etc. |
1.764 |
2.265 |
|
c. Sales-tax matters disputed in appeal These relate to classification of goods and consequent dispute on the rates of sales-tax (pending at various stages from Assistant Commissioner to High Court) |
20.050 |
19.949 |
|
d. Income tax matters disputed in appeal |
72.102 |
80.561 |
|
|
|
|
|
Total |
106.668 |
118.595 |
FIXED ASSETS:
Tangible assets
· Freehold land
· Leasehold land
· Buildings
· Plant and machinery
· Furniture and fixtures
· Vehicles
· Office equipment
Intangible assets
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.58 |
|
|
1 |
Rs. 99.98 |
|
Euro |
1 |
Rs. 79.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.