MIRA INFORM REPORT
|
Report Date : |
31.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NOCIL LIMITED (w.e.f 29.11.2007) |
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Formerly Known
As : |
NATIONAL ORGANIC CHEMICAL INDUSTRIES LIMITED |
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Registered
Office : |
Mafatlal House, H T Parekh Marg, Backbay Reclamation, Churchgate,
Mumbai – 400020, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.05.1961 |
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Com. Reg. No.: |
11-012003 |
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Capital
Investment / Paid-up Capital : |
Rs.1607.870 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1961PLC012003 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN00133A mumn10739b |
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PAN No.: [Permanent Account No.] |
AAACN4912E |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Trading of Rubber Chemicals. |
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No. of Employees
: |
266 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 an established company having good track. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terns are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities = AA- |
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Rating Explanation |
High degree of safety and low credit risk. |
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Date |
31.03.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
31.03.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-22-66364062)
LOCATIONS
|
Registered/ Head Office/ Export Department :: |
Mafatlal House, H T Parekh Marg, Backbay Reclamation, Churchgate,
Mumbai – 400020, |
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Tel. No.: |
91-22-66364062 |
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Fax No.: |
91-22-66364060 / 56364056 |
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E-Mail : |
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Website : |
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Factory 1/ Marketing Technical Service : |
C-37, T.T.C. Industrial Area, Off Thane-Belapur Road,
Pawne Village, |
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Tel. No.: |
91-22-66730551 |
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Fax No.: |
91-22-27671862 |
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Email : |
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Factory 2 : |
12/A/1 and 13/B/1, Dahej Industrial Estate, Village
Ambheta, Talulka Vagra, District Bharuch– 392130, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Hrishikesh A. Mafatlal |
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Designation : |
Chairman |
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Name : |
Mr. Rohit Arora |
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Designation : |
Director |
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Name : |
Mr. V. R. Gupte |
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Designation : |
Director |
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Name : |
Mr. C. L. Jain |
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Designation : |
Director - (GIC Nominee) |
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Name : |
Mr. Vishad P. Mafatlal |
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Designation : |
Director |
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Name : |
Mr. D.N. Mungale |
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Designation : |
Director |
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Name : |
Mr. N. Sankar |
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Designation : |
Director |
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Name : |
Mr. P. V. Bhide |
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Designation : |
Director (w.e.f 26.10.2010) |
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Name : |
Mr. C.R. Gupte |
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Designation : |
Managing Director |
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Name : |
Mr. S. R. Deo |
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Designation : |
Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. V. K. Gupte |
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Designation : |
Company Secretary |
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Name : |
Mr. S. R. Deo |
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Designation : |
President – Technical (w.e.f. – 1, January, 2014) |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
877040 |
0.55 |
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|
58619739 |
36.46 |
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|
59496779 |
37.00 |
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Total shareholding of Promoter and Promoter Group (A) |
59496779 |
37.00 |
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(B) Public Shareholding |
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|
46209 |
0.03 |
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|
718871 |
0.45 |
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|
880 |
0.00 |
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|
3411223 |
2.12 |
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|
1132326 |
0.70 |
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|
5309509 |
3.30 |
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|
|
|
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|
22849529 |
14.21 |
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|
|
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|
49822510 |
30.99 |
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|
22246472 |
13.84 |
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|
1062181 |
0.66 |
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|
5000 |
0.00 |
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|
1057181 |
0.66 |
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|
95980692 |
59.69 |
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Total Public shareholding (B) |
101290201 |
63.00 |
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Total (A)+(B) |
160786980 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
160786980 |
100.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
Mafatlal Industries Limited |
23036469 |
14.33 |
|
Arvi Associates Private Limited |
10643026 |
6.62 |
|
Shripad Associates Private Limited |
6899964 |
4.29 |
|
Navin Fluorine International Limited |
6850000 |
4.26 |
|
Mafatlal Exim Private Limited |
6700000 |
4.17 |
|
Suremi Trading Private Limited |
2369220 |
1.47 |
|
Mafatlal Exim Private Limited |
888540 |
0.55 |
|
Priyavrat Hrishikesh Mafatlal |
505000 |
0.31 |
|
Altamount Products and Services Private Limited |
441800 |
0.27 |
|
Krishnadeep Engineers Private Limited |
350000 |
0.22 |
|
Rupal Vishad Mafatlal |
132500 |
0.08 |
|
Sarvamangala Holdings Private Limited |
350000 |
0.22 |
|
Pamil Investments Private Limited |
28580 |
0.02 |
|
Hrishikesh Arvind Mafatlal |
177900 |
0.11 |
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Mafatlal Impex Private Limited |
23920 |
0.01 |
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Sushripada Investments Private Limited |
22340 |
0.01 |
|
Rekha Hrishikesh Mafatlal |
22000 |
0.01 |
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Maithili N Desai |
17380 |
0.01 |
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Suremi Trading Private Limited |
15000 |
0.01 |
|
Hrishikesh Arvind Mafatlal |
12000 |
0.01 |
|
Vishad Padmanabh Mafatlal |
5030 |
0.00 |
|
Hrishikesh Arvind Mafatlal |
5030 |
0.00 |
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Milap Texchem Private Limited |
220 |
0.00 |
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Milekha Texchem Company Private Limited |
220 |
0.00 |
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Shamir Texchem Private Limited |
220 |
0.00 |
|
Sumil Holdings Private Limited |
220 |
0.00 |
|
Vishad Padmanabh Mafatlal |
200 |
0.00 |
|
Total |
59496779 |
37.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Rubber Chemicals. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
266 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long-Term
Borrowings Details
of Security a) First pari passu charge on all moveable and immoveable fixed assets of the company at Dahej, both present and future. b) Second pari passu charge on entire current assets of the company, both present and future. Terms of Repayment and maturity with respect to the Balance Sheet date Repayable in 20 / 21 equal quarterly instalments commencing from Financial Year 2013-14 Short-Term
Borrowings Details of Security First pari passu charge on stock and book debts both
present and future by way of hypothecation over company's entire current
assets including stock of raw materials, semi-finished and finished goods,
consumable stores and spares and other movables, book debts, bills,
outstanding monies, receivables, both present and future. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Solicitors and Advocates : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
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Enterprises over
which Directors and Relatives of such personnel exercise significant
influence : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
1200000000 |
Equity Shares |
Rs.10/- each |
Rs.12000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160786980 |
Equity Shares |
Rs.10/- each |
Rs.1607.870
Millions |
Rights, preferences and restrictions
attached to Equity shares
The company has a single class of equity shares. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders. In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mafatlal Industries Limited |
23036469 |
14.33 |
|
Mishapar Investments Limited |
10536300 |
6.55 |
|
Arvi Associates Private Limited |
10468026 |
6.51 |
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 |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1607.870 |
1607.870 |
1607.870 |
|
(b) Reserves & Surplus |
2155.847 |
2032.538 |
1720.503 |
|
(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) |
3763.717 |
3640.408 |
3328.373 |
|
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|
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|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
718.333 |
931.667 |
750.000 |
|
(b) Deferred tax liabilities (Net) |
389.732 |
268.877 |
219.016 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
114.965 |
117.956 |
182.300 |
|
Total Non-current
Liabilities (3) |
1223.030 |
1318.500 |
1151.316 |
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
590.591 |
373.363 |
54.588 |
|
(b) Trade
payables |
1240.993 |
714.574 |
627.746 |
|
(c) Other
current liabilities |
408.113 |
435.574 |
169.343 |
|
(d) Short-term
provisions |
138.107 |
137.258 |
128.351 |
|
Total Current
Liabilities (4) |
2377.804 |
1660.769 |
980.028 |
|
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TOTAL |
7364.551 |
6619.677 |
5459.717 |
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II.
ASSETS |
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|
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|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2970.315 |
2955.947 |
702.170 |
|
(ii)
Intangible Assets |
50.500 |
54.554 |
38.685 |
|
(iii)
Capital work-in-progress |
28.222 |
34.408 |
1265.532 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
12.330 |
|
(b) Non-current Investments |
473.058 |
473.058 |
250.558 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
457.579 |
518.624 |
533.146 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3979.674 |
4036.591 |
2802.421 |
|
|
|
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|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1598.828 |
1154.395 |
1139.151 |
|
(c) Trade
receivables |
1477.186 |
1108.661 |
995.779 |
|
(d) Cash
and cash equivalents |
149.991 |
117.644 |
350.676 |
|
(e)
Short-term loans and advances |
156.146 |
198.288 |
170.683 |
|
(f) Other
current assets |
2.726 |
4.098 |
1.007 |
|
Total
Current Assets |
3384.877 |
2583.086 |
2657.296 |
|
|
|
|
|
|
TOTAL |
7364.551 |
6619.677 |
5459.717 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
5961.439 |
4881.779 |
4814.910 |
|
|
|
Other Income |
107.570 |
138.737 |
232.455 |
|
|
|
TOTAL (A) |
6069.009 |
5020.516 |
5047.365 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3534.295 |
3033.771 |
2992.983 |
|
|
|
Purchases of stock-in-trade |
40.835 |
27.996 |
26.489 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(84.915) |
95.186 |
(70.868) |
|
|
|
Employee benefits expense |
410.133 |
356.422 |
345.479 |
|
|
|
Other expenses |
1451.839 |
1172.288 |
1192.154 |
|
|
|
Exceptional item |
20.345 |
(222.500) |
(2.245) |
|
|
|
TOTAL (B) |
5372.532 |
4463.163 |
4483.992 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
696.477 |
557.353 |
563.373 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
173.877 |
37.549 |
4.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
522.600 |
519.804 |
559.057 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
175.584 |
78.457 |
89.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
347.016 |
441.347 |
469.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
110.840 |
16.445 |
129.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
236.176 |
424.902 |
339.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1499.446 |
1187.411 |
659.628 |
|
|
|
|
|
|
|
|
|
|
TRANSFER FROM
RESERVE FOR CONTINGENCY |
0.000 |
0.000 |
300.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
96.500 |
96.472 |
96.472 |
|
|
|
Corporate tax on dividend |
16.400 |
16.395 |
15.651 |
|
|
BALANCE CARRIED
TO THE B/S |
1622.722 |
1499.446 |
1187.411 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2220.780 |
1896.045 |
1943.973 |
|
|
TOTAL EARNINGS |
2220.780 |
1896.045 |
1943.973 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1923.982 |
1230.291 |
1284.759 |
|
|
|
Stores & Spares |
0.815 |
1.334 |
1.470 |
|
|
|
Capital Goods |
2.519 |
129.025 |
7.794 |
|
|
TOTAL IMPORTS |
1927.316 |
1360.650 |
1294.023 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.47 |
2.64 |
2.11 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1766.800 |
1751.500 |
|
Total Expenditure |
|
1549.200 |
1486.100 |
|
PBIDT (Excl OI) |
|
217.600 |
265.400 |
|
Other Income |
|
10.100 |
21.200 |
|
Operating Profit |
|
227.700 |
286.600 |
|
Interest |
|
41.700 |
43.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
186.000 |
243.200 |
|
Depreciation |
|
34.500 |
33.800 |
|
Profit Before Tax |
|
151.500 |
209.400 |
|
Tax |
|
50.800 |
78.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
100.700 |
130.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
100.700 |
130.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.96 |
8.70 |
7.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.68 |
11.42 |
11.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06 |
7.22 |
11.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35 |
0.36 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42 |
1.56 |
2.71 |
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 |
1607.870 |
1607.870 |
1607.870 |
|
Reserves & Surplus |
1720.503 |
2032.538 |
2155.847 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3328.373 |
3640.408 |
3763.717 |
|
|
|
|
|
|
long-term borrowings |
750.000 |
931.667 |
718.333 |
|
Short term borrowings |
54.588 |
373.363 |
590.591 |
|
Total
borrowings |
804.588 |
1305.030 |
1308.924 |
|
Debt/Equity
ratio |
0.242 |
0.358 |
0.348 |
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 |
4,814.910 |
4,881.779 |
5,961.439 |
|
|
|
1.389 |
22.116 |
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
|
4,814.910 |
4,881.779 |
5,961.439 |
|
Profit |
339.906 |
424.902 |
236.176 |
|
|
7.06% |
8.70% |
3.96% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
213.333 |
163.333 |
0.000 |
|
Total |
213.333 |
163.333 |
0.000 |
|
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 |
No |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE INFORMATION
The Company was incorporated
on 11 May 1961, and is engaged in manufacture of rubber chemicals. The Company
has manufacturing facilities at Navi Mumbai (Maharashtra) and at Dahej
(Gujarat). The products manufactured by the Company are used by the tyre
industry and other rubber processing industries.
PERFORMANCE OF THE
COMPANY
The year continued to
experience challenging business conditions with the slowing down of GDP growth
in India and increased competition from foreign suppliers. The operating
performance consequently, got impacted particularly in the first half of
financial year 2013-14.
In line with the depressed
automobile sector demand, majority of the company’s customers both in the
domestic as well as in the international market, undertook production cuts at
periodical intervals to align their production with demand. As a result there
was negligible growth in demand for Rubber Chemicals in the country. The silver
lining is that, at least some of the large economies like the US in the western
world are now showing healthy trends. The Indian economy too is expected to do
better in the coming year in the hope of a stable government at the centre,
which should augur well for their business.
The company achieved a
growth of 6.5% in its sales volumes as compared to the previous year through
sustained marketing efforts and also due to some exits/closures of a few local
and international Rubber Chemical players.
The gross turnover of the
company, for the year, touched Rs.6430.000 Millions as compared to Rs.5270.000
Millions in the previous year, representing an increase of about 22%. This
increase was possible due to a combination of Rupee depreciation, a change in
the product mix along with some price corrections which were done to offset
some rising input costs. While their efforts to improve their realisations
continue, they are severely constrained in this regard on account of the
aggressive dumping resorted to by their competitors, especially from China and
Korea. This in turn has also forced the European competitors to offer similar
aggressive pricing.
The production of rubber
chemicals and their intermediates, for the year was 37,333 MT as against 33,341
MT, representing an increase of about 12% as compared to the previous year.
Unfortunately, the main product (Px-13) continues to suffer due to the
unrealistically low prices offered by international competitors. On the whole,
their selling prices continue to be unfavourably influenced and impacted by the
artificially low pricing adopted by competitors.
The Input costs, in sync
with the high crude oil and benzene prices, continued to show rising trend.
While their did manage to pass on some of these increases to their customers,
they were not commensurate with the increases they had to absorb.
EXPORTS
With some of the important
international markets showing some signs of improvement in the second half of
the current year, they registered a marginal growth in export volumes by 3%.
Due to a significant proportion of high value/speciality products in their
export basket as well as due to the weaker Rupee, the company managed to
achieve a substantially higher export turnover of Rs.2250.000 Millions as
compared to Rs.1880.000 Millions in the previous year. It would be worthwhile
mentioning that the company has over a period successfully developed and
markets a few speciality products, specifically tailored for its major
international customers, due to which it enjoys a niche position. As far as the
other generic products are concerned, the company enters the export segment,
only out of a compulsion to optimally utilise its own capacities in the absence
of sufficient orders from the domestic customers and not out of choice, since
pricing in the exports market is also vitiated by the aggressive dumping
resorted by the Chinese, Korean and other competitors.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC REVIEW
The economic activity in
the country was at a low key during the year, as GDP growth slowed down to
around 5% for the year. However some signs of improvements though minor are
visible since the last quarter. The outlook, particularly post elections, seems
more promising than the year.
Crude oil prices as in the
past few years, continue to remain at high levels. India being dependant on
large imports of crude oil, experienced an adverse impact in case of both,
economic growth as well as currency management. Rupee experienced huge
depreciation vis-a-vis US Dollar and other major currencies in the first half
of the financial year, which continued till the third quarter of the year.
During these volatile times, Rupee dipped close to Rs.70 per US$. Some
correction did take place in the last quarter on account of high forex inflows
into the country on the back of the upswing in the equity markets.
The uncertain political
scenario also compounded the problems further. This not only resulted in
hampering the Industrial growth in India for the second consecutive year but
also ensured that there were no major capital investments. Needless to mention,
this had a direct impact on the consumer demand. Automobile sector being one of
the key sectors of the economy, was badly affected. The company being a second
stage supplier to the Auto sector faced all these challenges in substantial
measure.
On the positive side, some
of the major economies like the US and Japan have started showing some
encouraging trends during the last few quarters. It is expected that the
formation of the new Indian Government post elections, at the centre, is
expected to give some boost to the manufacturing sector which in turn would
show some improvement in overall demand pattern.
OPERATING
PERFORMANCE AND FINANCIAL PERFORMANCE FOR THE YEAR
The prices of practically
all the major inputs of the company continued to be at high levels. Due to the aggressive
dumping resorted to by the Chinese/Korean/European Manufacturers, the company
too had to occasionally cut down the production of certain key products
During the year, the
Company achieved a profit before tax of 347.000 Millions as compared to 441.300
Millions in 2012-13. The performance for the year should be viewed in the
context of higher depreciation, interest and establishment costs consequent on
setting up of Dahej operations site.
CONTINGENT
LIABILITIES IN RESPECT OF:
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Claims against the Company not acknowledged as debts - Legal cases against the company |
6.227 |
14.058 |
20.288 |
|
Central excise duty and Customs duty demands dispute |
6.578 |
13.900 |
15.342 |
|
Income tax demands disputed |
107.430 |
86.583 |
281.688 |
|
Sales tax demands disputed |
39.381 |
36.436 |
79.487 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1742.800 |
1757.400 |
3500.200 |
|
b) Other operating income |
8.700 |
9.400 |
18.100 |
|
Total
income from Operations(net) |
1751.500 |
1766.800 |
3518.300 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1255.100 |
1158.000 |
2413.100 |
|
b) Purchases of stock in trade |
6.300 |
9.600 |
15.900 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(360.300) |
(131.500) |
(491.800) |
|
d) Employees benefit expenses |
120.800 |
118.100 |
238.900 |
|
e) Depreciation and amortization expenses |
33.800 |
34.500 |
68.200 |
|
f) Utilities |
168.000 |
151.100 |
319.100 |
|
g) Other expenditure |
296.200 |
243.900 |
540.100 |
|
Total expenses |
1519.900 |
1583.700 |
3103.500 |
|
3. Profit from operations before other income and
financial costs |
231.600 |
183.100 |
414.800 |
|
4. Other income |
21.200 |
10.100 |
31.300 |
|
5. Profit from ordinary activities before finance costs |
252.800 |
193.200 |
446.100 |
|
6. Finance costs |
43.400 |
41.700 |
85.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
209.400 |
151.500 |
361.000 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
209.400 |
151.500 |
361.000 |
|
10.Tax expenses |
78.700 |
50.800 |
129.500 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
130.700 |
100.700 |
231.500 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
130.700 |
100.700 |
231.500 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1607.900 |
1608.900 |
1607.900 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
0.81 |
0.63 |
1.44 |
|
(b) Diluted |
0.81 |
0.63 |
1.44 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
101290201 |
101835201 |
101290201 |
|
- Percentage of shareholding |
63.00 |
63.34 |
63.00 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
59496779 |
58951779 |
59496779 |
|
Number of shares |
2916667 |
-- |
2916667 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
4.90 |
-- |
4.90 |
|
Percentage of shares (as a % of total share capital of the
company) |
1.81 |
-- |
1.81 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
56580112 |
58951779 |
56580112 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
95.10 |
100.00 |
95.10 |
|
Percentage of shares (as a % of total share capital of the
company) |
35.19 |
36.66 |
35.19 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
-- |
|
|
Receiving during the quarter |
|
1 |
|
|
Disposed of during the quarter |
|
1 |
|
|
Remaining unreserved at the end of the quarter |
|
-- |
|
STATEMENT
OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1,607.900 |
|
(b) Reserves & Surplus |
|
|
2,382.100 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3,990.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
611.700 |
|
(b) Deferred tax liabilities (Net) |
|
|
383.400 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
123.500 |
|
Total Non-current
Liabilities (3) |
|
|
1,118.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
728.400 |
|
(b) Trade
payables |
|
|
1,317.200 |
|
(c) Other
current liabilities |
|
|
578.000 |
|
(d) Short-term
provisions |
|
|
24.900 |
|
Total Current
Liabilities (4) |
|
|
2,648.500 |
|
|
|
|
|
|
TOTAL |
|
|
7,757.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
2,995.500 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
473.100 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
394.300 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
3,862.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
2,075.200 |
|
(c) Trade
receivables |
|
|
1,408.200 |
|
(d) Cash
and cash equivalents |
|
|
164.400 |
|
(e)
Short-term loans and advances |
|
|
244.400 |
|
(f) Other
current assets |
|
|
2.000 |
|
Total
Current Assets |
|
|
3,894.200 |
|
|
|
|
|
|
TOTAL |
|
|
7,757.100 |
Notes:
- Depreciation for the period ended September 30, 2014 has been provided in accordance with Schedule II of the Companies Act, 2013.
- The Company is primarily engaged in the business of manufacture of Rubber Chemicals, which in the context of Accounting Standard (AS 17) on 'Segment Reporting', constitutes a single reportable segment.
- During the previous year ended March 31, 2014, the Company implemented a voluntary retirement scheme at its Navi Mumbai Plant. The compensation paid during the previous quarter ended June 30, 2013 under the said scheme of Rs. 20.300 Millions has been debited to the Statement of Profit and Loss and disclosed as an exceptional item.
- The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 06, 2014 and have been subjected to limited review by the statutory auditors of the Company.
- The figures for the corresponding periods/year have been regrouped, wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435314 |
14/06/2013 |
350,000,000.00 |
IDBI BANK LIMITED |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B78953569 |
|
2 |
10315780 |
03/09/2012 * |
500,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B58723214 |
|
3 |
10274532 |
03/09/2012 * |
750,000,000.00 |
Export Import Bank Of India |
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B58865171 |
|
4 |
10006868 |
10/04/2013 * |
650,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B74190315 |
|
5 |
90230121 |
31/01/2006 |
270,000,000.00 |
UTI BANK LIMITED |
Nariman Point Branch, Atlanta Point Branch; Atlanta; Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
|
6 |
90241373 |
21/03/2005 |
152,289,030.00 |
State Bank Of India |
Branch, Mumbai, Maharashtra, India |
- |
|
7 |
90223229 |
21/03/2001 |
120,000,000.00 |
ICICI Limited |
Icici Towers; Bandra - Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
- |
|
8 |
90222774 |
16/05/2000 * |
300,000,000.00 |
ICICI Limited |
163, Backbay Reclamation, Mumbai, Maharashtra - 400020, India |
- |
|
9 |
90222640 |
04/06/1996 |
220,000,000.00 |
Infrastructure Leasing And Financial Services Limited |
Mahindra Towers; 4th Floor, Dr. G. M. Bhosale Marg, Bombay, Maharashtra - 400018, India |
- |
|
10 |
90222510 |
19/06/1995 |
20,000,000.00 |
ABN AMRO BANK N.V. |
14; Veer Nariman Road, Fort, Bombay, Maharashtra - 400023, India |
- |
|
11 |
90222443 |
16/02/1995 |
30,000,000.00 |
State Bank Of India |
Commercial Branch, Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
12 |
90222425 |
26/12/1994 |
300,000,000.00 |
SCICI LIMITED |
141, Marker Towers F; Cuffe Parade, Bombay, Maharashtra - 400005, India |
- |
|
13 |
90222318 |
19/04/1994 |
175,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Justice G.N. Vaidya Marg, Mumbai, Maharashtra - 400021, India |
- |
|
14 |
90222269 |
21/12/1993 |
37,800,000.00 |
ABN AMRO BANK N.A |
14; Veer Nariman Roar, Fort, Bombay, Maharashtra - 400023, India |
- |
|
15 |
90222254 |
24/11/1993 |
31,200,000.00 |
STATE BANK OF INDIA |
Commercial Branch, ]Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
16 |
90225933 |
24/11/1993 * |
265,000,000.00 |
State Bank Of India |
Commercial Branch, ]Justice G. N. Vaidya Marg, Bombay, Maharashtra - 400023, India |
- |
|
17 |
90222226 |
13/09/1993 |
50,000,000.00 |
State Bank Of India |
Industrial Finance Branch, Fort, Bombay, Maharashtra - 400001, India |
- |
|
18 |
90222218 |
31/12/1994 * |
70,000,000.00 |
CORPORATION BANK |
Industrial Finance Branch; Bharat House, Ground Floor; No 104; B. S. Marg, Bombay, Maharashtra - 400001, India |
- |
|
19 |
90222213 |
07/04/1994 * |
150,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch, 1st Floor; Union Bank Bhavan; 239; Vidhan Bhavan M, Bombay, Maharashtra - 400021, India |
- |
|
20 |
90222172 |
09/04/1993 |
30,000,000.00 |
CREDIT LYONNAIS |
Scindia House, Ballard Piar, Bombay, Maharashtra - 400038, India |
- |
|
21 |
90224353 |
14/07/1992 |
1,500,000.00 |
BARCLAYS BANK OLC |
54; Lombard Street, London, United Kingdom |
- |
|
22 |
90222065 |
17/06/1992 |
40,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch; 1st Floor, 239; Vidhan Bhavan Marg, Bombay, Maharashtra - 400021, India |
- |
|
23 |
90225864 |
17/06/1992 |
40,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch; 1st Floor, 239; Vidhan Bhavan Marg, Bombay, Maharashtra - 400021, India |
- |
|
24 |
90222031 |
06/03/1992 |
30,000,000.00 |
ABN AMRO BANK N.V. |
14; VEER NARIMAN
ROAD, BOMBAY, MAHARASHTRA - 40002 |
- |
|
25 |
90221979 |
07/11/1991 |
150,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch; 1st Floor, 239; Vidhan Bhavan Marg, Bombay, Maharashtra - 400021, India |
- |
|
26 |
90221948 |
08/09/1995 * |
100,000,000.00 |
The Industrial
Credit And Investment Corporation Of |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
27 |
90221722 |
15/12/1993 * |
30,000,000.00 |
BANK OF INDIA |
Nariman Point Branch, Air India Building; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
28 |
90225729 |
15/12/1993 * |
30,000,000.00 |
BANK OF INDIA |
Nariman Point Branch, Air India Build; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
29 |
90221488 |
30/03/1989 * |
12,000,000.00 |
Industrial Reconstruction Bank Of India |
19, Netaji Subash Road, Calcutta, West Bengal - 700001, India |
- |
|
30 |
90221211 |
26/08/1985 |
4,500,000.00 |
The Industrial Credit And Investment Corp. Of India |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
31 |
90225542 |
23/08/1985 |
15,000,000.00 |
BANK OF INDIA |
Commercial Branch; Banks Street, Fort, Bombay, Maharashtra - 400023, India |
- |
|
32 |
90221097 |
30/07/1984 * |
22,300,000.00 |
Industrial Development Bank Of India |
Nariman Bhavan; 227, Vinay K. Shah Marg; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
33 |
90221093 |
27/02/1984 |
20,000,000.00 |
The Hongkong And Shanghai Banking Corporation |
50/60, Mahatma Gandhi Road, Bombay, Maharashtra - 400023, India |
- |
|
34 |
90221055 |
23/08/1985 * |
13,786,824.00 |
STATE BANK OF INDIA |
Commercial Branch, Bombay, Maharashtra - 400023, India |
- |
|
35 |
90221053 |
30/07/1984 * |
30,000,000.00 |
Industrial Development Bank Of India |
Nariman Bhavan; 227, Vinay K. Shah Marg; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
36 |
90221025 |
19/04/1983 |
30,000,000.00 |
State Bank Of India |
Commercial Branch, Bombay, Maharashtra - 400023, India |
- |
|
37 |
90220999 |
04/08/1988 * |
25,500,000.00 |
The Industrial
Credit And Investment Corporation Of |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
38 |
90226533 |
19/01/1983 |
14,000,000.00 |
The Industrial Finance Corporation Of India |
Bankof Baroda Building, 16; Parliament Street, New Delhi, Delhi - 110001, India |
- |
|
39 |
90220994 |
22/12/1982 |
20,000,000.00 |
The Industrial
Credit And Investment Corporation Of |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
40 |
90220954 |
31/03/1982 |
1,500,000.00 |
The Industrial Credit
And Investment Corporation Of |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
41 |
90225479 |
05/03/1982 |
20,000,000.00 |
Mercantile Bank Limited |
52/60, Mahatma Gandhi Road, Bombay, Maharashtra - 400023, India |
- |
|
42 |
90220909 |
26/06/1981 |
10,900,000.00 |
The Industrial Credit And Inve. Corpo. Of India |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
43 |
90220872 |
01/12/1982 * |
25,000,000.00 |
Syndicate Bank |
Nariman Point Branch, Bombay, Maharashtra - 400021, India |
- |
|
44 |
90225461 |
15/12/1980 |
25,000,000.00 |
Syndicate Bank |
Nariman Point Branch, Bombay, Maharashtra - 400021, India |
- |
|
45 |
90220819 |
16/01/1980 |
5,000,000.00 |
Life Insurace Corporation Of India |
Yogakshema, Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
46 |
90220801 |
20/06/1979 |
7,252,000.00 |
The Industrial Credit And Inve. Corpo. Of India |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
|
47 |
90220642 |
06/07/1972 |
10,200,000.00 |
The Industrial Credit And Inve. Corpo. Of India |
163, Backbay Reclamation, Bombay, Maharashtra - 400020, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.75 |
|
UK Pound |
1 |
Rs.98.88 |
|
Euro |
1 |
Rs.77.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
58 |
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.