MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GULSHAN POLYOLS LIMITED |
|
|
|
|
Registered
Office : |
9th KM, Jansath Road, Muzaffarnagar-251001, Uttar Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.10.2000 |
|
|
|
|
Com. Reg. No.: |
20-034918 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.144.742 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24231UP2000PLC034918 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG05217C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG3954F |
|
|
|
|
Legal Form : |
A Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Calcium Carbonate and Sorbitol. |
|
|
|
|
No. of Employees
: |
Permanent – 300 ; Contractual – 1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record.
Financially company is performing well. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
17.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk |
|
Date |
17.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9810167061 |
LOCATIONS
|
Registered Office / Factory 1 : |
9th KM, Jansath Road, Muzaffarnagar-251001, Uttar Pradesh,
India |
|
Tel. No.: |
91-131-3295880 / 3295888 |
|
Fax No.: |
91-131-2661378 |
|
E-Mail : |
nishagupta@gulshanindia.com |
|
Website : |
|
|
|
|
|
Corporate Office and Investor Cell : |
G-81, Preet Vihar, Delhi – 110092, India |
|
Tel. No.: |
91-11-49999200 |
|
Fax No.: |
91-11-49999202 |
|
|
|
|
Factory 2 : |
Plot No. 762, Jhagadia Industrial Estate, Bharuch-393110, Gujarat,
India |
|
Tel. No.: |
91-2645-226044/ 309585 |
|
Fax No.: |
91-2645-226045 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. 769/2, G.I.D.C. Industrial Estate, Distract Bharuch – 393110,
Gujarat, India |
|
|
|
|
Factory 4 : |
Village Rampur Majri, Dhaula Kaun, District Sirimour (H.P.) - 173001 |
|
Tel. No.: |
91-1704-257561 |
|
Fax No.: |
91-1704-257560 |
|
|
|
|
Factory 5 : |
Plot No.-10, 11
and Part of 9, Boregaon Industrial Growth Centre, Tehsil - Sausar, District Chhindwara,
Madhya Pradesh, India |
|
Tel. No.: |
91-7165-226020 |
|
|
|
|
Factory 6 : |
E-21 and 22,
RIICO Growth Centre, Phase-II, Abu
Road, District Sirohi, Rajasthan, India |
|
|
|
|
Factory 7 : |
On-site Plant of PCC, Patiala, Punjab, India |
|
|
|
|
Marketing Office: |
Located at: ·
Mumbai ·
Delhi |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Chandra Kumar Jain |
|
Designation : |
Chairman cum Managing Director |
|
Age : |
64 years |
|
Qualifications : |
B.Sc., Ph.D. (Chemistry) |
|
Experience : |
41 years |
|
|
|
|
|
|
|
Name : |
Mr. K K Pandey |
|
Designation : |
Independent Director |
|
|
|
|
|
|
|
Name : |
Mr. A K Maheshwari |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ajay Jain |
|
Designation : |
Independent Director |
|
Age : |
52 years |
|
Qualifications : |
FCA, ACS |
|
Experience : |
26 years |
|
|
|
|
Name : |
Mr. A K Vats |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Ms. Arushi Jain |
|
Designation : |
Whole Time Director |
|
Age : |
35 years |
|
Qualifications : |
BBA, Master in Marketing from Baruch, CUNY, USA |
|
|
|
|
Name : |
Ms. Aditi Pasari |
|
Designation : |
Whole Time Director |
|
Age : |
34 years |
|
Qualifications : |
MBA from Cardiff University, (UK) |
|
|
|
|
Name : |
Mr. S. K. Tewari |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Ms. Nisha Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1528425 |
18.09 |
|
|
4365251 |
51.67 |
|
|
204812 |
2.42 |
|
|
204812 |
2.42 |
|
|
6098488 |
72.19 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6098488 |
72.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
200 |
0.00 |
|
|
|
|
|
|
251204 |
2.97 |
|
|
|
|
|
|
1769464 |
20.94 |
|
|
270119 |
3.20 |
|
|
58929 |
0.70 |
|
|
58929 |
0.70 |
|
|
2349716 |
27.81 |
|
Total Public shareholding (B) |
2349916 |
27.81 |
|
Total (A)+(B) |
8448404 |
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) |
8448404 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Calcium Carbonate and Sorbitol. |
|
|
|
|
Exports : |
|
|
Products : |
Sorbitol |
|
Countries : |
·
Brazil ·
Nigeria ·
South Africa |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Suppliers : |
·
United Phosphorus Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Customers : |
·
Colgate Palmolive ·
Dabur India ltd. ·
Hindustan Unilever Limited ·
Wipro, ITC Limited ·
Amar remedies ·
Asian Paints ·
Berger Paints ·
Kansai Nerolac ·
Shalimar Paints ·
Pidilite industries ·
Metzeler Automotive Profiles ·
Britannia Industries ·
Candico ·
Times Food ·
Yahoo foods ·
Henkel Teroson India Limited ·
Cadila ·
IPCA Laboratories ·
Pfizer ·
Torrent Pharma ·
Novartis ·
Emerk ·
Glenmark Pharma ·
RPG lifeline sciences ·
AstraZeneca ·
Cipla ·
Sanofi Aventis |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Permanent – 300 ; Contractual – 1000 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of Baroda, Parliament Street, Main Branch, Delhi, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Total Facility : Rs.900.000 Millions
Long Term
Borrowings Nature of security for secured borrowings are given below:
The aggregate amount of loans under each head guaranteed
by Directors or others are given below:
Short Term
Borrowings The Working
Capital Loan is secured by the Hypothecation of Present and Future stock of Raw
Materials, Stores, Stock in Process, Chemicals and Consumables, Fuels,
Packing, Finished Goods etc. and Book Debts of the Company. The Loan is
further secured by way of a Second Charge on Fixed Assets of the Company,
personal gurantee of Promoter Director of the Company. The aforesaid loan is
also secured by the Corporate gurantee of M/s Gulshan Holding Private Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shahid and Associates Chartered Accountants |
|
Address : |
Muzaffarnagar, Uttar Pradesh, India |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.5/- each |
Rs.225.000Millions |
|
250000 |
0% Redeemable Preference Shares |
Rs.10/- each |
Rs.2.500 Millions |
|
1450000 |
8% Redeemable Preference Shares |
Rs.100/- each |
Rs.145.000 Millions |
|
|
Total |
|
Rs.372.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8448404 |
Equity Shares |
Rs.5/- each |
Rs.42.242 Millions |
|
1025000 |
8% Redeemable Preference Shares |
Rs.100/- each |
Rs.102.500 Millions |
|
|
Total |
|
Rs.144.742
Millions |
Reconciliation of Shares
outstanding at the beginning and at the end of year are given below:
|
Equity Shares |
Number
of Shares |
|
Equity Shares outstanding at the beginning of the year |
8448404 |
|
Add: Equity Shares Issued during the year - (a) |
0 |
|
Less: Equity Shares
bought back/ redeemed during the year |
0 |
|
Equity Shares outstanding at the end of the year |
8448404 |
a. During the year ended 31st March, 2009, the Company has allotted 2135407 Equity Shares of Rs.5/- each fully paid-up to the shareholders of erstwhile Gulshan Sugars and Chemicals Limited pursuant to the Scheme of Amalgamation without payment being received in cash.
b. During the year ended 31st March, 2011, the Company has allotted 100697 Equity Shares of Rs.5/- each fully paid-up to the shareholders of erstwhile Salil Industries Limited pursuant to the Scheme of Amalgamation without payment being received in cash.
c. Terms of Authorised Preference Share Capital has been changed in last annual general meeting i.e. 25-09-2010 in which Dividend rate varying from 0% to 10% and redemption period varing from 3rd year to maximum 15th year from the date of the issue.
d. Terms of redemption of 1025,000 issued Preference Share @ 100/- each has been fixed, the period of redemption will be 12th year from the date of its issue on 8% Dividend rate effective from 1st April, 2011.
Detail of shareholder holding more than 5 percent shares of the Company
as on reporting date are given below
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Gulshan Holding Private Limited |
4084790 |
48.35% |
|
Dr. C.K. Jain |
957022 |
11.33% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
144.742 |
144.742 |
144.742 |
|
(b) Reserves & Surplus |
1431.333 |
1223.062 |
1070.189 |
|
(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) |
1576.075 |
1367.804 |
1214.931 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
105.602 |
135.689 |
160.889 |
|
(b) Deferred tax liabilities (Net) |
51.149 |
63.125 |
68.900 |
|
(c) Other long term liabilities |
21.000 |
21.000 |
21.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
177.751 |
219.814 |
250.789 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
213.253 |
221.172 |
282.172 |
|
(b) Trade payables |
129.674 |
114.334 |
147.124 |
|
(c) Other current
liabilities |
48.077 |
41.683 |
14.150 |
|
(d) Short-term provisions |
147.710 |
106.452 |
89.971 |
|
Total Current Liabilities (4) |
538.714 |
483.641 |
533.417 |
|
|
|
|
|
|
TOTAL |
2292.540 |
2071.259 |
1999.137 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
980.092 |
1056.748 |
954.181 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
63.888 |
34.356 |
91.654 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.748 |
4.748 |
3.684 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
41.093 |
42.493 |
21.613 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1089.821 |
1138.345 |
1071.132 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
255.743 |
233.868 |
251.210 |
|
(c) Trade receivables |
550.828 |
385.236 |
485.132 |
|
(d) Cash and cash
equivalents |
283.596 |
252.323 |
98.951 |
|
(e) Short-term loans and advances |
112.552 |
61.487 |
92.712 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1202.719 |
932.914 |
928.005 |
|
|
|
|
|
|
TOTAL |
2292.540 |
2071.259 |
1999.137 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2823.120 |
2728.137 |
2587.812 |
|
|
|
Other Income |
20.621 |
11.186 |
6.898 |
|
|
|
TOTAL (A) |
2843.741 |
2739.323 |
2594.710 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of
Stock-in-Trade |
1.436 |
9.626 |
13.121 |
|
|
|
Cost of
Materials Consumed |
1099.558 |
1061.654 |
982.434 |
|
|
|
Changes in
Inventories |
(22.076) |
24.596 |
(24.453) |
|
|
|
Employee
Benefits Expenses |
100.256 |
92.218 |
84.471 |
|
|
|
Manufacturing
Expenses |
784.450 |
803.091 |
783.385 |
|
|
|
Other Expenses |
409.162 |
366.489 |
381.054 |
|
|
|
TOTAL (B) |
2372.786 |
2357.674 |
2220.012 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
470.955 |
381.649 |
374.698 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
42.646 |
32.745 |
42.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
428.309 |
348.904 |
331.966 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
142.072 |
132.796 |
144.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
286.237 |
216.108 |
187.782 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
44.943 |
36.977 |
24.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
241.294 |
179.131 |
162.992 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
711.050 |
593.723 |
463.025 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
40.000 |
20.000 |
|
|
|
Dividend on equity shares |
24.547 |
12.274 |
12.274 |
|
|
|
Dividend on preference shares |
9.530 |
9.530 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
888.267 |
711.050 |
593.073 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
263.033 |
313.176 |
304.152 |
|
|
TOTAL EARNINGS |
263.033 |
313.176 |
304.152 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Stores & Spares |
4.735 |
1.173 |
2.554 |
|
|
TOTAL IMPORTS |
4.735 |
1.173 |
2.554 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.43 |
20.07 |
19.29 |
|
Expected Sales (2013-2014): Rs.3400.000 Millions.
The above information has been parted by Mr. Rajesh Agarwal (Chief
Finance Officer)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.49 |
6.54 |
6.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.14 |
7.92 |
7.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.11 |
10.86 |
9.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.16 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.26 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23 |
1.93 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Deposits |
34.547 |
37.877 |
|
Total |
34.547 |
37.877 |
CURRENT
MATURITIES OF LONG TERM DEBT DETAILS:
(Rs. In Millions)
|
Particulars
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current
maturities of long term debt |
34.282 |
31.128 |
NA |
|
Total |
34.282 |
31.128 |
NA |
BUSINESS
OPERATIONS
The Company has
recorded a turnover of Rs.3048.713 Millions as compare to previous year of
Rs.2903.421 Millions. The Net Profit after tax (PAT) for the FY 2012-13 at
Rs.241.294 Millions, increased by 34.70% as compare to previous year PAT of
Rs.179.131 Millions. The Cash Accruals was Rs.383.366 Millions (Previous year
Rs.311.927 Millions).
An amount of Rs.30.000
Millions has been transferred to General Reserve Account. There have been no
material changes and commitments affecting the financial position of the
Company occurred between the end of the financial years and the date of this
report. The Company does not any Employees Stock Option Scheme.
The company has no
subsidiary or holding Company. During the year the business and affairs of the
Company have been carried out in its normal course and no significant events
have taken place, which are harmful to the business of the Company. There was
no Buy-back Scheme of shares taken up by the Company during the year.
NEW BUSINESSES
During the year,
the Company has set up the facilities for Onsite Precipitated Calcium Carbonate
(Onsite PCC)
Plant at Patiala (Punjab) for a Company in Paper Industry namely M/s DSG
Papers Private Limited.
PRODUCT WISE
PERFORMANCE
The Company
produces Sorbitol, Liquid Glucose and Calcium Carbonate. During the year, the Company
produced a total of 98103 MT Calcium Carbonate, registering a growth of 17%
against the previous year production of 83396 MT. The sales were also increased
from 86553 MT for the year ended 31st March, 2012 to 101463 MT for the year
ended 31st March, 2013.
The Company also
produced a total of 46182 MT of Sorbitol and liquid glucose against the
previous year production of 50700 MT. The sales were at 42410 MT against
previous year sales of 50660 MT.
The Company has
taken necessary steps to reduce operational costs such as reduction in power
costs, higher yield etc, which would make the product more competitive. The
customer has shown tremendous confidence in the product quality and service,
which the company would continue to consider its top priority.
OUTLOOK
The Company is
optimistic about its growth prospects in the future. During the year, the
Company explored exports markets for the products and achieved significant
business. It has ambitious plans to capture more new markets to expand the
business. Economic environment provides an opportunity to improve the business
climate. Indian economy with its strong macroeconomic fundamentals, positive
investment climate, encouraging corporate performance and continued
institutional support by foreign institutional investor, is poised for a higher
growth.
The outlook for
Sorbitol and Calcium Carbonate industry is encouraging and dependent upon the
growth of the consumer industry. Improvement in overall economic scenario and
replacement of other costly products by Sorbitol and Calcium Carbonate holds
the key for steep growth of Sorbitol and Calcium Carbonate industry. The growth
in industrial output and increase in investment in core and infrastructure
sector should improve the sentiments of Economy. The growth in other sectors
would also follow which in turn would increase the prospects of the company.
Together with the GDP growth, the Company expects a reasonably good demand
growth from various quarters, which in turn would lift the company's future.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10436439 |
18/06/2013 |
367,000,000.00 |
Bank of Baroda |
Parliament Street, Main
Branch, New Delhi, Delhi - 110001, INDIA |
B79441903 |
|
2 |
10290400 |
18/06/2013 * |
127,000,000.00 |
Bank of Baroda |
Parliament Street, Main
Branch, New Delhi, Delhi - 110001, INDIA |
B79442703 |
|
3 |
90095242 |
27/08/2005 * |
43,500,000.00 |
BANK OF BARODA |
CORPORATE BANKING BRANCH, 16;
SANSAD MARG, NEW DE LHI, Delhi - 110001, INDIA |
- |
|
4 |
90095669 |
18/06/2013 * |
375,100,000.00 |
Bank of Baroda |
Parliament Street, Main Branch,
New Delhi, Delhi- 110001, INDIA |
B79440699 |
|
5 |
90269093 |
06/01/1999 * |
69,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, 16;
SANSAD MARG, NEW DELHI, Delhi - 110001, INDIA |
- |
|
6 |
90279183 |
08/10/2008 * |
95,000,000.00 |
Bank of Baroda |
16, Parliament Street, Ground
Floor, Parliament Street Branch,, Delhi, Delhi - 110001, INDIA |
A48753065 |
TRADE REFERENCES:
·
United Phosphorus Limited
·
Colgate Palmolive
·
Hindustan Unilever Limited
FIXED ASSETS:
·
Land and Site Development
·
Building
·
Plant and Machinery
·
Office Furniture and Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.62.48 |
|
UK Pound |
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.