MIRA
INFORM REPORT
|
Report Date : |
05.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
V V F LIMITED |
|
|
|
|
Formerly Known As : |
VEGETABLE VITAMIN FOODS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Plot No.109, Opposite Sion (East), Off. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
14.09.1939 |
|
|
|
|
Com. Reg. No.: |
11-002994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.57.364
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1939PLC002994
|
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTV00663F |
|
|
|
|
Legal Form : |
A Closely
Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing
and |
|
|
|
|
No. of Employees: |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established
company having a satisfactory track. The company is gradually its performance marked by reporting a profit
as compared to the previous year losses. Profit margin appears to be decent.
Financial as well as liquidity position seems to be sound. The rating also take into consideration the transfer of its domestic
oleo chemicals, contract manufacturing business and company owned brands
together with related assets to new company V V F (India) Limited in order to
fund the business growth. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The subject can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
ICRA |
|
Rating |
Term Loan = BB |
|
Rating Explanation |
Moderate risk of default regarding timely payments. |
|
Date |
January 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.
LOCATIONS
|
Registered / Corporate Headquarter Office
: |
Plot No.109, Opposite Sion (East), Off. Sion Fort Garden, Mumbai-400022, Maharashtra, India |
|
Tel. No.: |
91-22-40282000/ 40282250/ 24073221-23/ 24093882/ 24030802/
24016749 |
|
Fax No.: |
91-22-24091554/ 24073771/ 24086698 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Survey No.65, Meghpar Borichi, Galpadar Anjar Road, Gandhidham-370201,
Gujarat, India |
|
Tel. No.: |
91-2836-246985/ 83/ 84 |
|
Fax No.: |
91-2836-246981 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Village Bhatauli, Kalan (Baddi), H B No.214 Paragana
Dharampur, Taluka Nalagarh District Solan-173205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-661300 |
|
Fax No.: |
91-1795-275034 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. V-41, Taloja Industrial Area, Village – Chat, Taluka Panvel, District Raigad-410208, Maharashtra, India |
|
Tel. No.: |
91-22-27412036/ 37 |
|
Fax No.: |
91-22-27412173 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Survey No.635, SIM of Anjar, Taluka Anjar District Kutch-370110, Gujarat, India |
|
|
|
|
Factory 5 : |
Soaps/Personal Care Products/ Oleo
Chemicals
NOP
Compound, Maneklal Road, Navsari, District Bulsar-396445, Gujarat, India |
|
Tel. No.: |
91-2637-250227/47498 |
|
Fax No.: |
91-2637-256622 |
|
E-Mail : |
|
|
|
|
|
Factory 6 : |
Personal Care Products/ Soaps
141,
Survey No. 194/4, Panchal Udyog Nagar, Bhimpore, Nani Daman (Union
Territory), India |
|
Tel. No.: |
91-260-2263075 |
|
Fax No.: |
91-260-2263790 |
|
E-Mail : |
|
|
|
|
|
Factory 7 : |
Hay,
Bunder Road, Sewree, Mumbai-400033, Maharashtra, India |
|
Tel. No.: |
91-22-23721967/23728035/
6238 |
|
Fax No.: |
91-22-24086698 |
|
E-Mail : |
|
|
|
|
|
Wind
Mills: |
Located
at Satara, Maharashtra, India |
|
|
|
|
Branch Office
: |
214, DDA
Commercial Complex, Phase I, Jhandewalan, New Delhi – 11005, India |
|
Tel. No.: |
91-11-3517800/3523536/3537800 |
|
Fax No.: |
91-11-3545475 |
|
E-Mail : |
DIRECTORS
As On 30.09.2013
|
Name : |
Mr.
Rustom Godrej Joshi |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
501, Marker Mansion, 623, Lady Jehangir Road, Parsee Colony, Dadar,
Mumbai 400014, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1953 |
|
Date of Appointment : |
24.11.1972 |
|
Din No.: |
00277901 |
|
|
|
|
Name : |
Mr.
Faraz Godrej Joshi |
|
Designation : |
Whole Time Director |
|
Address : |
40 – A, Hill Stone, B. G. Kher Marg, Malabar Hill, Mumbai 400006,
Maharashtra, India |
|
Date of Birth/Age : |
21.07.1946 |
|
Date of Appointment : |
24.11.1972 |
|
Din No.: |
00278206 |
|
|
|
|
Name : |
Mr. Rajamani Subramaniam Iyer |
|
Designation : |
Director |
|
Address : |
21, 2nd Floor, Khetani Heights, Plot No. 123, Road No. 27,
Sion Eest, Mumbai 400022, Maharashtra, India |
|
Date of Birth/Age : |
25.12.1927 |
|
Date of Appointment : |
30.09.1996 |
|
Din No.: |
00278672 |
|
|
|
|
Name : |
Mr. Julio
Frederick Ribeiro |
|
Designation : |
Director |
|
Address : |
51, 5th Floor, Sagar Tarang, Worli Seaface, Mumbai 400025,
Maharashtra, India |
|
Date of Birth/Age : |
05.05.1929 |
|
Date of Appointment : |
23.01.2001 |
|
Din No.: |
00047630 |
|
|
|
|
Name : |
Ms. Shanaz Diwan |
|
Designation : |
Whole Time Director |
|
Address : |
40A, Hillstonme, B G Kher Marg, Malabar Hill, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
22.02.1950 |
|
Date of Appointment : |
30.01.2008 |
|
Din No.: |
02019387 |
MAJOR SHAREHOLDERS
As On 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Vita Oil Private Limited, India |
|
200000 |
|
R. F. Exports Private Limited, India |
|
1015000 |
|
Rustom Godrej Joshi |
|
1955688 |
|
Faraz
Godrej Joshi |
|
1955788 |
|
Neville Rustom Joshi |
|
100 |
|
Navsari Oil Products Private Limited, India |
|
150100 |
|
Godsil Investments Private Limited, India |
|
200 |
|
Shanaz Diwan |
|
359524 |
|
V V F Employees Benefit Trust, India |
|
100000 |
|
|
|
|
|
TOTAL
|
|
5736400 |
As On 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
23.80 |
|
Directors
or relatives of directors |
|
74.46 |
|
Other
top fifty shareholders |
|
1.74 |
|
|
|
|
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Sale of Processed Oils, Fatty Acid and Allied Products, Soaps Noodles/
Soaps, Shaving Cream and Wind Mills. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Processed Oils, Fatty Acid and Allied Products |
MT |
468000 |
|
Soap Noodles |
MT |
164540 |
|
Toilet Soaps |
MT |
106600 |
|
Talc Powder |
MT |
13035 |
|
Hair Dye |
MT |
660 |
|
Toothpaste |
MT |
1080 |
|
Other Personal Care Products |
MT |
2630 |
|
Wind Mills |
KW/H |
3500 |
NOTE:
1.
Licensed capacities as Industrial Licensing has been
abolished for these products.
2. Capacities include
Captive Consumption.
ACTUAL PRODUCTION:
|
Particulars |
Actual
Production * In MT |
|
Processed Oil, Acids and Allied Products (Non-Edible) |
148579.99 |
|
Soap Noodles |
14895.79 |
|
Toilet Soap [ Including M.T. 6603.02 processed foroutsideparty] |
45380.07 |
|
Talc Powder |
5110.77 |
NOTE: * Excludes Production for Captive Consumption.
GENERAL INFORMATION
|
No. of Employees : |
Not
Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
The Shamrao Vithal Co-op Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Package of scheme of Incentive allowed the company to accumulate the
sales tax collected from its customer in respect of goods sold against
installing 10 windmills at Satara. Sales Tax collected each year is repayable
in 5 equal yearly instalments after from the year of collection. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
H. N. Mehta Associates Chartered Accountants |
|
Address : |
50-51, Ali Chambers, Tamarind Lane, Flora Fountain, Mumbai 400023,
Maharashtra, India |
|
Tel. No.: |
91-22-22652956/ 22653482/ 22656089 |
|
Fax No.: |
91-22-22651708 |
|
E-Mail : |
|
|
PAN No: |
AAAFH6348C |
|
|
|
|
Wholly Owned Subsidiaries : |
·
VVF (America) INC. ·
Navnirman Urjashakti Private Limited ·
VVF
Infrastructure Private Limited CIN No.: U45400MH2010PTC210098 |
|
|
|
|
Subsidiaries : |
·
VVF FZCO ·
Synergy (India) Marketing
Private Limited CIN No.: U51900MH2000PTC127812 |
|
|
|
|
Wholly Owned Step-Down Subsidiaries : |
·
VVF Intervest LLC |
|
|
|
|
Step Down Joint Venture/ Associates : |
·
Green Planet Industries LLC |
|
|
|
|
Enterprises
which are owned, or have significant influence of or
are partners with Key
management personnel and
their relatives : |
·
Vita Trading
Private Limited CIN No.: U51909MH2005PTC156458 ·
Vavsari Oil Product Private Limited ·
VVF India
Limited CIN No.: U24296MH2010PLC210239 |
CAPITAL STRUCTURE
As On 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
1050000 |
Preferences Shares |
Rs.100/- each |
Rs.105.000 Millions |
|
|
|
|
|
|
|
TOTAL
|
|
Rs.205.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5736400 |
Equity Shares |
Rs.10/- each |
Rs.57.364
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
57.364 |
57.364 |
57.364 |
|
(b) Reserves & Surplus |
589.264 |
485.246 |
2510.663 |
|
(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) |
646.628 |
542.610 |
2568.027 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
249.283 |
444.962 |
2577.217 |
|
(b) Deferred tax liabilities (Net) |
21.146 |
22.757 |
18.695 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
170.904 |
135.549 |
51.230 |
|
Total Non-current Liabilities (3) |
441.333 |
603.268 |
2647.142 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10.000 |
5.000 |
8171.271 |
|
(b) Trade
payables |
2.789 |
6.819 |
1494.528 |
|
(c) Other
current liabilities |
316.068 |
418.226 |
1758.131 |
|
(d) Short-term provisions |
1.510 |
1.282 |
23.229 |
|
Total Current
Liabilities (4) |
330.367 |
431.327 |
11447.159 |
|
|
|
|
|
|
TOTAL |
1418.328 |
1577.205 |
16662.328 |
|
|
|
|
|
|
I.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
139.181 |
152.398 |
5645.531 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
24.386 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
399.401 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
912.196 |
912.196 |
1001.953 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.557 |
86.085 |
1565.272 |
|
(e) Other Non-current assets |
6.486 |
6.486 |
117.786 |
|
Total Non-Current
Assets |
1144.420 |
1157.165 |
8754.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2.038 |
3.299 |
3610.931 |
|
(c) Trade
receivables |
190.249 |
109.011 |
3176.423 |
|
(d) Cash
and cash equivalents |
1.650 |
3.588 |
111.667 |
|
(e)
Short-term loans and advances |
75.857 |
56.214 |
1000.710 |
|
(f) Other
current assets |
4.114 |
247.928 |
8.268 |
|
Total Current Assets |
273.908 |
420.040 |
7907.999 |
|
|
|
|
|
|
TOTAL |
1418.328 |
1577.205 |
16662.328 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
348.913 |
262.955 |
17692.876 |
|
|
|
Other Income |
4.665 |
17.856 |
74.096 |
|
|
|
TOTAL (A) |
353.578 |
280.811 |
17766.972 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
0.000 |
0.000 |
11728.247 |
|
|
|
Purchases of stock-in-trade |
0.000 |
0.000 |
511.097 |
|
|
|
Employee benefit expense |
54.194 |
21.158 |
697.927 |
|
|
|
Other expenses |
54.331 |
89.053 |
2532.749 |
|
|
|
Prior period items |
0.000 |
0.000 |
(9.786) |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(0.021) |
0.005 |
(316.024) |
|
|
|
TOTAL (B) |
108.504 |
110.216 |
15144.210 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
245.074 |
170.595 |
2622.762 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.991 |
121.580 |
1106.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
162.083 |
49.015 |
1516.667 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.217 |
13.769 |
788.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
148.866 |
35.246 |
728.292 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
44.848 |
44.396 |
240.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
104.018 |
(9.150) |
487.333 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
361.507 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
NA |
99.600 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
749.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on F.O.B. basis |
|
134.214 |
5693.524 |
|
|
|
Services |
|
133.709 |
127.493 |
|
|
|
Interest |
|
0.505 |
8.532 |
|
|
TOTAL EARNINGS |
201.779 |
134.214 |
5829.549 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
102.831 |
|
|
|
Capital Goods |
0.000 |
0.000 |
6390.806 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
6493.637 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.13 |
1.60 |
84.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
29.42
|
(3.25)
|
2.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.66
|
13.40
|
4.12
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.41
|
5.30
|
4.77
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.06
|
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.82
|
4.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.97
|
0.69
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Unsecured Loan
|
Particulars |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Deferred sales tax loan |
152.009 |
157.842 |
|
Other long term loan and advances |
0.000 |
10.005 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Incorporate Deposit |
10.000 |
5.000 |
|
|
|
|
|
TOTAL
|
162.009 |
172.847 |
(A) The company has taken
Inter Corporate Deposit of Rs.10.000 Millions, which carry interest @15%
p.a. and are repayable on 25.06.2013
(B) The company has
taken Inter Corporate Deposit of Rs.5.000 Millions, which carry interest @15%
p.a.
PERFORMANCE/ OPERATIONS REVIEW
The performance of
the Company during the current financial year was affected due to certain
factors like slowdown in consumption, slower growth in urban areas leading to
decrease in volume growth, increase in raw material cost, inflation, lower GDP
growth, policy delays, high interest rates, higher deficit and forex
volatility. The revenue realization decreased by 10.19% and resulting decrease
in finance cost by7.74%.Due to above factor the company has incurred a loss of
Rs.1066.600 Millions.
FUTURE OUTLOOK
Company is one of
the largest producer and exporter of Oleo chemicals in India and also one of
largest contract manufacturer of Personal care products in the country. The
Company is mainly engaged in the business of manufacturing and sale of personal
care products and Oleo chemicals. Oleo division of the Company expects
favorable demand globally in the year 2013. The prices are expected to be
stable in the first half of the year 2013. However due to new upcoming
facilities across the globe in the second half of the year, higher input cost
and softening of demand is expected. Indonesian operations are expected to
begin in Second Quarter of Financial year 2013-14. This will bring efficiency
in sourcing and are spite from export taxes in the ASEAN region. This is
expected to significantly impact the profitability of Oleo business. The
Company has implemented the forex policy stringently to avoid incurring heavy
losses in the future. PCP division is expected to maintain as table performance
and continued customer support. COB has performed well compared to previous
year. More emphasis will be given on brand building and marketing strategies to
increase sales and profitability in coming years. Overall the Company is
expected to perform better in year2013-14 with stable input costs and contained
forex risk.
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10247721 |
18/10/2010 |
1,500,000,000.00 |
Central Bank of
India |
Industrial
Finance Branch, Chandramukhi, Ground F |
A96984315 |
|
2 |
10195689 |
22/12/2009 |
500,000,000.00 |
Punjab National
Bank |
Ground Floor, Maker
Tower E ,, Cuffe Parade,, Mum |
A76849892 |
|
3 |
10202879 |
21/12/2009 |
95,400,000.00 |
HENKEL INDIA
LIMITED |
NO.3, CENOTAPH
ROAD,TEYNAMPET,, 1ST FLOOR,, CHENN |
A78528494 |
|
4 |
10148752 |
28/05/2012 * |
10,600,000,000.00 |
Bank of India |
Mumbai Large
Corporate Branch, Oriental Building, |
B40255069 |
|
5 |
10141751 |
28/05/2012 * |
700,000,000.00 |
Bank of India |
Mumbai Large Corporate
Branch, Oriental Building, |
B40255572 |
|
6 |
10138007 |
21/04/2009 * |
150,000,000.00 |
The Shamrao
Vithal Co-op. Bank Ltd. |
New English
School, Governments Servant's Colony,, |
A62015920 |
|
7 |
90238533 |
25/04/2005 |
11,500,000.00 |
BANK OF INDIA |
SION BRANCH,
MUMBAI, Maharashtra - 400022, INDIA |
- |
|
8 |
90240565 |
30/03/1999 |
50,000,000.00 |
ICICI LIMITED |
163; BACKBAY
RECLAMATION, MUMBAI, Maharashtra - 40 |
- |
|
9 |
90239000 |
25/07/1983 |
533,162.00 |
BHARAT PETROLIUM
CORPORATION LTD. |
CURRIMBHOY ROAD,
BALLARD ESTATE, MUMBAI, Maharash |
- |
|
10 |
90238985 |
06/05/1983 |
1,181,700.00 |
BHARAT PETROLEUM
CORPORATION LTD. |
BHARAT BHAVAN, 4
& 6 CARRIMBHOY ROAD, MUMBAI, Mah |
- |
* Date of charge
modification
FIXED
ASSETS:
- Land
- Leasehold Land
- Building
- Plant and Machinery
- Electrical Installation
- Furniture and Fixtures
- Office Equipments
- Air Conditioners
- Cooling Machine
- Laboratory Apparatus
- Vehicles
- Boiler
- Water Cooler
- Weigh Bridge/Scale
- Process
Vessel and Lift
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 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.62.47 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.