MIRA
INFORM REPORT
|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIVI ORGANICS LIMITED (w.e.f.01.07.1998) |
|
|
|
|
Formerly Known
As : |
PRIVI ORGANICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.1982 |
|
|
|
|
Com. Reg. No.: |
11-026867 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 148.450 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24120MH1982PLC026867 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17382B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4717A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of aroma chemicals. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. There appears dip in profit of the company in 2013. However, overall
financial position of the company appears to be decent. Trade relation reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing 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.
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 : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
13.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
13.12.2013 |
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. Sachin |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-22-66023500 |
|
Date : |
06.02.2013 |
LOCATIONS
|
Registered Office and Knowledge Centre : |
“Privi house”, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra, India |
|
Tel. No.: |
91-22-27783040-48/ 66023500/ 66023600 |
|
Fax No.: |
91-22-27783049 |
|
E-Mail : |
mahadeshewarsachin@privi.co.in sales@privi.co.in |
|
Website : |
|
|
|
|
|
Corporate Office : |
111-A, Karimjee Building, 2nd Floor, M.G. Road,
Opposite Mumbai University, |
|
Tel. No.: |
91-22-22662626 |
|
Fax No.: |
91-22-22623950 |
|
|
|
|
Factory 1 : |
A7, MIDC, Mahad, Raigad – 402309, |
|
Tel. No.: |
91-2145-232122 |
|
Fax No.: |
91-2145-233494 |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
C4 and 5, MIDC, Mahad, Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-233245/ 232122 |
|
Fax No.: |
91-2145-233754/ 233494 |
|
Location : |
Owned |
DIRECTORS
As on 03.09.2013
|
Name : |
Mr. Mahesh Purshottam Babani |
|
Designation : |
Managing director |
|
Address : |
7/8, Satguru
House, Sherley Rajan Road, Opposite Carter Road, Bandra (West) Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1958 |
|
Qualification : |
B.Com |
|
Experience : |
25 Years |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00051162 |
|
PAN No.: |
AFLPB1549R |
|
|
|
|
Name : |
Mr. Satan Santumal Bharwani |
|
Designation : |
Director |
|
Address : |
34, Bandra Amarjeevan
Society, St. Martin Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1936 |
|
Qualification : |
M.A., CAIIB |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00183286 |
|
|
|
|
Name : |
Mr. Arjan Jehanand Advani |
|
Designation : |
Director |
|
Address : |
38, Sunita
Building, 3rd Floor, Opposite Colaba Post Office, Colaba, Mumbai –
400005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1936 |
|
Qualification : |
B. Chem Engg,
DBM |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00076951 |
|
|
|
|
Name : |
Mr. Anoop Purshotam Babani |
|
Designation : |
Director |
|
Address : |
11, Satguru
House, Sherley Rajan Road Opposite Carter Road, Bandra (West), Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1954 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
18.03.1999 |
|
DIN No.: |
00185218 |
|
PAN No.: |
AFLPB1551R |
|
|
|
|
Name : |
Mr. Doppalapudi B Rao |
|
Designation : |
Whole-time director |
|
Address : |
903, Daffodils,
Satguru Gardens, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1946 |
|
Qualification : |
M.E. |
|
Experience : |
28 Years |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00356218 |
|
PAN No.: |
AADPR7777A |
|
|
|
|
Name : |
Mr. Rajesh Harichandra Budhrani |
|
Designation : |
Director |
|
Address : |
6 Ardmore Park,
19-01, The Ardmore, Singapore-259953 |
|
Date of Birth/Age : |
01.08.1970 |
|
Qualification : |
B. Sc, Major in
Accounts and Finance |
|
Date of Appointment : |
11.08.2005 |
|
DIN No.: |
01284426 |
|
|
|
|
Name : |
Mr. Rahul Raisurana |
|
Designation : |
Director |
|
Address : |
19 Ballygunge
Circular Road, Kolkata – 700019, West Bengal, India |
|
Date of Birth/Age : |
31.03.1980 |
|
Qualification : |
B.Com (Hons.),
MBA, Masters in International Management |
|
Experience : |
20 Years |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
02570812 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh Vishanlal Kathuria |
|
Designation : |
Secretary |
|
Address : |
Shilp-II, Flat
No. 504 , The Residency CHS, L.B.S. Marg, Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
01.07.2006 |
|
PAN No.: |
AFRPK9121J |
|
|
|
|
Name : |
Mr. Sachin |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.09.2013
NOTE: MAJOR SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 03.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
36.84 |
|
Bodies corporate |
11.16 |
|
Directors or relatives of Directors |
43.76 |
|
Other top fifty shareholders |
8.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of aroma chemicals. |
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Products : |
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Exports : |
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Products : |
Aroma chemicals |
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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Finland ·
Brazil ·
China ·
Japan |
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Terms : |
|
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Selling : |
Cash and Credit (30 Days) |
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Purchasing : |
Cash and Credit (30 Days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Aromotic Chemicals at A-7, MIDC, Mahad |
MT |
3300 |
|
|
Aromotic Chemicals at C-4, C-5, C-6, C-7 |
MT |
6300 |
|
|
By Products [2011] |
MT |
-- |
20686.97 |
Notes: * Installed capacity is as certified by the Management and accepted by the Auditors, as it is a technical matter. (Figures in brackets pertain to previous year).
GENERAL INFORMATION
|
Customers: |
·
Wholesalers ·
Retailers ·
End Users ·
OEMs |
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|
|
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|
No. of Employees : |
800 (Approximately) |
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|
Bankers : |
Ř
ING
Vysya Bank Limited, 22, M G Road,Bangalore, Bangalore - 560001,
Karnataka, India Ř
Bank
of Baroda, Mulji Jetha Building, 185/187, Princess Street, Mumbai – 400002,
Maharashtra, India (Joined the
consortium w.e.f 31.01.2005) |
|||||||||||||||||||||||||||
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|
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000/30902511 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
|
|
|
|
Enterprises which
are owned, or have
significant influence of or are
partners with Key management personnel and their
relatives: |
· Minar Organics Private Limited, India [U24110MH1994PTC075907] · Privi Life Sciences Private Limited, India [U24239MH1990PTC057075 · Satguru Constructions Company Private Limited, India [U70100MH1987PTC042650] · Vivira Chemicals Private Limited, India [U24110MH1989PTC052478] · Privi Pharma Private Limited · Vivira Chemical Industries |
|
|
|
|
Subsidiary company: |
· Privi Biotechnologies Private Limited.(formally known as Prime Machine Company Private Limited ) [U74220MH1985PTC037534] |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14845001 |
Equity Shares |
Rs. 10/- each |
Rs. 148.450
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 |
148.450 |
148.450 |
136.583 |
|
(b) Reserves & Surplus |
1448.676 |
1374.690 |
866.849 |
|
(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) |
1597.126 |
1523.140 |
1003.432 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
637.532 |
474.413 |
656.620 |
|
(b) Deferred tax liabilities (Net) |
68.107 |
63.906 |
66.372 |
|
(c) Other long term liabilities |
0.025 |
0.025 |
0.025 |
|
(d) long-term provisions |
24.761 |
21.429 |
17.792 |
|
Total Non-current Liabilities (3) |
730.425 |
559.773 |
740.809 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
960.202 |
672.107 |
345.116 |
|
(b) Trade payables |
929.147 |
1098.095 |
983.524 |
|
(c) Other current
liabilities |
520.340 |
398.077 |
698.771 |
|
(d) Short-term provisions |
28.555 |
31.009 |
108.694 |
|
Total Current Liabilities (4) |
2438.244 |
2199.288 |
2136.105 |
|
|
|
|
|
|
TOTAL |
4765.795 |
4282.201 |
3880.346 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1352.173 |
1503.517 |
1033.136 |
|
(ii) Intangible Assets |
16.694 |
5.510 |
3.220 |
|
(iii) Capital
work-in-progress |
358.296 |
30.529 |
174.572 |
|
(iv)
Intangible assets under development |
40.639 |
22.314 |
0.000 |
|
(b) Non-current Investments |
66.356 |
66.356 |
1.834 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
183.236 |
142.660 |
136.908 |
|
(e) Other Non-current assets |
96.346 |
18.272 |
71.217 |
|
Total Non-Current Assets |
2113.740 |
1789.158 |
1420.887 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.501 |
1.501 |
1.501 |
|
(b) Inventories |
1071.950 |
1059.570 |
753.797 |
|
(c) Trade receivables |
1261.796 |
1096.657 |
890.930 |
|
(d) Cash and cash
equivalents |
159.625 |
249.199 |
736.185 |
|
(e) Short-term loans and
advances |
157.183 |
86.116 |
77.046 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2652.055 |
2493.043 |
2459.459 |
|
|
|
|
|
|
TOTAL |
4765.795 |
4282.201 |
3880.346 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4294.580 |
3837.035 |
3630.389 |
|
|
|
Other Income |
22.868 |
53.115 |
94.254 |
|
|
|
TOTAL |
4317.448 |
3890.150 |
3724.643 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3057.401 |
2844.887 |
2373.012 |
|
|
|
Purchases of stock-in-trade |
9.143 |
0.000 |
72.525 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(163.068) |
(209.426) |
19.238 |
|
|
|
Employee benefit
expense |
158.490 |
132.172 |
128.456 |
|
|
|
Other expenses |
757.803 |
651.388 |
531.281 |
|
|
|
Prior Period
Items |
0.000 |
0.000 |
3.784 |
|
|
|
TOTAL |
3819.769 |
3419.021 |
3128.296 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
497.679 |
471.129 |
596.347 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
182.582 |
146.181 |
75.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
315.097 |
324.948 |
521.034 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
184.591 |
130.500 |
112.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
130.506 |
194.448 |
408.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
56.520 |
58.381 |
177.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
73.986 |
136.067 |
231.325 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
626.287 |
490.220 |
303.991 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
17.349 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.000 |
3.952 |
|
|
|
Provision for Dividend Distribution Tax |
0.000 |
0.000 |
23.795 |
|
|
BALANCE CARRIED
TO THE B/S |
700.273 |
626.287 |
490.220 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2876.724 |
2683.049 |
2458.384 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2397.729 |
2014.328 |
|
|
|
Capital Goods |
NA |
8.734 |
3.824 |
|
|
TOTAL IMPORTS |
NA |
2406.463 |
2018.152 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.98 |
9.41 |
19.44 |
|
Expected Sales (2013-2014): Rs.5250.000 Millions
The above information has been parted by Mr. Sachin (Assistant Manager
Finance)
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.71
|
3.50
|
6.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.04
|
5.07
|
11.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
|
4.67
|
11.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.13
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.40
|
0.75
|
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.13
|
1.15 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
312.895 |
268.284 |
NA
|
|
|
|
|
|
|
Total |
312.895 |
268.284 |
NA
|
|
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL AND
OPERATIONAL REVIEW:
The global recessionary trend witnessed in the previous year continued during the current year as well. The growth of the world economy slipped from 3.9% in 2011 to just 3.1% in 2012 (corresponding to financial year ending 31/03/2012 and 31/03/2013 respectively). Currency volatility resulted in forex losses and led to profit erosion. The Company, under the above scenario has still been able to achieve a Profit before Tax of Rs. 130.506 Millions, net of Forex Losses. (Previous Year Rs.194.448 Millions).
The Company achieved a net sales turnover of Rs. 4236.304 Millions (Previous year Rs. 3837.035 Millions) registering a growth of 10%. While the export sales turnover grew by 6%, the local sales turnover showed a resounding growth of 26% due to certain global customers diversifying their contracts through their Indian arm.
The Company’s net worth as on March 31, 2013 was Rs. 1597.126 Millions, with paid-up capital of Rs.148.451 Millions and accumulated reserves and surplus of Rs. 1448.676 Millions.
The Company’s performance could have been better but for the following factors:
Steep depreciation of the INR against USD from INR [50.80] / USD in April 2012 to INR [54.43] / USD in March 2013 with a peak level of INR [57.72] / USD seen in November 2012.. A weak demand environment, due to the economic crisis in Europe, increased competition and Just-in-Time purchases from key customers. This led to a further reduction in finished goods prices Volatility in the prices of major raw materials. Increase in overheads due to inflation and increased power costs due to high oil prices.
OUTLOOK:
The Company, having achieved a growth of over 10% over the previous year, continues to experience a slowdown in demand for its products particularly in Europe. But the good news is that USA seems to be doing better than earlier - though still far from the potential that this key market holds for us. Demand in Latin America and Asia continues to be buoyant. Large buyers like Firmenich, Givaudan, Henkel and P and G are seeing positive signs in terms of business momentum for the year 2013. The demand for consumer products continues to be strong in Brazil, India, China and other Asian Countries from where the top five fragrance houses continue to see their growth. Demand for consumer products in developed nations such as the USA, Europe and Japan continue to be resilient. The Company sees its growth coming from key accounts in emerging and developing countries and its product mix will enable the Company to increase its share of revenue coming from specialty aroma chemicals.
The Company is continuously trying to make inroads in to the developing markets by seeking more and more customers that will help propel the growth path set by it. In fact, the Company is now selling to nine of the top 10 fragrance houses.
COMPANY OVERVIEW
Subject is manufacturer, supplier and exporter of aroma chemicals.
Privi started manufacturing aroma chemicals in the year 1992 with only two products, which it gradually expanded to a range of over 50 products.
Privi also develops and produces custom-made aroma chemicals as per specific requirement of the customer. The Company’s manufacturing units are located at Mahad. Privis in-house Research and Development center has been accorded recognition by the Department of Scientific and Industrial Research.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Borrowing from government semi-government bodies |
3.744 |
4.368 |
|
Deferred sales tax loan |
51.948 |
57.249 |
|
Total |
55.692 |
61.617 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10463697 |
11/10/2013 |
83,000,000.00 |
BANK OF BARODA |
PRINCESS STREET
BRANCH, 1ST FLOOR, MULJI JETHA B |
B90910902 |
|
2 |
10459580 |
20/09/2013 |
150,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B89286975 |
|
3 |
10360606 |
29/05/2012 |
448,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, 25, BARAKHAMBA ROAD, BIRLA TO WER, NEW DELHI, DELHI - 110001, INDIA |
B41620253 |
|
4 |
10288943 |
02/05/2011 |
167,660,400.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
B13762489 |
|
5 |
10257414 |
12/11/2010 |
368,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAILAN
MANZIL, BARKHAMBA ROAD, NEW DELHI, |
A98873672 |
|
6 |
10095029 |
13/12/2013 * |
985,000,000.00 |
BANK OF BARODA |
PRINCESS STREET BRANCH, 185/187, MULJI JETHA BLDG. 1ST FLOOR, PRINCESS STREET, MUMBAI, MAHARASHTR A - 400002, INDIA |
B92482249 |
|
7 |
10079171 |
05/09/2007 |
19,000,000.00 |
PUNJAB NATIONAL BANK |
ILACO HOUSE, SIR P.
M. ROAD, FORT, MUMBAI, MAHAR |
A26390146 |
|
8 |
10078044 |
05/09/2007 |
34,000,000.00 |
PUNJAB NATIONAL BANK |
ILLACO HOUSE, SIR
P.M. ROAD, MUMBAI, MAHARASHTRA |
A26388710 |
|
9 |
10044586 |
28/02/2007 |
230,000,000.00 |
PUNJAB NATIONAL BANK LIMITED |
ILACO HOUSE, FORT,
MUMBAI, MAHARASHTRA - 400001, |
A12748687 |
|
10 |
10036131 |
03/01/2007 |
49,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS,
GROUND FLOOR, SANDHURST BRIDGE, |
A10534071 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
Rs.
in Millions |
|
|
Demand of Rs.1.552 millions (paid of Rs.6.00 paid) raised by Customs, Excise and Service Tax Appellate Tribunal West Zonal Bench, Mumbai for clearance of imported goods under DEPB scheme. (Contravention of the provisions of Section 111 (o) of the Customs Act, 1962) |
1.552 |
1.552 |
|
Demand raised by Income Tax Authorities |
28.083 |
28.083 |
|
Total |
29.635 |
29.635 |
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Leasehold improvements
Intangible assets
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
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 |
|
42 |
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.