MIRA
INFORM REPORT
|
Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARPOL PRIVATE LIMITED (w.e.f.19.10.2001) |
|
|
|
|
Formerly Known
As : |
MARPOL CHEMICALS LIMITED (w.e.f.01.07.1996) MARPOL CHEMICALS PRIVATE LIMITED |
|
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Registered
Office : |
2nd Floor, Panandiker Chambers, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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Date of
Incorporation : |
05.04.1983 |
|
|
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|
Com. Reg. No.: |
24-000532 |
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Capital Investment
/ Paid-up Capital : |
Rs. 29.952
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222GA1983PTC000532 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM00043B / BLRM07271F |
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PAN No.: [Permanent Account No.] |
AACCM2018D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Powder Coatings and Polyester Resins. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 570000 |
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|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company incurred loss from its operational activities over a year.
Performance of the company seems to be under pressure. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
Note: Latest
financial for the year 2013 is not available with us. |
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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous year.
The drop in India was steeper at 21 %. State run carrier Air India is doling
out free tickets to its 24000 employees, even as it expects to incur a loss of
Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number
of jobs generated across India in 2013, a fall of 0.4 % as compared to with a
year earlier. The National Capital Region has a one-fourth share in total jobs
created, according to a study by industry lobby group Assochem, Banks, real
estate, automobile and telecommunications sectors are showing a rise of job
creation. $ 805 mn investments by venture capital firms in India during 2013,
registering a drop of about 18 % over the previous year. The Information
Technology and IT-Enabled Services Industry retained its status as the
favourable venture capital investors in 2013. Pakistan has temporarily banned
gold imports for the second time in six months, as it tries to stem smuggling
into India. India’s import duty on gold is 10 % and curbs on purchases have
dried up legal imports into what used to be the world’s biggest bullion buyers.
The World Gold Council puts the amount smuggled into India at upto 200 tonnes
in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits
estimated to be about Rs 35000 mn be used for education and awareness among
depositors. According to the plan, deposits that have not been claimed
for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : B- (Suspended) |
|
Rating Explanation |
Risk prone credit quality and high risk of
default. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits : A4 (Suspended) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 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 DECLINED BY
|
Name : |
Mr. Nagraj |
|
Contact No.: |
91-832-2711165 |
|
Date : |
10.02.2014 |
LOCATIONS
|
Registered / Head Office : |
2nd Floor, Panandiker Chambers, M. L. Furtado Road, Margao
– 403601, Goa, India |
|
Tel. No.: |
91-832-2732045/ 2711165/ 2736880/ 2730880 |
|
Fax No.: |
91-832-2733124 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No.12-18, GIDC Industrial Estate, Kakoda – 403 706, |
|
Tel. No.: |
91-832-2650749/ 2652167/ 2652168/ 2652169/ 2651381 |
|
Fax No.: |
91-832-2651382 |
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Factory 2 : |
Plot No. A, B, C, GIDC Industrial Estate, Kakoda – 403706, Goa, India |
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Factory 3 : |
Plot No.25, EPIP, Phase II, Thana Baddi, Tehsil – Nalagarh, District
Solan – 173205, Himachal Pradesh, India |
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Branch Offices : |
Located at: ·
·
·
Mumbai ·
Pune |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Shanu Atmaram Pai Panandiker |
|
Designation : |
Managing director |
|
Address : |
H No. 262, M L Furtado Road, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
25.05.1937 |
|
Date of Appointment : |
05.04.1983 |
|
DIN No.: |
01027363 |
|
|
|
|
Name : |
Mr. Rohit Pai Panandiker |
|
Designation : |
Director |
|
Address : |
4TH Floor, Panandiker Chambers, M. L. Furtado Road, Margao
– 403601, Goa, India |
|
Date of Birth/Age : |
07.08.1969 |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00559055 |
|
|
|
|
Name : |
Mr. Shambhu Atmaram Pai Panandiker |
|
Designation : |
Director |
|
Address : |
#116, Hemmady Regency, 1st Floor, Near SBI Personal Banking Branch, Malbhat, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
31.08.1932 |
|
Date of Appointment : |
13.09.2010 |
|
DIN No.: |
00960206 |
|
|
|
|
Name : |
Mr. Rohan Ramchandra Pai Panandiker |
|
Designation : |
Director |
|
Address : |
3rd Floor Panandiker Chambers, M L Furtado Road, Post Box No.700, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
22.04.1967 |
|
Date of Appointment : |
22.08.2005 |
|
DIN No.: |
01879742 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shanu Atmaram Pai
Panandiker |
|
55200 |
|
Ramchandra Pai
Panandiker (HUF) |
|
268800 |
|
Shanu Pai
Panandiker (HUF) |
|
268800 |
|
Vishwanath Pai
Panandiker (HUF) |
|
360000 |
|
Kamlesh Pai
Panandiker (HUF) |
|
399200 |
|
Shambhu Pai
Panandiker (HUF) |
|
270000 |
|
Rohan R Pai Panandiker |
|
25800 |
|
Rohit R Pai Panandiker |
|
25800 |
|
Ravi V Pai Panandiker |
|
12000 |
|
Rahool Pai Panandiker |
|
12000 |
|
Raj S Pai Panandiker |
|
12000 |
|
Manisha Pai Panandiker |
|
12000 |
|
Ramchandra Pai
Panandiker Trading & Investment Company Private Limited, India |
|
198000 |
|
Atmaram Pai
Panandiker Trading & Investment Company Private Limited, India |
|
182400 |
|
Vishwanath Pai
Panandiker Trading & Investment Company Private Limited, India |
|
259200 |
|
Shanu Pai Panandiker
Trading & Investment Company Private Limited, India |
|
198000 |
|
Veda Pai
Panandiker Trading & Investment Company Private Limited, India |
|
242400 |
|
Kunda S. Pai Panandiker |
|
500 |
|
Anjali Pai Panandiker |
|
500 |
|
Veda K. Pai Panandiker |
|
500 |
|
Kaya K Pai Panandiker |
|
500 |
|
Mangala Pai Panandiker |
|
500 |
|
Rajani Pai Panandiker |
|
28100 |
|
Atman S Pai Panandiker |
|
1000 |
|
Vishwanath Pai Panandiker |
|
54000 |
|
Kamles Pai Panandiker |
|
54000 |
|
Shambhu Pai Panandiker |
|
54000 |
|
|
|
|
|
Total |
|
2995200 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Powder Coatings and Polyester Resins. |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Powder Coatings |
MT |
12168.000 |
4653.411 |
|
Polyester Resins |
MT |
2400.000 |
2016.508 |
Licensed Capacity: Not Available
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Canara Bank Margao Branch, Margao - 403601, Goa, India · Goa Urban Co Operative Bank Limited Near Municipality, Margao Goa, Margao - 403601, Goa, India · The Urban Co Operative Bank Limited Margao, Goa, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ganesh Daivajna and Company Chartered Accountants |
|
Address : |
2nd Floor, Ganesh Chambers, Abade Faria Road, Opposite Confident, P. O.
Box No. 49, Margao – 403601, Goa, India |
|
Tel. No.: |
91-832-2731016 / 2730728 |
|
Fax No.: |
91-832-2732408 |
|
E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AABFG0206H |
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|
List of Related
Parties in which Key Management personnel and their relatives have
significant influence : |
· Atmaram Pai Panandiker Charitable Trust · Atmaram Pai Panandiker Trading and Investment Company Private Limited · Information Technology and Education Centre · Marcoat Paints Private Limited · Panandiker Constructions Private Limited · Panandiker Plantations · Panandiker Real Estates and Developers · Panandiker Realtors Private Limited · Panandiker Research and Development Private Limited · Ramchandra Pai Panandiker Trading and Investment Company Private Limited · Shanu Pai Panandiker Trading and. Investment Company Private Limited · Tanima Investments Private Limited ·
Veda Pai PariancUker Trading and Investment
Company Private Limited ·
Vishvanath Pai Panandiker Trading and
Investment Company Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,995,200 |
Equity Shares |
Rs. 10/- each |
Rs. 29.952
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
29.952 |
29.952 |
|
(b) Reserves & Surplus |
|
113.763 |
131.235 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
143.715 |
161.187 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
27.878 |
30.264 |
|
(b) Deferred tax liabilities (Net) |
|
11.203 |
13.060 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
39.081 |
43.324 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
135.126 |
137.024 |
|
(b) Trade payables |
|
86.823 |
95.895 |
|
(c) Other current
liabilities |
|
55.796 |
50.652 |
|
(d) Short-term provisions |
|
3.756 |
3.567 |
|
Total Current Liabilities (4) |
|
281.501 |
287.138 |
|
|
|
|
|
|
TOTAL |
|
464.297 |
491.649 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
118.645 |
130.875 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
18.529 |
24.299 |
|
(e) Other Non-current assets |
|
0.580 |
0.476 |
|
Total Non-Current Assets |
|
138.254 |
156.150 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
88.691 |
99.001 |
|
(c) Trade receivables |
|
151.813 |
157.215 |
|
(d) Cash and cash
equivalents |
|
18.556 |
26.341 |
|
(e) Short-term loans and
advances |
|
64.359 |
49.609 |
|
(f) Other current assets |
|
2.624 |
3.333 |
|
Total Current Assets |
|
326.043 |
335.499 |
|
|
|
|
|
|
TOTAL |
|
464.297 |
491.649 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
42.036 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
134.908 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
176.944 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
99.846 |
|
|
2] Unsecured Loans |
|
|
15.399 |
|
|
TOTAL BORROWING |
|
|
115.245 |
|
|
DEFERRED TAX LIABILITIES |
|
|
13.814 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
306.003 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
113.078 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.500 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
92.965
|
|
|
Sundry Debtors |
|
|
127.638
|
|
|
Cash & Bank Balances |
|
|
18.939
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
66.187
|
|
Total
Current Assets |
|
|
305.729
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
56.346
|
|
|
Other Current Liabilities |
|
|
28.016
|
|
|
Provisions |
|
|
29.100
|
|
Total
Current Liabilities |
|
|
113.462
|
|
|
Net Current Assets |
|
|
192.267
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.158 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
306.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
672.887 |
698.171 |
615.278 |
|
|
|
Other Income |
1.375 |
3.423 |
6.911 |
|
|
|
TOTAL (A) |
674.262 |
701.594 |
622.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
487.828 |
|
|
|
|
|
Changes in inventories of finished goods and stock in process |
(5.057) |
15.887 |
555.298 |
|
|
|
Employee benefits Expenses |
48.345 |
48.502 |
|
|
|
|
Other Expenses |
122.412 |
126.032 |
|
|
|
|
TOTAL (B) |
653.528 |
673.473 |
555.298 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.734 |
28.121 |
66.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.142 |
14.247 |
13.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(0.408) |
13.874 |
53.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.921 |
18.300 |
18.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX (E-F)
(G) |
(19.329) |
(4.426) |
35.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.858) |
(0.753) |
12.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER TAX (G-H) (I) |
(17.471) |
(3.673) |
23.353 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
122.843 |
126.516 |
108.081 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
4.204 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.714 |
|
|
BALANCE CARRIED TO
THE B/S |
105.372 |
122.843 |
126.516 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.770 |
24.019 |
16.240 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
161.344 |
156.168 |
128.440 |
|
|
|
Machinery & Stores Items |
4.739 |
5.194 |
1.564 |
|
|
TOTAL IMPORTS |
166.083 |
161.362 |
130.004 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(5.83) |
(1.23) |
5.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.59)
|
(0.52) |
3.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.87)
|
(0.63) |
5.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.17)
|
(0.90) |
7.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
(0.03) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13
|
1.04 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.17 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
|
|
|
|
|
Term Loans From Banks and Financial |
11.360 |
|
|
|
Vehicle Loans |
0.391 |
0.445 |
|
|
|
|
|
|
|
Total |
11.751 |
4.755 |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10421743 |
28/03/2013 |
20,000,000.00 |
THE GOA URBAN
CO-OPERATIVE BANK LIMITED |
DR. ATMARAM
BORKAR ROAD, PANAJI, PANAJI - 403001, GOA, INDIA |
B73750036 |
|
2 |
10297464 |
05/03/2011 |
25,000,000.00 |
THE GOA URBAN
CO-OPERATIVE BANK LIMITED |
DR. ATMARAM BORKAR
ROAD, PANAJI, PANAJI - 403001, GOA, INDIA |
B10849719 |
|
3 |
10199271 |
30/12/2009 |
519,839.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
A76813450 |
|
4 |
10093452 |
13/12/2007 |
196,400,000.00 |
CANARA BANK |
MARGAO BRANCH, MARGAO,
GOA - 403601, INDIA |
A30476733 |
|
5 |
90065725 |
21/03/2005 * |
29,000.00 |
GOA URBAN CO-OP
BANK LIMITED |
MARGAO, GOA,
GOA, INDIA |
- |
|
6 |
90065547 |
21/12/2004 * |
10,400,000.00 |
THE URBAN CO-OP
BANK LIMITED |
MARGAO, GOA,
GOA, INDIA |
- |
|
7 |
90065028 |
26/03/2002 * |
426,000.00 |
CANARA BANK |
MAMAT HOUSE
MARGAO, GOA, GOA, INDIA |
- |
|
8 |
90065023 |
26/03/2002 * |
306,000.00 |
CANARA BANK |
MAMAT HOUSE
MARGAO, GOA, GOA, INDIA |
- |
|
9 |
80001726 |
11/12/2013 * |
236,200,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91473199 |
|
10 |
90065412 |
11/12/2013 * |
243,000,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91523829 |
|
11 |
80001722 |
25/04/1986 |
500,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
- |
|
12 |
90065198 |
11/12/2013 * |
2,430,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91523589 |
|
13 |
80001720 |
11/12/2013 * |
115,000,000.00 |
CANARA BANK |
MARGAO BRANCH, MARGAO
- 403601, GOA, INDIA |
B91523969 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From Shareholders |
8.712 |
8.712 |
|
|
|
|
|
Total |
8.712 |
8.712 |
BUSINESS OUTLOOK AND
OVERVIEW
The uncertainty witnessed in 2011-12 is likely to continue even in 2012-13. Global economy shows no signs of recovery in 2012-13 and is expected to be more uncertain. This may result in volatile crude and commodity prices and fluctuations in foreign exchange rates. In domestic economy, continued inflationary pressure, lower private consumption and high fiscal deficit are likely to result in lower GDP growth compared to previous year.
COMPANY PERFORMANCE
The Company's overall domestic growth was lower by 10% in volume terms and 5% in terms of value. The record level of US Dollar v/s Indian currency has dented into the profitability very badly, as they consume nearly 40% of raw material imported directly or indirectly. Further the management control related legal issues has also resulted indirectly to one of the poorest performance of the Company,
Domestic:
The Domestic turnover was lower at Rs. 643.090 Millions during the year compared to Rs. 674.152 Millions during previous year. In terms volume the turnover achieved is 4509 MT compared to 4959 MT during the previous year.
Exports:
Rising Dollar has contributed to increased export realization. Export turnover during the year was Rs.29.797 Millions compared to Rs. 24.019 Millions achieved during the previous year. However the volume rose marginally from 150 MT to 157 MT during the year. They are glad to inform that they have started exporting for the first time to Sri Lanka and they are negotiating with customers in Bangladesh,
CONTINGENT
LIABILITIES (AS ON 31.03.2012):
a. Claims against company not acknowledged as debt Rs.1.500 Millions (excluding interest thereon if any)
b. Counter Guarantees to bank in respect of Bank Guarantees issued to government authorities and others Rs. 4.017 Millions
c. Outstanding balance for letter of credit opened with Canara Bank, Margaon, Goa Rs.10.425 Millions.
d. The company has received a demand of sales tax for non-submission of Form 'C for the year 2004-05 against which the Company has preferred an appeal. The value of sales to be covered by Form C to be collected for the year 2004-05 is Rs.5.967 Millions
e. The company has received a notice of demand from the income Tax Department for Rs.1.458 Millions and Rs.4.279 Millions relating to the assessment year 2003 04 and 2007-03 and the same has been paid The appeal against the said demands are pending.
FIXED ASSETS:
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installations
·
Laboratory Equipments
·
Office Equipment
·
Office Premises
·
Furniture and Fixture
·
Vehicles
·
Data Processing
Equipments
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. 62.19 |
|
|
1 |
Rs. 102.14 |
|
Euro |
1 |
Rs. 84.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.