|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTROLS
INDUSTRIES LIMITED
(w.e.f. 29.02.2008) |
|
|
|
|
Formerly Known As : |
CHEMTROLS
ENGINEERING LIMITED |
|
|
|
|
Registered Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
08.07.1981 |
|
|
|
|
Com. Reg. No.: |
11-024757 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 251.640
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29299MH1981PLC024757 |
|
|
|
|
IEC No. : |
0388002433 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10185A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC2870R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of engineering goods and components for chemical,
textile and other process industries and also includes business as
manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel,
petrochemicals, agro-chemicals and electricity generation using renewable
energy |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1960000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usully correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed to
$ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB-” |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
06.03.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3+” |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
06.03.2013 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22830636)
LOCATIONS
|
Registered Office/ Factory 1 / Branch Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-22873573/ 22830636/ 28575089 |
|
Fax No.: |
91-22-22873573/ 28574386 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Amar Hill, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India |
|
Tel. No. : |
91-22-28575089/ 28570557/ 67151200 |
|
Fax No. : |
91-22-28571913/ 67151405 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
141/142, Kundaim Industrial Estate, Kundaim - 403115, Goa, India |
|
Tel. No. : |
91-832-6613100/ 6613101/ 3102/ 2395238/ 2395086 |
|
Fax No. : |
91-832-6613155/ 2395208 |
|
E-Mail : |
|
|
|
|
|
Also Branch
Offices : |
Located At: ·
Kolkata ·
Chennai ·
Delhi ·
·
Vadodara ·
Hyderabad ·
Bangalore ·
Guwahati · Mumbai |
|
|
|
|
Overseas Office
: |
Sharjah Airport International, Free Zone (SAIF Zone), PO
Box: 120629, Sharjah, UAE |
|
Tel. No. : |
+97-16-557 4528 |
|
E-Mail : |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Nandkumar Kalath |
|
Designation : |
Managing Director |
|
Address : |
202, Mangal Darshan, |
|
Date of Birth/Age : |
02.11.1948 |
|
Qualification : |
B.Sc., Chem. Engg |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041727 |
|
|
|
|
Name : |
Mr. Sambhaji Amrut Rao Nikam |
|
Designation : |
Whole-Time Director |
|
Address : |
A-201, |
|
Date of Birth/Age : |
15.03.1940 |
|
Qualification : |
DME |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041810 |
|
|
|
|
Name : |
Mrs. Usha Nandakumar |
|
Designation : |
Director |
|
Address : |
202, Mangal Darshan, |
|
Date of Birth/Age : |
01.02.1955 |
|
Qualification : |
PG. in Philosaphy |
|
Date of Appointment : |
09.01.2004 |
|
DIN No. : |
00041863 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
104-A, Lila Apartments, |
|
Date of Birth/Age : |
04.06.1953 |
|
Qualification : |
B.E. (Elect.) |
|
Date of Appointment : |
25.09.2009 |
|
DIN No. : |
00050139 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
5290012 |
|
S. A. Nikam |
|
1306033 |
|
Usha Nandakumar |
|
2213044 |
|
K Rajagopal |
|
535144 |
|
Chemtorls Holding Private Limited, India |
|
40346749 |
|
K. Venugopal |
|
24711 |
|
K. Ramanathan |
|
29447 |
|
Chandrika Venugopal |
|
24711 |
|
Shailaja Viswanthan |
|
29301 |
|
Nalini Rajagopal |
|
38772 |
|
K. Viswanathan |
|
29301 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
35335 |
|
K. Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
277202 |
|
Sreelatha Nair |
|
22651 |
|
Karthika Nandakumar |
|
66003 |
|
Kumari Unnikrishnan |
|
34247 |
|
Total |
|
50328095 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
80.17 |
|
Directors or relatives of Directors |
19.23 |
|
Other top fifty shareholders |
0.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of engineering goods and components for
chemical, textile and other process industries and also includes business as manufacturers,
processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals,
agro-chemicals and electricity generation using renewable energy |
||||
|
|
|
||||
|
Products : |
· Level Gauges And Spares Valves And Spares Level Transmitters And Spares Pressure Transmitters and Spares And Spares Differential Transmitters And Spares Desuper Heaters And Spares Pressure Switches And Spares Level Switch Flow Indicators Spray Nozzle System Temperature Transmitters Flow Meter And Accessories |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Central Bank of India, CFB Nariman Pont Branch, Chander Mukhi,Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · ICICI Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
NOTE LONG TERM
BORROWINGS Terms of
Repayment and Security Term loans from Central Bank of India is repayable in equated periodic instalments upto 2 years from the date of the respective loan. These are repayable by 2013-14. Secured by way of first charge by way of equitable mortgage on entire block of assets of the company including hypothication of machinery and equipment both present and future. Vehicle loans from HDFC Bank and ICICI Bank are repaybale in equated periodic instalments upto 3 years from the date of the respective loan. These are repayable by 2015-16 and are secured by way of hypothecation of the specific assets SHORT TERM BORROWINGS Seurity Hypothecation of Stocks of Raw materials, finished goods,
and semi finished goods, store and spares, packing material, book debts (not
exeeding 90 days) and other current assets (both current and future) as well
as by way of first charge on the entire block of fixed assets of the company
both present and future along with personal guarantee of all promoter
directors and of the holding company and pledge of shareholding of promoters
in the Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Raghunath and Company Chartered Accountants |
|
Address : |
32, Islam Building, 46-48 Veer Nariman Road , Fountain, Mumbai – 400020, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AMXPS5218F |
|
|
|
|
Holding Company: |
Chemtrols Holdings Private Limited, India CIN No.: U65590MH1992PTC066098 |
|
|
|
|
Subsidiaies: |
· Envirex India Private Limited CIN No.: U31200MH2001PTC132917 Chemtrols Solar Private Limited CIN No.: U74900MH1993PTC071583 |
|
|
|
|
Fellow Subsidiary: |
· Goa Investcast Limited Chemtrols Infotech Private Limited |
|
|
|
|
Associate: |
· Chemtrols Samil India Private Limited ERC Chemtrols Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,328,095 |
Equity Shares |
Rs.5/- each |
Rs. 251.640 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 |
251.640 |
239.727 |
239.727 |
|
(b) Reserves & Surplus |
237.752 |
213.798 |
189.474 |
|
(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) |
489.392 |
453.525 |
429.201 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.050 |
28.884 |
35.002 |
|
(b) Deferred tax liabilities (Net) |
0.348 |
1.230 |
0.335 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
9.710 |
|
Total Non-current Liabilities (3) |
22.398 |
30.114 |
45.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1175.052 |
1067.913 |
675.000 |
|
(b) Trade payables |
765.461 |
662.026 |
473.649 |
|
(c) Other current
liabilities |
198.029 |
259.926 |
240.560 |
|
(d) Short-term provisions |
15.466 |
15.107 |
17.555 |
|
Total Current Liabilities (4) |
2154.008 |
2004.972 |
1406.764 |
|
|
|
|
|
|
TOTAL |
2665.798 |
2488.611 |
1881.012 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
192.546 |
179.709 |
185.694 |
|
(ii) Intangible Assets |
5.526 |
7.920 |
4.318 |
|
(iii) Capital
work-in-progress |
27.860 |
15.895 |
10.222 |
|
(iv)
Intangible assets under development |
9.113 |
4.705 |
4.285 |
|
(b) Non-current Investments |
27.891 |
23.236 |
13.542 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.189 |
19.725 |
9.535 |
|
(e) Other Non-current assets |
58.466 |
69.899 |
35.891 |
|
Total Non-Current Assets |
335.591 |
321.089 |
263.487 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
416.945 |
595.420 |
379.024 |
|
(c) Trade receivables |
1538.747 |
1247.867 |
979.787 |
|
(d) Cash and cash
equivalents |
244.497 |
159.895 |
152.087 |
|
(e) Short-term loans and
advances |
130.018 |
164.340 |
78.275 |
|
(f) Other current assets |
0.000 |
0.000 |
28.352 |
|
Total Current Assets |
2330.207 |
2167.522 |
1617.525 |
|
|
|
|
|
|
TOTAL |
2665.798 |
2488.611 |
1881.012 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2980.237 |
2705.017 |
2458.241 |
|
|
|
Other Income |
28.016 |
22.830 |
20.836 |
|
|
|
TOTAL (A) |
3008.253 |
2727.847 |
2479.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1711.993 |
1804.895 |
1507.843 |
|
|
|
Purchases of stock-in-trade |
6.282 |
21.074 |
11.323 |
|
|
|
Employee benefit expense |
354.072 |
301.276 |
289.500 |
|
|
|
Other expenses |
553.482 |
456.943 |
459.020 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
141.793 |
(108.976) |
23.122 |
|
|
|
TOTAL (B) |
2767.622 |
2475.212 |
2290.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
240.631 |
252.635 |
188.269 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
157.961 |
176.046 |
83.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.670 |
76.589 |
104.271 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
25.100 |
24.655 |
22.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
57.570 |
51.934 |
81.628 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.619 |
12.895 |
21.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
40.951 |
39.039 |
59.853 |
|
|
|
|
|
|
|
|
|
Add |
INCOME TAX OF
EARLIER YEARS |
(1.846) |
0.000 |
2.675 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
109.748 |
89.639 |
62.946 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
10.964 |
|
|
|
Proposed Dividend |
12.177 |
11.986 |
11.191 |
|
|
|
Tax on Dividend |
1.976 |
1.944 |
3.680 |
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
129.700 |
109.748 |
89.639 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.84 |
0.81 |
1.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.36
|
1.43
|
2.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.93
|
1.92
|
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21
|
2.12
|
4.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.45
|
2.42
|
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08
|
1.08
|
1.15 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
10.553 |
17.325 |
11.386 |
|
|
|
|
|
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
80048918 |
05/07/2012 * |
340,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B44480044 |
|
2 |
90154728 |
31/03/2004 |
10,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
3 |
90154341 |
13/03/2003 |
13,138,278.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
4 |
90154691 |
26/11/2002 |
7,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
5 |
90154309 |
12/06/2001 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
6 |
90154306 |
01/03/2001 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
7 |
90153709 |
11/02/2013 * |
3,015,100,000.00 |
CENTRAL BANK OF INDIA |
CFB NARIMAN PONT BRANCH, CHANDER MUKHI,GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B69328482 |
|
8 |
90154621 |
22/03/2000 |
191,100,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
9 |
90154579 |
04/08/1998 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
10 |
90154550 |
15/12/1997 * |
20,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
11 |
90153371 |
13/01/1999 * |
72,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
12 |
90154548 |
31/03/1997 |
201,000.00 |
MASHREQ BANK |
512; TULSINI CHAMBERS, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTR, INDIA |
- |
|
13 |
90153364 |
31/03/1997 |
591,000.00 |
MASHREQ BANK |
512; TULSINI CHAMBERS, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTR, INDIA |
- |
|
14 |
90153286 |
08/06/1996 |
36,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
15 |
90152435 |
11/02/2013 * |
3,510,100,000.00 |
CENTRAL BANK OF
INDIA (JOINTLY WITH HDFC BANK LIMI |
CFB NARIMAN PONT BRANCH,CHANDER MUKHI,GROUND FLOOR, NARIMAN POINT, MUMBAI – 400021, MAHARASHTRA, INDIA |
B69328391 |
|
16 |
90154428 |
21/01/1995 * |
3,700,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH;CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
12.148 |
15.686 |
|
Deposits from related parties |
6.118 |
4.857 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from related parties |
0.000 |
31.205 |
|
Total |
18.266 |
51.748 |
GENERAL INFORMATION
ABOUT COMPANY
Subject is incorporated in 1981 in state of Maharashtra, India. It operates in the area of manufacture of engineering goods and components for chemical, textile and other process industries. Its objects also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy.
PERFORMANCE OVERVIEW:
The Economic and Industrial Scenario continue to be highly volatile and uncertain; both domestically and Globally. High fiscal deficit, high inflation, higher current account deficit, stalled and delayed projects. all are creating havoc with normal operation on all fronts. To make matters worse bloodless bleeding of Indian Rupee against most prominent currencies has further impacted The Companys earnings. Continuing high cost of finance due to unforeseen incidents as well as due to Customers ambiguous actions are adding up to severely strained bottom line. VUCA (Volatility, Uncertainty, Complexity, Ambiguity) effect has been detrimental to The Companys earnings to around 4% of the sales turn-over.
The corrective steps initiated in the previous year to stem the VUCA effect is strengthened with more meaningful Risk Mitigation Strategies this year and The Company is now well poised to GO GLOBAL.
Even under such trying conditions, the Company has attained a Sales Turn-over of Rs.3232.300 Millions compared to Rs. 2894.600 Millions, in the previous year. The profit after tax is Rs.41.000 Millions as against Rs. 39.000 Millions of the previous.
The pending order book position as on 1st September, 2013 stood at Rs. 4858.700 Millions, indicating strong healthy growth in the current year for The Companys regular businesses.
The Company has retained its International Certifications of Quality for specific Product lines / Systems as well as the company has got few more Global Process Consulting and Engineering Companies empanel The Company as Approved Supplier.
Towards the last quarter of this year, The Company restructured its operations bringing in Strategic Business Unit concept. Thus the Companys established businesses are grouped into 5 BUs :
BU1 - Analytics
BU2 - Automation
BU3 - Metering and Measurements
BU4 - Steam Engineering Solutions
BU5 - Utility Management
The Company in the coming years will reap the benefit from these BUs.
The Company, this year also has executed many challenging and Complex jobs;Some jobs completion extends to next Fiscal year notably:
BU1 : Analytical Systems : for ONGC OPAL Petrochemical Project Downstream Units
GAIL Pata and Brahmaputra Gas Crackers Projects,
National Fertilizer Nangal and Bathinda Feed Change over Projects
IOCL Paradeep Project Downstream units
Essar Refinery and HMEL : Product Blending Jobs
Air Quality Monitoring Stationss to Many Corporate clients
BU2 : Terminal Automation : Jobs at many locations for Indian Oil Corporation and Hindusthan Petroleum Corporation Ltd.
Currently, the Company is in the early stage of processing a Terminal Automation job for Bharat Petroleum Corporation Ltd. Thus the Company is now in the unique position as Approved Terminal Automation Contractor for the three major public sector Oil companies
In addition, The Company is executing Gas Detection System jobs at 104 Petroleum Terminals of Indian Oil Corporations spread across India
BU3 : Metering and Measurements is executing liquid metering and proving System job for ONGCs Assam Oil Assets
BU4 : Steam: Though Power Sector is facing poorly, Steam Engineering Solution BU has invested into new CNC machines and has also added more range of valves with new applications into its manufacturing. The Company hopes to develop this BU into one of its mainstay.
BU5 : Utility Management has secured orders worth Rs.3000.000 Millions + during the year for Automation of Energy Distribution Management in the States of Assam, West Bengal, Andhra Pradesh and Gujarat as well as for Automation of Eastern Region Load Despatch Centre (ERLDC) from Power Grid Corporation of India. These jobs are under various stages of execution.
OUTLOOK
Outlook : The Companys many collaborators are Global Players in their respective chosen fields of Collaboration :
SICK Germany : Process Gas Analysers
Siemens AG, Germany : Process Gas Chromatographs
Ametek, USA : Analyses for Sulfur Recovery Plants
Teledyne API, USA : Air Quality Monitoring Analysers
Thermo Fishers, USA : Process Analysers
UOP, USA,/ a Honewell Company : Closed Sampling Systems
Eckardt AG, Germany : Displacer Level Transmitters
FMC Corporation : Liquid Custody Transfer products
Continuous exchange of trade and information with Collaborators, Providing solutions in specific projects to Global Automation Companies like Honeywell, Yokogawa and Invensys, and Performance track record of nearly four decades have made Chemtrols; Made in India, a Globally recognized brand in Process Industry Sector. This is helping the company in forging alliances in the emerging technology areas and serving the community in a cost effective way.
Further the company has established a full fledged R&D facility for process sensors and controls Near Mumbai. Some of the products developed are undergoing field trials. All these initiatives for excellence in performance of the companys products, processes and services coupled with Governments resolve to get manufacturing a respectable share of 25% in the GDP by the year 2022 will propel the company to attain 15% year on year growth from now on.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
1) Corporate and Other Guarantees The Corporate guarantee includes an amount of Rs.190.000 Millions issued in favour the bank for credit facility to subsidiary. The facility has not been granted pending creation of security |
1289.684 |
872.247 |
|
2) Sales Tax liability under dispute in respect of certain completed assessments where matters are under appeal by the company |
32.336 |
11.563 |
|
3) Excise Liability under dispute in respect of show cuase cum demand notice issued by the Commissioner of Customs and Excise, Goa which is contested by the company |
24.471 |
24.471 |
|
Total |
1346.491 |
908.281 |
FIXED ASSETS
v
Tangible
Assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
v
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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
43 |
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.