|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
OWENS-CORNING (INDIA) PRIVATE LIMITED (w.e.f. 12.05.2011) |
|
|
|
|
Formerly Known
As : |
OWENS-CORNING (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-124707 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1308.130
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100MH1995PTC124707 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO01785A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACO1739M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Glass Fiber Products for use in
composites. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Owens Corning Inc., USA”. It is a
well-established company having a satisfactory track record. There appears dip in profitability of the company during the financial
year 2013. However, general financial position of the company seems to be sound
and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
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. Parash Shah |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66681797 |
|
Date : |
16.01.2014 |
LOCATIONS
|
Registered Office : |
7th Floor, Alpha Building, Hiranandani Gardens, Powai,
Mumbai-400076, Maharashtra, India |
|
Tel. No.: |
91-22-66681700 |
|
Fax No.: |
91-22-66681701 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
301-310, A Wing, Bonanza, Sahar Plaza Complex, M. V. Road, Andheri
(East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28398250 |
|
Fax No.: |
91-22-28398251 |
|
|
|
|
Factory 1 : |
Plot No. T 28, MIDC, Phase 2, Taloja, District Raigad-410208,
Maharashtra, India |
|
Tel. No.: |
91-22-39219100/ 27402108 |
|
Fax No.: |
91-22-39219101 |
|
|
|
|
Branch Office : |
Located At: · New Delhi ·
Mumbai |
DIRECTORS
AS ON 25.09.2013
|
Name : |
Mr. Shivanand Narsing Gulvady |
|
Designation : |
Director |
|
Address : |
Flat No. 61, 6th Floor, Lenyadri Tower, Plot 49/2, Sector
19A, Nerul (East), Navi Mumbai – 400706, Maharashtra, India |
|
Date of Appointment : |
07.12.2012 |
|
PAN No.: |
AADPG5085G |
|
DIN No.: |
02321203 |
|
|
|
|
Name : |
Marcio Anacleto Sandri |
|
Designation : |
Director |
|
Address : |
7760 Honeysuckle Ln, Maumee Ch, Maumee 43537, United States of America
|
|
Date of Appointment : |
17.01.2012 |
|
DIN No.: |
05172008 |
|
|
|
|
Name : |
Anindya Ghosh |
|
Designation : |
Director |
|
Address : |
U 7 Vidyasagar Niketan, Salt Lake, Kolkata – 700064, West Bengal,
India |
|
Date of Appointment : |
07.12.2012 |
|
PAN No.: |
ABMPG9277E |
|
DIN No.: |
05221554 |
|
|
|
|
Name : |
Linling Wu |
|
Designation : |
Additional director |
|
Address : |
Room 1002, No.7, Lane 500, Huang Jin Cheng Avenue, Changning District,
Shanghai 201103 |
|
Date of Birth/Age : |
26.05.1963 |
|
Date of Appointment : |
11.12.2013 |
|
DIN No.: |
06754034 |
KEY EXECUTIVES
|
Name : |
Mr. Parash Shah |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
IPM Inc. Delaware |
|
78487796 |
|
OC NL Invest Cooperatief U. A. |
|
52325196 |
|
OC NL Invest Cooperatief U. A jointly with Satish Kulkarni |
|
1 |
|
OC NL Invest Cooperatief U. A jointly with Phani Kumar |
|
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Edward Neunuebel |
|
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Claire Dagommer |
|
1 |
|
OC NL Invest Cooperatief U. A, Jointly with Magali Leroux |
|
1 |
|
|
|
|
|
Total |
|
130812997 |
AS ON 25.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Glass Fiber Products for use in
composites. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity* |
Actual
Production |
|
Glass Fiber Products |
|
|
|
|
Reinforcements@ |
Tonnes |
51010 |
50049 |
|
Technical Fabrics |
Tonnes |
10800 |
9351 |
NOTES:
* As Certified by the Management.
@ The actual production of reinforcements includes captive consumption
of 5,733 Tonnes (Previous Year - 8,419 Tonnes) for Technical Fabrics.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · Citibank ICICI Bank State Bank of India JP Morgan Chase Bank |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Opposite Shivaji Park, Dadar
(West), Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
|
|
|
|
Ultimate Holding
company : |
Owens Corning Inc. |
|
|
|
|
Holding Company : |
IPM Inc. Delaware, USA |
|
|
|
|
Fellow Subsidiary
Company : |
· Owens Corning Composite Materials, LLC Owens Corning Korea Owens Corning Australia Pty Limited Owens Corning Fiberglas Espana S.L. OCV Mexico S DE RL DE CV European Owens Corning Fiberglas SA OCV Reinforcements (Beijing) Company Limited OCV Reinforcements Hangzhou Company Limited OCV Composites (China) Company Limited OCV Fabrics (Changzhou) Company Limited OCV Chambery France Owens Corning Industries (India) Private Limited
[U26102AP1998FTC030183] Owens Corning, Hong Kong Owens Corning Japan Limited Owens Corning Veil UK Limited Owens Corning
Fiberglas France OCV Czech SRO OCV Reinforcements Alcala Spain, S.L OCV Chambery International Owens Corning Singapore Pte Limited OC NL Invest Cooperatief U.A Owens Corning Veil Netherlands B.V. Owens Corning Enterprise (India) Private Limited
[U26102MH2003FTC143522] OCV Italia SRL., Besana OCV Thailand Company Limited Owens Corning Britinvest Limited Owens Corning (India Branch Office) OC Insulating Systems Canada LP Owens Corning Sales, LLC OC Pro CV |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 Millions |
|
2,500,000 |
Preference Shares |
Rs. 100/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 2250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130,812,997 |
Equity Shares |
Rs. 10/- each |
Rs. 1308.130
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1308.130 |
1308.130 |
|
(b) Reserves & Surplus |
|
2777.000 |
2668.700 |
|
(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) |
|
4085.130 |
3976.830 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3.700 |
1.200 |
|
(b) Deferred tax liabilities (Net) |
|
452.200 |
504.500 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
33.300 |
41.300 |
|
Total Non-current
Liabilities (3) |
|
489.200 |
547.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
375.170 |
277.170 |
|
(c)
Other current liabilities |
|
99.900 |
110.700 |
|
(d) Short-term
provisions |
|
165.000 |
156.500 |
|
Total Current
Liabilities (4) |
|
640.070 |
544.370 |
|
|
|
|
|
|
TOTAL |
|
5214.400 |
5068.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2850.500 |
3169.300 |
|
(ii)
Intangible Assets |
|
4.200 |
5.600 |
|
(iii)
Capital work-in-progress |
|
59.900 |
96.900 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
84.000 |
70.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
2998.600 |
3341.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
544.600 |
786.700 |
|
(c) Trade
receivables |
|
825.400 |
618.100 |
|
(d) Cash
and cash equivalents |
|
626.300 |
184.600 |
|
(e)
Short-term loans and advances |
|
219.200 |
135.700 |
|
(f)
Other current assets |
|
0.300 |
1.300 |
|
Total
Current Assets |
|
2215.800 |
1726.400 |
|
|
|
|
|
|
TOTAL |
|
5214.400 |
5068.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1308.130 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2164.700 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3472.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
244.700 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
244.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
533.200 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4250.730 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3267.600 |
|
|
Capital work-in-progress |
|
|
210.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
535.100 |
|
|
Sundry Debtors |
|
|
649.400 |
|
|
Cash & Bank Balances |
|
|
266.600 |
|
|
Other Current Assets |
|
|
2.400 |
|
|
Loans & Advances |
|
|
188.500 |
|
Total
Current Assets |
|
|
1642.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
475.970 |
|
|
Other Current Liabilities |
|
|
327.900 |
|
|
Provisions |
|
|
65.000 |
|
Total
Current Liabilities |
|
|
868.870 |
|
|
Net Current Assets |
|
|
773.130 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4250.730 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
3843.500 |
3857.100 |
4020.313 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
541.500 |
1086.800 |
1149.637 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.900 |
19.300 |
11.973 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
531.600 |
1067.500 |
1137.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
339.500 |
323.000 |
298.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
192.100 |
744.500 |
839.049 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.800 |
240.500 |
224.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
108.300 |
504.000 |
614.681 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1823.300 |
1319.300 |
704.656 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1931.600 |
1823.300 |
1319.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.83 |
3.85 |
4.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PBT/Sales) |
(%) |
5.00
|
19.30 |
20.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.73
|
14.98 |
17.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.19 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.46
|
3.17 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
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 |
2.000 |
2.000 |
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 |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10394333 |
03/12/2012 |
325,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL [WEST], MUMBAI - 400013, MAHARASHTRA, INDIA |
B64962202 |
|
2 |
10068510 |
04/09/2007 |
210,000,000.00 |
CITIBANK N.A. |
FORT HOUSE, DR. D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A23647126 |
CHANGE OF ADDRESS:
The registered address of the company Mahindra Towers, Ground Floor,
Road No. 13, Worli, Mumbai – 400018, Maharashtra, India has been shifted to
present address w.e.f. 25.03.2009.
COMPANY PROFILE
Subject was incorporated in India on July 5, 1995. The Company is involved in the manufacture of glass fiber products for use in composites. The Company's manufacturing location is situated at Taloja, District Raigarh (Maharashtra) and head office/registered office is at Powai, Mumbai. The Company was converted into a private limited company effective May 12, 2011 and accordingly, the name of Company was changed to Owens-Corning (India) Private Limited.
OPERATIONS REVIEW:
The Company continues to be a leading player of glassfibre market in India. The Industry continues to face pricing pressure due to cheaper imports. During the year the Industry demand remained flat with noticeable drop in certain sectors like wind energy and in Exports. The company resorted to curtailing its operations for few months during the year. The Company recorded sales of 47,461 MT (PY 48,679 MT) and 5.9 MMm 2 (PY 0.11 MMm 2) out of own manufactured products and 2,054 MT (PY 2,269 MT) and 0.88 MMm 2 (PY 1.4 MMm 2) out of traded products of both Glass Reinforcements and Engineered Solutions during the year ended March 31, 2013.
The manufacturing facility continues to pursue various cost saving measures including sourcing, energy efficiency and productivity improvement initiatives. During the year your Company received ‘National Energy Award’ and ‘Safety Award’. The Plant continued its injury free operations and crossed 1,000 days in April 2013.
The Manufacturing Facility at Taloja had a fire on August 5,
2013 causing asset damage and impacting the manufacturing process. The Plant
resumed partial production within 2 days and is in full production in early
September 2013. Stabilized operations are expected to be in few days. The
company is working closely with the insurance company to claim damages and
business interruption losses.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Service Tax Matters |
48.000 |
42.000 |
|
(b) Excise Matters |
4.100 |
82.600 |
|
(c) Sales Tax Matters |
70.900 |
87.900 |
|
(d) Income Tax Matters |
44.400 |
44.400 |
|
a) Future cash
outflows in respect of (a) to (d) above, if any, are determinable only on
receipt of judgments/ decisions pending with various forums/ authorities. The
Company does not expect any outflow in respect of the same. b) Based on the
opinion obtained by the Management and certain available precedence in the
industry, the Management has taken the view that the amount of Rs. 465.100
Millions arising out of remission of a loan liability in Year 2002, is
capital in nature, and hence was credited to the Capital Reserve Account.
Further, in view of the Management and based on the independent opinion
obtained, the aforesaid amount of Rs. 465.100 Millions is not considered as
income chargeable to tax under the Income Tax Act, 1961 of India and this is
being presently contested by the Company with income tax authorities. |
||
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Leasehold
improvements
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. 61.35 |
|
|
1 |
Rs. 100.21 |
|
Euro |
1 |
Rs. 83.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.