|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRASOL CHEMICALS LIMITED (w.e.f. 26.03.2007) |
|
|
|
|
Formerly Known
As : |
PRACHI POLY PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.01.1992 |
|
|
|
|
Com. Reg. No.: |
11-065026 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.932
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1992PLC065026 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06256F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2389N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Phosphorus Based Chemicals, Hydrogenated Products and Acetone Based Chemical. |
|
|
|
|
No. of Employees
: |
275 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1724000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
Company has performed well in the year 2013. Trade relation reported to be fair.
Business is active. Payment terms are reported to be usually 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
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 |
CRISIL |
|
Rating |
BBB – [Long Term] |
|
Rating Explanation |
Moderate credit quality and average credit risk. |
|
Date |
04.12.2013 |
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. Amol |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-27782555 |
|
Date : |
18.01.2014 |
LOCATIONS
|
Registered / Corporate Office / Factory : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430 |
|
Mobile No.: |
91-9820044351 (Mr. Pankil Nishit Dharia) |
|
Fax No.: |
91-22-27782430 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Leased |
DIRECTORS
AS ON 29.09.2013
|
Name : |
Mr. Nishith Rajnikant Shah |
|
Designation : |
Chairman |
|
Address : |
41, Valentina N.G. Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1959 |
|
Date of Appointment : |
24.01.1992 |
|
Din No.: |
00381267 |
|
|
|
|
Name : |
Mr. Bhisham Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 49, Sector 28, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1938 |
|
Date of Appointment : |
01.01.1995 |
|
Din No.: |
00339159 |
|
|
|
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Joint Managing Director |
|
Address : |
Block No. 15, Steka Nagar, V.P. Road, Mumbai-400004, Maharashtra,
India |
|
Date of Birth/Age : |
09.02.1973 |
|
Date of Appointment : |
09.08.2001 |
|
Din No.: |
00190701 |
|
|
|
|
Name : |
Mr. Jatin Narendra Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
43, Valentina, N G Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
10.02.1992 |
|
Din No.: |
00190587 |
|
|
|
|
Name : |
Mr. Tushar Natverlal Dharia |
|
Designation : |
Director |
|
Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1956 |
|
Date of Appointment : |
24.01.1992 |
|
Pan No.: |
AABPD2315C |
|
Din No.: |
00191118 |
|
|
|
|
Name : |
Mr. Sharad Dhirajlal Mehta |
|
Designation : |
Director |
|
Address : |
A-3, Vasundhara, Irani Road, Dahanu Road – 401602, Maharashtra, India |
|
Date of Birth/Age : |
02.07.1934 |
|
Date of Appointment : |
10.02.1992 |
|
Din No.: |
00190959 |
|
|
|
|
Name : |
Mr. Suketu Navinchandra Parikh |
|
Designation : |
Director |
|
Address : |
Navjivan Co-operative Housing Society, 7th Floor, Building11, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1963 |
|
Date of Appointment : |
19.02.1998 |
|
Din No.: |
00191390 |
|
|
|
|
Name : |
Mr. Dhaval Nalin Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
9, Dasheshwar, 118/20, |
|
Date of Birth/Age : |
11.11.1980 |
|
Date of Appointment : |
31.05.2007 |
|
Din No.: |
01636199 |
|
|
|
|
Name : |
Mr. Pankil Nishit Dharia |
|
Designation : |
Whole Time Director |
|
Address : |
8/16, Brij Bhuvan, 630, Pedder Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1984 |
|
Date of Appointment : |
15.11.2010 |
|
Din No.: |
03309485 |
|
|
|
|
Name : |
Anvi Nishith Shah |
|
Designation : |
Whole Time Director |
|
Address : |
41, Valentina N.G. Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1990 |
|
Date of Appointment : |
01.10.2012 |
|
Din No.: |
06384756 |
KEY EXECUTIVES
|
Name : |
Mr. Amol |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 29.09.2013
|
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] |
|
8.92 |
|
Bodies
corporate |
|
0.87 |
|
Directors
or relatives of directors |
|
75.65 |
|
Other
top fifty shareholders |
|
14.56 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Phosphorus Based Chemicals, Hydrogenated Products and Acetone Based Chemical. |
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Products : |
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Exports : |
|
||||||||||||
|
Products : |
Finished Goods |
||||||||||||
|
Countries : |
·
Europe ·
Australia ·
China ·
Indonesia ·
Russia ·
Mexico ·
South Africa ·
USA |
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|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
Raw Materials |
||||||||||||
|
Countries : |
·
China ·
Korea ·
Vietnam ·
USA ·
Taiwan |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Cash and Credit |
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|
||||||||||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Phosphorus Compounds |
Tones |
9600 |
3518 |
|
Acetone Compounds |
Tones |
8000 |
6545 |
|
Additive |
Tones |
1200 |
174 |
|
Hexylene Glycol |
Tones |
1200 |
116 |
|
Others (Including Sub activities) |
Tones |
-- |
4728 |
NOTES:
1.
Installed capacity is as certified by the
management is based on estimated production of a product if the entire plant
and machinery working on continuous basis exclusively for the product in a
year.
2.
Production includes quantities produced for Captive
Consumption.
3.
Phosphorus Compounds production is including Job
work.
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
275 [Approximately] |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· CITI Bank N.A., Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India · Standard Chartered Bank, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India · The Royal Bank of Scotland N.V. (Formerly ABN Amro Bank N.V.) 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · ABN Amro Bank N.V., 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Shanbhag and Company Chartered Accountants |
|
Address : |
122/124/125, Vardhaman Market, Plot No.75, Sector-17, Opposite Andhra
Bank, Vashi, Navi Mumbai - 400703, Maharashtra, India |
|
PAN No: |
AKYPS5895F |
|
|
|
|
Relatives of Key
Management Personal : |
· R. C. Shah Estate · Apex Computers and Peripherals |
|
|
|
|
Concern in which
some individuals referred to in category B is proprietor / Partner : |
·
Dipnal Valves and Tubestos Company ·
Heat Fabs ·
Heatreaters and Engineers ·
Sentinel Electric Company |
|
|
|
|
Companies in
which some individuals referred to in category B is Director : |
·
Consolidated Chemequip (MFR.) Corpn. ·
Friends Fab Form (Private) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3093217 |
Equity Shares |
Rs.10/- each
|
Rs.30.932
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 |
30.932 |
29.113 |
27.293 |
|
(b) Reserves & Surplus |
400.086 |
336.197 |
283.420 |
|
(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) |
431.018 |
365.310 |
310.713 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
94.964 |
177.206 |
198.390 |
|
(b) Deferred tax liabilities (Net) |
46.444 |
36.558 |
31.880 |
|
(c) Other long
term liabilities |
3.643 |
3.885 |
4.182 |
|
(d) long-term
provisions |
1.238 |
6.133 |
6.133 |
|
Total Non-current
Liabilities (3) |
146.289 |
223.782 |
240.585 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
202.654 |
268.032 |
122.127 |
|
(b)
Trade payables |
326.972 |
217.312 |
238.152 |
|
(c)
Other current liabilities |
193.878 |
135.882 |
67.084 |
|
(d) Short-term
provisions |
31.434 |
18.679 |
18.902 |
|
Total Current
Liabilities (4) |
754.938 |
639.905 |
446.265 |
|
|
|
|
|
|
TOTAL |
1332.245 |
1228.997 |
997.563 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
351.188 |
253.613 |
223.127 |
|
(ii)
Intangible Assets |
1.243 |
1.431 |
0.114 |
|
(iii)
Capital work-in-progress |
314.943 |
351.716 |
229.575 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.933 |
11.444 |
13.630 |
|
(e) Other Non-current
assets |
0.185 |
0.056 |
0.000 |
|
Total Non-Current
Assets |
678.492 |
618.260 |
466.446 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
191.378 |
265.391 |
224.675 |
|
(c)
Trade receivables |
425.840 |
305.690 |
253.078 |
|
(d) Cash
and cash equivalents |
12.750 |
1.075 |
2.117 |
|
(e)
Short-term loans and advances |
20.473 |
35.139 |
48.703 |
|
(f)
Other current assets |
3.312 |
3.442 |
2.544 |
|
Total
Current Assets |
653.753 |
610.737 |
531.117 |
|
|
|
|
|
|
TOTAL |
1332.245 |
1228.997 |
997.563 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1925.615 |
1651.870 |
1298.098 |
|
|
|
Other Income |
4.440 |
0.958 |
2.768 |
|
|
|
TOTAL (A) |
1930.055 |
1652.828 |
1300.866 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1472.536 |
1209.764 |
942.913 |
|
|
|
Purchases of stock-in-trade |
32.955 |
78.041 |
55.468 |
|
|
|
Employee benefit expense |
53.510 |
39.998 |
32.245 |
|
|
|
Other expenses |
223.787 |
226.884 |
170.528 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(3.564) |
(12.726) |
(17.638) |
|
|
|
TOTAL (B) |
1779.224 |
1541.961 |
1183.516 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
150.831 |
110.867 |
117.350 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
44.798 |
31.421 |
19.404 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
106.033 |
79.446 |
97.946 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.626 |
14.983 |
13.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
87.407 |
64.463 |
84.193 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.316 |
23.605 |
27.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
59.091 |
40.858 |
57.004 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
230.484 |
204.541 |
163.113 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
12.373 |
8.247 |
8.188 |
|
|
|
Tax on Proposed Dividend |
2.007 |
1.338 |
1.328 |
|
|
|
Other Reserve |
0.837 |
0.330 |
0.060 |
|
|
|
Transfer to General Reserve |
6.000 |
5.000 |
6.000 |
|
|
BALANCE CARRIED
TO THE B/S |
268.358 |
230.484 |
204.541 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Traded Goods Exported |
309.707 |
253.591 |
251.932 |
|
|
|
Commission |
8.165 |
4.804 |
0.000 |
|
|
|
Administrative Charges Received |
1.574 |
0.000 |
0.000 |
|
|
|
Export Freight Charges Recovered |
11.149 |
8.344 |
0.000 |
|
|
|
Export Insurance Recovered |
0.206 |
0.115 |
0.000 |
|
|
TOTAL EARNINGS |
330.801 |
266.854 |
251.932 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
916.572 |
937.252 |
659.252 |
|
|
|
Capital Goods |
0.278 |
2.004 |
0.000 |
|
|
TOTAL IMPORTS |
916.850 |
939.256 |
659.252 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
19.36 |
14.86 |
20.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.06
|
2.47 |
4.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.54
|
3.90 |
6.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.59
|
7.35 |
10.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.17 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69
|
1.22 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.95 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF 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 |
49.227 |
45.842 |
12.727 |
|
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 |
Yes |
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10383836 |
03/06/2013 * |
200,000,000.00 |
STANDARD
CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C - 35 & 39, G BLOCK, |
B76654276 |
|
2 |
10374685 |
16/08/2012 |
237,500,000.00 |
IDBI BANK
LIMITED |
GROUND FLOOR,
C-7, G-BLOCK, OPP. NSE BUILDING, BA |
B57360851 |
|
3 |
10233516 |
02/07/2010 |
40,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BAN |
A89291173 |
|
4 |
10213945 |
30/03/2010 |
185,000,000.00 |
ANDHRA BANK |
PERSEPLOISE,
PLOT NO. 74, SECTOR 17, VASHI, NAVI |
A83645481 |
|
5 |
10104685 |
31/03/2008 |
20,000,000.00 |
CITIBANK N.A. |
CITIGROUP
CENTRE, BANDRA KURLA COMPLEX, G BLOCK B |
A39019468 |
|
6 |
10006267 |
12/10/2012 * |
365,000,000.00 |
CITI BANK N.A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BAN |
B62973052 |
|
7 |
90145890 |
15/11/2006 * |
137,500,000.00 |
ANDHRA BANK |
PERSEPLOISE,
PLOT NO. 74, SECTOR 17, VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA |
A08849648 |
|
* Date of charge modification |
||||||
BUSINESS OPERATIONS:
During the year,
the Company’s turnover (including Excise Duty and Taxes) for the year amounted
to Rs.2162.716 Millions, an
increase of 16.77 % over the
previous year. During the year there was volatility and increase in the
international prices of the Company’s key raw materials like phosphorous and
acetone. The volatility of the foreign exchange and weakening of the rupee also
increased the material cost. Further, the high inflation resulted in increase
in operating expenses, freight costs and other overheads. However, the Company
tried to mitigate the cost increases by implementing various cost monitoring
and control measures and foreign exchange management techniques. The Company’s
Profit before Finance Cost, Exchange gain / (loss), Depreciation and Tax was Rs. 153.371 Millions, an increase of
19 % over the previous year.
OUTLOOK AND FUTURE
PLAN:
The Company is
setting up a world class Phenol Acetone Plant, where the Acetone produced shall
be consumed in house. This plant is in an advanced stage of completion and
simultaneously we are awaiting the Environmental Clearance from MoEF, Delhi,
which is expected in the current year. This plant is expected to contribute
significantly to the growth in turnover and profitability in the coming years.
As a part of backward integration of the multipurpose hydrogenation unit, the
Company has installed an indigenous Hydrogen generation plant which is
commissioned.
The Company
believes in continuous upgradation of its products and processes to deliver the
best quality product at competitive rates. The Company views its R and D
capabilities as a vital component of its business strategy that will provide
the Company with a sustainable, long term competitive advantage. Over the
coming years, the Company is looking to increase its manufacturing portfolio
two folds by Foreign Collaborations / tie up with MNC’s and introduction of
several new products. It intends to grow exponentially from this point and is
actively evaluating various proposals for the same including setting up of
manufacturing facilities at additional geographical locations.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowings |
|
|
|
Deposits From Directors |
23.900 |
20.161 |
|
Deposits From Shareholders |
0.000 |
51.600 |
|
TOTAL
|
23.900 |
71.761 |
FIXED ASSETS:
·
Land
·
Office Building
·
Factory Building
·
Lab Equipment
·
Air Conditioner
·
Telephone System
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computers
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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.