MIRA INFORM REPORT

 

 

Report Date :

30.01.2014

 

IDENTIFICATION DETAILS

 

Name :

MICRO INKS LIMITED (w.e.f.03.03.2004)

 

 

Formerly Known As :

HINDUSTAN INKS AND RESINS LIMITED

 

 

Registered Office :

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

13.11.1991

 

 

Com. Reg. No.:

04-016598

 

 

Capital Investment / Paid-up Capital :

Rs. 248.730 Millions

 

 

CIN No.:

[Company Identification No.]

U24220GJ1991PLC016598

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTM01621E

 

 

PAN No.:

[Permanent Account No.]

AAACH7063F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (61)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limit :

USD 36400000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a part of Huber Group, Germany. It is a well established and reputed company having fine track record.

 

Management has failed to file the latest financials of 2013, with the government department.

 

As per available record of 2012, the financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal 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

 

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities : (CARE) AA+

Rating Explanation

High degree of safety and very low credit risk.

Date

August 13, 2013

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities : (CARE) A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

August 13, 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 [91-260-3052100]

 

 

LOCATIONS

 

Registered/ Corporate  Office :

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat, India

Tel. No.:

91-260-2462811/ 2460284/ 2460280/ 3052100

Fax No.:

91-260-2463932/ 2463733/ 3052125

E-Mail :

jagrutiparikh@microinks.com

info@microinks.com

hitesh.parikh@microinks.com

alpesh.chahiyara@microinks.com

Website :

www.microinks.com

Area :

5000 sq. ft.

Location :

Owned

 

 

Factory :

Located at:

 

v      Plot No. 2803/2, III Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

v      Survey No. 137/1, Jani Vankad, Daman – 396210, (U.T. of Daman and Diu), India

 

v      Survey No.11 and 13, Village Morkhal, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

v      Plot No. 808/E, 305/6, 305/7, (100% Export Oriented Unit) II Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

v      Survey No.8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2, Village Morkhal, Unit II, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

 

Branch Offices :

Located At:

 

v      Mumbai                 

v      Kolkata

v      Ahmedabad

v      Chennai

v      Bangalore

v      Baroda

v      Noida

v      Secunderabad

 

 

Marketing Headquarters/ Sales and Support - International Business Division :

907, Windfall Sahar Plaza, J B Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India

Tel No.:

91-22-28360201/ 28364313

Fax No :

91-22-28379660/ 28222222

E-mail :

ibd@microinks.com

 

 

Western Region :

Located at:

 

v      Mumbai

v      Indore

v      Ahmedabad

v      Nagpur

v      Baroda

v      Pune

 

 

Northern region :

Located at:

 

v      Noida

v      Ludhiana

v      Kanpur

 

 

Southern Region :      

Located at:

 

v      Chennai

v      Bangalore

v      Hyderabad

v      Sivakasi

 

 

Eastern Region :

9 Transport Depot Road, Kolkata-700088, West Bengal, India

Tel No.:

91-33-24496134-36

Fax No :

91-33-24495051

 

 

DIRECTORS

 

AS ON 30.04.2013

 

Name :

Mrs. Ashwani Kumar Bhardwaj

Designation :

Managing Director

Address :

Flat No. 1001, Emerald Royal Gems, Vapi Daman Road, Vapi, Valsad - 396191, Gujarat, India

Date of Birth/Age :

18.03.1958

Qualification :

B.Sc. MBA

Date of Appointment :

31.01.2012

PAN No.:

AFBPB0925K

DIN No.:

01515689

 

 

Name :

Mr. Ursula G. Borgmann

Designation :

Director appointed in casual vacancy

Address :

The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T., India

Date of Birth/Age :

07.09.1955

Qualification :

Graduate in Chemical Engineering

Date of Appointment :

03.02.2006

DIN No.:

01541193

 

 

Name :

Mr. Hasmukh Shantilal Shah

Designation :

Director

Address :

15, Dhanushya Society, Sama Road, Vadodara – 390008, Gujarat, India

Date of Birth/Age :

04.10.1934

Qualification :

MA (Economics)

Date of Appointment :

27.06.2000

Voter ID No.:

HDG5241344

DIN No.:

00152195

 

 

Name :

Mr. Mansingh Laxmidas Bhakta

Designation :

Director

Address :

4, Sagar Villa, 38 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

03.12.1931

Qualification :

LLB. Solicitor

Date of Appointment :

27.06.2000

Voter ID No.:

MT/04/024/198444

DIN No.:

00001963

 

 

Name :

Mr. Pradip Navin Khandwalla

Designation :

Director

Address :

B/101, Jupiter Tower, Opposite Samkit Bungalows, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.02.1940

Qualification :

CA, MBA, USA Ph.D, USA

Date of Appointment :

13.01.2005

DIN No.:

00064643

 

 

Name :

Mr. Heinrich W. Ringer

Designation :

Director

Address :

The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T., India

Date of Birth/Age :

21.12.1994

Qualification :

MBA

Date of Appointment :

29.07.2010

DIN No.:

01540491

 

 

Name :

Mr. Kadankote Kannan Unni

Designation :

Director

Address :

207, Marigold, 236, Raheja Enclave, Race Course Road, Coimbatore – 641018, Tamilnadu, India

Date of Birth/Age :

15.07.1941

Qualification :

B.Sc.(Agriculture)

Date of Appointment :

01.05.2010

Voter ID No.:

MT208/03/06/210501

DIN No.:

00227858

 

 

Name :

Mr. Thomas Otto Lothar Hensel

Designation :

Additional director

Address :

Mozartring 4, 85598 Baldham, Germany

Date of Birth/Age :

22.09.1958

Voter ID No.:

30.04.2013

DIN No.:

06605620

 

 

KEY EXECUTIVES

 

Name :

Mr. Alpesh Mansukhlal Chaniyara

Designation :

Company Secretary

Address :

Block No. 2, Shree Co-operative Housing Society, Vapi - Daman Road, Chala, Vapi - 396191, Valsad, Gujarat, India 

Date of Birth/Age :

13.06.1977

Date of Appointment :

01.06.2011

PAN No.:

AEHPC5783R

 

 

Name :

Mr. Sandeep Bhandari

Designation :

Vice President and Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.04.2013

 

NOTE: NOT AVAILABLE 

 

 

AS ON 30.04.2013

 

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]

 

99.26

Bodies corporate

 

0.46

Directors or relatives of directors

 

0.01

Other top fifty shareholders

 

0.27

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates.

 

 

Products/ Services :

ITC Code No.

Product Descriptions

3215

Printing Inks

3909

Resins and Varnishes

3204.17

Pigments / Flush Colours

3208

Wire Enamels

3824

Press Chemicals

 

 

PRODUCTION STATUS (AS ON 31.12.2011)

 

Particulars

Unit

Installed Capacity

Actual Production

Printing Inks

MT

203,000

142,848

Resins and Varnishes #

MT

55,600

30,849

Pigments / Flush Colours @

MT

46,500

4,249

Wire Enamels

MT

3,450

2,337

Press Chemicals

MT

5,000

1,700

By Products

MT

--

74

 

* As certified by the Management.

# Based on available capacity for production of Resins. Actual production includes Resins and Varnishes.

@ Based on available capacity for production of Flush Colours. Actual production includes Pigment / Flush Colours.

 

Notes:

[1] Under the Industrial Policy Statement dated July 24, 1991 and the Notifications issued there under, there is no licensing requirement for the Company’s products.

 

[2] Capacity of Resins and Pigments / Flush Colours is total capacity available for captive and outside sales.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

v      ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

v      Bank of India, Mumbai Large Corporate Branch, 4th Floor, 70/80, M. G. Road, Mumbai - 400023, Maharashtra, India

 

v      State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

v      The Hong Kong and Shanghai Banking Corporation Limited, 1 Queens Road Central, HSBC Main Building, Hong Kong - 1, Hong Kong

 

v      DBS Bank Limited, Credit Control Unit, 3rd Floor, Fort House, Dr. D. N. Road, Fort, Mumbai - 400001, Maharashtra, India

 

v      The Bank of Nova Scotia Asia Limited, One Raffles Quay, #20-01 North Tower, Singapore - 048583, Singapore

 

v      The Bank of Nova Scotia, Mittal Tower, "B" Wing, Nariman Point, Mumbai - 400021, Maharashtra, India

 

v      DBS Bank Limited, 6 Shenton Way, DBS Building, Tower One, Singapore - 068809, Singapore

 

v      Citibank N.A., Citibank House, Block 428, Road 2819, Alseef District 1133, Bahrain – 1133

 

v      DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road, New Delhi - 110001, India

 

v      Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India

 

v      BNP Paribas, 20 Coolyer Quay, Tung Centre, Singapore - 049319, Singapore

 

v      Axis Bank Limited

 

v      Australia and New Zealand Banking Group Limited

 

 

Facilities :

 

Secured Loans

31.12.2012

31.12.2011

 

 

(Rs. In Millions)

LONG TERM BORROWINGS

 

 

Term loans from banks - Secured

 

 

– External commercial borrowings (ECB)

916.300

885.170

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from banks

823.390

440.810

Total

1739.690

1325.980

 

Notes:

 

LONG TERM BORROWINGS

 

Details of terms of repayment and security provided in respect of borrowings

 

(a) ECB Loan of Rs. 550.000 million (USD 10 million) (31/12/2011, Nil) from The Bank of Nova Scotia Asia Limited, Singapore is to be secured by way of pari-passu first charge on immovable and movable properties (save and except inventory and trade receivables), both present and future, of the Company. This Loan is repayable in 5 equal semi-annual installments commencing from August, 2014 and carries interest @ 3 months USD LIBOR plus 250 bps p.a.

 

(b) ECB Loan of Rs. 733.150 million (USD 13.33 million) [31/12/2011, Rs.1062.200 million (USD 20 million)] from Australia and New Zealand Banking Group Limited, Singapore is secured by way of pari-passu first charge on movable properties (save and except inventory and trade receivables), both present and future, of the Company and to be secured by way of pari-passu first charge on immovable properties, both present and future, of the Company. This Loan is repayable in remaining 2 annual installments by December, 2014 and carries interest @ 3 months USD LIBOR plus 130 bps p.a.

 

(c) ECB Loan of Rs. 110.000 million (USD 2 million) [31/12/2011, Rs. 212.440 million (USD 4 million)] from The DBS Bank Limited, Singapore is secured by way of pari-passu first charge on immovable and movable properties (save and except inventory and trade receivables), both present and future, of the Company. This Loan is due for repayment in the month of October, 2013 and carries interest @ 3 months USD LIBOR plus 225 bps p.a.

 

(d) ECB Loan of Rs. 73.330 million (USD 1.33 million) [31/12/2011, Rs. 141.630 million (USD 2.67 million)] from The Standard Chartered Bank, United Kingdom is secured by way of pari-passu first charge on immovable and movable properties (save and except inventory and trade receivables), both present and future, of the Company. This Loan is due for repayment in the month of September, 2013 and carries interest @ 3 months USD LIBOR plus 290 bps p.a.

 

(e) ECB Loan Nil [31/12/2011, Rs. 81.610 million (USD 1.66 million)] from The Hong Kong and Shanghai Banking Corporation Limited, Hong Kong was secured by way of pari-passu first charge on immovable and movable properties (save and except inventory and trade receivables), both present and future, of the Company. This Loan carried interest @ 6 months USD LIBOR plus 200 bps p.a.

 

(f) ECB Loan Nil [31/12/2011, Rs. 81.930 million (USD 1.66 million)] from The Standard Chartered Bank, United Kingdom was secured by way of pari-passu first charge on immovable and movable properties (save and except inventory and trade receivables), both present and future, of the Company. This Loan carried interest @ 6 months LIBOR plus 300 bps p.a.

 

 

SHORT-TERM BORROWINGS

 

Details of nature of security provided in respect of short-term borrowings

 

(a) Working capital loans (Packing credit) of Rs. 500.000 million (USD 9.09 million) (31/12/2011, Nil) from Bank of Nova Scotia, Mumbai are to be secured by way of first pari-passu charge on all the inventory and trade receivables, both present and future and are further to be secured by way of second charge on the immovable properties, both present and future, of the Company.

 

(b) Working capital loans (Buyers credit) Rs. 267.070 million (USD 4.86 million) (31/12/2011, Nil) from The Standard Chartered Bank, Mauritius are secured by way of first pari-passu charge on all the inventory and trade receivables, both present and future and are further secured by way of second charge on the immovable properties, both present and future, of the Company.

 

(c) Working capital loans (Buyers credit) Rs. 56.320 million (USD 1.02 million) (31/12/2011, Nil) from The State Bank of India, United Kingdom are secured by way of first pari-passu charge on all the inventory and trade receivables, both present and future and are further secured by way of second charge on the immovable properties, both present and future, of the Company.

 

(d) Working capital loans (Packing credit) Nil [(31/12/2011, Rs. 345.210 million (USD 6.50 million)] from The Hong Kong and Shanghai Banking Corporation Limited, Hong Kong are secured by way of first pari-passu charge on all the inventory and trade receivables, both present and future and are further secured by way of second charge on the immovable properties, both present and future, of the Company.

 

(e) Working capital loans (Packing credit) Nil [(31/12/2011, Rs. 95.600 million (USD 1.80 million)] from The Standard Chartered Bank, Mumbai are secured by way of first pari-passu charge on all the inventory and trade receivables, both present and future and are further secured by way of second charge on the immovable properties, both present and future, of the Company.

 

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Holding Company :

MHM Holding GmbH, Germany

 

 

Subsidiary Companies :

v      Hostmann-Steinberg Inc., USA

v      Hostmann-Steinberg Australia Pty Limited, Australia

v      Hostmann-Steinberg New Zealand Limited, New Zealand

v      PT Huber Inks Indonesia, Indonesia (w.e.f. February 3, 2012; fellow subsidiary upto February 2, 2012)

v      Micro Inks (Singapore) Pte. Limited, Singapore (De-registered pursuant to liquidation with effect from August 5, 2011)

 

 

Fellow Subsidiaries:

v      Michael Huber München GmbH, Germany

v      Hostmann-Steinberg GmbH, Germany

v      Stehlin + Hostag AG, Switzerland

v      Hostmann-Steinberg Limited, Canada

v      Huber Chile S.A., Chile

v      Huber Italia S.p.A., Italy

v      Huber Inks (Shenzhen) Limited, China

v      Info-Lab Limited, Ireland

v      Hostmann-Steinberg South Africa (Pty.) Limited, South Africa

v      PT Huber Inks Indonesia, Indonesia (up to February 2, 2012)

v      Hostmann-Steinberg Tintás Graficás Brasil Ltda., Brazil

v      Michael Huber Austria GmbH, Austria

v      Gleitsmann Security Inks GmbH, Germany

v      Graphocolor Limited, Ireland

v      Hostmann-Steinberg Eesti OÜ, Estonia

v      Huber France S.A.S., France

v      HST Benelux B.V., Netherlands

v      Hostmann-Steinberg RUS OOO, Russia

v      Michael Huber Romania S.L.R., Romania

v      Michael Huber Polska sp. z.o.o., Poland

v      Michael Huber CZ s.r.o., Czech Republic

v      Michael Huber Hungaria Kft, Hungary

v      Stehlin Hostag Ink UK Limited, United Kingdom

v      TIPOLIT S.A., Spain

v      Huber Bulgaria EOOD, Bulgaria

v      Hostmann-Steinberg Latvija, Latvija

v      Hostmann-Steinberg Lietuva, Lietuva

v      Michael Huber München Matbaa Malzemeri Üretim

v      Pazarlama Ithalat Ihracaat Limited Sirketi, Turkey

v      Huber SRB d.o.o., Serbia

 

 

Associates

v      Huber Holding (Thailand) Limited, Thailand

v      Huber Inks (Thailand) Limited, Thailand

 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30,000

Equity Shares

Rs. 10000/- each

Rs. 300.000 Millions

5,500,000

Preference Shares

Rs. 100/- each

Rs. 550.000 Millions

 

Total

 

Rs. 850.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

24,873

Equity Shares

Rs. 10000/- each

Rs. 248.730 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.12.2012

31.12.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

248.730

248.720

(b) Reserves & Surplus

 

8855.050

7767.100

(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)

 

9103.780

8015.820

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

916.300

885.170

(b) Deferred tax liabilities (Net)

 

364.310

334.630

(c) Other long term liabilities

 

231.430

197.270

(d) long-term provisions

 

115.470

169.840

Total Non-current Liabilities (3)

 

1627.510

1586.910

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1030.540

1726.070

(b) Trade payables

 

3028.030

2317.900

(c) Other current liabilities

 

638.850

823.920

(d) Short-term provisions

 

262.840

210.570

Total Current Liabilities (4)

 

4960.260

5078.460

 

 

 

 

TOTAL

 

15691.550

14681.190

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

4038.990

3139.590

(ii) Intangible Assets

 

14.970

17.350

(iii) Capital work-in-progress

 

50.990

447.760

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

2037.780

1807.080

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

444.660

287.400

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

6587.390

5699.180

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

150.150

(b) Inventories

 

2643.120

2675.960

(c) Trade receivables

 

5858.130

5162.170

(d) Cash and cash equivalents

 

77.830

434.320

(e) Short-term loans and advances

 

391.460

393.010

(f) Other current assets

 

133.620

166.400

Total Current Assets

 

9104.160

8982.010

 

 

 

 

TOTAL

 

15691.550

14681.190

 

 

 

SOURCES OF FUNDS

 

 

 

31.12.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

248.720

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

6572.705

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

6821.425

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

2037.611

2] Unsecured Loans

 

 

357.680

TOTAL BORROWING

 

 

2395.291

DEFERRED TAX LIABILITIES

 

 

348.857

 

 

 

 

TOTAL

 

 

9565.573

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

3215.803

Capital work-in-progress

 

 

78.657

 

 

 

 

INVESTMENT

 

 

1812.102

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 
 
2958.649

 

Sundry Debtors
 
 
3659.163

 

Cash & Bank Balances
 
 
366.656

 

Other Current Assets
 
 
86.811

 

Loans & Advances
 
 
467.517

Total Current Assets
 
 

7538.796

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors
 
 

2257.433

 

Other Current Liabilities
 
 

568.092

 

Provisions
 
 

254.260

Total Current Liabilities
 
 

3079.785

Net Current Assets
 
 

4459.011

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

9565.573

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2012

 

31.12.2011

31.12.2010

 

SALES

 

 

 

 

 

Revenue from operations (net)

21519.620

20504.280

17296.951

 

 

Other Income

27.020

502.050

44.291

 

 

TOTAL                                     (A)

21546.640

21006.330

17341.242

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

15387.780

14535.110

 

 

 

Changes in inventories of finished goods and semi-finished goods

(120.990)

132.700

 

 

 

Employee benefits expense

612.780

548.450

 

 

 

Other expenses

3178.690

2789.510

 

 

 

TOTAL                                     (B)

19058.260

18005.770

14875.532

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2488.380

3000.560

2465.710

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

234.060

627.650

90.027

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2254.320

2372.910

2375.683

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

371.710

366.360

373.010

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1882.610

2006.550

2002.673

 

 

 

 

 

Less

TAX                                                                  (H)

622.380

638.160

584.278

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

1260.230

1368.390

1418.395

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods at F.O.B. value

11084.240

10929.210

9000.530

 

 

Others (employee compensation)

9.940

11.110

0.980

 

TOTAL EARNINGS

11094.180

10940.320

9001.510

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

7068.670

6365.170

5985.400

 

 

Stores & Spares

23.880

12.570

8.650

 

 

Capital Goods

72.870

83.510

39.690

 

 

Goods Traded

0.000

0.000

5.270

 

TOTAL IMPORTS

7165.420

6461.250

6039.010

 

 

 

 

 

 

Earnings Per Share (Rs.)

50667.43

55017.04

57.03

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2012

 

31.12.2011

31.12.2010

PAT / Total Income

(%)
5.85

6.51

8.18

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
8.75

9.79

11.58

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.84

16.15

18.62

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.21

0.25

0.29

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.21

0.33

0.35

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.84

1.77

2.45

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

 

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

No

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

Yes

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

No

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

Yes

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

STAMP NUMBER No. 2264 of 2012 To STAMP NUMBER No. 2265 of 2012

Status: PENDING                                                                                                  CCIN No: 001087201202265

 

Last Listing Date: 19/11/2012

Coram: - ADDITIONAL REGISTRAR ( JUDICIAL)

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX VALSAD

MR SUDHIR M MEHTA for: null http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

S.NO.

Name of the Respondant

Advocate On Record

1

MICRO INKS LIMITED

 

 

Presented On             : 02/11/2012                                            Registered On              : 02/11/2012

Bench Category         : DIVISION BENCH                                   District                         : AHMEDABAD

Case Originated From: THROUGH ADVOCATE                          Listed                           : 0 times

Stage Name                : OFFICE OBJECTION (FILING STAGE)

                                                                                    

Act: INCOME-TAX ACT, 1961

 

                                                                                                

OFFICE OBJECTION

 

Filing Stage

Filing Stage

Filing Stage

Filing Stage

Filing Stage

Filing Stage

Filing Stage

Filing Stage

·         WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ?

WHETHER PROPER & FULL COURT FEE IS PAID ?

WHETHER CERTIFIED COPIES FILED ? APPELLATE JUDGEMENT

WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES ?

WHETHER PAGING IS DONE ?

WHETHER II SET FILED ?

WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?

WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

·         INCOME-TAX ACT, 1961

 

OFFICE DETAILS

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/11/2012

MEMO OF APPEAL/PETITION/SUIT

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MR SUDHIR M MEHTA:1

2

07/11/2012

CERTIFIED COPY

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MR SUDHIR M MEHTA:1

 

 

COURT PROCEEDINGS

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

19/11/2012

51

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

·                     ADDITIONAL REGISTRAR ( JUDICIAL)

 

 

UNSECURED LOANS

 

Unsecured Loans

31.12.2012

31.12.2011

 

 

(Rs. In Millions)

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from banks

207.150

1285.260

Total

207.150

1285.260

 

 

CORPORATE INFORMATION

 

Subject is engaged in the manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. It is a member of the Germany based Huber group.

 

 

OUTLOOK:

 

During the year, growth of Indian economy slowed down due to domestic as well as global reasons. Political uncertainties resulted in lack of clarity on several policy matters and any new bold economic initiatives. Economic concerns in European Union had an adverse effect on overall exports. As a result, the GDP came down to nearly 5.5% as against 6.5% during the previous year. Raw material prices continued to rise, primarily due to exceptionally week rupee. Conventional commercial printing and the newspaper segments continue to shrink due to emerging digital technologies and the internet.

 

Under these conditions, the company still maintained a topline growth both in domestic and export segments, while the profits were slightly lower against budget and the previous year. The political uncertainties in India are likely to continue during the current year with elections expected any time soon. Also, the issues concerning Europe and digital technologies will continue to remain a challenge. There are signs of currency rates and commodity prices remaining stable and this may result in favourable raw material prices.

 

All the leading global ink companies see India as a growth market and they are making fresh investments and creating new capacities. Going forward, we expect competition to be more intense and this is likely to put further pressure on both top and bottom line.

 

However, on the positive side, Indian economy is still expected to maintain at least its current growth rate and that should provide growth opportunities to their business.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.12.2012

31.12.2011

 

 

(Rs. in Millions)

(a) Corporate Guarantees given to banks on behalf of a subsidiary Company [USD 2.80 million, (31/12/2011, USD 12.80 million)]

[Amount outstanding USD 2.80 million, Rs. 154.000 million, (31/12/2011, USD 5.30 million, Rs. 281.480 million)]

154.000

679.810

(b) Income Tax, Sales Tax, Central Excise and Service Tax demands:

 

 

(i) in respect of matters which are contested by the Company

1580.960

1276.900

(ii) in respect of matters decided in Company’s favour where the department is in further appeal

327.350

349.640

(c) Cases filed against Company in respect of Labour Laws

4.110

3.570

(d) Bills discounted

78.350

221.260

(e) Other matters

4.970

4.970

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

 

Charge Holder

Address

Service Request Number (SRN)

1

10402321

03/04/2013 *

550,000,000.00

THE BANK OF NOVA SCOTIA ASIA LIMITED

ONE RAFFLES QUAY, #20-01 NORTH TOWER, SINGAPORE - 048583, SINGAPORE

B73979544

2

10397775

03/04/2013 *

500,000,000.00

THE BANK OF NOVA SCOTIA

MITTAL TOWER, "B" WING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B74023763

3

10319236

03/04/2013 *

450,000,000.00

DBS BANK LIMITED

UPPER GROUND FLOOR, BIRLA ROAD,, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA

B74024357

4

10285710

03/04/2013 *

920,000,000.00

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

10 COLLYER QUAY, #18-00 OCEAN FINANCIAL CENTRE, SINGAPORE, - 049315, SINGAPORE

B73469496

5

10205031

28/02/2012 *

277,800,000.00

DBS BANK LIMITED

CREDIT CONTROL UNIT, 3RD FLOOR, FORT HOUSE,, DR. 
D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, IN 
DIA

B34734889

6

10190803

23/03/2010 *

195,278,000.00

STANDARD CHARTERED BANK

90, M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

A81941817

7

10106131

03/04/2013 *

1,000,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI 
TED

52/60, M. G. ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B73979023

8

80012233

03/04/2013 *

2,150,000,000.00

STATE BANK OF INDIA

3RD FLOOR, STATE BANK BHAVAN, MADAM KAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

B73241507

9

80012217

03/04/2013 *

1,750,000,000.00

ICICI BANK LIMITED

LANDMARK, RACE COURSE CIRCLE, ALKAPURI,, BARODA, 
GUJARAT - 390015, INDIA

B73084725

10

80012219

04/06/2011 *

1,800,000,000.00

STANDARD CHARTERED BANK

90, M. G. ROAD,, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B15306137

11

90103243

19/05/2011 *

350,000,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B13361019

 

* Date of charge modification


FIXED ASSETS:

 

Tangible assets:

v      Freehold land

v      Leasehold land

v      Buildings

v      Plant and equipment

v      Office equipment

v      Furniture and fittings

v      Vehicles

v      Computers

 

Intangible assets

v      Computer software

v      Technical know-how

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 62.20

UK Pound

1

Rs. 103.12

Euro

1

Rs. 84.96

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Report Prepared by :

NTH

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

61

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.