MIRA INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTROLS
INDUSTRIES LIMITED
(w.e.f. 29.02.2008) |
|
|
|
|
Formerly Known As : |
CHEMTROLS
ENGINEERING LIMITED |
|
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|
Registered Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
08.07.1981 |
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Com. Reg. No.: |
11-024757 |
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Capital
Investment / Paid-up Capital : |
Rs. 251.640
Millions |
|
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|
|
CIN No.: [Company
Identification No.] |
U29299MH1981PLC024757 |
|
|
|
|
IEC No. : |
0388002433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10185A |
|
|
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PAN No.: [Permanent
Account No.] |
AAACC2870R |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of engineering goods and components for chemical,
textile and other process industries and also includes business as
manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel,
petrochemicals, agro-chemicals and electricity generation using renewable
energy |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Reserves of the company seems to be low. However, external borrowings
of the company also seems to be minimal. Trade relations are reported as fair. Business is active. Payment
terms are slow but 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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on
overseas purchases and muted import of capital goods helped shrink the current
account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While
Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB+” |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
14.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4+” |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
14.02.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22830636)
LOCATIONS
|
Registered Office/ Factory 1 : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-22873573/ 22830636/ 28575089 |
|
Fax No.: |
91-22-22873573/ 28574386 |
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E-Mail : |
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|
Website : |
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Head Office : |
Amar Hill, Saki Vihar Road, Powai, Mumbai -
400072, Maharashtra, India |
|
Tel. No. : |
91-22-28575089/ 28570557/ 67151200 |
|
Fax No. : |
91-22-28571913/ 67151405 |
|
E-Mail : |
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|
Website : |
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Factory 2 : |
141/142, Kundaim Industrial Estate, Kundaim - 403115, Goa, India |
|
Tel. No. : |
91-832-6613100/ 6613101/ 3102/ 2395238/ 2395086 |
|
Fax No. : |
91-832-6613155/ 2395208 |
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E-Mail : |
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Branch Offices : |
Located At: ·
Kolkata ·
Chennai ·
Delhi ·
·
Vadodara ·
Hyderabad ·
Bangalore ·
Guwahati · Mumbai |
|
|
|
|
Overseas Office
: |
Sharjah Airport International,
Free Zone (SAIF Zone), PO Box: 120629, Sharjah, UAE |
|
Tel. No. : |
+97-16-557 4528 |
|
E-Mail : |
DIRECTORS
As on 26.09.2013
|
Name : |
Mr. Nandkumar Kalath |
|
Designation : |
Managing Director |
|
Address : |
202, Mangal Darshan,
|
|
Date of Birth/Age : |
02.11.1948 |
|
Qualification : |
B.Sc., Chem. Engg |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041727 |
|
|
|
|
Name : |
Mr. Sambhaji Amrut
Rao Nikam |
|
Designation : |
Whole-Time Director |
|
Address : |
A-201, |
|
Date of Birth/Age : |
15.03.1940 |
|
Qualification : |
DME |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041810 |
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|
|
Name : |
Mrs. Usha Nandakumar
|
|
Designation : |
Director |
|
Address : |
202, Mangal Darshan,
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|
Date of Birth/Age : |
01.02.1955 |
|
Qualification : |
PG. in Philosaphy |
|
Date of Appointment : |
09.01.2004 |
|
DIN No. : |
00041863 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
104-A, Lila Apartments, |
|
Date of Birth/Age : |
04.06.1953 |
|
Qualification : |
B.E. (Elect.) |
|
Date of Appointment : |
25.09.2009 |
|
DIN No. : |
00050139 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
5290012 |
|
S. A. Nikam |
|
1306033 |
|
Usha Nandakumar |
|
2213044 |
|
K Rajagopal |
|
535144 |
|
Chemtorls Holding Private Limited, India |
|
40346749 |
|
K. Venugopal |
|
24711 |
|
K. Ramanathan |
|
29447 |
|
Chandrika Venugopal |
|
24711 |
|
Shailaja Viswanthan |
|
29301 |
|
Nalini Rajagopal |
|
38772 |
|
K. Viswanathan |
|
29301 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
35335 |
|
K. Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
277202 |
|
Sreelatha Nair |
|
22651 |
|
Karthika Nandakumar |
|
66003 |
|
Kumari Unnikrishnan |
|
34247 |
|
Total |
|
50328095 |
Allottees as on 22.11.2013
|
Names of Allottees |
|
No. of Shares |
|
K Nandakumar |
|
255940 |
|
S A Nikam |
|
63180 |
|
Usha Nandakumar |
|
107070 |
|
K Rajgopal |
|
25890 |
|
Chemtrols Holdings Private Limited, India |
|
1952000 |
|
R. Radhakrishnan |
|
23410 |
|
Total |
|
2427490 |
Allottees as on 16.12.2013
|
Names of Allottees |
|
No. of Shares |
|
Karthika Nandakumar |
|
3190 |
|
Total |
|
3190 |
As on 26.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
80.17 |
|
Directors or relatives of Directors |
19.23 |
|
Other top fifty shareholders |
0.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of engineering goods and components for chemical,
textile and other process industries and also includes business as
manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel,
petrochemicals, agro-chemicals and electricity generation using renewable
energy |
||||
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|
|
||||
|
Products : |
· Level Gauges And Spares Valves And Spares Level Transmitters And Spares Pressure Transmitters and Spares And Spares Differential Transmitters And Spares Desuper Heaters And
Spares Pressure Switches And Spares Level Switch Flow Indicators Spray Nozzle System Temperature Transmitters Flow Meter And Accessories |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
Central Bank of India, CFB Nariman Pont Branch, Chander Mukhi,Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · ICICI Bank Limited |
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Facilities : |
NOTE LONG TERM
BORROWINGS Terms of
Repayment and Security Term loans from Central Bank of India is repayable in equated periodic instalments upto 2 years from the date of the respective loan. These are repayable by 2013-14. Secured by way of first charge by way of equitable mortgage on entire block of assets of the company including hypothication of machinery and equipment both present and future. Vehicle loans from HDFC Bank and ICICI Bank are repaybale in equated periodic instalments upto 3 years from the date of the respective loan. These are repayable by 2015-16 and are secured by way of hypothecation of the specific assets SHORT TERM BORROWINGS Seurity Hypothecation of Stocks of Raw materials, finished goods,
and semi finished goods, store and spares, packing material, book debts (not exeeding 90 days) and other current assets (both current
and future) as well as by way of first charge on the entire block of fixed
assets of the company both present and future along with personal guarantee
of all promoter directors and of the holding company and pledge of
shareholding of promoters in the Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Raghunath and Company Chartered Accountants |
|
Address : |
32, Islam Building, 46-48 Veer Nariman Road , Fountain, Mumbai – 400020, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AMXPS5218F |
|
|
|
|
Holding Company: |
Chemtrols Holdings Private Limited, India CIN No.: U65590MH1992PTC066098 |
|
|
|
|
Subsidiaies: |
· Envirex India Private Limited CIN No.: U31200MH2001PTC132917 Chemtrols Solar
Private Limited CIN No.: U74900MH1993PTC071583 |
|
|
|
|
Fellow Subsidiary: |
· Goa Investcast Limited Chemtrols Infotech Private Limited |
|
|
|
|
Associate: |
· Chemtrols Samil India Private Limited ERC Chemtrols Private Limited |
CAPITAL STRUCTURE
After 26.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52,758,775 |
Equity Shares |
Rs.5/- each |
Rs. 263.794 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,328,095 |
Equity Shares |
Rs.5/- each |
Rs. 251.640 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
251.640 |
239.727 |
239.727 |
|
(b) Reserves & Surplus |
237.752 |
213.798 |
189.474 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
489.392 |
453.525 |
429.201 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22.050 |
28.884 |
35.002 |
|
(b) Deferred tax liabilities (Net) |
0.348 |
1.230 |
0.335 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
9.710 |
|
Total Non-current Liabilities (3) |
22.398 |
30.114 |
45.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1175.052 |
1067.913 |
675.000 |
|
(b) Trade payables |
765.461 |
662.026 |
473.649 |
|
(c) Other current
liabilities |
198.029 |
259.926 |
240.560 |
|
(d) Short-term provisions |
15.466 |
15.107 |
17.555 |
|
Total Current Liabilities (4) |
2154.008 |
2004.972 |
1406.764 |
|
|
|
|
|
|
TOTAL |
2665.798 |
2488.611 |
1881.012 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
192.546 |
179.709 |
185.694 |
|
(ii) Intangible Assets |
5.526 |
7.920 |
4.318 |
|
(iii) Capital
work-in-progress |
27.860 |
15.895 |
10.222 |
|
(iv) Intangible
assets under development |
9.113 |
4.705 |
4.285 |
|
(b) Non-current Investments |
27.891 |
23.236 |
13.542 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.189 |
19.725 |
9.535 |
|
(e) Other Non-current assets |
58.466 |
69.899 |
35.891 |
|
Total Non-Current Assets |
335.591 |
321.089 |
263.487 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
416.945 |
595.420 |
379.024 |
|
(c) Trade receivables |
1538.747 |
1247.867 |
979.787 |
|
(d) Cash and cash
equivalents |
244.497 |
159.895 |
152.087 |
|
(e) Short-term loans and
advances |
130.018 |
164.340 |
78.275 |
|
(f) Other current assets |
0.000 |
0.000 |
28.352 |
|
Total Current Assets |
2330.207 |
2167.522 |
1617.525 |
|
|
|
|
|
|
TOTAL |
2665.798 |
2488.611 |
1881.012 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2980.237 |
2705.017 |
2458.241 |
|
|
|
Other Income |
28.016 |
22.830 |
20.836 |
|
|
|
TOTAL (A) |
3008.253 |
2727.847 |
2479.077 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1711.993 |
1804.895 |
1507.843 |
|
|
|
Purchases of stock-in-trade |
6.282 |
21.074 |
11.323 |
|
|
|
Employee benefit expense |
354.072 |
301.276 |
289.500 |
|
|
|
Other expenses |
553.482 |
456.943 |
459.020 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
141.793 |
(108.976) |
23.122 |
|
|
|
TOTAL (B) |
2767.622 |
2475.212 |
2290.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
240.631 |
252.635 |
188.269 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
157.961 |
176.046 |
83.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
82.670 |
76.589 |
104.271 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
25.100 |
24.655 |
22.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
57.570 |
51.934 |
81.628 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.619 |
12.895 |
21.775 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER
TAX (G-H) (I) |
40.951 |
39.039 |
59.853 |
|
|
|
|
|
|
|
|
|
Add |
INCOME TAX OF
EARLIER YEARS |
(1.846) |
0.000 |
2.675 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
109.748 |
89.639 |
62.946 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
10.964 |
|
|
|
Proposed Dividend |
12.177 |
11.986 |
11.191 |
|
|
|
Tax on Dividend |
1.976 |
1.944 |
3.680 |
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
129.700 |
109.748 |
89.639 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.84 |
0.81 |
1.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.36 |
1.43 |
2.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.93 |
1.92 |
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21 |
2.12 |
4.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.11 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.45 |
2.42 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.08 |
1.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
239.727 |
239.727 |
251.640 |
|
Reserves & Surplus |
189.474 |
213.798 |
237.752 |
|
Net
worth |
429.201 |
453.525 |
489.392 |
|
|
|
|
|
|
long-term borrowings |
35.002 |
28.884 |
22.050 |
|
Short term borrowings |
675.000 |
1067.913 |
1175.052 |
|
Total
borrowings |
710.002 |
1096.797 |
1197.102 |
|
Debt/Equity
ratio |
1.654 |
2.418 |
2.446 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2458.241 |
2705.017 |
2980.237 |
|
|
|
10.039 |
10.174 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
2458.241 |
2705.017 |
2980.237 |
|
Profit |
59.853 |
39.039 |
40.951 |
|
|
2.43% |
1.44% |
1.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
10.553 |
17.325 |
11.386 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80048918 |
05/07/2012 * |
340,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B44480044 |
|
2 |
90154728 |
31/03/2004 |
10,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
3 |
90154341 |
13/03/2003 |
13,138,278.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
4 |
90154691 |
26/11/2002 |
7,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
5 |
90154309 |
12/06/2001 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
6 |
90154306 |
01/03/2001 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
7 |
90153709 |
11/02/2013 * |
3,015,100,000.00 |
CENTRAL BANK OF INDIA |
CFB NARIMAN PONT BRANCH, CHANDER MUKHI,GROUND FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B69328482 |
|
8 |
90154621 |
22/03/2000 |
191,100,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
9 |
90154579 |
04/08/1998 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
10 |
90154550 |
15/12/1997 * |
20,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
11 |
90153371 |
13/01/1999 * |
72,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
12 |
90154548 |
31/03/1997 |
201,000.00 |
MASHREQ BANK |
512; TULSINI CHAMBERS, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTR, INDIA |
- |
|
13 |
90153364 |
31/03/1997 |
591,000.00 |
MASHREQ BANK |
512; TULSINI CHAMBERS, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTR, INDIA |
- |
|
14 |
90153286 |
08/06/1996 |
36,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
15 |
90152435 |
11/02/2013 * |
3,510,100,000.00 |
CENTRAL BANK OF
INDIA (JOINTLY WITH HDFC BANK LIMI |
CFB NARIMAN PONT BRANCH,CHANDER MUKHI,GROUND FLOOR, NARIMAN POINT, MUMBAI – 400021, MAHARASHTRA, INDIA |
B69328391 |
|
16 |
90154428 |
21/01/1995 * |
3,700,000.00 |
CENTRAL BANK OF INDIA |
NARIMAN POINT BRANCH;CHANDER MUKHI, GROUND FLOOR, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
12.148 |
15.686 |
|
Deposits from related parties |
6.118 |
4.857 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from related parties |
0.000 |
31.205 |
|
Total |
18.266 |
51.748 |
GENERAL INFORMATION
ABOUT COMPANY
Subject is incorporated in 1981 in state of Maharashtra, India. It operates in the area of manufacture of engineering goods and components for chemical, textile and other process industries. Its objects also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy.
PERFORMANCE OVERVIEW:
The Economic and Industrial Scenario continue to be highly volatile and uncertain; both domestically and Globally. High fiscal deficit, high inflation, higher current account deficit, stalled and delayed projects. all are creating havoc with normal operation on all fronts. To make matters worse bloodless bleeding of Indian Rupee against most prominent currencies has further impacted The Companys earnings. Continuing high cost of finance due to unforeseen incidents as well as due to Customers ambiguous actions are adding up to severely strained bottom line. VUCA (Volatility, Uncertainty, Complexity, Ambiguity) effect has been detrimental to The Companys earnings to around 4% of the sales turn-over.
The corrective steps initiated in the previous year to stem the VUCA effect is strengthened with more meaningful Risk Mitigation Strategies this year and The Company is now well poised to GO GLOBAL.
Even under such trying conditions, the Company has attained a Sales Turn-over of Rs.3232.300 Millions compared to Rs. 2894.600 Millions, in the previous year. The profit after tax is Rs.41.000 Millions as against Rs. 39.000 Millions of the previous.
The pending order book position as on 1st September, 2013 stood at Rs. 4858.700 Millions, indicating strong healthy growth in the current year for The Companys regular businesses.
The Company has retained its International Certifications of Quality for specific Product lines / Systems as well as the company has got few more Global Process Consulting and Engineering Companies empanel The Company as Approved Supplier.
Towards the last quarter of this year, The Company restructured its operations bringing in Strategic Business Unit concept. Thus the Companys established businesses are grouped into 5 BUs :
BU1 - Analytics
BU2 - Automation
BU3 - Metering and Measurements
BU4 - Steam Engineering Solutions
BU5 - Utility Management
The Company in the coming years will reap the benefit from these BUs.
The Company, this year also has executed many challenging and Complex jobs;Some jobs completion extends to next Fiscal year notably:
BU1 : Analytical Systems : for ONGC OPAL Petrochemical Project Downstream Units
GAIL Pata and Brahmaputra Gas Crackers Projects,
National Fertilizer Nangal and Bathinda Feed Change over Projects
IOCL Paradeep Project Downstream units
Essar Refinery and HMEL : Product Blending Jobs
Air Quality Monitoring Stationss to Many Corporate clients
BU2 : Terminal Automation : Jobs at many locations for Indian Oil Corporation and Hindusthan Petroleum Corporation Limited
Currently, the Company is in the early stage of processing a Terminal Automation job for Bharat Petroleum Corporation Limited Thus the Company is now in the unique position as Approved Terminal Automation Contractor for the three major public sector Oil companies
In addition, The Company is executing Gas Detection System jobs at 104 Petroleum Terminals of Indian Oil Corporations spread across India
BU3 : Metering and Measurements is executing liquid metering and proving System job for ONGCs Assam Oil Assets
BU4 : Steam: Though Power Sector is facing poorly, Steam Engineering Solution BU has invested into new CNC machines and has also added more range of valves with new applications into its manufacturing. The Company hopes to develop this BU into one of its mainstay.
BU5 : Utility Management has secured orders worth Rs.3000.000 Millions + during the year for Automation of Energy Distribution Management in the States of Assam, West Bengal, Andhra Pradesh and Gujarat as well as for Automation of Eastern Region Load Despatch Centre (ERLDC) from Power Grid Corporation of India. These jobs are under various stages of execution.
OUTLOOK
Outlook : The Companys many collaborators are Global Players in their respective chosen fields of Collaboration :
SICK Germany : Process Gas Analysers
Siemens AG, Germany : Process Gas Chromatographs
Ametek, USA : Analyses for Sulfur Recovery Plants
Teledyne API, USA : Air Quality Monitoring Analysers
Thermo Fishers, USA : Process Analysers
UOP, USA,/ a Honewell Company : Closed Sampling Systems
Eckardt AG, Germany : Displacer Level Transmitters
FMC Corporation : Liquid Custody Transfer products
Continuous exchange of trade and information with Collaborators, Providing solutions in specific projects to Global Automation Companies like Honeywell, Yokogawa and Invensys, and Performance track record of nearly four decades have made Chemtrols; Made in India, a Globally recognized brand in Process Industry Sector. This is helping the company in forging alliances in the emerging technology areas and serving the community in a cost effective way.
Further the company has established a full fledged R&D facility for process sensors and controls Near Mumbai. Some of the products developed are undergoing field trials. All these initiatives for excellence in performance of the companys products, processes and services coupled with Governments resolve to get manufacturing a respectable share of 25% in the GDP by the year 2022 will propel the company to attain 15% year on year growth from now on.
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
1) Corporate and Other Guarantees The Corporate guarantee includes an amount of Rs.190.000 Millions issued in favour the bank for credit facility to subsidiary. The facility has not been granted pending creation of security |
1289.684 |
872.247 |
|
2) Sales Tax liability under dispute in respect of certain completed assessments where matters are under appeal by the company |
32.336 |
11.563 |
|
3) Excise Liability under dispute in respect of show cuase cum demand notice issued by the Commissioner of Customs and Excise, Goa which is contested by the company |
24.471 |
24.471 |
|
Total |
1346.491 |
908.281 |
FIXED ASSETS
v
Tangible
Assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
v
Intangible Assets
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.