MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RHODIA SPECIALTY CHEMICALS INDIA LIMITED [w.e.f.
13.06.2011] |
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Formerly Known
As : |
ALBRIGHT AND WILSON CHEMICAL INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
25.09.1965 |
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Com. Reg. No.: |
11-013331 |
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Capital
Investment / Paid-up Capital : |
Rs. 33.756 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH1965PLC013331 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Manufacture of Organic Chemicals. |
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No. of Employees
: |
187 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear (Company is not traded on BSE / NSE in last 30 days) |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s improved financial risk
profile and fair profitability achieved by the company during financial year
2013. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. Note: The company has change its financial year from 12 months
(ranging from January 2011 to December 2011) to 15 months (ranging from
January 2012 to March 2013) |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
ICRA |
|
Rating |
Fund based facilities: “A+ (SO)” (Suspended) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
December 2013 |
Reason for Suspended: Absence of requisite information.
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.: 91-22-66637100)
LOCATIONS
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Registered Office : |
Phoenix House, A Wing, 4th Floor, 462, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra,
India |
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Tel. No.: |
91-22-66637100 |
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Fax No.: |
Not Available |
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E-Mail : |
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Factory : |
MIDC Industrial Estate, Dhatav,
Roha, District Raigad - 402116, Maharashtra, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. D. D. Chopra |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Suresh Talwar |
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Designation : |
Chairman |
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Name : |
Mr. Michel Ybert |
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Designation : |
Alt. Guo Lin |
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Name : |
Ms. Ian Brown |
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Designation : |
Alt. Ms. Quitterie Dupontreue De Pelleport |
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Name : |
Mr. Sanjeev Mukerjee |
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Designation : |
Director |
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Name : |
Mr. Ranjit Pandit |
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Designation : |
Director |
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Name : |
Mr. Yogesh Thar |
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Designation : |
Director |
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Name : |
Mr. Pierre-Franck Valentin |
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Designation : |
Alt. Chen Pu |
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Name : |
Mr. Prakash Raman |
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Designation : |
Director |
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Name : |
Mr. Manoj Khullar |
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Designation : |
Managing Director (w. e. f. 1st January 2013) |
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Name : |
Mr. Thomas Leutner |
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Designation : |
Managing Director (upto 31st December 2012) |
KEY EXECUTIVES
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Name : |
Mr. Niranjan Ketkar
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Designation : |
Legal Manager and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on:
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Manufacture of Organic Chemicals. |
GENERAL INFORMATION
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No. of Employees : |
187 (Approximately) |
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Bankers : |
· State Bank of India · Corporation Bank ·
BNP Paribas |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Solicitors : |
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Name : |
Crawford Bayley and Company |
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Holding Company
: |
Rhodia UK Limited |
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Ultimate Holding
Company : |
Rhodia S.A., France |
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Fellow
Subsidiaries : |
· Rhodia Inc. USA · Rhodia Operations S.A.S., France · Rhodia Nicca Limited · Rhodia Poliamida E Especialidades Ltd. A, Brazil · Rhodia Polyamide Company Limited · Korea PT Rhodia Manyar · Rhodia (China) Company Limited · Rhodia Thai Industries Limited · Rhodia Asia Pacific Pte. Limited, Singapore · Rhodia Polymers and Specialties India Private Limited · Rhodia Feixiang Specialty Chemicals Company Limited · Rhodia (ZHENJIANG) Chemicals Company Limited · Rhodia Thai Holdings Limited · Rhodia UK Limited · Zhuhai Rhodia Specialty Chemicals Company Limited · Rhodia Korea Company Limited · Rhodia-Hengchang (Zhang Jiagang) · Solvay Specialities India Private Limited · Sunshield Chemicals Limited · Rhodia S.A. France |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
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Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
3375600 |
Equity Shares |
Rs.10/- each |
Rs.33.756
Millions |
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Reconciliation of the
number of shares outstanding at the beginning and at the end of the year Equity
shares
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As on 31.03.2013 |
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No. of shares |
Rs. In Millions |
|
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At the beginning of the period |
3375600 |
33.756 |
|
Add: Issued during the period |
-- |
-- |
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Outstanding at the end of the period |
3375600 |
33.756 |
Terms/Rights attached
to equity shares
The Company has only one class of shares referred to as equity shares having a par value of Rs. 10 per share. Accordingly, all equity shares rank equally with regard to dividend and share in the Company's residual assets. The equity shareholders are entitled to receive dividend as declared from time to time. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
During the fifteen months period ended March 31, 2013, the amount of per share dividend recognized as distributable to equity shareholders is Rs. 2 (previous year: Rs. Nil). The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
Shares held by
Holding / ultimate Holding Company and/or their Subsidiaries
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As on 31.03.2013 |
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No. of shares |
Rs. In Millions |
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Rhodia UK Limited (Holding Company) |
2461974 |
24.620 |
Details of
shareholders holding more than 5% equity shares in the Company
|
Name of the
shareholder |
As on 31.03.2013 |
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|
No. of shares |
% Holding |
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Rhodia UK Limited |
2461974 |
72.93% |
|
Taj Performance Fund (Mauritius) Limited |
225507 |
6.68% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 (15 Months) |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
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(a) Share Capital |
|
33.756 |
33.756 |
|
(b) Reserves & Surplus |
|
715.595 |
354.864 |
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(c) Money received
against share warrants |
|
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
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Total Shareholders’ Funds (1) + (2) |
|
749.351 |
388.620 |
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.252 |
0.857 |
|
(d) long-term
provisions |
|
17.360 |
13.346 |
|
Total Non-current
Liabilities (3) |
|
17.612 |
14.203 |
|
|
|
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|
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(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
279.623 |
505.972 |
|
(b)
Trade payables |
|
166.520 |
375.383 |
|
(c)
Other current liabilities |
|
196.438 |
226.929 |
|
(d) Short-term
provisions |
|
17.185 |
7.819 |
|
Total Current
Liabilities (4) |
|
659.766 |
1116.103 |
|
|
|
|
|
|
TOTAL |
|
1426.729 |
1518.926 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
525.872 |
533.223 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
25.088 |
8.784 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.003 |
0.003 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
158.494 |
67.535 |
|
(e) Other
Non-current assets |
|
0.000 |
2.000 |
|
Total Non-Current
Assets |
|
709.457 |
611.545 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
280.289 |
368.933 |
|
(c)
Trade receivables |
|
323.857 |
307.459 |
|
(d) Cash
and cash equivalents |
|
18.692 |
92.820 |
|
(e)
Short-term loans and advances |
|
92.692 |
136.751 |
|
(f)
Other current assets |
|
1.742 |
1.418 |
|
Total
Current Assets |
|
717.272 |
907.381 |
|
|
|
|
|
|
TOTAL |
|
1426.729 |
1518.926 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
33.756 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
411.525 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
445.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
155.604 |
|
|
2] Unsecured Loans |
|
|
271.500 |
|
|
TOTAL BORROWING |
|
|
427.104 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
872.385 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
591.298 |
|
|
Capital work-in-progress |
|
|
0.917 |
|
|
Capital Advances |
|
|
1.353 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.003 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
289.486 |
|
|
Sundry Debtors |
|
|
183.235 |
|
|
Cash & Bank Balances |
|
|
26.113 |
|
|
Other Current Assets |
|
|
0.908 |
|
|
Loans & Advances |
|
|
176.804 |
|
Total
Current Assets |
|
|
676.546 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
325.771 |
|
|
Other Current Liabilities |
|
|
51.010 |
|
|
Provisions |
|
|
20.951 |
|
Total
Current Liabilities |
|
|
397.732 |
|
|
Net Current Assets |
|
|
278.814 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
872.385 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (15 Months) |
31.12.2011 |
31.12.2010 |
|
|
SALES |
|
|
|
|
|
Income |
2844.155 |
2522.041 |
1606.862 |
|
|
Other Income |
54.642 |
23.514 |
73.393 |
|
|
TOTAL (A) |
2898.797 |
2545.555 |
1680.255 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1668.123 |
|
|
|
|
Purchases of
Stock-in-Trade |
457.872 |
643.770 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
48.945 |
(91.476) |
1605.297 |
|
|
Employees benefits
expense |
180.010 |
104.174 |
|
|
|
Other expenses |
388.303 |
302.501 |
|
|
|
Exceptional Items |
(362.185) |
0.000 |
|
|
|
TOTAL (B) |
2381.068 |
2479.389 |
1605.297 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
517.729 |
66.166 |
74.958 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
46.001 |
44.641 |
31.877 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
471.728 |
21.525 |
43.081 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
103.098 |
78.186 |
79.939 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
368.630 |
(56.661) |
(36.858) |
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
368.630 |
(56.661) |
(36.858) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(26.306) |
30.355 |
67.213 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
27.600 |
0.000 |
0.000 |
|
|
Dividend |
1.100 |
0.000 |
0.000 |
|
|
Tax on Dividend |
6.800 |
0.000 |
0.000 |
|
|
BALANCE CARRIED TO THE
B/S |
306.824 |
(26.306) |
30.355 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
334.864 |
219.272 |
101.842 |
|
|
Indenting commission |
10.619 |
3.543 |
4.206 |
|
|
Exchange Gain (Net) |
0.000 |
0.000 |
5.839 |
|
|
TOTAL EARNINGS |
345.483 |
222.815 |
111.887 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
569.717 |
495.795 |
383.044 |
|
|
Traded Goods |
285.146 |
184.579 |
149.060 |
|
|
Stores & Spares |
2.720 |
0.365 |
3.483 |
|
|
TOTAL IMPORTS |
857.583 |
680.739 |
535.587 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
109.20 |
(16.79) |
(10.92) |
QUARTERLY RESULTS
|
Particulars |
31.03.2014 1st Quarter |
31.12.2013 2nd Quarter |
30.09.2013 3rd Quarter |
30.06.2013 4th Quarter |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
694.200 |
701.300 |
674.300 |
603.100 |
|
Total Expenditure |
682.300 |
675.100 |
642.300 |
602.300 |
|
PBIDT (Excl OI) |
11.900 |
26.200 |
32.000 |
0.800 |
|
Other Income |
13.200 |
8.300 |
09.200 |
7.500 |
|
Operating Profit |
25.100 |
34.500 |
41.200 |
8.300 |
|
Interest |
3.500 |
3.900 |
4.600 |
5.400 |
|
Exceptional Items |
(67.100) |
0.000 |
0.000 |
0.000 |
|
PBDT |
(45.500) |
30.600 |
36.600 |
2.900 |
|
Depreciation |
23.000 |
23.700 |
23.200 |
22.400 |
|
Profit Before Tax |
(68.500) |
6.900 |
13.400 |
(19.500) |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(68.500) |
6.900 |
13.400 |
(19.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(68.500) |
6.900 |
13.400 |
(19.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (15 Months) |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
12.72 |
(2.23) |
(2.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.96 |
(2.25) |
(2.29) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.30 |
(3.75) |
(2.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49 |
(0.15) |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
0.37 |
1.30 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
0.81 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.03.2013 (15 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
33.756 |
33.756 |
|
Reserves & Surplus |
354.864 |
715.595 |
|
Net worth |
388.620 |
749.351 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
505.972 |
279.623 |
|
Total borrowings |
505.972 |
279.623 |
|
Debt/Equity ratio |
1.302 |
0.373 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2010 |
31.12.2011 |
31.03.2013 (15 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1606.862 |
2522.041 |
2844.155 |
|
|
|
56.954 |
12.772 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2010 |
31.12.2011 |
31.03.2013 (15 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1606.862 |
2522.041 |
2844.155 |
|
Profit |
(36.858) |
(56.661) |
368.630 |
|
|
(2.29)% |
(2.25)% |
12.96% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.12.2011 |
|
Short-term
borrowings |
|
|
|
From Banks (#) |
140.000 |
350.000 |
|
Inter Corporate Loan from Group Company (##) |
100.000 |
0.000 |
|
|
|
|
|
Total |
240.000 |
350.000 |
|
Note:
# Loan from bank is a short term loan repayable within a month and carries a interest at 10.5% p.a. The loan is secured by a corporate guarantee from Rhodia SA France, a subsidiary of the ultimate holding company. # # The loan from Solvay Specialities India Private Limited. is an intercorporate loan which was taken during the period,
repayable on demand and carries an interest rate of 9.5% p.a. |
||
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
|
RHODIASPECIALITY CHEMICALS INDIA LIMITED |
|
BSE |
SEBI (DELISTING OF EQUITY SHARES) REGULATIONS 2009 |
DELISTED DUE TO SEBI (DELISTING OF EQUITY SHARES)
REGULATIONS 2009 FROM 28-MAY-2014 |
PERFORMANCE
The Company made a profit before exceptional item of Rs. 6.400 millions as against a loss of Rs. 56.700 millons during the previous year. This was possible due to effective control over expenses during the current period. The profit after tax was Rs. 368.600 millions which is attributed towards the proceeds received from the transfer of lease rights at Ambernath plant.
FUTURE OUTLOOK
The Company continues its efforts to increase the utilization of its installed capacities, which will be crucial to achieve an improvement in the operational results. Priority is given to capitalize on the quality of its products and services as well as to optimise its industrial operations and to assure a competitive supply of raw materials. The Company is also taking efforts to increase the product line whereby the Company will be in a position to increase the margin on sales.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.12.2011 (Rs.
in millions) |
|
Matters relating to undervaluation of assessable value |
17.508 |
17.508 |
|
Nonpayment of
duty on clearance of goods meant for export by the customer |
5.815 |
5.815 |
|
Availment of modvat
credit |
0.784 |
0.784 |
|
Total |
24.107 |
24.107 |
FIXED ASSETS:
Tangible Assets:
·
Freehold Land
·
Leasehold Land
·
Building and Roads
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
Intangible Assets:
·
Patents
·
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,
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. 59.77 |
|
|
1 |
Rs. 102.66 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--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.