MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INOX INDIA LIMITED (w.e.f. 19.03.1987) |
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Formerly Known
As : |
BARODA OXYGEN 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 : |
21.12.1976 |
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Com. Reg. No.: |
04-018945 |
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Capital Investment
/ Paid-up Capital : |
Rs. 107.531 Millions |
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CIN No.: [Company Identification
No.] |
U99999GJ1976PLC018945 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDI00238A BRDI00194F |
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PAN No.: [Permanent Account No.] |
AAACI4416P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Cryogenic Tanks, Cold
Converter Systems, Disposable Gas Cylinders, etc. |
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No. of Employees
: |
550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. 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 |
CRISIL |
|
Rating |
Long term rating: A+ |
|
Rating Explanation |
Adequate degree of safety it carry low credit risk. |
|
Date |
January 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
January 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 PARTED BY
|
Name : |
Mr. Pillai |
|
Designation : |
Admin Assistant Manager |
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Contact No.: |
91-265-2343125 |
|
Date : |
09.07.2014 |
LOCATIONS
|
Registered Office : |
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Tel. No.: |
91-265-2343125/ 2343226/ 3056100/ 2343123/ 2343124 |
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Fax No.: |
91-265-2333398/ 2341449/ 2333398 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft |
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Location : |
Owned |
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Factory 1 : |
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Location : |
Owned |
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Factory 2 : |
Survey No. 142/1 Part, Rakholi Madhuban Dam Road, Opposite Government Polytechnic, Village Karad, Silvassa - -396 240, UT of Dadra and Nagar Haveli, India |
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Factory 3 : |
Plot No. 439 and 440, Sector IV, Kandia Special Economic Zone, Gandhidham - 370230, District Bhuj (Kutch), Gujarat, India |
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Factory 4 : |
Survey No. 868-P, Surajbari Site, Shikarpur, Taluka Bhachau, District Bhuj (Kutch) - 370 230, Gujarat, India |
DIRECTORS
As on 24.09.2013
|
Name : |
Mr. Devndrakumar Sidhhomal Jain |
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Designation : |
Director |
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Address: |
47, Golf, Links, New Delhi – 110 003, India |
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Date of Birth: |
02.03.1929 |
|
Date of Appointment : |
16.04.1979 |
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DIN No.: |
00029782 |
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PAN No. : |
AAAPJ4761D |
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Name : |
Mr. Pavankumar Devendra Jain |
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Designation : |
Director |
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Address: |
31, Benzer Terrace, A G Khan Road, Worli Mumbai – 400 018, Maharashtra, India |
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Date of Birth: |
17.05.1951 |
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Date of Appointment : |
16.04.1979 |
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DIN No.: |
00030098 |
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PAN No. : |
AAJPJ5851D |
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Name : |
Mr. Vivekkumar Devenkumar Jain |
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Designation : |
Director |
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Address: |
47, Golf, Links, New Delhi – 110 003, India |
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Date of Birth: |
30.08.1955 |
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Date of Appointment : |
14.06.2007 |
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DIN No.: |
00029968 |
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PAN No. : |
AAAPJ4588L |
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Name : |
Mr. Siddharth Pavankumar Jain |
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Designation : |
Director |
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Address: |
Benzer Terrace, 94, Sea Face, Worli, Mumbai – 400018, Maharashtra, India |
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Date of Birth: |
21.09.1978 |
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Qualification: |
B.Sc., MBA |
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Date of Appointment : |
17.03.2004 |
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DIN No.: |
00030202 |
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PAN No. : |
ACYPJ7083L |
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Name : |
Mr. Parag Padmakar Kulkarni |
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Designation : |
Director |
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Address: |
C -404 Samrajya Flat opposite Sabri Vidyalaya, off Vasna Road, Vadodara – 390 007, Gujarat, India |
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Date of Birth: |
07.09.1950 |
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Qualification: |
BE, MMS |
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Date of Appointment : |
25.09.1999 |
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DIN No.: |
00209184 |
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Name : |
Mr. Ronaldo Sullam |
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Designation : |
Director |
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Address: |
8, Woodlands Road, Barnes, London |
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Date of Birth: |
09.03.1941 |
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Qualification: |
Chemical Engineer |
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Date of Appointment : |
11.03.2010 |
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DIN No.: |
00509312 |
KEY EXECUTIVES
|
Name : |
Mr. Pillai |
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Designation : |
Admin Assistant Manager |
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Name : |
Mr. Pavankumar Logar |
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Designation : |
Company Secretary |
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Address : |
102, Samrajya Flat opposite Rajesh Tower, Subhnapura, Vadodara
–
390 023, Gujarat, India |
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Date of Birth/Age : |
10.06.1965 |
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Date of Appointment : |
13.12.1993 |
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PAN No. : |
AAKPL3184G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2013
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
4.62 |
|
Bodies corporate |
0.04 |
|
Directors or relatives of Directors |
94.31 |
|
Other top fifty shareholders |
1.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cryogenic Tanks, Cold
Converter Systems, Disposable Gas Cylinders, etc. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
African Country ·
Europe |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
UK |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users, OEM’S and Others |
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No. of Employees : |
550 (Approximately) |
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Bankers : |
· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India ·
Standard
Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Road, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
S. C. Bandi and Company Chartered Accountants |
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Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai - 400021,
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PAN No.: |
AACPB7792A |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Inox Wind Limited · Gujarat Fluorochemicals Limited · Inox Air Products Limited · Refron Valves Limited · Inox Leisure Limited · Beijing JAT-CVA Special Equipment Manufacturing Company Limited |
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Subsidiaries : |
· INOXCVA Comercio E Industria De Equipmentos Criogenicos Ltda · Cryogenic Vessel Alternative Inc. |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9076350 |
Equity Shares |
Rs.10/- each |
Rs.90.764 Millions |
|
1676744 |
Preference Share |
Rs.10/- each |
Rs.16.767
Millions |
|
|
Total |
|
Rs.107.531 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 |
107.531 |
90.764 |
90.764 |
|
(b) Reserves & Surplus |
4131.548 |
1796.269 |
1650.932 |
|
(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) |
4239.079 |
1887.033 |
1741.696 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
825.651 |
928.106 |
770.545 |
|
(b) Deferred tax liabilities
(Net) |
98.857 |
83.232 |
83.462 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
8.806 |
5.165 |
3.365 |
|
Total
Non-current Liabilities (3) |
933.314 |
1016.503 |
857.372 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
890.805 |
558.581 |
91.186 |
|
(b) Trade payables |
182.848 |
223.165 |
158.942 |
|
(c) Other current liabilities |
644.698 |
697.446 |
516.878 |
|
(d) Short-term provisions |
75.282 |
78.465 |
24.416 |
|
Total
Current Liabilities (4) |
1793.633 |
1557.657 |
791.422 |
|
|
|
|
|
|
TOTAL |
6966.026 |
4461.193 |
3390.490 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1015.558 |
812.902 |
628.137 |
|
(ii) Intangible Assets |
7.462 |
7.608 |
7.230 |
|
(iii) Capital work-in-progress |
22.714 |
10.116 |
2.279 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2111.198 |
1491.198 |
1197.010 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
283.468 |
154.463 |
146.405 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3440.400 |
2476.287 |
1981.061 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.040 |
0.478 |
|
(b) Inventories |
1165.666 |
1109.006 |
630.468 |
|
(c) Trade receivables |
1062.665 |
781.731 |
712.114 |
|
(d) Cash and cash equivalents |
1180.676 |
3.751 |
1.822 |
|
(e) Short-term loans and
advances |
103.835 |
90.309 |
64.353 |
|
(f) Other current assets |
12.784 |
0.069 |
0.194 |
|
Total
Current Assets |
3525.626 |
1984.906 |
1409.429 |
|
|
|
|
|
|
TOTAL |
6966.026 |
4461.193 |
3390.490 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
3714.709 |
3011.727 |
2427.037 |
|
|
Other Income |
92.071 |
30.573 |
25.460 |
|
|
TOTAL
(A) |
3806.780 |
3042.300 |
2452.497 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1983.040 |
1752.867 |
1168.380 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(133.269) |
(261.960) |
(39.934) |
|
|
Employees benefits expense |
260.385 |
210.192 |
166.449 |
|
|
Other expenses |
794.585 |
652.410 |
474.345 |
|
|
TOTAL
(B) |
2904.741 |
2353.509 |
1769.240 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
902.039 |
688.791 |
683.257 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
178.248 |
189.800 |
40.820 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
723.791 |
498.991 |
642.437 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
68.439 |
55.186 |
46.108 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
655.352 |
443.805 |
596.329 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
210.224 |
120.070 |
154.290 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
445.128 |
323.735 |
442.039 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1505.613 |
1337.366 |
998.246 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Interim Dividend Paid on
Equity Shares |
0.000 |
45.382 |
45.382 |
|
|
Proposed Dividend |
26.883 |
45.382 |
0.000 |
|
|
Tax on Dividend |
4.569 |
14.725 |
7.538 |
|
|
General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1869.289 |
1505.613 |
1337.365 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
1296.625 |
808.207 |
|
|
Other recoveries on exports |
|
58.088 |
34.022 |
|
|
Insurance |
|
|
|
|
|
TOTAL
EARNINGS |
NA |
1354.713 |
842.229 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
872.405 |
491.395 |
|
|
Components and Stores parts |
|
14.617 |
5.828 |
|
|
Capital Goods |
|
11.701 |
99.603 |
|
|
TOTAL
IMPORTS |
NA |
898.723 |
596.826 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
49.04 |
35.67 |
48.68 |
|
|
Diluted |
41.40 |
35.67 |
48.68 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.69 |
10.64 |
18.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.64 |
14.74 |
24.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.56 |
14.99 |
27.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.24 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.40 |
0.79 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97 |
1.27 |
1.78 |
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 |
90.764 |
90.764 |
107.531 |
|
Reserves & Surplus |
1650.932 |
1796.269 |
4131.548 |
|
Net
worth |
1741.696 |
1887.033 |
4239.079 |
|
|
|
|
|
|
long-term borrowings |
770.545 |
928.106 |
825.651 |
|
Short term borrowings |
91.186 |
558.581 |
890.805 |
|
Total
borrowings |
861.731 |
1486.687 |
1716.456 |
|
Debt/Equity
ratio |
0.495 |
0.788 |
0.405 |
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 |
2427.037 |
3011.727 |
3714.709 |
|
|
|
24.091 |
23.341 |
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 |
2427.037 |
3011.727 |
3714.709 |
|
Profit |
442.039 |
323.735 |
445.128 |
|
|
18.21% |
10.75% |
11.98% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
327.739 |
307.097 |
244.105
|
|
|
|
|
|
|
Total |
327.739 |
307.097 |
244.105
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
OVERALL PERFORMANCE
The Company has achieved Total Turnover of Rs.3806.800 Millions, achieving growth of 25.13% and Profit after Tax of Rs. 445.100 Millions, achieving growth of 37.5% despite depressed global market and also seen increase in demand due to LNG demand worldwide.
PERFORMANCE OF
SUBSIDIARY COMPANIES:
In 2009, the company has acquired 70% Equity Shares of Cryogenic Vessel Alternatives Inc (CVA Inc), USA with their two 100% Subsidiary Companies namely CVA Canada Inc and CVA China LLC. The consolidated performance of 2012 in revenue is USD 164.89 m against USD 142.59 m achieving the growth of 15.64% in USA.
This year, the company has started Greenfield operation by establishing service unit at Indaiatuba at Sao Paulo at Brazil by establishing a new company INOXCVA Comercio E Industria De Equipamentos Criogenicos Ltda with shareholding of 99.96% as on 31.03.2013.
As required under Section 212 of the Companies Act, 1956, a statement of the Company's interest in Cryogenic Vessel Alternatives Inc., alongwith the Balance Sheet, Profit and Loss Account and Auditors' Report of Cryogenic Vessel Alternatives Inc. with its subsidiaries viz. CVA Canada Inc., CVA China LLC and also INOXCVA Comercio E Industria De Equipamentos Criogenicos Ltda, Brazil are annexed hereto.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10463570 |
18/11/2013 |
550,000,000.00 |
CITI BANK N.A. |
FIFC, 9TH FLOOR,, C-54 AND 55, G BLOCK, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B90874793 |
|
2 |
10359651 |
05/06/2012 * |
560,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR,, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B41731969 |
|
3 |
10250804 |
05/06/2012 * |
135,600,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR,, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B41938697 |
|
4 |
10187480 |
05/06/2012 * |
930,200,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B41939208 |
|
5 |
10113713 |
11/04/2012 * |
500,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, MITHAKHALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B38753075 |
|
6 |
10073646 |
11/10/2007 |
85,680,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A24413858 |
|
7 |
10046590 |
04/04/2007 |
85,680,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A13767934 |
|
8 |
90103352 |
20/12/2011 * |
425,000,000.00 |
THE ROYAL BANK OF SCOTLAND |
ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
B28935575 |
|
9 |
90145084 |
30/06/2004 * |
30,000,000.00 |
IDBI BANK LTD. |
CONCORDE; R.C. DUTT ROAD, ALKAPURI, BARODA, GUJARAT - 390007, INDIA |
- |
|
10 |
90103736 |
08/02/2014 * |
2,231,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B97708523 |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Other equipments
Intangible assets
· Computer software
· 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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.