MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GANESH BENZOPLAST LIMITED |
|
|
|
|
Registered
Office : |
101, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 57.060
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200MH1986PLC039836 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10314D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG1259J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and
Selling of Food Preservatives and Industrial Lubricants. |
|
|
|
|
No. of Employees
: |
750 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear (Note: Mumbai Case site is
not working) |
|
|
|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has Register Case (Case No. 42/2009) with Board for Industrial
and Financial Reconstruction under section of Sick Industrial Companies Act
1985. The order on which for approval for rehabilitation proposal is
pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a fully secured
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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-22001928]
LOCATIONS
|
Registered Office : |
101, Dina
Building, M.K. Road, Marine Lines [East], Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22001928 |
|
Mobile No.: |
91-9320938110 (Mr. Praveen Naik) |
|
Fax No.: |
91-22-22001928 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
Ganesh House, A-1/A-2, Grudutt Co-operative Housing Society Limited,
Ajitnagar, Near Jankalyan Bank, J B Nagar, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-28390729/ 28390694/ 32504308 |
|
Fax No.: |
91-22-28390715 |
|
E-Mail : |
|
|
Area : |
4500 Sq. ft. |
|
Located : |
Owned |
|
|
|
|
Factory 1 : |
Chemical Division: D-5/2 and D-21/2/2, M.I.D.C. Industrial Area, Tarapur, District Thane, Maharashtra, India |
|
|
|
|
Factory 2 : |
Infrastructure
Division: Jawaharlal Nehru Port (JNPT), Bulk Road, Nhava Sheva, Navi Mumbai – 400 707, Maharashtra, India |
|
Tel. No.: |
91-22-27241011 |
|
|
|
|
Factory 3 : |
Infrastructure
Division: Terminal at Marmuga Port |
|
|
|
|
Factory 4 : |
Infrastructure
Division: Plot No. A-1, A-2, A-3, South End, Willington
Island, Near IOCL Petrol Pump, |
|
Tel. No.: |
91-484-2669222 |
|
Fax No.: |
91-484-2669222 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rishi Ramesh
Pillani |
|
Designation : |
Chairman and
Managing Director w.e.f. 30th September, 2011 (Chairman and Director upto
29th Sept, 2011) |
|
Address : |
Shanti Sadan, 10,
J. B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1978 |
|
Date of Appointment : |
29.06.2008 |
|
DIN No.: |
00901627 |
|
|
|
|
Name : |
Mr. Nalinakshan
Kolangaradath |
|
Designation : |
Director |
|
Address : |
602, Charle Ville, ‘A’ Road, Churchgate, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
08.11.1942 |
|
Qualifications
: |
M.A. (Gold Medalist) |
|
Expertise
in specific Functional Area : |
Arban Development,
Infrastructure, Port and Shipping |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
00114069 |
|
|
|
|
Name : |
Mr. Gyan
Bhanwarlal Chordia |
|
Designation : |
Director |
|
Address : |
Chaitiya Towers, F No.1103, 11th Floor, S. H. Marg,
Mazgaon, Mumbai-400010, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1959 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
00625473 |
|
|
|
|
Name : |
Mr. Raunak Ramakant Pilani |
|
Designation : |
Director |
|
Address : |
Shanti Sadan, 10, J. B. Nagar, Andheri (East), Mumbai-400059, Maharashtra,
India |
|
Date of Birth/Age : |
11.11.1987 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
00932269 |
|
|
|
|
Name : |
Mr. Kanahiyalal Thussu |
|
Designation : |
Director (w.e.f. 9th October, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Naik |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1472000 |
2.84 |
|
|
15525101 |
29.98 |
|
|
16997101 |
32.82 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
16997101 |
32.82 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6202798 |
11.98 |
|
|
6202798 |
11.98 |
|
|
|
|
|
|
9757837 |
18.84 |
|
|
|
|
|
|
12834511 |
24.78 |
|
|
4996213 |
9.65 |
|
|
995833 |
1.92 |
|
|
995833 |
1.92 |
|
|
28584394 |
55.20 |
|
Total Public
shareholding (B) |
34787192 |
67.18 |
|
Total (A)+(B) |
51784293 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
51784293 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Food Preservatives and Industrial Lubricants. |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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|
||||||||||||||||
|
No. of Employees : |
750 (Approximately) |
||||||||||||||||
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|
||||||||||||||||
|
Bankers : |
· HDFC Bank Limited Worli, Mumbai, Maharashtra, India Contact No.: 91-22-61606161
(Ringing) · Indian Overseas Bank Central Bank of India |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Samaria and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Solicitors : |
Ashwani Dhatwalia and Company |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives : |
· Futuristic Offshore Services and Chemical Limited Agarwal
Chemicals Susram
Financial Services and Reality Private Limited Agarwal
Bulk Actives Private Limited Ganesh
Risk Management Private Limited Ganesh
Investment and Financial Technics Private Limited Ganesh
Energene Limited Ganesh
Medicament Private Limited Poonam
Software Solutions Private Limited Rishabh
Suiting Private Limited |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 400.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 51.784
Millions
AS ON 31.03.2014
Authorised Capital : Rs. 400.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 57.060
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40 Mn |
Equity Shares |
Re. 1/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5.18 Mn |
Equity Shares |
Re. 1/- each |
Rs. 51.780
Millions |
|
1.05 Mn |
Share Forfeiture Account |
Rs. 5/- each |
Rs. 5.270
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 57.060 Millions |
NOTE:
The above obtained
figure of shares are taken from Annual Report as it is, but we think they are
incorrect. We assume that instead of 40 Millions Shares it is 40 Crores and
instead of 5.18 Millions and 1.05 Millions it is 5.18 Crores and 1.05 Crores
respectively.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
57.060 |
57.060 |
57.060 |
|
(b) Reserves & Surplus |
(899.380) |
(900.670) |
(987.950) |
|
(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) |
(842.320) |
(843.610) |
(930.890) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2540.010 |
2601.490 |
2722.740 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.830 |
12.000 |
9.380 |
|
Total Non-current
Liabilities (3) |
2552.840 |
2613.490 |
2732.120 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
55.600 |
50.200 |
54.900 |
|
(b)
Trade payables |
363.360 |
307.860 |
196.610 |
|
(c)
Other current liabilities |
237.400 |
270.040 |
182.180 |
|
(d) Short-term
provisions |
2.470 |
2.260 |
1.560 |
|
Total Current
Liabilities (4) |
658.830 |
630.360 |
435.250 |
|
|
|
|
|
|
TOTAL |
2369.350 |
2400.240 |
2236.480 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1517.180 |
1579.820 |
1653.380 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
18.330 |
55.000 |
0.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.220 |
0.220 |
0.220 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
224.800 |
215.570 |
203.360 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
7.900 |
|
Total Non-Current
Assets |
1760.530 |
1850.610 |
1865.660 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
75.520 |
65.920 |
32.540 |
|
(c)
Trade receivables |
160.410 |
188.960 |
102.320 |
|
(d) Cash
and cash equivalents |
62.170 |
69.260 |
76.920 |
|
(e)
Short-term loans and advances |
296.570 |
216.560 |
158.590 |
|
(f)
Other current assets |
14.150 |
8.930 |
0.450 |
|
Total
Current Assets |
608.820 |
549.630 |
370.820 |
|
|
|
|
|
|
TOTAL |
2369.350 |
2400.240 |
2236.480 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1153.820 |
1183.890 |
1020.750 |
|
|
|
Other Income |
30.310 |
22.740 |
15.090 |
|
|
|
TOTAL (A) |
1184.130 |
1206.630 |
1035.840 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
445.440 |
417.540 |
402.890 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.680) |
(1.890) |
(8.760) |
|
|
|
Employees benefits expense |
56.630 |
54.430 |
42.280 |
|
|
|
Other expenses |
296.130 |
316.370 |
251.610 |
|
|
|
Exceptional and Prior Period Items |
69.550 |
9.120 |
7.160 |
|
|
|
TOTAL (B) |
861.070 |
795.570 |
695.180 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
323.060 |
411.060 |
340.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
135.170 |
142.850 |
154.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
187.890 |
268.210 |
186.560 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
186.610 |
180.930 |
174.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.280 |
87.280 |
11.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.280 |
87.280 |
11.810 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
NA |
95.810 |
77.150 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
0.810 |
1.100 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.02 |
1.69 |
0.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.11 |
7.23 |
1.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.11 |
7.37 |
1.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.05 |
3.72 |
0.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.10) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(3.08) |
(3.14) |
(2.98) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.87 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
57.060 |
57.060 |
57.060 |
|
Reserves & Surplus |
(987.950) |
(900.670) |
(899.380) |
|
Net
worth |
(930.890) |
(843.610) |
(842.320) |
|
|
|
|
|
|
long-term borrowings |
2722.740 |
2601.490 |
2540.010 |
|
Short term borrowings |
54.900 |
50.200 |
55.600 |
|
Total
borrowings |
2777.640 |
2651.690 |
2595.610 |
|
Debt/Equity ratio |
(2.984) |
(3.143) |
(3.082) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1020.750 |
1183.890 |
1153.820 |
|
|
|
15.982 |
(2.540) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1020.750 |
1183.890 |
1153.820 |
|
Profit |
11.810 |
87.280 |
1.280 |
|
|
1.16% |
7.37% |
0.11% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10402341 |
04/10/2013 * |
152,500,000.00 |
CENTRAL BANK OF
INDIA |
DINA BUILDING,
MARINE LINE, MUMBAI - 400002, MAHARASHTRA, INDIA |
B90508912 |
|
2 |
10310946 |
15/07/2013 * |
83,789,000.00 |
CENTRAL BANK OF
INDIA |
1ST FLOOR, DINA BUILDING,
M K ROAD, MARINE LINES EAST, MUMBAI - 400002, MAHARASHTRA, INDIA |
B79851499 |
|
3 |
80048096 |
09/04/2008 * |
55,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B43577675 |
|
4 |
80048095 |
09/04/2008 * |
80,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B43576990 |
|
5 |
80047476 |
21/12/2011 * |
525,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29782174 |
|
6 |
80047480 |
21/12/2011 * |
150,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR, NIRMAL
BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29477130 |
|
7 |
80047481 |
21/12/2011 * |
90,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29478807 |
|
8 |
90226945 |
08/02/1999 * |
25,560,000.00 |
STATE BANK OF
INDIA |
SACURITIES AND
SERVICES DIVISIN;, MUMBAI MAIN BUILDING; MUMBAI SAMACHAR MARG, MUMBAI - |
- |
|
9 |
80047477 |
06/01/1999 * |
10,000,000.00 |
IFCI |
IFCI TOWER, 61 ,
NEHRU PLACE, NEW DELHI - 110019, INDIA |
- |
|
10 |
80048094 |
06/01/1999 * |
20,000,000.00 |
ICICI LIMITED |
163, BACKBAY
RECLAMATION , MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
Term loans from Banks and Financial Institutions b) Cent Rental loan from Bank |
8.810 |
|
Other loans and advances Loans & Advances from Shareholders |
190.350 |
|
Loans & Advances from related parties |
1.860 |
|
SHORT TERM BORROWINGS |
|
|
Cent Rental Loan from Bank |
0.000 |
|
Other loans and advances |
3.330 |
|
|
|
|
Total |
204.350 |
CORPORATE INFORMATION
The Company is a public
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India.
The company is engaged in the business of manufacturing and selling food
preservatives and industrial lubricants. The company caters to both domestic
and international markets. The company also provides storage and warehousing
services at various ports in India.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
|
Claims filed by Twenty Two parties
before different courts against company not acknowledge as Debt including the
claim partly acknowledged. |
117.160 |
|
Claim for delayed interest (disputed)
made by three parties namely Sahastraa Export and Harsh Industries and M/s
Fab trade. |
9.440 |
|
Claims by Two co-op banks by filing
recovery suits in respect of guarantees alleged to have been issued by
company |
13.200 |
|
Contingent Liabilities in respect
of pending Sales Tax re-assessment |
50.000 |
|
Claim of The State Trading
Corporation Limited in respect of unrealized exports bills of The State
Trading Corporation Limited |
113.500 |
|
Claim of Jawaharlal Nehru Port
Trust & Marmagao Port Trust in Arbitration |
Amount indeterminate |
|
Income Tax demand (Pertains to
interest charged u/s 234A/B/C and 220(2) of I.T. Act 1961) in respect of
Assessment Year 1999-00 and 2000-01. In this respect the company has
approached to BIFR for waiver of overall interest. And looking in to
company’s financial crisis our plea is likely to be accepted. |
28.210 |
|
|
|
|
Total |
331.510 |
FIXED ASSETS:
· Land
Leasehold
Land
Buildings
Plant
and Equipments
Storage
Tanks
Office
Premises
Furniture
and Fixtures
Vehicles
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.10 |
|
|
1 |
Rs. 102.04 |
|
Euro |
1 |
Rs. 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
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.