MIRA INFORM REPORT
|
Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
RUBAMIN LIMITED (w.e.f.22.11.2001) |
|
|
|
|
Formerly Known
As : |
RUBAMIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Synergy
House, Gorwa – Subhanpura Road, Baroda – 390023, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.09.1987 |
|
|
|
|
Com. Reg. No.: |
04-009942 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 120.741
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299GJ1987PLC009942 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDR00824F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR8758H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
and Marketing of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s established market position
in the zinc-based chemicals segment marked by 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 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 30, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
August 30, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Suman Dhar |
|
Designation : |
Export Department |
|
Contact No.: |
91-265-2282078 |
|
Date : |
04.06.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
Synergy
House, Gorwa – Subhanpura Road, Baroda – 390023, Gujarat, India |
|
Tel. No.: |
91-265-2282078-082 |
|
Fax No.: |
91-265-2282077 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory 1 : |
23, Shree Laxmi Industrial Estate, Village Dunia, Halol, District
Panchmahals - 389350, Gujarat, India |
|
Tel. No.: |
91-2676-220265/ 220927/ 223687 |
|
|
|
|
Factory 2 : |
138 and 139, Panchal Udyog Nagar, Bhimpore, Daman – 396210, Daman and Diu, India |
|
|
|
|
Factory 3 : |
Plot No. 100 and C-1, B-113, Nandesari Notified Area, GIDC Nandesari,
Vadodara – 391340, Gujarat, India |
DIRECTORS
AS ON 26.09.2012
|
Name : |
Mr. Atul Nandkishore Dalmia |
|
Designation : |
Managing director |
|
Address : |
29, Charotar
Society, Old Padra Road, Baroda, Gujarat, India |
|
Date of Birth/Age : |
05.01.1959 |
|
Qualification : |
Chemical Engineer from BITS, Pilani |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.09.1987 |
|
PAN No.: |
ABOPD1840Q |
|
DIN No.: |
00228257 |
|
|
|
|
Name : |
Mr. Anil Ramanbhai Patel |
|
Designation : |
Managing director |
|
Address : |
Plot No.8, R.S.
No.79, At & Post Sevasi, District Vadodara – 391011, Gujarat, India |
|
Date of Birth/Age : |
23.12.1951 |
|
Qualification : |
M.Sc. (Physics) |
|
Experience : |
38 Years |
|
Date of Appointment : |
01.09.1987 |
|
PAN No.: |
ADKPP1905E |
|
DIN No.: |
00228658 |
|
|
|
|
Name : |
Mr. Ajit Chandulal Kapadia |
|
Designation : |
Director |
|
Address : |
4-B, Mamta
Society, Near Amrakunj, Vadodara – 390007, Gujarat, India |
|
Date of Birth/Age : |
16.01.2001 |
|
Qualification : |
B.Sc.(Hon.) |
|
Date of Appointment : |
16.08.2001 |
|
DIN No.: |
00065081 |
|
|
|
|
Name : |
Mr. Sanjeev Sehrawat |
|
Designation : |
Nominee director |
|
Address : |
Flat No. 1201,
Akruti Nova, A-Wing , NS Phadke Marg, Andheri [East], Mumbai – 400069,
Maharashtra, India |
|
Date of Birth/Age : |
29.12.1968 |
|
Date of Appointment : |
24.06.2011 |
|
DIN No.: |
02887484 |
|
|
|
|
Name : |
Mr. Radhanath Prasad Das |
|
Designation : |
Director |
|
Address : |
34, Brahmeswar
Bag, Bhubaneshwar - 751018, Orissa, India |
|
Date of Birth/Age : |
01.11.1945 |
|
Qualification : |
B. Tech, M. Tech and PhD. |
|
Date of Appointment : |
26.03.2002 |
|
PAN No.: |
AALPD6811H |
|
DIN No.: |
00286840 |
|
|
|
|
Name : |
Mr. Bhuwan Purohit |
|
Designation : |
Director |
|
Address : |
C-302, Aishwarya
Apartment, Ellora Park, Subhanpura, Vadodara – 390023, Gujarat, India |
|
Date of Birth/Age : |
27.05.1975 |
|
Qualification : |
B.Com, ACA, CS |
|
Date of Appointment : |
02.03.2012 |
|
PAN No.: |
AEGPP5102G |
|
DIN No.: |
05196479 |
KEY EXECUTIVES
|
Name : |
Ms. Suman Dhar |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dalmia Atul N. |
|
3809284 |
|
Dalmia Nandkishore J. |
|
1858880 |
|
Dalmia Seema A. |
|
944080 |
|
Dalmia Gyan N. |
|
517160 |
|
Patel Anil R. |
|
3069264 |
|
Patel Mita A. |
|
806400 |
|
Patel Shantaben R. |
|
561600 |
|
Patel Hetav A. |
|
194400 |
|
Anil R. Patel (HUF) Karta Anil Ramanlal Patel |
|
137760 |
|
Nisha Gupta |
|
10000 |
|
Neena Rajgarhia |
|
10000 |
|
Ajit C. Kapadia |
|
5000 |
|
Radhanath Prasad Das |
|
5000 |
|
Narendra Kumar Aneja |
|
5000 |
|
Zincollied (India) Private Limited, India |
|
135100 |
|
Gyan Holdings Private Limited, India |
|
100 |
|
Hetav Holdings Private Limited, India |
|
100 |
|
India Advantage Fund V, India |
|
2198531 |
|
Ketan Panchamiya |
|
5000 |
|
|
|
|
|
Total |
|
14272659 |
AS ON 26.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Venture Capital |
15.40 |
|
Bodies
corporate |
0.95 |
|
Directors
or relatives of directors |
83.61 |
|
Others |
0.04 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt. |
||||||
|
|
|
||||||
|
Products/ Services : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Finished Goods |
||||||
|
Countries : |
· UK · USA · UAE |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Raw Materials |
||||||
|
Countries : |
· USA · Mexico · UAE |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C and Credit |
||||||
|
|
|
||||||
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
700 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Bank of Baroda, Corporate Financial Services Branch, 1st Floor, BOB Building, R C Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India · State Bank of India - Lead Bank, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India [Tel No.: 91-265-2312093] ·
Dena Bank, VIP Road, Kareli Baug, Baroda,
Gujarat, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Heritage, 3rd Floor, Near Gujarat Vidyapith,
Off Ashram Road, Ahmedabad - 380014, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFD2337G |
|
|
|
|
Subsidiary Company : |
· Rubaco SPRL · Rubamin FZC · Rubamin SPRL · Softgenie Limited [U30000GJ1999PLC036815] ·
Minalex
SPRL |
|
|
|
|
Associate
Company : |
· Infinity Investments Private Limited · Techno Chemicals · Atul Chemicals · Zincollied (India) Private Limited · Gyan Holdings Private Limited · Quanta Process Private Limited · Hetav Holdings Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,272,659 |
Equity Shares |
Rs. 10/- each |
Rs. 142.727
Millions |
|
2,198,600 |
Less: Bought Back Shares |
|
Rs. 21.986 Millions |
|
|
Total |
|
Rs. 120.741 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 |
120.741 |
142.727 |
142.727 |
|
(b) Reserves & Surplus |
685.221 |
693.686 |
891.150 |
|
(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) |
805.962 |
836.413 |
1033.877 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
30.224 |
173.183 |
299.653 |
|
(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 |
5.412 |
7.923 |
15.661 |
|
Total
Non-current Liabilities (3) |
35.636 |
181.106 |
315.314 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
841.561 |
896.129 |
1074.535 |
|
(b)
Trade payables |
202.240 |
231.637 |
153.796 |
|
(c)
Other current liabilities |
204.480 |
209.788 |
197.835 |
|
(d)
Short-term provisions |
18.067 |
1.904 |
22.357 |
|
Total
Current Liabilities (4) |
1266.348 |
1339.458 |
1448.523 |
|
|
|
|
|
|
TOTAL |
2107.946 |
2356.977 |
2797.714 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
629.154 |
680.851 |
667.739 |
|
(ii)
Intangible Assets |
4.368 |
7.709 |
12.880 |
|
(iii)
Capital work-in-progress |
6.489 |
2.213 |
48.385 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
94.054 |
94.074 |
94.438 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
18.695 |
21.979 |
25.638 |
|
(e)
Other Non-current assets |
2.922 |
0.461 |
0.361 |
|
Total
Non-Current Assets |
755.682 |
807.287 |
849.441 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
70.029 |
|
(b)
Inventories |
387.742 |
578.026 |
510.580 |
|
(c)
Trade receivables |
455.397 |
440.603 |
568.845 |
|
(d)
Cash and cash equivalents |
52.591 |
62.597 |
178.418 |
|
(e)
Short-term loans and advances |
453.324 |
457.634 |
615.849 |
|
(f)
Other current assets |
3.210 |
10.830 |
4.552 |
|
Total
Current Assets |
1352.264 |
1549.690 |
1948.273 |
|
|
|
|
|
|
TOTAL |
2107.946 |
2356.977 |
2797.714 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2454.615 |
2648.962 |
1489.990 |
|
|
|
Other Income |
263.181 |
95.793 |
52.432 |
|
|
|
TOTAL |
2717.796 |
2744.755 |
1542.422 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1428.793 |
1731.432 |
815.249 |
|
|
|
Purchases of stock-in-trade |
116.979 |
113.079 |
0.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
180.686 |
(92.336) |
289.452 |
|
|
|
Employee benefit expense |
97.441 |
152.771 |
53.640 |
|
|
|
Other expenses |
374.901 |
420.599 |
192.280 |
|
|
|
TOTAL |
2198.800 |
2325.545 |
1350.621 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
518.996 |
419.210 |
191.801 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
125.834 |
174.399 |
79.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
393.162 |
244.811 |
112.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
78.295 |
97.596 |
26.887 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
14.100 |
0.000 |
41.781 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
328.967 |
147.215 |
127.042 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
179.423 |
344.679 |
51.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
149.544 |
(197.464) |
75.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Foreign Exchange Earnings (FOB) |
1090.944 |
1132.521 |
1230.362 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
11.35 |
(13.84) |
5.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.50
|
(7.19) |
4.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.40
|
5.56 |
8.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.39
|
6.51 |
4.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.18 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.08
|
1.28 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.16 |
1.35 |
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 |
142.727 |
142.727 |
120.741 |
|
Reserves & Surplus |
891.150 |
693.686 |
685.221 |
|
Net
worth |
1033.877 |
836.413 |
805.962 |
|
|
|
|
|
|
long-term borrowings |
299.653 |
173.183 |
30.224 |
|
Short term borrowings |
1074.535 |
896.129 |
841.561 |
|
Total
borrowings |
1374.188 |
1069.312 |
871.785 |
|
Debt/Equity
ratio |
1.329 |
1.278 |
1.082 |
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 |
1489.990 |
2648.962 |
2454.615 |
|
|
|
77.784 |
(7.337) |
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 |
1489.990 |
2648.962 |
2454.615 |
|
Profit/ (Loss) |
75.635 |
(197.464) |
149.544 |
|
|
5.08% |
(7.45%) |
6.09% |
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT TAX APPEAL No. 1682 of
2008 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Status: PENDING
( Converted from : ST/2880/2008 ) CCIN No: 001092200801682 Last Listing Date: 16.04.2014 Coram: - HONOURABLE MR.JUSTICE AKIL KURESHI HONOURABLE MS.JUSTICE SONIA GOKANI |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
DY C I T - CENTRAL CIRCLE-1 |
MR KM PARIKH for: Appellant(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Respondant |
Advocate On
Record |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
RUBAMIN LIMITED |
RULE SERVED for :Opponent(s) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented On : 29/08/2008 Registered
On : 29/08/2008 Bench Category : DIVISION BENCH District : VADODARA Case Originated From: THROUGH ADVOCATE Listed : 8 times Stage Name : TAX APPEAL FINAL
HEARING U/S. 80 HHC
Office Details |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
15/08/2008 |
DOCUMENT |
RULE SERVED |
- |
RULE SERVED:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2 |
29/08/2008 |
MEMO OF APPEAL/PETITION/SUIT |
MR KM PARIKH ADVOCATE |
20 |
MR KM PARIKH:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3 |
18/11/2008 |
CERTIFIED COPY |
MR KM PARIKH ADVOCATE |
4 |
MR KM PARIKH:1 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Court
Proceedings
Available Orders
Certified Copy
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10429296 |
28/05/2013 |
100,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 1ST FLOOR, BOB BUILDING, R C DUTT ROAD, ALKAPURI,
VADODARA - 390007, GUJARAT, INDIA |
B76387679 |
|
2 |
10123498 |
21/12/2011 * |
2,636,000,000.00 |
STATE BANK OF
INDIA - LEAD BANK |
MID CORPORATE
GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COUREC CIRCLE, VADODARA -
390007, GUJARAT, INDIA |
B28527794 |
|
3 |
10123499 |
09/09/2008 |
1,906,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
A45809662 |
|
4 |
10110117 |
08/07/2009 * |
682,400,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
A66713686 |
|
5 |
10056855 |
05/06/2007 |
726,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
A17428681 |
|
6 |
10060889 |
12/02/2007 |
61,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, 1ST FLOOR, BOB BUILDING, R C DUTT ROAD, ALKAPURI, VADODARA -
390007, GUJARAT, INDIA |
A11384955 |
|
7 |
10033604 |
18/06/2012 * |
2,636,000,000.00 |
STATE BANK OF
INDIA - LEAD BANK |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COUREC CIRCLE, VADODARA - |
B41509704 |
|
8 |
90096107 |
05/03/2003 * |
16,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
- |
|
9 |
90094346 |
30/07/2004 * |
45,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
- |
|
10 |
90094340 |
09/08/2003 * |
45,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
- |
|
11 |
90095910 |
01/08/2006 * |
390,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
A07329659 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Public deposits |
30.224 |
28.203 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from others |
48.248 |
18.305 |
|
|
|
|
|
Total |
78.472 |
46.508 |
REVIEW OF
OPERATIONS
A) Zinc Division:
During the year they have increased the volumes in most of the product
categories and also have added new products to the Zinc basket. Now they have
many products like ZnO (White Seal), ZnO (Gold Seal), ZnO (Yellow Seal), 72%
for Animal Feed industry, ZnO Active for Catalyst industry. Besides ZnO, they
have Zinc Sulfate, Carbonate, Phosphate and Borate.
Many new customer approvals with large MNCs (within India and
international) have been received.
They are continuously trying to reduce their product cost by directly
sourcing material from international market, by better utilisation of waste
heat and increasing energy efficiency, right sizing organisation etc.
All above measures will eventually help us improve the margins.
.
The Company continues to hold and grow its leadership position amongst
Zinc Oxide producers in the Country.
B) Moly and
Cobalt:
They have very successfully got out of the very difficult and loss
making cobalt business during the year. The Cobalt team have developed new
products using similar technology and machinery which they had over the years
for Cobalt sulfate and Cobalt metal production. This way not only they have
been able to save many jobs but also at a marginal capex developed new and very
promising business. During the year they have sold 45 tons Moly units which
will increase at least 3 folds in the next year and will go close to 500 tons
within 3-4 years.
Besides this they have been able to retain certain key international
customers for Cobalt sulphate. This business will also keep growing in years to
come and will give us healthy margins.
C) Overseas
Business:
They have completed 8 years of their presence in Congo and I am
delighted to say that the country has grown in stability and infrastructure in
every passing year and their comfort in dealing with such a diverse country is
very high now. The opportunities in their business, viz copper smelting,
drilling and agriculture are very high and their top as well as bottom line
will continuously show robust growth. They will continuously work on increasing
their mineral and power security for better utilization of plant capacity.
The profit from overseas operation has increased to USD 52.50 Lacs from
USD 35.43 Lacs in previous year.
BUY-BACK OF SHARES:
Pursuant to the provisions of sections 77A, 77AA and 77B of
the Companies Act, 1956, the Company made an offer to buy-back of 2283625
Equity Shares of Rs. 10/- each fully paid at a premium of Rs. 71.87 to its
Shareholders.
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Other building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records 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. 59.30 |
|
|
1 |
Rs. 99.34 |
|
Euro |
1 |
Rs. 80.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.