MIRA INFORM REPORT
|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
MARPOL PRIVATE LIMITED (w.e.f.19.10.2001) |
|
|
|
|
Formerly Known
As : |
MARPOL CHEMICALS LIMITED (w.e.f.01.07.1996) MARPOL CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd Floor, Panandiker Chambers, M. L. Furtado Road, Margao –
403601, Goa |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
05.04.1983 |
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|
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Com. Reg. No.: |
24-000532 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 29.952
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24222GA1983PTC000532 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM00043B / BLRM07271F |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCM2018D |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer of Powder Coatings and Polyester Resins. |
|
|
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 570000 |
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|
|
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The management has filed the latest financial record of 2013 but same
could not be made available form government department. As per available financial of 2012, the company incurred losses from
its operational activities over a year. Performance of the company seems to
be under pressure. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140
mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits : B- (Suspended) |
|
Rating Explanation |
Risk prone credit quality and high risk of
default. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund based limits : A4 (Suspended) |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
March 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 DECLINED BY
|
Name : |
Mr. Nagraj |
|
Contact No.: |
91-832-2711165 |
LOCATIONS
|
Registered / Head Office : |
2nd Floor, Panandiker Chambers, M. L. Furtado Road, Margao
– 403601, Goa, India |
|
Tel. No.: |
91-832-2732045/ 2711165/ 2736880/ 2730880 |
|
Fax No.: |
91-832-2733124 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No.12-18, GIDC Industrial Estate, Kakoda – 403 706, |
|
Tel. No.: |
91-832-2650749/ 2652167/ 2652168/ 2652169/ 2651381 |
|
Fax No.: |
91-832-2651382 |
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|
|
|
Factory 2 : |
Plot No. A, B, C, GIDC Industrial Estate, Kakoda – 403706, Goa, India |
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|
Factory 3 : |
Plot No.25, EPIP, Phase II, Thana Baddi, Tehsil – Nalagarh, District
Solan – 173205, Himachal Pradesh, India |
|
|
|
|
Branch Offices : |
Located at: ·
·
·
Mumbai ·
Pune |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Shanu Atmaram Pai Panandiker |
|
Designation : |
Managing director |
|
Address : |
H No. 262, M L Furtado Road, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
25.05.1937 |
|
Date of Appointment : |
05.04.1983 |
|
DIN No.: |
01027363 |
|
|
|
|
Name : |
Mr. Rohit Pai Panandiker |
|
Designation : |
Director |
|
Address : |
4TH Floor, Panandiker Chambers, M. L. Furtado Road, Margao
– 403601, Goa, India |
|
Date of Birth/Age : |
07.08.1969 |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00559055 |
|
|
|
|
Name : |
Mr. Shambhu Atmaram Pai Panandiker |
|
Designation : |
Director |
|
Address : |
#116, Hemmady Regency, 1st Floor, Near SBI Personal Banking Branch, Malbhat, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
31.08.1932 |
|
Date of Appointment : |
13.09.2010 |
|
DIN No.: |
00960206 |
|
|
|
|
Name : |
Mr. Rohan Ramchandra Pai Panandiker |
|
Designation : |
Director |
|
Address : |
3rd Floor Panandiker Chambers, M L Furtado Road, Post Box No.700, Margao – 403601, Goa, India |
|
Date of Birth/Age : |
22.04.1967 |
|
Date of Appointment : |
22.08.2005 |
|
DIN No.: |
01879742 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shanu Atmaram
Pai Panandiker |
|
55200 |
|
Ramchandra Pai
Panandiker (HUF) |
|
268800 |
|
Shanu Pai
Panandiker (HUF) |
|
268800 |
|
Vishwanath Pai
Panandiker (HUF) |
|
360000 |
|
Kamlesh Pai Panandiker
(HUF) |
|
399200 |
|
Shambhu Pai
Panandiker (HUF) |
|
270000 |
|
Rohan R Pai Panandiker |
|
25800 |
|
Rohit R Pai Panandiker |
|
25800 |
|
Ravi V Pai Panandiker |
|
12000 |
|
Rahool Pai Panandiker |
|
12000 |
|
Raj S Pai Panandiker |
|
12000 |
|
Manisha Pai Panandiker |
|
12000 |
|
Ramchandra Pai
Panandiker Trading & Investment Company Private Limited, India |
|
198000 |
|
Atmaram Pai
Panandiker Trading & Investment Company Private Limited, India |
|
182400 |
|
Vishwanath Pai
Panandiker Trading & Investment Company Private Limited, India |
|
259200 |
|
Shanu Pai
Panandiker Trading & Investment Company Private Limited, India |
|
198000 |
|
Veda Pai
Panandiker Trading & Investment Company Private Limited, India |
|
242400 |
|
Kunda S. Pai Panandiker |
|
500 |
|
Anjali Pai Panandiker |
|
500 |
|
Veda K. Pai Panandiker |
|
500 |
|
Kaya K Pai Panandiker |
|
500 |
|
Mangala Pai Panandiker |
|
500 |
|
Rajani Pai Panandiker |
|
28100 |
|
Atman S Pai Panandiker |
|
1000 |
|
Vishwanath Pai Panandiker |
|
54000 |
|
Kamles Pai Panandiker |
|
54000 |
|
Shambhu Pai Panandiker |
|
54000 |
|
|
|
|
|
Total |
|
2995200 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Powder Coatings and Polyester Resins. |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Powder Coatings |
MT |
12168.000 |
4653.411 |
|
Polyester Resins |
MT |
2400.000 |
2016.508 |
Licensed Capacity: Not Available
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Ganesh Daivajna and Company Chartered Accountants |
|
Address : |
2nd Floor, Ganesh Chambers, Abade Faria Road, Opposite Confident, P. O.
Box No. 49, Margao – 403601, Goa, India |
|
Tel. No.: |
91-832-2731016 / 2730728 |
|
Fax No.: |
91-832-2732408 |
|
E-Mail : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AABFG0206H |
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|
List of Related
Parties in which Key Management personnel and their relatives have
significant influence : |
· Atmaram Pai Panandiker Charitable Trust · Atmaram Pai Panandiker Trading and Investment Company Private Limited · Information Technology and Education Centre · Marcoat Paints Private Limited · Panandiker Constructions Private Limited · Panandiker Plantations · Panandiker Real Estates and Developers · Panandiker Realtors Private Limited · Panandiker Research and Development Private Limited · Ramchandra Pai Panandiker Trading and Investment Company Private Limited · Shanu Pai Panandiker Trading and. Investment Company Private Limited · Tanima Investments Private Limited ·
Veda Pai PariancUker Trading and Investment
Company Private Limited ·
Vishvanath Pai Panandiker Trading and
Investment Company Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,995,200 |
Equity Shares |
Rs. 10/- each |
Rs. 29.952
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
29.952 |
29.952 |
|
(b) Reserves & Surplus |
|
113.763 |
131.235 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
143.715 |
161.187 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
27.878 |
30.264 |
|
(b) Deferred tax liabilities (Net) |
|
11.203 |
13.060 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
39.081 |
43.324 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
135.126 |
137.024 |
|
(b) Trade
payables |
|
86.823 |
95.895 |
|
(c) Other
current liabilities |
|
55.796 |
50.652 |
|
(d) Short-term
provisions |
|
3.756 |
3.567 |
|
Total Current
Liabilities (4) |
|
281.501 |
287.138 |
|
|
|
|
|
|
TOTAL |
|
464.297 |
491.649 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
118.645 |
130.875 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
18.529 |
24.299 |
|
(e) Other
Non-current assets |
|
0.580 |
0.476 |
|
Total Non-Current
Assets |
|
138.254 |
156.150 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
88.691 |
99.001 |
|
(c) Trade
receivables |
|
151.813 |
157.215 |
|
(d) Cash
and cash equivalents |
|
18.556 |
26.341 |
|
(e)
Short-term loans and advances |
|
64.359 |
49.609 |
|
(f) Other
current assets |
|
2.624 |
3.333 |
|
Total
Current Assets |
|
326.043 |
335.499 |
|
|
|
|
|
|
TOTAL |
|
464.297 |
491.649 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
42.036 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
134.908 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
176.944 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
99.846 |
|
|
2] Unsecured Loans |
|
|
15.399 |
|
|
TOTAL BORROWING |
|
|
115.245 |
|
|
DEFERRED TAX LIABILITIES |
|
|
13.814 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
306.003 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
113.078 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.500 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
92.965
|
|
|
Sundry Debtors |
|
|
127.638
|
|
|
Cash & Bank Balances |
|
|
18.939
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
66.187
|
|
Total
Current Assets |
|
|
305.729
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
56.346
|
|
|
Other Current Liabilities |
|
|
28.016
|
|
|
Provisions |
|
|
29.100
|
|
Total
Current Liabilities |
|
|
113.462
|
|
|
Net Current Assets |
|
|
192.267
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.158 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
306.003 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
672.887 |
698.171 |
615.278 |
|
|
|
Other Income |
1.375 |
3.423 |
6.911 |
|
|
|
TOTAL (A) |
674.262 |
701.594 |
622.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
487.828 |
|
|
|
|
|
Changes in inventories of finished goods and stock in process |
(5.057) |
15.887 |
555.298 |
|
|
|
Employee benefits Expenses |
48.345 |
48.502 |
|
|
|
|
Other Expenses |
122.412 |
126.032 |
|
|
|
|
TOTAL (B) |
653.528 |
673.473 |
555.298 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.734 |
28.121 |
66.891 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.142 |
14.247 |
13.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(0.408) |
13.874 |
53.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.921 |
18.300 |
18.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX (E-F)
(G) |
(19.329) |
(4.426) |
35.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.858) |
(0.753) |
12.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) AFTER TAX (G-H) (I) |
(17.471) |
(3.673) |
23.353 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
122.843 |
126.516 |
108.081 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
4.204 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.714 |
|
|
BALANCE CARRIED
TO THE B/S |
105.372 |
122.843 |
126.516 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.770 |
24.019 |
16.240 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
161.344 |
156.168 |
128.440 |
|
|
|
Machinery & Stores Items |
4.739 |
5.194 |
1.564 |
|
|
TOTAL IMPORTS |
166.083 |
161.362 |
130.004 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(5.83) |
(1.23) |
5.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.59)
|
(0.52) |
3.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.87)
|
(0.63) |
5.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.17)
|
(0.90) |
7.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
(0.03) |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13
|
1.04 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.17 |
2.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
29.952 |
29.952 |
|
Reserves & Surplus |
131.235 |
113.763 |
|
Net
worth |
161.187 |
143.715 |
|
|
|
|
|
long-term borrowings |
30.264 |
27.878 |
|
Short term borrowings |
30.264 |
27.878 |
|
Total
borrowings |
60.528 |
55.756 |
|
Debt/Equity
ratio |
0.376 |
0.388 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
615.278 |
698.171 |
672.887 |
|
|
|
13.472 |
(3.621) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
615.278 |
698.171 |
672.887 |
|
Profit |
23.353 |
(3.673) |
(17.471) |
|
|
3.80% |
(0.53%) |
(2.60%) |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
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 |
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 |
No |
|
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 |
LITIGATIONS DETAILS
|
Reg. No. :- EXA / 6
/ 2009 |
Stamp No. :- STM /
2099 / 2009 |
||||
|
Case Status : |
Pending (Final Hearing) |
||||
|
Petitioner : |
THE COMMISSIONER OF CENTRAL EXCISE |
||||
|
Respondent : |
M/S/ MARPOL PRIVATE LIMITED |
||||
|
Petitoner
Adv. : |
MS. SUSAN LINHARES |
||||
|
Respondent
Adv. : |
SHRI ASHWIN D. BHOBH FRO RES. |
||||
|
District : |
North Goa |
||||
|
Bench : |
Division |
||||
|
Act : |
Central Excise & Salt Act |
||||
|
Case Stage : |
FOR FINAL HEARING |
||||
|
Hearing Date : |
03 March 2014 |
||||
|
|||||
|
This Case is updated on : 04 March 2014 |
|
||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10421743 |
28/03/2013 |
20,000,000.00 |
THE GOA URBAN
CO-OPERATIVE BANK LIMITED |
DR. ATMARAM
BORKAR ROAD, PANAJI, PANAJI - 403001, GOA, INDIA |
B73750036 |
|
2 |
10297464 |
05/03/2011 |
25,000,000.00 |
THE GOA URBAN
CO-OPERATIVE BANK LIMITED |
DR. ATMARAM
BORKAR ROAD, PANAJI, PANAJI - 403001, GOA, INDIA |
B10849719 |
|
3 |
10199271 |
30/12/2009 |
519,839.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
A76813450 |
|
4 |
10093452 |
13/12/2007 |
196,400,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO, GOA - 403601, INDIA |
A30476733 |
|
5 |
90065725 |
21/03/2005 * |
29,000.00 |
GOA URBAN CO-OP
BANK LIMITED |
MARGAO, GOA,
GOA, INDIA |
- |
|
6 |
90065547 |
21/12/2004 * |
10,400,000.00 |
THE URBAN CO-OP
BANK LIMITED |
MARGAO, GOA,
GOA, INDIA |
- |
|
7 |
90065028 |
26/03/2002 * |
426,000.00 |
CANARA BANK |
MAMAT HOUSE
MARGAO, GOA, GOA, INDIA |
- |
|
8 |
90065023 |
26/03/2002 * |
306,000.00 |
CANARA BANK |
MAMAT HOUSE
MARGAO, GOA, GOA, INDIA |
- |
|
9 |
80001726 |
11/12/2013 * |
236,200,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91473199 |
|
10 |
90065412 |
11/12/2013 * |
243,000,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91523829 |
|
11 |
80001722 |
25/04/1986 |
500,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
- |
|
12 |
90065198 |
11/12/2013 * |
2,430,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91523589 |
|
13 |
80001720 |
11/12/2013 * |
115,000,000.00 |
CANARA BANK |
MARGAO BRANCH,
MARGAO - 403601, GOA, INDIA |
B91523969 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
From Shareholders |
8.712 |
8.712 |
|
|
|
|
|
Total |
8.712 |
8.712 |
Note:
The registered office of the company has been shifted from
H. No. 10/1300, C-4, 1st Floor, Near ABC Club Abade Faria Road, Margao –
403601, Goa, India to present address w.e.f.28.06.2013.
BUSINESS OUTLOOK AND
OVERVIEW
The uncertainty witnessed in 2011-12 is likely to continue even in 2012-13. Global economy shows no signs of recovery in 2012-13 and is expected to be more uncertain. This may result in volatile crude and commodity prices and fluctuations in foreign exchange rates. In domestic economy, continued inflationary pressure, lower private consumption and high fiscal deficit are likely to result in lower GDP growth compared to previous year.
COMPANY PERFORMANCE
The Company's overall domestic growth was lower by 10% in volume terms and 5% in terms of value. The record level of US Dollar v/s Indian currency has dented into the profitability very badly, as they consume nearly 40% of raw material imported directly or indirectly. Further the management control related legal issues has also resulted indirectly to one of the poorest performance of the Company,
Domestic:
The Domestic turnover was lower at Rs. 643.090 Millions during the year compared to Rs. 674.152 Millions during previous year. In terms volume the turnover achieved is 4509 MT compared to 4959 MT during the previous year.
Exports:
Rising Dollar has contributed to increased export realization. Export turnover during the year was Rs.29.797 Millions compared to Rs. 24.019 Millions achieved during the previous year. However the volume rose marginally from 150 MT to 157 MT during the year. They are glad to inform that they have started exporting for the first time to Sri Lanka and they are negotiating with customers in Bangladesh,
CONTINGENT
LIABILITIES (AS ON 31.03.2012):
a. Claims against company not acknowledged as debt Rs.1.500 Millions (excluding interest thereon if any)
b. Counter Guarantees to bank in respect of Bank Guarantees issued to government authorities and others Rs. 4.017 Millions
c. Outstanding balance for letter of credit opened with Canara Bank, Margaon, Goa Rs.10.425 Millions.
d. The company has received a demand of sales tax for non-submission of Form 'C for the year 2004-05 against which the Company has preferred an appeal. The value of sales to be covered by Form C to be collected for the year 2004-05 is Rs.5.967 Millions
e. The company has received a notice of demand from the income Tax Department for Rs.1.458 Millions and Rs.4.279 Millions relating to the assessment year 2003 04 and 2007-03 and the same has been paid The appeal against the said demands are pending.
FIXED ASSETS:
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installations
·
Laboratory Equipments
·
Office Equipment
·
Office Premises
·
Furniture and Fixture
·
Vehicles
·
Data Processing
Equipments
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. 61.13 |
|
|
1 |
Rs. 101.17 |
|
Euro |
1 |
Rs. 84.59 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.