MIRA
INFORM REPORT
|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOTAL OIL INDIA PRIVATE LIMITED (w.e.f. 12.03.2010) |
|
|
|
|
Formerly Known
As : |
TOTAL OIL INDIA LIMITED (w.e.f. 04.12.2009) TOTAL LPG INDIA LIMITED (w.e.f. 24.06.2008) ELF GAS INDIA LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, The Leela Galleria, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
09.01.1996 |
|
|
|
|
Com. Reg. No.: |
11-194631 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.271.800
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23203MH1996PTC194631 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT15808C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE2175M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in importing and reselling Liquefied Petroleum Gas
(‘LPG’) and certain solvents (special fluids) and manufacturing and marketing
of industrial and automotive lubricants and modified value added bitumen. The
Company also provides business strategy services. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
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 11655000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are reported
to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
Tel. No.: 91-67232500
LOCATIONS
|
Registered Office : |
3rd Floor, The Leela Galleria, Andheri Kurla Road, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
|
Tel. No.: |
91-22-66407700/ 67232500 |
|
Fax No.: |
91-22-66047720 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
# 138, Ground Floor and First Floor, Raheja Paramount, Residency Road,
Bangalore – 560 025, Karnataka, India |
|
Tel. No. : |
91-80-42730000 |
|
|
|
|
Factory : |
Plot No.26, TTC Industrial Area, Mahape MIDC, Post Koparkharine, Navi
Mumbai – 400 710, Maharashtra, India |
|
Tel. No. : |
91-22-27788000 |
|
|
|
|
Lubricants Division – Régional Offices : |
Located at: · Chennai · Kolkata · Mumbai · Noida · Ahmedabad |
|
|
|
|
Marketing Office : |
Located at: · Bangalore · Chennai · Coimbatore · Hyderabad · Cochin |
DIRECTORS
AS ON 25.03.2013
|
Name : |
Mr. Vijay Kumar Balakrishnan |
|
Designation : |
Managing Director |
|
Address : |
209, VARS Fantasy, HAC, 2nd Stage, Indiranagar, Bangalore –
560 008, Karnataka, India |
|
Date of Birth/Age : |
12.04.1956 |
|
Date of Appointment : |
05.10.2009 |
|
DIN No.: |
02829765 |
|
PAN No.: |
ABIPV5034E |
|
|
|
|
Name : |
Mr. Prakash Jonnalagadda |
|
Designation : |
Whole-time Director |
|
Address : |
380, Sivan Apartments, 13 Main Road, RMV Extension. Bangalore – 560
080, Karnataka, India |
|
Date of Birth/Age : |
04.08.1961 |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
02753687 |
|
PAN No.: |
AMKPJ5488K |
|
|
|
|
Name : |
Yves Felicien Jassaud |
|
Designation : |
Whole-time Director |
|
Address : |
10, BIS AV, DU General Leclerc – 78100, Saint German-EN-LAYE, France |
|
Date of Birth/Age : |
01.02.1959 |
|
Date of Appointment : |
14.08.2010 |
|
DIN No.: |
03153904 |
|
|
|
|
Name : |
Francois Dehodencq |
|
Designation : |
Director |
|
Address : |
8, Draycott Park, # 02-06 Draycott Eight, Singapore - 259404 |
|
Date of Birth/Age : |
07.11.1956 |
|
Date of Appointment : |
13.02.2012 |
|
DIN No.: |
05212868 |
|
|
|
|
Name : |
Olivier Goutal |
|
Designation : |
Director |
|
Address : |
1 Lady Hill Road, 258670, Singapore - 458676 |
|
Date of Birth/Age : |
26.05.1962 |
|
Date of Appointment : |
25.03.2013 |
|
DIN No.: |
05328413 |
|
|
|
|
Name : |
Christine Hein |
|
Designation : |
Director |
|
Address : |
Total Oil Asia-Pacific Pte Limited, 331, North Bridge Road, #23-01
Odeon Towers, Singapore - 188720 |
|
Date of Birth/Age : |
24.08.1967 |
|
Date of Appointment : |
25.03.2013 |
|
DIN No.: |
05349461 |
KEY EXECUTIVES
|
Name : |
Mr. Bhagwanchand Premchand Rajput |
|
Designation : |
Secretary |
|
Address : |
C-211, Rishabh Enclave CHS Limited, Jai Ambe Mandir Road, Motinagar, Bhayandar
(West), Thane – 401 101, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1976 |
|
Date of Appointment : |
01.12.2012 |
|
PAN No.: |
AHWPR1381G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.03.2013
|
Names of Shareholders (Equity Share - Class A) |
|
No. of Shares |
|
Total Holding Asie, France |
|
8894387 |
|
Total Raffinage Marketing, France |
|
8544656 |
|
Total |
|
17439043 |
|
Names of Shareholders (Equity Share - Class B) |
|
No. of Shares |
|
Total Raffinage Marketing, France |
|
9742126 |
|
Total |
|
9742126 |
AS ON 25.03.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in importing and reselling Liquefied Petroleum Gas
(‘LPG’) and certain solvents (special fluids) and manufacturing and marketing
of industrial and automotive lubricants and modified value added bitumen. The
Company also provides business strategy services. |
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|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Quantity MT's |
|
Licensed capacity (annual) |
N.A. |
|
Installed capacity for Lubricating oils and greases (annual)* |
60000 |
* Technically assessed and certified by the management on double shift basis.
|
Particulars |
Unit |
Actual
Production |
|
Lubricating oils
and greases |
|
|
|
- Processed at its own plant |
MT |
42115 |
|
- Processed by third party |
MT |
19344 |
|
Greases of
various grades |
|
|
|
- Processed by third party |
MT |
3107 |
|
Special fluids |
|
|
|
- Processed by third party |
MT |
568 |
Production
excludes captive consumption and production for third party and reprocess
material from depots.
The relevant information
regarding production and closing stock is given only in aggregate and no
detailed break-up thereof is given as the items are too numerous to be
conveniently grouped.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Standard Chartered Bank, 90, M.G. Road, Fort,
Mumbai – 400 001, Maharashtra, India ·
BNP Paribas Bank, French Bank Building, 62, Homji
Street, Fort, Mumbai – 400 001, Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation Limited, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India |
||||||||||||
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|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFB9852F |
|
|
|
|
Holding Company : |
Total Raffinage Marketing, France |
|
|
|
|
Ultimate Holding
Company: |
Total S.A., France |
|
|
|
|
Associates : |
·
Total Lubrifiants, France ·
Total Holding Asie, France ·
Arteco NV, Belgium ·
Total Belgium S.A, Belgium ·
Total Oil Asia Pacific Pte Limited, Singapore ·
PT Total Oil Indonesia, Indonesia ·
S Oil Total Lubricants Co. Limited, Korea ·
Total Lubricants, USA ·
Total Fluides, France ·
Total Gestion Internationale, Switzerland ·
Total Petrochemicals Hongkong Limited, Hong Kong ·
Totsa Total Oil Trading SA, Geneva, Switzerland ·
Total Lubrifiants, China ·
Total Vinergy Bitumen India Private Limited,
India (CIN No.: U11100MH2007PTC175697) ·
Total Philippines Corporation, Philippines ·
Total Gaz Vietnam Limited Co., Vietnam ·
Total Projects India Private Limited, India (CIN
No.: U74899DL2001PTC130189) ·
Arteco Coolants India Private Limited, India (CIN
No.: U24233MH2010PTC201618) |
CAPITAL STRUCTURE
AS ON 25.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145000000 |
Equity Shares - Class A |
Rs.10/- each |
Rs.1450.000 millions |
|
15000000 |
Equity Shares - Class B |
Rs.10/- each |
Rs.150.000 millions |
|
|
Total |
|
Rs.1600.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17439043 |
Equity Shares - Class A |
Rs.10/- each |
Rs.174.391
millions |
|
9742126 |
Equity Shares - Class B |
Rs.10/- each |
Rs.97.421
millions |
|
|
Total |
|
Rs.271.812 millions |
|
|
|
|
|
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27180000 |
Equity Shares |
Rs.10/- each |
Rs.271.800
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
271.800 |
271.800 |
|
(b) Reserves & Surplus |
|
2642.000 |
2273.600 |
|
(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) |
|
2913.800 |
2545.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.300 |
|
(c) Other long
term liabilities |
|
263.300 |
203.800 |
|
(d) Long-term
provisions |
|
27.000 |
16.900 |
|
Total Non-current
Liabilities (3) |
|
290.300 |
221.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1718.400 |
1379.900 |
|
(b)
Trade payables |
|
862.200
|
1009.000
|
|
(c)
Other current liabilities |
|
946.800
|
1021.200
|
|
(d) Short-term
provisions |
|
169.500
|
190.900
|
|
Total Current
Liabilities (4) |
|
3696.900 |
3601.000 |
|
|
|
|
|
|
TOTAL |
|
6901.000 |
6367.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1723.300 |
943.800 |
|
(ii)
Intangible Assets |
|
0.100 |
36.200 |
|
(iii) Capital
work-in-progress |
|
120.700 |
495.500 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
41.700 |
0.000 |
|
(d) Long-term Loan and Advances |
|
53.800 |
63.400 |
|
(e) Other
Non-current assets |
|
217.800 |
151.300 |
|
Total Non-Current
Assets |
|
2157.400 |
1690.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2523.300
|
2705.700
|
|
(c)
Trade receivables |
|
1668.000
|
1378.300
|
|
(d) Cash
and cash equivalents |
|
97.300
|
218.000
|
|
(e)
Short-term loans and advances |
|
120.400 |
135.300 |
|
(f)
Other current assets |
|
334.600 |
239.900 |
|
Total
Current Assets |
|
4743.600 |
4677.200 |
|
|
|
|
|
|
TOTAL |
|
6901.000 |
6367.400 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
271.811 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1547.559 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1819.370 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
28.015 |
|
|
2] Unsecured Loans |
|
|
233.036 |
|
|
TOTAL BORROWING |
|
|
261.051 |
|
|
DEFERRED TAX LIABILITIES |
|
|
8.729 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2089.150 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
892.889 |
|
|
Capital work-in-progress |
|
|
270.292 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1784.640
|
|
|
Sundry Debtors |
|
|
900.658
|
|
|
Cash & Bank Balances |
|
|
134.606
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
510.203
|
|
Total
Current Assets |
|
|
3330.107
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1157.800
|
|
|
Other Current Liabilities |
|
|
531.365
|
|
|
Provisions |
|
|
714.973
|
|
Total
Current Liabilities |
|
|
2404.138
|
|
|
Net Current Assets |
|
|
925.969
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2089.150 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
15955.014 |
13004.368 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
15955.014 |
13004.368 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
14904.205 |
11961.765 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
14904.205 |
11961.765 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
971.000 |
1050.809 |
1042.603 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
200.500 |
324.743 |
374.286 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
770.500 |
726.066 |
668.317 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
728.500 |
2.445 |
0.329 |
|
|
|
|
|
|
|
|
|
|
Profit transfer on amalgamation |
(82.700) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
299.000 |
0.000 |
514.000 |
|
|
|
Tax on Dividend |
48.500 |
0.000 |
85.369 |
|
|
|
Transfer to General Reserve |
77.100 |
0.000 |
66.832 |
|
|
BALANCE CARRIED
TO THE B/S |
991.700 |
728.511 |
2.445 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service charges |
NA |
14.974 |
38.763 |
|
|
|
Others |
NA |
29.936 |
5.587 |
|
|
|
FOB values of exports |
NA |
23.105 |
10.091 |
|
|
TOTAL EARNINGS |
NA |
68.015 |
54.441 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
3770.174 |
2349.652 |
|
|
|
Capital Goods |
NA |
75.121 |
22.231 |
|
|
|
Traded Goods |
NA |
5311.263 |
4203.984 |
|
|
TOTAL IMPORTS |
NA |
9156.558 |
6575.867 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
28.35 |
26.71 |
24.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
NA
|
4.55 |
5.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.41
|
17.90 |
24.69
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.41 |
0.57
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59
|
0.54 |
0.14
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.30 |
1.39
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.12.2011 |
31.12.2012 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
271.800 |
271.800 |
|
Reserves & Surplus |
|
2273.600 |
2642.000 |
|
Net worth |
|
2545.400 |
2913.800 |
|
|
|
|
|
|
Long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
1379.900 |
1718.400 |
|
Total borrowings |
|
1379.900 |
1718.400 |
|
Debt/Equity ratio |
|
0.542 |
0.590 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current maturities of long term debt:
|
Particulars |
31.12.2012 (Rs. in millions) |
31.12.2011 (Rs. in millions) |
31.12.2010 (Rs. in millions) |
|
Current maturities of
long term debt |
0.000 |
0.300 |
NA |
|
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 |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two 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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.12.2012 (Rs.
in Millions) |
31.12.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Working capital loans from banks |
1350.000 |
665.000 |
|
Other loans and advances |
368.400 |
384.900 |
|
Total
|
1718.400 |
1049.900 |
Notes:
·
The registered
office of the company has been shifted from No.721, CMH Road, Indira Nagar,
Bangalore – 560 038, Karnataka, India to the present address w.e.f. 30.07.2009.
·
No Charges Exist for
Company.
BACKGROUND
The Company was
incorporated under the provision of Companies Act, 1956 on 9th
January 1996 as a public company with limited liability. The Company is a
subsidiary of Total Raffinage Marketing, a subsidiary of TOTAL SA, France (the
ultimate holding company).
At the Company’s
Board meeting held on 24th December 2009, the Company applied to the
Registrar of Companies (‘ROC’) for converting itself from a Public Company to a
Private Company, which has been approved by the ROC on 31st
December, 2009.
The Company is
engaged in importing and reselling Liquefied Petroleum Gas (‘LPG’) and certain
solvents (special fluids) and manufacturing and marketing of industrial and
automotive lubricants and modified value added bitumen. The Company also
provides business strategy services in the areas of marketing, production and
research functions to its parent company, support services and marketing
support services with respect to the products of its group companies.
Vide share purchase
agreement dated January 20, 2012 the Company acquired 50% shareholding of
another Total Group company ‘Total Vinergy Bitumen India Private Limited’ from
its joint venture partner ‘Vinergy International Private Limited’. Prior to
execution of share purchase agreement, Total Vinergy Bitumen India Private
Limited was 50:50 joint venture between Total Raffinage Marketing and Vinergy
International Private Limited.
PERFORMANCE REVIEW
Lubricants Business
The Company faced tough
year in 2012 due to economic slowdown as reflected in macroeconomic GDP
indicators.
Year 2012 was also
tough from the perspective of internal turbulence that the Company faced due to
Labour Union strike leading to severe supply shortage and impacting overall
performance. Overall Sales volume registered a de-growth of 7%. The de-growth
was across the verticals barring Workshop Segment which registered a volume
growth of 23%. Sales revenues registering a de-growth of over 1% over the
previous year. Proactive Pricing and efficient cost management has helped to
largely manage slide in sales revenue.
The Company has
continued to pursue its long term growth strategy and have taken new
initiatives to expand its consumer base through on ground campaigns, retailer /
mechanic contact programs and innovative sales and trade promotions.
The Company
continues to support TOTAL ELITE CLUB programme.
The Company
completed in year 2012 an important strategic survey to set clear 5 year
strategic direction for growth.
During the Year,
the Company continued to focus on a wide array of Marketing activities aimed at
strengthening the Brand position. The Company has decided to continue its
association with Bollywood celebrity, Mr. Shahid Kapoor for endorsing brand ELF
MOTO. To improve the brand recall in MCO and PCMO segment the Company has
continued to invest in media campaigns in 2012. In order to build Brand
awareness of Total, the Company also conducted new initiative ‘Total Quartz
Safety Run’. This initiative helped the Company in positioning itself as a
responsible corporate citizen. The Company has commissioned 400 plus Moto Zones
and 70 Rapid Auto Service, a branded workshop initiative developed to increase
consumer contact points for the flagship brands.
The Company
continued its strategic intent to increase presence of Brand TOTAL in its
overall portfolio of product by launching Mahindra Recommended TRACTAGRI XEP
MKM Tractor engine oil. Brand association with Mahindra Tractors would clearly
help them in long term positioning of Tractagri as a premium Tractor Engine
Oil. The Company has entered into tie-up with Mahindra Tractors for supply of
Genuine Oil.
The Company also
has got into strategic tie-up with Mahindra Group to sponsor Mahindra Racing
team. Mahindra Racing is the first Indian Company to participate in prestigious
motorsports event like MotoGP.
The Company
continued building and strengthening its relationships with OEMs existing and
future partners. The Company has been rewarded 3rd time in a row
from Maruti Suzuki ‘Overall Silver Award’ award in 2012 during their Vendor
conference, Tata Motors award for Excellence in performance in June 2012 and
Business Partner of Year award in April 2012.
In order to bring
better alignment and focus in the way of working, the Company undertook an
organization restructuring exercise with formation of three verticals’ After
Market Distributors, Industrial Business, and OEM’ FF and SF
The year 2012 has
been a challenging year for the Lubricant Industry. Slump in Automotive
Industry growth, slowdown in Industrial Activity and liquidity crunch have had
a negative impact on the growth of Lube Industry.
To improve the
productivity of vehicles and to reduce the servicing costs for their consumers,
OEMs are upgrading the specifications of recommended products. This has lead to
increased drain intervals especially in CVs segment which has tapered the
overall growth in lube consumption. Cars and 2 Wheeler OEMs are moving rapidly
towards fuel economy products, as is evident from the change in recommendation
to lower viscosity engine oils. TOTAL has developed Lubricants in Fuel Economy
range covering all the segments.
In tractor segment
the shift from dry brake to wet brake tractors continues.
The gradual shift of
servicing from unorganized road side garages to OEM franchisee workshop
continues. This channel shift is much faster in Passenger Car Segment. This has
made the OEM franchisee workshop business highly competitive.
In the bazaar
trade all major lube players fighting for the shelf space by offering
innovative trade / consumer schemes to the retailers / mechanics and consumers.
In industrial sector also, market has seen increased competition through
discounting by GOCs to retain market share.
TECHNICAL CENTRE ASIA PACIFIC (TCAP)
TOTAL has opened a
new Technical Centre for Asia Pacific (TCAP) in Mumbai, in September 2012. The
TCAP will operate in four different areas: Lubricants, Special Fluids and
Additives for fuels and Bitumen.
The key objective
of TCAP is to provide value added technical support in the areas of product
development, analysis, product training and field testing.
SPECIAL FLUIDS BUSINESS:
The Company
achieved a total volume of 21073 MT in the year 2012. Major volume of the
business came from Drilling Fluids.
Despite aggressive
pricing from competitors, the Company was able to get the new customers.
Promotional Initiatives
·
Launched Channel Partner’s Loyalty programme and
awarded partners with wooden plaques for their achievement in the year 2012.
·
Secured tie-up with Indofil Industries to market
Banole EC.
·
Conducted Banana Growers Campaign in Tamilnadu for
Banole EC
LPG BUSINESS
The Company
notched the highest sales since inception, which represented a growth of 20%
over 2011.
The Company
continued to be a major player in the extremely service intensive BOOM segment
and grew by 7%, despite adverse industrial situation and slowdown in the mining
sector. The AutoLPG segment grew an impressive 13%, which was topped up by
growth rates exceeding 20% towards the end of the year. With 14 ALDS in the
works, the Company is well poised to expand its presence in this very
attractive market segment. The Quantaz segment powered ahead and the 100th
contract was signed during the year. It also outperformed all the other ‘core’
segments by registering a sizzling 51% growth rate. After years of
underperforming the market and incessant slide in volumes, the packed segment
registered a positive growth of 6%. This segment reacted positively to the structural
changes being ushered in by the Government in the subsidized LPG segment and
the Company expects it to be the growth engine for the years to come.
The Company also
commenced Propane marketing during the year, which was another major landmark.
The Company
notched a sizzling growth of 97% in the commodity segment. This segment is
characterized by volatile swing in volumes, but the relationships built with
customers should stand the Company in good position in the days to come.
The Company’s
Terminal at Mangalore has achieved an all time record throughput of 0.512
Million MT LPG. Out of this 0.38 Million MT belonged to National Oil Companies
and 0.14 Million own imports. It is instrumental in increasing the Terminal
utilization by many folds. Revenue from Terminalling operation was 5 MUSD.
One of the workers
at Mangalore Terminal received the ‘State Award for the Best worker of the year
2012’ from Directorate of Factories, Karnataka State recognizing his efforts in
promoting Safety. The Company’s workers have received similar awards during
2007, 2008 and 2009 and 2012 too.
BITUMEN BUSINESS
The Company
achieved a total volume of 2,980 MT in year 2012. The customers have currently
chosen the Company as supplier of PMB for their ongoing road project in
Rajasthan which is expected to add momentum to achieve a turnaround in the
business. Quality of product, technical support and superior service standards,
as acknowledged by customer, are clear differentiators supporting the choice of
the Company.
The Company
started 2013 with highest ever sales volume of 1,584 MT in a month
(January-2013).
Though
implementation of road projects across the country is still hurdled by many
issues, some of the earlier awarded projects in Rajasthan are expected to gain
momentum during the year. The Company is looking for opportunities outside the
State of Rajasthan through mobile plants or fixed plants are being explored.
AMALGAMATION
During the year,
Total Vinergy Bitumen India Private Limited, another subsidiary Company of
Total Raffinage Marketing, got merged with the Company. The main object of
amalgamation was to enable the management to pool the resources of both the
Companies for common advantage and for further growth / diversification.
Accordingly an application was made to the High Court of Bombay for the
amalgamation.
The Hon’ble High
Court of Juridicature at Bombay has approved the scheme of amalgamation of
Total Vinergy Bitumen India Private Limited with the Company on 7.9.2012. The
scheme is operative from the appointed date i.e. 1st April 2011 as
stated in the scheme of amalgamation.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Leasehold Improvements
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.60.17 |
|
|
1 |
Rs.99.39 |
|
Euro |
1 |
Rs.83.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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 |
|
DEFAULTER |
|
|
|
--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.