MIRA INFORM REPORT
|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE HARI CHEMICALS EXPORT LIMITED |
|
|
|
|
Formerly Known
As : |
SHREE HARI CHEMICALS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A/8 MIDC Mahad, District Raigad, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.10.1987 |
|
|
|
|
Com. Reg. No.: |
11-044942 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.44.463 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1987PLC044942 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS38068C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS5632B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of H-Acid Chemicals Products. |
|
|
|
|
No. of Employees
: |
17 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 320000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB- |
|
Rating Explanation |
In adequate credit quality and high credit
risk |
|
Date |
21.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
21.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sanjay Kedia |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-28787081 |
|
Date : |
24.03.2014 |
LOCATIONS
|
Registered Office/ Factory : |
A/8, MIDC Industrial Area, Mahad, District Raigad – 402309, Maharashtra,
India |
|
Tel. No.: |
91-2145-233775/ 232177/ 232543 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Administrative Office : |
103/104, Unique Tower, S. V. Road, Near Kamat Club, Goregaon (West),
Mumbai – 400062, Maharashtra, India |
|
Tel No.: |
91-22-28787081 |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. K. L. Ramuka |
|
Designation : |
Chairman and Executive Director |
|
|
|
|
Name : |
Mr. B. C. Agrawal |
|
Designation : |
Managing Director |
|
Date of Birth : |
29.10.1951 |
|
Qualification : |
B.Com,
A ICWA |
|
Experience : |
Over
39 years in Yarn and Chemical industry |
|
|
|
|
Name : |
Mr. H. P. Ramuka |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. S. K. Sultania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. D. Chirania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Dayma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. P. Kedia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Kedia |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
||
|
|
1259128 |
28.32 |
|
|
635700 |
14.30 |
|
|
1894828 |
42.62 |
|
|
|
|
|
|
||
|
Total shareholding of Promoter and Promoter
Group (A) |
1894828 |
42.62 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
-- |
-- |
|
|
||
|
|
98332 |
2.21 |
|
|
|
|
|
|
||
|
|
1643607 |
36.97 |
|
|
706168 |
15.88 |
|
|
|
|
|
|
103365 |
2.32 |
|
|
88298 |
1.99 |
|
|
14967 |
0.34 |
|
|
100 |
0.00 |
|
|
2551472 |
57.38 |
|
|
|
|
|
Total Public shareholding (B) |
2551472 |
57.38 |
|
|
|
|
|
Total (A)+(B) |
4446300 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
4446300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of H-Acid Chemicals Products. |
GENERAL INFORMATION
|
No. of Employees : |
17 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of India Backbay
Reclamation Branch, Raheja Chambers, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kailash Chand Jain and Company Chartered Accountants |
|
Address : |
Mumbai
– 400020, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
· Shree Hari Finvest Private Limited |
CAPITAL STRUCTURE
(AS ON 28.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4446300 |
Equity Shares |
Rs.10/- each |
Rs.44.463
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 |
44.463 |
44.463 |
44.463 |
|
(b) Reserves & Surplus |
34.367 |
84.519 |
105.715 |
|
(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) |
78.830 |
128.982 |
150.178 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
12.608 |
14.880 |
17.563 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
12.608 |
14.880 |
17.563 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
32.313 |
4.534 |
143.418 |
|
(b) Trade
payables |
90.277 |
69.084 |
66.200 |
|
(c) Other
current liabilities |
28.823 |
32.991 |
52.067 |
|
(d) Short-term
provisions |
3.900 |
3.900 |
9.102 |
|
Total Current
Liabilities (4) |
155.313 |
110.509 |
270.787 |
|
|
|
|
|
|
TOTAL |
246.751 |
254.371 |
438.528 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
110.663 |
129.680 |
144.710 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.474 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.293 |
3.292 |
3.293 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.930 |
1.100 |
1.206 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
114.886 |
134.072 |
149.683 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4.867 |
32.383 |
74.575 |
|
(c) Trade
receivables |
104.918 |
48.057 |
151.626 |
|
(d) Cash
and cash equivalents |
5.606 |
10.783 |
15.558 |
|
(e)
Short-term loans and advances |
15.913 |
28.477 |
44.819 |
|
(f) Other
current assets |
0.561 |
0.599 |
2.267 |
|
Total
Current Assets |
131.865 |
120.299 |
288.845 |
|
|
|
|
|
|
TOTAL |
246.751 |
254.371 |
438.528 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
154.821 |
702.976 |
731.613 |
|
|
|
Other Income |
(0.260) |
(0.914) |
2.167 |
|
|
|
TOTAL (A) |
154.561 |
702.062 |
733.780 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
6.710 |
466.192 |
474.089 |
|
|
|
Purchase
of Stock-in-Trade |
119.830 |
15.501 |
3.618 |
|
|
|
Changes
in Inventory of Finished goods (Mfg.) |
8.490 |
16.418 |
0.106 |
|
|
|
Changes
in Inventory of (Trading Goods) |
12.418 |
(4.115) |
0.000 |
|
|
|
Other
Manufacturing Expenses |
21.482 |
155.446 |
156.841 |
|
|
|
Employee
Benefit Expenses |
7.264 |
13.726 |
12.415 |
|
|
|
Other
Administrative and Selling Expenses |
8.419 |
23.257 |
24.374 |
|
|
|
TOTAL (B) |
184.613 |
686.425 |
671.443 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(30.052) |
15.637 |
62.337 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.604 |
19.016 |
24.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(34.656) |
(3.379) |
37.605 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.768 |
20.500 |
23.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(52.424) |
(23.879) |
14.497 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(2.272) |
(2.683) |
6.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(50.152) |
(21.196) |
8.143 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.017 |
93.213 |
85.070 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
21.865 |
72.017 |
93.213 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
55.726 |
101.421 |
|
|
TOTAL EARNINGS |
0.000 |
55.726 |
101.421 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.412 |
77.112 |
151.899 |
|
|
|
Traded Goods |
37.600 |
10.400 |
0.000 |
|
|
TOTAL IMPORTS |
38.012 |
87.512 |
151.899 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.28) |
(4.77) |
1.83 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
51.500 |
53.400 |
209.800 |
|
Total
Expenditure |
53.100 |
55.000 |
153.800 |
|
PBIDT
(Excl OI) |
(1.600) |
(1.600) |
56.000 |
|
Other
Income |
0.000 |
0.100 |
0.300 |
|
Operating
Profit |
(1.600) |
(1.500) |
56.300 |
|
Interest |
1.200 |
1.400 |
1.600 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(2.700) |
(3.000) |
54.700 |
|
Depreciation |
3.900 |
3.700 |
3.800 |
|
Profit
Before Tax |
(6.600) |
(6.600) |
50.900 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
(6.600) |
(6.600) |
50.900 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior
Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net
Profit |
(6.600) |
(6.600) |
50.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(32.45)
|
(3.02) |
1.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(33.86)
|
(3.40) |
1.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(21.53)
|
(9.51) |
3.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67)
|
(0.19) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41
|
0.04 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85
|
1.09 |
1.07 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
44.463 |
44.463 |
44.463 |
|
Reserves & Surplus |
105.715 |
84.519 |
34.367 |
|
Net worth |
150.178 |
128.982 |
78.830 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
143.418 |
4.534 |
32.313 |
|
Total borrowings |
143.418 |
4.534 |
32.313 |
|
Debt/Equity ratio |
0.955 |
0.035 |
0.410 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
731.613 |
702.976 |
154.821 |
|
|
|
(3.914) |
(77.976) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
731.613 |
702.976 |
154.821 |
|
Profit |
8.143 |
(21.196) |
(50.152) |
|
|
1.11% |
(3.02%) |
(32.39%) |
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 |
No |
|
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 |
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 |
No |
|
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 |
OPERATIONS
The company’s manufacturing
activities had been discontinued since 28th February, 2012 as per the
directions of Maharashtra Pollution Control Board. Then the company had filed a
notice of motion with the Hon’ble High Court, Bombay. The High Court appointed
the NEERI (National Environmental Engineering Research Institute) to inspect
the plant. After the inspection of the plant NEERI recommended to operate the
plant about 50% levels of production capacity for a period of three weeks for
assessment of all polluting streams under the observations of MPCB. Further to
that the Hon’ble High Court, Bombay vide order dated 29th July, 2013 has
allowed the company to restart its commercial production at 50% of its capacity
as per the recommendations of NEERI made so far and which may be made hereafter
and upto 100% after satisfying the regulatory authorities.
Due to the closure of the
company’s manufacturing activity, the company could able to achieve a turnover
of Rs.154.821 Millions as against Rs.702.976 Millions in the previous year.
This resulted in a loss of Rs.50.152 Millions.
EXPORT
The
Export turnover of the year under review is Rs. NIL. as against Rs.96.807
Millions in previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE,
DEVELOPMENT, OPPORTUNITY AND THREATS:
India, being 2nd largest
producer of Dyestuffs & Intermediate after China, has the potential to
improve its Global
Market share from the
current 11 % to 35 % in next five years time. Due to declining industry
scenario in Europe and acquisition of some of European industry by Indian
Dyestuff Manufacturer which resulted in the improvement of India's share in
Global Market from 11 % to 21 %. As your Company is also part of this industriy
will have a benefit of it in the years to come.
However as the China have
developed huge economics of scale in the dyestuff industry there will be stiff
competition from them.
SEGMENT-WISE PRODUCTION
PERFORMANCE:
Since the Company’s
operations in Dye Intermediate i.e., 1-Amino, 8-Napthol, 3-6 Disulphonic Acid,
therefore the above figures relates to that segment.
OUTLOOK:
The product of the company
is an intermediate for dyestuff mainly reactive dyes which is being used in the
cotton textiles. As there is an upward trend in use of cotton textiles, the
company foresee continuous growth in demand for its products.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
(I)
Showcause notices received by the Company from custom/
excise Department not acknowledged as debt |
5.506 |
5.506 |
|
(ii)
Guarantees |
0.900 |
4.296 |
|
(iii)
Demand against Mathadi Board |
4.421 |
4.421 |
|
(iv)
Income Tax Demand for A.Y. 1998-99 |
2.940 |
1.429 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
90151408 |
14/01/2010 * |
464,700,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION
BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A78154531 |
|
2 |
90151406 |
15/12/2008 * |
464,700,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMN.
UNIT, SHRI HARI BUILDING, |
A53341228 |
|
3 |
90151390 |
27/07/1992 |
2,500,000.00 |
STATE BANK OF INDIA |
BACKYAY RECLAMATION,
RAHEJA CHAMBERS; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
4 |
90150214 |
27/07/1992 |
4,900,000.00 |
STATE BANK OF INDIA |
BACKYAY RECLAMATION, RAHEJA
CHAMBERS; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90151373 |
19/10/1989 |
5,200,000.00 |
STATE BANK OF INDIA |
BACKYAY RECLAMATION,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Leasehold Land
· Building
· Plant and Equipments
· Furniture and Fixture
· Office Equipment
· Computer
· Roads
· Electrical Installation
· Office Premises
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
|
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.