MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANGALI PETROCHEM LIMITED (w.e.f. 16.09.2009) |
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Formally Known
As : |
MANGALI CEMENTS LIMITED |
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Registered
Office : |
904, 9th Floor, Krishna Apartment, Business Square, Netaji Subhash Pl. Pitampura, Delhi – 110034 |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.02.1993 |
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Com. Reg. No.: |
55-219546 |
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Capital
Investment / Paid-up Capital : |
Rs.12.929 Millions |
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CIN No.: [Company Identification
No.] |
U26959DL1993PLC219546 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM19689F |
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PAN No.: [Permanent Account No.] |
AABCM0054E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trading and Manufacturing of Organic and Inorganic chemicals. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 396000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Profitability
of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
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 DENIED
Management Non-Cooperative (Tel No.: 91-11-27355575)
LOCATIONS
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Registered Office / Corporate Office : |
904, 9th Floor, Krishna Apartment, Business Square, Netaji Subhash Pl. Pitampura, Delhi – 110034, India |
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Tel. No.: |
91-11-27355575 |
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Fax No.: |
91-11-47069255 |
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E-Mail : |
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Website : |
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Offices and Warehouses : |
Located At: ·
605, Sai Samarth Business Park, Next to Wasan
Motor Service Centre, Deonar Village Road, Mumbai –
400088, Maharashtra, India ·
601, A Wing, Shrikant
Chamber, Near R.K Studio, Chembur (East), Mumbai –
400071, Maharashtra, India
Tel. No.: 91-22-25202303 Fax No.: 91-22 25202304 ·
47-48,Industrial Development Colony, Delhi
Road, Hissar-125005, Haryana, India Tel. No.: 91-166-2220313 Fax No.: 91-166-2222390 ·
New Delhi ·
Bangalore ·
Hamariya (Sharjah) |
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Overseas Office : |
Located At : Hong
Kong |
DIRECTORS
As on 28.09.2013
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Name : |
Mr. Satpal Goyal |
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Designation : |
Director |
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Address : |
House No. 1919-P, Sector – 13 P, Hissar –
125005, Haryana, India |
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Date of Birth/Age : |
26.11.1949 |
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Date of Appointment : |
15.02.1993 |
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PAN No.: |
ABCPG8257E |
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DIN No.: |
00867556 |
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Name : |
Mr. Rohit Goyal |
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Designation : |
Director |
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Address : |
House No. 1919-P, Sector – 13 P, Hissar –
125005, Haryana, India |
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Date of Birth/Age : |
17.06.1980 |
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Date of Appointment : |
25.03.2004 |
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PAN No.: |
AFPPG6512H |
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DIN No.: |
01074848 |
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Other Directorship:
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Name : |
Mrs. Renu Goyal |
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Designation : |
Director |
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Address : |
House No. 1919-P, Sector – 13 P, Hissar –
125005, Haryana, India |
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Date of Birth/Age : |
01.05.1964 |
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Date of Appointment : |
15.09.2005 |
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PAN No.: |
AAUPG0715G |
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DIN No.: |
01074799 |
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MAJOR SHAREHOLDERS
As on 28.09.2013
|
Names of Shareholders |
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No. of Shares |
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Satya Pal Goyal |
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667100 |
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Rohit Goyal |
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145500 |
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Shikha Goyal |
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80000 |
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Vivek Goyal |
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25000 |
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Renu Goyal |
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11100 |
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Shaker Lal Goyal |
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1600 |
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Somesh Chander Duggle |
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3950 |
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Ratan Lal Jindal |
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100 |
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Krishan Murari Goyal |
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100 |
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Kusum Goyal |
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10000 |
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Anil Kumar |
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4000 |
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Bharat Bhushan |
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4000 |
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Harish Chander |
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100 |
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Manju Sharma |
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5850 |
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Satya Prakash |
|
100 |
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Som Prakash |
|
100 |
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Omprakash Jindal |
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5100 |
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Suresh Bansal |
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100 |
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Sumesh Goyal |
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100 |
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Laxmi Garg |
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100 |
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Kishori Lal |
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100 |
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J. C. Bansal |
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200 |
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Naresh Bansal |
|
500 |
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Kailash Narain |
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100 |
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Jawahar Lal and Sons,
India |
|
28000 |
|
Gulf Oil Tanking Private Limited, India |
|
300000 |
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Total |
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1292900 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
Category |
Percentage |
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Bodies corporate |
23.20 |
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Directors or relatives of Directors |
74.63 |
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Other top fifty shareholders |
2.17 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading and Manufacturing of Organic and Inorganic chemicals. |
GENERAL INFORMATION
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No. of Employees : |
Information denied by management |
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Bankers : |
· ING Vysya Bank Limited, Shop Nos G-57 and G-59, B-57, Agarwal City Plaza, Plot No.17, Dist. Centre, Sector 3, Rohini, Delhi - 110085, India ·
HDFC Bank Limited ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discovery of India, Dr. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
PNG and Company Chartered Accountants |
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Address : |
309, S-524, Aggarwal Complex,
Main Vikash Marg, Shakarpur, New Delhi, India |
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PAN No.: |
AAKFP0537F |
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1292900 |
Equity Shares |
Rs.10/- each |
Rs.12.929 Millions |
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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 |
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(1)Shareholders' Funds |
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(a) Share Capital |
12.929 |
12.929 |
12.929 |
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(b) Reserves & Surplus |
67.842 |
53.739 |
41.715 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
18.300 |
10.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
99.071 |
76.668 |
54.644 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
10.076 |
4.581 |
13.060 |
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(b) Deferred tax liabilities (Net) |
3.485 |
2.370 |
1.462 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
13.561 |
6.951 |
14.522 |
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(4) Current Liabilities |
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(a) Short term borrowings |
160.628 |
136.325 |
37.845 |
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(b) Trade payables |
87.265 |
69.573 |
68.148 |
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(c) Other current
liabilities |
27.375 |
16.223 |
16.702 |
|
(d) Short-term provisions |
1.415 |
2.750 |
1.097 |
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Total Current Liabilities (4) |
276.683 |
224.871 |
123.792 |
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TOTAL |
389.315 |
308.490 |
192.958 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
45.429 |
44.787 |
30.045 |
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(ii) Intangible Assets |
0.040 |
0.048 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.985 |
1.710 |
0.654 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
47.454 |
46.545 |
30.699 |
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
118.477 |
101.143 |
60.024 |
|
(c) Trade receivables |
175.965 |
123.934 |
88.433 |
|
(d) Cash and cash
equivalents |
24.499 |
14.475 |
4.192 |
|
(e) Short-term loans and
advances |
22.920 |
22.393 |
9.610 |
|
(f) Other current assets |
0.00 |
0.000 |
0.000 |
|
Total Current Assets |
341.861 |
261.945 |
162.259 |
|
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|
|
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TOTAL |
389.315 |
308.490 |
192.958 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1080.844 |
1003.677 |
1132.579 |
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Less |
EXPENSES |
1056.030 |
981.773 |
1113.365 |
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PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
24.814 |
21.904 |
19.214 |
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Less |
DEPRECIATION/
AMORTISATION |
4.050 |
3.103 |
2.378 |
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PROFIT/(LOSS)
BEFORE TAX |
20.764 |
18.801 |
16.836 |
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Less |
TAX |
6.661 |
6.778 |
5.619 |
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PROFIT/(LOSS)
AFTER TAX |
14.103 |
12.023 |
11.217 |
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|
Earnings Per
Share (Rs.) |
10.91 |
NA |
NA |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
|
|
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:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loans from banks |
10.076 |
3.936 |
|
Total |
10.076 |
3.936 |
CORPORATE INFORMATION
The company was incorporated on 12th February 1993 vide certificate of incorporated dated 12th February 1993 issued by Registrar of Companies, NCT of Delhi to carry on the business of trading and manufacturing of Organic and inorganic chemicals.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10326148 |
02/04/2013 * |
45,000,000.00 |
Yes Bank Limited |
9th
Floor, Nehru Centre, Discovery Of India, Dr. |
B73468126 |
|
2 |
10307439 |
10/12/2012 * |
210,000,000.00 |
ING VYSYA BANK LIMITED |
Shop
Nos G-57 and G-59, B-57, Agarwal
City Plaza, |
B67386706 |
|
3 |
10307433 |
10/12/2012 * |
210,000,000.00 |
ING VYSYA BANK LIMITED |
Shop
Nos G-57 and G-59, B-57, Agarwal
City Plaza, |
B67338020 |
|
4 |
10224092 |
23/04/2010 |
105,000,000.00 |
STANDARD CHARTERED BANK |
10,
Parliament Street, New Delhi, Delhi - 110001, |
A87172557 |
*Date of modification Charges
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 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
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.