MIRA
INFORM REPORT
|
Report Date : |
22.05.2014 |
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) : |
31.12.2013 |
|
|
|
|
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 (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12378800 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company possesses a favourable financial profile marked by decent
networth base along with large working capital requirements. Management has reported a dip in its profitability during December
2013. The ratings also take into consideration the steep deterioration in
its cash balance and high trade receivables period during the year under
review. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of long standing presence, the subject can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank Goldman
Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 co-operative [91-22-27788000]
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 30.09.2013
|
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 30.09.2013
|
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 30.09.2013
|
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. |
||||||||||||
|
|
|
||||||||||||
|
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 |
|
|
|
|
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 |
|
PAN No: |
AAAFB9852F |
|
|
|
|
Holding Company : |
Total
Marketing Services, France |
|
|
|
|
Ultimate Holding
Company: |
Total S.A., France |
|
|
|
|
Associates : |
·
Arteco Coolants India Private Limited [U24233MH2010PTC201618] ·
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 ·
S Oil Total Lubricants Company Limited, Korea ·
Total Lubricants, USA ·
Total Fluides, France ·
Total Gestion Internationale, Switzerland ·
Total Petrochemicals Hong Kong Limited, Hong Kong ·
Totsa Total Oil Trading SA, Geneva, Switzerland ·
Total Lubrifiants, China ·
Total Philippines Corporation, Philippines ·
Total Gaz Vietnam Limited Company, Vietnam ·
Total Projects India Private Limited, India ·
Sun PowerSystems SARL, Switzerland ·
Total Raffinage Chimie, France |
CAPITAL STRUCTURE
AS ON 30.09.2013
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 31.12.2013
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 |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
271.800 |
271.800 |
271.800 |
|
(b) Reserves &
Surplus |
2822.900 |
2642.000 |
2273.600 |
|
(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) |
3094.700 |
2913.800 |
2545.400 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.300 |
|
(c) Other long term
liabilities |
315.000 |
263.300 |
203.800 |
|
(d) long-term provisions |
28.400 |
27.000 |
16.900 |
|
Total Non-current
Liabilities (3) |
343.400 |
290.300 |
221.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2079.500 |
1718.400 |
1379.900 |
|
(b) Trade payables |
561.100 |
862.200 |
1009.000 |
|
(c) Other current
liabilities |
1091.400 |
946.800 |
1021.200 |
|
(d) Short-term provisions |
261.900 |
169.500 |
190.900 |
|
Total Current Liabilities
(4) |
3993.900 |
3696.900 |
3601.000 |
|
|
|
|
|
|
TOTAL |
7432.000 |
6901.000 |
6367.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1806.500 |
1723.300 |
943.800 |
|
(ii) Intangible Assets |
5.000 |
0.100 |
36.200 |
|
(iii) Capital
work-in-progress |
294.200 |
120.700 |
495.500 |
|
(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) |
41.000 |
41.700 |
0.000 |
|
(d) Long-term Loan and Advances |
286.200 |
271.600 |
63.400 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
151.300 |
|
Total Non-Current Assets |
2432.900 |
2157.400 |
1690.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2721.600 |
2523.300 |
2705.700 |
|
(c) Trade receivables |
2004.800 |
1668.000 |
1378.300 |
|
(d) Cash and cash equivalents |
2.300 |
97.300 |
218.000 |
|
(e) Short-term loans and
advances |
270.400 |
455.000 |
135.300 |
|
(f) Other current assets |
0.000 |
0.000 |
239.900 |
|
Total Current Assets |
4999.100 |
4743.600 |
4677.200 |
|
|
|
|
|
|
TOTAL |
7432.000 |
6901.000 |
6367.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
15955.014 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
15955.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
14904.205 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
792.700 |
971.000 |
1050.809 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
276.700 |
200.500 |
324.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
516.000 |
770.500 |
726.066 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
991.700 |
728.500 |
2.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT TRANSFER
ON AMALGAMATION |
0.000 |
(82.700) |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Dividend |
299.000 |
299.000 |
0.000 |
|
|
|
Tax on Equity Dividend |
50.800 |
48.500 |
0.000 |
|
|
|
Transfer to General Reserve |
51.600 |
77.100 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1106.300 |
991.700 |
728.511 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service charges |
NA |
NA |
14.974 |
|
|
|
Others |
NA |
NA |
29.936 |
|
|
|
FOB values of exports |
NA |
NA |
23.105 |
|
|
TOTAL EARNINGS |
NA |
NA |
68.015 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
3770.174 |
|
|
|
Capital Goods |
NA |
NA |
75.121 |
|
|
|
Traded Goods |
NA |
NA |
5311.263 |
|
|
TOTAL IMPORTS |
NA |
NA |
9156.558 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
18.98 |
28.35 |
26.71 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
4.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.17
|
14.41
|
17.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.33
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67
|
0.59
|
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.28
|
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
271.800 |
271.800 |
271.800 |
|
Reserves & Surplus |
2273.600 |
2642.000 |
2822.900 |
|
Net worth |
2545.400 |
2913.800 |
3094.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1379.900 |
1718.400 |
2079.500 |
|
Total borrowings |
1379.900 |
1718.400 |
2079.500 |
|
Debt/Equity ratio |
0.542 |
0.590 |
0.672 |
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 |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowings |
|
|
|
Other loans and advances |
209.500 |
368.400 |
|
Working capital loans from banks |
1870.000 |
1350.000 |
|
TOTAL
|
2079.500 |
1718.400 |
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.
AMALGAMATION
OF TOTAL VINERGY BITUMEN INDIA PRIVATE LIMITED WITH THE COMPANY:
During the previous year, pursuant
to the scheme of Arrangement and Amalgamation (Scheme) of erstwhile Total
Vinergy Bitumen India Private Limited (TVBIPL) with the Company, as approved by
the Board of Directors of the Company in its meeting held on 13 March 2012 and
subsequently sanctioned by the Hon’ble High Court of Bombay on 7 September
2012, the assets and liabilities of erstwhile TVBIPL were transferred to and
vested in the Company effective 1 April 2011. Accordingly the scheme had been
given effect to in the accounts during the previous year.
The amalgamation had been
recorded for under the purchase method of accounting` as prescribed by
Accounting Standard-14 on Accounting for Amalgamations. Accordingly, the assets
and liabilities of erstwhile TVBIPL at 1 April 2011, have been taken over at
their existing carrying values as appearing in the books of account.
Pursuant to the
amalgamation, the shareholders of erstwhile TVBIPL were issued 10 Class B
equity shares of Rs.10 each for every 2,000,000 equity shares of Rs. 10 each, 10
Class B equity share of Rs. 10 each for every 2,000,000 Class A participating
convertible preference shares of Rs. 10 each, 10 Class B equity shares of Rs.10
each for every 2,000,000 Class B non-participating convertible preference
shares of Rs. 10 each, 10 Class B equity shares of Rs. 10 each for every
2,000,000 Class C non-convertible redeemable preference shares of Rs. 10 each.
Shares held by TOIPL stand cancelled without any further act or deed.
Net deficit of Rs. 28.100
millions being the difference between the Class B equity shares issued by the
Company pursuant to the scheme of amalgamation and the net assets of erstwhile
TVBIPL has been adjusted in capital reserve of the Company in accordance with
the scheme.
PERFORMANCE REVIEW:
LUBRICANTS BUSINESS:
The Company faced tough
year in 2013 due to further economic slowdown as reflected in macroeconomic GDP
indicators. The economic downturn in 2013 was reflected in the sharp decline in
mining and infrastructure sectors, slump in Automotive Industry growth, decline
in Industrial Activity and liquidity crunch all compounded to a negative impact
on Lube Industry. Year 2013 saw the introduction of a new Local Body Tax (LBT)
in lieu of the erstwhile Cess at Navi Mumbai where the Company’s manufacturing
plant is located. This would have an additional implication of approx. 2% on
all material inputs used for manufacturing and plant operations at Navi Mumbai.
The Company registered a growth of 2.2% in the overall sales volume i.e. After
Market, Workshop segment registered 16%, Distributor channel 5% and double
digit growth in PCMO and MCO segment. However, there was decline in OEM factory
fill segment by 8% and Industrial lubricant segment by 11%. Proactive Pricing
and efficient cost management has helped to largely manage sluggish sales
volume growth.
Sales revenues registered a
growth of over 6 % over the previous year. The Company has continued to pursue
its long term growth strategy and have taken new initiatives to expand its
consumer base through innovative sales and trade promotions and on ground
campaigns covering Retailer, Mechanic and Consumers. The Company continues to
support high performing Distributors through TOTAL ELITE CLUB programme. During
the year the Company completed an important strategic survey to set direction
for long term OEM engagement. In the Automotive segment, the company launched
Lube-in-the-box LIB MCO project, an initiative of Total Asia Pacific, a
strategic growth project for the crucial 2-Wheeler oil segment. During the
Year, the Company continued to focus on a wide array of Marketing activities
aimed at strengthening the Brand position. To improve the brand recall in MCO
and PCMO segment the Company has continued to invest in media campaigns in
2013.
During the year, the Company
has commissioned 32 Moto Zone and 25 Rapid Auto Service, taking the overall
tally to 400 operational MZ and 75 operational RAS, a branded workshop
initiative developed to increase consumer contact points for the flagship
brands.
To increase the presence of
brand TOTAL in the aftermarket Agri segment, the company took the initiative of
brand migration and, ELF Super HD 5 was migrated to TOTAL. The Company
continued its 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.
With the objective of
building competence and effectiveness of Sales team and Distributor team, the
company conducted a series of brand workshops across the country and provided
training on the various aspects of brand management, network management and
customer relationship management. The company won the prestigious award for
Quality and Delivery Improvement from Maruti Suzuki for the fourth consecutive
year in 2013. 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 led to increased drain intervals especially in
CV and 2-wheeler segments which has tapered the overall growth in lube
consumption. Cars OEMs are moving rapidly towards fuel economy products, as is
evident from the change in recommendation to lower viscosity engine oils. 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 comparatively 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
aggressive schemes to retailer/mechanic and consumers. In industrial sector
also, market has seen increased competition through discounting by National Oil
Companies (NOCs) and local players to retain market share. TOTAL has developed
Lubricants in Fuel Economy range covering all the segments.
TECHNICAL CENTRE ASIA
PACIFIC (TCAP):
Technical Centre Asia
Pacific (TCAP) in Mumbai provides value added technical support in the areas of
product development, analysis and product training. The TCAP operates in four
different areas: Lubricants, Special Fluids, Bitumen and Additives for fuels
(ACS).
SPECIAL FLUIDS BUSINESS:
The Company achieved a total
volume of 16522 MT in the year 2013. Major volume of the business came from
Specialties sales which resulted in better profitability. Despite aggressive
pricing from competitors, the Company was able to get new customers.
During the year, the company
took promotional Initiatives for:
·
Banana
Growers Campaign in southern coastal India for Banole EC.
·
Apple
Growers product awareness campaigns in Kashmir valley.
LPG BUSINESS:
The Company achieved the highest
sales since inception, which represented a growth of 3% over 2012. The Company
continued to be a major player in the extremely service intensive BOOM segment
and grew by 15%, despite adverse industrial situation and slowdown in the
mining sector.
The Auto LPG segment grew
an impressive 21%, with a target to reach 75 operational stations by end of
2014.
The Quantaz segment
registered 39% growth rate.
The packed segment
registered a positive growth of 8%. 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 launched a new
product Compact Manifold System to take on the competitors in the LOT segment.
This product is expected to make significant inroads in the competitor’s market
share and strengthen the position. The Company’s Terminal at Mangalore has
achieved 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
Terminal ling operation was 150 MINR. Mangalore Terminal received the Highest
Safety award from National Safety Council, Karnataka Chapter. Bottom line was
affected by extreme volatility in the foreign exchange markets as well as sharp
swings in Contract Price.
BITUMEN BUSINESS:
The Company achieved a
total volume of 15,519 MT in Bitumen business in year 2013 which is highest ever
achieved. During the year, two major road developers have chosen the Company as
supplier of PMB for their BOT road projects in Rajasthan. Quality of product,
technical support and superior service standards, as acknowledged by customers,
are clear differentiators supporting the choice of the Company. Though
implementation of road projects across the country is continuing to be hurdled
by multiple issues, revival of the sector is expected post general elections in
2014. Some of the new BOT projects which are expected to reach implementation
stage during 2014 will bring additional business to the Company and help in
achieving a turnaround. The Company is looking for opportunities outside the
State of Rajasthan through Depots, Third Party plants and Mobile Plants. In
this context, the Company has established a Depot in the State of Punjab and
tied-up with a Third Party plant at Hyderabad in the State of Andhra Pradesh.
During the year, the Company has received approval for its Products from the
States of Punjab, Haryana and Himachal Pradesh.
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 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.58.77 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
46 |
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.