MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VISWAAT
CHEMICALS LIMITED |
|
|
|
|
Formerly Known
As : |
VISWAAT CHEMICALS PRIVATE LIMITED (w.e.f.09.12.1997) VISWAT CHEMICALS DEALERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad
(East), Mumbai – 400097, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.07.1996 |
|
|
|
|
Com. Reg. No.: |
11-100815 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.49.519 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51496MH1996PLC100815 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV09746C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV4184B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Specialty Chemicals for Leather, Textile,
Pharmaceuticals, Cosmetics, Refinery, Paints and Specialty Surfactants. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1052000 |
|
|
|
|
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
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 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
July 12, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
July 12, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON – COOPERATIVE (91-22-28740365)
LOCATIONS
|
Registered / Corporate Office : |
Viswaat 7, Satsang Complex, Upper Govind Nagar, L S Raheja Marg, Malad
(East), Mumbai – 400097, Maharashtra, India |
|
Tel. No.: |
91-22-32452211/ 28740365/ 2341/ 32409612/
30052255 |
|
Mobile No.: |
91-9821417280 (Mr. Bhaskar Shetty) |
|
Fax No.: |
91-22-28745321 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1700 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. N1, Additional Ambernath MIDC, Anand Nagar, Thane – 421506,
Maharashtra, India |
|
Tel. No.: |
91-251-2620046/ 48 |
|
|
|
|
Regional Office : |
Old Number 32, New Number 10, 12th Avenue, Ashok Nagar, Chennai
– 600083, Tamilnadu, India |
|
Tel. No.: |
91-44-24741503/ 39131203 |
|
|
|
|
Technical Services Centers : |
Located At: ·
Kanupur, Uttar Pradesh, India ·
Chennai, Tamilnadu, India ·
Ranipet, Tamilnadu, India ·
Vaniyambadi, Tamilnadu, India ·
Kolkata, West Bengal, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Vinesh Vivek Shetty |
|
Designation : |
Managing director |
|
Address : |
902, Beach Classic, Versova, Seven Bunglows, Andheri (West), Mumbai – 400061,
Maharashtra, India |
|
Date of Birth/Age : |
16.09.1979 |
|
Qualification : |
B.Com, MBA |
|
Date of Appointment : |
15.07.2011 |
|
PAN No.: |
AVKPS0666D |
|
DIN No.: |
00474985 |
|
|
|
|
Name : |
Mr. Vipin Kumar Jain |
|
Designation : |
Director |
|
Address : |
43, Venus, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1966 |
|
Date of Appointment : |
29.09.1997 |
|
DIN No.: |
00165410 |
|
|
|
|
Name : |
Mr. Bhaskar Monu Shetty |
|
Designation : |
Whole-time director |
|
Address : |
1101, Wellington, Hiranandani Estate, Patlipada, Thane (West) –
400607, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1957 |
|
Qualification : |
M.Com, DFM, DMM,
LLB |
|
Date of Appointment : |
27.01/2009 |
|
PAN No.: |
AAEPS7364P |
|
DIN No.: |
00347059 |
|
|
|
|
Name : |
Hari Prasanna Shetty |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 305, Building No. 2, Dheeraj Enclave, Opposite W E Highway,
Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Date of Birth/Age : |
01.11.1965 |
|
Qualification : |
B.E (Mech, MFM) |
|
Date of Appointment : |
15.07.2011 |
|
PAN No.: |
AECPS2770K |
|
DIN No.: |
00475019 |
|
|
|
|
Name : |
Mr. Haridwar Singh |
|
Designation : |
Director |
|
Address : |
32, Vigyan Nagar Society, Bavdhan Khurd, NDA Road, Pune – 411021,
Maharashtra, India |
|
Date of Birth/Age : |
31.03.1944 |
|
Qualification : |
M.Sc, PHD |
|
Date of Appointment : |
24.07.2006 |
|
DIN No.: |
00475047 |
|
|
|
|
Name : |
Bollya Vivek Shetty |
|
Designation : |
Whole-time director |
|
Address : |
902, Beach
Classic, Versova Seven Bungalows, Andheri-West, Mumbai, Maharashtra,
India |
|
Date of Birth/Age : |
03.10.1949 |
|
Qualification : |
M.Com |
|
Date of Appointment : |
02.07.2010 |
|
PAN No.: |
AAKPS5390R |
|
DIN No.: |
00947091 |
|
|
|
|
Name : |
Mr. Arvind Inder Malhotra |
|
Designation : |
Director |
|
Address : |
703, Shreenathji, 16, Cross Road, Khar, Mumbai – 400052, Maharashtra,
India |
|
Date of Birth/Age : |
25.01.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.08.2000 |
|
PAN No.: |
AAGPM0682C |
|
DIN No.: |
01312057 |
|
|
|
|
Name : |
Mr. Venkatesh Charan |
|
Designation : |
Director |
|
Address : |
# 460, 11th Main,
R M V Extn, Sadashivanagar, 023 Bangalore, Karnataka, India |
|
Date of Birth/Age : |
05.04.1980 |
|
Qualification : |
B. com (PGDMS) |
|
Date of Appointment : |
22.09.2011 |
|
PAN No.: |
AFEPC4073N |
|
DIN No.: |
03093496 |
|
|
|
|
Name : |
Mr. Shashikant Shetty |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
73.86 |
|
Directors or relatives of Directors |
22.58 |
|
Other top fifty shareholders |
3.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Specialty Chemicals for Leather, Textile,
Pharmaceuticals, Cosmetics, Refinery, Paints and Specialty Surfactants. |
||||||
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|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production Kgs. |
|
Speciality Chemicals |
MT |
720 |
720 |
1335980
(including captive consumption of 860730 kgs and previous year 194964 kgs) |
|
Surfactants |
MT |
6000 |
6000 |
8447221 (including
captive consumption of 3536991 kgs and previous year 1504321 kgs ) |
|
Leather Chemicals |
MT |
12000 |
12000 |
10365413
(including captive consumption of 4815365 kgs and previous year 3900380kgs) |
|
Textile Chemicals |
MT |
4800 |
4800 |
3057141
(including captive consumption of 409471kgs and previous year 1046297kgs ) |
|
Others |
-- |
-- |
-- |
1991286 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of Maharashtra, Dr. Ambedkar Road Branch, 167/A, Poonawadi, Mumbai - 400014, Maharashtra, India Bank of Baroda |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. K. Shetty and
Associates Chartered Accountants |
|
Address : |
D-101, Galaxy
Heights, Goregaon Link Road, Opposite Bangur Nagar, Goregaon West, Mumbai –
400104, Maharashtra, India |
|
PAN
No. : |
AALFS5141D |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4951897 |
Equity Shares |
Rs.10/- each |
Rs.49.519 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 |
49.519 |
43.410 |
40.361 |
|
(b) Reserves & Surplus |
213.575 |
185.641 |
145.937 |
|
(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) |
263.094 |
229.051 |
186.298 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
70.681 |
76.148 |
59.444 |
|
(b) Deferred tax liabilities (Net) |
26.223 |
21.017 |
18.011 |
|
(c) Other long term liabilities |
26.442 |
24.671 |
19.905 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
123.346 |
121.836 |
97.360 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
306.569 |
233.396 |
153.893 |
|
(b) Trade payables |
293.885 |
181.259 |
131.606 |
|
(c) Other current
liabilities |
68.518 |
67.166 |
49.974 |
|
(d) Short-term provisions |
10.165 |
10.627 |
12.853 |
|
Total Current Liabilities (4) |
679.137 |
492.448 |
348.326 |
|
|
|
|
|
|
TOTAL |
1065.577 |
843.335 |
631.984 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
282.361 |
226.097 |
209.439 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.502 |
0.602 |
4.482 |
|
(iv)
Intangible assets under development |
47.221 |
35.509 |
0.000 |
|
(b) Non-current Investments |
0.492 |
10.928 |
0.422 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.321 |
13.781 |
8.991 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
344.897 |
286.917 |
223.334 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
128.944 |
98.868 |
65.897 |
|
(c) Trade receivables |
517.444 |
397.120 |
311.075 |
|
(d) Cash and cash
equivalents |
35.031 |
34.766 |
7.306 |
|
(e) Short-term loans and
advances |
37.227 |
23.151 |
24.054 |
|
(f) Other current assets |
2.034 |
2.513 |
0.318 |
|
Total Current Assets |
720.680 |
556.418 |
408.650 |
|
|
|
|
|
|
TOTAL |
1065.577 |
843.335 |
631.984 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1765.366 |
1462.847 |
1161.650 |
|
|
|
Other Income |
20.783 |
2.643 |
2.173 |
|
|
|
TOTAL |
1786.149 |
1465.490 |
1163.823 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1405.730 |
1153.122 |
899.725 |
|
|
|
Purchases of Stock-in-Trade |
21.239 |
15.310 |
2.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(10.425) |
(28.779) |
(16.111) |
|
|
|
Employees benefits expense |
98.124 |
92.400 |
74.697 |
|
|
|
Other expenses |
149.906 |
118.962 |
111.792 |
|
|
|
TOTAL |
1664.574 |
1351.015 |
1072.403 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
121.575 |
114.475 |
91.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
52.255 |
41.323 |
25.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
69.320 |
73.152 |
65.957 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
21.720 |
17.032 |
13.652 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
47.600 |
56.120 |
52.305 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
16.189 |
18.479 |
17.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
31.411 |
37.641 |
34.735 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
120.809 |
89.827 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
3.229 |
|
|
|
Tax on Dividend |
|
|
0.524 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
120.809 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
339.041 |
157.589 |
|
|
TOTAL EARNINGS |
NA |
339.041 |
157.589 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7.23 |
9.32 |
10.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.76 |
2.57 |
2.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.70 |
3.84 |
4.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.68 |
7.05 |
8.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.25 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.43 |
1.35 |
1.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.13 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
40.361 |
43.410 |
49.519 |
|
Reserves & Surplus |
145.937 |
185.641 |
213.575 |
|
Net
worth |
186.298 |
229.051 |
263.094 |
|
|
|
|
|
|
long-term borrowings |
59.444 |
76.148 |
70.681 |
|
Short term borrowings |
153.893 |
233.396 |
306.569 |
|
Total
borrowings |
213.337 |
309.544 |
377.250 |
|
Debt/Equity
ratio |
1.145 |
1.351 |
1.434 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1161.650 |
1462.847 |
1765.366 |
|
|
|
25.928 |
20.680 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1161.650 |
1462.847 |
1765.366 |
|
Profit |
34.735 |
37.641 |
31.411 |
|
|
2.99% |
2.57% |
1.78% |
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 |
Yes |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposits |
20.500 |
5.000 |
|
|
|
|
|
Total |
20.500 |
5.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10469396 |
20/12/2013 |
20,000,000.00 |
BANK OF MAHARASHTRA |
Dr. AMBEDKAR ROAD BRANCH, 167/A, POONAWADI, Dr. AMBEDKAR ROAD, DADAR
(EAST), Mumbai, Maharashtra - 400014, INDIA |
B93224145 |
|
2 |
10317299 |
19/10/2011 |
20,000,000.00 |
BANK OF MAHARASHTRA |
Dr. Ambedkar Road Branch, Raja Shivaji Vidyalaya, Hindu Colony, Six
Lane, Dadar (East), Mumbai, Maharashtra - 400014, INDIA |
B25171448 |
|
3 |
90158225 |
20/06/2008 * |
149,900,000.00 |
BANK OF MAHARASHTRA |
DR.AMBEDKAR ROAD BRANCH, RAJA SHIVAJI VIDYA SANKUL, HINDU COLONY, SIX
LANE, DADAR (EAST), MUMBAI, Maharashtra - 400014, INDIA |
A50264977 |
|
4 |
90155402 |
10/10/2013 * |
633,600,000.00 |
BANK OF MAHARASHTRA |
Dr. AMBEDKAR ROAD BRANCH, 167/A, POONAWADI, MUMBAI, Maharashtra -
400014, INDIA |
B87269296 |
|
5 |
90157999 |
21/08/2002 |
9,000,000.00 |
ORIENTAL BANK OF COMMERCE |
BOMBAY BAZAR BUILDING, MUMBAI, Maharashtra - 400054, INDIA |
- |
|
6 |
90157426 |
24/02/2000 |
400,000.00 |
ORIENTAL BANK OF COMMERCE |
BOMBAY BAZAR BUILDING, MUMBAI, Maharashtra - 400054, INDIA |
- |
* Date of charge modification
OPERATIONAL AND FINANCIAL PERFORMANCE:
India’s economic growth rate (GDP) had slipped to decade's low of 5 per cent in 2012-13 mainly on account of the impact of the global financial woes. Improvement in performance of agriculture and manufacturing sectors is expected to push the economic growth rate to 6.4% in 2013-14 from 5% in the previous fiscal. However, GDP of first quarter of the year slipped further below 5% and expected to settle around 5% during the current fiscal also.
The improvement in the growth rate in the current fiscal would mainly depends on better performance of agriculture, industry and services sectors. The current economic slowdown has provided an opportunity to specialty chemical companies in India to review their strategic direction and strengthen capabilities required to cater to the unique requirements of the domestic market. Companies that invest to increase their competitiveness and work towards innovative solutions to meet specific customer needs would be best positioned to reap benefits when high growth returns for the Indian specialty chemicals industry which may not be too far into the future. Continued investment in R and D and manufacturing augurs well for India which is emerging as a global specialty chemicals hub. However, the Indian market is different and presents a unique set of challenges. Local companies and MNCs alike are gearing up to surmount these through innovative strategies to effectively participate and win as this growth story unfolds During the year, the Company has recorded a sales turnover of Rs. 1948.200 millions as against Rs. 1610.230 millions in the previous year, registering a growth of 21%. The profit before depreciation and tax is Rs.69.200 millions as against Rs. 73.000 millions, Company could not maintain the proportionate growth in profitability due to huge volatility in the prices of the raw materials and rising interest rates. Added to this, currency volatility has had adverse impact on company’s profitability. In spite of these adverse conditions they were able to maintain the profitability due to efficient cost cutting measures like controlling of overheads, effective inventory management improving the debtor’s cycle, effective purchases and focused R and D activities.
VISWAAT being a multi-industry Specialty chemicals company, having the exposure to vide range of industries like Construction, Pharmaceuticals, Textile, Leather, health care, paper, printing ink, etc.,
As a multi products manufacturing company strongly focused into newly developed products. Company has invested huge amount on R and D facilities which is one among the best in the industry. Company has also recently got the recognition from Department of Scientific and Industrial Research (DSIR), Govt. of India, Ministry of Science and Technology, for their R and D center. With this manufacturing and technology strength company is fully equipped with infrastructure and product portfolio.
As regards to overall industrial growth the specialty chemicals industry is growing at the rate around 12%. As they are in the multi-product and multi industry they expect the average growth of 15%. They are also actually working with leading multinational companies to market their products to them as they are the actual user.
As per the recent reports and the information, the Govt. is focusing on infrastructure, their company is focusing on construction chemicals and they expect much improved business in this financial year. The company is investing in this area extending their product Portfolio.
Company is also focusing on Spin Finish business and process chemicals business and looking for much improved performance in this financial year. Company also into Surfactant Chemicals/Chemistry, which is being used in multi industry and the requirement is ever growing. With their technological strength they also expect substantial growth and Viswaat is being known in this industry.
Company is actively participating in the Exhibitions like Chem Spec, India and Europe, ACLE, China, APLE Bolivia, IILF Chennai, India Chem Gujarat, etc.
Company also expanding its Portfolio in most of the industries and products are well established and the amount of hard work and money they put in last year, they expect good business from their regular as well as new customers.
FIXED ASSETS
Ø
Land
Ø
Buildings
Ø
Office Building
Ø
Other Building
Ø
Plant and Equipment
Ø
Factory Equipment’s
Ø
Other plant and Equipment
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
Motor Vehicles
Ø
Office Equipment
Ø
Other Equipments
Ø
Computer Software
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGEs |
1~10 |
5 |
|
--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 |
|
50 |
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.