MIRA INFORM REPORT
|
Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRASOL CHEMICALS LIMITED (w.e.f. 26.03.2007) |
|
|
|
|
Formerly Known
As : |
PRACHI POLY PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.01.1992 |
|
|
|
|
Com. Reg. No.: |
11-065026 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.932
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1992PLC065026 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06256F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2389N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Phosphorus Based Chemicals, Hydrogenated Products and Acetone Based Chemical. |
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|
|
|
No. of Employees
: |
275 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Rating reflects moderate financial risk profile marked by improvement
in performance of the company and decent liquidity positon. Trade relations are reported to be fair. Business is active. Payments
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB – [Long Term] |
|
Rating Explanation |
Moderate credit quality and average credit risk. |
|
Date |
04.12.2013 |
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pankil Nishit Dharia |
|
Designation : |
Director |
|
Contact No.: |
91-9820044351 |
|
Date : |
08.11.2014 |
LOCATIONS
|
Registered / Corporate Office / Factory : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai – 400 710, |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430 |
|
Mobile No.: |
91-9820044351 (Mr. Pankil Nishit
Dharia) |
|
Fax No.: |
91-22-27782430 |
|
E-Mail : |
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|
Website : |
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|
Area : |
5000 Sq. ft. |
|
Location : |
Leased |
DIRECTORS
As on 28.08.2014
|
Name : |
Mr. Nishith Rajnikant Shah |
|
Designation : |
Chairman |
|
Address : |
41, Valentina N.G. Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
21.06.1959 |
|
Date of Appointment : |
24.01.1992 |
|
Din No.: |
00381267 |
|
PAN No.: |
AAFPS2657C |
|
|
|
|
Name : |
Mr. Bhisham Kumar Gupta |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 49, Sector 28, Vashi, Navi Mumbai-400703, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1938 |
|
Date of Appointment : |
01.01.1995 |
|
Din No.: |
00339159 |
|
PAN No.: |
AAGPG7815B |
|
|
|
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Joint Managing Director |
|
Address : |
Block No. 15, Steka Nagar, V.P. Road, Mumbai-400004, Maharashtra, India |
|
Date of Birth/Age : |
09.02.1973 |
|
Date of Appointment : |
09.08.2001 |
|
Din No.: |
00190701 |
|
PAN No.: |
AGKPP1804B |
|
|
|
|
Name : |
Mr. Jatin Narendra Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
43, Valentina, N G Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
10.02.1992 |
|
Din No.: |
00190587 |
|
PAN No.: |
AABPP8368H |
|
|
|
|
Name : |
Mr. Tushar Natverlal Dharia |
|
Designation : |
Director |
|
Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
25.11.1956 |
|
Date of Appointment : |
24.01.1992 |
|
Pan No.: |
AABPD2315C |
|
Din No.: |
00191118 |
|
PAN No.: |
AABPD2315C |
|
|
|
|
Name : |
Mr. Suketu Navinchandra Parikh |
|
Designation : |
Director |
|
Address : |
Navjivan Co-operative Housing Society, 7th Floor, Building11, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
Date of Birth/Age : |
27.09.1963 |
|
Date of Appointment : |
19.02.1998 |
|
Din No.: |
00191390 |
|
PAN No.: |
AABPP9784D |
|
|
|
|
Name : |
Mr. Dhaval Nalin Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
9, Dasheshwar, 118/20, Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
11.11.1980 |
|
Date of Appointment : |
31.05.2007 |
|
Din No.: |
01636199 |
|
PAN No.: |
ADQPP3083R |
|
|
|
|
Name : |
Mr. Pankil Nishit Dharia |
|
Designation : |
Whole Time Director |
|
Address : |
8/16, Brij Bhuvan, 630, Pedder Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
14.04.1984 |
|
Date of Appointment : |
15.11.2010 |
|
Din No.: |
03309485 |
|
PAN No.: |
AIUPD4610K |
|
|
|
|
Name : |
Anvi Nishith Shah |
|
Designation : |
Whole Time Director |
|
Address : |
41, Valentina N.G. Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1990 |
|
Date of Appointment : |
01.10.2012 |
|
Din No.: |
06384756 |
|
PAN No.: |
BXSPS4005F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.08.2014
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.08.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
8.92 |
|
Bodies corporate |
0.87 |
|
Directors or relatives of Directors |
74.64 |
|
Other top fifty shareholders |
15.57 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Phosphorus Based Chemicals, Hydrogenated Products and Acetone Based Chemical. |
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Products : |
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Brand Name: |
Not Divulged |
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Agencies Held: |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit, 30 Days |
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Purchasing : |
Cash and Credit , 30 Days |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
275 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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|
Name : |
S. V. Shanbhag and Company Chartered Accountants |
|
Address : |
122/124/125, Vardhaman Market, Plot No.75, Sector-17, Opposite Andhra
Bank, Vashi, Navi Mumbai - 400703, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AKYPS5895F |
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Relatives of Key
Management Personal: |
|
|
|
|
|
Companies in which
some individuals referred to in category B is Director: |
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|
|
|
|
Concern in which
some individuals referred to in category B is proprietor /
Partner: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3093217 |
Equity Shares |
Rs.10/- each
|
Rs.30.932
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.932 |
30.932 |
29.113 |
|
(b) Reserves & Surplus |
470.869 |
400.086 |
336.197 |
|
(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) |
501.801 |
431.018 |
365.310 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
130.790 |
94.964 |
177.206 |
|
(b) Deferred tax liabilities
(Net) |
57.826 |
46.444 |
36.558 |
|
(c) Other long term
liabilities |
3.181 |
3.642 |
3.885 |
|
(d) long-term provisions |
1.239 |
1.238 |
6.133 |
|
Total
Non-current Liabilities (3) |
193.036 |
146.288 |
223.782 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
323.957 |
202.654 |
268.032 |
|
(b) Trade payables |
330.083 |
326.972 |
217.312 |
|
(c) Other current liabilities |
159.929 |
193.878 |
135.882 |
|
(d) Short-term provisions |
23.627 |
31.435 |
18.679 |
|
Total
Current Liabilities (4) |
837.596 |
754.939 |
639.905 |
|
|
|
|
|
|
TOTAL |
1532.433 |
1332.245 |
1228.997 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
430.719 |
351.188 |
253.613 |
|
(ii) Intangible Assets |
0.974 |
1.243 |
1.431 |
|
(iii) Capital work-in-progress |
251.433 |
314.943 |
351.716 |
|
(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 |
10.676 |
10.933 |
11.444 |
|
(e) Other Non-current assets |
0.001 |
0.186 |
0.056 |
|
Total
Non-Current Assets |
693.803 |
678.493 |
618.260 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
224.007 |
191.379 |
265.391 |
|
(c) Trade receivables |
547.733 |
425.839 |
305.690 |
|
(d) Cash and cash equivalents |
19.510 |
12.749 |
1.075 |
|
(e) Short-term loans and
advances |
43.296 |
20.473 |
35.139 |
|
(f) Other current assets |
4.084 |
3.312 |
3.442 |
|
Total
Current Assets |
838.630 |
653.752 |
610.737 |
|
|
|
|
|
|
TOTAL |
1532.433 |
1332.245 |
1228.997 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2368.534 |
1925.615 |
1651.870 |
|
|
Other Income |
12.926 |
4.440 |
0.957 |
|
|
TOTAL
(A) |
2381.460 |
1930.055 |
1652.827 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1636.753 |
1472.536 |
1209.764 |
|
|
Purchases of Stock-in-Trade |
247.777 |
32.954 |
78.041 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.502) |
(3.564) |
(12.727) |
|
|
Employees benefits expense |
65.753 |
53.510 |
39.998 |
|
|
Other expenses |
275.494 |
222.298 |
226.884 |
|
|
Exceptional items |
14.552 |
1.489 |
0.000 |
|
|
TOTAL
(B) |
2183.827 |
1779.223 |
1541.960 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
197.633 |
150.832 |
110.867 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.557 |
44.798 |
31.421 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
150.076 |
106.034 |
79.446 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
25.882 |
18.626 |
14.983 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
124.194 |
87.408 |
64.463 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
39.389 |
28.317 |
23.605 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
84.805 |
59.091 |
40.858 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
268.358 |
230.484 |
204.541 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
12.373 |
12.373 |
8.247 |
|
|
Tax on Proposed Dividend |
2.007 |
2.007 |
1.338 |
|
|
Transfer to General Reserve |
8.500 |
6.000 |
5.000 |
|
|
Expenses / Income related to
previous year |
0.358 |
0.837 |
0.330 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
329.925 |
268.358 |
230.484 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of Traded Goods Exported |
387.223 |
309.707 |
253.591 |
|
|
Commission |
8.985 |
8.165 |
4.804 |
|
|
Compensation Received |
3.932 |
|
|
|
|
Administrative Charges Received |
2.307 |
1.574 |
0.000 |
|
|
Export Freight Charges Recovered |
10.673 |
11.149 |
8.344 |
|
|
Export Insurance Recovered |
0.270 |
0.206 |
0.115 |
|
|
TOTAL
EARNINGS |
413.390 |
330.801 |
266.854 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1081.592 |
916.572 |
937.252 |
|
|
Capital Goods |
0.000 |
0.278 |
2.004 |
|
|
TOTAL
IMPORTS |
1081.592 |
916.850 |
939.256 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
27.42 |
19.36 |
14.86 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT/ Sales |
(%) |
3.58 |
3.07 |
2.47 |
|
|
|
|
|
|
|
PBIDT / Sales |
(%) |
8.34 |
7.83 |
6.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.70 |
8.59 |
7.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.20 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.91 |
0.69 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
0.87 |
0.95 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
29.113 |
30.932 |
30.932 |
|
Reserves & Surplus |
336.197 |
400.086 |
470.869 |
|
Net
worth |
365.310 |
431.018 |
501.801 |
|
|
|
|
|
|
long-term borrowings |
177.206 |
94.964 |
130.790 |
|
Short term borrowings |
268.032 |
202.654 |
323.957 |
|
Total
borrowings |
445.238 |
297.618 |
454.747 |
|
Debt/Equity
ratio |
1.219 |
0.691 |
0.906 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1651.870 |
1925.615 |
2368.534 |
|
|
|
16.572 |
23.001 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1651.870 |
1925.615 |
2368.534 |
|
Profit |
40.858 |
59.091 |
84.805 |
|
|
2.47% |
3.07% |
3.58% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
BUSINESS OPERATIONS:
During the year, the Company’s turnover (including Excise Duty and Taxes) for the year amounted to Rs.2633.996 Millions, an increase of 21.79 % over the previous year. During the year the international prices of the Company’s key raw materials like phosphorous and acetone continued to remain volatile. The volatility of the foreign exchange rates, weakening of the rupee and high inflation resulted in higher operating expenses, freight costs and other overheads thereby putting additional pressure on the Company’s margins and finances. However, the Company tried to mitigate the volatility and the cost increases by implementing various cost monitoring and control measures and foreign exchange management techniques. The Company’s Profit before Finance Cost, Exchange gain/(loss), Depreciation and Tax was Rs.226.189 Millions, an increase of 47.48% over the previous year . Inspite of higher Finance Costs, depreciation and foreign exchange loss, the Company’s Profit After Tax increased to Rs. 84.805 Millions from Rs. 59.091 Millions, an increase of 43.52% .
OUTLOOK AND FUTURE
PLAN:
The Company is setting up a world class Phenol Acetone Plant, where the Acetone produced shall be majorly consumed in house for manufacturing of speciality chemicals. This plant is in an advanced stage of completion and the Environmental Clearance from MoEF, Delhi, has been recently received. This plant is expected to commence operations after obtaining state level clearance and running trial run and it would contribute significantly to the growth in turnover and profitability in the coming years.
The Company believes in continuous upgradation of its products and processes to deliver the best quality product at competitive rates. The Company always works towards development of existing products in order to better yield. The Company views its R and D capabilities as a vital component of its business strategy that will provide the Company with a sustainable, long term competitive advantage.
Over the coming years, the Company is looking to increase its manufacturing portfolio two folds by Foreign Collaborations / tie up with MNC?s and introduction of several new products. It is also reviewing possibility of demerger of existing profit making unit for ease of tie up. It intends to grow exponentially from this point and is actively evaluating various proposals including setting up of manufacturing facilities at additional geographical locations
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Deposits from directors |
0.000 |
23.900 |
|
|
|
|
|
Total |
0.000 |
23.900 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10513563 |
28/07/2014 |
200,000,000.00 |
DBS BANK LTD |
3RD FLOOR, FORT HOUSE, 221 DR. D.N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C15473150 |
|
2 |
10486695 |
11/03/2014 |
190,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
BUSINESS BANKING CENTRE, 52/60, M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C01105907 |
|
3 |
10383836 |
03/06/2013 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F,
PLOT NO. C - 35 and 39, G BLOCK,, |
B76654276 |
|
4 |
10374685 |
16/08/2012 |
237,500,000.00 |
IDBI BANK LIMITED |
GROUND FLOOR, C-7, G-BLOCK, OPP. NSE BUILDING, BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
B57360851 |
|
5 |
10233516 |
02/07/2010 |
40,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
A89291173 |
|
6 |
10213945 |
30/03/2010 |
185,000,000.00 |
ANDHRA BANK |
PERSEPLOISE, PLOT NO. 74, SECTOR 17, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A83645481 |
|
7 |
10006267 |
12/10/2012 * |
365,000,000.00 |
CITI BANK N.A. |
TRENT HOUSE, 2ND
FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B62973052 |
|
8 |
90145890 |
10/06/2014 * |
64,838,000.00 |
ANDHRA BANK |
PERPOLIS, PLOT NO. 74, SECTOR 17, VASHI,, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
C05808688 |
* Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2014)
a) Bank Guarantee Outstanding as on 31st March, 2014 is Rs. 1.039 Millions (Previous year: Rs. 1.239 Millions ).
b) In respect of the financial year 2007-08, the company has received a demand notice from Customs Department for short charge /less charge of Anti-dumping duty on acetone as per section 28 of Customs Act, 1962 amounting to Rs.5.130 Millions. As per the advice of the consultant, the company has accepted the demand to the extent of Rs. 1.756 Millions and the balance of Rs. 3.374 Millions being erroneous is disputed. The said disputed liability of Rs. 3.374 Millions is considered as contingent liability. The company has also submitted a detailed letter with workings to the Assistant Commissioner of Customs for dropping the said demand.
c) The company has received an order passed by Commissioner of Customs (dated 22.03.2013) confirming a demand of Anti- Dumping duty aggregating to Rs. 5.082 Millions. The said demand is accepted and duly accounted for in the books. However, the customs department has also imposed a penalty of Rs. 5.082 Millions u/s- 114A of The Customs Act, 1962. The company has disputed the penalty and preferred an appeal against the same. The said penalty amount is treated as a contingent liability.
d) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 5.000/- Millions (Previous year : Rs.10.000/- Millions )
e) Following Liabilities in respect of Excise Act and Income Tax Act have not been provided as cases are pending before the concerned authorities for finalisation.
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Computer software
CMT REPORT (Corruption, Money Laundering and 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.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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 and 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.