MIRA INFORM REPORT
|
Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAH PETROLEUMS LIMITED |
|
|
|
|
Registered
Office : |
406/407, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.07.1983 |
|
|
|
|
Com. Reg. No.: |
11-030372 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 254.922 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23201MH1983PLC030372 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS35820B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS5295B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Industrial Oils and Lubricants. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be low during 2014. However, the
company is operating on its owned funds. Trade relations are fair. Business is active. Payment terms are
reported to be slow but 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.
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 willfully 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 |
FITCH RATING |
|
Rating |
Long term Issuer Rating = IND BBB |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
April 02, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-66301911]
LOCATIONS
|
Registered/ Regional Office 1 : |
406/407, Embassy Centre, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66301911/
22873097 |
|
Fax No.: |
91-22-22875751 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 5 to 14, Behind Dewan and Shah Industrial Estate,
Village: Valiv, Vasai (East), District Thane, Maharashtra, India |
|
|
|
|
Factory 2 : |
Survey No. 97 / 2, Daman Industrial Estate, Kadaiya, Daman
Pataliya Road, Nani Daman – 396210, Daman and Diu, India |
|
|
|
|
Regional Office 2 : |
BF-173, Sector 1, Near Baisakhi, Saltlake City, Kolkata – 700064, West Bengal, India |
|
Tel. No.: |
91-33-40046564/ 21062001 |
|
Fax No.: |
91-33-40046566 |
|
|
|
|
Regional Office 3 : |
428/2, Rani Khera Road, Opposite Dhana Builders, Mundka, New Delhi – 110041, India |
|
Fax No.: |
91-11-28342998 |
|
|
|
|
Regional Office 4 : |
M2, Prince Centre, 709 – 710, Pathari Road, Anna Salai, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28297056 |
|
Fax No.: |
91-44-28297057 |
|
|
|
|
Branch Offices : |
Located at: · Bangalore ·
Chandigarh ·
Chennai · Hyderabad · Indore · Kolkata · New Delhi · Pune · Vadodara |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Thangapandian Srinivasalu |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.06.1961 |
|
Qualification : |
B. Sc |
|
Expertise in
Functional Area : |
Marketing Professional |
|
Date of Appointment : |
31.07.2014 |
|
List of Directorships
held in other Companies : |
Secure Source Tech Private Limited
|
|
|
|
|
Name : |
Mr. Ayush Goel |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.09.1990 |
|
Qualification : |
B.Com (Hon) and (MBA) |
|
Expertise in
Functional Area : |
Business Professional |
|
Date of Appointment : |
31.07.2014 |
|
|
|
|
Name : |
Mr. Brij Mohan Bansal |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.01.1951 |
|
Qualification : |
B. Tech-Chem-Engg |
|
Expertise in
Functional Area : |
Professional |
|
Date of Appointment : |
14.08.2014 |
|
|
|
|
Name : |
Mr. Narotamkumar Girdharilal Puri |
|
Designation : |
Independent, Non-Executive Director |
|
Date of Birth/Age : |
04.04.1944 |
|
Qualification : |
Mechanical Engineer |
|
Expertise in
Functional Area : |
Retired Professional |
|
Date of Appointment : |
14.08.2014 |
|
|
|
|
Name : |
Mr. Pradip C. Shah |
|
Designation : |
Independent, Non-Executive Director |
|
Date of Birth/Age : |
19.05.1956 |
|
Qualification : |
B.Com: FCS and LLB |
|
Expertise in Functional
Area : |
Practicing Company Secretary |
|
Date of Appointment : |
05-04-2004 |
|
|
|
|
Name : |
Mr. Ramesh Chander Razdan |
|
Designation : |
Independent, Non-Executive Director |
|
Date of Birth/Age : |
15.04.1951 |
|
Qualification : |
Master Marketing Management |
|
Expertise in
Functional Area : |
Professional |
|
Date of Appointment : |
28.03.2013 |
KEY EXECUTIVES
|
Name : |
Mr. D. Malla Reddy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
9526064 |
18.68 |
|
|
9526064 |
18.68 |
|
|
|
|
|
|
27300000 |
53.55 |
|
|
27300000 |
53.55 |
|
Total shareholding of
Promoter and Promoter Group (A) |
36826064 |
72.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5131 |
0.01 |
|
|
5131 |
0.01 |
|
|
|
|
|
|
3547033 |
6.96 |
|
|
|
|
|
|
6902679 |
13.54 |
|
|
2785773 |
5.46 |
|
|
917703 |
1.80 |
|
|
591332 |
1.16 |
|
|
326371 |
0.64 |
|
|
14153188 |
27.76 |
|
Total Public shareholding (B) |
14158319 |
27.77 |
|
Total (A)+(B) |
50984383 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
50984383 |
100.00 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Gulf Petrochem Energy Private
Limited |
95,26,064 |
18.68 |
|
2 |
Gulf Petrochem Pte Limited |
2,73,00,000 |
53.55 |
|
|
Total |
3,68,26,064 |
72.23 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Rajasthan Global Securities
Limited |
1653500 |
3.24 |
|
|
|
Total |
1653500 |
3.24 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Industrial Oils and Lubricants. |
|
|
|
|
Brand Names : |
“IPOL®TM” |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
GENERAL INFORMATION
|
Suppliers : |
-- |
|
|
|
|
Customers : |
-- |
|
|
|
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· Axis Bank Limited Nariman Point, Mumbai – 400021, Maharashtra, India · Dena Bank Sachivalaya Corner, Mumbai – 400021, Maharashtra, India · IDBI Bank Limited Mumbai, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N.D. Daga and Company Chartered Accountants |
|
Address : |
5/2, Tardeo AC Market Building, Tardeo Road, Mumbai –
400034, Maharashtra, India |
|
|
|
|
Investor Company-Controlled Interest : |
NAF India Holdings Limited |
|
|
|
|
Enterprises over which
Key management personnel exercise significant influence : |
Sah Agrotechs |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52000000 |
Equity Shares |
Rs. 5/- each |
Rs. 260.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50984383 |
Equity Shares |
Rs. 5/- each |
Rs. 254.922 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the year
|
PARTICULARS |
NO. OF SHARES |
|
Shares outstanding at the beginning of the
year |
44000000 |
|
Shares issued during the year |
6984383 |
|
|
|
|
Shares outstanding at the end of the year |
50984383 |
The details of Shareholders holding more than 5% shares
|
PARTICULARS |
NO. OF SHARES |
% OF SHARES |
|
NAF India Holdings Limited |
27300000 |
53.546% |
|
Shobha Sah |
2704000 |
5.304% |
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 |
254.922 |
220.000 |
220.000 |
|
(b) Reserves & Surplus |
971.549 |
996.725 |
1009.877 |
|
(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) |
1226.471 |
1216.725 |
1229.877 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
5.216 |
2.690 |
24.789 |
|
(c)
Other long term liabilities |
2.335 |
5.385 |
10.885 |
|
(d)
long-term provisions |
4.566 |
5.060 |
4.537 |
|
Total
Non-current Liabilities (3) |
12.117 |
13.135 |
40.211 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1670.084 |
1614.619 |
2105.447 |
|
(c)
Other current liabilities |
150.798 |
127.530 |
160.528 |
|
(d)
Short-term provisions |
1.092 |
1.036 |
0.991 |
|
Total
Current Liabilities (4) |
1821.974 |
1743.185 |
2266.966 |
|
|
|
|
|
|
TOTAL |
3060.562 |
2973.045 |
3537.054 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
294.825 |
321.460 |
344.736 |
|
(ii)
Intangible Assets |
7.685 |
6.973 |
6.763 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.797 |
|
(v) Revaluation Reserve |
(29.917) |
(30.902) |
(31.886) |
|
(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 |
66.149 |
82.273 |
67.307 |
|
(e)
Other Non-current assets |
41.202 |
49.109 |
62.049 |
|
Total
Non-Current Assets |
379.944 |
428.913 |
449.766 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
200.114 |
350.621 |
455.225 |
|
(b)
Inventories |
966.942 |
888.234 |
873.556 |
|
(c)
Trade receivables |
1113.176 |
926.281 |
1312.406 |
|
(d)
Cash and cash equivalents |
252.806 |
243.666 |
293.770 |
|
(e)
Short-term loans and advances |
147.580 |
135.330 |
152.331 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2680.618 |
2544.132 |
3087.288 |
|
|
|
|
|
|
TOTAL |
3060.562 |
2973.045 |
3537.054 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4035.869 |
4173.695 |
4800.695 |
|
|
|
Other Income |
33.658 |
43.495 |
45.402 |
|
|
|
TOTAL (A) |
4069.527 |
4217.190 |
4846.097 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3265.746 |
3380.813 |
3737.385 |
|
|
|
Purchases of Stock-in-Trade |
4.170 |
0.000 |
127.691 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
22.147 |
(12.509) |
(14.726) |
|
|
|
Employees benefits expense |
162.588 |
161.777 |
150.116 |
|
|
|
Other expenses |
428.190 |
504.539 |
531.392 |
|
|
|
TOTAL (B) |
3882.841 |
4034.620 |
4531.858 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
186.686 |
182.570 |
314.239 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.612 |
181.194 |
287.685 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.074 |
1.376 |
26.554 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.783 |
21.962 |
22.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
26.291 |
(20.586) |
4.294 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.866 |
(7.951) |
3.707 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
10.425 |
(12.635) |
0.587 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods [FOB Basis] |
258.972 |
298.427 |
209.991 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1978.575 |
2406.266 |
2860.845 |
|
|
|
Capital Goods |
0.352 |
0.000 |
1.289 |
|
|
TOTAL IMPORTS |
1978.927 |
2406.266 |
2862.134 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.20 |
(0.25) |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.26 |
(0.30) |
0.01 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.63 |
4.37 |
6.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.85 |
(0.69) |
0.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.02) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.46 |
1.36 |
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 |
220.000 |
220.000 |
254.922 |
|
Reserves & Surplus |
1009.877 |
996.725 |
971.549 |
|
Net
worth |
1229.877 |
1216.725 |
1226.471 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
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 |
4800.695 |
4173.695 |
4035.869 |
|
|
|
(13.061) |
(3.302) |
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 |
4800.695 |
4173.695 |
4035.869 |
|
Profit/ (Loss) |
0.587 |
(12.635) |
10.425 |
|
|
0.01% |
(0.30%) |
0.26% |
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 |
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 |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90184077 |
30/06/2011 * |
2,280,000,000.00 |
DENA BANK |
SACHIVALAYA CORNER
BRANCH, "THE BEACON", MADAM CAMA ROAD, SACHIVALAYA CORNER, MUMBAI,
MAHARASHTRA - |
B17633363 |
|
2 |
90188514 |
30/06/2011 * |
2,280,000,000.00 |
DENA BANK |
SACHIVALAYA CORNER
BRANCH, "THE BEACON", MADAM CAMA ROAD, SACHIVALAYA CORNER, MUMBAI,
MAHARASHTRA - |
B17626284 |
* Date of charge modification
BUSINESS RESULTS:
Net Sales/Income from operations for the year ended 31st March, 2014
amounted to Rs.4035.869 Millions against Rs.4173.695 Millions in the previous
year. The profit for the year stood at Rs.10.425 Millions against the loss of
Rs.12.635 Millions in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Sah Petroleums Limited (SPL) is one of the leading manufacturer of industrial
lubricants in India and manufacturing wide range of industrial and automotive
lubricants, specialties and process oils etc. under the brand name of “IPOL®TM”
at Vasai and Daman plants. This industry has much growth potential and is
growing globally.
OVERVIEW:
The financial statements have been prepared in compliance with the
requirements of the Companies Act, 1956/2013 and made on a prudent and
reasonable basis in order that the financial statements reflects a true and
fair manner the form and substance of transactions and reasonably present their
state of affairs and profit for the year.
The Company’s Net Sales/Income from operations for the year ended 31st
March, 2014 amounted to Rs.4035.869 Millions as compared to Rs.4173.695
Millions in the previous year. The profit for the year stood at Rs.10.425
Millions against the loss of Rs.12.635 Millions in the previous year.
Considering the performance of the company, the Board of Directors
recommended dividend Re.0.01 per share (0.2%) on the equity shares of Rs.5/-
each for the financial year 2013-14.
INDUSTRY OUTLOOK:
The public sector undertakings have dominated the Indian lubes market
upto 1993 and they had a collective market share of approximately 89%, but
after 1993, the Government has liberalized and decentralised the norms of
import of key raw material, determination of pricing regulations and reduction
in the custom duties on import of base oil. Due to liberalization policy, the
fair competition took place between the private players and public sector
undertakings. In today’s position, around more than 20 companies are operating
in the Indian lubricants market. Until the 1980, lubricants produced in the
country were basically simple blends based on low and medium level
technologies. More sophisticated lubricants were imported and these amounted
for a very small market. The entry of multinationals has led to complex and
premium brands being introduced into the Indian market. The Indian lubricants
market is the fourth largest in the world.
Market Segments: There are two
major segments of the lubricants industry. The automotive lubricants segment
which has an approximate market share of 65% and the industrial lubricants
segment accounting for the rest.
Import Threat: Lubricants are
usually made according to the nature of use, climatic conditions, type of road,
nature of automobiles and so on. Therefore, it would not be logical to import
the same in the country. But at the same time, there is not much difference and
the same can be imported if one prefers to do so. In fact, premium products,
even as on today, are imported. However, in the general outlook of things,
import of lubricants in India would not be competitive due to the prevailing
import duty structure as well as high freight costs.
In consideration of above, it could be safely noted that the key factors
to success for any company in the Lubricant industry would be:
v Good brand image.
v An extensive
marketing network.
v Strong financial
resources.
v Technological innovations
and R and D backup.
v Strategically
located manufacturing facilities.
MARKETING
STRATEGY:
Company has been in the market for more than three decades under the
brand name IPOL. The strategy is to cater to the specific need of the company
by way of customising their products, offering the right price at right time.
The Company has a marketing network setup all over India. IPOL brand is
registered in the name of the Company. The company presently markets its
products through its sales offices / depots located at Pune, Delhi, Faridabad,
Chandigarh, Chennai, Bangalore, Hyderabad, Baroda, Kolkata, Jamshedpur, Jaipur,
Indore, Mehsana, Jabalpur, Patiala, Ghaziabad and many Clearing and Forwarding
Agents at different locations in India.
In addition to the direct marketing efforts, the company also appoints
distributors/agents for both domestic and overseas markets.
BUSINESS STRATEGY:
The Company would continue to focus on the current segments of business
considering the market potential, its own inherent strength in terms of its
quality, price and timely delivery. The Company has requisite infrastructure
and manufacturing facilities due to its constant upgradation/modernization and
phased expansion programme.
The Company is constantly introducing new products on account of its
strong in-house R and D and will continue to do the same in the near future and
will also direct efforts for increasing its presence in the export markets.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debts : |
|
|
|
Sales Tax |
72.176 |
72.176 |
|
Custom Duty |
72.971 |
0.000 |
|
Guarantees given by Banks |
5.593 |
8.773 |
|
|
|
|
|
Total |
150.740 |
80.949 |
FIXED ASSETS:
· Land
· Buildings
· Furniture and Fixture
· Plant and Machinery
· Office Equipments
· Vehicles
· 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. 61.45 |
|
|
1 |
Rs. 97.76 |
|
Euro |
1 |
Rs. 76.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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 & 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.