MIRA INFORM REPORT

 

 

Report Date :

09.09.2014

 

IDENTIFICATION DETAILS

 

Name :

MICRO INKS LIMITED (w.e.f.03.03.2004)

 

 

Formerly Known As :

HINDUSTAN INKS AND RESINS LIMITED

 

 

Registered Office :

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

13.11.1991

 

 

Com. Reg. No.:

04-016598

 

 

Capital Investment / Paid-up Capital :

Rs.248.730 Millions

 

 

CIN No.:

[Company Identification No.]

U24220GJ1991PLC016598

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTM01621E

 

 

PAN No.:

[Permanent Account No.]

AAACH7063F

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates.

 

 

No. of Employees :

Information denied by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A  (66)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 42000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a subsidiary of MHM Holding GmbH, Germany. It is a well-established company having fine track record.

 

The rating reflects company’s leadership position in the domestic printing ink market marked by strong financial risk profile, comfortable capital structure and adequate liquidity position of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal 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

 

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

 

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

 

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

 

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Commercial Paper = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

14.03.2014

 

 

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 DENIED

 

Management Non Co-Operative (Tel No.: 91-260-3052100)

 

LOCATIONS

 

Registered Office : 

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat, India

Tel. No.:

91-260-2462811/ 2460284/ 2460280/ 3052100

Fax No.:

91-260-2463932/ 2463733/ 3052125

E-Mail :

jagrutiparikh@microinks.com

info@microinks.com

hitesh.parikh@microinks.com

alpesh.chahiyara@microinks.com

Website :

www.microinks.com

Area :

5000 sq. ft.

Location :

Owned

 

 

Marketing Headquarters/ Sales and Support - International Business Division :

907, Windfall Sahar Plaza, J B Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India

Tel No.:

91-22-28360201/ 28364313

Fax No :

91-22-28379660/ 28222222

E-mail :

ibd@microinks.com

 

 

Factory :

Located at:

 

·         Plot No. 2803/2, III Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

·         Survey No. 137/1, Jani Vankad, Daman – 396210, (U.T. of Daman and Diu), India

 

·         Survey No.11 and 13, Village Morkhal, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

·         Plot No. 808/E, 305/6, 305/7, (100% Export Oriented Unit) II Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

·         Survey No.8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2, Village Morkhal, Unit II, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

 

Branch Offices :

Located At:

 

·         Mumbai                

·         Kolkata

·         Ahmedabad

·         Chennai

·         Bangalore

·         Baroda

·         Noida

·         Secunderabad

 

 

 

 

Western Region 1:

302, Shapath II, Opposite Rajpath Club, Sarkhej Gandhinagar Highway, Ahmedabad -380015, Gujarat, India

Tel No.:

91-79-26871541-43

Fax No :

91-79-26871544

 

 

Western Region 2 :

Located at:

 

·         Mumbai

·         Ahmedabad

·         Baroda

·         Pune

·         Indore

·         Nagpur

 

 

Northern region :

Located at:

 

·         Noida

·         Ludhiana

·         Kanpur

 

 

Southern Region :      

Located at:

 

·         Chennai

·         Bangalore

·         Hyderabad

·         Sivakasi

 

 

Eastern Region :

9 Transport Depot Road, Kolkata-700088, West Bengal, India

Tel No.:

91-33-24496134 / 36

Fax No :

91-33-24495051

 

 

DIRECTORS

 

As on 30.04.2013

 

Name :

Mrs. Ashwani Kumar Bhardwaj

Designation :

Managing Director

Address :

Flat No. 1001, Emerald Royal Gems, Vapi Daman Road, Vapi, Valsad - 396191, Gujarat, India

Date of Birth/Age :

18.03.1958

Qualification :

B.Sc. MBA

Date of Appointment :

31.01.2012

PAN No.:

AFBPB0925K

DIN No.:

01515689

 

 

Name :

Mr. Ursula G. Borgmann

Designation :

Director appointed in casual vacancy

Address :

The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T., India

Date of Birth/Age :

07.09.1955

Qualification :

Graduate in Chemical Engineering

Date of Appointment :

03.02.2006

DIN No.:

01541193

 

 

Name :

Mr. Heinrich W. Ringer

Designation :

Director

Address :

The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T., India

Date of Birth/Age :

21.12.1994

Qualification :

MBA

Date of Appointment :

29.07.2010

DIN No.:

01540491

Other Directorship:

S.

No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24220GJ1991PLC016598

MICRO INKS LIMITED

Director

29/07/2010

03/02/2006

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Alpesh Mansukhlal Chaniyara

Designation :

Company Secretary

Address :

Block No. 2, Shree Co-operative Housing Society, Vapi - Daman Road, Chala, Vapi - 396191, Valsad, Gujarat, India 

Date of Birth/Age :

13.06.1977

Date of Appointment :

01.06.2011

PAN No.:

AEHPC5783R

 

 

Name :

Mr. Sandeep Bhandari

Designation :

Vice President and Chief Financial Officer

 

 

MAJOR SHAREHOLDERS

 

As on 30.04.2013

 

SHAREHOLDING DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.04.2013

 

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

99.26

Bodies corporate

0.46

Directors or relatives of Directors

0.01

Other top fifty shareholders

0.27

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates.

 

 

Products :

Product Descriptions

ITC Code No.

Printing Inks

3215

Resins and Varnishes

3909

Pigments / Flush Colours

3204.17

Wire Enamels

3208

Press Chemicals

3824

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by management

 

 

Bankers :

·         ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

·         Bank of India, Mumbai Large Corporate Branch, 4th Floor, 70/80, M. G. Road, Mumbai - 400023, Maharashtra, India

 

·         State Bank of India, Corporate Accounts Group Branch, Voltas House, 23, J.N. Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

·         The Hong Kong and Shanghai Banking Corporation Limited, 1 Queens Road Central, HSBC Main Building, Hong Kong - 1, Hong Kong

 

·         DBS Bank Limited, Credit Control Unit, 3rd Floor, Fort House, Dr. D. N. Road, Fort, Mumbai - 400001, Maharashtra, India

 

·         The Bank of Nova Scotia Asia Limited, One Raffles Quay, #20-01 North Tower, Singapore - 048583, Singapore

 

·         The Bank of Nova Scotia, Mittal Tower, "B" Wing, Nariman Point, Mumbai - 400021, Maharashtra, India

 

·         DBS Bank Limited, 6 Shenton Way, DBS Building, Tower One, Singapore - 068809, Singapore

 

·         Citibank N.A., Citibank House, Block 428, Road 2819, Alseef District 1133, Bahrain – 1133

 

·         DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road, New Delhi - 110001, India

 

·         Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India

 

·         BNP Paribas, 20 Coolyer Quay, Tung Centre, Singapore - 049319, Singapore

 

·         Axis Bank Limited

 

·         Australia and New Zealand Banking Group Limited

 

 

Facilities :

SECURED LOANS

31.12.2013

Rs. In Millions

31.12.2012

Rs. In Millions

Long Term Borrowings

 

 

Foreign currency term loans from banks

494.480

916.300

Short Term Borrowings

 

 

Rupee term loans from banks

14.358

73.935

Foreign currency term loans from banks

1325.655

823.390

Total

1834.493

1813.625

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

PAN No.:

AACFD4815A

 

 

Holding Company :

·         MHM Holding GmbH, Germany

 

 

Associates

·         Huber Holding (Thailand) Limited, Thailand

·         Huber Inks (Thailand) Limited, Thailand

 

 

Subsidiary Companies :

·         Hostmann-Steinberg Inc., USA

·         Hostmann-Steinberg Australia Pty Limited, Australia

·         Hostmann-Steinberg New Zealand Limited, New Zealand

·         PT Huber Inks Indonesia, Indonesia

 

 

Fellow Subsidiaries:

·         Michael Huber München GmbH, Germany

·         Huber Italia S.p.A., Italy

·         Huber Chile S.A., Chile

·         Huber Inks (Shenzhen) Limited, China

·         Hostmann-Steinberg GmbH, Germany

·         Stehlin + Hostag AG, Switzerland

·         Hostmann-Steinberg Limited, Canada

·         Hostmann-Steinberg South Africa (Pty.) Limited, South Africa

·         Info-Lab Limited, Ireland

·         Michael Huber Austria GmbH, Austria

·         Hostmann-Steinberg Tintás Graficás Brasil Ltda., Brazil

·         PT Huber Inks Indonesia, Indonesia (up to February 2, 2012)

·         Gleitsmann Security Inks GmbH, Germany

·         Graphocolor Limited, Ireland

·         Michael Huber Polska sp. z.o.o., Poland

·         Stehlin+ Hostag Ink (UK) Limited

·         Hostmann-Steinberg Eesti OÜ, Estonia

·         Huber France S.A.S., France

·         HST Benelux B.V., Netherlands

·         Hostmann-Steinberg RUS OOO, Russia

·         Michael Huber Romania S.L.R., Romania

·         Michael Huber CZ s.r.o., Czech Republic

·         Michael Huber Hungaria Kft, Hungary

·         TIPOLIT S.A., Spain

·         Huber Bulgaria EOOD, Bulgaria

·         Hostmann-Steinberg Latvija, Latvija

·         Hostmann-Steinberg Lietuva, Lietuva

·         Michael Huber München Matbaa Malzemeri Üretim Pazarlama Ithalat Ihracaat Limited Sirketi, Turkey

·         Huber SRB d.o.o., Serbia

 

CAPITAL STRUCTURE

 

As on 31.12.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

30000

Equity Shares

Rs.10000/- each

Rs.300.000 Millions

5500000

Preference Shares

Rs.100/- each

Rs.550.000 Millions

 

Total

 

Rs.850.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

24873

Equity Shares

Rs.10000/- each

Rs.248.730 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

248.730

248.730

248.720

(b) Reserves & Surplus

10,173.214

8,855.047

7,767.100

(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)

10,421.944

9,103.777

8,015.820

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

494.480

916.300

885.170

(b) Deferred tax liabilities (Net)

375.066

364.308

334.630

(c) Other long term liabilities

262.276

224.848

197.270

(d) long-term provisions

139.909

115.474

169.840

Total Non-current Liabilities (3)

1,271.731

1,620.930

1,586.910

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2,298.068

1,030.544

1,726.070

(b) Trade payables

2,755.730

2,950.858

2,317.900

(c) Other current liabilities

741.841

692.127

823.920

(d) Short-term provisions

329.202

293.319

210.570

Total Current Liabilities (4)

6,124.841

4,966.848

5,078.460

 

 

 

 

TOTAL

17,818.516

15,691.555

14,681.190

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3,778.871

4,038.980

3,139.590

(ii) Intangible Assets

20.030

14.967

17.350

(iii) Capital work-in-progress

127.877

50.994

447.760

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2,037.780

2,037.780

1,807.080

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

652.604

407.230

287.400

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6,617.162

6,549.951

5,699.180

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

150.150

(b) Inventories

3,490.883

2,643.124

2,675.960

(c) Trade receivables

6,865.761

5,858.133

5,162.170

(d) Cash and cash equivalents

29.771

77.935

434.320

(e) Short-term loans and advances

579.161

428.788

393.010

(f) Other current assets

235.778

133.624

166.400

Total Current Assets

11,201.354

9,141.604

8,982.010

 

 

 

 

TOTAL

17,818.516

15,691.555

14,681.190

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2013

31.12.2012

31.12.2011

 

SALES

 

 

 

 

 

Income

24,324.794

21,519.622

20,504.280

 

 

Other Income

30.716

35.656

502.050

 

 

TOTAL                                         (A)

24,355.510

21,555.278

21,006.330

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

17,537.048

15,346.472

14,535.110

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

(304.207)

(120.995)

132.700

 

 

Employee Benefits Expenses

634.208

592.320

548.450

 

 

Other Expenses

3,515.949

3,249.099

2,789.510

 

 

TOTAL                                         (B)

21,382.998

19,066.896

18,005.770

 

 

 

 

 

Less

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

2,972.512

2,488.382

3,000.560

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

244.233

234.061

627.650

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

2,728.279

2,254.321

2,372.910

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

414.601

371.713

366.360

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                   (G)     

2,313.678

1,882.608

2,006.550

 

 

 

 

 

Less

TAX                                                                  (H)

819.757

622.379

638.160

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

1,493.921

1,260.229

1,368.390

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4741.859

3804.500

2760.130

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

150.000

150.000

150.000

 

 

Dividend

149.240

149.240

149.230

 

 

Tax on Dividend

26.510

23.630

24.790

 

BALANCE CARRIED TO THE B/S

5910.030

4741.859

3804.500

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods at F.O.B. value

13564.904

11026.223

10929.210

 

 

Others (employee compensation)

2.795

0.312

11.110

 

TOTAL EARNINGS

13567.699

11026.535

10940.320

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

9228.499

7043.254

6365.170

 

 

Stores & Spares

15.452

23.877

12.570

 

 

Capital Goods

3.295

72.871

83.510

 

TOTAL IMPORTS

9247.246

7140.002

6461.250

 

 

 

 

 

 

Earnings Per Share (Rs.)

60062.74

50667.43

55017.04

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2013

31.12.2012

31.12.2011

PAT / Total Income

(%)

6.13

5.85

6.51

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

9.51

8.75

9.79

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

14.78

13.84

16.15

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.22

0.21

0.25

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.27

0.21

0.33

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.83

1.84

1.77

 

 

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

248.720

248.730

248.730

Reserves & Surplus

7767.100

8855.047

10173.214

Net worth

8015.820

9103.777

10421.944

 

 

 

 

long-term borrowings

885.170

916.300

494.480

Short term borrowings

1726.070

1030.544

2298.068

Total borrowings

2611.240

1946.844

2792.548

Debt/Equity ratio

0.326

0.214

0.268

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2011

31.12.2012

31.12.2013

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Sales

20,504.280

21,519.622

24,324.794

 

 

4.952

13.035

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2011

31.12.2012

31.12.2013

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Sales

20,504.280

21,519.622

24,324.794

Profit

1,368.390

1,260.229

1,493.921

 

6.67%

5.86%

6.14%

 

 

 

 

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

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

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

Yes

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


LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

                             STAMP NUMBER No. 2264 of 2012 To STAMP NUMBER No. 2265 of 2012

 

Status : PENDING

CCIN No : 001087201202264

 

Last Listing Date: 19/11/2012

 

Coram

ADDITIONAL REGISTRAR ( JUDICIAL)

 

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX VALSAD

MR SUDHIR M MEHTA for: null http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

S.NO.

Name of the Respondant

Advocate On Record

1

MICRO INKS LIMITED

 

 

 

Presented On

02/11/2012

Registered On

02/11/2012

Bench Category

DIVISION BENCH

District

AHMEDABAD

Case Originated From

THROUGH ADVOCATE

Listed

0 times

StageName

OFFICE OBJECTION (FILING STAGE)

Office Objection

Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage
Filing Stage

WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED?

WHETHER PROPER & FULL COURT FEE IS PAID?

WHETHER CERTIFIED COPIES FILED? APPELLATE JUDGEMENT

WHETHER NAMES OF THE PARTIES TALLY WITH NAMES IN THE CERTIFIED COPIES?

WHETHER PAGING IS DONE?

WHETHER II SET FILED?

WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED?

WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE?

 

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

INCOME-TAX ACT, 1961

Other Forums

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/697/AHD/2009

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH

ACCOUNTANT MEMBER AND JUDICIAL MEMBER

27/04/2012

AHMEDABAD

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/11/2012

MEMO OF APPEAL/PETITION/SUIT

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MR SUDHIR M MEHTA:1

2

07/11/2012

CERTIFIED COPY

MR SUDHIR M MEHTA ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MR SUDHIR M MEHTA:1

Court Proceedings

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

19/11/2012

51

-

OFFICE OBJECTION (FILING STAGE)

NEXT DATE

ADDITIONAL REGISTRAR ( JUDICIAL)

 

 

UNSECURED LOANS:

 

Particulars

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Short Term Borrowings

 

 

Foreign currency term loans from banks

958.055

133.219

Total

958.055

133.219

 

 

CORPORATE INFORMATION

 

The company is engaged in the manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. It is a part of the Germany based hubergroup.

 

OUTLOOK

 

During the year, global economic growth increased marginally. Continuing underperformance was principally due to two factors. First, growth continued to disappoint in major emerging market economies-reflecting, in varying degrees, infrastructure bottlenecks and other capacity constraints, slower demand growth, concerns regarding financial stability, as well as apprehensions relating to fiscal deficits, monetary policies and current account deficits. Second, continuing recession in the Euro area was both longer and deeper than expected, with low demand, depressed confidence and high unemployment. The one positive has been the USA. Everything points to a steady economic recovery though the pace continues to remain slow.

 

The currency and exchange rates have been playing an increasingly important role. These conditions have affected both business and consumer sentiments.

 

Simply put, FY2013 was a difficult year for the Company. However, the ability to withstand adversities and grow operating profits further strengthens Company's business vision, which has focused on long-term value creation and sustainability.

 

With all these adverse conditions, the company maintained a topline growth both in domestic as well as export segments and achieved highest profits in the Company's history.

 

The current year gives hope of stability in Indian market as the current account deficit, fiscal deficit have been curtailed and the currency too has stabilized. In fact, during the first two months INR has been the best performing currency in the emerging markets. The outlook of USA, Europe look promising and we hope for better prospects. India is in the election mode and a lot depends upon the outcome of election results.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10402321

03/04/2013 *

550,000,000.00

The Bank of Nova Scotia Asia Limited

One Raffles Quay, #20-01 North Tower, Singapore, - 048583, Singapore

B73979544

2

10397775

03/04/2013 *

500,000,000.00

The Bank of Nova Scotia

Mittal Tower, "B" Wing,, Nariman Point, Mumbai, Maharashtra - 400021, India

B74023763

3

10319236

03/04/2013 *

450,000,000.00

DBS Bank Limited

Upper Ground Floor, Birla Road,, 25 Barakhamba Road, New Delhi - 110001, India

B74024357

4

10285710

03/04/2013 *

920,000,000.00

Australia and New Zealand Banking Group Limited

10 Collyer Quay, #18-00 Ocean Financial Centre, Singapore, - 049315, Singapore

B73469496

5

10106131

03/04/2013 *

1,000,000,000.00

The Hongkong and Shanghai Banking Corporation Limited

52/60, M. G. Road, Fort, Mumbai, Maharashtra - 400001, India

B73979023

6

80012233

03/04/2013 *

2,150,000,000.00

State Bank of India

3rd Floor, State Bank Bhavan,, Madam Kama Road, Nariman Point,, Mumbai, Maharashtra - 400021, India

B73241507

7

80012217

03/04/2013 *

1,750,000,000.00

ICICI Bank Limited

Landmark, Race Course Circle,, Alkapuri,, Baroda,
Gujarat - 390015, India

B73084725

8

80012219

04/06/2011 *

1,800,000,000.00

STANDARD CHARTERED BANK

90, M. G. Road,, Fort, Mumbai, Maharashtra - 400001, India

B15306137

9

90103243

19/05/2011 *

350,000,000.00

Axis Bank Limited

Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India

B13361019

*Date of modification Charges

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

 

 

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.60.26

UK Pound

1

Rs.97.51

Euro

1

Rs.77.94

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NTH

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

66

 

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

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.