1. Summary Information
|
|
|
Country |
|
|
Company Name |
INDIAN ADDITIVES
LIMITED |
Principal Name 1 |
Mr. Natarajan Ravi |
|
Status |
Good |
Principal Name 2 |
Mr. Szopiak Kurt Walter |
|
|
|
Registration # |
18-017705 |
|
Street Address |
Express Highway,
Manali, Chennai – 600068, |
||
|
Established Date |
13.07.1989 |
SIC Code |
-- |
|
Telephone# |
91-44-25941236 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-44-25941184 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Oil |
|
|
# of employees |
122
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
236,680,200 /- |
Product Name 3 |
-- |
|
Shareholders |
Foreign holdings – 50% Bodies corporate – 50% |
Banking |
Indian Overseas
Bank |
|
Public Limited Corp. |
NO |
Business Period |
25 years |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint Venture |
India
|
Chevron Oronite Company LLC |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,077,677,000 |
Current Liabilities |
264,984,000 |
|
Inventories |
794,289,000 |
Long-term Liabilities |
10,151,000 |
|
Fixed Assets |
453,312,000 |
Other Liabilities |
433,364,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
708,499,000 |
|
Invest& other Assets |
59,479,000 |
Retained Earnings |
1,439,578,000 |
|
|
|
Net Worth |
1,676,258,000 |
|
Total Assets |
2,384,757,000 |
Total Liab. & Equity |
2,384,757,000 |
|
Total Assets (Previous Year) |
2,112,584,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
4,792,448,000 |
Net Profit |
366,786,000 |
|
Sales(Previous yr) |
4,131,795,000 |
Net Profit(Prev.yr) |
360,701,000 |
MIRA
INFORM REPORT
|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN ADDITIVES LIMITED |
|
|
|
|
Registered
Office : |
Express Highway, Manali, Chennai – 600068, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.07.1989 |
|
|
|
|
Com. Reg. No.: |
18-017705 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 236.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24294TN1989PLC017705 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI02603G/ CHEI0413A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI1445G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Seller of Lubricating Oil Additives. |
|
|
|
|
No. of Employees
: |
122 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 6700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels 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 of
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 |
CARE |
|
Rating |
AA- (long Term Bank Facilities) |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
13.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
13.03.2014 |
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 DECLINED BY
|
Name : |
Mr. Natarajan Ravi |
|
Designation : |
Managing Director |
|
Contact No.: |
91-44-30970200 |
|
Date : |
13.09.2014 |
LOCATIONS
|
Registered Office/Factory : |
Express Highway, Manali, Chennai – 600068, |
|
Tel. No.: |
91-44-25941236 / 30970200 / 30970400 |
|
Fax No.: |
91-44-25941184 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
480, Anna Salai, Nandanam, Chennai – 600035, |
|
Tel. No.: |
91-44-25942133 |
|
Fax No.: |
91-44-25941184 |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Mr. Natarajan Ravi |
|
Designation : |
Managing Director |
|
Address : |
5/14, Thulukanam Street, West Mambalam, Chennai-600033, Tamilnadu,
India |
|
Date of Birth/Age : |
26.07.19.67 |
|
Date of Appointment : |
10.10.2011 |
|
DIN No.: |
05106493 |
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 |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Managing
director |
10/10/2011 |
10/10/2011 |
Active |
NO |
|
2 |
U11102TN2006PTC061317
|
CHEVRON
PETROLEUM INDIA PRIVATE LIMITED |
Director |
28/09/2012 |
30/03/2012 |
Active |
NO |
|
Name : |
Mr. Szopiak Kurt Walter |
|
Designation : |
Director |
|
Address : |
17, Greenwood Crescent, Singapore 286 983 |
|
Date of Birth/Age : |
04.07.1960 |
|
Date of Appointment : |
25.05.2010 |
|
DIN No.: |
03552247 |
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 |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
27/09/2010 |
25/05/2010 |
Active |
NO |
|
Name : |
Mr. Jeff Waite |
|
Designation : |
Additional Director |
|
Address : |
877, Alvarado Street, Sanfrancisco 94114, California |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
03591203 |
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 |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
26/09/2011 |
01/07/2011 |
Active |
NO |
|
Name : |
Mr. Dorairaj Lilly |
|
Designation : |
Additional Director |
|
Address : |
2, 2nd Cross Road, 3rd Circular Road, Jawahar
Road, Chennai – 600 082, Tamilnadu, India |
|
Date of Birth/Age : |
04.07.1953 |
|
Qualification : |
CA, CWA, CS |
|
Date of Appointment : |
01.06.2011 |
|
DIN No.: |
03545561 |
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 |
U24294TN1989PLC017705
|
INDIAN ADDITIVES
LIMITED |
Director |
26/09/2011 |
01/06/2011 |
- |
Active |
NO |
|
2 |
L40101TN1965GOI005389
|
CHENNAI
PETROLEUM CORPORATION LIMITED |
Whole-time
director |
01/06/2011 |
01/06/2011 |
31/07/2013 |
Active |
NO |
|
3 |
U11101TN1989PLC017403
|
NATIONAL
AROMATICS AND PETROCHEMICALS CORPORATION LIMITED |
Nominee director
|
29/09/2011 |
27/06/2011 |
- |
Active |
NO |
|
Name : |
Mr. Kanagasabapathy Murugesan |
|
Designation : |
Whole Time Director |
|
Address : |
Door No.11, Flat No.4, Taurus Apartments, 11th Avenue,
Ashok Nagar, Chennai-600083, Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1986 |
|
Date of Appointment : |
24.10.2011 |
|
DIN No.: |
05123359 |
KEY EXECUTIVES
|
Name : |
Ms. M Muthulakshmi |
|
Designation : |
Secretary |
|
Address : |
57A, Periyar Street, Thenpazhani Nagar, Kolathur, Chennai-600099,
Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1986 |
|
Date of Appointment : |
13.07.2012 |
|
PAN No.: |
BCFPM4331L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chennai Petroleum Corporation Limited, India |
1183395 |
|
Chevron Oronite Company LLC, USA |
1183397 |
|
A S Basu |
1 |
|
M. Sankaranarayanan |
1 |
|
Walter Szopiak, Singapore |
1 |
|
D. Lily |
1 |
|
S Ventaramana |
1 |
|
Jeff Waite, Singapore |
1 |
|
N Ravi |
1 |
|
K Murugesan |
2 |
|
TOTAL
|
2366801 |
AS ON 25.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas Corporate bodies or Others |
50.00 |
|
Bodies corporate |
50.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Lubricating Oil Additives. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
122 (Approximately) |
|
|
|
|
Bankers : |
Indian Overseas
Bank, Chennai House, Esplanade, Chennai – 600001, Tamilnadu, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
No.10, M.G.
Road, Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Joint Venture : |
·
Chevron Oronite Company LLC (COCL) ·
Chennai Petroleum Corporation Limited (CPCL) |
|
|
|
|
Fellow Subsidiaries : |
·
Chevron Oronite Pte. Limited (COPL) ·
Chevron Oronite SA (COSA) ·
Chevron Oronite Japan Limited (COJL) ·
Chevron Lummus Global LLC (CLGL) ·
Chevron Overseas Services Corporation (COSC) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2394470 |
Equity Shares |
Rs.100/-
each |
Rs. 239.447
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2366802 |
Equity Shares |
Rs.100/-
each |
Rs. 236.680
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
236.680 |
236.680 |
|
(b) Reserves & Surplus |
|
1439.578 |
1211.244 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1676.258 |
1447.924 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
36.644 |
19.544 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
91.750 |
57.647 |
|
Total Non-current Liabilities (3) |
|
128.394 |
77.191 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
10.151 |
0.000 |
|
(b) Trade payables |
|
235.313 |
309.871 |
|
(c) Other current
liabilities |
|
29.671 |
30.354 |
|
(d) Short-term provisions |
|
304.970 |
247.244 |
|
Total Current Liabilities (4) |
|
580.105 |
587.469 |
|
|
|
|
|
|
TOTAL |
|
2384.757 |
2112.584 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
445.615 |
348.006 |
|
(ii) Intangible Assets |
|
7.697 |
10.951 |
|
(iii) Capital
work-in-progress |
|
59.479 |
15.609 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10.837 |
12.352 |
|
(e) Other Non-current assets |
|
3.232 |
3.521 |
|
Total Non-Current Assets |
|
526.860 |
390.439 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
794.289 |
847.869 |
|
(c) Trade receivables |
|
538.108 |
471.767 |
|
(d) Cash and cash
equivalents |
|
225.333 |
101.174 |
|
(e) Short-term loans and
advances |
|
292.427 |
298.354 |
|
(f) Other current assets |
|
7.740 |
2.981 |
|
Total Current Assets |
|
1857.897 |
1722.145 |
|
|
|
|
|
|
TOTAL |
|
2384.757 |
2112.584 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
236.680 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
988.081 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1224.761 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
15.544 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1240.305 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
230.363 |
|
|
Capital work-in-progress |
|
|
56.267 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
507.653
|
|
|
Sundry Debtors |
|
|
338.331
|
|
|
Cash & Bank Balances |
|
|
362.451
|
|
|
Other Current Assets |
|
|
9.393
|
|
|
Loans & Advances |
|
|
208.391
|
|
Total
Current Assets |
|
|
1426.219 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
245.207
|
|
|
Other Current Liabilities |
|
|
13.139
|
|
|
Provisions |
|
|
214.198
|
|
Total
Current Liabilities |
|
|
472.544 |
|
|
Net Current Assets |
|
|
953.675
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1240.305 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4792.448 |
4131.795 |
3424.856 |
|
|
|
Other Income |
7.740 |
17.707 |
46.127 |
|
|
|
TOTAL (A) |
4800.188 |
4149.502 |
3470.983 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3461.578 |
3151.674 |
197.225 |
|
|
|
Purchase of Stock In Trade |
60.932 |
54.277 |
-- |
|
|
|
Employee benefits expenses |
143.280 |
126.029 |
109.416 |
|
|
|
Other Expenses |
521.518 |
402.982 |
-- |
|
|
|
Administrative selling other expenses |
-- |
-- |
93.316 |
|
|
|
Research development expenditure |
-- |
-- |
1.960 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(27.105) |
(126.157) |
2470.178 |
|
|
|
TOTAL (B) |
4160.203 |
3608.805 |
2872.095 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
639.985 |
540.697 |
598.888 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.430 |
9.491 |
5.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
630.555 |
531.206 |
593.749 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.808 |
30.297 |
21.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
583.747 |
500.909 |
571.928 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
216.961 |
140.208 |
197.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
366.786 |
360.701 |
374.084 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1050.564 |
863.471 |
664.790 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
36.679 |
36.070 |
37.408 |
|
|
|
Dividend |
118.340 |
118.340 |
118.340 |
|
|
|
Tax on Dividend |
20.112 |
19.198 |
19.655 |
|
|
BALANCE CARRIED
TO THE B/S |
1242.219 |
1050.564 |
863.471 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1699.060 |
1145.263 |
|
|
|
Stores & Spares |
|
1.014 |
3.813 |
|
|
|
Capital Goods |
|
1.828 |
5.207 |
|
|
TOTAL IMPORTS |
NA |
1701.902 |
1154.283 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
154.97 |
152.40 |
158.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.64
|
8.69 |
10.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.18
|
12.12 |
16.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.10
|
23.89 |
34.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.35 |
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.20
|
2.93 |
3.02
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
236.680 |
236.680 |
|
Reserves & Surplus |
|
1211.244 |
1439.578 |
|
Net worth |
|
1447.924 |
1676.258 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
0.000 |
10.151 |
|
Total borrowings |
|
0.000 |
10.151 |
|
Debt/Equity ratio |
|
0.000 |
0.006 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3424.856 |
4131.795 |
4792.448 |
|
|
|
20.641 |
15.989 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3424.856 |
4131.795 |
4792.448 |
|
Profit |
374.084 |
360.701 |
366.786 |
|
|
10.92% |
8.73% |
7.65% |
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 |
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) |
Yes |
|
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 |
|
COURT CASE CHENNAI COURT CASE STATUS INFORMATION SYSTEM
|
UNSECURED LOAN
|
Particular |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
Term Loans from Banks |
10.151 |
0.000 |
|
|
|
|
|
TOTAL |
10.151 |
0.000 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
90281722 |
30/10/1992 |
230,000,000.00 |
INDIAN OVERSEAS BANK |
ESPLANADE BRANCH, MADRAS,
TAMILNADU - 600108, INDIA |
- |
|
2 |
90281720 |
26/02/2009 * |
205,000,000.00 |
INDIAN OVERSEAS BANK |
CHENNAI HOUSE, ESPLANADE,
CHENAI, TAMILNADU - 60 |
A58284738 |
|
|
|
|
|
|
|
|
|
* Date of charge modification |
||||||
GENERAL INFORMATION
Subject is engaged
in the manufacture and sale of lubricating oil additives. The Company has manufacturing
facility in Chennai and the Company was formed as a 60:40 joint venture between
Chennai Petroleum Corporation (CPCL) and Chevron Oronite Company LLC (COCL) in
July 1989 and was a Government Company. In January 2000, COCL infused fresh
capital at a premium and the shareholding pattern was revised to 50:50. All the
actions mentioned here (formation of JV, infusion of capital at premium and
revision in shareholding
pattern) were carried out with specific approvals from the Government of
India.
As per the Joint
Venture Agreement entered into between the JV partners, further issue of the
capital will be made in proportion to the shares held by them at the time of
such issue to enable them to maintain their holdings at the existing
percentage.
FINANCIAL
PERFORMANCE AND OUTLOOK
The key highlights of 2012-13 performance in comparison to 2011-12 were
Highest ever Sales Volume and Sales Revenue Gross Sales Revenue grew by 18%
supported by volume growth and increased unit sale realization. Input costs
were higher by 17% as compared to the previous year
Power and Fuel costs were up by 27%.
The Company has drawn up plans to grow volumes and profitability.
MANUFACTURING
ACTIVITIES
All plants are running
to capacity to meet the current market demand and to maintain healthy inventory
of components, intermediates and products. During the year, the Company had
commissioned a DG set, Air Compressor, Filteration equipment and Centrifuge
system for Furnace Oil. These equipments have enhanced the reliability of the
plant and also the environment friendly nature of operations.
MARKETING
ACTIVITIES
During 2012-13,
the lubricant market witnessed general slowdown due to moderation in demand in
the automobile industry, subdued macroeconomic environment and sluggish
industrial demand.
There has been a
softening of the selling price of some of the chemicals in the international
market. However, as the rupee exhibited persistent volatility in 2012-13, the
advantages of softening of global prices could not be fully realized.
The Company
continued to face competition in implementing price increases with certain
customers, with other additive suppliers pricing their products aggressively in
the market.
Towards our effort
to enhance their customer responsiveness image, a web enabled tracking facility
was offered to customers to facilitate them to monitor their despatches on real
time basis.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Equipments and Appliances
·
Furniture and Fixture
·
Vehicles
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.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
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 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
|
64 |
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.