MIRA INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ION EXCHANGE ( |
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Registered
Office : |
ION House, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.03.1964 |
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Com. Reg. No.: |
11-014258 |
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Capital
Investment / Paid-up Capital : |
Rs.145.321 Millions |
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CIN No.: [Company Identification
No.] |
L74999MH1964PLC014258 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04982F |
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PAN No.: [Permanent Account No.] |
AAACI1726L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Ion-Exchange Resins, Water
Treatment Plants and Chemical Additives. |
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No. of Employees
: |
Information denied by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the ION Exchange Group. It is a
well-established company having satisfactory track. The company possess a favourable financial profile marked by decent
networth base and adequate gap between trade receivables and payables along
with moderate debt protection metrics. Management has reported a sufficient sales volume as well as net profitability
during 2014. Trade relations are fair. Business is active. Payment terms are
reported as regular. In view of groups support and strong market position, the subject 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
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 |
Long Term Rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
12.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2+ |
|
Rating Explanation |
Strong degree of safety. |
|
Date |
12.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-22-39890909)
LOCATIONS
|
Registered Office/ Corporate Office : |
ION House, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400 011,
Maharashtra, India |
|
Tel. No.: |
91-22-24939520/ 523/ 525/ 31/ 32/ 24938737/ 39890909/
30472042 |
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Fax No.: |
91-22-24938737 |
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E-Mail : |
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Website : |
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Factory 1 : |
Resin Manufacturing Plant - Unit II 5811-12-13, GIDC, Ankleshwar Industries Estate, Ankleshwar – 393 002,
Bharuch, Gujarat, India |
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Factory 2 (International Division) : |
Assembly Centre for Local and Export of Water
Treatment Plants R-14, TTC, MIDC, Near Thane-Belapur Road, Rabale, Navi Mumbai – 400
701, Maharashtra, India |
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Tel. No.: |
91-22-39890909/ 30472400 |
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Fax No.: |
91-22-27697918 |
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E-Mail : |
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Factory 3 : |
Manufacture and Assembly Standard Plants 105, SIPCOT Industrial of
Complex, Dharmapuri, Hosur – 635 126, Tamilnadu, India |
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Factory 4 : |
Water Treatment Chemicals, Sugar Treatment
Chemicals, Polymer products 19/A,
Phase II, Industrial Development Area, Medak, Patancheru – 502 319, Andhra
Pradesh, India |
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Factory 5 : |
Consumer Products Plot Nos. L48 and L49,
Verna Electronics City, Phase II, Verna, Salcette, Goa – 403 722, India |
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Regional Offices : |
Located at: · Mumbai · Chennai · Delhi · Kolkata |
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Branch Offices : |
Located at: · Ahmedabad · Bangalore · Bhubaneshwar · Chandigarh · Hyderabad · Lucknow · Vadodara · Vizag |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth |
23.09.1954 |
|
Qualification: |
B.Sc., LLB |
|
Date of
Appointment: |
26.03.1996 |
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Name : |
Mr. Dinesh Sharma |
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Designation : |
Executive Director |
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Name : |
Mr. Aankur Patni |
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Designation : |
Executive Director |
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Name : |
Dr. V. N. Gupchup |
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Designation : |
Director |
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Name : |
Mr. M. P. Patni |
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Designation : |
Director |
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Date of Birth |
25.09.1945 |
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Qualification: |
B.E. (Mechanical) |
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Date of Appointment |
28.09.2001 |
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|
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|
Name : |
Mr. T. M. M. Nambiar |
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Designation : |
Director |
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Date of Birth |
25.05.1937 |
|
Qualification: |
A.C.A. |
|
Date of
Appointment: |
29.01.2003 |
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|
|
|
Name : |
Mr. P. Sampathkumar |
|
Designation : |
Additional Director |
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Date of Birth |
27.12.1938 |
|
Qualification: |
Chartered Engineer, U.K. Marine Engineer |
|
Date of
Appointment: |
22.03.2005 |
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|
Name : |
Mr. Abhiram Seth |
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Designation : |
Director |
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Date of Birth |
09.12.1951 |
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Qualification: |
B.A. (Hons.) Economics, MMS |
|
Date of
Appointment: |
25.07.2008 |
|
|
|
|
Name : |
Mr. Shishir Tamotia |
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Designation : |
Director |
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Date of Birth |
05.09.1949 |
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Qualification: |
B.E.(Elec.),MBA |
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Date of Appointment |
24.05.2010 |
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Name : |
Mrs. K. J. Udeshi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Milind Puranik |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Ajay A. Popat |
|
Designation : |
Executive Vice President - Corporate Diversification and
Marketing |
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|
Name : |
Mr. Dinesh
Sadasivan |
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Designation : |
Senior Vice President – Standard Systems and Services |
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Name : |
Mr. N. M. Ranadive
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Designation : |
Senior Vice President - Finance |
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Name : |
Mr. S. V.
Mehendale |
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Designation : |
Senior Vice President - Resin and Membrane Division |
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|
Name |
Mr. Prashant K.
Chitnis |
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Designation |
Senior Vice President
– Technology |
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Name : |
Mr. S. N. Iyengar
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Designation : |
Senior Vice President - Medium Industry Segment |
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Name : |
Mr. Anil Khera |
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Designation : |
Vice President - Chemical Division |
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Name : |
Mr. J. P. Pathare |
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Designation : |
Senior Vice President - International Divison |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
3297917 |
22.69 |
|
|
488296 |
3.36 |
|
|
2672514 |
18.39 |
|
|
2672514 |
18.39 |
|
|
6458727 |
44.44 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
6458727 |
44.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5234 |
0.04 |
|
|
377 |
0.00 |
|
|
166230 |
1.14 |
|
|
50 |
0.00 |
|
|
171891 |
1.18 |
|
|
|
|
|
|
1595141 |
10.98 |
|
|
|
|
|
|
3338770 |
22.98 |
|
|
2801233 |
19.28 |
|
|
166397 |
1.15 |
|
|
1010 |
0.01 |
|
|
165387 |
1.14 |
|
|
7901541 |
54.37 |
|
Total Public shareholding (B) |
8073432 |
55.56 |
|
Total (A)+(B) |
14532159 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14532159 |
0.00 |
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Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Rajesh Sharma |
7,81,218 |
5.38 |
|
Mahabir Prasad Patni |
7,11,747 |
4.90 |
|
Uma Ranganathan |
3,65,276 |
2.51 |
|
Dinesh Sharma |
5,88,521 |
4.05 |
|
Aankur Patni |
2,54,668 |
1.75 |
|
Bimal Jain |
4,14,098 |
2.85 |
|
Poonam Sharma |
49,650 |
0.34 |
|
Aruna Sharma |
1,07,895 |
0.74 |
|
Nirmala Patni |
8,300 |
0.06 |
|
Ahalya Ranganathan |
7,998 |
0.06 |
|
Anita Jain |
5,546 |
0.04 |
|
Pallavi Sharma |
2,000 |
0.01 |
|
Nidhi Patni |
1,000 |
0.01 |
|
Ion Exchange Financial Products
Private Limited |
50,422 |
0.35 |
|
Aqua Investments (India)
Limited |
2,53,803 |
1.75 |
|
Watercare Investments (India)
Limited |
1,84,071 |
1.27 |
|
V G Rajadhyaksha A/C Hmil Trust |
9,600 |
0.07 |
|
Trust (IEIL) |
26,62,914 |
18.32 |
|
Total |
64,58,727 |
44.44 |
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
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Rakesh Jhunjhunwala |
875000 |
6.02 |
|
|
Hampton Investments Pvt Ltd |
462421 |
3.18 |
|
|
Mukul Mahavir Prasad Agarwal |
210466 |
1.45 |
|
|
General Insurance Corporation
Of India |
166230 |
1.14 |
|
|
Total |
1714117 |
11.80 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
% of Total No. of
Shares |
|
|
Rakesh Jhunjhunwala |
875000 |
6.02 |
|
|
Total |
875000 |
6.02 |
Details of Locked-in Shares
|
Name of the
Shareholder |
No. of Shares |
% of Total No. of Shares |
|
Anil K Khera |
3,500 |
0.02 |
|
G. Narendran |
4,500 |
0.03 |
|
Gourish Chakravorty |
12,000 |
0.08 |
|
Kanailal Bhattacharya |
4,000 |
0.03 |
|
Mahesh Anand |
7,000 |
0.05 |
|
M. Pattabiraman |
1,500 |
0.01 |
|
Natarajan Anbananthan |
5,000 |
0.03 |
|
Shashikant Sitaram Raut |
2,000 |
0.01 |
|
Srinivas Nagaraj Iyengar |
12,300 |
0.08 |
|
Vasant Janardhan N Aik |
7,500 |
0.05 |
|
Jitendra Padmakar Pathare |
5,000 |
0.03 |
|
Paresh Pundalik Ballikar |
1,800 |
0.01 |
|
T. Vellaichamy |
5,500 |
0.04 |
|
Total |
71,600 |
0.49 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Ion-Exchange Resins, Water
Treatment Plants and Chemical Additives. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the Management. |
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Bankers : |
· Bank of India · Canara Bank · State Bank of India · Axis Bank Limited · Punjab National Bank · Export-Import Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Advocate and
Solicitors : |
Crawford Bayley and Company |
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Subsidiaries : |
·
Ion Exchange Enviro Farms Limited ·
Watercare Investments ( ·
Aqua Investments ( ·
Ion Exchange ·
Ion Exchange Asia Pacific ( ·
IEI Environmental Management (M) Sdn. ·
Ion Exchange Environment Management (BD) Limited,
·
Ion Exchange Infrastructure Limited ·
Ion Exchange ·
Ion Exchange and Company LLC, ·
Ion Exchange WTS ( ·
Ion Exchange Projects and Engineering Limited (w.e.f.
11.04.2011) ·
Global composites and Structural Limited (w.e.f.
29.03.2012) ·
Ion Exchange Safic Pty. Limited, south Africa
(w.e.f. 20.08.2012) ·
Total Water Management Services (India) Limited
(w.e.f. 01.04.2012) ·
Ion Exchange Purified Drinking Water Private
Limited (w.e.f 25.09.2013) |
|
|
|
|
Associates: |
·
Aquanomics Systems Limited ·
IEI Water-Tech (M) Sdn. Bhd., Malaysia * ·
Astha Technical Services Limited ·
Ion Exchange PSS Company Limited, Thailand * ·
Ion Exchange Financial Products Private Limited * |
|
|
|
|
Joint Venture : |
·
Ion Exchange Waterleau Limited |
|
|
|
|
Entity having
significant influence : |
·
IEI Shareholding Trusts |
|
|
|
|
Enterprises
owned or significant influenced by key management personnel of their
relatives: |
· Arkepp and Associates · Ion Foundation |
* Associate Companies of Subsidiaries
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14532159 |
Equity Shares |
Rs.10/- each |
Rs.145.321 Millions |
|
|
|
|
|
NOTES:
(a) Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
31.03.2014 |
|
|
No. of Shares |
(Rs. in
Millions) |
|
|
At the beginning of the period |
13304103 |
133.041 |
|
Issued during the period – ESOS |
47800 |
0.478 |
|
Shares issued as per scheme of Amalgamation |
1180256 |
11.802 |
|
Less: Shares extinguished as per scheme of amalgamation |
-- |
-- |
|
Outstanding at
the end of the period |
14532159 |
145.321 |
(b) Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31st March 2014, the amount of per share dividend recognized as distribution to equity shareholders is Rs. 2 (2012-2013: Rs. 2)
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(c) Details of
shareholders holding more than 5% shares in the company
|
Equity Shares |
31.03.2014 |
|
|
No. of Shares |
(Rs. in
Millions) |
|
|
Rakesh Jhunjhunwala |
875000 |
6.02% |
|
Rajesh Sharma |
781218 |
5.38% |
As
per of the company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of shares.
(d) Aggregate number of share issued for consideration
other than cash during the period of five years immediately preceding the
reporting date.
|
Particulars |
31.03.2014 No. of Shares |
|
|
|
|
Shares issued as per scheme of Amalgamation |
1180256 |
|
|
|
The
company has issued 946500 shares during the period of five years immediately
preceding the reporting date on exercise of options granted under the Employee
Stock Option Scheme (ESOS) wherein part consideration was received in form of employee
services.
(e) Shares reserved for issued under ESOS
For
details of shares allotted under various Employee Stock Option Schemes (ESOS)
and shares reserved for issue under the Employees Stock Option Scheme (ESOS) of
the company.
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 |
145.321 |
133.041 |
135.619 |
|
(b) Share Capital Suspense Account |
0.000 |
11.803 |
0.000 |
|
(c) Reserves & Surplus |
1863.641 |
1694.860 |
1486.764 |
|
(d) 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) |
2008.962 |
1839.704 |
1622.383 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
61.623 |
47.796 |
23.332 |
|
(b) Deferred tax liabilities (Net) |
67.742 |
66.850 |
61.166 |
|
(c) Other long term liabilities |
59.961 |
39.597 |
35.323 |
|
(d) long-term provisions |
53.042 |
48.108 |
47.111 |
|
Total Non-current Liabilities (3) |
242.368 |
202.351 |
166.932 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
621.904 |
442.150 |
338.914 |
|
(b) Trade payables |
2625.907 |
2603.663 |
2748.949 |
|
(c) Other current
liabilities |
371.517 |
497.749 |
771.492 |
|
(d) Short-term provisions |
150.714 |
161.181 |
164.029 |
|
Total Current Liabilities (4) |
3770.042 |
3704.743 |
4023.384 |
|
|
|
|
|
|
TOTAL |
6021.372 |
5746.798 |
5812.699 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
768.237 |
831.343 |
575.694 |
|
(ii) Intangible Assets |
2.705 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
11.351 |
14.565 |
132.759 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
521.109 |
521.009 |
352.824 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
636.919 |
583.051 |
503.422 |
|
(e) Trade Receivables |
68.003 |
105.103 |
100.590 |
|
(f) Other Non-current assets |
0.851 |
0.306 |
0.431 |
|
Total Non-Current Assets |
2009.175 |
2055.377 |
1665.720 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.492 |
0.489 |
0.489 |
|
(b) Inventories |
417.452 |
431.654 |
410.938 |
|
(c) Trade receivables |
2915.703 |
2668.505 |
3326.034 |
|
(d) Cash and cash
equivalents |
142.113 |
152.549 |
104.307 |
|
(e) Short-term loans and
advances |
534.452 |
436.626 |
303.438 |
|
(f) Other current assets |
1.985 |
1.598 |
1.773 |
|
Total Current Assets |
4012.197 |
3691.421 |
4146.979 |
|
|
|
|
|
|
TOTAL |
6021.372 |
5746.798 |
5812.699 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7119.480 |
7673.374 |
6525.339 |
|
|
|
Other Income |
81.395 |
58.765 |
90.321 |
|
|
|
TOTAL |
7200.875 |
7732.139 |
6615.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4689.033 |
5149.782 |
4423.939 |
|
|
|
Purchases of Stock-in-Trade |
283.118 |
297.989 |
286.911 |
|
|
|
Increase)/decrease in inventories of Finished Goods,
Work-in-Progress and Traded Goods |
25.067 |
(29.944) |
(39.509) |
|
|
|
Employees benefits expense |
727.006 |
779.873 |
616.694 |
|
|
|
Other expenses |
980.673 |
1010.603 |
917.893 |
|
|
|
TOTAL |
6704.897 |
7208.303 |
6205.928 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
495.978 |
523.836 |
409.732 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
97.947 |
119.911 |
88.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
398.031 |
403.925 |
321.191 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
83.991 |
79.085 |
64.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
314.040 |
324.840 |
256.221 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
108.834 |
109.915 |
80.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
205.206 |
214.925 |
175.493 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
612.757 |
447.965 |
317.255 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.500 |
16.200 |
13.200 |
|
|
|
Proposed Final Dividend |
29.176 |
29.010 |
27.183 |
|
|
|
Tax on Dividend |
4.939 |
4.923 |
4.400 |
|
|
BALANCE CARRIED
TO THE B/S |
768.348 |
612.757 |
447.965 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
1307.358 |
1113.650 |
913.917 |
|
|
|
Freight and other recoveries |
10.168 |
12.100 |
6.902 |
|
|
|
Dividend |
0.000 |
0.000 |
12.230 |
|
|
|
Interest |
0.600 |
0.283 |
0.122 |
|
|
TOTAL EARNINGS |
1318.126 |
1126.033 |
933.171 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
571.737 |
702.932 |
703.968 |
|
|
|
Capital Goods |
0.000 |
0.000 |
10.381 |
|
|
|
Traded Goods |
1.493 |
5.296 |
0.000 |
|
|
TOTAL IMPORTS |
573.230 |
708.228 |
714.349 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
14.13 |
14.85 |
12.98 |
|
|
|
- Diluted |
14.08 |
14.56 |
12.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.85 |
2.78 |
2.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.41 |
4.23 |
3.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.79 |
6.36 |
4.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.18 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.34 |
0.27 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.00 |
1.03 |
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 |
135.619 |
133.041 |
145.321 |
|
Reserves & Surplus |
1486.764 |
1694.860 |
1863.641 |
|
Share
Capital Suspense Account |
0.000 |
11.803 |
0.000 |
|
Net worth |
1622.383 |
1839.704 |
2008.962 |
|
|
|
|
|
|
long-term borrowings |
23.332 |
47.796 |
61.623 |
|
Short term borrowings |
338.914 |
442.150 |
621.904 |
|
Total borrowings |
362.246 |
489.946 |
683.527 |
|
Debt/Equity ratio |
0.223 |
0.266 |
0.340 |
%20LIMITED%20-%20286496%20_MIRA%2020-Sep-2014_files/image006.gif)
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) |
|
Revenue from operations |
6525.339 |
7673.374 |
7119.480 |
|
|
|
17.593 |
(7.218) |
%20LIMITED%20-%20286496%20_MIRA%2020-Sep-2014_files/image008.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
6525.339 |
7673.374 |
7119.480 |
|
Profit |
175.493 |
214.925 |
205.206 |
|
|
2.69% |
2.80% |
2.88% |
%20LIMITED%20-%20286496%20_MIRA%2020-Sep-2014_files/image010.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
45.229 |
126.295 |
93.880 |
|
|
|
|
|
|
Total |
45.229 |
126.295 |
93.880 |
|
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 |
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
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 27.06.2014 |
|
Lodging No.:- CAL/289/2014
Filing Date:- 27.06.2014 |
|
Main
Matter Lodging No.:- CPL/412/2013 Reg No.:- CP/355/2014 |
|
Petitioner: M/S. R.R. SOLUTIONS - Respondent:
M/S. ION EXCHANGE (INDIA)
LIMITED – Petn. Adv : BB NANGARE AND ASSOCIATES (I7234) District: OUTSIDE MAHARASHTRA |
|
Bench: SINGLE Status: Pre-Admission
Category: COMPANY APPLN. U/SEC 433, 434, 439 OF
COMPANIES ACT Last Date:28.07.2014
Stage: FOR DIRECRION
(COMPANY MATTERS) Last Coram: HON’BLE SHRIJUSTICE S.J.
KATHAWALLA |
|
Act: Companies Act and Rules 1956 UNDER SECTION: 433, 434 and 439 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
Deposit from shareholders |
0.176 |
0.351 |
|
Deposit from public |
13.907 |
15.697 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Inter-corporate
deposits |
|
|
|
- from related parties |
15.225 |
0.000 |
|
- from others |
20.000 |
0.000 |
|
|
|
|
|
Total |
49.308 |
16.048 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10488447 |
19/03/2014 |
380,000,000.00 |
Bank of India |
Bank of India, Ground Floor, 364, D N Road,
Fort, Mumbai, Maharashtra - 400001, INDIA |
C02740215 |
|
2 |
10435700 |
19/06/2013 |
70,000,000.00 |
Kotak Mahindra Bank Ltd |
36-38A, Nariman Bhavan, 227, Nariman Point,
Mumbai, Maharashtra - 400021, INDIA |
B79132288 |
|
3 |
10384791 |
11/10/2012 |
160,000,000.00 |
Bank of India |
Mumbai Large Corporate Branch, Oriental
Building, |
B61497384 |
|
4 |
10304936 |
30/08/2013 * |
243,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
Centre One Building, Floor 21, World Trade
Centre, |
B85523280 |
|
5 |
10262258 |
23/09/2010 |
10,000,000.00 |
karnataka State financial corporation |
1/1, Thimmaiah Road, Bangalore, Karnataka -
560052, INDIA |
A97964266 |
|
6 |
10175605 |
19/08/2009 |
500,000,000.00 |
Bank of India |
Mumbai Large Corporate Branch , 70/80 M G
Road, |
A69555811 |
|
7 |
10138554 |
06/10/2009 * |
40,500,000.00 |
Karnataka State Financial Corporation |
1/1,Thimmaiah Road, Bangalore, Karnataka -
560052, INDIA |
A72058209 |
|
8 |
10098786 |
19/06/2013 * |
70,000,000.00 |
Canara Bank |
Industrial Finance Branch, No 83, Venktadari
Complex, Richmond Road, Bangalore, Karnataka - 560025, INDIA |
B79058392 |
|
9 |
80007206 |
25/08/2012 * |
2,900,000,000.00 |
Bank of India - Lead Bank |
Mumbai Large Corporate Branch, Oriental
Building, |
B57681025 |
|
10 |
80010700 |
25/08/2012 * |
2,900,000,000.00 |
Bank of India - Lead Bank |
Mumbai Large Corporate Branch, Oriental
Building, |
B57682965 |
|
11 |
80026088 |
21/08/2012 * |
2,900,000,000.00 |
Bank of India- Lead Bank |
Mumbai Large Corporate Branch, Oriental
Building, |
B57679946 |
|
12 |
90242484 |
25/08/2012 * |
2,900,000,000.00 |
Bank of India - Lead Bank |
Mumbai Large Corporate Branch, Oriental
Building, |
B57682023 |
|
13 |
90352478 |
20/08/1996 |
6,300,000.00 |
HDFC BANK LTD. |
RAMON HOUSE, 169; BACKBAY RECLAMATION,
MUMBAI, Maharashtra, INDIA |
- |
|
14 |
90377676 |
17/09/1991 |
2,000,000.00 |
CENTRAL BANK OF INDIA |
DR. A.B. ROAD, WORLI BRANCH, MUMBAI,
Maharashtra, INDIA |
- |
|
15 |
90371659 |
11/09/1989 * |
3,500,000.00 |
ICICI BANK LTD. |
163 BACKBAY RECLAMTION, MUMBAI,
Maharashtra, INDIA |
- |
|
16 |
90377357 |
20/07/1987 |
110,000.00 |
STATE BANK OF INDIA |
YELLAREEDYGUDA BRANCH, HYDERABAD, Andhra
Pradesh, INDIA |
- |
|
17 |
90377282 |
07/07/1987 * |
450,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA BRANCH, HYDERABAD, Andhra
Pradesh, INDIA |
- |
* Date of charge modification
OPERATIONS
During the financial year
ended 31st March, 2014, the net profit after tax of the company was
Rs. 205.200 millions, as compared to previous year’s net profit after tax of
Rs. 214.900 millions. The turnover was at Rs. 7360.000 millions as compared to
Rs. 7950.000 millions of the previous year.
FUTURE OUTLOOK
They expect that the
industry in which the company operates will see significant investments by the government
and private sector. These investments maybe directed towards the twin
objectives of environmental protection and sustained growth. The government is
likely to take a lot of initiatives through various economic reforms and
policies to build infrastructure and boost growth. Industry as a whole is
likely to achieve an uptick in growth with mining clearances, improved
electricity generation and removal of other procedural bottlenecks. It is
anticipated that technologies oriented towards efficient usage of their water
resources would gain favour from government and industry alike. Therefore
technologies for treating waste water, recycling and zero liquid discharge are
likely to be an important part of the agenda to ensure sustainable growth.
Overall the growth for the company’s industrial sector should be around 15%.
The company offers advanced
products and services covering all the key technologies for water and waste
water treatment plants, water treatment chemicals, resins, as well as high
quality integrated services. The company expects to benefit from heightened
level of new projects and plant constructions with a focus on advanced
treatment technologies which has always been a key revenue driver for the water
treatment sector. Increased growth should be seen in the advanced treatment
technologies.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND
DEVELOPMENT
Slower growth in several
key emerging economies, political instability in some parts, as well as a more
protracted recession in the euro area ensured that global growth remained
subdued at around 2.5% during 2013. Global growth is projected to be higher in
2014 at around 3.7 percent, rising to 3.9 percent in 2015.
INDIAN ECONOMY
Indian economy continued to
be vulnerable to recessionary trends in Europe and US. A spell of global
financial turbulence caused capital outflows and pressure on the exchange rate,
but some strong policy measures helped to provide a degree of stability to the
currency. The tough measures to reduce current account deficit and rebuild
foreign exchange reserves also showed positive results.
While structural and
procedural delays and the high cost of borrowing hampered investment and
financing, new headwinds appeared in the form of monetary tightening and the
heightened challenge of repayment in foreign currency. All this created a
negative impact on the economy. Persistent inflation, fiscal imbalances,
bottlenecks to investment and other weaknesses & inefficiencies would
require further structural reforms in order to be addressed effectively.
In spite of the overall
adverse scenario the trends seemed to have turned for the better since the last
quarter of fiscal year 2014. Inflation seems to be easing, currency is showing
resilience and the business confidence also shows signs of improvement. Better
growth prospects in the US and the Euro area are likely to bolster external
demand.
The momentum of the economy
looks likely to be restored with the hope that the new Government will focus on
sustained economic reforms and work towards regaining global confidence in the
Indian economy.
INDIAN INDUSTRY
GDP estimates for the year
2013-14 indicate that Industry grew by a meagre 0.4 per cent. The manufacturing
and mining sector declined by 1.4 percent. The consumer durables segment index
contracted by 12.2 per cent. Gross Capital Formation in industrial sector
comprising of mining, manufacturing, electricity and construction has declined
from 31.8 in 2011-12 to 28.3 in 2013-14. The overall decline in growth rates of
fixed investments hints at further deceleration investment in key segments of
industry during the year.
In spite of the overall
depressed environment, there was relatively better performance by some of the
core sector industries like steel, fertilizers, cement etc. Further, since
December 2013 they are also witnessing an increase in the number of new
projects announced. The new government is also likely to initiate actions that
would bolster capital expenditure, as companies are looking for macroeconomic
stability and forward movement on some structural issues before commencing
operations. Consequently, they are experiencing an increase in demand which is
likely to result in better business opportunities in the second half of the
coming year.
Water treatment industry as
a whole faced challenges in the domestic market as both the large and the small
players suffered due to reduced flow of new projects and severe cash crunch
affecting the customers. Even some of the larger engineering focused players
were under severe cash stress and were struggling to continue with the smooth
flow of operations.
Companies focused on
chemicals, resins and specialty chemicals have fared better than their
engineering counterparts. While margins continue to be under some stress and
growth is limited, they have not struggled as they are not as reliant on new
projects. They have also been less affected by the ongoing liquidity crunch.
The pace of entry of new
players in the industry slowed down during the year and some degree of
consolidation was also witnessed amongst the existing players. However, towards
the end of the fiscal year there was renewed interest with respect to water
related initiatives which led to expectations building up in this sector.
FIXED ASSETS
œ Land Leasehold Land
œ Land Freehold Land
œ Buildings on Leasehold Land
œ Buildings on Freehold Land
œ Plant and Machinery
œ Vehicles
œ Furniture, Fixture and Office Equipments
œ
Office Equipment
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs. In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
1236.000 |
|
|
|
b) Other Operating Income |
3.000 |
|
|
|
Total Income from Operations (Net) |
1239.000 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
716.600 |
|
|
b) |
Purchase of stock in-trade |
65.300 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(25.900) |
|
|
d) |
Employee benefit expenses |
185.100 |
|
|
e) |
Depreciation and amortization expense |
29.600 |
|
|
f) |
Other expenses |
219.600 |
|
|
Total Expenses |
1190.300 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
48.700 |
|
4 |
Other Income |
21.800 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
70.500 |
|
6 |
Finance Costs |
27.700 |
|
|
7 |
Profit /(Loss) before tax |
42.800 |
|
|
8 |
Tax Expense |
13.900 |
|
|
9 |
Net Profit /(Loss) after tax |
28.900 |
|
|
10 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
145.300 |
|
|
|
Reserve excluding
revaluation reserves |
|
|
|
|
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic |
1.98 |
|
|
|
Diluted |
1.97 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
8073432 |
|
|
|
- Percentage of
Shareholding |
55.56% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
6458727 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
44.44% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1.
The Company with effect from April 01, 2014 has charged depreciation
based on the revised remaining useful life of the assets as per the requirement
of Schedule II of the Companies Act, 2013. Due to above, depreciation charge
for the quarter ended June 30, 2014 is higher by Rs. 93 Lacs. Further based on
transitional provision provided in note 7(b) of Schedule II of the Companies
Act, 2013 depreciation of Rs. 266 Lacs and deferred tax of Rs. 90 Lacs have
been adjusted to retained earnings.
2.
The above results were reviewed by the Audit Committee at a
meeting held on July 29, 2014 and were approved at the meeting of the Board of
Directors held on July 29, 2014.
3.
The figures of quarter ended March 31, 2014 are the
balancing figures between audited figures in respect of the full financial year
and the unaudited year to date figures upto the third quarter ended December
31, 2013 which were subjected to limited review.
4.
Previous period / year figures have been regrouped /
reclassified wherever necessary.
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS'
PERIOD ENDED 30TH JUN, 2014
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1. |
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
a)
Engineering |
536.300 |
|
|
b)
Chemicals |
583.600 |
|
|
c)
Consumer Products |
196.100 |
|
|
d)
Unallocated |
-- |
|
|
TOTAL |
1316.000 |
|
|
Less: Inter-segment transfers |
77.000 |
|
|
Net Sales / Income from operation |
1239.000 |
|
|
|
|
|
2. |
Segment Results: [Profit/ (Loss) before
tax and interest from each segment] |
|
|
|
a)
Engineering |
2.600 |
|
|
b)
Chemicals |
85.700 |
|
|
c)
Consumer Products |
(7.700) |
|
|
TOTAL |
80.600 |
|
|
Less: Financial Cost |
27.700 |
|
|
Other unallocable
expenditure, net of unallocable income |
25.000 |
|
|
Add: Interest
Income |
14.900 |
|
|
Total Profit/
Loss –before tax |
42.800 |
|
|
|
|
|
3. |
Capital Employed: |
|
|
|
a)
Engineering |
602.300 |
|
|
b)
Chemicals |
824.500 |
|
|
c)
Consumer Products |
139.100 |
|
|
Total Capital Employed in Segments |
1565.900 |
|
|
Add:
Unallocable corporate assets less corporate liabilities |
454.200 |
|
|
Total Capital Employed in Company |
2020.100 |
NOTE:
1)
Segments
have been identified in line with the Accounting Standard on Segment Reporting
(AS-17), taking into account the Organisation structure as well as the
differential risks and returns of these segments.
2)
Figures
for the previous period / year have been regrouped / rearranged wherever
necessary.
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 records 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 records 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.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.