MIRA
INFORM REPORT
|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
I G PETROCHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
T-10, 3rd Floor, Jairam Complex, Mala, Neugi Nagar,
Panaji – 403001, |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.10.1988 |
|
|
|
|
Com. Reg. No.: |
24-000915 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 307.981 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51496GA1988PLC000915 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Organic Chemicals. |
|
|
|
|
No. of Employees
: |
Information decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. Profit margin of the company Is low. However, net worth of the company
is satisfactory. General financial position of the company is normal and
acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
Long-Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk |
|
Date |
11.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk |
|
Date |
11.07.2013 |
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 (Tel. No. 91-22-30286100)
LOCATIONS
|
Registered Office : |
T-10, 3rd Floor, Jairam Complex, Mala, Neugi Nagar,
Panaji – 403001, Goa, India |
|
Tel. No.: |
91-832-2434973 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office : |
401-404, Raheja Centre, 214 Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-30286100/ 132/133 |
|
Fax No.: |
91-22-22040747/ 22836392 |
|
Email : |
|
|
|
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|
Factory : |
T-2, MIDC Industrial Area, Taloja – 410208, Raigad, Maharashtra, India
|
|
Tel. No.: |
91-22-39289100/ 146 |
|
Fax No.: |
91-22-27410192 |
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|
|
|
Executive Office : |
D-4, Jyothi Complex, 134/1, |
|
Tel. No.: |
91-80-22868372/ 22868778 |
|
Fax No.: |
91-80-22868778 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. M. M. Dhanuka |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
17.04.1948 |
|
Qualification : |
B.E. (Chemical). |
|
Experience : |
Industrialist Having Vast Knowledge In Technical and Marketing Fields. |
|
Date of Appointment : |
18.10.1988 |
|
Other Directorship : |
· Mysore Petro Chemicals Limited |
|
|
|
|
Name : |
Mr. Rajesh Muni |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.12.1951 |
|
Qualification : |
B.Com.(Hon.), F.C.A. |
|
Experience : |
Practicing Chartered Accountant with vast knowledge in Accounting and taxation matters. |
|
Date of Appointment : |
30.04.2002 |
|
|
|
|
Name : |
Dr. A. K. A. Rathi |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.01.1950 |
|
Qualification : |
M.E. (Chem.), Ph.D (Chem.) |
|
Experience : |
Worked in the Industries Department as Chief Technical Advisor and as Director (Environment) in the forest and Environment Department in the Government of Gujrat. He is also a visiting Professor to various Engineering and Management Colleges. |
|
Date of Appointment : |
28.07.2009 |
|
|
|
|
Name : |
Mr. J. K. Saboo |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
18.01.1952 |
|
Qualification : |
B.Com; LL.B. |
|
Experience : |
In charge of Plant activities at Taloja, Maharashtra including liasioning with various Government departments. |
|
Date of Appointment : |
01.07.1998 |
|
Other Directorship : |
· Seasky Investments · Ellenbarrie Steels and Allied Industries Limited |
|
|
|
|
Name : |
Mr. P. H. Ravikumar |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
20.07.1951 |
|
Qualification : |
B.Com., CAIIB, ACIB (Lond.), FCISI (Lond.) (Hon.) |
|
Experience : |
Financial sector professional having vast experience in corporate banking functions, treasury, retail, agri business verticles and also associated with Commodity and Derivatives exchanges. |
|
Date of Appointment : |
30.10.2012 |
|
Other Directorship : |
· SKS Microfinance Limited · Bharat Forge Limited · Eveready Industries Limited · McNally Bharat Engineering Company Limited · SICOM Investments and Finance Limited · Vastu Housing Finance Corporation Limited · BOB Capital Markets Limited · L and T Investment Management Company Limited |
|
|
|
|
Name : |
Mr. Nikunj Dhanuka |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. R, Chandrasekaran |
|
Designation : |
Chief Financial Officer and Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
% of share
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
508862 |
1.65 |
|
|
21693915 |
70.45 |
|
|
22202777 |
72.10 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22202777 |
72.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9500 |
0.03 |
|
|
5400 |
0.02 |
|
|
3100 |
0.01 |
|
|
18000 |
0.06 |
|
|
|
|
|
|
1029541 |
3.34 |
|
|
|
|
|
|
5715319 |
18.56 |
|
|
1283672 |
4.17 |
|
|
545541 |
1.77 |
|
|
69093 |
0.22 |
|
|
469748 |
1.53 |
|
|
6700 |
0.02 |
|
|
8574073 |
27.84 |
|
Total Public shareholding (B) |
8592073 |
27.90 |
|
Total (A)+(B) |
30794850 |
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) |
30794850 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Organic Chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Information decline by the management |
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Bankers : |
·
The Lakshmi Vilas Bank Limited ·
State Bank of India ·
YES Bank Limited ·
The Cosmos Co-operative Bank Limited ·
Andhra Bank Limited |
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Facilities : |
SECURED
LOAN
Notes : LONG TERM
BORROWINGS i. The Rupeee Term Loans are secured by Hypothecation of movable properties (other than current assets) and registered mortgage on immovable properties of the Company on first pari passu charge basis with ECB lenders. It is further secured by second charge on the Current Assets of the Company. The Rupee Term Loans are further secured by personal guarantee of two directors of the company and by others. The Term Loans are payable in 20 equal quarterly / 60 equal monthly instalments from commencement of commercial production of new Phthalic Anhydride Plant i.e. 28th September 2013. ii. The External Commercial Borrowings (ECB) is secured by Hypothecation of movable properties (other than current assets) and registered mortgage on immovable properties of the Company on first pari passu basis with Rupee Term Loan lenders. The ECB is payable in 17 equal semi annual instalments from 15.09.2013. iii. Hire Purchase finance are secured by the assets acquired through such finance. SHORT TERM
BORROWINGS i. Working Capital facilities are secured by Hypothecation of current assets of the company i.e. stock of raw materials, stock in process, finished goods, stores and spares and book debts on first pari passu basis amongst Working Capital lenders under consortium banking arrangement excluding receivables pertaining to specific customers assigned for Factoring facilities. It is further secured by hypothecation of movable properties and registered mortgage of immovable properties of the Company on second charge basis. Working Capital facilities are further secured by Personal Guarantee of two Directors of the company and by others. ii. Factoring facilities are secured by way of exclusive first charge on receivables factored and subservient charge on other Current Assets. Further they are secured by personal guarantee of two directors of the Company. |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Hariharan and Company Chartered Accountants |
|
Address : |
No. 133, 26th Cross, 6th Block,
Jayanagar, Bengaluru – 560082, Karnataka, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Shyam Malpani and Associates Chartered Accountants |
|
Address : |
307, Chartered House 297/299, Dr. Cawasji Hormasji Street , Near Marine
Lines Church, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Enterprises owned or significantly influenced by key management
personnel or their relatives: |
·
Mysore Petro Chemicals Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
1000000 |
Preference Share |
Rs.100/- each |
Rs. 100.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30801350 |
Equity Shares |
Rs.10/- each |
Rs. 308.014
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30794850 |
Equity Shares |
Rs.10/- each |
Rs. 307.949
Millions |
|
|
Add: Amount paid up on 6500 shares forfeited |
|
Rs. 0.032
Millions |
|
|
Total |
|
Rs. 307.981 Millions |
Shareholders holding more than 5% Shares in the company
|
Particular |
Number of Shares |
|
Brahamputra Enterprises Limited |
1833528 |
|
Gembel Trade Enterprises Limited |
1791089 |
|
Kamrup Enterprises Limited |
1894884 |
|
Mysore Petrochemicals Limited |
4075000 |
|
Savita Investment Company Limited |
1933414 |
|
Shekhawati Investment Corporation Limited |
4078210 |
|
Vincent ( India) Limited |
2565716 |
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 |
307.981 |
307.981 |
307.981 |
|
(b) Reserves & Surplus |
2264.655 |
2272.287 |
2280.096 |
|
(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) |
2572.636 |
2580.268 |
2588.077 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1408.350 |
1230.745 |
350.448 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
21.339 |
17.030 |
10.732 |
|
Total Non-current Liabilities (3) |
1429.689 |
1247.775 |
361.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
439.361 |
358.750 |
156.408 |
|
(b) Trade payables |
2862.476 |
1838.490 |
1399.311 |
|
(c) Other current
liabilities |
338.735 |
197.939 |
69.696 |
|
(d) Short-term provisions |
0.110 |
0.083 |
1.636 |
|
Total Current Liabilities (4) |
3640.682 |
2395.262 |
1627.051 |
|
|
|
|
|
|
TOTAL |
7643.007 |
6223.305 |
4576.308 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3762.501 |
1717.127 |
2155.803 |
|
(ii) Intangible Assets |
0.388 |
0.566 |
0.896 |
|
(iii) Capital
work-in-progress |
6.425 |
1716.111 |
184.708 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.691 |
0.691 |
0.691 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.684 |
47.063 |
145.206 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3788.689 |
3481.558 |
2487.304 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1414.885 |
822.241 |
575.145 |
|
(c) Trade receivables |
1742.960 |
1243.075 |
1032.657 |
|
(d) Cash and cash
equivalents |
285.232 |
345.894 |
300.437 |
|
(e) Short-term loans and
advances |
411.222 |
330.518 |
180.747 |
|
(f) Other current assets |
0.019 |
0.019 |
0.018 |
|
Total Current Assets |
3854.318 |
2741.747 |
2089.004 |
|
|
|
|
|
|
TOTAL |
7643.007 |
6223.305 |
4576.308 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12042.959 |
9703.391 |
8860.720 |
|
|
|
Other Income |
96.825 |
52.837 |
38.932 |
|
|
|
TOTAL (A) |
12139.784 |
9756.228 |
8899.652 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
10750.972 |
8299.486 |
7540.394 |
|
|
|
Extraordinary Items |
178.585 |
276.578 |
0.000 |
|
|
|
Decrease / ( Increase ) in Inventory |
(267.151) |
(62.207) |
43.686 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
19.679 |
|
|
|
Employees Benefits Expense |
251.353 |
244.414 |
186.771 |
|
|
|
Others Expenses |
702.934 |
654.827 |
647.626 |
|
|
|
TOTAL (B) |
11616.693 |
9413.098 |
8438.156 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
523.091 |
343.130 |
461.496 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
303.622 |
166.730 |
146.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
219.469 |
176.400 |
315.002 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
180.334 |
137.502 |
149.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
39.135 |
38.898 |
165.984 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.827 |
8.109 |
33.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) |
31.308 |
30.789 |
132.903 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1769.462 |
1738.673 |
1605.770 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1800.770 |
1769.462 |
1738.673 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
1596.774 |
1098.970 |
1298.236 |
|
|
TOTAL EARNINGS |
1596.774 |
1098.970 |
1298.236 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2874.457 |
1908.257 |
1532.451 |
|
|
|
Stores & Spares |
16.344 |
6.625 |
12.755 |
|
|
|
Capital Goods |
40.742 |
724.198 |
28.070 |
|
|
|
Others |
120.392 |
0.000 |
28.110 |
|
|
TOTAL IMPORTS |
3051.935 |
2639.080 |
1601.386 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.02 |
1.00 |
4.32 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
QUARTER 30.06.2014 (UnAudited) |
|
Net Sales |
|
|
343.390 |
|
Total Expenditure |
|
|
318.460 |
|
PBIDT (Excl OI) |
|
|
24.940 |
|
Other Income |
|
|
2.850 |
|
Operating Profit |
|
|
27.79 |
|
Interest |
|
|
9.840 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
17.950 |
|
Depreciation |
|
|
4.240 |
|
Profit Before Tax |
|
|
13.700 |
|
Tax |
|
|
2.870 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
10.830 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
10.83 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.26 |
0.32 |
1.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.32 |
0.40 |
1.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.51 |
0.86 |
3.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.02 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.72 |
0.62 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.14 |
1.28 |
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 |
307.981 |
307.981 |
307.981 |
|
Reserves & Surplus |
2280.096 |
2272.287 |
2264.655 |
|
Net
worth |
2588.077 |
2580.268 |
2572.636 |
|
|
|
|
|
|
long-term borrowings |
350.448 |
1230.745 |
1408.350 |
|
Short term borrowings |
156.408 |
358.750 |
439.361 |
|
Total
borrowings |
506.856 |
1589.495 |
1847.711 |
|
Debt/Equity
ratio |
0.196 |
0.616 |
0.718 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8860.720 |
9703.391 |
12042.959 |
|
|
|
9.510 |
24.111 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8860.720 |
9703.391 |
12042.959 |
|
Profit |
132.903 |
30.789 |
31.308 |
|
|
1.50% |
0.32% |
0.26% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE:
The registered office of the company has been shifted from 211, 2nd
Floor, Kamat Towers, EDC Complex, Patto Plaza, Panaji - 403001, Goa, India to
present address.
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
(Rs. In Millions) |
||
|
LONG TERM
BORROWINGS |
|
|
|
From Bodies Corporate |
233.605 |
193.605 |
|
Total |
233.605 |
193.605 |
OPERATIONAL REVIEW
The expansion project of 50,000 MT. was completed during September 2013 thereby increasing the total production capacity to 1,66,110 MT. The Company delivered sustainable performance and achieved a production of 1,28,076 MT. for the year 2013-2014 as compared to 1,06,662 MT. during the previous year 2012-2013. The production was marginally lower due to closure of one of its Plant for change of Catalyst. The Net Sales Turnover from operations was Rs. 120,42.959 Millions as against Rs. 97,03.391 Millions for the previous year 2012 -2013, an increase of 24.11 % over the previous year. Net Profit during the year was Rs. 31.308 Millions as against Rs. 30.789 Millions during the previous year 2012-2013.
The operating margins were stable during most part of the year. However due to significant movement and volatility in value of Indian Rupee against US Dollar the Company suffered foreign exchange loss to the tune of Rs. 1,78.585 Millions which affected the performance and profitability of the Company. The crude oil prices remained high during the first three quarters due to which the raw material prices were high. However the last quarter witnessed easing of raw material prices due to which the margins were better and are expected to remain so.
In view of the increased production due to expansion, the Company has increased the export sales which helps in hedging the volatility of the Rupee. The international markets are gradually picking up and the realizations are better compared to the previous years.
The Company continues to avail the Working Capital limits from various banks of around Rs. 2880.000 Millions (both fund based and non-fund based) during the year (Previous year Rs. 1700.000 Millions). The Company has also availed Rupee Term Loan of Rs. 650.000 Millions (Previous year Rs. 410.000 Millions) from Banks and External Commercial Borrowings (ECB) of EURO 11.329 million (Previous year EURO 10.140 million) as project finance to fund the PA-3 project which was completed during September 2013.
OPPORTUNITIES,
CONCERNS AND FUTURE OUTLOOK
The global economic slowdown that started a few years ago increased the complexity and volatility in the environment. Even though the Indian economy was able to sustain the growth momentum during that year, the stress on the economy had started to show during 2011. In subsequent years the growth rate for GDP continued to slide even lower. Various factors, both internal and external have contributed to this including the political environment, high fiscal deficit, consistently high inflation, and volatility in currency.
The environment continued to remain challenging during the year. Despite a good monsoon the manufacturing indices declined. Commodity prices continued peaking with food inflation hitting all-time highs, resulting in high overall inflation, Rupee depreciated significantly before reviving a little, and the consumer sentiment remained subdued as well. These are the areas of serious concern but the general consensus remains optimistic about long term growth. The Government and the Reserve Bank managed to control the exchange rate fluctuation to some extent with appropriate monetary and fiscal policies during the latter part of the year. The economic potential of India remains promising. The current state of economic and social turmoil in the country indicates a desire for balanced growth. We hope that the transformation will lead to greater stability and future growth, thereby strengthening and unlocking India’s economic potential.
The business operations of the Company are susceptible to risks which are inherent to any petrochemical business as well as to those inherent to international operations. Apart from these, there is always an exposure to general commercial risks which accrue to any commercial organization. The PA industry in particular continues to remain under severe pricing pressures, high raw material costs, volatility in demand and supply, government policies, exchange rate risk, increase in dumping of PA into the country and other technical and environmental risks. The Board of Directors do a periodic assessment of the risks through a means of properly defined framework resulting in minimization of risk involved.
The Company’s expansion project of 50,000 MT. was completed during the year and commercial production commenced during September 2013. In view of the same the Company is the largest producer of PA in India and one of the largest in the world. Due to the integration of three units at one place by optimum utilization of existing facilities and the advantages of economies of scale, the Company would be one of the lowest cost producers of PA in the world. In view of the increased production and reduction in costs the performance of the Company will improve in the years to come.
The Company is exploring to add certain value added products to captivity utilize the large production capacities to de-risk the existing business and fuel growth.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
2013 was another year of challenges for all major economic regions across the world. Growth continued to remain
Subdued over most developed economies and was much less than the desired forecasts and estimates. According to the IMF’s World Economic Outlook published in the month of April 2014, the world output grew at a moderate 3.0 percent in 2013 compared to 3.2 per cent in the year 2012.
Among the developed economies, the USA, which is the largest economy in the world, suffered a setback compared to its robust growth in the year 2012. In the year 2013, GDP in USA grew by a mere 1.9 per cent compared to a much higher 2.8 per cent in the previous year. This slowdown in growth in the US economy was largely attributable to the political deadlock over policies and fiscal tightening.
In the Euro area, there were finally some positive signs as the region came out of protracted recession during 2013. However, the scepter of debt continues to loom large with 12 out of 17 countries still under Excessive Deficit Procedure.
In the key emerging economies of China and India, both countries had to face strong headwinds, although these were of a different nature in each of these countries. In China, growth continued to slow down due to falling export demand. However, on an overall basis, the Chinese economy still managed to grow at 7.7 per cent during 2013, which is similar to the 7.7 per cent growth it achieved in 2012. Though this growth seems low compared to the double digit growth the Chinese economy has been used to, in the larger context of all other major economies of growth in the world, is still very impressive.
EMERGING AND
DEVELOPING ASIA
In India, the year 2013 was a year that saw a modest recovery with the GDP growing at 4.5 per cent for the calendar year 2013. Growth picked up during the second half of the year in line with improved sentiments across major economies of the world. This helped improve GDP growth to 4.7 per cent for the fiscal year 2013-14, moderately better than the 4.5 per cent growth achieved in the previous fiscal year.
Key issues that weighed down growth in the Indian economy were nagging inflation and a weakening currency. Both these issues forced the central bank to keep monetary policy tight and interest rates high throughout the year, resulting in high input costs as well as high costs of finance all through the year. The Indian rupee plummeted to a low of 68.85 in the month of August 2013, driven by alarming current account deficit. Interestingly, in the month of April 2014, India overtook Japan as the world’s third largest economy in terms of Purchasing Power Parity (PPP).
OPPORTUNITIES AND
OUTLOOK
The long-term Indian growth story is robust and intact. While there has been a minor slowdown in the economy due to macro factors, the larger picture is still promising and positive. The recent elections have resulted in a stable government at the centre which has revived confidence amongst both domestic as well as overseas investors. The new government is expected to push many reforms and policies, particularly in the infrastructure segment, and this is likely to have a positive impact in the economy. According to RBI estimates, the Indian GDP is expected to register a growth of between 5 and 6 per cent in the year 2014-15. Since PA is used by a wide range of industries and in a still wider array of applications ranging from industrial to consumer goods, the outlook for the PA industry remains firm and optimistic.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10514508 |
13/08/2014 |
150,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
FORT BRANCH, BHARAT
HOUSE, 104, B S MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C16154627 |
|
2 |
10501592 |
26/02/2014 |
850,625,000.00 |
THE COSMOS
CO-OP. BANK LIMITED |
FORT BRANCH,
229/230, PERIN NARIMAN STREET,FORT |
C05954227 |
|
3 |
10481387 |
30/01/2014 |
490,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE, CUFFE PARADE |
B97973937 |
|
4 |
10477077 |
03/01/2014 |
150,000,000.00 |
LAKSHMI VILAS BANK
LIMITED |
FORT BRANCH,
BHARAT HOUSE, 104, B S MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B96143680 |
|
5 |
10436535 |
15/07/2013 |
200,000,000.00 |
THE COSMOS
CO-OP. BANK LIMITED |
FORT BRANCH,
229/230, PERIN NARIMAN STREET, FORT, |
B79479861 |
|
6 |
10397071 |
10/01/2013 |
180,000,000.00 |
IFCI FACTORS
LIMITED |
9TH FLOOR, IFCI
TOWER, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B65922064 |
|
7 |
10386615 |
25/10/2012 |
100,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
FORT BRANCH,
BHARAT HOUSE, 104, B S MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B62102694 |
|
8 |
10383596 |
22/10/2012 |
180,000,000.00 |
THE COSMOS CO-OP
BANK LIMITED |
FORT BRANCH,
229/230, PERIN NARIMAN STREET, FORT, |
B60947496 |
|
9 |
10314223 |
27/05/2014 * |
2,882,325,000.00 |
LAKSHMI VILAS
BANK LIMITED |
BHARAT HOUSE,
104, B S MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05563986 |
|
10 |
10312385 |
03/12/2013 * |
650,000,000.00 |
THE LAKSHMI
VILAS BANK LIMITED (TERM LOAN CONSORTIUM) |
GR FLR, BHARATH
HOUSE, 104, MUMBAI SAMACHAR MARG, |
B92711852 |
|
11 |
10309418 |
11/10/2011 * |
753,326,250.00 |
IL AND FS TRUST
COMPANY LIMITED |
IL AND FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
B22547863 |
|
12 |
10312766 |
13/09/2011 |
45,000,000.00 |
THE COSMOS CO-OP
BANK LIMITED |
FORT BRANCH, 229/230,
PERIN NARIMAN STREET, FORT, |
B23433998 |
|
13 |
10312999 |
03/09/2011 |
10,000,000.00 |
THE COSMOS CO-OP
BANK LIMITED |
FORT BRANCH,
229/230, PERIN NARIMAN STREET, FORT, |
B23497548 |
|
14 |
10241709 |
25/04/2011 * |
305,000,000.00 |
THE LAKSHMI
VILAS BANK LIMITED |
64, DR. V. B.
GANDHI MARG, KALAGHODA, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B12217261 |
|
15 |
10227735 |
30/10/2013 * |
750,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B89578900 |
|
16 |
10095362 |
14/07/2009 * |
550,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE, CUFFE PARADE |
A66923350 |
|
17 |
10084409 |
19/08/2008 * |
200,000,000.00 |
SBI FACTORS AND
COMMERCIAL SERVICES PRIVATE LIMITE |
903-906, RAHEJA
CHAMBERS, 9TH FLOOR, FREE PRESS |
A44807204 |
|
18 |
10113615 |
18/09/2008 * |
550,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH
, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A46546008 |
|
19 |
10030277 |
04/09/2012 * |
420,000,000.00 |
SBI GLOBAL
FACTORS LIMITED |
6TH FLOOR,
METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI,
MAHARASHTRA -400051, INDIA |
B60802006 |
|
20 |
80002964 |
02/09/1996 |
470,000,000.00 |
INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION OF IN |
MUMBAI, MUMBAI,
MAHARASHTRA - 400001, INDIA |
- |
|
21 |
90076111 |
21/11/1994 |
90,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT COR. OF INDIA |
ZENITH HOUSE,
KESHAVRAO KHADE MARG; OPP. RACECOU |
- |
|
22 |
90076050 |
14/05/1992 |
12,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT COR. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
23 |
90075994 |
22/04/1992 * |
48,800,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT COR. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs in Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
|
a. Bills of Exchange Discounted - with Banks |
469.436 |
120.298 |
|
b. Disputed Excise & Service tax matters |
|
|
|
i) Cases decided in favour of the Company which are taken further in appeal before the appellate authorities by the department. |
1056.425 |
37.445 |
|
ii) Other Matters for which the Company is in appeal. (Deposits paid under protest Rs. 85.468 Millions (Previous Year Rs. 81.861 Millions) |
196.997 |
1056.425 |
|
iii) Show Cause Notices received The Management is confident that the matters will be in favour of the company as per legal opinion obtained / legal precedents. |
1217.642 |
196.997 |
|
C. Claim against the Company not acknowledged as Debt in respect of Electricity Duty on internal power generation. |
2.963 |
1203.053 |
|
d. Claim against the Company not acknowledged as Debt in other matters. (Deposits paid under protest Rs. 48.900 Millions (Previous Year Rs. Nil) |
48.900 |
2.963 |
|
e. Custom Duty on Raw Material under Advance Licence pending Export Obligation. (Includes Cenvat Credit available Rs. Nil (Previous Year Rs. 20.842 Millions). |
- |
27.314 |
|
f. The Income tax assessments of the Company have been completed upto the assessment year 2011-2012 and while completing the assessments for certain years the Income tax Department had disallowed certain claims of the company which had resulted in reduction of Carried Forward benefits available to the company as per the Income Tax Act 1961 and the additional tax liability that may arise amounts to: |
140.869 |
212.791 |
|
These matters are in appeal before the Appellate authorities. Based on
the interpretation of the relevant rovisions of the Income Tax Act, the
Company has been legally advised by an eminent Counsel that the matters will
be in favour of the Company. Future cash outflows in respect of item b, c and e above are determinable
only on receipt of judgments / decisions pending at various forums/authorities. * Against certain demands on these matters, the Company / Department
had filed appeal during the earlier years in the case of certain Excise /
Custom demands amounting to Rs. 7,67.289 Millions (Previous Year Rs. 7,67.289
Millions) before the Honourable Supreme Court which are disputed by the
Company and the matter is subjudice. Based on decisions of the Supreme Court
and other interpretation of the relevant provisions, the Company has been
legally advised by an eminent Counsel that matter will be in favour of the
Company. |
||
FIXED ASSETS:
· Free hold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
· 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. 61.42 |
|
|
1 |
Rs. 99.72 |
|
Euro |
1 |
Rs. 77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.