MIRA INFORM REPORT
|
Report No. : |
315290 |
|
Report Date : |
02.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAVITA OIL TECHNOLOGIES LIMITED (w.e.f.24.08.2009) |
|
|
|
|
Formerly Known
As : |
SAVITA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
66/67, Nariman
Bhavan, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
19.07.1961 |
|
|
|
|
Com. Reg. No.: |
11-012066 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 146.056 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1961PLC012066 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37352A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7934A |
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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 Distributer of varied range of
Petrochemicals. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “AA” |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
26.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
|
Rating Explanation |
High credit quality and lowest credit risk. |
|
Date |
26.05.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-22-66246200)
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No. : |
91-22-66246200 / 66246228 |
|
Fax No. : |
91-22-22029364 |
|
E-Mail : |
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|
Website : |
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|
|
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Factory 1 : |
17/17A, Thane Belapur Road, Turbhe, Navi
Mumbai – 400703, Maharashtra, India |
|
Tel. No. : |
91- 22-27681521 / 67683500 |
|
Fax No. : |
91- 22-27682024 |
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|
|
|
Factory 2 : |
Survey No. 10/2, Kharadpada, Post Naroli, Silvassa – 396230, Dadra and Nagar Haveli, India |
|
Tel. No. : |
91- 260-3204003 |
|
Fax No. : |
91- 260-2650182 |
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|
|
|
Factory 3 : |
A-2/1 and 2/2, MIDC Industrial Estate, Mahad, District – Raigad
402301 Maharashtra, India |
|
Tel. No. : |
91-2145-232020 / 2320312145-232020 / 232031 |
|
Fax No. : |
91-2145-232236 |
|
|
|
|
Factory 4: |
Survey
No.140/1, Village Kuvapada, Silli, P.O. Kilwani, Silvassa, Dadra and Nagar Haveli
- 396 230 (U.T.), India |
|
|
|
Branch
Offices:
|
Located At: · New Delhi · Bhopal · Kolkata · Secunderabad |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Gautam N. Mehra |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.E. (Chem), M.B.A., Univ. of California (Berkeley) |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1983 |
|
|
|
|
Name : |
Mr. C. V. Alexander |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
29.5.1935 |
|
Qualification : |
M.A., LL.B. |
|
Other Directorship
: |
· Savita Polymers Limited · Kurla Investment and Trading Company Private Limited |
|
|
|
|
Name : |
Mr. Ninad B. Karpe |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
04.03.1961 |
|
Qualification : |
B. Com., LL.B. (Gen.)., F. C. A. |
|
|
· Maya Entertainment Limited · BNP Paribas Asset Management India Private Limited · India SME Asset Reconstruction Co. Limited · BJB Career Education Co. Limited · Aptech Venture Limited · Aptech Investment Enhancers · Aptech Global Investment · Franchising Association of India · EDC Limited · IDBI Bank |
|
|
|
|
Name : |
Mr. Sanjeev R. Pandit |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
07.09.1957 |
|
Qualification : |
B. Com., F. C. A. |
|
|
|
|
Name : |
Mr. Harit A. Nagpal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.11.1961 |
|
Qualification : |
B.E., M.B.A. |
|
Experience : |
Over 28 years in service |
|
Other Directorship
: |
· OnMobile Global Limited · Vox Mobili, France · OnMobile SA, France · OnMobile Global for Tele-communication Services, Egypt |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Dixit |
|
Designation : |
Group Chief Financial Officer |
|
|
|
|
Name : |
Mr. U. C. Rege |
|
Designation : |
Company
Secretary & Executive VP – Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
9583070 |
65.63 |
|
|
867895 |
5.94 |
|
|
10450965 |
71.57 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
10450965 |
71.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1425024 |
9.76 |
|
|
1369 |
0.01 |
|
|
671676 |
4.60 |
|
|
2098069 |
14.37 |
|
|
|
|
|
|
256594 |
1.76 |
|
|
|
|
|
|
1436183 |
9.84 |
|
|
359106 |
2.46 |
|
|
1166 |
0.01 |
|
|
1166 |
0.01 |
|
|
2053049 |
14.06 |
|
Total Public shareholding (B) |
4151118 |
28.43 |
|
Total (A)+(B) |
14602083 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14602083 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributer of varied range of
Petrochemicals. |
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|
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · Citibank N.A. · Corporation Bank · DBS Bank Limited · ICICI Bank Limited · Standard Chartered Bank · Union Bank of India |
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Facilities : |
NOTE: SHORT TERM
BORROWINGS i) Hypothecation of inventories, receivables and other current assets and ii) First pari-passu charge by way of equitable mortage by deposit of title deeds of the Company’s certain immovable properties at Silvassa, Navi Mumbai and Mumbai. |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
Address : |
1007, Raheja Chambers, 213, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-66116611 |
|
Fax No.: |
91-22-66116600 |
|
|
|
|
Enterprises where key management
personnel or relatives of key management personnel have control or
significant influence: |
· Basant Lok Trading Company · Chemi Pharmex Private Limited · D.C.Mehra Public Charitable Trust · Khatri Investments Private Limited · Kurla Investment and Trading Company Private Limited · Madhu Trust · Mansukhmal Investment Private Limited · N. K. Mehra Trust · Naved Investment and Trading Company Private Limited · Nkm Grand Children’s Trust · Savita Petro-Additives Limited · Savita Polymers Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14609183 |
Equity Shares |
Rs.10/- each |
Rs. 146.092 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14602083 |
Equity Shares |
Rs.10/- each |
Rs. 146.021 Millions |
|
7100 |
Add: Forfeited Shares |
|
Rs. 0.035 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 146.056
Millions |
NOTE:
a) Reconciliation of
number of shares
|
Particulars |
As at 31.03.2014 |
|
|
Nos. |
Rs. In millions |
|
|
At the beginning of the year |
1,46,02,083 |
146.021 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
1,46,02,083 |
146.021 |
b) Rights,
preferences and restrictions attached to equity shares (except forfeited
shares)
The Company has only one class of equity shares having par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share.There are no restrictions on the distribution of dividend or repayment of capital.The Company declares dividend 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, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Details of
shareholder holding more than 5% of equity shares
|
Particulars |
As at 31.03.2014 |
|
|
Nos. |
% of holding |
|
|
Gautam N. Mehra |
9510156 |
65.13 |
|
HDFC Trustees Company Limited |
1329732 |
9.11 |
As per the of the Company, including its register of shareholders / members.
d) Forfeited equity
shares
|
Particulars |
As at 31.03.2014 |
|
Nos. |
|
|
No. of Shares forfeited |
7,100 |
|
Amount of share capital forfeited (Rs. In millions) |
0.035 |
|
Amount of share premium forfeited (Rs. In millions) |
0.249 |
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 |
146.056 |
146.056 |
146.056 |
|
(b) Reserves & Surplus |
5563.917 |
4965.521 |
4231.274 |
|
(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) |
5709.973 |
5111.577 |
4377.330 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
582.779 |
526.389 |
459.463 |
|
(b) Deferred tax liabilities (Net) |
329.156 |
345.172 |
184.432 |
|
(c) Other long term
liabilities |
46.571 |
37.005 |
34.131 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
958.506 |
908.566 |
678.026 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
151.849 |
57.162 |
0.000 |
|
(b) Trade
payables |
7375.182 |
4288.496 |
5591.892 |
|
(c) Other current
liabilities |
669.937 |
552.535 |
906.095 |
|
(d) Short-term
provisions |
486.818 |
376.439 |
392.734 |
|
Total Current
Liabilities (4) |
8683.786 |
5274.632 |
6890.721 |
|
|
|
|
|
|
TOTAL |
15352.265 |
11294.775 |
11946.077 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2858.125 |
2108.088 |
2071.002 |
|
(ii)
Intangible Assets |
9.969 |
3.308 |
2.047 |
|
(iii)
Capital work-in-progress |
49.831 |
214.558 |
16.619 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.101 |
107.310 |
61.504 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
150.085 |
178.029 |
136.160 |
|
(e) Trade
receivables |
22.655 |
37.715 |
3.259 |
|
(f) Other
Non-current assets |
2.404 |
3.861 |
31.483 |
|
Total Non-Current
Assets |
3113.170 |
2652.869 |
2322.074 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
102.105 |
216.705 |
166.211 |
|
(b)
Inventories |
6226.230 |
3207.234 |
4341.256 |
|
(c) Trade
receivables |
5284.454 |
4503.482 |
4402.783 |
|
(d) Cash
and cash equivalents |
200.399 |
295.738 |
291.139 |
|
(e)
Short-term loans and advances |
425.695 |
418.217 |
422.525 |
|
(f) Other
current assets |
0.212 |
0.530 |
0.089 |
|
Total
Current Assets |
12239.095 |
8641.906 |
9624.003 |
|
|
|
|
|
|
TOTAL |
15352.265 |
11294.775 |
11946.077 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20807.896 |
19990.456 |
19105.23 |
|
|
|
Other Income |
88.863 |
134.340 |
108.414 |
|
|
|
TOTAL |
20896.759 |
20124.796 |
19213.644 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16873.541 |
16214.833 |
15404.42 |
|
|
|
Purchases of Stock-in-Trade |
248.946 |
140.868 |
202.425 |
|
|
|
Increase)/Decrease in Inventories |
(186.144) |
(9.861) |
(328.074) |
|
|
|
Employees benefits expense |
315.985 |
284.435 |
245.189 |
|
|
|
Other expenses |
2464.528 |
2197.937 |
2307.616 |
|
|
|
TOTAL |
19716.856 |
18828.212 |
17831.576 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1179.903 |
1296.584 |
1382.068 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
132.869 |
104.740 |
127.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1047.034 |
1191.844 |
1254.569 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
299.755 |
251.421 |
252.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
BEFORE EXCEPTIONAL INCOME AND TAX |
747.279 |
940.423 |
1002.519 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL INCOME |
579.065 |
565.028 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1326.344 |
1505.451 |
1002.519 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
428.984 |
472.240 |
322.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
897.360 |
1033.211 |
680.303 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3534.774 |
2905.527 |
2548.787 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
255.536 |
255.536 |
219.031 |
|
|
|
Tax on Dividend |
43.428 |
43.428 |
35.532 |
|
|
|
Transfer to General Reserve |
90.000 |
105.000 |
69.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4043.170 |
3534.774 |
2905.527 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB value) |
3963.652 |
3425.711 |
3118.805 |
|
|
|
Freight and insurance |
120.083 |
122.463 |
96.617 |
|
|
|
Claims received and commission earned |
0.285 |
3.956 |
0.000 |
|
|
|
Incentives for renewable energy generation |
2.288 |
0.000 |
0.000 |
|
|
|
Carbon Credit |
0.000 |
0.000 |
19.913 |
|
|
TOTAL EARNINGS |
4086.308 |
3552.130 |
3235.335 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16134.984 |
11674.376 |
13040.563 |
|
|
|
Capital goods |
58.737 |
4.275 |
4.232 |
|
|
TOTAL IMPORTS |
16193.721 |
11678.651 |
13044.795 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
61.45 |
70.76 |
46.59 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
4903.600 |
4977.200 |
4400.800 |
|
Total Expenditure |
4723.200 |
4877.400 |
4501.900 |
|
PBIDT (Excl OI) |
180.400 |
99.800 |
(101.100) |
|
Other Income |
11.000 |
16.800 |
12.100 |
|
Operating Profit |
191.500 |
116.600 |
(89.000) |
|
Interest |
30.100 |
28.100 |
22.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
161.300 |
88.500 |
(111.700) |
|
Depreciation |
86.200 |
77.500 |
82.300 |
|
Profit Before Tax |
75.200 |
11.100 |
(193.900) |
|
Tax |
12.100 |
2.900 |
(50.600) |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
63.100 |
8.200 |
(143.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
63.100 |
8.200 |
(143.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.29 |
5.13 |
3.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.37 |
7.53 |
5.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69 |
13.77 |
8.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.13 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.64 |
1.40 |
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 |
146.056 |
146.056 |
146.056 |
|
Reserves & Surplus |
4231.274 |
4965.521 |
5563.917 |
|
Net worth |
4377.330 |
5111.577 |
5709.973 |
|
|
|
|
|
|
long-term borrowings |
459.463 |
526.389 |
582.779 |
|
Short term borrowings |
0.000 |
57.162 |
151.849 |
|
Total borrowings |
459.463 |
583.551 |
734.628 |
|
Debt/Equity ratio |
0.105 |
0.114 |
0.129 |
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 |
19105.230 |
19990.456 |
20807.896 |
|
|
|
4.633 |
4.089 |
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 |
19105.230 |
19990.456 |
20807.896 |
|
Profit |
680.303 |
1033.211 |
897.360 |
|
|
3.56% |
5.17% |
4.31% |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10441276 |
15/07/2013 |
278,800,000.00 |
CITIBANK
N. A. |
CITIBANK
N.A., DLF SQUARE, DLF PHASE II, JACARAN |
B81304784 |
|
2 |
10393340 |
13/12/2012 |
256,450,000.00 |
CITIBANK
N.A |
TRENT
HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, MAHARASHTRA |
B64658982 |
|
3 |
10341963 |
27/02/2012 |
193,000,000.00 |
DBS BANK
LIMITED |
3RD
FLOOR, FORT HOUSE, 221, DR. D. N. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001,
INDIA |
B34948778 |
|
4 |
10213950 |
05/04/2010 |
135,000,000.00 |
STANDARD
CHARTERED BANK |
90, M.
G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A83682914 |
|
5 |
90189206 |
28/04/2004 |
1,500,000.00 |
ICICI
BANK LIMITED |
9;
RAFFLES PLACE, # 50-01; REPUBLIC PLAZA, SINGAPORE |
- |
|
6 |
90186783 |
11/07/2014
* |
7,520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, BANK STREET, N. G. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001,
INDIA |
C12304473 |
|
7 |
90186220 |
27/06/1995 |
520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
8 |
90183966 |
12/09/2014
* |
7,520,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, BANK STREET, N. G. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
C23484637 |
|
9 |
90185527 |
16/11/1989 |
20,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
10 |
90184646 |
10/08/1981 |
580,772.00 |
CENTRAL
BANK OF INDIA |
FOREIGN
BILLS DEPT., GUARANTEE SECTION (IDHI); EWART HOUSE; FORT, BOMBAY, MAHARASHTRA
- 400001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liability |
|
|
|
Sales Tax Deferment |
114.241 |
133.988 |
|
|
|
|
|
Total |
114.241 |
133.988 |
OPERATIONS
The Company’s sales
turnover during the year 2013-14 touched a new high of Rs. 22967.500 millions
against Rs. 22178.900 millions in the year 2012-13, resulting in a growth of about
3.56 %. The sales volume was more or less the same at 2,72,805 KLS/MTs during
2013-14 as against 2,71,521 KLs/MTs achieved in 2012 13. The net profit of the
Company however declined to Rs. 897.400 millions as against Rs. 1033.200
millions for the previous year, recording a decrease of 13%. The net profit
during the year was lower due to extreme foreign exchange volatility. This
profit included the compensation received from Idemitsu Lube India Private
Limited On account of premature termination of the Technical Collaboration
Agreement for Idemitsu Genuine Products during the year.
During the Financial
Year 2013-14, the Company’s Wind Power Plants situated in the states of
Maharashtra, Karnataka and Tamil Nadu generated a total of 93.06 MU against
94.81 MU generated in the previous year. During the year, the Company installed
4 new wind mills in the state of Maharashtra. As a result, the total installed
capacity in Wind Power sector of the Company has increased from 48.15 MW to
54.15 MW.
The Company commissioned
the new green field manufacturing facility at Silli in Silvassa, in the Union
Territory of Dadra & Nagar Haveli during the year. This ultra-modern
sophisticated plant is now fully operational with an annual licensed production
capacity of 1,50,000 MT for manufacture of petroleum specialty products.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENT
PETROLEUM
PRODUCTS:
Transformer Oils,
Liquid Paraffins / White Oils and Lubricating Oils are the three categories
that form this segment for the Company. Various types of Base Oils are the main
raw material for all of these product groups. These Base Oils, which are
basically refined fractions derived from Crude Oils, are mainly imported from
various parts of the world with a small portion of the total requirement
sourced domestically.
The demand for
Transformer Oils is mainly dependent on the development, growth and expansion
of the power generation and transmission infrastructure in the country, whereas
that for Liquid Paraffins and White Oils is decided by the demand for
cosmetics, pharmaceuticals and personal care products.
Automotive,
Industrial and Marine sectors are the three sectors that constitute the
Lubricant Products business. The demand for this sector is decided by the
general industrial and economic conditions in the country. The personal and
commercial transportation and agricultural equipment categories of the
automobile sector decide the demand for the automotive lubricants, whereas the
demand for industrial & marine lubricants is decided by the extent of
industrial activity and general economic environment.
Host of domestic and
multinational companies are fiercely competing in this segment in India.
WIND
POWER:
The power sector is one
of the crucial inputs to the growth of industrial sectors and overall economic
growth of India. It has been rightly awarded the status of an infrastructure
sector. Renewable energy which is no longer “alternate energy” plays an immense
role to fulfill this need. These sources will not only enhance independency of
energy but also help in many ways such as mitigation of climate change, swift
development of rural areas, improved health status and is the best way to move
towards sustainable development. Therefore, it is Country’s desire to move
towards a better future with cleaner power in order to bridge the growing gap
between power demand and supply. Wind power being a mature technology hedges
against future fuel price increases and helps to reduce nation’s dependence on
conventional power based on fossil fuels.
During the year,
India has added wind power installed capacity of 2.1 GW against 1.7 GW capacity
additions during the previous year. This increase in capacity addition can be
attributed to the reintroduction of the Generation Based Incentive (GBI) scheme
and the revision of preferential tariffs in few states. As on 31.03.2014, the
cumulative installed capacity for wind energy in India stood at 21.1 GW out of
the total renewable energy installed capacity of 31.71 GW. Wind Energy accounts
for 67% of the total renewable energy installed capacity.
FUTURE
OUTLOOK
PETROLEUM
PRODUCTS:
Considering that
power is one of the thrust areas of the Government, the demand for Transformer
Oil in the year 2014-15 is expected to show growth. The volatility in crude oil
prices and currency rates coupled with growth in the automotive sector going
forward will decide the demand for the Lubricant Products. The discretionary
spending capacity of the general masses resulting out of the budgetary
concessions is likely to show growth for personal care products, which in turn
could result in growth potential for Liquid Paraffins and White Oils.
WIND
POWER:
The paralysis that
currently plagues the renewable energy sector, resulting in the stop/start
policy situation which has hampered market growth over the past two years, will
hopefully come to an end with the new Government. The Finance Minister is
likely to reinstate Accelerated Depreciation (AD) and also extended the sunset
clause (80IA) of tax holiday upto March 2017. Both these benefits will attract
investors to the sector who backed out due to withdrawal of AD in 2012. With
the global economy trending towards recovery and several new policies being
introduced to encourage the use of renewable energy in India, the industry
seems to be poised for significant growth.
The sector is
expected to witness significant capacity installation in 2014-15 on account of
the above mentioned favourable developments in addition to GBI scheme and
improvement of preferential tariffs by various states. The Government is
implementing the Green Energy Corridors project, which aims to strengthen the
power evacuation infrastructure in the country to facilitate renewable energy
integration. The project is expected to give a further boost to investments in
the sector.
Ministry of New &
Renewable Energy (MNRE) plans to launch National Wind Energy Mission (NWEM)
during the year 2014 which aims to streamline the policy and regulatory
difficulties to instill new hope and enthusiasm in the sector. Thi mission
intends to address various issues and challenges faced by wind energy sector
which include adequate evacuation and transmission infrastructure, facilitating
finance, charting the offshore roadmap, etc.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a) Letters of Credit |
135.459 |
242.908 |
|
b) Guarantees/Bonds |
214.553 |
224.295 |
|
c) Disputed demands |
|
|
|
i) Excise and Customs |
144.667 |
192.124 |
|
ii) Sales Tax |
130.710 |
136.406 |
|
iii) Income Tax |
100.324 |
78.402 |
|
iv) Others |
13.177 |
14.914 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2014
(Rs.
In millions)
|
Particulars |
Quarter
ended |
Nine
months ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited
|
Unaudited |
Unaudited |
|
|
1. Income from
Operations |
|
|
|
|
Net Sales / Income from Operations (Net of
Excise Duty) |
4357.505 |
4921.786 |
14135.426 |
|
Other Operating Income |
43.307 |
55.415 |
146.173 |
|
Total
Income from operations (Net) |
4400.812 |
4977.201 |
14281.599 |
|
2.
Expenses |
|
|
|
|
a) Cost of Materials consumed |
3781.177 |
4286.579 |
11945.533 |
|
b) Purchase of Traded Goods |
59.447 |
117.696 |
320.220 |
|
c) Changes in inventories of Finished
goods, work-in-progress and stock-in-trade |
38.789 |
(243.707) |
(66.982) |
|
d) Employee benefits expense |
85.150 |
82.004 |
251.925 |
|
e) Depreciation and amortisation expense |
82.249 |
77.457 |
245.852 |
|
f) Loss/(gain) on foreign curreny
transactions and transaction (net) |
98.369 |
152.374 |
311.242 |
|
g) Other Expenses |
438.993 |
482.444 |
1340.539 |
|
Total
Expenses |
4584.174 |
4954.847 |
14348.329 |
|
3. Profit from Operations before Other Income, finance costs & exceptional items (1-2) |
(183.362) |
22.354 |
(66.730) |
|
4. Other Income |
12.072 |
16.780 |
39.880 |
|
5. Profit from Operations before Interest & Finance Charges (3+4) |
(171.290) |
39.134 |
(26.850) |
|
6. Finance Costs |
22.628 |
28.063 |
80.827 |
|
7.Profit / (Loss) from Ordinary Activities after financial costs but before exceptional item (5-6) |
(193.918) |
11.071 |
(107.677) |
|
8. Exceptional Item |
-- |
-- |
-- |
|
9. Profit / (Loss) from Ordinary Activities Before Tax (7+8) |
(193.918) |
11.071 |
(107.677) |
|
10. Tax Expense |
(50.589) |
2.903 |
(35.630) |
|
11. Net Profit / (loss) ordinary activities after tax (9-10) |
(143.329) |
8.168 |
(72.047) |
|
12. Paid up Equity Share Capital (Face value of Rs. 10/- each) |
146.021 |
146.021 |
146.021 |
|
Reserves excluding Revaluation Reserve |
-- |
-- |
-- |
|
Earnings per share (Basic and Diluted) |
(9.82) |
0.56 |
(4.93) |
|
|
|
|
|
|
PART II |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
- Number of shares |
4151118 |
4151118 |
4151118 |
|
- Percentage of Shareholding Promoters and
promoter group Shareholding |
28.43 |
28.43 |
28.43 |
|
a) Pledged
/ Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
- Number of shares |
10450965 |
10450965 |
10450965 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a% of the total
share capital of the company) |
71.57 |
71.57 |
71.57 |
|
Particulars |
Quarter ended 31.12.2014 |
|
INVESTOR
COMPLAINTS (NOS.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE:
1. Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter/year classification.
2. The statutory auditors have carried out a limited review of the financial
result for the quarter ended December 31, 2014.
3. The continuous fall in the global oil prices during the quarter under
review, adversely impacted selling prices of and demand for companies products
resulting into loss.
4. Exceptional Income represents compensation on termination of technical
collaboration agreements with Idemitsu Lube India Private Limited
5. The above unaudited financial results (provisional) were reviewed by the
Audit Committee and taken on record by the Board of Directors at their meeting
held on 31st January 2015.
UNAUDITED
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30ST
DECEMBER, 2014
(Rs.
In Millions)
|
PARTICULAR |
Quarter
ended |
Nine
months ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited
|
Unaudited |
Unaudited
|
||
|
SEGMENT REVENUES |
|
|
|
|
|
Petroleum Products |
4361.076 |
4821.901 |
13988.868 |
|
|
Wind Power |
49.783 |
170.674 |
328.327 |
|
|
Other Unallocated |
2.025 |
1.406 |
4.284 |
|
|
Net Sales /
Income from Operations |
4412.884 |
4993.981 |
14321.479 |
|
|
|
|
|
|
|
|
Segment Results |
|
|
|
|
|
Profit before taxation and Finance Costs for each segment |
|
|
|
|
|
Petroleum Products |
(140.442) |
(40.647) |
(94.358) |
|
|
Wind Power |
(7.421) |
109.801 |
153.671 |
|
|
TOTAL |
(147.863) |
69.154 |
59.313 |
|
|
Less: i) Finance Costs |
22.628 |
28.063 |
80.827 |
|
|
ii) Other un-allocable expenditure Net off un-allocable revenue |
23.427 |
30.020 |
86.163 |
|
|
|
|
|
|
|
|
Total Profit
before tax |
(193.918) |
11.071 |
(107.677) |
|
|
|
|
|
|
|
|
Capital Employed
: (Segment Assets- Segment Liabilities) |
|
|
|
|
|
Petroleum Products |
4490.082 |
4806.101 |
4490.082 |
|
|
Wind Power |
989.815 |
1120.848 |
989.815 |
|
|
Other Unallocated |
154.731 |
(148.992) |
154.731 |
|
|
TOTAL |
5634.628 |
5777.957 |
5634.628 |
|
NOTE:
1. Previous quarters/year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter / year classification.
2. Segment results for the year ended 31st March, 2014 and quarter and Nine months ended 31st December, 2013 include exceptional income being compensation on termination of technical collaboration agreement with Idemitsu Lube India Private Limited.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Wind Power Plants
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment’s
· Vehicles
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.