MIRA INFORM REPORT
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Report No. : |
317853 |
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Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAMA PHOSPHATES LIMITED |
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Registered
Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
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Tel. No.: |
91-22-22834123 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.09.1984 |
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Com. Reg. No.: |
11-033917 |
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Capital
Investment / Paid-up Capital : |
Rs.176.743 million |
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CIN No.: [Company Identification
No.] |
L24110MH1984PLC033917 |
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TIN No.: |
Not Available |
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IEC No.: |
0388131721 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR15092A |
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PAN No.: [Permanent Account No.] |
AAACR7191Q |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of phosphatic
fertilizers such as powder and granulated single super phosphates; and
various grades of mixed fertilizers, including NPK, as well as industrial
chemicals comprising sulphuric acid, oleum, etc. and Soya Oil and Chemicals. |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The rating is constrained on account of deterioration in company’s profitability
and sales turnover. Further, there is an unfavorable gap between trade
receivable and payables. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk |
|
Date |
03.12.2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
03.12.2014 |
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 PARTED BY
|
Name : |
Mr. G.K. Parekh |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-22-22834123 |
|
Date : |
17.04.2015 |
LOCATIONS
|
Registered Office : |
812, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22834123/ 22834182 |
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Fax No.: |
91-22-22049946 |
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E-Mail : |
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Website : |
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Corporate Office : |
51-52, Free Press House, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22833355/ 22834182 |
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Fax No.: |
91-22-22049946 |
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E-Mail : |
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FERTILIZER AND CHEMICAL
DIVISION : |
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Pune Office cum Factory 1 |
At P.O. Loni Kalbhor, Pune Solapur Road, Taluka
Haveli, District Pune – 412 201, Maharashtra,
India |
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Tel. No.: |
91-20-26914642 |
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Fax No.: |
91-20-26913479 |
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E-Mail : |
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Factory 2 : |
20/4 KM Stone, Indore - Ujjain
Road (Dharampuri), District Indore – 453 557, Madhya Pradesh, India |
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Tel. No.: |
91-7321-226566 / 226401 |
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Fax No.: |
91-7321-226401 / 226216 |
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Factory 3 : |
4807/11 Umra Village, Jamarkotra
Road, Tehsil Girwa, District Udaipur – 313 901, Rajasthan, India |
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Tel. No.: |
91-294-2342074/ 2342026 |
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Fax No.: |
91-294-2342070 |
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E-Mail : |
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SOYA OIL DIVISION :
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Factory 4 : |
20/6 KM Stone, Indore - Ujjain
Road (Dharampuri), District Indore – 453 557, Madhya Pradesh, India |
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Tel. No.: |
91-7321-226566 / 226401 |
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Fax No.: |
91-7321-226401 / 226216 |
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Indore Office : |
100, Chetak Centre, R.N.T. Marg,
Indore – 452 001, Madhya Pradesh, India |
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Tel. No.: |
91-731-2520302-304 |
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Fax No.: |
91-731-2520301 |
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E-Mail : |
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Udaipur Office : |
106, 1st Floor, 4-A,
Vinayak Complex, Opposite St. Mary’s School, New Fatehpura, Udaipur – 313
004, Rajasthan, India |
|
Tel. No.: |
91-294-6452218 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Daulat Jaisingh Ramsinghani |
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Designation : |
Chairman and Managing Director |
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Address : |
84, NCPA Residential Apartments, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Date of Appointment : |
20.11.1987 |
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DIN No.: |
00013633 |
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Name : |
Mr. Haresh Ramsinghani |
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Designation : |
Director |
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Address : |
Bunglow No.4, Chancellor Court, Carmichael Road, Mumbai – 400 006,
Maharashtra, India |
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Date of Appointment : |
31.10.2008 |
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DIN No.: |
00035416 |
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|
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Name : |
Mr. Deonath Singh |
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Designation : |
Director |
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Address : |
301, Mahatma Phule Bhavan,, Sector 17, Vashi, Navi Mumbai – 400 705,
Maharashtra, India |
|
Date of Appointment : |
01.04.2000 |
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DIN No.: |
00021741 |
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Name : |
Mr. Kailasam Raghuraman |
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Designation : |
Director |
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Address : |
B - 1, First Floor,, Green Park Extension,, New Delhi – 110 016, India |
|
Date of Appointment : |
17.05.2013 |
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DIN No.: |
00320507 |
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Name : |
Shanmugam Muthuswamy |
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Designation : |
Nominee Director Bank
of India |
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Address : |
Flat No.201, Nav Regency, Navratan Bagh, 9.3, Manoramaganj, Indore –
452 001, Madhya Pradesh, India |
|
Date of Appointment : |
01.01.2014 |
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DIN No.: |
06919321 |
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Name : |
Asis Kumar Thakur |
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Designation : |
Director |
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Address : |
Flat No.402, Nav Durga, Govandi Station Road, Deonar ,Chembur, Mumbai
– 400 088, Maharashtra, India |
|
Date of Appointment : |
12.08.2014 |
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DIN No.: |
00031778 |
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|
|
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Name : |
Nilanjana Haresh Ramsinghani |
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Designation : |
Additional Director |
|
Address : |
Unit 4, Chancellor Court Co-Operative Housing Society,
Peddar Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Appointment : |
31.03.2015 |
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DIN No.: |
01327609 |
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|
Name : |
Mr. Nikunj R. Joshi |
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Designation : |
Director |
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Name : |
Mr. Brijlal Khanna |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jambu Kumar Parakh |
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Designation : |
Chief Financial Officer |
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Address : |
C-603,
Gokul Heaven, Thakur Complex, Kandivali (East), Mumbai – 400 101,
Maharashtra, INDIA |
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Date of Appointment : |
13.02.2015 |
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PAN No.: |
AADPP7949L |
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|
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Name : |
Kiran Prakash Jain |
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Designation : |
Company Secretary |
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Address : |
501, Pranav Apartment, Yoginagar, Eksar Road, Borivali (West), Mumbai – 400 092, Maharashtra, India |
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Date of Appointment : |
13.02.2015 |
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PAN No.: |
AGFPJ9741G |
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|
Name : |
Mr. G.K. Parekh |
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Designation : |
Chief Executive Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1507248 |
8.52 |
|
|
60 |
0.00 |
|
|
60 |
0.00 |
|
|
1507308 |
8.52 |
|
|
|
|
|
|
10049755 |
56.80 |
|
|
1712691 |
9.68 |
|
|
1712691 |
9.68 |
|
|
11762446 |
66.48 |
|
Total shareholding of Promoter and Promoter Group (A) |
13269754 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5320 |
0.03 |
|
|
6320 |
0.04 |
|
|
11640 |
0.07 |
|
|
|
|
|
|
1549618 |
8.76 |
|
|
|
|
|
|
2065218 |
11.67 |
|
|
680918 |
3.85 |
|
|
116065 |
0.66 |
|
|
74894 |
0.42 |
|
|
41171 |
0.23 |
|
|
4411819 |
24.94 |
|
Total Public shareholding (B) |
4423459 |
25.00 |
|
Total (A)+(B) |
17693213 |
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) |
17693213 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand total |
No |
As a percentage |
As a % of |
|||
|
1 |
Daulat
J Ramsinghani |
60 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
2 |
Lajwanti
D Ramsinghani |
1712691 |
9.68 |
0 |
0.00 |
0.00 |
9.68 |
|
3 |
Blue
Lagoon Investments Private Limited |
552 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
4 |
Jupiter
Corporate Services Private Limited |
1506696 |
8.52 |
0 |
0.00 |
0.00 |
8.52 |
|
5 |
Indo
US Investments Inc. |
251300 |
1.42 |
0 |
0.00 |
0.00 |
1.42 |
|
6 |
NRI
Investors Inc. |
9543895 |
53.94 |
9023539 |
94.55 |
51.00 |
53.94 |
|
7 |
Indus
Investments Inc. |
254560 |
1.44 |
0 |
0.00 |
0.00 |
1.44 |
|
|
Total |
13269754 |
75.00 |
9023539 |
68.00 |
51.00 |
75.00 |
(*) The term encumbrance has the same meaning as
assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
|
1 |
Disha
Infin Consultants Private Limited |
230000 |
1.30 |
1.30 |
|
|
2 |
Elate
Investment and Holdings Private Limited |
230000 |
1.30 |
1.30 |
|
|
3 |
Kamal
Tea Process and Packaging Private Limited |
230000 |
1.30 |
1.30 |
|
|
4 |
Optical
Disc Marketing India Private Limited |
230000 |
1.30 |
1.30 |
|
|
5 |
Dhawalgiri
Properties Private Limited |
223495 |
1.26 |
1.26 |
|
|
|
Total |
1143495 |
6.46 |
6.46 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of phosphatic
fertilizers such as powder and granulated single super phosphates; and various
grades of mixed fertilizers, including NPK, as well as industrial chemicals
comprising sulphuric acid, oleum, etc. and
Soya Oil and Chemicals. |
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Products : |
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Brand Names : |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Material |
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Countries : |
South African Countries |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
* Includes loan
from a related party Long Term Borrowings Terms and
Conditions of Borrowings Term Loan of
Rs.23.612 Million (Previous year Rs.29.908 Million) including current
maturity from bank is secured by Exclusive and specific charge on the assets
acquired for new GSSP plant at Udaipur. The loan is further collaterally
secured with first pari-passu charge along with working capital lender over
movable and immovable property situated at Fertiliser division Indore,
Udaipur and first pari-passu charges along with working capital and other
term lenders over movable and immovable property situated at Pune. The said
loan is further secured by second charge alongwith working capital lenders on
pari-passu basis over movable and immovable property situated at Oil division
Indore. The above loan is further secured along with working capital lenders
by first pari-passu charge on FDR of Rs.9.804 Million along with equitable
mortgage of the property situated at Mumbai owned by another company and
guaranteed by personal guarantee of a Director, Promoters and corporate guarantee
by another company. The Interest on the loan is payable @13.95% p.a (Previous
year 14.50% p.a.) as at the year end. The Loan is repayable in 24 quarterly
installments starting from May-2012 Vehicle loans of
Rs.1.082 Million (Previous year Rs.1.647 Million) including current maturity
from Bank are secured by way of Hypothecation of vehicles. Interest on the
loans are payable @ 10.50% p.a. (Previous year 10.50%) as at year end. Loans
are repayable in 36 monthly installments starting from February-2013. Term Loans of
Rs.25.238 Million (Previous year Rs.28.362 Million) from others are secured
by way of first pari-passu charge along with working capital and term loan
lenders from bank over movable and immovable properties situated at Pune.
Said term loans are further secured by way of first pari-passu charge over
immovable property situated at Indore Oil Division. The Interest on the loan
is payable @ 9% p.a. (Previous year 9%) as at year end. The Loan is repayable
in 36 quarterly installments starting from April-2009. Short Term
Borrowings Terms and
Conditions of Borrowings Working Capital
facilities from Banks are secured against hypothecation of raw material,
stock in process, finished goods, stores and spares, Books debts, Subsidy and
first pari-passu charge along with Bank Term lender over movable and
immovable properties of fertiliser division situated at Indore, Udaipur and
first pari-passu charges with other Term lenders over movable and immovable
properties situated at Pune. This is further secured by second charge
alongwith bank Term loan lender, on pari-passu basis over movable and
immovable properties of Oil division situated at Indore. The above working capital facilities are further secured along with bank Term lender by first pari-passu on FDR of Rs.98.04 Million along with equitable mortgage of the property situated at Mumbai owned by another Company and guaranteed by personal guarantee of a Director, Promoters and Corporate guarantee by another company. The working capital facility carries interest @ 13.45% on Rs.317.112 Million (Previous year Interest @ 14.25% on Rs.332.930 Million) @ 14.50% on Rs.86.946 Million (Previous year Interest @ 13.45% on Rs.86.025 Million), and @15.50% on Rs.23.629 Million (Previous year Interest @ 15.75% on Rs.74.115 Million) |
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Auditors : |
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|
Name : |
Dayal and Lohia Chartered Accountants |
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Address : |
Kamanwala Chmabers, Office No.6 and 7, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprise that directly or indirectly through one or
more intermediaries, control, or are controlled by, or under common control
with the reporting enterprise : |
·
NRI Investors Inc. |
|
|
|
|
Enterprises over which any person is able to exercise
significant influence, and with whom transactions have taken place during the
year : |
·
Rama Industries Limited ·
Rama Capital and Fiscals Service Private
Limited ·
Rama Petrochemicals Limited ·
Rainbow Denim Limited ·
Rainbow Agri Industries Limited · Nova Gelicon Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31000000 |
Equity Shares |
Rs.10/- each |
Rs.310.000 million |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs.100.000 million |
|
|
Total
|
|
Rs.410.000
million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17693213 |
Equity Shares |
Rs.10/- each |
Rs.176.932 million |
|
|
Less: Calls Unpaid
(From Others) |
|
Rs.0.189 million |
|
|
Total
|
|
Rs.176.743
million |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
Shares outstanding at the beginning of the year |
17693213 |
176.932 |
|
Shares outstanding at the end of the year |
17693213
|
176.932 |
Details of the rights
preferences and restrictions attaching to each class of shares including
restrictions on the distribution of dividends and the repayment of capital
Equity Shares
The Company has only one
class of Equity shares having a par value of
Rs.10/-. Each holder of
equity shares is entitled to one vote per share. Dividend is payable in the proportion
to the Capital Paid up. In the event of liquidation of the Company the holders
of equity shares will be entitled to receive any of the remaining assets of the
company after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
NRI
Investors Inc. |
9543895 |
53.94% |
|
Pooja
Ramsinghani |
1343611 |
7.59% |
|
Jupiter
Corporate Services Private Limited |
1506696 |
8.52% |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
176.743 |
176.722 |
176.445 |
|
(b) Reserves & Surplus |
1093.975 |
1125.388 |
885.122 |
|
(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) |
1270.718 |
1302.110 |
1061.567 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
43.007 |
129.781 |
146.829 |
|
(b) Deferred tax liabilities (Net) |
50.315 |
63.600 |
17.108 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
4.431 |
23.765 |
21.625 |
|
Total Non-current
Liabilities (3) |
97.753 |
217.146 |
185.562 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
477.687 |
493.070 |
460.022 |
|
(b) Trade
payables |
785.201 |
1031.154 |
781.501 |
|
(c) Other
current liabilities |
220.367 |
273.340 |
191.210 |
|
(d) Short-term provisions |
33.250 |
64.119 |
158.829 |
|
Total Current
Liabilities (4) |
1516.505 |
1861.683 |
1591.562 |
|
|
|
|
|
|
TOTAL |
2884.976 |
3380.939 |
2838.691 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
341.296 |
364.801 |
220.657 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
59.426 |
28.184 |
119.916 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.249 |
1.249 |
1.249 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
23.928 |
22.401 |
24.572 |
|
(e) Other
Non-current assets |
4.227 |
1.997 |
2.443 |
|
Total Non-Current
Assets |
430.126 |
418.632 |
368.837 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1203.541 |
913.609 |
915.845 |
|
(c) Trade
receivables |
581.293 |
870.978 |
368.453 |
|
(d) Cash and
cash equivalents |
55.755 |
57.905 |
133.244 |
|
(e)
Short-term loans and advances |
55.197 |
44.307 |
47.444 |
|
(f) Other
current assets |
559.064 |
1075.508 |
1004.868 |
|
Total
Current Assets |
2454.850 |
2962.307 |
2469.854 |
|
|
|
|
|
|
TOTAL |
2884.976 |
3380.939 |
2838.691 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
5317.682 |
6172.851 |
5539.701 |
|
|
|
Other Income |
92.887 |
30.692 |
18.618 |
|
|
|
TOTAL (A) |
5410.569 |
6203.543 |
5558.319 |
|
|
|
|
(Due
to market fluctuation) |
|
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4528.925 |
4782.201 |
3668.540 |
|
|
|
Purchases of Stock-in-Trade |
10.429 |
37.054 |
0.040 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(318.581) |
(164.7930 |
316.730 |
|
|
|
Excise Duty |
3.035 |
0.590 |
(1.030) |
|
|
|
Employees benefits expense |
157.921 |
133.516 |
110.681 |
|
|
|
Other expenses |
924.173 |
909.890 |
840.598 |
|
|
|
TOTAL (B) |
5305.902 |
5698.458 |
4935.559 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
104.667 |
505.085 |
622.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.285 |
111.242 |
82.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.382 |
393.843 |
540.165 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.054 |
42.993 |
39.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(32.672) |
350.850 |
501.050 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(11.577) |
94.549 |
165.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(21.095) |
256.301 |
335.980 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
389.347 |
149.497 |
(186.483) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on equity shares |
8.847 |
14.155 |
0.000 |
|
|
|
Tax on Dividend |
1.503 |
2.296 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
357.902 |
389.347 |
149.497 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.19) |
14.49 |
18.99 |
|
Expected Sales (2014-2015): Rs.6000.000 million
The above information has been parted by Mr. G.K. Parekh (Chief
Executive Officer).
QUARTERLY RESULTS
|
Particulars |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
907.900 |
1130.600 |
1069.200 |
|
Total Expenditure |
899.500 |
1095.500 |
1072.600 |
|
PBIDT (Excl OI) |
8.400 |
35.100 |
(3.400) |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
8.400 |
35.100 |
(3.600) |
|
Interest |
24.000 |
24.700 |
35.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(15.600) |
10.400 |
(39.000) |
|
Depreciation |
7.900 |
8.500 |
9.800 |
|
Profit Before Tax |
(23.500) |
1.800 |
(48.900) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(23.500) |
1.800 |
(48.900) |
|
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 |
(23.500) |
1.800 |
(48.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.40) |
4.15 |
6.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.97 |
8.18 |
11.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.16) |
10.47 |
18.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
0.27 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.48 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.59 |
1.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
176.445 |
176.722 |
176.743 |
|
Reserves & Surplus |
885.122 |
1125.388 |
1093.975 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1061.567 |
1302.110 |
1270.718 |
|
|
|
|
|
|
long-term borrowings |
146.829 |
129.781 |
43.007 |
|
Short term borrowings |
460.022 |
493.070 |
477.687 |
|
Total
borrowings |
606.851 |
622.851 |
520.694 |
|
Debt/Equity
ratio |
0.572 |
0.478 |
0.410 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Revenue from Operations (Net) |
5539.701 |
6172.851 |
5317.682 |
|
|
|
11.429 |
(13.854) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Revenue from Operations (Net) |
5539.701 |
6172.851 |
5317.682 |
|
Profit |
335.980 |
256.301 |
(21.095) |
|
|
6.06% |
4.15% |
(0.40%) |
LOCAL AGENCY FURTHER INFORMATION
Details of Current Maturity of Secured Long Term Borrowings:
|
Particulars |
31.03.2014 (Rs. in million) |
31.03.2013 (Rs. in million) |
31.03.2012 (Rs. in million) |
|
Current Maturity of Secured Long Term Borrowings |
6.925 |
6.830 |
8.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
From Others |
0.000 |
76.693 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter
Corporate Deposit |
|
|
|
From Others |
50.000 |
0.000 |
|
Total |
50.000 |
76.693 |
REVIEW OF OPERATIONS
The company operates
in two divisions, i.e. Fertilizer division and Oil division. Their Phosphatic
fertilizer, Single Super Phosphate (Powder and Granulated) brands of “Girnar”
and “Suryaphool” are well-entrenched and well-accepted in the market. Apart
from SSP, company manufactures mixed fertilizer NPK along with industrial
chemicals like Sulphuric Acid and Oleum whilst soya seed crushing activity is
undertaken at their Indore unit.
The nutrient based
subsidy (NBS) policy implemented for phosphatic and potassic fertilizers w.e.f.
1st
May,
2010 was well-intended one which resulted in proposals from major players for
addition of capacity. But the price differentiation between Urea and other
phosphatic fertilizers resulted in huge imbalance in nutrient consumption.
The average capacity
utilization of SSP industry for financial year 2013-14 was reduced to 49.20%
from 58.30% during 2012-13 whilst during the year the company has achieved 80%
of average capacity utilization of SSP as against 91% reported during the
previous financial year, which is considered to be highest in the industry of
their size and operations. It is pertinent to note that the company could
achieve this feat with active support from consortium member banks and better
management of working capital at its disposal and timely availability of raw
material.
Company continued to
focus on its core business of SSP though thrust was given for NPK also. There was
tremendous growth in NPK production since past three years, i.e. with meager
quantity of 2915 MT in 2011-12 to 20700 MT in the year 2013-14. Company’s
fertilizer division has achieved 80% capacity utilization and produced 380328
MT as against 91% achieved in corresponding year 2012-13 with production of
435846 MT. Though industry average as per FAI data stands at 49.20% in the F.Y.
2013-14 against 58.40% in the F.Y.2012-13 only 20 units were operated at above
60% capacity. The company at present maintains overall market share of 9.05%
against 40.70 lac MT despatches reported in the country during the year
2013-14. Moreover, for want of higher working capital, this year also the
company could not concentrate more on soya oil. Company introduced value-added
product “Soil Conditioner” at Udaipur plant. However, during the current year
the Company intends to increase production of NPK, Sulphuric acid, Oleum and
Soya oil with the sanction and release of additional working capital.
The company achieved
sales turnover of Rs.5317.682 Million. Whilst share of fertilizer and chemicals
division is Rs.3477.837 Million and soya division is Rs.1839.845 Million,
Company incurred net loss of Rs.21.095 Million. The reasons beyond the control
of Management viz., reduction in subsidy and MRP by Govt. of India, excess
availability of phosphatic fertilizer in the channel inspite of stagnant in
demand and slide in sales and also over capacity due to entry of new players
posing intense competition coupled with foreign exchange loss have affected the
overall performance of the company.
It would not be out of place to mention here that business environment has become intensely competitive and in order to sustain and survive through this difficult phase, the Company has taken all possible extraordinary measures. Thus ensuring in efficient management of all resources, innovative approach to cost reduction and achieving operation efficiency at optimum levels.
However, had there been timely support by
Working Capital lenders, seed crushing at their Indore oil division would have
operated at optimum capacity and brought in additional revenue though during
the year, the company has crushed a little higher quantity of 47219 MT of soya
seed as against 46656 MT crushed during 2012-13. Thus the soya facilities were
under-utilised.
The Directors are hopeful that with the
continuance of NBS Policy with additional contribution envisaged from the
proposed capacity expansion of SSP plants and also optimum capacity utilization
of soya division coupled with introduction value-added product of ”Soil
Conditioner”and with the unstinted support from working capital bankers, the
performance of the company would further improve in the current year.
FUTURE PLAN OF ACTION:
Fertilizer Division:
1.
The
company plans Automation in SSP manufacturing process through fully
computerized DCS technology for maintaining Product quality and faster curing
product.
2.
After
receiving extremely good and overwhelming response from farmers for various
grades of Granulated NPK Mixed Fertilizer, Company is planning to utilize its
installed capacity to its maximum.
3.
At
Udaipur the company plans for in-house modifications of SSP plant & new
stream of SSP plant along with its crane shed extension to enhance plant
capacity to the tune of 3.10 Million MT for which awaiting EC from MoEF, Govt.
of India.
4.
Improvement
in Fluorine scrubbing system in SSP plant by installation of modified scrubber
system and Filter Press for minimizing stack appearance and thus maintain good
environment.
5.
The
company plans for in-house modification of SSP plant along with its crane shed
extension to the tune of 2.50 Million MT capacity Enhancement at Indore for
which awaiting EC from Govt. of India.
6.
The
Company plans for keeping another stand-by STG of Germany make in ready to
operate at Indore.
Oil Division:
7.
For
reducing power consumption, VFD system to be installed at FBC boiler’s ID and
FD fans in oil division.
8.
Viability
study on suitable solar energy system is in progress in oil division.
OUTLOOK
There is no change in
the prevailing NBS policy during this year subsequent to reduction of Rs.500/-
pmt announced in the previous year. However, company’s inherent strength in
product and strategic marketing practices would make it sail through all
hurdles.
On receipt of
requisite Environment Clearance permission from MoEF authorities, company would
be in a position to enhance capacities of Fertilizer production at both Indore
and Udaipur units.
The main producer of
Soya seed in the country is Madhya Pradesh state and it is reported that
acreage cultivation is increased during this season which will result in higher
consumption of SSP fertilizer and subsequent availability of plenty of soya
seed in the country. The company intends to operate oil crushing plant at
optimum capacity based on viability and funds availability and with
commissioning of Lecithin plant and introduction of value-added product “Soil
Conditioner”, viability will further improve.
Hopefully with the
above initiatives, company would be in a position to deliver superior returns
to the stake holders.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
a.
Contingent Liabilities not provided for |
|
|
|
i. Royalty on rock phosphates |
11.609 |
11.609 |
|
ii. Contingent liability
due to reduction in brought forward losses on account of completed
assessments having a bearing on current taxable income |
80.639 |
60.278 |
|
iii. Custom duty, Excise duty, Demurrage, Sales tax and others |
48.533 |
53.852 |
|
iv. Wages |
1.285 |
10.055 |
|
v.
Right to Recompense under Corporate Debt Restructure to lenders |
76.400 |
0.000 |
|
b.
Claims against the company not acknowledged as debt |
|
|
|
i.
Electricity duty |
4.338 |
4.338 |
|
ii.
Railway Claim |
12.718 |
10.185 |
|
c.
Guarantees |
|
|
|
Amount
of Letters of Credit and Bank Guarantee issued by banks. |
17.787 |
18.745 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2014
(Rs. In Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Month Ended (Unaudited) |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
|||
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1067.351 |
1127.786 |
3101.552 |
|
b) Other operating income |
1.810 |
2.769 |
6.047 |
|
Total
income from Operations(net) |
1069.161 |
1130.555 |
3107.599 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
952.430 |
532.918 |
2191.198 |
|
b) Purchases of stock in trade |
4.658 |
4.413 |
9.071 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(143.643) |
340.221 |
153.591 |
|
d) Employees benefit expenses |
45.159 |
37.769 |
120.812 |
|
e) Selling and distribution expenses |
103.489 |
83.079 |
301.073 |
|
f) Depreciation and amortization expenses |
9.813 |
8.541 |
26.251 |
|
e) Other expenditure |
110.694 |
97.105 |
292.055 |
|
Total expenses |
1082.600 |
1104.046 |
3094.051 |
|
3. Profit from operations before other income and
financial costs |
(13.439) |
26.509 |
13.548 |
|
4. Other income |
0.000 |
0.000 |
0.000 |
|
5. Profit from ordinary activities before finance costs |
(13.439) |
26.509 |
13.548 |
|
6. Finance costs |
35.409 |
24.700 |
84.116 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(48.8480 |
1.809 |
(70.568) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(48.848) |
1.809 |
(70.568) |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax |
(48.848) |
1.809 |
(70.568) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period |
(48.848) |
1.809 |
(70.568) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
176.932 |
176.932 |
176.932 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(2.76) |
0.10 |
(3.99) |
|
(b) Diluted |
(2.76) |
0.10 |
(3.99) |
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Month Ended |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
|||
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4423459 |
4423459 |
4423459 |
|
- Percentage of shareholding |
25.00 |
25.00 |
25.00 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
9023539 |
9023539 |
9023539 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
68.00 |
68.00 |
68.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
51.00 |
51.00 |
51.00 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
4246215 |
4246215 |
4246215 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
32.00 |
32.00 |
32.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
24.00 |
24.00 |
24.00 |
|
Particulars
|
Quarter
Ended 31.12.2014 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
14 |
|
Disposed of during the quarter |
14 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND APITAL EMPLOYED
(Rs. In
Million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Month Ended |
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
|||
|
1. Segment Revenue |
|
|
|
|
Fertilizers and Chemicals |
826.405 |
1097.219 |
2759.152 |
|
Soya |
240.946 |
30.567 |
342.400 |
|
Net
Sales / Income from operations |
1067.351 |
1127.786 |
3101.552 |
|
|
|
|
|
|
2. Segment Result (Profit after depreciation but before interest
and taxation) |
|
|
|
|
Fertilizers and Chemicals |
13.203 |
50.136 |
87.529 |
|
Soya |
(11.281) |
(12.504) |
(36.437) |
|
Total |
1.922 |
37.632 |
51.092 |
|
Less : (i) Interest |
35.409 |
24.700 |
84.116 |
|
(ii) Other un-allocable expenditure net |
15.361 |
11.123 |
37.294 |
|
Profit before Tax |
(48.848) |
1.809 |
(70.318) |
|
|
|
|
|
|
3. Capital Employed (Segment assets and Segment
liabilities) |
|
|
|
|
Fertilizers and Chemicals |
1349.865 |
1434.629 |
1512.591 |
|
Soya |
16.256 |
(29.491) |
(102.616) |
|
Total |
1366.121 |
1405.138 |
1409.975 |
Noes:
1.
The above result have been reviewed by the Audit Committee
and were taken on the record by the Board at their Board meeting held on February
13, 2015. The statutory Auditor have carried out a Limited Review of the
Unaudited Financial Result for the quarter ended December 31, 2014.
2.
Consequent to the Company adopting the useful lives of fixed
assets as indicated in part C of Schedule II of the Companies Act 2013, which
has come into effect from April 01, 2014, the depreciation charge for the nine
months ended December 31, 2014 is higher by Rs.0.304 Million and for the
quarter ended December 31, 2014 is higher by Rs.0.123 Million. Further in the
earlier quarters an amount of Rs.25.178 Million relating to assets where the
useful life has already expired, has been charged to retained earnings and
consequently the carrying amount of fixed assets is lower by Rs.25.178 Million.
3.
As the ultimate Income
tax liability will depend on results for the year ending March 31, 2015 and
also in view of the seasonal nature of fertilizer business, the position with
regard to provisions for current tax and deferred tax will be determined at the
end of the year.
4.
Figures of the previous quarter/period have been
regrouped/rearranged, wherever necessary to make them comparable
INDEX OF CHARGES:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10399427 |
30/11/2012 |
725,000.00 |
SYNDICATE BANK |
227, NARIMAN BHAVAN, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B66701723 |
|
2 |
10399788 |
30/11/2012 |
1,100,000.00 |
SYNDICATE BANK |
227, NARIMAN BHAVAN, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B66704479 |
|
3 |
10322470 |
23/11/2011 * |
48,000,000.00 |
BANK OF INDIA |
PALASIA BRANCH, 575/1, M.G. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B27875509 |
|
4 |
90218392 |
23/11/2011 * |
70,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27930924 |
|
5 |
90218289 |
23/11/2011 * |
50,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27932094 |
|
6 |
90218245 |
23/11/2011 * |
77,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29368230 |
|
7 |
90218222 |
23/11/2011 * |
100,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27933746 |
|
8 |
90218148 |
23/11/2011 * |
70,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29484797 |
|
9 |
90218144 |
23/11/2011 * |
95,000,000.00 |
NOVA GELICON PRIVATE LIMITED |
2587, SECTOR 40 -C, CHANDIGARH - 160036, INDIA |
B29377223 |
|
10 |
90218128 |
23/11/2011 * |
55,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27932565 |
|
11 |
80059552 |
23/11/2011 * |
85,000,000.00 |
VRUSHABH TRADING COMPANY PRIVATE LIMITED |
B - 15, LAVANYA CO-OP. HOUSING SOCIETY LTD, GURUKRUPA NAGAR, NAHUR VILLAGE ROAD, MULUND (WEST), MUMBAI, MAHARASHTRA - 400080, INDIA |
B27933241 |
|
12 |
90217838 |
23/11/2011 * |
720,000,000.00 |
BANK OF INDIA |
PALASIA BRANCH, 575/1, M.G. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B27878628 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.62.35 |
|
|
1 |
Rs.93.09 |
|
Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.