MIRA INFORM REPORT

 

 

Report No. :

338304

Report Date :

26.08.2015

 

IDENTIFICATION DETAILS

 

Name :

RUBAMIN LIMITED (w.e.f. 22.11.2001)

 

 

Formerly Known As :

RUBAMIN PRIVATE LIMITED

 

 

Registered Office :

Synergy House, Gorwa – Subhanpura Road, Vadodara– 390023, Gujarat

Tel. No.:

91-265-2282078 / 79 / 80 / 81 / 82

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.09.1987

 

 

Com. Reg. No.:

04-009942

 

 

Capital Investment / Paid-up Capital :

Rs.120.741 Million

 

 

CIN No.:

[Company Identification No.]

U24299GJ1987PLC009942

 

 

IEC No.:

0888038135

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDR00824F

 

 

PAN No.:

[Permanent Account No.]

AAACR8758H

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Marketing of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt.

 

 

No. of Employees :

800 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company engaged in manufacturing of zinc oxide, fine chemicals, cobalt metal, nickel and cobalt. It has a satisfactory track record.

 

For the financial year ended 2014, company possesses decent operational performance with fair profitability margins.

 

Further, rating takes into account of company’s healthy financial risk supported by good net worth base and favourable gap between trade payables to its receivables.

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and conditions.

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term Bank facilities A-

Rating Explanation

Adequate degree of safety and low credit risk.

Date

August 2015

 

Rating Agency Name

CRISIL

Rating

Short term Bank facilities A2+

Rating Explanation

Strong degree of safety and low credit risk.

Date

August 2015

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Pratik Bhatt

Designation :

Assistant Management – Purchase

Contact No.:

91-7874487689

Date :

24.08.2015

 

 

LOCATIONS

 

Registered / Corporate Office :

Synergy House, Gorwa – Subhanpura Road, Vadodara – 390023, Gujarat, India

Tel. No.:

91-265-2282078 / 79 / 80 / 81 / 82

Mobile No.:

91-7874487689 (Mr. Pratik Bhatt)

Fax No.:

91-265-2282077

E-Mail :

info@rubamin.com

vipul.patel@rubamin.com

sanjay.dudhoria@rubamin.com

mayank.joshi@rubamin.com

Website :

http://www.rubamin.com

Location :

Owned

Locality :

Commercial

 

 

Factory 1  :

23, Shree Laxmi Industrial Estate, Village Dunia, Halol, District Panchmahals - 389350, Gujarat, India

Tel. No.:

91-2676-220265/ 220927/ 223687

 

 

Factory 2 :

138 and 139, Panchal Udyog Nagar, Bhimpore, Daman – 396210, Daman and Diu, India

 

 

Factory 3 :

Plot No. 100 and C-1, B-113, Nandesari Notified Area, GIDC Nandesari, Vadodara – 391340, Gujarat, India

 

 

DIRECTORS

 

As on As on 12.09.2014

 

Name :

Mr. Atul Nandkishore Dalmia

Designation :

Managing director

Address :

29, Charotar Society, Old Padra Road, Baroda, Gujarat, India

Date of Birth/Age :

05.01.1959

Qualification :

Chemical Engineer from BITS, Pilani

Experience :

30 Years

Date of Appointment :

01.07.2014

PAN No.:

ABOPD1840Q

DIN No.:

00228257

 

 

Name :

Mr. Anil Ramanbhai Patel

Designation :

Managing director

Address :

Plot No.8, R.S. No.79, At and Post Sevasi, District Vadodara – 391011, Gujarat, India

Date of Birth/Age :

23.12.1951

Qualification :

M.Sc. (Physics)

Experience :

38 Years

Date of Appointment :

01.07.2014

PAN No.:

ADKPP1905E

DIN No.:

00228658

 

 

Name :

Mr. Bhuwan Purohit

Designation :

Director

Address :

C-302, Aishwarya Apartment, Ellora Park, Subhanpura, Vadodara – 390023, Gujarat, India

Date of Birth/Age :

27.05.1975

Qualification :

B.Com, ACA, CS

Date of Appointment :

26.09.2012

PAN No.:

AEGPP5102G

DIN No.:

05196479

 

 

Name :

Mr. Sumit  Chandwani

Designation :

Director

Address :

D-3603, Ashok Towers, S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

11.11.1967

Date of Appointment :

12.09.2014

DIN No.:

0179100

 

 

Name :

Dr. Shashi Anand

Designation :

Director

Address :

HIG 25/3, Housing Board Colony, Phase-1, Chandershekhar Pur, Bhubaneshear – 751016, Odisa, India

Date of Birth/Age :

03.12.1948

Date of Appointment :

12.09.2014

DIN No.:

06909344

 

 

Name :

Mr. Michael Bomi Homawalla

Designation :

Additional Director

Address :

16, Pratham Avenue, Opp. Taj Hotel, Near Dinesh Mill, Akota, Vadodara, 390020, Gujarat, India

Date of Appointment :

18.03.2015

DIN No.:

00251116

 

 

Name :

Mr. Chandrashekar Birla

Designation :

Whole-Time Director

Address :

201 Atlantic IV Near Natubhai Centre, Gotri Road, Vadodara, 390007, Gujarat, India

Date of Appointment :

23.12.2014

DIN No.:

00362208

 

 

Name :

Mr. Suresh Ramachandran Kizhakkethil

Designation :

Whole-Time Director

Address :

102, Tower A, Sharavan Residency, Cosmic Enclave, Sama, Near Kalyan Hall, Sama - Chhani Road, Vadodara, 390024, Gujarat, India

Date of Appointment :

23.12.2014

DIN No.:

07031342

 

 

KEY EXECUTIVES

 

Name :

Mr. Pratik Bhatt

Designation :

Assistant Management – Purchase

 

 

Name :

Mr. Sanjay Narendra Singh Dudhoria

Designation :

Chief Executive Officer

Address :

202, Valentina Residency, Opp. P F Office, Akota, Vadodara - 390020, Gujarat, India

Date of Appointment :

27.06.2014

PAN No.:

AFCPD0607H

 

 

Name :

Mr. Mayank Joshi

Designation :

Secretary

Address :

B/5, 403, Labh Exotica, Opposite Mangalya Society, Opposite Yash Complex, Gotri, Vadodara – 391021, Gujarat, India

Date of Birth/Age :

09.11.1985

Date of Appointment :

20.01.2014

PAN No.:

AIAPJ6706C

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 12.09.2014

 

Names of Shareholders

 

No. of Shares

Dalmia Atul N.

 

3809284

Dalmia Nandkishore J.

 

1858880

Dalmia Seema A.

 

944080

Dalmia Gyan N.

 

517160

Patel Anil R.

 

3069264

Patel Mita A.

 

806400

Patel Hetav A

 

615600

Anil R. Patel (HUF) Karta Anil Ramanlal Patel

 

137760

Nisha Gupta

 

10000

Neena Rajgarhia

 

10000

Zincollied (India) Private Limited, India

 

155300

Patel Hetal H

 

140400

Total

 

12074128

 

Equity Share Break up (Percentage of Total Equity)

 

As on 12.09.2014

 

Category

Percentage

Bodies corporate

1.29

Directors or relatives of Directors

98.71

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Zinc Oxide, Fine Chemical, Cobalt Metal, Nickel and Cobalt.

 

 

Products :

ITC Code No.

Product Descriptions

28170010

Zinc Oxide

81052000

Cobalt Cathode

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • UK
  • USA
  • UAE

 

 

Imports :

 

Products :

Raw Material

Countries :
  • USA
  • Mexico
  • UAE

 

 

Terms :

 

Selling :

Cash / L/C and Credit (30, 60, 90 Days)

 

 

Purchasing :

Cash / L/C and Credit (30, 60, 90 Days)

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

800 (Approximately)

 

 

Bankers :

Bank Name

Bank of Baroda

Branch

Corporate Financial Services Branch, 1st Floor, BOB Building, R C Dutt Road, Alkapuri, Vadodara - 390007, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

·         State Bank of India - Lead Bank, MID Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India [Tel No.: 91-265-2312093]

 

  • Dena Bank, VIP Road, Kareli Baug, Baroda, Gujarat, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term loans from banks

49.589

0.000

 

 

 

Short-term borrowings

 

 

Loans repayable on demand from banks

709.469

793.313

Total

759.058

793.313

 

Auditors :

 

Name :

K C Mehta and  Company

Chartered Accountants

Address :

2nd Floor, Meghdhanush,Race Course,Vadodara – 390007, Gujarat, India

PAN N Income-tax PAN of auditor or auditor's firm :

AABFK1558J

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Company :

·         Rubaco SPRL

·         Rubamin FZC, United Arab Emirates

·         Rubamin SPRL

·         Softgenie Limited

CIN No.: U30000GJ1999PLC036815

·         Minalex SPRL

 

 

Associate Company :

·         Infinity Investments Private Limited

·         Techno Chemicals

·         Atul Chemicals

·         Zincollied (India) Private Limited

·         Gyan Holdings Private Limited

·         Quanta Process Private Limited

·         Hetav Holdings Private Limited

 

 

CAPITAL STRUCTURE

 

As on 12.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15000000

Equity Shares

Rs.10/- each

Rs. 150.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12074128

Equity Shares

Rs.10/- each

Rs. 120.741 Millions

 

 

 

 

 

 

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

120.741

120.741

142.727

(b) Reserves & Surplus

862.898

685.221

693.686

(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)

983.639

805.962

836.413

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

49.589

30.224

173.183

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

7.436

5.412

7.923

Total Non-current Liabilities (3)

57.025

35.636

181.106

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

730.478

841.561

896.129

(b) Trade payables

145.746

202.240

231.637

(c) Other current liabilities

195.866

204.481

209.788

(d) Short-term provisions

81.843

18.067

1.904

Total Current Liabilities (4)

1153.933

1266.349

1339.458

 

 

 

 

TOTAL

2194.597

2107.947

2356.977

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

678.454

629.154

680.851

(ii) Intangible Assets

3.234

4.368

7.709

(iii) Capital work-in-progress

38.399

6.489

2.213

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

94.054

94.054

94.074

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

17.912

18.695

21.979

(e) Other Non-current assets

0.000

0.000

0.461

Total Non-Current Assets

832.053

752.760

807.287

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

422.775

387.743

578.026

(c) Trade receivables

605.232

455.397

440.603

(d) Cash and cash equivalents

16.638

55.513

62.597

(e) Short-term loans and advances

314.964

453.324

457.634

(f) Other current assets

2.935

3.210

10.830

Total Current Assets

1362.544

1355.187

1549.690

 

 

 

 

TOTAL

2194.597

2107.947

2356.977

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

2947.262

2452.566

2648.962

 

 

Other Income

188.423

263.180

95.793

 

 

TOTAL                                     (A)

3135.685

2715.746

2744.755

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1954.891

1593.004

1731.432

 

 

Purchases of Stock-in-Trade

140.084

116.979

113.079

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

14.794

180.686

-92.336

 

 

Employees benefits expense

122.904

97.440

152.771

 

 

Other expenses

446.788

372.852

420.599

 

 

Prior Period Items

0.402

0.000

0.000

 

 

Exceptional Items

0.000

(14.100)

0.000

 

 

TOTAL                                     (B)

2679.863

2346.861

2325.545

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

455.822

368.885

419.210

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

106.767

125.834

174.399

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

349.055

243.051

244.811

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

73.285

78.295

97.596

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                             (G)

275.770

164.756

147.215

 

 

 

 

 

Less

TAX                                                                  (H)

44.664

(148.999)

344.679

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

231.106

313.755

(197.464)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1259.655

1090.945

1132.521

 

TOTAL EARNINGS

1259.655

1090.945

1132.521

 

 

 

 

 

 

Earnings Per Share (Rs.)

17.52

11.35

(13.84)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

4000.000

 

The above information has been parted by Mr. Pratik Bhatt (Assistant Manager - Purchase)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

58.659

125.248

142.922

Cash generated from operations

NA

NA

NA

Net cash flow from operating activity

236.228

290.350

250.138

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

7.84

12.79

-7.45

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

15.47

15.04

15.83

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

13.37

8.21

6.51

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.28

0.20

0.18

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.85

1.24

1.45

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

1.07

1.16

 

 

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

142.727

120.741

120.741

Reserves & Surplus

693.686

685.221

862.898

Net worth

836.413

805.962

983.639

 

 

 

 

long-term borrowings

173.183

30.224

49.589

Short term borrowings

896.129

841.561

730.478

Current Maturities of Long-Term Debts

142.922

125.248

58.659

Total borrowings

1212.234

997.033

838.726

Debt/Equity ratio

1.449

1.237

0.853

 

 

 

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)

Sales

2648.962

2452.566

2947.262

 

 

(7.414)

20.171

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2648.962

2452.566

2947.262

Profit

(197.464)

313.755

231.106

 

(7.45%)

12.79%

7.84%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

Litigations Details

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 2451 of 2009

Status: PENDING                     ( Converted from : ST/2597/2009 )                   CCIN No: 001092200902451

 

Last Listing Date: 16.04.2014

Coram: - HONOURABLE MR.JUSTICE AKIL KURESHI

                HONOURABLE MS.JUSTICE SONIA GOKANI

S.NO.

Name of the Petitioner

Advocate On Record

1

ACIT CIRCLE-4 BARODA

MR KM PARIKH for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

S.NO.

Name of the Respondent

Advocate On Record

1

RUBAMIN LIMITED

RULE SERVED for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

Presented On             : 24/07/2009                                               Registered On              : 24/07/2009

Bench Category         : DIVISION BENCH                                   District                         : VADODARA

Case Originated From: THROUGH HIS/HER/                              Listed                           : 201 times

                                        THEIR ADVOCATE   

Stage Name                : TAX APPEAL FINAL HEARING U/S. 80 HHC                                                                                 

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

DB - OJ - TAX APPEAL - GIFT TAX ACT, 1958 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT

Act

INCOME-TAX ACT, 1961

 

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

24/07/2009

MEMO OF APPEAL/PETITION/SUIT

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MR KM PARIKH:1

2

15/08/2009

DOCUMENT

RULE SERVED 
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

-

RULE SERVED:1

3

11/12/2009

CERTIFIED COPY

MR KM PARIKH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MR KM PARIKH:1

 

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

11/05/2011

10

-

ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

2

02/08/2011

7

-

ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

3

12/02/2014

7

-

TAX APPEAL FINAL HEARING U/S. 80 HHC

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

4

05/03/2014

7

248

TAX APPEAL FINAL HEARING U/S. 80 HHC

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

5

16/04/2014

7

162

TAX APPEAL FINAL HEARING U/S. 80 HHC

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

      Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/2451/2009

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

02/08/2011

N

ORDER

 

 

           

-

Y

 

                                                                             Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MR KM PARIKH

ORDINARY

03/08/2011

O/27713/2011

02/08/2011

09/08/2011

10/08/2011

Delivered

ORDER

 

 

REVIEW OF OPERATIONS

 

Financial year 2013-14 has been a reasonably successful year for the Company. The Division wise performance is as under.

 

Zinc

 

They continue to be the market leaders in India. Their position in the international market has been strengthened by bringing in several large approvals such as Reliance, BASF, Nocil, Clariant, UOP etc. Many more approvals are in the pipeline. This will consolidate their position internationally.

 

A new French Zinc Oxide facility has been created in Halol to replace one operation in Daman which they have closed. Their second operation in Daman will also be closed during 2014-15. By consolidating the French process Zinc Oxide facility in Halol not only will the management become stronger but the administrative cost will also go down and major savings in energy will accrue which will strengthen their position in this competitive business.

 

In the Animal Feed business their capacity is fully sold out and they are contemplating tripling the capacities in one of the Nandesari facilities. This should happen by early 2015-16.

 

New products like Zinc Borate and Zinc Phosphate have been developed. They have got some approvals and they are expecting to establish these two products in the international market in the next financial year.

 

To summarize, they are seeing new products being introduced, more international approvals coming through and many new customers coming into our fold They have also taken steps for optimization of costs as well as growth in volumes which will make us a well-diversified Zinc chemicals company.

 

Moly

 

They have successfully established ourselves with both Sodium Molybdate and Ammonium Molybdate in domestic as well as international markets. With limited capex, they have so far successfully retrofitted Moly operation in the old Cobalt refinery. This is a unique operation in India where they recycle spent Moly Catalyst bought from oil refineries into special chemicals which have wide acceptance in the market. Not only does this business have the potential to quadruple itself in two to three year time but will open up various opportunities to add new elements like Tungsten, Vanadium and others in the future. They expect this business to become a multi-metal chemical manufacturing operation. This would establish their company as the leader in Hydrometallurgy in India and also garner us a unique position internationally.

 

Cobalt

 

Though they have exited the Cobalt refinery business, they continue to manufacture Cobalt Sulfate to serve certain international customers who appreciate their quality. With limited additional Capex they have created a special facility to manufacture Cobalt Sulfate to serve Indian market as well as a few international customers. They have a history in this business and it will continue to give us a decent contribution.

 

Congo

 

In May 2014 they have completed 10 years of their Congo operation. It has been a very satisfying journey through a difficult situation but in a country which is full of opportunities. Their business has grown from zero to USD 89 Million with a very health bottom-line. They invested USD 1.75 Million 10 years back and already have received dividend of USD 9.4 Million.

 

They expect their Africa business to grow several times in the next five years. They hope to have a copper mine and add a Tin processing facility in the near future. They are in the process of developing a large farm, and in all likelihood we shall also put up a bio-mass based power generation unit. They hope to offer additional geological services to other companies and add many more businesses to our portfolio.

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-Term Borrowings

 

 

Public deposits

0.000

30.224

 

 

 

Short Term Borrowings

 

 

Loans repayable on demand from others

0.000

48.248

Loans and advance from others

21.009

0.000

Total

21.009

78.472

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10508461

16/06/2014

135,000,000.00

State Bank of India

MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH,
MARBLE ARCH, RACE COURSE, VADODARA, Gujarat - 390007, INDIA

C10881365

2

10506095

06/06/2014

135,000,000.00

State Bank of India

MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH,, 
MARBLE ARCH, RACE COURSE, VADODARA, Gujarat - 390007, INDIA

C09097080

3

10123499

09/09/2008

1,906,400,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA

A45809662

4

10123498

15/09/2014 *

1,553,300,000.00

State Bank of India

MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH,
MARBLE ARCH, RACE COURSE, VADODARA, Gujarat - 390007, INDIA

C21514195

5

10110117

08/07/2009 *

682,400,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA

A66713686

6

10056855

05/06/2007

726,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, RACE COURSE CIRCLE, VADODARA, Gujarat - 390007, INDIA

A17428681

7

10060889

12/02/2007

61,400,000.00

BANK OF BARODA

CORPORTATE FINANCIAL SERVICES BRANCH, BARODA, Gujarat - 390001, INDIA

A11384955

8

10033604

24/04/2015 *

1,595,400,000.00

State Bank of India

MID -CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, 
MARBLE ARCH, RACE COURSE, VADODARA, Gujarat - 390007, INDIA

C53316972

9

90096107

05/03/2003 *

16,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, MARBLE ARCH RACE COURSE, BARODA, Gujarat, INDIA

-

10

90094346

30/07/2004 *

45,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, MARBLE ARCH RACE COURSE, BARODA, Gujarat, INDIA

-

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2014

31.03.2013

Claims against company not acknowledged as debt

15.670

3.366

Guarantees

435.504

502.586

Other money for which company is contingently liable

24.213

20.012

 

 

FIXED ASSETS

 

Tangible assets

 

 

  • Land
  • Buildings
  • Factory building
  • Plant and equipment
  • Factory equipments
  • Furniture and fixtures
  • Vehicles
  • Motor vehicles
  • Office equipment
  • Computer equipments

 

Intangible assets

 

  • 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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.70

UK Pound

1

Rs.105.10

Euro

1

Rs.77.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

HNA

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

51

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.