MIRA INFORM REPORT
|
Report No. : |
355039 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTROLS
INDUSTRIES LIMITED
(w.e.f. 29.02.2008) |
|
|
|
|
Formerly Known
As : |
CHEMTROLS ENGINEERING
LIMITED |
|
|
|
|
Registered
Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Tel No.: |
91-22-22873573/ 22830636/ 28575089 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
08.07.1981 |
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|
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Com. Reg. No.: |
11-024757 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.263.794 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U29299MH1981PLC024757 |
|
|
|
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IEC No.: |
0388002433 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC10185A |
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|
|
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PAN No.: [Permanent Account No.] |
AAACC2870R |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacture of engineering goods and components for chemical, textile and other process industries and also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy.(Registered Activity) |
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|
|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is subsidiary of “Chemtrols Holdings Private Limited” and it
is engaged in manufacturing of engineering goods and components for chemical,
textile and other process industries and also includes business as
manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel,
petrochemicals agro-chemicals and electricity generation using renewable
energy. The company possesses average operational performance and it has
reported marginal growth in its revenue profile. Rating takes into consideration company’s established track record of
business operations supported by its average financial base, moderate
profitability indicators along with modest liquidity position and debt
protection metrics. However, rating strength in partially offset by working capital
intensive nature of business operations and susceptibility to fluctuation in
raw material price imparting volatility to profitability. Trade relations are reported as fair. Payment terms are reported to be
slow but correct. In view of aforesaid, 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 |
CARE |
|
Rating |
Long Term fund based Bank limits (Suspended)
= BB+ |
|
Rating Explanation |
Inadequate-credit-quality and high credit
risk. |
|
Date |
April 08, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term fund based Bank limits
(Suspended) = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
April 08, 2015 |
Reason for suspension: Absence
of adequate information.
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
31-03-2015.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-22830636)
LOCATIONS
|
Registered Office/ Factory 1 : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-22873573/ 22830636/ 28575089 |
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Fax No.: |
91-22-22873573/ 28574386 |
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E-Mail : |
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|
Website : |
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Head Office : |
Amar Hill, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India |
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Tel. No. : |
91-22-28575089/ 28570557/ 67151200 |
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Fax No. : |
91-22-28571913/ 67151405 |
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E-Mail : |
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Factory 2 : |
141/142, Kundaim Industrial Estate, Kundaim - 403115, Goa, India |
|
Tel. No. : |
91-832-6613100/ 6613101/ 3102/ 2395238/ 2395086 |
|
Fax No. : |
91-832-6613155/ 2395208 |
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E-Mail : |
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Branch Offices : |
Located At:
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Overseas Office
: |
Sharjah Airport International, Free Zone (SAIF Zone), PO
Box: 120629, Sharjah, UAE |
|
Tel. No. : |
+97-16-557 4528 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2015
|
Name : |
Mr. Nandkumar Kalath |
|
Designation : |
Managing Director |
|
Address : |
202, Mangal Darshan, |
|
Date of Birth/Age : |
02.11.1948 |
|
Qualification : |
B.Sc., Chem. Engg |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041727 |
|
|
|
|
Name : |
Mr. Sambhaji Amrut Rao Nikam |
|
Designation : |
Whole-Time Director |
|
Address : |
A-201, |
|
Date of Birth/Age : |
15.03.1940 |
|
Qualification : |
DME |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041810 |
|
|
|
|
Name : |
Mrs. Usha Nandakumar |
|
Designation : |
Director |
|
Address : |
202, Mangal Darshan, |
|
Date of Birth/Age : |
01.02.1955 |
|
Qualification : |
PG. in Philosaphy |
|
Date of Appointment : |
09.01.2004 |
|
DIN No. : |
00041863 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
104-A, Lila Apartments, |
|
Date of Birth/Age : |
04.06.1953 |
|
Qualification : |
B.E. (Elect.) |
|
Date of Appointment : |
25.09.2009 |
|
DIN No. : |
00050139 |
|
|
|
|
Name : |
Mr. Krishnamurthy Chandrasekaran |
|
Designation : |
Director |
|
Address : |
230 Shyamal Villa, 10th Road,, Near Uco Bank, Chembur, Mumbai, 400071, Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No. : |
00082356 |
|
|
|
|
Name : |
Mr. Pawan Kumar Mishra |
|
Designation : |
Director |
|
Address : |
Flat - 3143, Sector -D, PKT -3, Vasant Kunj, New Delhi, 110070, Delhi, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No. : |
06456180 |
KEY EXECUTIVES
|
Name : |
Mrs. Lata Varshey |
|
Designation : |
Secretary |
|
Address : |
B-405, Green Acres, Baghbill Naka, Ghodbunder Road, Thane – 400606,
Maharashtra, India |
|
Date of Birth/Age : |
15.10.1965 |
|
Date of Appointment : |
01.10.2011 |
|
PAN No.: |
AADPV3882C |
|
|
|
|
Name : |
Mr. Radhakrishnan Rayirath |
|
Designation : |
Chief Fince Officer |
|
Address : |
D 702 Golden Oak, Hiranandani Gardens Powai, Mumbai, 400076, Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
PAN No.: |
AADPR7429P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
5545952 |
|
S. A. Nikam |
|
1369213 |
|
Usha Nandakumar |
|
2320114 |
|
K Rajagopal |
|
561034 |
|
Chemtorls Holding Private Limited, India |
|
42298749 |
|
K. Venugopal |
|
24711 |
|
K. Ramanathan |
|
29447 |
|
Chandrika Venugopal |
|
24711 |
|
Shailaja Viswanthan |
|
29301 |
|
Nalini Rajagopal |
|
38772 |
|
K. Viswanathan |
|
29301 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
35335 |
|
K. Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
300612 |
|
Sreelatha Nair |
|
22651 |
|
Karthika Nandakumar |
|
69193 |
|
Kumari Unnikrishnan |
|
34247 |
|
Total |
|
52758775 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
80.17 |
|
Directors or relatives of Directors |
18.70 |
|
Other top fifty shareholders |
1.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of engineering goods and components for chemical, textile and other process industries and also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy.(Registered Activity) |
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Products : |
· Level Gauges And Spares · Valves And Spares · Level Transmitters And Spares · Pressure Transmitters and Spares · And Spares · Differential Transmitters And Spares · Desuper Heaters And Spares · Pressure Switches And Spares · Level Switch · Flow Indicators · Spray Nozzle System · Temperature Transmitters · Flow Meter And Accessorie |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· ICICI Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
S Raghunath and Company Chartered Accountants |
|
Address : |
32, Islam Building, 46-48 Veer Nariman Road , Fountain, Mumbai – 400020, Maharashtra, India |
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PAN No.: |
AMXPS5218F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
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Subsidiaries : |
CIN No.: U31200MH2001PTC132917
CIN No.: U74900MH1993PTC071583 |
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Fellow Subsidiary : |
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Associate : |
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CAPITAL STRUCTURE
After As on:
29.09.2014
Authorised Capital : Rs. 300.000 Million
Issued, Subscribed & Paid-up Capital : 283.825 million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.5/- each |
Rs.300.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52758775 |
Equity Shares |
Rs.5/- each |
Rs.263.794 Million |
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 |
263.794 |
251.640 |
239.727 |
|
(b) Reserves & Surplus |
273.716 |
237.752 |
213.798 |
|
(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) |
537.510 |
489.392 |
453.525 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.129 |
22.050 |
28.884 |
|
(b) Deferred tax liabilities (Net) |
0.654 |
0.348 |
1.230 |
|
(c) Other long term
liabilities |
263.529 |
66.494 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
265.312 |
88.892 |
30.114 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1,367.904 |
1,175.052 |
1,067.913 |
|
(b) Trade
payables |
886.695 |
730.149 |
662.026 |
|
(c) Other
current liabilities |
224.574 |
166.847 |
259.926 |
|
(d) Short-term
provisions |
16.442 |
15.466 |
15.107 |
|
Total Current
Liabilities (4) |
2,495.615 |
2,087.514 |
2,004.972 |
|
|
|
|
|
|
TOTAL |
3,298.437 |
2,665.798 |
2,488.611 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
236.366 |
192.546 |
179.709 |
|
(ii)
Intangible Assets |
14.361 |
5.526 |
7.920 |
|
(iii)
Capital work-in-progress |
2.581 |
27.860 |
15.895 |
|
(iv)
Intangible assets under development |
24.972 |
9.113 |
4.705 |
|
(b) Non-current Investments |
43.691 |
27.891 |
23.236 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.731 |
14.189 |
19.725 |
|
(e) Other
Non-current assets |
0.000 |
58.466 |
69.899 |
|
Total Non-Current
Assets |
340.702 |
335.591 |
321.089 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
563.561 |
416.945 |
595.420 |
|
(c) Trade
receivables |
1,780.554 |
1,538.747 |
1,247.867 |
|
(d) Cash
and cash equivalents |
191.732 |
244.497 |
159.895 |
|
(e)
Short-term loans and advances |
169.740 |
124.502 |
164.340 |
|
(f) Other
current assets |
252.148 |
5.516 |
0.000 |
|
Total
Current Assets |
2,957.735 |
2,330.207 |
2,167.522 |
|
|
|
|
|
|
TOTAL |
3,298.437 |
2,665.798 |
2,488.611 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
3,122.539 |
2,980.237 |
2,705.017 |
|
|
|
|
Other Income |
48.731 |
28.016 |
22.830 |
|
|
|
|
TOTAL (A) |
3,171.270 |
3,008.253 |
2,727.847 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
1,310.464 |
1,548.801 |
1,804.895 |
|
|
|
|
Purchase of Stock-in-trade |
610.489 |
169.474 |
21.074 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(15.028) |
141.793 |
(108.9760 |
|
|
|
|
Employee Benefits Expenses |
373.880 |
354.072 |
301.276 |
|
|
|
|
Other Expenses |
592.510 |
553.482 |
456.943 |
|
|
|
|
TOTAL (B) |
2,872.315 |
2,767.622 |
2,475.212 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
298.955 |
240.631 |
252.635 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
190.593 |
157.961 |
176.046 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
108.362 |
82.670 |
76.589 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
27.918 |
25.100 |
24.655 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
80.444 |
57.570 |
51.934 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
27.805 |
16.619 |
12.895 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
52.639 |
40.951 |
39.039 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
129.700 |
109.748 |
89.639 |
||
|
|
|
|
|
|
||
|
|
INCOME-TAX OF
EARLIER YEARS |
0.758 |
1.846 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed Dividend |
0.000 |
12.177 |
11.986 |
|
|
|
|
Interim Dividend |
12.798 |
0.000 |
0.000 |
|
|
|
|
Tax on Dividend |
2.175 |
1.976 |
1.944 |
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
161.608 |
129.700 |
109.748 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.06 |
0.84 |
0.81 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3.487 |
10.553 |
17.325 |
|
Net cash flows from (used in) operations |
NA |
196.428 |
(142.156) |
|
Net cash flows from (used in) operating activities |
(32.800) |
179.833 |
(168.851) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.69 |
1.37 |
1.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.57 |
8.07 |
9.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.49 |
2.21 |
2.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.55 |
2.47 |
2.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.12 |
1.08 |
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 |
239.727 |
251.640 |
263.794 |
|
Reserves & Surplus |
213.798 |
237.752 |
273.716 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
453.525 |
489.392 |
537.510 |
|
|
|
|
|
|
long-term borrowings |
28.884 |
22.050 |
1.129 |
|
Short term borrowings |
1067.913 |
1175.052 |
1367.904 |
|
Current maturities of
long-term debts |
17.325 |
10.553 |
3.487 |
|
Total borrowings |
1114.122 |
1207.655 |
1372.520 |
|
Debt/Equity ratio |
2.457 |
2.468 |
2.553 |
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 |
2,705.017 |
2,980.237 |
3,122.539 |
|
|
|
10.174 |
4.775 |
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
|
2,705.017 |
2,980.237 |
3,122.539 |
|
Profit |
39.039 |
40.951 |
52.639 |
|
|
1.44% |
1.37% |
1.69% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
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 |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Deposits from directors |
0.000 |
6.119 |
|
Deposits from others |
0.000 |
12.148 |
|
SHORT TERM BORROWINGS |
|
|
|
Deposits from directors |
2.457 |
0.000 |
|
Deposits from others |
12.547 |
0.000 |
|
Total |
15.004 |
18.267 |
CORPORATE INFORMATION
Subject is incorporated in 1981 in state of Maharashtra, India. It operates in the area of manufacture of engineering goods and components for chemical, textile and other process industries. Its objects also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy.
PERFORMANCE OVERVIEW:
The Company has successfully weathered the VUCA (Volatility, Uncertainty, Complexity and Ambiguity) storm that thrashed the Indian Economic and Industrial sphere over the last 3 years. In spite of the doom and gloom that swept many industrial sectors where the Company operates, the Company has attained a gross sales turn-over of Rs.3280.670 Million compared to Rs.3232.328 Million in the previous year. The profit after tax is Rs. 52.639 Million as against Rs.40.951 Million in the previous year.
The Company’s much diversified portfolio from product sales to projects to turn-key Contracts, has helped the Company to sustain the abnormally long period of industrial and economic stagnation and attain reasonably good growth. Turn-key Contracts of national importance; Energy Dispatch & Distribution Management as well as Petroleum Terminal Automation constituted half of the order backlog at the close of the fiscal year.
The pending order book position as on 1st September, 2014 stood at over Rs.6000.000 Million indicating very strong and healthy growth in the current year for the company’s regular businesses.
The Company retained its International Certificate of Quality for Specific Product lines / Systems; more specifically ASME U, R, N Stamps and PED, CE markings. The Company is also approved as a qualified Vendor for its main businesses by PDO (Petroleum Development Oman) which will open up huge potential for the Company’s products and systems in the Refineries and Petro Chemical projects in Oman.
The wholly owned subsidiary of the Company, under the name and style Chemtrols Middle East FZE is getting incorporated in the Jebel Ali Free Zone and is in the process of establishing a finishing facility in the Jebel Ali Free Zone. The Company has already secured export orders worth USD 7.00 Million for Analytical Systems to be executed through this Middle East Subsidiary, within October, 2014.
In the last Annual Report, the Directors had informed you of the restructuring of Operations of the Company into 5 Strategic Business Units.
The Directors are happy to inform you the BUs are now operationally stabilized and in the coming years the Company will realize quantum jump both in top line and bottom line growth.
The Company, this year also has executed many challenging and complex jobs as well as secured many jobs for execution.
BU1:
Have supplied Analyzer Systems for GAILs Pata Petrochemical Complex consisting of Cracker, LDPE and HDPE units through Engineers India Limited.
Have supplied Analyzer Systems for Reliance Industries Hazira SBR / PBR Project and for ONGC’s Petro Additions Limited PP Project.
Have executed HSD Blending systems to Hindustan Petrochemicals Limited, Mumbai and to Essar Jamnagar Refineries.
BU2:
Commissioned the Automation job at Bihta Terminal of Hindustan Petroleum Corporation, meeting the M.B. LAL Committee, constituted by the Government of India requirement comprising SIL2 complete hardware’s during this year.
Commissioned, during the year, Level 3 (Integrated Automation of Truck Loading, Tank Farm, Motor operated Valves, and Pumps) automation encompassing CCTV, Fire Alarm, Access Control, Gas Detection and meeting M.B. LAL Committee requirements at JASIDHI Terminal of Indian Oil Corporation Limited.
BU3:
Supplied Custody Transfer Natural Gas Flow Metering System for GAIL at Rajahmundry.
Executed orders for Level Instruments for Mumbai Off-shore installations at ONGC and at British Gas Platforms.
BU4:
Executed many repeat export orders for Steam Pressure Reducing, De-super haters through strategic partners in Japan, South Africa, Middle East.
Executed orders for Turbine By-pass and Auxiliary PRDS for captive Power Plants in India.
BU5 :
During the year, commissioned a Back-up Energy Management System for Tata Power Company, which is utilized for monitoring their Power Network in Mumbai with enhanced Safety & Security.
Commissioned a State Load Dispatch Centre for the State of Orissa. The System was supplied through Power Grid Corporation and is meant to monitor and control 220 / 400 KV Power Network in the State of Orissa.
Under R-APDRP Projects funded by Power Finance Corporation, Government of India delivered a Power Distribution Management System to Assam Power Distribution Corporation Limited., Guwahati. The System will be used for strengthening 11 KV Power distribution network with the aim of reducing losses to less than 15%.
OUTLOOK:-
Their Prime Minister, during his Independent Day address to the Nation outlined new Governments resolve to enhance India’s image in World Economic Order and their Country’s competitiveness in the Global Commercial transactions, through:
Make in India
Zero defect, zero effect (on environment) and Digital India among other far fetching sustainability initiatives. The Company has, from its inception, focused on Make in India, Philosophy, in association with its Global partners:
Ametek, USA
AMS, Germany
FMC Technologies, USA,
Foxboro Eckardt, Germany
General Monitors, UK,
Guided Wave, USA
Heinrichs, Germany
Met One Instruments, USA
Sick AG, Germany
Siemens, Germany
Sensitron, Itay
Thermo Fisher Scientific, USA
Teledyne API, USA
UOP, USA
Today Chemtrols Made in India is a globally recognized brand in Chemical and Hydrocarbon Processing Industries. Further the Company products and System, help Indian Chemical and Hydrocarbon Processing Industries enable Zero defect, zero effect product deliveries not only for India, but for other parts of the world.
The Directors are confident, in the light of, the great thrust Government is putting to get manufacturing a respectable share of 25% of the GDP by the year 2022, the own Company’s initiatives in Overseas, coupled with human resources development programmers in Management, Leadership and Skilling as well as Continuous innovation in cost management and products offerings, the Company will achieve 15% year on year growth from now on.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80048918 |
05/07/2012 * |
340,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, Maharashtra, INDIA |
B44480044 |
|
2 |
90154728 |
31/03/2004 |
10,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
3 |
90154341 |
13/03/2003 |
13,138,278.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
4 |
90154691 |
26/11/2002 |
7,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
5 |
90154309 |
12/06/2001 |
15,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
6 |
90154306 |
01/03/2001 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
7 |
90153709 |
11/09/2014 * |
3,850,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
C23377187 |
|
8 |
90154621 |
22/03/2000 |
191,100,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
9 |
90154579 |
04/08/1998 |
5,000,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
|
10 |
90153371 |
13/01/1999 * |
72,500,000.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI BUILDING, GROUND FLOOR; NARIMAN POINT, BOMBAY - 400021, Maharashtra, INDIA |
- |
*Date of modification Charges
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 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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.