MIRA INFORM REPORT

 

 

Report No. :

356005

Report Date :

28.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SOLARIS CHEMTECH INDUSTRIES LIMITED (w.e.f. 24.07.2007)

 

 

Formerly Known As :

SOLARIS BIOCHEMICALS LIMITED (w.e.f. 10.01.2003)

 

BILT BIO-CHEMICALS LIMITED

 

 

Registered Office :

Thapar House, 124, Janpath, New Delhi – 110001

Tel. No.:

91-124-4099279

 

 

Country :

India

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

01.06.2001

 

 

Com. Reg. No.:

55-111100

 

 

Capital Investment / Paid-up Capital :

Rs.2862.500 Million

 

 

CIN No.:

[Company Identification No.]

U24119DL2001PLC111100

 

 

IEC No.:

0502025735

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS23860E

 

 

PAN No.:

[Permanent Account No.]

AABCB7121R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacture and sale of Bromine, Bromides Chloro-Alkali and Phosphoric Acid. (Registered Activity)

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2001. It has moderate track.

 

As per the Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but he documents related to the financials are not available from any sources.

 

The rating is constrained on account of company’s moderate operational activity marked by continuous losses incurred. Further, it has weak balance sheet profile along with high debt levels.

 

Trade relations are fair. Business is active. Payments terms are slow but correct.

 

The company can be considered for business dealings with some cautions.

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating=BB+(Suspended)

Rating Explanation

Inadequate-credit-quality and high credit risk.

Date

16.04.2015

 

Rating Agency Name

CRISIL

Rating

Short Term Rating=A4+ (Suspended)

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

16.04.2015

 

Reason for Suspension – Absence of requisite 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 BY

 

Name :

Mr. Atul Mehrotra

Designation :

Finance Head

Contact No.:

91-124-4099279

Date :

22.12.2015

 

 

LOCATIONS

 

Registered Office :

Thapar House, 124, Janpath, New Delhi – 110 001, India

Tel. No.:

91-11-23368332/ 23368811

Fax No.:

91-11-23368729

E-Mail :

sonu.chadha@solarischemtech.com

deepali.agarwal@solarischemtech.com

Website :

http://www.solarischemtech.com

 

 

Corporate Office :

First India Place, Tower C, Mehrauli Gurgaon Road, Gurgaon – 122 002, Haryana, India

Tel. No.:

91-124-2804242/ 43

Fax No.:

91-124-2804263

 

 

Factory 1 :

Khavda Marine Chemical Complex, Taluka Bhuj, District Kutch – 370 510, Gujarat, India

Tel. No.:

91-2803-288255/ 288216

Fax No.:

91-2803-288388

 

 

Factory 2 :

P.O. Karakhadi, Off Padra Jambusar Road, Taluka Padra, District Vadodara – 391 450, Gujarat, India

Tel. No.:

91-2662-273329

Fax No.:

91-2662-273331

 

 

Factory 3 :

Survey No.164, Ratadia, Near Khavda Taluka-Bhuj, District Kachchh, Gujarat, India

 

 

Sales Office :

Located at:

 

·         Navi Mumbai

·         Secunderabad 

·         New Delhi

 

 

DIRECTORS

 

AS ON 30.09.2015

 

Name :

Mr. Rajeev Ranjan Vederah

Designation :

Director

Address :

47, Paschim Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

30.08.1949

Qualification :

Bachelor of Technology (Chemical) from the Indian Institute of Technology, New Delhi and a Master of Science from the University of Ashton (UK)

Date of Appointment :

19.08.2009

DIN No.:

00012252

 

 

Name :

Dr. Suriyanarayanan Hariharan

Designation :

Managing Director

Address :

LTH-02/14B, The Laburnum, Sushant Lok-I, Block A, Sector-28, Gurgaon – 120 009, Haryana, India

Date of Birth/Age :

20.04.1958

Qualification :

PH.D in Synthetic Chemistry I.I.T., Mumbai

Experience :

32 Years

Date of Appointment :

19.02.2015

DIN No.:

02980802

 

 

Name :

Mr. Bhuthalingam Hariharan

Designation :

Director

Address :

D-2/3, Paschim Marg, Vasant Vihar, New Delhi – 110 057, India

Date of Birth/Age :

18.04.1957

Qualification :

Member of the Institute of Chartered Accountants of India, the Institute of company secretaries of India and the Institute of Costs and Works Accountants of India.

Date of Appointment :

31.12.2008

DIN No.:

00012432

 

 

Name :

Mr. Karamjit Singh Bedi

Designation :

Director

Address :

Flat No.6, Sahar Apartments, N-118, Panchsheel Park, New Delhi – 110 017, India

Date of Birth/Age :

15.01.1937

Qualification :

BA (Hons.) History

Date of Appointment :

19.08.2009

DIN No.:

00015483

 

 

Name :

Mr. Sonu Chadha

Designation :

Additional Director

Address :

H. No.- C-1/1385, Vasant Kunj,, South West Delhi, Delhi, 110070, Delhi, India

Date of Appointment :

08.07.2015

DIN No.:

07232470

 

 

KEY EXECUTIVES

 

Name :

Mr.Atul Mehrotra

Designation :

Finance Head

 

 

Name :

Ms. Deepali Dilipkumar Agarwal

Designation :

Secretary

Address :

House No 695,1st Floor, Sector 46, Gurgaon- 122002, Haryana, India

Date of Appointment :

26.12.2013

PAN No.:

AELPA7064D

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Names of Shareholders (Equity Shares)

 

No. of Shares

Avantha Holdings Limited, India

 

177988936

Atul Mehrotra

 

1

Deepak Bansal

 

1

N.S.N. Prasad

 

1

Akhil Mahajan

 

1

Gayatri Pathak

 

1

Harsh Gupta

 

1

Avantha Realty Limited, India

 

37375000

Solaris Industrial Chemicals Limited, India

 

1500000

Total

 

216863942

 

AS ON 28.12.2014

 

Names of Shareholders (Preference Shares) 

 

 

No. of Shares

Avantha Holdings Limited, India

 

6938669

Total

 

6938669

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2015

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacture and sale of Bromine, Bromides Chloro-Alkali and Phosphoric Acid. (Registered Activity)

 

 

Products :

Item Code No.

Product Description

28151100

Caustic Lye

28092010

Phosphoric Acid

28013030

Bromine

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

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 :

Information declined by the management

 

 

Bankers :

Bank Name

Yes Bank Limited

Branch

9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, 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

 

 

Bank Name

The Ratnakar Bank Limited

Branch

Shahupuri, Kolhapur, Kolhapur – 416 001, Maharashtra, India

 

  • IndusInd Bank Limited, First India Place, Tower B, Block A, Sushant Lok, Phase I, Mehrauli Gurgaon – 122002, Haryana, India
  • IDBI Bank Limited, Red Cross Building, 1, Red Cross Road, Post Bag No.231, New Delhi – 110 001, India

 

 

Facilities :

Secured Loan

01.07.2013 to 30.06.2014

(12 Months)

(Rs. in Million)

01.04.2012 to 30.06.2013

(15 Months)

(Rs. in Million)

Long-term Borrowings

 

 

Rupee term loans from banks

2947.400

2966.500

Term loans from others

0.000

562.500

(Term loan from others repayable in 16 equal quarterly instalments starting from quarter ended Feb 2013 along with interest of 13.60%.)

 

 

 

 

 

Short-term borrowings

 

 

Term loans from banks

0.000

200.000

(Purchase invoice discounting secured by subservient charges on all movable fixed assets of the company.)

 

 

Working capital loans from banks

366.000

1185.000

(Secured by a first pari-passu charge on the Company's entire current assets wherever situated and secured by second charge on the fixed immovable and movable assets of the Company)

 

 

 

 

 

Total

3313.400

4914.000

 

Auditors :

 

Name :

D B M S and Associates

Chartered Accountants

Address :

B-383, Sarita Vihar, New Delhi – 110 076, India

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

AAJFD6567G

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding company

(AS ON 30.06.2014) :

Avantha Holdings Limited, India

U67120DL1998PLC198627

 

 

Enterprises which are owned, or have significant

influence of or are partners

with Key management personnel and their relatives (AS ON 30.06.2014) :
  • Ballarpur Industries Limited (BILT) [L21010MH1945PLC010337]
  • Crompton Greaves Limited (CGL) [L99999MH1937PLC002641]
  • Avantha Realty Limited (ARL) [U70102DL1981PLC198595]
  • Global Green Company Limited (GGCL) [U02001DL1992PLC047666]
  • Bilttech Building Elements Limited (BBEL) [U72900DL2001PLC109058]
  • Solaris Industrial Chemicals Limited (SICL) [U24119DL2003PLC122993]
  • Bilt Graphic Paper Products Limited (BGPPL) [U21000MH2007PLC172382]
  • Avantha Technologies Limited ( ATL ) [U72300DL2004PLC128864]
  • NQC Internationl ( Mauritius) Limited  (NQL)
  • Salient Business Solutions Limited (SBSL)

 

 

CAPITAL STRUCTURE

 

AS ON 30.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

336276600

Equity Shares

Rs.10/- each

Rs.3362.766 Million

13877340

Preference Shares

Rs.100/- each

Rs.1387.734 million

 

 

 

Rs.4750.500 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

216863942

Equity Shares

Rs.10/- each

Rs.2168.639 Million

6938669

Preference Shares

Rs.100/- each

Rs.693.867 million

 

Total

 

Rs.2862.506 million

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

01.07.2013 to 30.06.2014

(12 Months)

01.04.2012 to 30.06.2013

(15 Months)

01.04.2011 to 31.03.2012

(12 Months)

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2862.500

2862.500

2862.500

(b) Reserves & Surplus

(1335.600)

(1311.700)

(408.100)

(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)

1526.900

1550.800

2454.400

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2947.400

3599.900

3689.700

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

4.100

5.700

5.400

(d) long-term provisions

16.300

81.000

79.700

Total Non-current Liabilities (3)

2967.800

3686.600

3774.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

443.200

1423.700

792.700

(b) Trade payables

360.700

727.500

660.700

(c) Other current liabilities

4154.300

3731.200

886.200

(d) Short-term provisions

2.500

21.700

13.200

Total Current Liabilities (4)

4960.700

5904.100

2352.800

 

 

 

 

TOTAL

9455.400

11141.500

8582.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3211.600

4908.900

5103.300

(ii) Intangible Assets

11.400

19.000

28.500

(iii) Capital work-in-progress

112.800

69.200

100.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1566.500

1566.500

6.500

(c) Deferred tax assets (net)

1018.700

0.000

0.000

(d)  Long-term Loan and Advances

194.400

203.700

180.500

(e) Other Non-current assets

197.200

225.200

169.900

Total Non-Current Assets

6312.600

6992.500

5588.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.300

(b) Inventories

323.600

803.600

659.500

(c) Trade receivables

437.200

486.900

369.400

(d) Cash and cash equivalents

37.300

74.400

854.400

(e) Short-term loans and advances

1924.800

2772.600

1106.400

(f) Other current assets

419.900

11.500

3.100

Total Current Assets

3142.800

4149.000

2993.100

 

 

 

 

TOTAL

9455.400

11141.500

8582.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

01.07.2013 to 30.06.2014

(12 Months)

01.04.2012 to 30.06.2013

(15 Months)

01.04.2011 to 31.03.2012

(12 Months)

 

SALES

 

 

 

 

Revenue from Operations

1923.100

4345.700

3974.600

 

Other Income

384.600

1.500

9.400

 

TOTAL (A)

2307.700

4347.200

3984.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

633.800

1482.700

1161.800

 

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

40.300

(49.400)

0.900

 

Employees benefits expense

202.900

419.800

308.400

 

Exceptional Items

315.800

0.000

0.000

 

Other expenses

833.100

2001.200

1723.300

 

TOTAL (B)

2025.900

3854.300

3194.400

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

281.800

492.900

789.600

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1100.900

1054.000

500.300

 

 

 

 

 

 

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

(819.100)

(561.100)

289.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

223.500

342.500

268.600

 

 

 

 

 

 

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

(1042.600)

(903.600)

20.700

 

 

 

 

 

Less

TAX (H)

(1018.700)

0.000

0.000

 

 

 

 

 

 

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

(23.900)

(903.600)

20.700

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

(1360.500)

(456.900)

(477.600)

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

(1384.400)

(1360.500)

(456.900)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

NIL

85.600

272.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

19.800

1101.200

597.500

 

Components and Stores parts

1.600

6.600

12.000

 

Capital Goods

0.000

0.000

1.500

 

TOTAL IMPORTS

21.400

1107.800

611.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(0.48)

(4.63)

(0.29)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

01.07.2013 to 30.06.2014

(12 Months)

01.04.2012 to 30.06.2013

(15 Months)

01.04.2011 to 31.03.2012

(12 Months)

Current Maturities of Long term debt

3866.300

3563.200

731.200

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

1228.800

(1371.600)

116.400

Net cash flows from (used in) operating activities

1227.600

(1376.000)

110.600

 

 

KEY RATIOS

 

PARTICULARS

 

 

01.07.2013 to 30.06.2014

(12 Months)

01.04.2012 to 30.06.2013

(15 Months)

01.04.2011 to 31.03.2012

(12 Months)

Net Profit Margin

(PAT / Sales)

(%)

(1.24)

(20.79)

0.52

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.65

11.34

19.87

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(15.43)

(9.51)

0.24

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.68)

(0.58)

0.01

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.75

5.54

2.12

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.63

0.70

1.27

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

01.04.2011 to 31.03.2012
(12 Months)

01.04.2012 to 30.06.2013
(15 Months)

01.07.2013 to 30.06.2014
(12 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

2862.500

2862.500

2862.500

Reserves & Surplus

(408.100)

(1311.700)

(1335.600)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

2454.400

1550.800

1526.900

 

 

 

 

long-term borrowings

3689.700

3599.900

2947.400

Short term borrowings

792.700

1423.700

443.200

Current Maturities of Long-Term Debts

731.200

3563.200

3866.300

Total borrowings

5213.600

8586.800

7256.900

Debt/Equity ratio

2.124

5.537

4.753

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

01.04.2011 to 31.03.2012
(12 Months)

01.04.2012 to 30.06.2013
(15 Months)

01.07.2013 to 30.06.2014
(12 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3974.600

4345.700

1923.100

 

 

9.337

(55.747)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

01.04.2011 to 31.03.2012
(12 Months)

01.04.2012 to 30.06.2013
(15 Months)

01.07.2013 to 30.06.2014
(12 Months)

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

3974.600

4345.700

1923.100

Profit

20.700

(903.600)

(23.900)

 

0.52%

(20.79%)

(1.24%)

 

 

 

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

No

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

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

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

FINANCIAL RESULTS

 

The Company achieved an EBITDA of Rs.597.600 Million for the Twelve months period (July 2013 to June 2014) as compared to the last year EBITDA Rs.492.900 Million.

 

The Bromine and Bromine Chemicals Business suffered due to unexpected heavy rainfall during the first week of October 2013. Normally the monsoon rains retreats by mid-September. This unseasonal early October rains in Khavda region diluted the maturing brines in the brine fields and the plant had to be run on low flow and with diluted brines from October 2013 to January 2014, leading to slowdown in Bromine production and throughput volumes.

 

In December 2012 we had shut down their Caustic Soda Plant. As Mercury Cell technology was not allowed to operate post December 2012 as per CREP guidelines governing Indian Chlor Alkali industry. In 2013, they proposed to divest the Karwar Unit (excluding the Mercury Cell house assets that contained Mercury, Copper and Titanium and the Singach Unit to M/s Aditya Birla Chemicals (India) Limited. The slump sale and transfer of assets and units took place on 31st August 2013. Hence these two units were a part of the company for just 2 months during this 12 months of financial year, which ended on 30th June, 2014.

 

The Company recorded Sales and Other Income of Rs.2307.700 Million for the 12 months period ending 30.06.2014 as compared to Rs.4347.200 Million for the 15 month period of the previous year 2012-13.

 

OPERATION AND CORPORATE OVERVIEW

 

Bromine and Bromides

During the 12 months period the total Bromine production was at 9067 MT Vis-is 9,777 MT in the previous financial year (2012-13; 15 months period) and the sales were 6482 MT as against 5,998 MT in the previous year. The overall Bromine production was affected mainly due to below reasons:

 

a) Low feed gpl to all Bromine extraction plants, mainly due to heavy rain and Rann brine dilution during previous year of 2012 and unexpected heavy rains in early October 2013 causing loss of @ 660 MT

 

b) Scaling of Plate Heat Exchangers and Chocking of Column Internals of all plants (High Downtime for cleaning and also plants were forced to run at low feed brine flow) - @ 510 MT loss

 

c) K1 K2 and K3 Plants were run at low flow and intermittently stopped during October 2013 to January 2014 period due severe scaling and feed flow slowdown, subsequent to heavy rains of early October 2013, causing overall production loss of @ 850 MT.

 

d) Low feed gpl had affected recovery of all Bromine columns which resulted in production loss of @ 860 MT

 

In addition to the above reasons, the company did not produce any Tetra Bromo Bisphenol A (TBBA) during this year vis-a-vis 563 MT TBBA produced in the previous year and TBBA sales in the year was at 3 MT as against 572 MT in the previous year.

 

The Production of NPBR was 1484 MT during this year vis-a-vis 1441 MT in the previous year, and the sales were 1387 MT as against 1457 M in the previous year.

 

Also Hydrobromic Acid (HBr) production was 2372 MT during the year vis-a-vis 2119 MT during previous year. HBr sales were at 2488 MT as against 1962 MT in the previous year.

 

The Production of TBBA, HBR and NPBR were governed by Bromine Production and internal availability, as Bromine is the key and important raw material for these bromide derivatives.

 

Chlor Alkali and Phosphoric Acid

 

During the 2 months period i.e. 1st July 2013 to 31st August 2013 under review, the Phosphoric Acid production was at 3480 MT (2 months) vis-is 26969 MT in the previous year (15 months period) and the sales were 3601 MT as against 26871 MT in previous year.

 

Salt

 

The Salt production for the 2 months period, from 1st July 2013 to 31st August 2013 was Nil, being off season for salt pans being rainy monsoon month period. The Salt production was at 209000 MT in the previous year (2012-13, 15 months period) and the sales for the period was at 31247 MT (for the two months period of 1st July 2013 to 31st August 2013) vis-?is 211203 MT in the previous year. During this two months period the performance of our Salt Works was normal. Sales Turnover was at of Rs.1821.900 Million and Sales Realization for Salt was at Rs.583.05 per MT.

 

NATURE OF BUSINESS

 

The Company is engaged in the business of manufacture and sale of Bromine, Bromides Chloro - Alkali and Phosphoric Acid. The Company has Manufacturing plants in India and customers in India and overseas.

 

UNSECURED LOAN

 

PARTICULARS

01.07.2013 to 30.06.2014

(12 Months)

(Rs. in Million)

01.04.2012 to 30.06.2013

(15 Months)

(Rs. in Million)

Long-term Borrowings

 

 

Public deposits

0.000

70.900

(Fixed deposit from public are repayable between 12-36 months from the date of issue.)

 

 

Short-term borrowings

 

 

Deposits

77.200

38.700

Total

77.200

109.600

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10586512

23/06/2015

2,100,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 
400018, INDIA

C61932927

2

10586513

30/05/2015

2,100,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 
400018, INDIA

C61933297

3

10546793

28/01/2015

110,000,000.00

INDUSIND BANK LTD.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA

C42322800

4

10396086

20/11/2013 *

1,600,000,000.00

ICICI BANK LIMITED

NBCC PLACE, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA

B89736706

5

10384178

06/05/2013 *

655,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, JAWAHAR VAYAPAR BHAWAN, 
14TH FLOOR, 1 - TOLSTOY MARG, NEW DELHI, DELHI - 
110001, INDIA

B76347715

6

10382089

06/05/2013 *

600,000,000.00

TATA CAPITAL FINANCIAL SERVICES LIMITED

ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, 
MAHARASHTRA - 400001, INDIA

B75944199

7

10353351

26/11/2013 *

87,500,000.00

STATE BANK OF HYDERABAD

COMMERCIAL BRANCH, 74,JANPATH, NEW DELHI, DELHI - 
110001, INDIA

B91993014

8

10347422

06/05/2013 *

300,000,000.00

THE FEDERAL BANK LTD.

CORPORATE BANKING BRANCH, E-13-29, HARSHA BHAWAN, 
CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDI 
A

B75659615

9

10338368

21/11/2013 *

200,000,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA

B89720775

10

10338447

21/11/2013 *

250,000,000.00

THE RATNAKAR BANK LIMITED

SHAHUPURI,KOLHAPUR,, KOLHAPUR, MAHARASHTRA - 416001, INDIA

B89791255

 

 

* Date of charge modification

 

CONTINGENT LIABILITIES:

 

 

PARTICULARS

01.07.2013 to 30.06.2014

(12 Months)

(Rs. in Million)

01.04.2012 to 30.06.2013

(15 Months)

(Rs. in Million)

Claims against company not acknowledged as debt

264.500

183.200

Guarantees

12.700

38.600

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Land
  • Buildings
  • Plant and equipment
  • Vehicles
  • Office equipment
  • Computer equipment

 

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 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.66.20

UK Pound

1

Rs.98.29

Euro

1

Rs.72.41

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

SNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--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

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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.