MIRA INFORM REPORT
|
Report No. : |
305270 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM AND TEA LIMITED |
|
|
|
|
Formerly Known
As : |
DHUNSERI TEA AND INDUSTRIES |
|
|
|
|
Registered
Office : |
Dhunseri House, 4-A, Woodburn Park, Kolkata - 700020, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.05.1916 |
|
|
|
|
Com. Reg. No.: |
21-002697 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 350.248 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of PET resin, tea and is in the process of moving into the third business of annuity income (through IT infrastructure development). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy operational risk profile marked by
adequate financial base and sound profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities (Term Loan) = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October 16, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term bank Facilities (Non-Fund Based) = A1 |
|
Rating Explanation |
Very Strong degree of safety and carry lowest credit risk. |
|
Date |
October 16, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Dhunseri House, 4-A, |
|
Tel. No.: |
91-33-22821950 / 22836128 – 33 |
|
Fax No.: |
91-33-22878350 / 22801956 / 22834216 / 22836056 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
PET RESIN PLANT |
|
|
Unit I : |
JL-126, Mouza-
Basudevpur, PS Durgachak, Haldia, District Midnapore (East) - 721602, West
Bengal, India |
|
|
|
|
Unit II : |
JL-126, Mouza -
Basudevpur, PS Durgachak and JL-145 Mouza - Paranchak, PS Bhabanipur, Haldia,
District: Midnapore (East) - 721 602, West Bengal, India |
|
|
|
|
TEA ESTATES/ FACTORIES : |
|
|
|
|
|
Tea Blending/ Packeting Unit |
SP-534-A,
Sitapura Industrial Area, Jaipur, Rajasthan. Dhunseri
Tea Estate, P.O. Mazbat, Assam, Pin: 784507, India |
|
|
|
|
ITSEZ |
Dhunseri
IT Park, Kolkata IT Park, SEZ, Kolkata Leather Complex Bantala, South 24 Paraganas,
West Bengal, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. P K Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J P Kundra |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. B Sen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y F Lombard |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Bagaria |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R N Bhardwaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D P Jindal |
|
Designation : |
Director |
|
|
|
|
Name : |
M Bhanuka |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr.
B Chattopadhyay |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. R K Sharma |
|
Designation : |
Executive Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. K V Balan |
|
Designation : |
Company Secretary and Compliance
Officer |
|
|
|
|
Name : |
Mr. V. Goel |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. P. C. Dhandhania |
|
Designation : |
Senior Vice President (Coo-Tea Division) |
|
|
|
|
Name : |
Mr. C. K. Dhanuka |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. K. K. Tibrewalla |
|
Designation : |
Senior Vice President (IT SEZ) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
907383 |
2.59 |
|
|
18863245 |
53.86 |
|
|
19770628 |
56.45 |
|
|
|
|
|
|
3795054 |
10.84 |
|
|
3795054 |
10.84 |
|
Total shareholding of Promoter
and Promoter Group (A) |
23565682 |
67.28 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1200 |
0.00 |
|
|
4545 |
0.01 |
|
|
1175 |
0.00 |
|
|
2181113 |
6.23 |
|
|
2308641 |
6.59 |
|
|
2308641 |
6.59 |
|
|
4496674 |
12.84 |
|
|
|
|
|
|
1959401 |
5.59 |
|
|
|
|
|
|
3920276 |
11.19 |
|
|
768458 |
2.19 |
|
|
314263 |
0.90 |
|
|
86326 |
0.25 |
|
|
1348 |
0.00 |
|
|
1134 |
0.00 |
|
|
224800 |
0.64 |
|
|
655 |
0.00 |
|
|
6962398 |
19.88 |
|
Total Public shareholding (B) |
11459072 |
32.72 |
|
Total (A)+(B) |
35024754 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
35024754 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of PET resin, tea and is in the process of moving into the third business of annuity income (through IT infrastructure development). |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
SHORT TERM
BORROWINGS Note : Nature of Security (a) Loan Repayable on demand/Other Loans from Banks
First charge by way of hypothecation ranking pari-passu over all present and future inventories, consumables, stores and spares, book debts and all other movables of Petrochem Division. Secured/to be secured by joint mortgage on pari-passu second charge basis on all the immovable properties of the PET Plant I and II situated at JL-126, Mouza- Basudevpur, PS Durgachak & JL-145, Mouza-Paranchak, PS Bhabanipur, Haldia, Midnapore (East), West Bengal together with all the buildings and structures thereon including fixed plant and machinery and fixtures and fittings permanently fastened to the earth or fastened to anything attached to the earth.
Secured by a first hypothecation charge on the current assets of the Company’s Tea Division, viz. stock of raw materials, stockin- process, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivable, book debts and all other movables, both present and future, wherever situated. Secured by a first hypothecation charge on the movable fixed assets of the Tea Division of the Company and equitable mortgage over the immovable properties by deposit of title deeds of tea estates. In addition, in the Previous Year there was a personal guarantee of the promoter director of the Company, second pari-passu charge on the immovable property of the Company viz. Land being no. IT15A within notified SEZ in JL-35, Mouza Gangapur, KITP Basanti Highway within the jurisdiction of Kolkata Leather Complex Police Station.
Secured by way of lien against fixed deposit with bank. |
|
|
|
|
Financial Instituted : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
|
|
|
Cost Auditors |
|
|
Name : |
Mani and Company Cost Accountant |
|
Name : |
Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies: |
|
|
|
|
|
Subsidiaries of Dhunseri
Petrochem & Tea Pte Limited |
|
|
|
|
|
Group Companies (i.e.
Companies in which Key Management Personnel is able to exercise significant
influence) : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
Rs.10/- each |
Rs.3512.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35024754 |
Equity Shares |
Rs.10/- each |
Rs. 350.248 Millions |
|
|
|
|
|
NOTE:
a)
Reconciliation of the number of shares
|
Equity Shares |
Number of Shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
35024754 |
350.300 |
|
Balance as at the end of the year |
35024754 |
350.300 |
(b) The Company has one class of equity share having a par value of C 10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
(C) List of
shareholders holding more than 5% of Issued, Subscribed and Paid-up share.
|
Name of
Shareholder |
Number of Shares |
% holding |
|
Dhunseri Investments Limited |
12438778 |
35.51% |
|
Naga Dhunseri Group Limited |
3078759 |
8.79% |
|
Yves Lombard Asset Management A G |
3795054 |
10.84% |
|
International Finance Corporation |
2308641 |
6.59% |
(d) Shares allotted as
fully paid pursuant to contracts without payment being received in cash (during
five years immediately preceding 31st March, 2014)
- During the year 2010-11- 23,313,859 Equity Shares of C 10/- each were issued as fully paid up, issued pursuant to the scheme of arrangement without payment being received in cash.
- During the year 2008-09- 4,727,095 Equity Shares of C 10/- each were issued as fully paid up, issued pursuant to the scheme of amalgamation without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
350.300 |
350.300 |
350.300 |
|
(b) Reserves &
Surplus |
8058.400 |
7545.100 |
7115.800 |
|
(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) |
8408.700 |
7895.400 |
7466.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4290.700 |
4001.500 |
3502.800 |
|
(b) Deferred tax
liabilities (Net) |
978.800 |
841.700 |
723.700 |
|
(c) Other long term
liabilities |
5.300 |
5.000 |
5.000 |
|
(d) long-term provisions |
29.200 |
22.800 |
22.000 |
|
Total Non-current
Liabilities (3) |
5304.000 |
4871.000 |
4253.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11508.300 |
10992.600 |
3927.500 |
|
(b) Trade payables |
2250.700 |
2530.400 |
4411.800 |
|
(c) Other current
liabilities |
1422.300 |
936.800 |
743.900 |
|
(d) Short-term provisions |
198.200 |
212.400 |
205.900 |
|
Total Current Liabilities
(4) |
15379.500 |
14672.200 |
9289.100 |
|
|
|
|
|
|
TOTAL |
29092.200 |
27438.600 |
21008.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8771.400 |
8753.000 |
5713.900 |
|
(ii) Intangible Assets |
14.200 |
14.800 |
27.500 |
|
(iii) Capital
work-in-progress |
1291.400 |
1175.900 |
3504.100 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2630.800 |
2244.400 |
1635.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
95.700 |
256.000 |
496.400 |
|
(e) Other Non-current
assets |
50.300 |
51.500 |
16.500 |
|
Total Non-Current Assets |
12853.800 |
12495.600 |
11393.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
362.900 |
330.000 |
590.100 |
|
(b) Inventories |
4630.500 |
4626.600 |
2273.900 |
|
(c) Trade receivables |
4718.400 |
5260.000 |
2516.800 |
|
(d) Cash and cash
equivalents |
2715.300 |
1874.200 |
2763.200 |
|
(e) Short-term loans and
advances |
1956.800 |
1420.900 |
1033.700 |
|
(f) Other current assets |
1854.500 |
1431.300 |
437.600 |
|
Total Current Assets |
16238.400 |
14943.000 |
9615.300 |
|
|
|
|
|
|
TOTAL |
29092.200 |
27438.600 |
21008.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
38815.300 |
22550.200 |
19794.500 |
|
|
Other Income |
302.400 |
211.700 |
250.800 |
|
|
TOTAL (A) |
39117.700 |
22761.900 |
20045.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
32487.700 |
20087.300 |
15601.100 |
|
|
Purchases of
Stock-in-Trade |
50.100 |
0.000 |
118.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
208.400 |
(1460.200) |
(242.900) |
|
|
Employees benefits
expense |
240.500 |
197.500 |
543.100 |
|
|
Other expenses |
4278.600 |
2512.300 |
2693.200 |
|
|
TOTAL (B) |
37265.300 |
21336.900 |
18712.700 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1852.400 |
1425.000 |
1332.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
595.600 |
331.200 |
412.200 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1256.800 |
1093.800 |
920.400 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.200 |
325.300 |
330.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
825.600 |
768.500 |
590.300 |
|
|
|
|
|
|
|
Less |
TAX (H) |
78.500 |
-0.900 |
95.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
747.100 |
769.400 |
494.900 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
1261.700 |
752.500 |
490.300 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
74.900 |
77.000 |
49.500 |
|
|
Dividend |
157.600 |
157.600 |
157.600 |
|
|
Tax on Dividend |
27.500 |
25.600 |
25.600 |
|
|
Total (K) |
260.000 |
260.200 |
232.700 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
1748.800 |
1261.700 |
752.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
20288.300 |
9065.400 |
5470.000 |
|
|
Miscellaneous Claims |
10.300 |
0.000 |
0.000 |
|
|
Service Charges Received |
2.500 |
0.000 |
14.700 |
|
|
Interest Income on Fixed
Deposits |
0.000 |
0.000 |
4.300 |
|
|
TOTAL EARNINGS |
20301.100 |
9065.400 |
5489.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
12491.800 |
7128.800 |
6666.300 |
|
|
Capital Goods |
0.000 |
149.400 |
1239.400 |
|
|
Store and Spares |
395.300 |
42.400 |
177.800 |
|
|
Traded Goods |
50.100 |
0.000 |
134.100 |
|
|
TOTAL IMPORTS |
12937.200 |
7320.600 |
8217.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|||
|
|
Basic |
21.33 |
21.97 |
14.13 |
|
|
Diluted |
21.33 |
21.70 |
13.46 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
1.92 |
3.41 |
2.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.77 |
6.32 |
6.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28 |
3.20 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.88 |
1.90 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.02 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
350.300 |
350.300 |
350.300 |
|
Reserves & Surplus |
7115.800 |
7545.100 |
8058.400 |
|
Net worth |
7466.100 |
7895.400 |
8408.700 |
|
|
|
|
|
|
long-term borrowings |
3502.800 |
4001.500 |
4290.700 |
|
Short term borrowings |
3927.500 |
10992.600 |
11508.300 |
|
Total borrowings |
7430.300 |
14994.100 |
15799.000 |
|
Debt/Equity ratio |
0.995 |
1.899 |
1.879 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
19794.500 |
22550.200 |
38815.300 |
|
|
|
13.922 |
72.128 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
19794.500 |
22550.200 |
38815.300 |
|
Profit |
494.900 |
769.400 |
747.100 |
|
|
2.50% |
3.41% |
1.92% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
----------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OVERVIEW- PETROCHEMICALS
Polyethylene Terephthalate (PET) is a thermoplastic polyester widely used in the production of beverage bottles and flexible packaging film due to the advantages of high clarity, low permeability and excellent printability. According to SBA CCI report, over the last 10 years, annual global PET resin demand has grown, from 9.45 million tonnes in 2003 to 20.44 million tonnes in 2013 and presently the PET resin demand stands at around 21.9 million tonnes. (Source: SBA CCI, March 2014)
OVERVIEW –TEA
Tea is globally one of the most popular and cheapest beverages with major production centres in India, China, Kenya, Sri Lanka, Turkey and Vietnam. The tea industry is one of the oldest organised industries in India with a large network of tea producers, retailers, distributors, auctioneers, exporters and packers. Total tea production in the world has exceeded 4 billion kgs in 2013, with India producing about 1 billion kgs of tea. During 2008 to 2013, black tea production in India increased at a CAGR of 1.6% while consumption rose at a CAGR of 2.3%. India’s total annual tea production in 2013 is estimated at 1,200 million kgs out of which 65%, approximately 850 million kgs, is produced by the big tea gardens while about 350 million kgs tea is produced by small tea growers with land area ranging from 2 to 20 hectares.
OUTLOOK
An Assocham study forecasts India’s tea market to touch H33,000 crores by 2015, driven by an upsurge in demand from the domestic market. Consumption of tea has increased compared to increase in production, which will improve realisations. However, India needs to take a number of initiatives to strengthen its position in the global market and address emerging markets by further improving the quality as well as packaging standards, thereby enhancing product quality.
MANAGEMENT DISCUSSION
AND ANALYSIS
Petrochem division
- Established a fully-equipped occupational health centre manned by a qualified doctor to keep a watchful eye on employee health and well-being.
- Held free medical check-up camps round the year for all employees.
- Undertook occupational health surveillances programmes regularly for all employees.
- Provided 24x7 ambulance service van for emergencies.
- Provided training to administer firstaid to injured employees.
Tea division
- Continued with the malaria eradication programme introduced by the health department three years ago resulting in a 90% reduction in malaria cases over the last three years.
- Carried out prophylactic spraying in labour lines to check the outbreak of malaria.
- Provided free medical facilities at the garden hospital.
- Conducted medical camps where various immunisations and disease preventive measures were undertaken.
- Provided training on first aid to the workers.
- Conducted periodic anti-alcohol drives.
- Provided 24X7 ambulance service van for emergencies.
- Maintained water filtration plants to ensure potable water supply.
PERFORMANCE
Petrochem Division
With the commissioning of Plant II at Haldia the production of PET resin increased from 2,69,249 MT in 2012-13 to 4,12,038 MT in 2013-14 thus achieving more than 100% capacity utilization for both the plants taken on a combined basis.
The domestic sales volume increased from 138553 MT in 2012-13 to 172732 MT in 2013-14 i.e. an increase by 25%.
The export sales volume increased from 113087 MT in 2012-13 to 241454 MT in 2013-14 i.e. an increase by 113%.
The margins remained under pressure in the 2nd half of the year in case of exports in view of price pressure due to competition from certain countries coupled with the decrease in the export incentive effective September, 2013.
Further the MEG pipeline from the port to the plant for transferring imported MEG from the vessel to the MEG tank inside the Plant was commissioned in March, 2014.
The 10MW Captive Power Plant (CPP) of the Company at Haldia was commissioned in May, 2014.
The commissioning of the MEG pipeline and the 10MW CPP are expected to result in cost savings.
Tea Division
Sporadic attack of pests likes looper, helopeltis, red slug and thrips, which were evident in most of the gardens, have been controlled by timely spraying of insecticides. Irrigation was used in all four North Bank gardens and continued till first week of May, 2014 to mitigate the ill effects of drought.
The current year’s protracted winter as well as pre-monsoon dry spell for almost six months may be termed as unprecedented. It has left the bushes to survive in stressful conditions in the Upper Assam where there was no irrigation facility barring small young tea areas to be covered.
Due to radiation and temperature stress, scorching of tea leaves have been reported in small patches of some of the tea estates. However, prolonged rainless period coupled with 40ºC temperature, 20% to 50% humidity against a normal of 50% to 90% has severely affected the bushes with virtually no leaf for plucking towards the end of April. The visual symptoms of wilting of tea leaves were also noticed in several patches. Dilli and Khagorijan Tea Estates suffered more due to severe drought, as there was less rainfall since October, 2013. The Company is considering irrigation at Dilli T.E for the coming season due to continuous drought in the area for the past two years.
The overall production has decreased from 109.12 lac kgs in the FY 2012-13 to 100.98 lac kgs in the FY 2013-14 due to sale of Bought Leaf Factories. Overall sale price increased by H 5.35 per kg as compared to previous year due to overall improvement in quality of teas produced.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan Repayable on demand from Banks |
1671.100 |
1272.40 |
|
Other Loans from Banks |
270.200 |
358.800 |
|
Total |
1941.300 |
1631.200 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10543547 |
22/12/2014 |
500,000,000.00 |
Federal Bank Limited |
R N Mukherjee Road,
Kolkata, West Bengal - 700001, |
C40518961 |
|
2 |
10541902 |
22/12/2014 |
750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C39827084 |
|
3 |
10435851 |
11/06/2013 |
1,000,000,000.00 |
State Bank of India |
Corporate Accounts
Group Branch, 2nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata,
West |
B79204616 |
|
4 |
10408215 |
01/03/2013 * |
770,000,000.00 |
Standard Chartered Bank |
19, Netaji Subhas
Road, Kolkata, West Bengal - 700 |
B73648297 |
|
5 |
10397937 |
19/07/2013 * |
564,749,000.00 |
DBS Bank Ltd. (Acting as an Security Agent) |
4A, LITTLE RUSSEL
STREET, KOLKATA, West Bengal - |
B79791737 |
|
6 |
10383354 |
17/10/2012 |
275,000,000.00 |
State Bank of India |
Corporate Accounts
Group Branch, 2nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata,
West |
B60831567 |
|
7 |
10345927 |
20/12/2013 * |
3,980,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH, 3B CAMAC STRRET, KOLKATA, West Bengal - 700016, INDIA |
B92340231 |
|
8 |
10307463 |
20/09/2011 * |
720,000,000.00 |
State Bank of India |
CAG Branch, 34 J L Nehru Road, Reliance House, Kolkata, West Bengal - 700071, INDIA |
B21175831 |
|
9 |
10306896 |
20/09/2011 * |
1,728,000,000.00 |
State Bank of India |
CAG Branch, 34, J L Nehru Road, Reliance House, Kolkata, West Bengal - 700071, INDIA |
B20935292 |
|
10 |
10308746 |
29/06/2013 * |
190,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH, 1 SHAKESPEARE SARANI, A.C. MARKET BUILDING, 3RD FLOOR, KOLKATA, West Bengal - 700071, INDIA |
B82666728 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts |
|
|
|
(i) Customs Demand-matter under dispute |
@ |
@ |
|
(ii) Service Tax Demand-matter under dispute |
1.800 |
1.800 |
|
(iii) Income Tax-matter under dispute |
8.300 |
8.300 |
|
(iv) Entry Tax-matter under dispute |
117.600 |
0.000 |
|
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings. |
|
|
|
(b) Standby Letters of Credit issued in connection with loan taken by Dhunseri Petrochem and Tea Pte Limited, a wholly owned subsidiary, from a bank |
793.300 |
717.900 |
|
(c) Bank Guarantee |
23.300 |
0.000 |
FIXED ASSETS
· Leasehold Land
· Freehold Land
· Land and Estate Development
· Building
· Plant and Equipment
· Office Equipment
· Vehicles
· Furniture and Fixtures
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. 61.76 |
|
|
1 |
Rs. 93.13 |
|
Euro |
1 |
Rs. 70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
6P7A0ID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.