MIRA INFORM REPORT
|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PETRO ARALDITE PRIVATE LIMITED |
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Registered
Office : |
4th Floor, B Wing, lighthall, Hiranandani Business Park, Saki
Vihar Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.12.1996 |
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Com. Reg. No.: |
11-104393 |
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Capital
Investment / Paid-up Capital : |
Rs.570.000
Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1996PTC104393 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP09084F |
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PAN No.: [Permanent Account No.] |
AAACP5685K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and
Formulation. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Closed Down |
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Payment Behaviour : |
- |
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Litigation : |
- |
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Comments : |
As claimed by Mr Tarun Kumar Jadhav, Sales Manager that the subject
got closed down on 22nd September 2014 and denied to part the
reason for closure Subject cannot be considered for business dealings. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
|
Name |
Mr. Tarun Kumar |
|
Designation |
Sales Manager |
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Contact No. |
91-9871421177 |
|
Date: |
02.01.2015 |
LOCATIONS
|
Registered Office : |
4th Floor, B Wing, lighthall, Hiranandani Business Park,
Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra,
India |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9444461280 (Mr. Bhoopathi) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
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Tel. No.: |
91-44-5940084/69400845/2242875100 |
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Fax No.: |
91-44-25942494/25940079/42875400 |
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Rayomand P Sabawalla |
|
Designation : |
Director |
|
Address : |
Ralph Gideon Jaari Building, Med 73, Flat V 517, 500 Jabl Ali 196942, |
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Date of Birth/Age : |
31.05.1977 |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
03098056 |
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Name : |
Mr. Patric Peter Verraes |
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Designation : |
Director |
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Address : |
Annegijs Boslaan, Overijse-3090, |
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Date of Birth/Age : |
20.09.1972 |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
03155820 |
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Name : |
Mr. Harald M Wiedeman |
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Designation : |
Director |
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Address : |
Blasiring 16, Weil AM Rhien-79576, |
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Date of Birth/Age : |
08.07.1959 |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
03196346 |
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Name : |
Mr. Steven Michael Hanshaw |
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Designation : |
Director |
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Address : |
Relnacherstr 63A, 4106, Therwil, Switzerland |
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Date of Birth/Age : |
03.09.1966 |
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Date of Appointment : |
27.02.2012 |
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DIN No.: |
05204047 |
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Name : |
Mr. Chandrasekaran Subash Chandrabose |
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Designation : |
Director |
|
Address : |
No 12 Flat A 7, Ganga Yamuna Flats, Pandaram Street Vadapalani, Chennai-600026, Tamil Nadu, India |
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Date of Birth/Age : |
18.03.1972 |
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Date of Appointment : |
24.04.2013 |
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DIN No.: |
06586982 |
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Name : |
Mr. Narayan Paramaeswaran |
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Designation : |
Director |
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Address : |
No. 1A Orion Green Peace, New No. 3 Old No. 2, PT Rajan Salai, K K Nagar, Chennai-600078, Tamil Nadu, India |
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Date of Birth/Age : |
17.02.1963 |
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Date of Appointment : |
24.04.2013 |
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DIN No.: |
06586988 |
KEY EXECUTIVES
|
Name : |
Mr. Bhoopathi N |
|
Designation : |
Purchase Manager |
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|
Name : |
Mr. Tarun Kumar Jadhav |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage |
|
Tamilnadu Petro Products Limited, India |
1368000 |
23.99 |
|
Vantico International Sarl, Luxembourge |
4332002 |
76.01 |
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|
|
|
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TOTAL
|
5700002 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
76.01 |
|
Bodies corporate |
23.99 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and
Formulation. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
HSBC Bank |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Deloitte Haskins and Sells Indiabulls Finance Center Tower 3, 32nd Floor, Elphinstone (West), Mumbai 400013, India |
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PAN No.: |
AACFD4815A |
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Ultimate Holding
Company : |
Huntsman Corporation |
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Holding Company : |
Vantico International, S.a.r.l |
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Joint venture: |
Tamilnadu Petroproducts Limited |
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Entities under common
control with whom there were transactions during the year: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs.600.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
5700002 |
Equity Shares |
Rs.100/-
each |
Rs.570.000
Millions |
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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 |
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|
|
|
(a) Share Capital |
570.000 |
570.000 |
570.000 |
|
(b) Reserves & Surplus |
(174.380) |
(68.870) |
75.590 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
395.620 |
501.130 |
645.590 |
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|
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
177.590 |
238.840 |
281.510 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
22.270 |
32.660 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
32.800 |
34.860 |
34.060 |
|
Total Non-current
Liabilities (3) |
210.390 |
295.970 |
348.230 |
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(4)
Current Liabilities |
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|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
229.490 |
550.520 |
578.270 |
|
(c) Other
current liabilities |
166.750 |
226.190 |
146.740 |
|
(d) Short-term
provisions |
13.260 |
14.410 |
17.680 |
|
Total Current
Liabilities (4) |
409.500 |
791.120 |
742.690 |
|
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|
|
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TOTAL |
1015.510 |
1588.220 |
1736.510 |
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II.
ASSETS |
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(1)
Non-current assets |
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(a) Fixed
Assets |
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|
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|
(i) Tangible
assets |
215.620 |
412.870 |
429.190 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5.880 |
6.860 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
265.790 |
111.610 |
106.120 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
487.290 |
531.340 |
535.310 |
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|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
310.660 |
521.630 |
435.510 |
|
(c) Trade
receivables |
124.220 |
23.520 |
121.870 |
|
(d) Cash
and cash equivalents |
8.160 |
42.810 |
236.860 |
|
(e)
Short-term loans and advances |
85.180 |
468.920 |
406.900 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.060 |
|
Total
Current Assets |
528.220 |
1056.880 |
1201.200 |
|
|
|
|
|
|
TOTAL |
1015.510 |
1588.220 |
1736.510 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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TOTAL INCOME |
2197.190 |
3545.430 |
3427.280 |
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TOTAL EXPENSES |
2324.970 |
3700.280 |
3501.890 |
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PROFIT BEFORE
TAX |
(127.780) |
(154.850) |
(74.610) |
|
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|
Less |
TAX |
(22.270) |
(10.390) |
(3.710) |
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|
PROFIT AFTER TAX
|
(105.510) |
(144.460) |
(70.900) |
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EARNINGS IN FOREIGN CURRENCY |
|
|
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|
F.O.B. Value of Exports |
94.050 |
199.930 |
486.280 |
|
|
|
TOTAL
EARNINGS |
94.050 |
199.930 |
486.280 |
|
|
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IMPORTS |
|
|
|
|
|
|
Raw Materials |
1208.300 |
1779.810 |
1661.450 |
|
|
|
Capital Goods |
0.070 |
6.160 |
4.860 |
|
|
|
TOTAL
IMPORTS |
1208.370 |
1785.970 |
1666.310 |
|
|
|
|
|
|
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|
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|
Earnings Per
Share (Rs.) |
0.58 |
0.72 |
0.78 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.66) |
(9.79) |
(4.30) |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
(0.31) |
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45 |
0.48 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.34 |
1.62 |
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 |
570.000 |
570.000 |
570.000 |
|
Reserves & Surplus |
75.590 |
(68.870) |
(174.380) |
|
Net worth |
645.590 |
501.130 |
395.620 |
|
|
|
|
|
|
long-term borrowings |
281.510 |
238.840 |
177.590 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
281.510 |
238.840 |
177.590 |
|
Debt/Equity ratio |
0.436 |
0.477 |
0.449 |
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) |
|
Total Income |
3427.280 |
3545.430 |
2197.190 |
|
|
|
3.447 |
(38.028) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
3427.280 |
3545.430 |
2197.190 |
|
Profit |
(70.900) |
(144.460) |
(105.510) |
|
|
(2.07%) |
(4.07%) |
(4.80%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
61.250 |
42.660 |
34.960
|
|
|
|
|
|
|
Total |
61.250 |
42.660 |
34.960
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
No |
|
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 |
Yes |
|
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 |
No |
BUSINESS REVIEW:
The company has registered a loss of Rs. 127.780 Million as against previous year loss of Rs. 154.850 Million. Net loss after tax for the year is RS. 105.510 Million As compared to loss of Rs. 144.460 Million in the previous year. As the competitiveness of the Company was eroding continuously over the past couple of years, the loss making Base Resin Production unit (BLR) was causing further erosion's in the profitability of the Company. The continued freeze / ban on production in Manali Industrial belt, has also been quite detrimental to the overall position in which the Company was also it would not sustain the economics for future investment / infusion of capital in the Company.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax loan |
177.590 |
238.840 |
|
|
|
|
|
Total |
177.590 |
238.840 |
|
Note: Deferred payment liabilities represent the sales tax liability covered
under the sales tax deferral scheme of the Government of Tamil Nadu for new or
existing industries, while undertaking expansion or diversification of the
unit, for a period of ten years, commencing from July 1, 2000. The repayment
of the deferred liability has commenced from July, 2010 and will be paid on
monthly basis as per the terms of eligibility certificate. The total amount
paid during the year amounts to Rs. 42.660 Million (Previous year Rs.34.960
Million). As per the terms of eligibility certificate, if the company defaults
in payment of Government loan, the moveable and immovable properties of the
company shall be liable to be attached / proceeded towards the realisation of
outstanding Government loan under Revenue Recovery Act together with interest
at 24% per annum (simple interest) calculated from the due date for repayment
of loan. The term movable shall include cash / shares / debentures / Bank
balance etc. |
||
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Building
- Plant and machinery
- Office equipment
- Computers
- Furniture and Fixture
- Vehicles
- Computer equipments
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
MTN |
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.