MIRA
INFORM REPORT
|
Report No. : |
305538 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHENNAI PETROLEUM CORPORATION LIMITED (w.e.f. June 13, 2000) |
|
|
|
|
Formerly Known
As : |
MADRAS REFINERIES LIMITED |
|
|
|
|
Registered
Office : |
No.536, Anna Salai, Teynampet, Chennai - 600018, Tamilnadu |
|
|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.12.1965 |
|
|
|
|
Com. Reg. No.: |
18-005389 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1490.046 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40101TN1965GOI005389 |
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|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC04961F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM4392C |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
Line of Business
: |
Manufacturer and Seller of Petroleum and Specialty
Products. |
|
|
|
|
No. of Employees
: |
1688 (Approximately) (778 Supervisors and 910 Non-Supervisors) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 49210000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was formed as a joint venture between the Government of India
(GOI), National Iranian Oil Company (NIOC), and American Oil Company. It is an established company having excellent track record. The company is continuously incurring losses from its two years of
operation. However, the company receives strong support from its group
companies. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record of the company and experienced directors,
the company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
Long term rating = AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
|
Date |
19.09.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree and carry lowest credit risk. |
|
Date |
19.09.2014 |
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 : |
No.536, Anna Salai, Teynampet, Chennai - 600018, |
|
Tel. No.: |
91-44-24349542 |
|
Fax No.: |
91-44-24341753 |
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E-Mail : |
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|
Website : |
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|
|
|
Refinery 1 : |
Manali Refinery, Manali, Chennai - 600068, |
|
Tel. No.: |
91-44-25944000 |
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Fax No.: |
91-44-25941047 |
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|
|
|
Refinery 2 : |
Cauvery Basin Refinery,
Panangudi Village, Nagapattinam District – 611002, Tamilnadu, India |
|
Tel. No.: |
91-4365-256402 |
|
Fax No.: |
91-4365-250784 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S. Venkataramana |
|
Designation : |
Director (Operations) and Managing Director (I/C) |
|
|
|
|
Name : |
Mr. T.S. Ramachandran |
|
Designation : |
Director (Technical) |
|
Date of Birth/ Age: |
25.11.1954 |
|
Qualification : |
First Class Honours Graduate in Electrical Engineering from the University of Calicut |
|
Date of Appointment : |
26.07.2011 |
|
|
|
|
Name : |
Mr. Sanjiv Singh |
|
Designation : |
Director (Refineries) |
|
Date of Birth/ Age: |
30.06.1960 |
|
Qualification : |
Graduate in Chemical Engineering from IIT, Roorkee and also acquired Diploma in Management. |
|
Date of Appointment : |
03.07.2014 |
|
|
|
|
Name : |
Mr. Mohan Lal |
|
Designation : |
Director (R&A) |
|
Date of Birth/ Age: |
10.04.1955 |
|
Qualification : |
He holds a Bachelors’ Degree in Science (Non-Medical), Education and Law. He also holds a Masters Degree in Public Administration. |
|
Date of Appointment : |
21.08.2013 |
|
|
|
|
Name : |
Mr. M.H. Ghodsi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ahmad Azmoodeh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. L. Sabaretnam |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Venkatraman Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Ramaswamy |
|
Designation : |
Director |
|
Date of Birth/ Age: |
06.11.1954 |
|
Date of Appointment : |
07.11.2013 |
KEY EXECUTIVES
|
Name : |
Mr. S. Vaidyanathan |
|
Designation : |
Senior Manager (Corporate Communications) |
|
|
|
|
Name : |
Mr. D.P. Naidu |
|
Designation : |
Chief Vigilance Officer |
|
|
|
|
Name : |
Mr. V. Srinivasan |
|
Designation : |
General Manager (Corporate Planning) |
|
|
|
|
Name : |
Mr. R. Chidambaram |
|
Designation : |
General Manager (Cauvery Basin Refinery) |
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|
|
|
Name : |
Mr. A. Paul Christudass |
|
Designation : |
General Manager (Finance) |
|
|
|
|
Name : |
Mr. S. Asokan |
|
Designation : |
General Manager (Human Resources) |
|
|
|
|
Name : |
Mr. S. Visveswaran |
|
Designation : |
General Manager (Technical) |
|
|
|
|
Name : |
Mr. G . Aravindan |
|
Designation : |
General Manager (Maintenance) |
|
|
|
|
Name : |
Mr. A. Kumar |
|
Designation : |
General Manager (Projects, Development and R&D) |
|
|
|
|
Name : |
Mr. G . Suresh Kumar |
|
Designation : |
General Manager (Services) |
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|
|
|
Name : |
Mr. P. Shankar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
77265200 |
51.89 |
|
|
77265200 |
51.89 |
|
|
|
|
|
|
22932900 |
15.40 |
|
|
22932900 |
15.40 |
|
Total shareholding of Promoter and Promoter
Group (A) |
100198100 |
67.29 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1257832 |
0.84 |
|
|
19800470 |
13.30 |
|
|
2166654 |
1.45 |
|
|
23224956 |
15.60 |
|
|
|
|
|
|
8069365 |
5.42 |
|
|
|
|
|
|
12319101 |
8.27 |
|
|
3348595 |
2.25 |
|
|
1751283 |
1.18 |
|
|
1339146 |
0.90 |
|
|
17821 |
0.01 |
|
|
394116 |
0.26 |
|
|
200 |
0.00 |
|
|
25488344 |
17.12 |
|
Total Public shareholding (B) |
48713300 |
32.71 |
|
Total (A)+(B) |
148911400 |
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) |
148911400 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Petroleum and Specialty
Products. |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Crude Processing |
MTs |
115.00 |
115.00 |
106.24 |
|
Propylene Recovery Unit |
MTs |
0.30 |
0.30 |
0.36 |
|
Wax Plant |
MTs |
0.30 |
0.30 |
0.23 |
GENERAL INFORMATION
|
Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
1688 (Approximately) (778 Supervisors and 910
Non-Supervisors) |
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Bankers : |
State Bank of India, Corporate Accounts Group Branch Egmore,
Chennai – 600006, Tamilnadu, India |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
S. Venkatram and Company Chartered Accountants |
|
Address : |
Old No.285, New No.218, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
|
|
|
Name : |
Chandran and Raman Chartered Accountants |
|
Address : |
No.2, Dr. Radhakrishnan Road, 2nd
Street, Mylapore, Chennai – 600004, Tamilnadu, India |
|
|
|
|
Name : |
Mr. K. Suryanarayanan Cost accountant |
|
Address : |
Flat A, Brindhavan Apartments, No.1, Poes Road, 4th
Street, Teynampet, Chennai – 600018, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Joint Venture
Companies : |
·
Indian Additives Limited National Aromatics and Petrochemicals Corporation Limited |
|
|
|
|
Entity over
which KMP exercise significant influence : |
CPCL
Educational Trust |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 1700.000 Millions |
|
|
|
|
|
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,89,11,400 |
Equity Shares |
Rs.10/- each |
Rs. 1489.114 Millions |
|
|
|
|
|
|
|
Add: Forfeited Shares (amount originally paid up) |
|
Rs. 0.932 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1490.046
Millions |
(i) As per the Formation Agreement entered into between the promoters, an offer is to be made to the Naftiran Intertrade Company Limited (NICO), an affiliate of National Iranian Oil Company (NIOC) in any issue of the Capital in proportion to the shares held by them at the time of such issue to enable them to maintain their shareholding at the existing percentage.
Reconciliation of No.
of Shares (Opening and Closing)
|
Particulars |
No. of Shares |
|
Opening Balance |
148911400 |
|
Add :Bonus Shares issued during the year |
-- |
|
Add :Shares issued on Amalgamation |
-- |
|
Less : Shares bought back |
-- |
|
Closing Balance |
148911400 |
Rights, preferences
and restrictions attached to shares
Equity Shares: The company has one class of equity shares having a par value of Rs.10 per share. 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 Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company in proportion to their shareholding.
Shares held by
Holding Company
|
Particulars |
March 31, 2014 Rs. In Millions |
|
|
|
|
7,72,65,200 Equity Shares of `10 each (51.89%) fully paid-up, held by Indian Oil Corporation Limited, the Holding Company. |
772.652 |
Details of shareholders
holding more than 5% shares
|
S.No. |
Particulars |
March 31, 2014 |
|
|
Number of Shares held |
Percentage of Holding |
||
|
a) |
Indian Oil Corporation Limited |
7,72,65,200 |
51.89 |
|
b) |
Naftiran Intertrade Company Limited |
2,29,32,900 |
15.40 |
|
c) |
Bajaj Allianz Life Insurance Company Limited |
73,31,429 |
4.92 |
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 |
1490.046 |
1490.046 |
1490.046 |
|
(b) Reserves & Surplus |
15734.436 |
18772.925 |
36441.323 |
|
(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) |
17224.482 |
20262.971 |
37931.369 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
20000.000 |
11427.791 |
8345.467 |
|
(b) Deferred tax liabilities (Net) |
7033.989 |
7070.919 |
6379.397 |
|
(c) Other long term liabilities |
41.027 |
59.349 |
52.697 |
|
(d) Long-term provisions |
369.910 |
279.551 |
263.685 |
|
Total Non-current Liabilities (3) |
27444.926 |
18837.610 |
15041.246 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
34521.981 |
45643.402 |
25932.144 |
|
(b) Trade payables |
52154.621 |
47089.061 |
60266.029 |
|
(c) Other current
liabilities |
7308.268 |
7825.858 |
8982.164 |
|
(d) Short-term provisions |
768.296 |
1352.218 |
1520.734 |
|
Total Current Liabilities (4) |
94753.166 |
101910.539 |
96701.071 |
|
|
|
|
|
|
TOTAL |
139422.574 |
141011.120 |
149673.686 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
42840.784 |
45573.123 |
37013.197 |
|
(ii) Intangible Assets |
77.962 |
105.269 |
151.256 |
|
(iii) Capital
work-in-progress |
3393.976 |
1686.988 |
10075.939 |
|
(iv)
Intangible assets under development |
47.202 |
47.202 |
47.202 |
|
(b) Non-current Investments |
248.205 |
242.464 |
236.302 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
Loan and Advances |
933.299 |
762.232 |
928.049 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
47541.428 |
48417.278 |
48451.945 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
66977.393 |
63865.203 |
63597.164 |
|
(c) Trade receivables |
22228.215 |
25497.315 |
34307.497 |
|
(d) Cash and cash
equivalents |
460.249 |
409.115 |
386.032 |
|
(e) Short-term loans and
advances |
2209.383 |
2813.848 |
2888.371 |
|
(f) Other current assets |
5.906 |
8.361 |
42.677 |
|
Total Current Assets |
91881.146 |
92593.842 |
101221.741 |
|
|
|
|
|
|
TOTAL |
139422.574 |
141011.120 |
149673.686 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
493426.252 |
428832.811 |
408078.598 |
|
|
|
Other Income |
273.477 |
237.598 |
646.403 |
|
|
|
TOTAL |
493699.729 |
429070.409 |
408725.001 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
470750.364 |
413393.191 |
393401.939 |
|
|
|
Purchases of Stock-in-Trade |
3737.773 |
13232.624 |
3488.642 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(721.098) |
(2049.922) |
(5373.872) |
|
|
|
Employees benefits expense |
2918.556 |
3154.337 |
2532.136 |
|
|
|
Other expenses |
10882.909 |
9786.823 |
10018.271 |
|
|
|
Income / (Expenses) Pertaining to Previous Years (Net) |
(134.647) |
5.989 |
92.054 |
|
|
|
TOTAL |
487433.857 |
437523.042 |
404159.170 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
6265.872 |
(8452.633) |
4565.831 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5679.703 |
4778.979 |
2493.794 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
586.169 |
(13231.612) |
2072.037 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3895.766 |
3745.264 |
3654.192 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(3309.597) |
(16976.876) |
(1582.155) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(271.108) |
691.522 |
(2200.405) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(3038.489) |
(17668.398) |
618.250 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(17668.398) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
-- |
-- |
297.823 |
|
|
|
Dividend Distribution Tax |
-- |
-- |
48.314 |
|
|
|
Transfer to General Reserve |
-- |
-- |
272.113 |
|
|
BALANCE CARRIED
TO THE B/S |
(20706.887) |
(17668.398) |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Petroleum Products |
0.000 |
0.000 |
1566.657 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1566.657 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Crude Oil |
420293.632 |
373426.910 |
357690.988 |
|
|
|
Capital Goods |
4.849 |
64.172 |
255.653 |
|
|
|
Revenue Stores, Component, Spare and Chemicals |
195.388 |
293.568 |
106.013 |
|
|
TOTAL IMPORTS |
420493.869 |
373784.650 |
358052.654 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(20.40) |
(118.65) |
4.15 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
12,9894.400 |
10,6163.200 |
|
Total Expenditure |
|
13,0018.800 |
10,7052.100 |
|
PBIDT (Excl OI) |
|
(124.400) |
(888.900) |
|
Other Income |
|
13.300 |
115.400 |
|
Operating Profit |
|
(111.100) |
(773.500) |
|
Interest |
|
866.600 |
1320.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(977.700) |
(2094.100) |
|
Depreciation |
|
955.200 |
237.300 |
|
Profit Before Tax |
|
(1932.900) |
(2331.400) |
|
Tax |
|
(7034.000) |
0.000 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
5101.100 |
(2331.400) |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior Period
Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
5101.100 |
(2331.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(0.62) |
(4.12) |
0.15 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.27 |
(1.97) |
1.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.44) |
(12.21) |
(1.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.19) |
(0.84) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.17 |
2.82 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.91 |
1.05 |
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 |
1490.046 |
1490.046 |
1490.046 |
|
Reserves & Surplus |
36441.323 |
18772.925 |
15734.436 |
|
Net
worth |
37931.369 |
20262.971 |
17224.482 |
|
|
|
|
|
|
long-term borrowings |
8345.467 |
11427.791 |
20000.000 |
|
Short term borrowings |
25932.144 |
45643.402 |
34521.981 |
|
Total
borrowings |
34277.611 |
57071.193 |
54521.981 |
|
Debt/Equity
ratio |
0.904 |
2.817 |
3.165 |
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 |
408078.598 |
428832.811 |
493426.252 |
|
|
|
5.086 |
15.063 |
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 |
408078.598 |
428832.811 |
493426.252 |
|
Profit/ (Loss) |
618.250 |
(17668.398) |
(3038.489) |
|
|
0.15% |
(4.12%) |
(0.62%) |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10488632 |
13/03/2014 |
10,000,000,000.00 |
ALLBANK FINANCE LTD |
14, INDIA EXCHANGE PLACE, 1ST FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
C03049046 |
|
2 |
10429135 |
06/05/2013 |
10,000,000,000.00 |
ALLBANK FINANCE LTD |
14, INDIA EXCHANGE PLACE, 1ST FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
B76262369 |
|
3 |
10210546 |
19/03/2010 |
2,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A82620386 |
|
4 |
80058951 |
15/04/2014 * |
41,840,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP BRANCH, SIGAPI ACHI BUILDING,18/3 RUKMANI LAKSHMIPATHI RD, CHENNAI, TAMILNADU - 600008, INDIA |
C05297734 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans: From
Others Oil Industry Development Board |
0.000 |
980.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans
repayable on demand From Banks/Financial Institutions: |
|
|
|
In Foreign
Currency Packing credit foreign currency loan (USD : 350 Mn; 2013 : USD 290 n) |
20972.000 |
15744.100 |
|
In Rupees |
|
|
|
Book Overdraft |
49.981 |
63.331 |
|
Working Capital Demand Loan |
0.000 |
7350.000 |
|
Commercial Paper |
0.000 |
7500.000 |
|
Total |
21021.980 |
31637.431 |
MAJOR REASONS
FOR INCURRING LOSS DURING THE YEAR 2013-14:
The following major factors adversely impacted the financial performance of the company in spite of better physical performance during the year 2013-14.
• Lower product cracks.
• Unprecedented depreciation of the Indian Rupee against the US Dollar and volatility in foreign exchange market resulting in exchange fluctuation loss
• Higher interest expenditure due to increased working capital requirements, inadequate internal accruals and servicing of loans on completed projects.
• Higher CST under recovery due to out of zone movement of products.
The borrowings as on 31.03.2014 was Rs. 55996.200 Millions as compared to Rs. 59054.500 Millions in the previous year.
In order to meet long term fund requirements, the Company, during January 2014 on a direct placement basis, issued 10000 numbers of 9.65% Secured Redeemable Non-Convertible Debentures of Rs. 10 lakh each redeemable at par for Rs. 10000.000 Millions.
OPERATIONAL
PERFORMANCE
The total thruput of the Company during the year 2013-14 was 10624 TMT. The Fuel and Loss for the year was 8.78% as compared to 9.49% in the previous year.
Manali Refinery achieved the highest ever thruput of 10065 TMT as compared to the previous best of 10045 in 2010-11. Refinery III at Manali surpassed, for the first time, the expanded design capacity of 4.0 MMTPA during the year. Once Thru Hydro Cracker Unit (OHCU) achieved the highest ever thruput of 2007 TMT, as against the previous best of 1996 TMT in 2010-11. Fluidised Catalytic Cracking Unit (FCCU) achieved the highest ever thruput of 1065 TMT, as against the previous best of 1006 TMT in 2010-11. The energy index of Manali Refinery was lowest at 62.5 MBN as against the previous best of 65.8 MBN in 2012-13. HSD and propylene production in Manali Refinery achieved the highest ever crossing 4 MMTPA and 35.8 TMT respectively.
Manali Refinery increased the Spot Crude Oil Basket from 37 to 50 numbers, thereby increasing the chances of selection of crudes with higher intrinsic value. Further Manali refinery processed three new crudes viz., Kikeh from Malaysia and Agbami and Okwuibome from Nigeria. By processing these new crudes, the Company realizes the benefit of adding new crudes to the basket.
During the year, Cauvery Basin Refinery, processed a new Crude Oil, Agbami for the first time. CBR achieved the highest ever Crude coastal receipt parcel size of 44.4 TMT in March 2014 through Marg Karaikkal Port, as compared to the previous highest shipment of 42 TMT.CBR is being operated at maximum power import mode in order to reduce cost of power and utilities.
COMPLETED PROJECTS
Fire water storage
tanks:
The company constructed and commissioned two tanks with a capacity of 13,000m3 each in June ’13, for storing fire water along with associated fire water pumps.
VOC Project:
The company constructed and commissioned the Volatile Organic Compound (VOC) absorption facility with 3 nos. of activated carbon filters at Effluent Treatment Plant -II.
Additional slop Tank
The company constructed a new Storage Tank of capacity 10,000 KL, to handle slop more effectively.
MS-Naphtha Tanks:
The company constructed one Naphtha and one MS tank, each of capacity 10,000 KL to accommodate increased production of MS/Naphtha.
Projects under
Implementation
Manali Refinery
Mounded Bullet
Storage
As a risk mitigation measure and in line with the norms prescribed by the Oil Industry Safety Directorate (OISD), the Company is implementing a Mounded Bullet Storage facility for LPG and Petrochemical products at an estimated cost of Rs. 2790.000 Millions. The project was taken up in April 2013 and mechanical completion is expected by end of 2014.
Resid Upgradation
Project
A Reside Up gradation project aimed at increasing the distillate yield by about 7 % by processing increased percentage of High Sulphur Crude is being implemented at Manali Refinery at an estimated cost of Rs. 31103.600 Millions. The project comprises installation of Delayed Coker Unit (2.2 MMTPA), revamp of existing Hydro Cracker Unit from 1.85 MMTPA to 2.25 MMTPA and other associated facilities. The construction work has commenced at site. This project is scheduled for completion by December 2015.
New Crude Oil
Pipeline
A new 42” Crude Oil Pipeline with enhanced safety features is planned from Chennai Port to Manali Refinery at an estimated cost of Rs. 2570.000 Millions as a replacement for existing old pipeline. The new pipeline is aligned along the berm of Ennore Manali Road Improvement Project of NHAI. Coastal Regulatory Zone (CRZ) clearance was accorded for the pipeline in January 2014. The pipeline alignment clearance with NHAI is taken up. The project is scheduled for completion by July 2015.
Cauvery Basin
Refinery
• Two Crude oil storage tanks of 10500 KL each at an estimated cost of Rs. 250.000 Millions is under construction to enhance the crude storage capacity.
• A product line from CBR to Trichy is under implementation to improve evacuation of products from CBR.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The global economy has shown signs of recovery in spite of many challenges and registered a growth rate of about 3.0 % during 2013-14 as compared to 3.2% growth rate in the previous year. However, the economic growth during 2013-14 across the countries was uneven, with developing countries like China and India being major contributors while the Euro region experienced almost nil growth during the year.
It is also expected that the global economic growth will continue to gain momentum and is expected to grow further during 2014-15, with advanced economies like United States and European Countries anticipated to strengthen and contribute to global economic recovery. Growth in US economy is projected to increase to 2.8% in 2014 from 1.9% registered during 2013. Euro region is expected to turn the corner and achieve a growth rate of about 1.0% during 2014 though some countries among the region are expected to continue experiencing economic problems. In developing countries, economic growth is likely to continue with a projected rate of 5.1% in 2014 as against 4.7% in 2013, with China’s GDP registering a growth of 7.5%.
The Indian Economy recorded a growth rate of 4.7% in 2013-14, a sub five percent growth for the second consecutive year. The agriculture sector, forestry and fishing sectors registered a growth rate of 4.7% in 2013-14 as compared to 1.4% growth rate in 2012-13, whereas the manufacturing and mining sectors experienced a negative growth during the year. But with many new initiatives, being taken to improve economic growth and infrastructure development through new investments, Indian economy, especially manufacturing sector, is expected to grow significantly during 2014-15, with focus on efficiency in implementation of projects and consequent employment generation. It is expected that India will achieve a growth rate of 5.4% to 5.9% in 2014-15, which augurs well for the energy sector providing impetus for growth.
The challenge of controlling inflation continued to trouble the Indian economy during the year with the retail inflation high at 9.7% at the end of March 2014. However, significant improvement has been achieved in Wholesale Price Index (WPI), which was reduced to around 6% as on March 2014 as compared to the average of 7.4% in 2012-13. With the Government focusing on elimination of supply-side constraints, especially the food items, the retail inflation is expected to come down to 6% in near future, which in turn will contribute to strong economic growth. The Current Account Deficit (CAD), a key indicator of country’s external vulnerability, which impacted the Indian currency during the first half of 2013-14, has been brought under control by taking a number of measures. The volatility in the foreign exchange rate has been reduced and Indian currency has recovered substantially, easing the pressure on domestic prices of products that are based on imports.
ENERGY SCENE
The global demand for primary energy is projected to increase at an average rate of 1.5% per annum in the near future. Oil continues to be the main energy source followed by Coal and Natural Gas, which is likely to grow faster than Oil. Also, the market share of Renewable sources of energy is expected to increase in the coming years with continuation of incentives by State Governments and the Central Government.
In line with the expected global economic trends in future, energy growth is likely to take place in developing countries, contributing almost 95% of projected global additional energy demand. Energy consumption in developing countries is estimated to increase at 2.3% per annum whereas in advanced countries, the energy growth rate is projected at 0.2% p.a upto 2035. It is anticipated that energy consumption in China and India will propel the global demand for energy, as the industrialization in these two countries will expand significantly in the next two decades, to meet the rising expectations of people in these two countries. Primary energy consumption by industries will continue to be the dominant driver for energy demand growth, accounting for about 50% of the growth, followed by energy needs of residential, services, agriculture and transport sectors.
With the advent of shale gas and tight oil production, mostly from US, as a result of technological developments in the oil industry, US, instead of net energy importer, is likely to become net exporter of energy by 2018, which will change global oil trading relationships, with Asia’s increasing demand for energy import. Expected production of energy from tar sands in Canada will also increase the global oil supply and may become a good source of energy.
India continues to depend on imports to meet its ever expanding energy needs. During 2013-14, the country imported 189.2 Million Metric Tonnes (MMT) of crude as compared to 184.8 MMT in 2012-13. Due to relatively subdued prices of crude oil prices during the year, the foreign exchange outgo on crude oil imports was $142.96 billion as against $144.3 billion in the previous year. The average crude oil price of Indian basket of crudes has come down from $107.97/barrel in 2012-13 to $ 105.52 /bbl in 2013-14 as per data from Petroleum Planning & Analysis Cell. The global prices of crude oil depend on many factors and are not expected to reduce substantially during 2014-15, as geo-political factors continue to disrupt crude oil production from some countries.
REFINING INDUSTRY AND
OIL MARKET DEVELOPMENTS
The global oil consumption is projected to grow from the present level of about 90 Million Barrels per day (MBD) and reach 109 MBD by 2035. The consumption of oil in advanced economies is expected to decrease to a level of 38 MBD, while consumption by developing countries is expected to reach 71 MBD, by 2035. In line with the increase in demand for oil, refining capacity is anticipated to increase at a similar pace.
The growth in petroleum products consumption in India during 2013-14 was the lowest in the last decade with 0.7% increase over the previous year. Major petroleum products like Diesel, Naphtha, Kerosene, Fuel Oil & LSHS and Lubricants registered negative growth. Petroleum products which recorded positive growth rate include Motor Gasoline (8.8%), Aviation Turbine Fuel (4.4%) and Petroleum Coke (15%). The overall demand for petroleum products in India increased from 157.1 MMT in 2012-13 to 158.2 MMT in 2013-14.
Indian refineries have processed more crude during 2013-14 at 222.4 MMT as against 218.8 MMT in 2012-13, improving the capacity utilization further.
CONTINGENT
LIABILITIES (AS ON 31.03.2014)
a) Claims against the company not acknowledged as debts Rs. 3052.495 Millions (2013: Rs. 2910.134 Millions). These mainly include:
i) Rs. 34.419 Millions (2013: Rs. 57.231 Millions) in respect of Central Excise.
ii) Rs. 2062.057 Millions (2013: Rs. 2145.465 Millions) in respect of Sales Tax.
iii) Rs. 692.663 Millions (2013: Rs. 469.527 Millions) in respect of Income Tax.
iv) Rs. 162.803 Millions (2013: Rs. 134.270 Millions) relating to projects.
b) Interest/Penalty, if any, unascertainable, on the above claims is not considered.
c) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 18495.997 Millions (2013: Rs. 3885.422 Millions).
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS
ENDED 30TH SEPTEMBER, 2014
(Rs. in Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Income from operations |
|
|
|
|
a) Gross Sales/ Income from Operations |
116794.000 |
142220.600 |
259014.500 |
|
Less: Excise Duty |
10636.200 |
12371.100 |
23007.300 |
|
Net sales/ Income from operation |
106157.800 |
129849.500 |
236007.200 |
|
b) Other operating income |
5.400 |
44.900 |
50.300 |
|
Total
income from Operations(net) |
106163.200 |
129894.400 |
236057.600 |
|
2.Expenses |
|
|
|
|
a) Cost of material consumed |
104858.100 |
123984.300 |
228842.400 |
|
b) Purchases of stock in trade |
843.500 |
808.000 |
1651.500 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade Increase/ Decrease |
(2469.400) |
2810.100 |
340.700 |
|
d) Employees benefit expenses |
729.100 |
781.700 |
1510.800 |
|
e) Depreciation and amortization expenses |
237.300 |
955.200 |
1192.500 |
|
f) Excise Duty on Stocks/ Others (Net) |
222.900 |
(112.300) |
110.500 |
|
g) Foreign Exchange Fluctuation (Gain)/ Loss |
1381.300 |
130.300 |
1511.600 |
|
h) Other expenditure |
1486.700 |
1616.700 |
3103.400 |
|
Total expenses |
107289.400 |
130974.000 |
238263.400 |
|
3. Profit/ (Loss) from operations before other income,
finance costs and exceptional items (1-2) |
(1126.200) |
(1079.600) |
(2205.800) |
|
4. Other income |
115.400 |
13.300 |
128.700 |
|
5. Profit/ (Loss) from ordinary activities before finance
costs and exceptional items (3+4) |
(1010.800) |
(1066.300) |
(2077.100) |
|
6. Finance costs |
1320.600 |
866.600 |
2187.200 |
|
7. Profit/(loss) from ordinary activities after finance
costs but before exceptional items
(5-6) |
(2331.400) |
|
(4264.300) |
|
8. Exceptional items |
-- |
-- |
-- |
|
9. Profit/ (Loss) from ordinary activities before tax |
(2331.400) |
|
(4264.300) |
|
10.Tax expenses |
-- |
(7034.000) |
(7034.000) |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
(2331.400) |
5101.100 |
2769.700 |
|
12.Extraordinary Items |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(2331.400) |
5101.100 |
2769.700 |
|
14. Paid-up equity share capital (Face Value of Rs. 10/- per share) |
1490.000 |
1490.000 |
1490.000 |
|
15. Paid-up Debt Capital (Secured Redeemable Non-Convertible Debentures) |
-- |
-- |
20000.000 |
|
16. Reserves excluding Revaluation Reserves (as per balance sheet of previous accounting year) |
-- |
-- |
-- |
|
17. Debenture Redemption Reserve |
-- |
-- |
-- |
|
18. Basic and Diluted Earnings Per Share (Rs.) (not annualised) |
(156.600) |
342.600 |
186.000 |
|
19.Debt Equity Ratio |
-- |
-- |
2.42 |
|
20. Debt Service Coverage Ratio (DSCR) (No. of times) |
-- |
-- |
2.44 |
|
21. Interest Service Coverage Ratio (ISCR) (No. of times) # |
-- |
-- |
-- |
|
22. Physical Parameter -Crude Throughout (MMT) |
2.543 |
2.819 |
5.362 |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
48713300 |
48713300 |
48713300 |
|
- Percentage of shareholding |
32.71 |
32.71 |
32.71 |
|
2.
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
100198100 |
100198100 |
100198100 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
67.29 |
67.29 |
67.29 |
|
B.
Investor Complaints (Nos.) |
Quarter 30.09.2014 |
|
Pending at the beginning of the quarter |
- |
|
Receiving during the quarter |
200 |
|
Disposed of during the quarter |
200 |
|
Remaining unreserved at the end of the quarter |
- |
NOTE
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors, respectively, at the meetings held on 04.11.2014.
2. The company operates only in one segment, Petroleum Sector. As such
reporting is done on a single segment basis.
3. Gross Refining Margin for the current quarter was US$ 2.37 / bbl as compared
to US$ 7.07 / bbl for corresponding previous year quarter, US$ 1.88 / bbl for
preceding quarter, USS 2.11 for current half year, US$ 5.76 /bbl for corresponding
previous year half year and US$ 4.08/ bbl for the previous financial year.
4. In line with the scheme formulated by PPAC, the company has received a
discount of Rs.15871.900 Millions for the quarter {corresponding previous year
quarter Rs 11147.200 Millions, Rs 13085.100 Millions for preceding quarter, and
Rs 39544.800 Millions for the previous financial year) and Rs 28956.900
Millions for the current half year (Rs 19974.200 Millions for the corresponding
previous half year) from Oil and Natural Gas Corporation Limited on crude oil
purchased and has passed on the same as discount on products sold to Indian Oil
Corporation Limited. Accordingly, gross sales and consumption of raw-materials
for the above periods are net of the like amounts.
5. Depreciation expenditure for the current half year is based on the useful
lives of fixed assets as prescribed in Part C of the Schedule II of Companies
Act 2013. Accordingly, from 01.04.2014, the carrying amount of the fixed assets
has been depreciated over the remaining useful life. In respect of assets whose
remaining useful life has become 'Nil', the Carrying amount as on 01.04.2014
less residual value, amounting to Rs 252.200 Millions has been charged to the
opening balance of retained earnings . Due to the above, the charge for
depreciation is lower by Rs 722.700 Millions for the current half year. The
exercise in respect of componentization (mandatory from FY 2015-16) of major
items of Plant and Machinery is under process.
6. During the previous quarter, the company has recognized deferred tax asset
(disclosed as Tax Expense) in respect of carry forward business losses and
unabsorbed depreciation to the extent of deferred tax liability of 7034.000
Millions as per the audited accounts 2013-14, which has consequential impact on
the Profit after tax for the current half year. This accounting treatment and
the recognition of deferred tax asset as prior period adjustment is based on
the opinion received by the company from the Expert Advisory Committee of ICAI
in July 2014.
7. Figures have been re-grouped wherever necessary.
8. The financial results have been reviewed by the Statutory Auditors as
required under Clause 41 of the Listing Agreement.
FIXED ASSETS
TANGIBLE ASSETS
Land
- Freehold
- Leasehold
Buildings,
Roads etc.
Plant
and Machinery
Office
Equipment
Transport
Equipments
Furniture
and Fixtures
Railway
Sidings
Drainage,
Sewage and Water Supply System
INTANGIBLE ASSETS
Right
of Way
Technical
Know-How, Royalty and License Fees
Software
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.61.49 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
75 |
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.