MIRA INFORM REPORT

 

 

Report No. :

329643

Report Date :

01.07.2015

 

IDENTIFICATION DETAILS

 

Name :

THIRUMALAI CHEMICALS LIMITED

 

 

Registered Office :

Thirumalai House Road No 29, Near Sion Hill Fort, Sion East, Mumbai – 400022, Maharashtra

Tel. No.:

91-22-43686225

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

27.11.1972

 

 

Com. Reg. No.:

11-016149

 

 

Capital Investment / Paid-up Capital :

Rs. 102.411 Million

 

 

CIN No.:

[Company Identification No.]

L24100MH1972PLC016149

 

 

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 manufacturer of Chemical products and its intermediaries.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an old established company incorporated during the year 1972 having a satisfactory track record.

 

Available financial indicates company sound financial risk profile marked by decent net worth position with low borrowings and favorable trade payable and trade receivable.

 

The company has also reported growth in its profit during FY 2015.

 

Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct.

 

In view of long standing record, 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BBB-

Rating Explanation

Moderate degree of safety and carry moderate credit risk.

Date

November 20, 2014

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A3

Rating Explanation

Moderate degree of safety and carry higher credit risk.

Date

November 20, 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) DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Nambiranjan Narayanan

Designation :

Chief Financial Officer

Contact No.:

91-22-43686225

Date :

29.06.2015

 

 

 

LOCATIONS

 

Registered Office :

Thirumalai House Road No 29, Near Sion Hill Fort, Sion East, Mumbai – 400022, Maharashtra, India

Tel. No.:

91-22-24017841 / 7834 / 7853 / 7861

Fax No.:

91-22-24011699

E-Mail :

rita@thiruchem.com

thirumalai@thiruchem.com

Website :

http://www.thirumalaichemicals.com

 

Corporate Office :

Thirumalai House, Plot No. 101-102,  Road No. 29, Sion (East) Mumbai – 400022, Maharashtra,  India

Tel. No.:

91-22-2401 7841 / 53 /61

Fax No.:

91-22-24011699

E-Mail :

thirumalai@thiruchem.com

 

Factory :

25-A Sipcot Industrial Complex  Ranipet – 632403, Tamilnadu, India

Tel. No.:

91-4172-244441 / 6 / 8

Fax No.:

91-4172-244308

E-Mail :

mail@thirumalaichemicals.com

 

Marketing Office 1 :

New No. 60, Old No. 5, Thomas Nagar Little Mount, Saidapet Chennai – 600015, Tamilnadu, India

Tel. No.:

91-44-22353911 / 12 / 16

Fax No.:

91 44 2235 3914

E-Mail :

tclchennai@mktg.thirumalaichemicals.com

 

Marketing Office 2 :

Third Floor, RR Tower 4, TVK Industrial Estate, Guindy, Chennai – 600 032, Tamil Nadu, India

Tel. No.:

91-44-40123333

Fax No.:

91-44-22502914

E-Mail :

info@thirumalaichemicals.com

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Dr. S. Rama Iyer

Designation :

Chairman

 

 

Name :

Mr. R. Parthasarathy

Designation :

Managing Director

 

 

Name :

Mr. P. Shnakar

Designation :

Director

 

 

Name :

Mr. A. Janakiraman

Designation :

Director

 

 

Name :

Mr. N. Subramanian

Designation :

Director

 

 

Name :

Mr. Raj Kataria

Designation :

Director

 

 

Name :

Mr. R. Ravi Shankar

Designation :

Director

 

 

Name :

Mr. Dhruv Moondra

Designation :

Director

 

 

Name :

Mr. R. Sampath

Designation :

Director

 

 

Name :

Mr. S. Santhanam

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Raj Gopal

Designation :

Accounts Manager

 

 

Name :

Mr. Nambiranjan Narayanan

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1702399

16.63

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2700182

26.37

http://www.bseindia.com/include/images/clear.gifSub Total

4402581

43.00

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

4402581

43.00

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

17081

0.17

http://www.bseindia.com/include/images/clear.gifInsurance Companies

600

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

17681

0.17

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

611700

5.97

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 million

3614851

35.31

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 million

1411098

13.78

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

180901

1.77

http://www.bseindia.com/include/images/clear.gifClearing Members

34919

0.34

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

95482

0.93

http://www.bseindia.com/include/images/clear.gifTrusts

50500

0.49

http://www.bseindia.com/include/images/clear.gifSub Total

5818550

56.83

Total Public shareholding (B)

5836231

57.00

Total (A)+(B)

10238812

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

10238812

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturer of Chemical products and its intermediaries.

 

 

Products :

Not Divulged

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Not Divulged

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Bank of India
  • State Bank of India 
  • Andhra Bank
  • Axis Bank Ltd
  • Oriental Bank of Commerce
  • Indian Overseas Bank
  • Export-Import Bank of India

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Export Import Bank of India Overseas Investment Finance Loan

15.670

75.275

Export Import Bank of India Long term Working Capital Demand Loan

20.000

100.000

SHORT TERM BORROWING

 

 

Working Capital Demand Loan

278.700

364.300

Cash Credit/Export Credit Accounts

304.034

715.222

Bills purchased / discounted

43.942

8.492

Other loans and advances

0.000

59.461

 

 

 

Total

662.346

1322.750

 

NOTE:

 

LONG TERM BORROWINGS

 

In respect of term loans from banks and financial institutions, terms of repayments and nature of security are given below:

 

a.Export Import Bank of India Overseas Investment Finance loan is repayable in 16 equal quarterly installments starting from July 2012 up to April 2016. The loan is secured by First Pari-Passu charge on Movable fixed assets and Immovable assets of the Company at Ranipet, Tamilnadu.

 

b.Export Import Bank of India Working Capital Demand Loan is repayable in 16 equal quarterly installments starting from July 2012 up to April 2016. The loan is secured by First Pari-Passu charge on Movable fixed assets and Immovable assets of the Company at Ranipet, Tamilnadu.

 

c. The interest rates for the above vary as below:

 

a. for foreign currency loans

 

Export Import Bank of India Overseas Investment Finance Loan : LIBOR + 450 basis points

 

b. for rupee term loans : 11.00 % to 14.80 % per annum. Previous Year (11.07 % to 15.25% per annum.)

 

Deferred payment liabilities

 

Deferral of sales tax liabilities represent interest free deferred sales tax loan received from Government of Tamilnadu. Repayable up to 2016-17 based on the deferment availed in the respective years. In case of default in repayment of ‘Deferred sales tax liabilities‘ the movable and immovable properties of the company are liable to be attached / proceeded towards the realization of outstanding Government loan under Revenue Recovery Act.

 

SHORT TERM BORROWINGS

 

Working Capital Demand Loan/Cash credit/Export accounts and Bills purchased / discounted are secured by hypothecation of stock of raw materials, work in progress, finished goods and book debts and secured by a second charge on all of the Company’s immovable fixed assets both present and future.)

 

Export Import Bank of India Pre/post shipment is secured by hypothecation of stock of raw materials, work in progress, finished goods and book debts (those financed by Export Import Bank of India) and secured by a second charge on all of the Company’s immovable fixed assets both present and future.)

 

The interest rates in case of loans vary as below :

 

a. for foreign currency loans

 

Export Import Bank of India Pre/Post Shipment : LIBOR + 450 basis points

 

b. for other rupee loans : 12.20 % to 14.50% per annum Previous Year

(10.60 % to 14.40% per annum.)

 

Auditors :

 

Name :

CNK and Associates LLP

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Internal Auditors :

 

Name :

M.S.Krishnaswamy and Company

Chartered Accountants

Address :

Chennai, Tamilnadu, India

 

 

Name :

Aneja Associates

Chartered Accountants

Address :

Chennai, Tamilnadu, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :

·         Tarderiv International Pte Limited (subsidiary company) (TIPL)

·         Cheminvest Pte Limited (Step down subsidiary) (CPL)

·         Optimistic Organic Sdn Bhd (Step down subsidiary) (OOSB)

 

 

Entity in which the company has substantial interest (i.e. more than 20% in voting power directly or indirectly) :

Thirumalai Charity Trust (TCT)

 

 

Others :

Ultramarine and Pigments Limited. (UPL)

 

 

CAPITAL STRUCTURE

 

AS ON 06.08.2015

 

Authorised Capital : Rs. 250.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 102.388 Million

 

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

15000000

Equity Shares

Rs. 10/- each

Rs. 150.000 Millions

10000000

Unclassified shares

Rs. 10/- each

Rs. 100.000 Millions

 

 

 

 

 

Total

 

Rs. 250.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

10242812

Equity Shares

Rs. 10/- each

Rs. 102.428 Millions

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10238812

Equity Shares

Rs. 10/- each

Rs. 102.388 Millions

 

Add : Amount Paid up on forfeited shares

 

Rs. 0.023 Million

 

 

 

 

 

Total

 

Rs. 102.411 Millions

 

 

a) The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be proportional to the number of equity shares held by the shareholders.

 

 

b) Details of shareholders holding more than 5%

 

Name of the Entity

As at 31st March 2015

No. of shares

% of holdings

Ultramarines and Pigments Limited

2045177

19.97

Jasmine Limited

655005

6.40

 

 

c) The Company has forfeited 4,000 (4,000) equity shares on which amount originally paid up is Rs. 0.023 Milion.

 

 

d) There is no change in Issued and Subscribed share capital during the year.

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

102.411

102.411

102.411

(b) Reserves & Surplus

1407.400

1321.429

1277.009

(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)

1509.811

1423.840

1379.420

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

52.965

201.167

530.496

(b) Deferred tax liabilities (Net)

120.229

133.472

160.792

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

73.866

69.111

54.250

Total Non-current Liabilities (3)

247.060

403.750

745.538

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

626.676

1147.475

1616.648

(b) Trade payables

668.163

1460.643

2324.716

(c) Other current liabilities

1049.348

1481.166

553.797

(d) Short-term provisions

71.211

23.668

42.731

Total Current Liabilities (4)

2415.398

4112.952

4537.892

 

 

 

 

TOTAL

4172.269

5940.542

6662.850

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

743.678

770.053

922.949

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

3.688

31.574

5.374

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

324.869

325.169

325.169

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

528.863

527.255

553.232

(e) Other Non-current assets

0.660

1.432

2.443

Total Non-Current Assets

1601.758

1655.483

1809.167

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

706.465

1902.312

1880.508

(c) Trade receivables

1435.546

1906.513

2535.553

(d) Cash and cash equivalents

82.951

189.072

109.763

(e) Short-term loans and advances

56.687

135.683

134.782

(f) Other current assets

288.862

151.479

193.077

Total Current Assets

2570.511

4285.059

4853.683

 

 

 

 

TOTAL

4172.269

5940.542

6662.850

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

 

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Income

9265.468

10348.070

11475.646

 

 

Other Income

151.361

158.439

81.600

 

 

TOTAL                                    

9416.829

10506.509

11557.246

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

7163.963

8512.852

8967.473

 

 

Purchases of Stock-in-Trade

51.748

67.210

415.320

 

 

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

444.023

103.707

-204.827

 

 

Employees benefits expense

226.142

241.522

215.827

 

 

Other expenses

934.492

970.473

1072.205

 

 

TOTAL                                    

8820.368

9895.764

10465.998

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

596.461

610.745

1091.248

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

331.055

454.224

520.223

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

265.406

156.521

571.025

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

70.051

122.101

128.750

 

 

 

 

 

 

PROFIT BEFORE TAX

195.355

34.420

442.275

 

 

 

 

 

Less

TAX                                                                 

53.316

(1.260)

164.819

 

 

 

 

 

 

PROFIT AFTER TAX

142.039

35.680

277.456

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1054.928

718.699

659.534

 

TOTAL EARNINGS

1054.928

718.699

659.534

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

311.312

274.327

1214.560

 

 

Stores & Spares

23.958

17.524

2.142

 

 

Capital Goods

0.000

10.084

0.000

 

TOTAL IMPORTS

335.270

301.935

1216.702

 

 

 

 

 

 

Earnings Per Share (Rs.)

13.87

3.48

27.1

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

 

31.03.2014

31.03.2013

Current Maturities of Long term debt

151.277

269.592

361.542

Cash generated from operations

1028.955

1272.634

313.755

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.53

0.34

2.42

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

6.44

5.90

9.51

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.08

0.62

6.98

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.02

0.32

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.45

0.95

1.56

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.06

1.04

1.07

 

 

 

 

STOCK PRICES

 

Face Value

Rs. 10.00/-

Market Value

Rs. 134.20/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

102.411

102.411

102.411

Reserves & Surplus

1277.009

1321.429

1407.400

Share Application money pending allotment

0.000

0.000

0.000

Net worth

1379.420

1423.840

1509.811

 

 

 

 

long-term borrowings

530.496

201.167

52.965

Short term borrowings

1616.648

1147.475

626.676

Current Maturities of Long Term Debt

0.000

0.000

0.000

Total borrowings

2147.144

1348.642

679.641

Debt/Equity ratio

1.557

0.947

0.450

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

11475.646

10348.070

9265.468

 

 

-9.826

-10.462

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

11475.646

10348.070

9265.468

Profit

277.456

35.680

142.039

 

2.42%

0.34%

1.53%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

----

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

----

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

----

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

----

33

Market information

----

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

OVERVIEW

 

The Chemical Industry had a difficult year in 2014-15, with a sharp drop in oil and petrochemicals prices, inventory losses, and a general slowdown in our markets. As a result of sustained efforts to improve efficiencies in energy, working capital and finance costs, THE Company has come through these difficult times as a much leaner organization. This allowed us to capitalize on the improvement in markets in the 4th Quarter, and enabled us to post a profit for that quarter, and overall for the year.

 

This, along with improved working capital management resulted in good cash flows and helped THE Company reduce its borrowings significantly.

 

The Government’s “Make in India’’ focus, reduced interest rates and the decreasing inflation are expected to revive the Construction and Housing sectors, and the demand for consumer products. In addition to our ongoing efficiency drive, we expect that the direction taken by Government policies will help us improve our operations and grow.

 

 

UNSECURED LOAN

 

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Sales tax deferment loan from the Government of Tamilnadu

17.295

25.892

 

 

 

Total

17.295

25.892

 

 

 

 

LONG TERM BORROWINGS

 

Deferral of sales tax liabilities represent interest free deferred sales tax loan received from Government of Tamilnadu. Repayable up to 2016-17 based on the deferment availed in the respective years. In case of default in repayment of ‘ Deferred sales tax liabilities ‘ the movable and immovable properties of the company are liable to be attached / proceeded towards the realization of outstanding Government loan under Revenue Recovery Act.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10449824

19/08/2014 *

5,250,000,000.00

BANK OF INDIA (LEAD BANK)

Nariman Point Large Coroporate Branch, 92-93, Free Press House, 9th Floor, 215, Nariman Point, Mumbai,

Maharashtra - 400021,

 INDIA

C17150947

2

10295736

29/07/2013 *

177,600,000.00

Export Import Bank of India

Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005,

INDIA

B82724980

3

10295396

29/07/2013 *

320,000,000.00

Export Import Bank of India

Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005,

INDIA

B82738758

4

90240426

07/06/2014 *

5,250,000,000.00

Bank of India (Lead Bank)

Nariman Point Large Corporate Branch,92-93, Free Press House, 9th Floor, 215, Nariman Point, Mumbai, Maharashtra - 400021,

INDIA

C06933139

5

90244243

12/03/2010 *

3,722,100,000.00

Bank of India (Lead Bank)

Mumbai Overseas Branch, 70/80 M.G.Road, Mezzanine 
Floor, BOI Bldg., Fort, Mumbai,

Maharashtra - 400 001, INDIA

A82680372

6

90240078

19/06/1995

50,000,000.00

INDIAN BANK

NARIMON POINT BRANCH, MUMBAI,

Maharashtra - 400021,

INDIA

-

7

90239242

19/06/1995 *

7,800,000.00

INDIAN BANK

NARIMON POINT, MUMBAI, Maharashtra,

 INDIA

-

8

90239241

14/05/1990 *

7,800,000.00

INDIAN BANK

NARIMON POINT, MUMBAI, Maharashtra,

INDIA

-

 

* Date of charge modification

 

 

FIXED ASSETS

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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. 63.75

UK Pound

1

Rs. 100.12

Euro

1

Rs. 71.20

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

JYO

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.