MIRA INFORM REPORT
|
Report No. : |
332198 |
|
Report Date : |
15.07.2015 |
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 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
27.11.1972 |
|
|
|
|
Com. Reg. No.: |
11-016149 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 102.411 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1972PLC016149 |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturing, Exporting and Importing of special chemical products
and its intermediaries. |
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|
|
|
No. of Employees
: |
400 (Approximately) |
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 |
|
Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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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 PARTED BY
|
Name : |
M. T. Rajgopalan |
|
Designation : |
Secretary |
|
Contact No.: |
91-22-43686225 |
|
Date : |
14.07.2015 |
LOCATIONS
|
Registered Office : |
Thirumalai House Road No 29, Near Sion Hill Fort, Sion East, Mumbai – 400022,
Maharashtra, India |
|
Tel. No.: |
91-22-43686225 |
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Fax No.: |
91-22-24011699 |
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E-Mail : |
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|
Website : |
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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 |
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Fax No.: |
91-22-24011699 |
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E-Mail : |
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Factory : |
25-A Sipcot Industrial Complex Ranipet – 632403,
Tamilnadu, India |
|
Tel. No.: |
91-4172-244441 / 6 / 8 |
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Fax No.: |
91-4172-244308 |
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E-Mail : |
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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 |
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E-Mail : |
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Marketing Office 2 : |
Third Floor, RR Tower 4, TVK Industrial Estate, Guindy, Chennai – 600
032, Tamil Nadu, India |
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Tel. No.: |
91-44-40123333 |
|
Fax No.: |
91-44-22502914 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. S. Rama Iyer |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. R. Parthasarathy |
|
Designation : |
Managing Director |
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|
Name : |
Mr. P. Shnakar |
|
Designation : |
Director |
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|
Name : |
Mr. A. Janakiraman |
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Designation : |
Director |
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|
Name : |
Mr. N. Subramanian |
|
Designation : |
Director |
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|
Name : |
Mr. Raj Kataria |
|
Designation : |
Director |
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|
Name : |
Mr. R. Ravi Shankar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Dhruv Moondra |
|
Designation : |
Director |
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|
Name : |
Mr. R. Sampath |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. Santhanam |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Rama Bharathram |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raj Gopal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. Nambiranjan Narayanan |
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Designation : |
Chief Financial Officer |
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|
|
|
Name : |
M. T. Rajgopalan |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
1702399 |
16.63 |
|
|
2700182 |
26.37 |
|
|
4402581 |
43.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4402581 |
43.00 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
17081 |
0.17 |
|
|
600 |
0.01 |
|
|
17681 |
0.17 |
|
|
|
|
|
|
611700 |
5.97 |
|
|
|
|
|
|
3614851 |
35.31 |
|
|
1411098 |
13.78 |
|
|
180901 |
1.77 |
|
|
34919 |
0.34 |
|
|
95482 |
0.93 |
|
|
50500 |
0.49 |
|
|
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 |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
10238812 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Exporting and Importing of special chemical products
and its intermediaries. |
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|
Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Chemical |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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 |
|
|
|
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Internal
Auditors : |
|
|
Name : |
M.S.Krishnaswamy and Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Name : |
Aneja Associates Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
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|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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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. 186.50/- |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Sales tax deferment loan from the Government of Tamilnadu |
NA |
17.295 |
|
|
|
|
|
Total |
NA |
17.295 |
|
|
|
|
|
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 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
- Freehold Land
- Leasehold Land
- Plant and
Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- 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, 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. 63.50 |
|
UK Pound |
1 |
Rs. 98.20 |
|
Euro |
1 |
Rs. 69.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.