MIRA INFORM REPORT
|
Report No. : |
321576 |
|
Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
INOX AIR PRODUCTS LIMITED |
|
|
|
|
Formerly Known
As : |
INDUSTRIAL OXYGEN COMPANY LIMITED |
|
|
|
|
Registered
Office : |
7th Floor, Ceejay House, Dr. Annie Beasant Road, Worli,
Mumbai - 400018, Maharashtra |
|
Tel No.: |
91-22-40323195 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.04.1963 |
|
|
|
|
Com. Reg. No.: |
11-012625 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 103.407
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24999MH1963PLC012625 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEI00043B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5569D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing, Trader and Importer of Industrial and Medical Gases viz. Oxygen, Nitrogen, Argon, Helium, Acytelene (DA), Nitrous Oxide, Speciality Gas mixtures etc. |
|
|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 35000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a joint venture between the Jain family (former owners of
the Industrial Oxygen Company) and Air Products and Chemicals, Inc., USA. It is a well-established and reputed company having fine track record.
Financial position of the company seems to be sound. Directors are
reported to be experiences and respectable businessmen. Over all fundamentals of the company are strong and healthy. The ratings also take into consideration the capital intensive and
competitive nature of the business. However, trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Non – Convertible Debenture : AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
28.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ajit More |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-40323195 |
|
Date: |
07.05.2015 |
LOCATIONS
|
Registered Office : |
7th Floor, Ceejay House, Dr. Annie Besant Road, Worli,
Mumbai - 400018, Maharashtra, India |
|
Tel. No.: |
91-22-40323195/ 40323960 |
|
Fax No.: |
91-22-40323191/ 40323991 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Raj Bhavan Road, Somajiguda, 6-3-902 / D / 202, F No.202, Durga
Apartments, Hyderabad, Andhra Pradesh, India |
|
|
|
|
Factory 2 : |
Village Kunjhal, Industrial Area, Barotiwala, District Solan-174103, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-271127/ 271128 |
|
Fax No.: |
91-1795-271115 |
|
|
|
|
Sales Centres and Depots : |
Located At · Ahmedabad · Andaman and Nicobar Islands · Andhra Pradesh · Bangalore · Bharuch · Surat · Vadodara · Jharkhand · Bellary · Bhopal · Indore · Alwar · Bhandara · Nagpur · Navi Mumbai · Raigad · Mumbai · Pune · Boisar · Thane · Wardha · Punjab · Tamilnadu · Uttar Pradesh · West Bengal |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Pavan Kumar Jain |
|
Designation : |
Managing Director |
|
Address : |
Benzer Terrace, 94 Worli Sea Face, Mumbai – 4000018, Maharashtra, India |
|
Date of Birth/Age : |
17.05.1951 |
|
Qualification : |
B.E.(Chem.) |
|
Date of Appointment : |
17.10.2004 |
|
PAN No.: |
AAJPJ5851D |
|
DIN No.: |
00030098 |
|
|
|
|
Name : |
Mr. David Roy Edmondson |
|
Designation : |
Director |
|
Address : |
Lindfields Oast House Lane Farnham, United Kingdom |
|
Date of Birth/Age : |
12.01.1960 |
|
Date of Appointment : |
14.12.2011 |
|
DIN No.: |
02544317 |
|
|
|
|
Name : |
Bruce Allan Schult |
|
Designation : |
Director |
|
Address : |
22, Woodgrove Avenue, Singapore 738064 |
|
Date of Birth/Age : |
05.11.1965 |
|
Qualification : |
B.Sc. and Mechanical Engineer |
|
Date of Appointment : |
22.09.2009 |
|
DIN No.: |
02796080 |
|
|
|
|
Name : |
Mr. Mark Anton Stoelinga |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Building – D, Water Front, Near Gold GYM, Kalyani Nagar, Pune – 411006, Maharashtra, India |
|
Date of Birth/Age : |
15.11.1966 |
|
Qualification : |
M.Sc. B.E.(Chem.) |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06474492 |
|
|
|
|
Name : |
Mr. Vivek Kumar Jain |
|
Designation : |
Director |
|
Address : |
47, Golf Links, New Delhi-110003, India |
|
Date of Birth/Age : |
30.08.1955 |
|
Date of Appointment : |
31.12.1984 |
|
DIN No.: |
00029968 |
|
|
|
|
Name : |
Mr. Subodh Kumar Jain |
|
Designation : |
Director |
|
Address : |
36, Golf Links, New Delhi – 110003, Delhi, India |
|
Date of Birth/Age : |
02.04.1952 |
|
Date of Appointment : |
17.07.1976 |
|
DIN No.: |
00031010 |
|
|
|
|
Name : |
Mr. Siddharth Jain |
|
Designation : |
Whole-time director |
|
Address : |
94, Benzar Terrace, Worli, Sea Face, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
21.09.1978 |
|
Qualification : |
B.E.(Mech.) |
|
Date of Appointment : |
20.05.2003 |
|
PAN No.: |
ACYPJ7083L |
|
DIN No.: |
00030202 |
|
|
|
|
Name : |
Mr. Corting F Stephen Henry Painter |
|
Designation : |
Director |
|
Address : |
4807 Leeds CT, Centre Calley, Pennsylvania 18034, USA |
|
Date of Birth/Age : |
18.10.1962 |
|
Date of Appointment : |
08.05.2014 |
|
DIN No.: |
06875271 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit More |
|
Designation : |
Account Department |
|
|
|
|
Name : |
Mr. Narendra Mehra |
|
Designation : |
Company Secretary |
|
Address : |
Ceejay House, 7th Floor, Dr. A. B. Road, Worli,
Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
28.01.1954 |
|
Date of Appointment : |
02.06.2011 |
|
Pan No.: |
AAAPM1041K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.74 |
|
Bodies corporate |
49.75 |
|
Other top fifty shareholders |
0.50 |
|
Other |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Trader and Importer of Industrial and Medical Gases viz. Oxygen, Nitrogen, Argon, Helium, Acytelene (DA), Nitrous Oxide, Speciality Gas mixtures etc. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
· Europe · China · America |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and Manufacturer
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
650 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· The Royal Bank of Scotland N V Level 3, 4 North Avenue, Maker Maxity, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India · Standard Chartered Bank 23, Narain Manzil, Barakhamba Road, New Delhi - 110001, Delhi, India · BNP Paribas 20, Collyer Quay, Tung Centre, Singapore - 049319, Singapore · Bank of Maharashtra 628/29 Sachpir Street, Camp Branch, Pune - 411001, Maharashtra, India · DBS Bank |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Patankar And Associates Chartered Accountants |
|
Address : |
Office No. 19-23, 4th Floor, Goldwings, S. No.
118/A, Plot No. 543, Parvati Nagar, Sinhgad Road, Pune – 411030, Maharashtra,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFP8926B |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprise having
significant influence, its holding/associate companies:: |
|
|
|
|
|
Enterprise over
which key management personnel, or their relatives, have significant
influence: |
|
|
|
|
|
Joint venture: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Million |
|
1,500,000 |
Preference Shares |
Rs. 100/- each |
Rs. 150.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 450.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,340,697 |
Equity Shares |
Rs. 10/- each |
Rs. 103.407
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
103.407 |
103.407 |
103.407 |
|
(b) Reserves & Surplus |
12021.065 |
10628.252 |
9167.676 |
|
(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) |
12124.472 |
10731.659 |
9271.083 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8438.312 |
1947.424 |
2047.563 |
|
(b) Deferred tax liabilities
(Net) |
2116.670 |
1872.190 |
1537.986 |
|
(c) Other long term
liabilities |
473.821 |
406.408 |
389.848 |
|
(d) long-term provisions |
51.538 |
68.990 |
128.914 |
|
Total
Non-current Liabilities (3) |
11080.341 |
4295.012 |
4104.311 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
186.882 |
283.625 |
0.096 |
|
(b) Trade payables |
440.602 |
446.700 |
339.685 |
|
(c) Other current liabilities |
1783.438 |
1278.944 |
1267.784 |
|
(d) Short-term provisions |
115.095 |
168.293 |
139.539 |
|
Total
Current Liabilities (4) |
2526.017 |
2177.562 |
1747.104 |
|
|
|
|
|
|
TOTAL |
25730.830 |
17204.233 |
15122.498 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13696.788 |
12707.474 |
10088.140 |
|
(ii) Intangible Assets |
13.034 |
3.822 |
9.174 |
|
(iii) Capital work-in-progress |
191.786 |
1073.275 |
1041.562 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
276.438 |
271.963 |
150.030 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8107.236 |
691.250 |
890.252 |
|
(e) Other Non-current assets |
1.899 |
1.192 |
0.030 |
|
Total
Non-Current Assets |
22287.181 |
14748.976 |
12179.188 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.025 |
0.000 |
15.000 |
|
(b) Inventories |
654.921 |
577.311 |
478.256 |
|
(c) Trade receivables |
1316.010 |
1096.731 |
839.812 |
|
(d) Cash and cash equivalents |
665.717 |
164.579 |
1124.342 |
|
(e) Short-term loans and advances |
440.903 |
527.010 |
469.828 |
|
(f) Other current assets |
366.073 |
89.626 |
16.072 |
|
Total
Current Assets |
3443.649 |
2455.257 |
2943.310 |
|
|
|
|
|
|
TOTAL |
25730.830 |
17204.233 |
15122.498 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8750.231 |
7970.863 |
7,473.671 |
|
|
Other Income |
368.679 |
148.138 |
406.207 |
|
|
TOTAL
(A) |
9118.910 |
8119.001 |
7879.878 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
543.049 |
514.262 |
595.807 |
|
|
Purchases of Stock-in-Trade |
416.036 |
442.974 |
434.272 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1.655) |
(18.884) |
(3.540) |
|
|
Employees benefits expense |
808.886 |
712.312 |
638.249 |
|
|
Other expenses |
3927.227 |
3434.128 |
2881.940 |
|
|
TOTAL
(B) |
5693.543 |
5084.792 |
4546.728 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3425.367 |
3034.209 |
3333.150 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
447.789 |
136.338 |
162.412 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2977.578 |
2897.871 |
3170.738 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
917.204 |
800.276 |
700.057 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2060.374 |
2097.595 |
2470.681 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
695.215 |
768.632 |
768.465 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1365.159 |
1328.963 |
1702.216 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1184.150 |
249.942 |
207.817 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed dividend |
51.703 |
51.703 |
51.703 |
|
|
Tax on proposed dividend |
8.787 |
8.787 |
8.388 |
|
|
Transfer to Debenture
Redemption Reserve |
350.000 |
0.000 |
0.000 |
|
|
Transfer to General Reserve |
1000.000 |
1400.000 |
1600.000 |
|
|
Balance
Carried to the B/S |
1138.819 |
118.415 |
249.942 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
NA |
1.716 |
3.541 |
|
|
Other Earnings |
NA |
0.000 |
0.353 |
|
|
TOTAL
EARNINGS |
NA |
1.716 |
3.894 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
155.817 |
149.352 |
|
|
Components and Stores parts |
NA |
22.855 |
40.395 |
|
|
Capital Goods |
NA |
823.202 |
699.514 |
|
|
TOTAL
IMPORTS |
NA |
1001.874 |
889.261 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
132.02 |
128.52 |
164.61 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
15.60 |
16.67 |
22.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
39.15 |
38.07 |
44.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.16 |
13.23 |
17.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.20 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.71 |
0.21 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.13 |
1.68 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
103.407 |
103.407 |
103.407 |
|
Reserves & Surplus |
9167.676 |
10628.252 |
12021.065 |
|
Net
worth |
9271.083 |
10731.659 |
12124.472 |
|
|
|
|
|
|
long-term borrowings |
2047.563 |
1947.424 |
8438.312 |
|
Short term borrowings |
0.096 |
283.625 |
186.882 |
|
Total
borrowings |
2047.659 |
2231.049 |
8625.194 |
|
Debt/Equity
ratio |
0.221 |
0.208 |
0.711 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7473.671 |
7970.863 |
8750.231 |
|
|
|
6.653 |
9.778 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7473.671 |
7970.863 |
8750.231 |
|
Profit |
1702.216 |
1328.963 |
1365.159 |
|
|
22.78% |
16.67% |
15.60% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
19/07/2014 |
|
|||||||
|
Lodging No.:- |
ITXAL/1379/2014 |
Filing Date:- |
19/07/2014 |
Reg. No.:- |
ITXA/1716/2014 |
Reg. Date:- |
26/11/2014 |
||
|
Petitioner:- |
THE COMMISSIONER OF TAX-I,PUNE |
|
Respondent:- |
INOX AIR PRODUCTS LIMITED |
|||
|
PADMA DIVAKAR (I3287) |
|
|
CORPORATE INFORMATION
Subject is a closely held public Company and is a joint venture company between the Jain group and Air Products and hemical Inc., USA. The Company is engaged in the manufacture, trading and supply of industrial and medical gases including on job work / processing basis. The Company has also given plants on operating lease and earns operations and maintenance charges in respect of the said plants. The Company mainly caters to the domestic market.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred payment liabilities |
25.666 |
31.847 |
|
Loans and advances from related parties |
292.300 |
270.300 |
|
Total |
317.966 |
302.147 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10523914 |
19/09/2014 |
1,500,000,000.00 |
SOCIETE GENERALE |
UPPER GROUND FLOOR,
AMBADEEP BUILDING, 14, KASTUR |
C25234584 |
|
2 |
10488969 |
28/03/2014 |
7,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C03026374 |
|
3 |
10417525 |
28/03/2013 |
545,000,000.00 |
THE ROYAL BANK OF SCOTLAND N V |
MAKER MAXITY, 4
NORTH AVENUE, BANDRA KURLA COMPLEX |
B72519309 |
|
4 |
10401702 |
09/05/2013 * |
554,800,000.00 |
STANDARD CHARTERED BANK |
23,NARAIN MANZIL,
BARAKHAMBA ROAD, NEW DELHI, DEL |
B75322222 |
|
5 |
10277095 |
10/03/2011 |
532,200,000.00 |
BNP PARIBAS |
20, COLLYER QUAY,
TUNG CENTRE,, SINGAPORE, - 049 |
B09583139 |
|
6 |
10243652 |
27/09/2010 |
135,000,000.00 |
BANK OF MAHARASHTRA |
628/629, SACHPIR
STREET,, CAMP BRANCH, PUNE, MAHA |
A96077201 |
|
7 |
10243648 |
27/09/2010 |
415,000,000.00 |
BANK OF MAHARASHTRA |
628/629, SACHPIR
STREET, CAMP BRANCH, PUNE, MAHAR |
A96077565 |
|
8 |
10239286 |
15/09/2010 |
372,400,000.00 |
DBS BANK LIMITED |
FORT HOUSE, 3RD
FLOOR,, 221, DR. D.N. ROAD, FORT, |
A94211620 |
|
9 |
10139022 |
20/01/2014 * |
90,200,000.00 |
THE ROYAL BANK OF SCOTLAND N V |
LEVEL 3, 4 NORTH
AVENUE, MAKER MAXITY, BANDRA KUR |
B94335502 |
|
10 |
90225333 |
15/04/2004 |
5,000,000.00 |
ABN AMRO BANK NV |
14 VEER NARIMAN
POINT, MUMBAI, MAHARASHTRA - 40002 |
- |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
Intangible assets
- Computer 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.63.88 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.