MIRA INFORM REPORT
|
Report No. : |
321677 |
|
Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
LIME CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
10, Light House Building, Ground Floor, Sitafal Wadi, Mazgaon,
Mumbai-400010, India |
|
Tel. No.: |
91-22-27561976180 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
17.10.1970 |
|
|
|
|
Com. Reg. No.: |
11-014842 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.32.903 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L241000MH1970PLC014842 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0125E |
|
|
|
|
IEC NO: |
0389038563 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer and Suppliers of Precipitated Calcium Carbonate, Coated
Calcium Carbonate and Activated Calcium Carbonate etc. |
|
|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
- |
NB |
New Business |
- |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
The subject is declared as a sick unit by Board for industrial and
Financial Reconstruction. The management has register case (case no. 14/2008) with Board for
Industrial and Financial Reconstruction under section 3 (1) (0) of sick
industrial companies act 1985. Company is doing accumulated loses. Business is active. Payment terms are slow and delayed. The company can be considered for business dealing on a fully secured
trade terms and condition. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Umang Mehta |
|
Designation : |
Project Manager |
|
Contact No.: |
91-22-27561976 |
|
Date : |
11.05.2015 |
LOCATIONS
|
Registered Office : |
10, Light House Building, Ground Floor, Sitafal Wadi, Mazgaon,
Mumbai-400010, Maharashtra, India |
|
Tel. No.: |
91-22-27561976180 |
|
Mobile No.: |
91-9029051113 ( Mr. Umang) |
|
Fax No.: |
91-22-27561982 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office : |
404/405 Neco Chambers, Plot No.48, Sector-11, Sarovar Vihar Road, CBD
Belapur (East), Navi mumbai-400614, Maharashtra, India |
|
|
|
|
Branch Office 1: |
C-7, Chauhan Market, Hardware Road, Above Narendra Salaaes
Corporation, Dehradun-248001, Uttrakhand, India |
|
|
|
|
Branch Office 2: |
Ganesh Bhavan, Abad Dairy Road, opposite City Mall Compound, kankana,
Ahmedabad-380022, Gujarat, India |
|
|
|
|
Branch Office 3: |
336, Alkarim Trade Centre, Raniganj, M.G Road, Secunderabad-500003,
Hyderabad, India |
|
|
|
|
Branch Office 4: |
31/35, Industrial Area, Paonta Sahib, Sirmour-173025, Himachal
Pradesh, India |
|
|
|
|
Branch Office 5: |
43, MIDC Area, Dhatan, Taluka- Roha,
Raigad-402116, Maharashtra, India |
|
|
|
|
Branch Office 6: |
Shop No. 404-405, 4th Floor, Plot No. 48, Neco Chambers
Premise Co-Operative Society Limited, Sector-11, CBD Belapur, Navi
Mumabi-400614, Maharashtra, India |
|
|
|
|
Branch Office 7: |
213, Vikasdee Building, Laxmi Nagar, Centra, Delhi-110092, India |
|
|
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. K. Shrinivasa Varadhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.04.1961 |
|
Qualification : |
B.Com, B.L, ACS, CAIIB |
|
Experience : |
He is Practicing Advocate. He is Also Qualified Company Secretary and has
also completed CAIIB while working with a nationalized bank for around 12
years. He is having vast experience in banking, legal and financial field. |
|
Date of Appointment : |
30.05.2012 |
|
|
|
|
Name : |
Mr. Ahmed H. Dawoodani |
|
Designation : |
Managing Director |
|
Address : |
A-34, Yuwan Apts, Hill Road, Bandra (W), Mumbai-400050, Maharashtra,
India |
|
|
|
|
Name : |
Mr. Akbarali Gulamali Virani |
|
|
|
|
|
|
|
Name : |
Mr. Shahnaz Ahmed Dawoodani |
|
Designation : |
Director |
|
Date of Birth/Age : |
31.08.1966 |
|
Qualification : |
Undergraduate |
|
Experience : |
More of 31 Years of Experience in Various Business Field |
|
Date of Appointment : |
30.05.2013 |
|
|
|
|
Name : |
Mr. Sadruddin Hassanali Jiwani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mohan M. Gadgil |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.06.1974 |
|
Qualification : |
M.Com, L.L.B, CAIIB, Dip. In Trg. And Dev. |
|
Experience : |
42 Years In Assets Reconstruction Business. |
|
Date of Appointment : |
30.05.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Umang Mehta |
|
Designation : |
Project Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
|
As a
% of (A+B+C) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1211631 |
36.82 |
|
|
127870 |
3.89 |
|
|
1339501 |
40.71 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1339501 |
40.71 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3360 |
0.10 |
|
|
64000 |
1.95 |
|
|
67360 |
2.05 |
|
|
|
|
|
|
273462 |
8.31 |
|
|
|
|
|
|
1336823 |
40.63 |
|
|
214703 |
6.53 |
|
|
58427 |
1.78 |
|
|
55673 |
1.69 |
|
|
2754 |
0.08 |
|
|
1883415 |
57.24 |
|
Total Public
shareholding (B) |
1950775 |
59.29 |
|
Total (A)+(B) |
3290276 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) related |
3290276 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Suppliers of Precipitated Calcium Carbonate, Coated
Calcium Carbonate and Activated Calcium Carbonate etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
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|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Pakistan |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Advance Payment & Credit |
|
|
|
|
Purchasing : |
Cash, Advance Payment & Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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|
End Users & OMEs |
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Customers : |
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No. of Employees : |
75 (Approximately) |
||||||||||||||||||||||||
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Bankers : |
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||||||||||||||||||||||||
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||||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name: |
M/s. Divakar Hari & Associates Chartered Accountants |
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,00,000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,90,276 |
Equity Shares |
Rs.10/- each |
Rs.32.902
Million |
|
|
|
|
|
Subscribed & Fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,27,378 |
Equity Shares |
Rs.10/- each |
Rs.32.273
Million |
|
|
|
|
|
Subscribed But Not Fully Paid-up:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
62,868 |
Equity Shares |
Rs.10/- each |
Rs.0.628
Million |
|
|
|
|
|
(i) Details of shares
held by each shareholder holding m ore than 5 % shares
|
Class of shares / Name of shareholder |
As at 31st M
arch, 2014 |
As at 31st M
arch, 2014 |
|
|
Number of shares |
% holding |
|
Equity shares
with voting rights H. I. Dawoodani |
- |
- |
|
A. H. Dawoodani |
6,63,912 |
20.18% |
|
S. A. Dawoodani |
3,64,767 |
11.09% |
|
S. H. Dawoodani |
- |
- |
|
Total |
|
|
(ii) Reconciliation of the number of shares with voting rights and a
mount outstanding at the beg inning and at the end of the reporting period:
Equity Shares at the beginning of the yea
|
Particulars |
As at 31st M
arch, 2014 |
As at 31st M
arch, 2014 |
|
|
Number of shares |
Rupees |
|
Subscribed &
Fully Paid up |
|
|
|
Equity Shares at the beginning of the year |
32,27,378 |
32273780 |
|
Add : Shares
issued - - - - |
- |
- |
|
Less : Shares
cancelled |
- |
- |
|
Equity Shares at
the end of the year |
32,27,378 |
32,273,780 |
|
Subscribed but
not Fully P aid up |
|
|
|
Equity Shares at
the beginning of the year |
62,898 |
2,92,225 |
|
Add : Shares
issued |
- |
|
|
Less : Shares
cancelled |
- |
|
|
Equity Shares at the end of the year |
62,898 |
2,92,225 |
iii) Details of calls unpaid
|
Particulars |
As at 31st M
arch, 2014 |
As at 31st M
arch, 2014 |
|
|
Number of shares |
Rupees |
|
Equity shares
with voting rights |
|
|
|
Aggregate of calls unpaid |
|
|
|
-
by others |
62898 |
336755 |
|
* Pertains to
financial year 2004-05 |
|
|
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 |
32.566 |
32.566 |
32.565 |
|
(b) Reserves & Surplus |
(427.924) |
(497.944) |
(486.175) |
|
(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) |
(395.358) |
(465.378) |
(453.610) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
245.598 |
248.101 |
175.643 |
|
(b) Deferred tax liabilities (Net) |
8.958 |
15.910 |
18.651 |
|
(c) Other long term
liabilities |
20.798 |
0.400 |
1.400 |
|
(d) long-term
provisions |
4.642 |
4.423 |
5.087 |
|
Total Non-current
Liabilities (3) |
279.996 |
268.834 |
200.781 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
22.486 |
45.916 |
129.186 |
|
(b) Trade
payables |
95.278 |
130.634 |
92.337 |
|
(c) Other
current liabilities |
169.542 |
236.546 |
232.117 |
|
(d) Short-term provisions |
2.875 |
3.856 |
5.272 |
|
Total Current
Liabilities (4) |
290.181 |
416.952 |
458.912 |
|
|
|
|
|
|
TOTAL |
174.819 |
220.408 |
206.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
104.378 |
118.661 |
134.519 |
|
(ii)
Intangible Assets |
0.070 |
0.093 |
0.000 |
|
(iii)
Capital work-in-progress |
1.707 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.117 |
|
(b) Non-current Investments |
0.089 |
0.089 |
0.089 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.357 |
10.773 |
14.639 |
|
(e) Other
Non-current assets |
6.528 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
124.129 |
129.616 |
149.364 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
|
|
(b)
Inventories |
14.605 |
28.903 |
22.367 |
|
(c) Trade
receivables |
30.437 |
55.793 |
29.540 |
|
(d) Cash and
cash equivalents |
3.417 |
3.383 |
2.862 |
|
(e)
Short-term loans and advances |
2.220 |
2.530 |
1.643 |
|
(f) Other
current assets |
0.011 |
0.183 |
0.307 |
|
Total
Current Assets |
50.690 |
90.792 |
56.719 |
|
|
|
|
|
|
TOTAL |
174.819 |
220.408 |
206.083 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
SALES |
|
|
|
|
Income |
273.391 |
275.448 |
139.828 |
|
Other Income |
70.304 |
0.839 |
0.167 |
|
TOTAL
(A) |
343.695 |
276.287 |
139.995 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of Materials Consumed |
159.099 |
179.803 |
84.959 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
5.995 |
(6.132) |
0.337 |
|
Employees benefits expense |
34.885 |
28.680 |
1.958 |
|
Other expenses |
91.364 |
98.277 |
39.225 |
|
TOTAL
(B) |
291.343 |
300.628 |
74.323 |
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
52.352 |
(24.341) |
(60.807) |
|
|
|
|
|
|
FINANCIAL
EXPENSES (D) |
10.636 |
2.696 |
3.798 |
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.716 |
(27.037) |
(64.605) |
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION (F) |
20.407 |
19.852 |
19.607 |
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
21.309 |
(46.889) |
(84.212) |
|
|
|
|
|
|
TAX (H) |
(6.952) |
(2.741) |
(2.342) |
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
28.261 |
(44.148) |
(81.870) |
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.68 |
(13.56) |
(24.88) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
3.165 |
44.715 |
|
Cash generated from operations |
2.002 |
(14.388) |
0.000 |
QUARTERLY RESULTS
|
Particulars |
Dec 2014 |
Sep 2014 |
Jun 2014 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
39.17 |
42.35 |
50.09 |
|
Total Expenditure |
36.77 |
41.30 |
51.65 |
|
PBIDT (Excl OI) |
2.40 |
1.05 |
(1.56) |
|
Other Income |
0.18 |
0.15 |
0.19 |
|
Operating Profit |
2.58 |
1.20 |
(1.37) |
|
Interest |
0.31 |
1.42 |
0.23 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
2.27 |
(0.22) |
(1.60) |
|
Depreciation |
5.13 |
4.98 |
4.91 |
|
Profit Before Tax |
(2.86) |
(5.20) |
(6.51) |
|
Tax |
NA |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(2.86) |
(5.20) |
(6.51) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.34 |
(16.03) |
(58.55) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
19.15 |
(8.84) |
(43.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.32 |
(21.28) |
(40.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
0.10 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.68) |
(0.64) |
(0.77) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.17 |
0.22 |
0.12 |
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 |
32.565 |
32.566 |
32.566 |
|
Reserves & Surplus |
(486.175) |
(497.944) |
(427.924) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(453.610) |
(465.378) |
(395.358) |
|
|
|
|
|
|
long-term borrowings |
175.643 |
248.101 |
245.598 |
|
Short term borrowings |
129.186 |
45.916 |
22.486 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
44.715 |
3.165 |
0.000 |
|
Total
borrowings |
349.544 |
297.182 |
268.084 |
|
Debt/Equity
ratio |
(0.771) |
(0.639) |
(0.678) |
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 |
139.828 |
275.448 |
273.391 |
|
|
|
96.991 |
(0.747) |
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 |
139.828 |
275.448 |
273.391 |
|
Profit |
(81.870) |
(44.148) |
28.261 |
|
|
(58.55)% |
(16.03)% |
10.34% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: Corporate
Information
The Company is engaged
in the manufacturing Calcium Carbonate. It is used as input material in various
industrial sectors including Tooth Paste, Pharmaceuticals, PVC products,
Rubber, Plastic, Polymer, Cable, Leather, Paper and Paints.
OPERATION AND FUTURE
OUTLOOK
During the year under review, the
turnover has increased to Rs. 276.3 Million against Rs. 139.9 Million in the
previous year. The Company’s manufacturing plant at Roha and at Paonta Sahib,
Himachal Pradesh are working at normal capacity. The Company has taken various
steps to boost better working results and operating profit, which will result
in the coming years. The management hopes to achieve better results on account
of increased turnover and the measures to increase profitability in the years
to come.
MANAGEMENT DISCUSSION AND ANALYSIS
Overview
As per the One Time Settlement approved
by the Consortium Banks for restructuring of its existing Long Term
Working Capital Facilities, the Company
is making payments on installments to the Banks. This will enable the
Company to reduce the cost of finance and
will improve working of Company’s manufacturing plants. During the year the
Company has credited a sum of Rs.3237.9 Million to Capital Reserve Account on
account of unpaid interest saved on One Time Settlement with the Banks.
Management discussion and analysis of
financial condition and results of operations include forward looking statements
based on certain assumptions and expectations of future events. The Company
cannot assure that these assumptions and expectations are accurate. Although
the management has considered future risks as part of the discussions, future
uncertainties are not limited to the management perceptions.
The financial statements have been
prepared in compliance with the requirements of the Companies Act, 1956 and
Generally Accepted Accounting Principles (GAAP) in India. The Management of the
Company accepts responsibility for the integrity and objectivity of these
financial statements, as well as for various estimates and judgments used
therein. The estimates and judgments relating to the financial statements have
been made on a prudent and reasonable basis, in order that the financial
statements reflect in a true and fair manner the form and substance of
transactions, and reasonably present the Company’s state of affairs and profits
for the year.
The following discussion may include
forward looking statements, which may involve risks and uncertainties,
including but not limited to the risks inherent to Company’s growth strategy,
dependency on certain clients, dependency on availability of qualified
technical personnel and other factors discussed in this report.
Industry
structure and developments
The Company is engaged in the
manufacturing Calcium Carbonate, which is used as input material in various
industrial sectors such as Tooth Paste, Pharmaceuticals, PVC products, Rubber,
Plastic, Polymer, Cable,
Leather, Paper and Paints etc. The
Calcium Carbonate Industry comprises organized and un-organized sectors. The
unorganized sector consists of small and tiny units which are out of the
purview of paying Excise
Duty etc.
Your Company is one the largest producer
of Calcium Carbonate in the Country and operating in the sector since 1976. The
Company operates two manufacturing plants one in Raigad District, Maharashtra
and in
Paonta Sahib, Himachal Pradesh.
Outlook
The Company is exploring overseas market for
its products and optimistic to achieve good results. The growth in industrial
output and increase in investment in core and infrastructure sector should
improve the sentiments of Economy. The growth in other sectors would also
follow which in turn would increase the prospects of the Cpmpany.
UNSECURED LOAN
(Rs. in million)
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Terms Loan |
|
|
|
From other Parties |
|
2.380 |
|
Deferred Payment
Liabilities |
25.589 |
25.589 |
|
Deposit |
2.750 |
2.750 |
|
Loans and
Advance From Related Parties |
153.617 |
150.640 |
|
Long Term
Maturities of Public Deposit |
2.342 |
2.345 |
|
Other Loans |
61.047 |
|
|
Short-term
borrowings |
|
|
|
From other Parties |
|
0.900 |
|
Loans and
Advance From Related Parties |
|
1.483 |
|
Deposit |
10.071 |
10.459 |
|
|
|
|
|
Total |
255.416 |
196.546 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Corporate Guarantees issued to Bank U.S. $2.20 Million (P.Y. U.S.
$ 2.20 Million) |
132.219 |
119.526 |
|
Disputed Income Tax Demand |
11.411 |
8.896 |
|
Disputed Sales Tax Demand |
9.134 |
9.134 |
|
Disputed Profession Tax Demand |
0.872 |
0.000 |
|
|
|
|
|
Total |
153.637 |
137.556 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10103213 |
23/01/2008 |
15,000,000.00 |
INDUSIND BANK LTD. |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Mahara |
A38542585 |
|
2 |
10271448 |
11/07/2007 |
15,000,000.00 |
INDUSIND BANK LTD. |
425, D. B. MARG, MUMBAI, Maharashtra - 400004, IND |
A21879093 |
|
3 |
10003147 |
29/03/2006 |
75,000,000.00 |
UTI BANK LIMITED |
ROYAL ACCORD IV,, LOKHANDWALA COMPLEX, ANDHERI (W |
A00654004 |
|
4 |
90243902 |
10/10/2005 |
4,500,000.00 |
BANK OF BARODA |
fort branch, MUMBAI, Maharashtra, INDIA |
- |
|
5 |
90243838 |
28/04/2005 |
7,500,000.00 |
BANK OF BARODA |
fort branch, MUMBAI, Maharashtra, INDIA |
- |
|
6 |
90243833 |
22/04/2005 |
10,500,000.00 |
BANK OF BARODA |
fort branch, MUMBAI, Maharashtra, INDIA |
- |
|
7 |
80007295 |
28/06/2006 * |
126,370,000.00 |
THE BANK OF BARODA LIMITED |
CORPORATE FINANCIAL SERVICES LIMITED, MUMBAI SAMA |
- |
|
8 |
90243447 |
28/06/2006 * |
82,000,000.00 |
THE BANK OF BARODA LIMITED |
CORPORATE FINANCIAL BRANCH, MUMBAI SAMACHAR MARG |
- |
|
9 |
80007296 |
28/06/2006 * |
10,000,000.00 |
THE BANK OF BARODA LIMITED |
CORPORATE FINANCIAL SERVICES, MUMBAI SAMACHAR MAR |
- |
FIXED ASSETS
- Free Hold
Land
- Lease Hold
Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Vehicle
- Office
Equipment
- Electrical
Equipment
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.63.57 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.70.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
PJA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
|
|
--LITIGATION |
YES/NO |
|
|
--OTHER ADVERSE INFORMATION |
YES/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 |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.