MIRA INFORM REPORT
|
Report No. : |
348891 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MCC PTA INDIA CORP. PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
22, Camac Street, Block ‘C’, 4th Floor, Kolkata – 700016, West Bengal |
|
Tel. No.: |
91-33-22836300/ 22836301-6305/ 22462490-94/ 97-99 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
19.02.1997 |
|
|
|
|
Com. Reg. No.: |
21-088796 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7392.830 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299wb1997ptc088796 |
|
|
|
|
IEC No.: |
0597045143 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM03777E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9169K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Chemicals like Purified Terephthalic Acid
('PTA'), Polyester Staple Fibers, Filament Yarns, Polyester Resins, etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a subsidiary of “Mitsubishi Chemical Holdings Corporation,
Japan”. The company is engaged in manufacturing chemicals. Its products include
purified terephthalic acid, polyester staple fibers, filament yarns,
polyester resins and chips. The company possesses weak operational performance and it has incurred
huge losses from its operational activities during FY 2014. Rating also constrained on company’s huge accumulated losses over the
year which has eroded entire networth of the company. Further the subject company is declared as a sick unit by Board for
Industrial and Financial Reconstruction. The management has register case
(Case No. 3/2014) with Board for Industrial and Financial Rehabilitation
proposal is pending. Payments are reported to be slow. In view of aforesaid, the company can be considered for business
dealings on a fully secured 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 (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
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Samrat |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-33-22836300 |
|
Date : |
04.11.2015 |
LOCATIONS
|
Registered/ Head Office : |
22, |
|
Tel. No.: |
91-33-22836300/ 22836301-6305/ 22462490-94/ 97-99 |
|
Fax No.: |
91-33-22808470/ 22462467/ 9138/ 22836299 |
|
E-Mail : |
|
|
Websites : |
www.mcpi.co.in |
|
|
|
|
Factory 1 : |
Haldia, Mouza Alichak, J L # 128, District Midnapore – 721602, West Bengal, India |
|
Tel. No.: |
91-3244-275355/275572-73 |
|
Fax No.: |
91-3244-275356/275574 |
|
|
|
|
Factory 2 : |
Village and P.O. Bhuniaraichak, Via: Sutahata (Haldia), Purba
Midnapore - 721635, West Bengal, India |
|
Tel. No.: |
91-3224-275572/ 73 |
|
Fax No.: |
91-3224-275574 |
DIRECTORS
AS ON 11.07.2014
|
Name : |
Manabu Chikumoto |
|
Designation : |
Managing director |
|
Address : |
Flat No. 2F, 1, Sunny Park, Kolkata –
700019, West Bengal, India |
|
Date of Birth/Age : |
26.06.1964 |
|
Date of Appointment : |
12.07.2013 |
|
PAN No.: |
ACKPC0012G |
|
DIN No.: |
06455779 |
|
|
|
|
Name : |
Takeshi Kawasaki |
|
Designation : |
Whole Time Director |
|
Address : |
Flat No. 2F, 1 Sunny Park, Kolkata – 700019, West Bengal, India |
|
Date of Appointment : |
11.07.2014 |
|
DIN No.: |
06665800 |
|
|
|
|
Name : |
Sajal Ghosh |
|
Designation : |
Whole-time director |
|
Address : |
56, Bose Pukur Purba Para Road, Kolkata –
700 107, West Bengal, India |
|
Date of Birth/Age : |
13.03.1959 |
|
Date of Appointment : |
12.07.2013 |
|
PAN No.: |
ADJPG7605H |
|
DIN No.: |
00223794 |
|
|
|
|
Name : |
Mr. Debi Prasad Patra |
|
Designation : |
Whole-time director |
|
Address : |
CJ-332, Sector II, Salt Lake City, Kolkata
– 700 091, West Bengal, India |
|
Date of Birth/Age : |
07.10.1955 |
|
Qualification : |
MA in Political Science, IAS (Retired) |
|
Experience : |
36 Years |
|
Date of Appointment : |
01.07.2013 |
|
PAN No.: |
AGCPP3380Q |
|
DIN No.: |
00067269 |
|
|
|
|
Name : |
Nobuo Fukuda |
|
Designation : |
Director |
|
Address : |
9-4 Inokata 4 – Chome, Komae City, Tokyo –
2018251, Japan |
|
Date of Birth/Age : |
09.12.1958 |
|
Date of Appointment : |
11.07.2014 |
|
DIN No.: |
06851774 |
|
|
|
|
Name : |
Akihiro Iwasaki |
|
Designation : |
Director |
|
Address : |
99 Robertson Quay, # 10-14 Rivergate,
Singapore – 238258,Singapore |
|
Date of Birth/Age : |
13.01.1974 |
|
Date of Appointment : |
11.07.2014 |
|
DIN No.: |
06793922 |
|
|
|
|
Name : |
Yoshio Ueminami |
|
Designation : |
Director |
|
Address : |
Midori Gaoka Cho, 3500-117, Yokkaichi MIE,
Japan - 5100006 |
|
Date of Birth/Age : |
18.01.1958 |
|
Date of Appointment : |
12.07.2013 |
|
DIN No.: |
05295966 |
|
|
|
|
Name : |
Fujio Samukawa |
|
Designation : |
Additional Director |
|
Address : |
2-25-7 Ohara Setagaya-ku, Tokyo - 1560041, Japan |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07129157 |
|
|
|
|
Name : |
Masaya Nomamoto |
|
Designation : |
Additional director |
|
Address : |
Flat No. 2F, 1, Sunny Park, Kolkata - 700019, West Bengal, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07129162 |
|
|
|
|
Name : |
Takumi Ota |
|
Designation : |
Additional director |
|
Address : |
Azad Hind Nagar, P.O. Haldia Township, Haldia Purba, Medinipur - 721607, West Bengal, India |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
07129223 |
KEY EXECUTIVES
|
Name : |
Sajal Ghosh |
|
Designation : |
Secretary |
|
Address : |
56, Bose Pukur Purba Para Road, Kolkata –
700107, West Bengal, India |
|
Date of Birth/Age : |
13.03.1959 |
|
Date of Appointment : |
12.05.1998 |
|
PAN No.: |
ADJPG7605H |
|
|
|
|
Name : |
Mrs. Kapoor |
|
Designation : |
HR Executive |
|
|
|
|
Name : |
Akira Tada |
|
Designation : |
Executive Director (Projects) |
|
|
|
|
Name : |
Hiroaki Shimazu |
|
Designation : |
General Manager - Production |
|
|
|
|
Name : |
Takeshi Kawasaki |
|
Designation : |
Director - Marketing & Planning |
|
|
|
|
Name : |
Tomofumi Koyama |
|
Designation : |
Senior Manager - Project |
|
|
|
|
Name : |
Tomoyasu Inakazu |
|
Designation : |
Deputy General Manager - HPConstruction |
|
|
|
|
Name : |
Yoshitaka Nishida |
|
Designation : |
Deputy General Manager |
|
|
|
|
Name : |
Yusaku Magome |
|
Designation : |
Senior Manager - Project |
|
|
|
|
Name : |
Mr. Samrat |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.07.2014
|
Names of
Shareholders |
No of Shares |
Percentage of Holding |
|
Mitsubishi Chemical Corporation, |
487926602 |
66.00 |
|
West Bengal Industrial Development Corporation Limited, India |
36964137 |
5.00 |
|
Mitsubishi Corporation, |
73928273 |
10.00 |
|
Sojitz Corporation, Japan |
59142618 |
8.00 |
|
Marubeni Corporation, Japan |
44356964 |
6.00 |
|
Toyota Tsusho Corporation, Japan |
36964137 |
5.00 |
|
Total |
739282731 |
100.00 |
AS ON 11.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government companies |
5.00 |
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
95.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Chemicals like Purified Terephthalic Acid
('PTA'), Polyester Staple Fibers, Filament Yarns, Polyester Resins, etc. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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|
Bankers : |
·
State Bank of India Corporate Accounts Group
Branch, 34, J.L. Nehru Road, Kolkata - 700071, West Bengal, India |
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Facilities : |
|
|
|
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|
Auditors |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
22 Camac Street, Block ‘C’, 4th Floor, Kolkatta - 700016, West Bengal, India |
|
Tel. No.: |
91-33-66153400 |
|
Fax No.: |
91-33-22817750 |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding company: |
Mitsubishi Chemical Corporation, Japan |
|
|
|
|
Ultimate holding company: |
Mitsubishi Chemical Holdings Corporation, Japan |
|
|
|
|
Related parties with whom transactions have taken place during the year
Holding company: |
Mitsubishi Chemical Corporation, Japan |
|
|
|
|
Fellow Subsidiaries: |
· Mitsubishi Chemical Engineering Corp. · Mitsubishi Chemical Singapore Pte Limited · MCC PTA Asia Pacific PTE Limited · Ryoka Systems Inc. · Dia Nitrix Co. Limited · Dia Packaging Co. Limited · MEC Techno Co. Limited · Ningbo Mitsubishi Chemical Co. Limited · Mitsubishi Rayon Co. Limited |
CAPITAL STRUCTURE
AS ON 11.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
739282731 |
Equity Shares |
Rs.10/- each |
Rs. 7392.827 Millions |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
739283000 |
Equity Shares |
Rs.10/- each |
Rs. 7392.830 Millions |
|
|
|
|
|
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 |
7392.830 |
7392.830 |
7392.830 |
|
(b) Reserves & Surplus |
(19468.540) |
(10154.090) |
(2475.810) |
|
(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) |
(12075.710) |
(2761.260) |
4917.020 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
5573.140 |
7041.680 |
11397.720 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
29.780 |
0.000 |
|
(d) long-term
provisions |
170.120 |
191.630 |
173.540 |
|
Total Non-current
Liabilities (3) |
5743.260 |
7263.090 |
11571.260 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7318.480 |
4227.920 |
399.740 |
|
(b) Trade
payables |
28780.540 |
21938.320 |
16240.080 |
|
(c) Other
current liabilities |
4539.050 |
5587.660 |
2682.340 |
|
(d) Short-term
provisions |
8.590 |
4.480 |
6.870 |
|
Total Current
Liabilities (4) |
40646.660 |
31758.380 |
19329.030 |
|
|
|
|
|
|
TOTAL |
34314.210 |
36260.210 |
35817.310 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
23214.760 |
24059.370 |
24590.910 |
|
(ii)
Intangible Assets |
450.940 |
482.210 |
512.750 |
|
(iii)
Capital work-in-progress |
203.140 |
268.090 |
50.070 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1185.750 |
1059.990 |
1349.950 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
25054.590 |
25869.660 |
26503.680 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5381.390 |
6150.580 |
3574.230 |
|
(c) Trade
receivables |
334.560 |
284.070 |
1282.990 |
|
(d) Cash
and cash equivalents |
2771.800 |
1180.430 |
1459.500 |
|
(e)
Short-term loans and advances |
767.930 |
2279.430 |
2481.480 |
|
(f) Other
current assets |
3.940 |
496.040 |
515.430 |
|
Total
Current Assets |
9259.620 |
10390.550 |
9313.630 |
|
|
|
|
|
|
TOTAL |
34314.210 |
36260.210 |
35817.310 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
68500.840 |
52140.990 |
51583.170 |
|
|
|
Other Income |
145.130 |
117.550 |
729.130 |
|
|
|
TOTAL (A) |
68645.970 |
52258.540 |
52312.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
64333.100 |
49820.240 |
43507.560 |
|
|
|
(Increase)/ Decrease in inventories of finished goods and
work-in-progress |
659.760 |
(629.420) |
(82.920) |
|
|
|
Employees Benefits Expense |
558.460 |
537.100 |
667.110 |
|
|
|
Other Expenses |
10003.400 |
7851.620 |
8650.330 |
|
|
|
TOTAL (B) |
75554.720 |
57579.540 |
52742.080 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(6908.750) |
(5321.000) |
(429.780) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
327.730 |
337.500 |
393.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(7236.480) |
(5658.500) |
(823.710) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2077.970 |
1985.680 |
2338.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(9314.450) |
(7644.180) |
(3162.480) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
34.100 |
(421.340) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(9314.450) |
(7678.280) |
(2741.140) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2.100 |
0.000 |
9.990 |
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
63862.570 |
51665.690 |
43370.260 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(12.60) |
(10.39) |
(3.71) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
3337.870 |
5057.060 |
2283.980 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
2704.700 |
(1419.850) |
3283.540 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(13.60) |
(14.73) |
(5.31) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(10.09) |
(10.21) |
(0.83) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(27.31) |
(21.24) |
(8.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.77 |
2.77 |
(0.64) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.34) |
(5.91) |
2.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.23 |
0.33 |
0.48 |
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 |
7392.830 |
7392.830 |
7392.830 |
|
Reserves & Surplus |
(2475.810) |
(10154.090) |
(19468.540) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4917.020 |
(2761.260) |
(12075.710) |
|
|
|
|
|
|
Long-term borrowings |
11397.720 |
7041.680 |
5573.140 |
|
Short term borrowings |
399.740 |
4227.920 |
7318.480 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
2283.980 |
5057.060 |
3337.870 |
|
Total
borrowings |
14081.440 |
16326.660 |
16229.490 |
|
Debt/Equity
ratio |
2.864 |
(5.913) |
(1.344) |
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 |
51583.170 |
52140.990 |
68500.840 |
|
|
|
1.081 |
31.376 |
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 |
51583.170 |
52140.990 |
68500.840 |
|
Profit/ (Loss) |
(2741.140) |
(7678.280) |
(9314.450) |
|
|
(5.31%) |
(14.73%) |
(13.60%) |
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) |
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90248020 |
08/06/2007 * |
2,500,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE ACCOUNTS
GROUP BRANCH, 34, J.L. NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
A16373953 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign currency term loans from banks |
5573.140 |
7041.680 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers credit form Citi Bank |
3663.000 |
1031.560 |
|
Buyers credit form Standard Chartered |
3655.480 |
2857.000 |
|
Total |
12891.620 |
10930.240 |
|
LONG TERM
BORROWINGS It includes Japan Bank for International Cooperation Rs. 3630.220 million Plus The Bank of Tokyo - Mitsubishi UFJ Limited Rs. 1011.900 million Plus Sumitomo Mitsui Trust Bank Limited Rs. 91.580 million Plus Mitsubishi UFJ Trust and Banking Corporation Rs. 274.730 million Plus Mizuho Bank Limited Rs. 564.710 Million SHORT TERM
BORROWINGS: It includes Buyer's credit from Citibank, (unsecured)
Rs.3663.000 million Plus Buyer's credit from Standard Chartered (unsecured)
Rs. 3655.480 million. |
||
CORPORATE INFORMATION
The company is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and selling of Purified Terephthalic Acid (PTA).
THE FINANCIAL YEAR IN
RETROSPECT
The Indian PTA industry, along with its global counterparts, continued to incur severe losses owing to the historically poor PTA PX margin, mainly on account of oversupply of PTA vis-a-vis undersupply of PX during the year under review. PTA production in India suffered adversely due to series of shutdowns in many PTA units. Inflation on the other hand, hovered around 10-11% and the resultant high cost of capital, exerted severe pressure on working capital, thereby negatively affecting the overall growth of the polyester industry. Though some specialized yarns, PET resins and polyester films makers performed relatively better, the overall situation remained dismal and quite a few major polyester makers were compelled to lower their operation rates or to shut down their operating lines. As much as 1.2 million MT per year polyester capacity were also added against an uncertain and inadequate demand in the downstream spinning and textile sectors, thereby making the overall situation very complex. Overall operation rate of the polyester industry could be realized to the extent of around 65% with a growth rate of only 9.8% over the previous year.
PTA producers across Asia continued their losing streaks and in a completely unbalanced demand supply scenario, failed to achieve sustainable prices for their product. China, which had been a significant importer, cut down on its imports of PTA due to substantial domestic capacity addition, resulting in other PTA producing nations resorting to selling their product at unsustainable and distressed prices in Asian market, including India. With no considerable PX capacity additions there was severe paucity of PX, leading to steep rise in PX price, making it the most profitable product in the entire polyester chain. PTA price though, could not catch up comparatively with the rise in PX price, owing to oversupply situation. Consequent to such imbalances, PTA - PX spread remained at a historical low-level, resulting in an average spread of below $ 80 per MT throughout the year under review, which was almost $100 per MT lower than the average spread recorded during the last 15 years. The Company’s performance was also severely affected consequent to continuous devaluation of Indian rupee against $, arising out of its PX and other raw materials imports. Consequent to the cumulative effect of all such constraints, the Company could not achieve the desired results and accordingly could generate a net revenue from its operations of Rs. 68500.840 million in the year under review, as against the corresponding amount of Rs 52140.990 million in the year ended March 31, 2013. The Company recorded net loss of Rs 9314.450 million in the year under report, as compared to the net loss of Rs 7678.280 million for the year ended March 31, 2013.
Inspite of such dismal scenario, it may be worthwhile to mention about the effect of the ongoing stabilization process of its line 2 PTA manufacturing facility, consequent to which the Company could record overall historic production of 1.05 million MT of PTA during the year.
The financial performance of the Company, unfortunately could not match its operational success as referred above, because of various external and market regulated factors like historical low PTA PX spread, persistent inflationary trends, unstable market conditions, currency devaluation, etc. The Company, while accepting its inability to control the external factors, has resolved to control and regulate the internal forces to maintain and improve its market competitiveness. Accordingly, the Company has since initiated several cost reduction and rationalization efforts at all levels and all across the Company. Further, the Company, in coordination with and technical support of its parent company, Mitsubishi Chemical Corporation (MCC) has also embarked on a journey for effective and optimum resource utilisation and process rationalization through various mechanical improvements / upgradation, which include, inter-alia, formulating and implementing plans for availing electricity through state owned power generation organisation, on grid power basis expectedly by February 2015 thereby replacing the existing power supply arrangement through DG installation and reducing substantially high cost furnace oil usage vis-a-vis rationalizing pollution factors, installing coal fired thermic fluid heaters in place of the existing oil fired thermic fluid heaters expected to be commissioned by December 2015 which would also reduce furnace oil consumption and operation cost, etc. The Company has also started availing technical assistance from MCC, for improving the paraxylene oxidation technology at both its manufacturing units through the licensed SNC Technology. To note further, the Company has also received from the Directorate of Industries, Government of West Bengal, incentives inter-alia, in the form of Sales Tax / VAT relief on finished goods, on the overall manufacturing capacity of the Company, which was earlier received only on line 1 manufacturing unit. In order to negate the impact of the cheap PTA import price, the Company alongwith other PTA producers have also approached the Government of India to impose Anti-dumping Duty on PTA imports from certain specified countries.
The Company, is a single product entity, being engaged in manufacture / sale of PTA. Its segmentwise information, have been indicated in the Annual Accounts and Notes thereto, relating to the year ended March 31, 2014.
The Company continued to produce quality PTA during the year under report, which is being commended as of international standard by its customers throughout the world. The Company was also the largest PTA merchant seller in India in the year.
The Company pursued its commitment and efforts for streamlining and implementing internal control measures / methods, in consonance with the changing market scenario thereby ensuring safeguarding of assets, conservation and rational utilization of resources and enhancing scope of their sustainability, perusal of compliance / corporate governance / risk management and counter measures thereof, practice and adherence of various internal control rules / regulations / policies / measures / guidelines / code as compatible to the group policies / ideologies and applicable enactments, throughout the period.
The Company all through the year under report, voluntarily continued its efforts and activities towards the socio-economic development of the people, improvement of the environment, etc, primarily in / around the plant area in Haldia as part of its Corporate Social Responsibility (CSR) initiatives. The activities so carried out in these respects include, building up a book bank and books distribution to the underprivileged students of the local schools in / around Haldia, program of sweater distribution amongst poor children of local school, conducting health check up of students of schools in / around their plant area in Haldia, conducting monthly medical health camps for the villagers in / around the plant area in Haldia, facilitating eye check-up and eye surgery for the disadvantaged people, especially children and elderly, in co-ordination with NGO, blood donation, support to concerned NGO in Kolkata for providing treatment to poor Thalaseamia patients, promoting tree plantation and various other green environment programs, encouraging women empowerment projects for the women under BPL category in Haldia through the concerned NGO in tailoring and health care activities, extending support to people affected by the floods in the villages of Purba Medinipur jointly with local administration etc. The Company pledges to zealously pursue its efforts, to promote, consolidate the strong bond and relationship between people, society, nature and to establish its identity as a responsible corporate citizen in the coming years.
The Company during the period pursued its efforts, for creating and preserving a pollution free environment and conservation of natural resources, improving standards of occupational health, implementing, adopting procedures for safe and accident free operation etc. During the said period, the Company renewed its Integrated Management System with respect to ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007. The Company also successfully implemented co-processing of hazardous wastes jointly with external entity, in order to facilitate better environment management and achieve effective cost reduction. The Company continued its efforts to promote safety awareness amongst all concerned, during plant operation and throughout the plant premises, inter-alia, through various types of on-site and specific trainings. The Company overall, continued its efforts for implementation, maintenance of the required facilities related with Health, Safety & Environment, which eventually would cater to the need for better and secured environment through and within the region.
Despite the severe and constrained market conditions, the PTA related industry is expected t have a positive outlook for 2014 - 15, based on the following major assessments / estimates:
- Expected additions of new PX capacities in Asia approximating 6 - 7 million metric tons annually, could result in a much healthier and sustainable PTA - PX spread on account of stable PX supply.
- Expected restructuring of Chinese PTA industry considering the changing PTA market scenario.
- Increase in domestic polyester capacities is expected to be approximately 1.4 million tons annually, consequently resulting in increase in demand for PTA.
- Expected growth boost to the Indian economy as a whole, subsequent to new government formation.
- Per capita consumption of Polyester in India is low compared with other countries in the world, thereby hinting at future growth prospects of the Indian Polyester industry.
- Expected strengthening of the position of the Company, as the largest merchant seller of PTA in the domestic market compared to the projected status of other PTA makers in the country.
The Company’s 2nd PTA manufacturing line, appears to have been stabilized and in-line with the on-going modification / upgradation process, is expected to operate steadily @ 100%. New PX capacities in Middle-East, are also expected to make the PX supply situation more steady and balanced. With such positives around, along with the expected available production of around 1.2 million MT of PTA at its disposal at the desired 100% operational level, availability of in-house technical skill, expertise, technical support of MCC, on-going cost rationalization process, sustainable and optimum utilisation of resources and the like, Directors expect that the Company would be able to effectively make a turn around and make significant contributions towards the growth of Indian Polyester industry in the future years.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the company not acknowledged as debt * |
1497.140 |
2463.350 |
|
Bank guarantees |
36.710 |
36.30 |
|
Total |
1533.850 |
2499.650 |
NOTE:
* The claims against the company comprise:
(a) The company has received a claim of Rs. 69.38 million (31 March, 2013: Rs. 69.38 million) from Technology Development Board, Government Of India for payment of cess under the Research & Development Cess Act, 1986 , with respect to the payments made to Mitsubishi Heavy Industries Limited, Japan (M/s MHI). The company is of the opinion that such payments to M/s. MHI do not attract cess under the provisions of the said Act, which has been communicated to the concerned authority and therefore not provided for. The company has not received any further communication from the Technology Development Board.
(b) In respect of matter relating to claim of excise duty on deemed consideration arising from utilisation of advance licences received from specified buyers of PTA for sales under the deemed export category, the Central Excise Commissioner in January 2009 had adjudicated the matter against the company and confirmed the demands amounting to Rs. 306.970 million along with penalty of an equivalent amount for the entire period of April 2000 to November 2006 and interest as per section 11AB of the Central Excise Act, 1944.
Subsequently, in April 2009, the company filed appeals before the Central Excise and Service Tax Tribunal (CESTAT) against the Commissioner’s order. The case came up for hearing in October 2009 and the Hon’ble CESTAT dropped an amount of Rs.112.790 million on grounds of limitation and also dropped the original demands for interest and penalty leaving a total demand of Rs.194.200 million which the Hon’ble CESTAT also ordered the company to pre-deposit. The company did it in October 2009 by utilizing its Cenvat Account by Rs. 194.200 million. The company is awaiting the final disposal of the case by the Hon’ble CESTAT.
The company is of the view that the facts of the Supreme Court ruling in another case which was referred to by the Excise Department, are significantly different to its fact pattern and is thus, confident that this liability would not devolve on the company. The company has also obtained legal advice and opinion on the matter, and has not considered a provision necessary for these demands.
However, for the period commencing from December 2006, the company has charged excise duty on the price inclusive of such advance licence benefit and duly recovered the same from the ultimate customers.
(c) Other claims against the company with respect to demands raised by Central Excise, Service Tax, Sales Tax and Income Tax authorities not acknowledged as debts amount to Rs. 1233.560 million (31 March, 2013: Rs. 1427.880 million).
FIXED ASSETS
TANGIBLE ASSETS
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipment
· Other Equipments
· Vehicles
INTANGIBLE ASSETS
· Computer Software
· Licenses and Franchise
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. 65.45 |
|
|
1 |
Rs. 100.96 |
|
Euro |
1 |
Rs. 72.10 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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%)
SCORE & 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.