MIRA INFORM REPORT

 

 

Report No. :

343589

Report Date :

02.10.2015

 

IDENTIFICATION DETAILS

 

Name :

HUBERGROUP INDIA PRIVATE LIMITED (w.e.f. 29.05.2015)

 

 

Formerly Known As :

MICRO INKS PRIVATE LIMITED (w.e.f. 04.09.2014)

 

MICRO INKS LIMITED (w.e.f. 03.03.2004)

 

HINDUSTAN INKS AND RESINS LIMITED

 

 

Registered Office :

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat

Tel. No.:

91-26-3032100

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.11.1991

 

 

Com. Reg. No.:

04-016598

 

 

Capital Investment / Paid-up Capital :

Rs. 248.730 Million

 

 

CIN No.:

[Company Identification No.]

U24220GJ1991PTC016598

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTM01621E

 

 

PAN No.:

[Permanent Account No.]

AAACH7063F

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing of Printing Inks.

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aaa (86)

 

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a “MHM Holding GmbH”, engaged in the manufacturing of printing inks, printing varnishes, damping solution additives and printing auxiliaries.

 

The ratings continue to derive strength from strong parentage of Hubergroup, which is the sixth largest ink manufacturer in the world with 250 years of operational track record, strong worldwide distribution network as well as research and development (R&D) activities.

 

Rating also takes into account of the leadership position of the subject company in the Indian printing ink market supported by its healthy financial base, stable profitability, low cost of borrowing, healthy cash accruals and comfortable liquidity position.

 

However, rating strengths offset the risk related to volatility in raw material prices as it has exhibited stable profitability and stable demand outlook.

 

In view of aforesaid, 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.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities= AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk.

Date

22.09.2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities= A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

22.09.2015

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Aplesh Chaniyara

Designation :

Company Secretary

Contact No.:

91-260-3052100

Date :

01.10.2015

 

 

LOCATIONS

 

Registered Office :

Bilakhia House, Muktanand Marg, Chala, Vapi – 396191, Gujarat, India

Tel. No.:

91-26-3032100

Fax No.:

Not Available

E-Mail :

alpesh.chaniyara@microinks.com 

 

 

Marketing Headquarters/ Sales and Support - International Business Division :

907, Windfall Sahar Plaza, J B Nagar, Andheri (East), Mumbai - 400059, Maharashtra, India

Tel No.:

91-22-28360201/ 28364313

Fax No :

91-22-28379660/ 28222222

E-mail :

ibd@microinks.com

 

 

Factory :

Located at:

 

  • Plot No. 2803/2, III Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

  • Survey No. 137/1, Jani Vankad, Daman – 396210, (U.T. of Daman and Diu), India

 

  • Survey No.11 and 13, Village Morkhal, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

  • Plot No. 808/E, 305/6, 305/7, (100% Export Oriented Unit) II Phase, G.I.D.C., Vapi – 396195, Gujarat, India

 

  • Survey No.8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2, Village Morkhal, Unit II, Silvassa – 396230, (U.T. of Dadra and Nagar Haveli), India

 

 

Branch Offices :

Located At:

 

  • Mumbai                
  • Kolkata
  • Ahmedabad
  • Chennai
  • Bangalore
  • Baroda
  • Noida
  • Secunderabad

 

 

 

 

Western Region 1:

302, Shapath II, Opposite Rajpath Club, Sarkhej Gandhinagar Highway, Ahmedabad -380015, Gujarat, India

Tel No.:

91-79-26871541-43

Fax No :

91-79-26871544

 

 

Western Region 2 :

Located at:

 

  • Mumbai
  • Ahmedabad
  • Baroda
  • Pune
  • Indore
  • Nagpur

 

 

Northern region :

Located at:

 

  • Noida
  • Ludhiana
  • Kanpur

 

 

Southern Region :       

Located at:

 

  • Chennai
  • Bangalore
  • Hyderabad
  • Sivakasi

 

 

Eastern Region :

9 Transport Depot Road, Kolkata-700088, West Bengal, India

Tel No.:

91-33-24496134 / 36

Fax No :

91-33-24495051

 

 

DIRECTORS

 

AS ON 15.05.2015

 

Name :

Mr. Heinrich W. Ringer

Designation :

Director

Address :

The Village, Near Collectorate, Damanwada, Moli Daman 396220 U.T., India

Date of Birth/Age :

12.12.1944

Qualification :

MBA

Date of Appointment :

01.05.2010

DIN No.:

01540491

 

 

Name :

Ashwani Kumar Vishwanath Bhardwaj

Designation :

Managing Director

Address :

Flat No. 1001, Emerald Royal Gems, Vapi Daman Road, Vapi, Valsad - 396191, Gujarat, India

Date of Birth/Age :

18.03.1958

Qualification :

B.Sc. MBA

Date of Appointment :

31.01.2012

PAN No.:

AFBPB0925K

DIN No.:

01515689

 

 

Name :

Ursula Borgmann

Designation :

Director Appointed In Casual Vacancy

Address :

Microink Company, Bilakhia House, Chala, Vapi – 396191, Gujarat, India

Date of Appointment :

30.07.2014

PAN No.:

06930369

 

 

Name :

Michael Geiger

Designation :

Director

Address :

Kreuzweg 35 B, Stockdorf, 82131, Germany

Date of Appointment :

03.02.2006

PAN No.:

01541193

 

 

KEY EXECUTIVES

 

Name :

Alpesh Mansukhlal Chaniyara

Designation :

Secretary

Address :

Block No.2, Shree Chala Co-Operative Housing Society, Vapi, Daman Road, Chala, Vapi - 396191, Valsad, Gujarat, India 

Date of Birth/Age :

13.06.1977

Date of Appointment :

01.06.2011

PAN No.:

AEHPC5783R

 

 

Name :

Mr. Sandeep Bhandari

Designation :

Vice President and Chief Financial Officer

 

 

MAJOR SHAREHOLDERS

 

 

SHAREHOLDING DETAILS FILE ATTACHED

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 06.05.2014

 

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

99.28

Bodies corporate

0.43

Other top fifty shareholders

0.29

 

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Printing Inks.

 

 

Products :

Printing Inks

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :

USA

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Cash, Credit (30 / 60 / 90 Days)

 

 

Purchasing :

Cash, Credit (30 / 60 / 90 Days)

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

Banker Name :

DBS Bank Limited

Branch :

Credit Control Unit, 3rd Floor, Fort House, Dr. D.N.  Road, Fort, Mumbai – 400001, Maharashtra, India

Person Name (With Designation) :

Not Divulged

Contact Number :

91-11-30418888

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Management Non Co-operative

 

  • The Bank of Nova Scotia, Mittal Tower, “B” Wing Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

 

Facilities :

SECURED LOANS

31.12.2014

Rs. In Million

31.12.2013

Rs. In Million

Long Term Borrowings

 

 

Foreign currency term loans from banks

252.160

494.480

 

 

 

Short Term Borrowing

 

 

Rupee term loan from banks

57.485

14.358

Foreign currency term loan from banks

354.982

1325.655

 

 

 

Total

664.627

1834.493

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India

PAN No.:

AACFD4815A

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Holding Company :
  • MHM Holding GmbH, Germany

 

 

Associates
  • Huber Holding (Thailand) Limited, Thailand
  • Huber Inks (Thailand) Limited, Thailand

 

 

Subsidiary Companies :
  • Hostmann-Steinberg Inc., USA
  • Hostmann-Steinberg Australia Pty Limited, Australia
  • Hostmann-Steinberg New Zealand Limited, New Zealand
  • PT Huber Inks Indonesia, Indonesia

 

 

Fellow Subsidiaries:
  • Michael Huber München GmbH, Germany
  • Huber Italia S.p.A., Italy
  • Huber Chile S.A., Chile
  • Huber Inks (Shenzhen) Limited, China
  • Hostmann-Steinberg GmbH, Germany
  • Stehlin + Hostag AG, Switzerland
  • Hostmann-Steinberg Limited, Canada
  • Hostmann-Steinberg South Africa (Pty.) Limited, South Africa
  • Info-Lab Limited, Ireland
  • Michael Huber Austria GmbH, Austria
  • Hostmann-Steinberg Tintás Graficás Brasil Ltda., Brazil
  • PT Huber Inks Indonesia, Indonesia (up to February 2, 2012)
  • Gleitsmann Security Inks GmbH, Germany
  • Graphocolor Limited, Ireland
  • Michael Huber Polska sp. z.o.o., Poland
  • Stehlin+ Hostag Ink (UK) Limited
  • Hostmann-Steinberg Eesti OÜ, Estonia
  • Huber France S.A.S., France
  • HST Benelux B.V., Netherlands
  • Hostmann-Steinberg RUS OOO, Russia
  • Michael Huber Romania S.L.R., Romania
  • Michael Huber CZ s.r.o., Czech Republic
  • Michael Huber Hungaria Kft, Hungary
  • TIPOLIT S.A., Spain
  • Huber Bulgaria EOOD, Bulgaria
  • Hostmann-Steinberg Latvija, Latvija
  • Hostmann-Steinberg Lietuva, Lietuva
  • Michael Huber München Matbaa Malzemeri Üretim Pazarlama Ithalat Ihracaat Limited Sirketi, Turkey
  • Huber SRB d.o.o., Serbia

 

 

CAPITAL STRUCTURE

 

AS ON 15.05.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

30000

Equity Shares

Rs.10000/- each

Rs. 300.000 Million

5500000

Preference Shares

Rs. 100/- each

Rs. 550.000 Million

 

 

 

 

 

Total

 

Rs. 850.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

24873

Equity Shares

Rs.10000/- each

Rs. 248.730 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2014

31.12.2013

31.12.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

248.730

248.730

248.730

(b) Reserves & Surplus

10864.764

10173.220

8855.047

(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)

11113.494

10421.950

9103.777

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

252.160

494.480

916.300

(b) Deferred tax liabilities (Net)

348.997

375.066

364.308

(c) Other long term liabilities

277.538

270.041

224.848

(d) long-term provisions

51.507

34.759

115.474

Total Non-current Liabilities (3)

930.202

1174.346

1620.930

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1408.499

2298.068

1030.544

(b) Trade payables

2440.928

2755.730

2950.859

(c) Other current liabilities

414.320

734.076

692.127

(d) Short-term provisions

980.575

434.352

293.318

Total Current Liabilities (4)

5244.322

6222.226

4966.848

 

 

 

 

TOTAL

17288.018

17818.522

15691.555

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

3694.240

3778.876

4038.980

(ii) Intangible Assets

14.379

20.031

14.966

(iii) Capital work-in-progress

10.928

127.877

50.994

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2037.780

2037.780

2037.780

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

622.784

652.604

407.230

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6380.111

6617.168

6549.950

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3230.936

3490.883

2643.124

(c) Trade receivables

7156.416

6865.761

5858.133

(d) Cash and cash equivalents

25.543

29.771

77.936

(e) Short-term loans and advances

401.665

579.161

428.788

(f) Other current assets

93.347

235.778

133.624

Total Current Assets

10907.907

11201.354

9141.605

 

 

 

 

TOTAL

17288.018

17818.522

15691.555

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

 

Income

25255.160

24324.794

21519.622

 

 

Other Income

 NA

30.716

35.656

 

 

TOTAL                                              (A)

 NA

24355.510

21555.278

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

 NA

17537.048

15346.472

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

 NA

(304.207)

(120.995)

 

 

Employee Benefits Expenses

 NA

634.208

592.320

 

 

Other Expenses

 NA

3515.949

3249.099

 

 

TOTAL                                              (B)

 NA

21382.998

19066.896

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

2882.320

2972.512

2488.382

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

175.540

244.233

234.061

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

2706.780

2728.279

2254.321

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

412.290

414.601

371.715

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

2294.490

2313.678

1882.606

 

 

 

 

 

Less

TAX                                                                  (H)

709.030

819.757

622.378

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

1585.460

1493.921

1260.228

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5910.030

4741.860

3804.500

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

160.000

150.000

150.000

 

 

Dividend

746.200

149.240

149.240

 

 

Tax on Dividend

147.720

26.510

23.630

 

BALANCE CARRIED TO THE B/S

6441.570

5910.031

4741.858

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

 NA

13564.904

11026.223

 

 

Commission Earnings

 NA

2.795

0.312

 

TOTAL EARNINGS

 NA

13567.699

11026.535

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

 NA

9228.498

7043.254

 

 

Stores & Spares

 NA

15.452

23.877

 

 

Capital Goods

 NA

3.295

72.871

 

TOTAL IMPORTS

 NA

9247.245

7140.002

 

 

 

 

 

 

Earnings Per Share (Rs.)

63742.21

60062.74

50667.43

 

 

Particulars

 

 

 

As on 2015

Sales Turnover (Approximately)

 

 

26000.000

 

The above information has been parted by Mr. Alpesh

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

252.160

535.275

550.183

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

2810.259

672.479

2625.660

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

PAT / Sales

(%)

6.28

6.14

5.86

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

11.41

12.22

11.56

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

15.06

14.78

13.84

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.21

0.22

0.21

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.17

0.32

0.27

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.08

1.80

1.84

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

248.730

248.730

248.730

Reserves & Surplus

8855.047

10173.220

10864.764

Net worth

9103.777

10421.950

11113.494

 

 

 

 

long-term borrowings

916.300

494.480

252.160

Short term borrowings

1030.544

2298.068

1408.499

Current Maturities of Long term debt

550.183

535.275

252.160

Total borrowings

2497.027

3327.823

1912.819

Debt/Equity ratio

0.274

0.319

0.172

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

21519.622

24324.794

25255.160

 

 

13.035

3.825

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

21519.622

24324.794

25255.160

Profit

1260.228

1493.921

1585.460

 

5.86%

6.14%

6.28%

 

 

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

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

CORPORATE INFORMATION

 

Subject is engaged in the manufacturing of various types of Printing Inks, Resins, Adhesives, Pigments, Flush Colours, Wire Enamels, Retarders and their intermediates. It is a part of the Germany based hubergroup.

 

 

OUTLOOK

 

The global economy expanded at a moderate and an uneven pace during the year 2014 and is still struggling to gain momentum. Amongst the developed countries, USA gathered momentum mainly due to accommodative monetary policies and low interest rates. Eurozone witnessed problems as the legacies of financial crisis still linger. China too has slowed down mainly due to slack global demand. The slow growth in Eurozone is having its telling impact on the overall demand, which has led to softening of commodity prices. The fall in oil prices has positive impact on economies like India and China that happen to be big importers of oil. However, it has an adverse impact on the oil exporting countries. Everything points to a steady economic recovery in 2015 though the pace continues to remain slow.

 

In short, FY 2014 remained more or less stable in terms of demand and commodity prices, except oil. Indian currency too remained stable compared to the US dollar. Simply put, it was a static year, even though your company reported a topline growth and achieved higher profitability mainly due to cost savings derived from internal efficiencies.

 

 

UNSECURED LOANS:

 

Particulars

31.12.2014

Rs. In Million

31.12.2013

Rs. In Million

Short Term Borrowings

 

 

Rupee term loan from banks

996.032

0.000

Foreign currency term loans from banks

0.000

958.055

 

 

 

Total

996.032

958.055

 

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 604 of2014

 

Status : PENDING

( Converted from : O/ST/1328/2014 )

CCIN No : 001092201400604

 

 

Last Listing Date:

24/07/2014

Coram

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

Not Before :

·         HONOURABLE MR.JUSTICE Z.K.SAIYED

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER

MR YN RAVANI for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

1

MICRO INKS LTD

MR DHAVAL SHAH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

Presented On

: 09/06/2014

Registered On

: 04/07/2014

Bench Category

: -

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 1 times

StageName

: ADMISSION (FRESH MATTERS)

 

Office Objection

 

Classification
  • DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G

Act
  • CENTRAL EXCISE RULES, 1944

 

 

 

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

A/10004/2014

CESTA WEST ZONAL BENCH AHMEDABAD

TECHNICAL MEMBER AND JUDICIAL MEMBER

02/01/2014

AHMEDABAD

 

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

09/06/2014

APPEARANCE NOTE

MR YN RAVANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MR YN RAVANI(718) for P:1

2

09/06/2014

CERTIFIED COPY

MR YN RAVANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MR YN RAVANI(718), for P:1

3

09/06/2014

MEMO OF PETITION/APPEAL/SUIT

MR YN RAVANI ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

50

MR YN RAVANI(718), for P:1

4

13/08/2014

VAKALATNAMA

MR DHAVAL SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR DHAVAL SHAH(2354) for R:1

5

05/11/2014

VAKALATNAMA FOR ADDITIONAL PARTIES

MR DHAVAL SHAH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

0

MR DHAVAL SHAH(2354) for R:1

 

 

Linked Matters

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/449/2015

PENDING

-

-

·         HONOURABLE MR.JUSTICE A.J.DESAI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

 

 

Applications

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

CIVIL APPLICATION (OJ)/712/2014

DISPOSED

18/12/2014

DISMISSED @ ADM.STAGE

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

 

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

24/07/2014

5

10

ADMISSION (FRESH MATTERS)

RULE/ADMIT

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

 

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

Download

1

TAX APPEAL/604/2014

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE K.J.THAKER

24/07/2014

N

ORDER

-

Y

Download

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10402321

03/04/2013 *

550,000,000.00

The Bank of Nova Scotia Asia Limited

One Raffles Quay, #20-01 North Tower, Singapore, - 048583, Singapore

B73979544

2

10397775

03/04/2013 *

500,000,000.00

The Bank of Nova Scotia

Mittal Tower, "B" Wing,, Nariman Point, Mumbai, Maharashtra - 400021, India

B74023763

3

10319236

03/04/2013 *

450,000,000.00

DBS Bank Limited

Upper Ground Floor, Birla Road,, 25 Barakhamba Road, New Delhi, Delhi, Delhi - 110001, India

B74024357

4

10106131

03/04/2013 *

1,000,000,000.00

The Hongkong and Shanghai Banking Corporation Limited

52/60, M. G. Road,, Fort, Mumbai, Maharashtra - 400001, India

B73979023

5

80012233

03/04/2013 *

2,150,000,000.00

State Bank of India

3rd Floor, State Bank Bhavan,, Madam Kama Road, Nariman Point,, Mumbai, Maharashtra - 400021, India

B73241507

6

80012217

03/04/2013 *

1,750,000,000.00

ICICI Bank Limited

Landmark, Race Course Circle,, Alkapuri,, Baroda,
Gujarat - 390015, India

B73084725

7

80012219

04/06/2011 *

1,800,000,000.00

Standard Chartered Bank

90, M. G. Road,, Fort, Mumbai, Maharashtra - 400001, India

B15306137

8

90103243

19/05/2011 *

350,000,000.00

Axis Bank Limited

Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India

B13361019

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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 records 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.65.74

UK Pound

1

Rs.99.53

Euro

1

Rs.73.80

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

10

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

10

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

10

--PROFITABILITY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

9

--RESERVES

1~10

10

--CREDIT LINES

1~10

10

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

86

 

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

 

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

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

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NB

NEW BUSINESS

 

 

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

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