MIRA INFORM REPORT
|
Report No. : |
344037 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRIVI ORGANICS LIMITED (w.e.f. 01.07.1998) |
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|
|
|
Formerly Known
As : |
PRIVI ORGANICS PRIVATE LIMITED |
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|
Registered
Office : |
‘Privi house’, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra |
|
Tel. No.: |
91-22-66023500 |
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|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
05.04.1982 |
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|
|
|
Com. Reg. No.: |
11-026867 |
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Capital
Investment / Paid-up Capital : |
Rs. 148.450 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24120MH1982PLC026867 |
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|
|
|
IEC No.: |
0391150553 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17382B |
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|
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PAN No.: [Permanent Account No.] |
AAACP4717A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Aroma Chemicals. |
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No. of Employees
: |
1000 (Approximately) [Permanent-800, Contract-200] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1982 having
satisfactory track. It is engaged in the business as manufacturer, exporter and importer
of aroma chemicals. The company has shown significant growth in its turnover and profit
during FY 2014. General financial position of the company is sound. Further, the rating also takes into consideration decent liquidity
position of the company and favorable gap between trade payables and trade
receivables. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and acceptable financial base, the
company can be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
29.09.2014 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
29.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) 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. B. S. Shetty |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-66023500 |
|
Date : |
05.10.2015 |
LOCATIONS
|
Registered Office : |
‘Privi house’, A-71,
TTC, Thane Belapur Road, Near Kopar Khairne Railway Station, Navi Mumbai –
400709, Maharashtra, India |
|
Tel. No.: |
91-22-66023500/ 27783040/ 48 |
|
Fax No.: |
91-22-27783049/ 50 |
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E-Mail : |
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Website : |
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Factory 1 : |
A7, A3, C4, C5, C6, C6/1, C33/1, MIDC, Mahad, Raigad – 402309,
Maharashtra, India |
|
Tel. No.: |
91-2145-232122 |
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Factory 2 : |
X-9, X-10, X-11, MIDC, Mahad, Raigad-402309, Maharashtra, India |
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Factory 3 : |
Unit VI, Plot No 765, Road No. 2, Near UPL, GIDC, Jhagadia, Bharunch,
Gujarat, India |
DIRECTORS
AS ON 03.09.2013
|
Name : |
Mr. Mahesh Purshottam Babani |
|
Designation : |
Managing director |
|
Address : |
7/8, Satguru
House, Sherley Rajan Road, Opposite Carter Road, Bandra (West) Mumbai –
400050, Maharashtra, India |
|
Date of Birth/Age : |
01.04.1957 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.11.1989 |
|
PAN No.: |
AFLPB1549R |
|
DIN No.: |
00051162 |
|
|
|
|
Name : |
Mr. Satan Santumal Bharwani |
|
Designation : |
Director |
|
Address : |
34, Bandra
Amarjeevan Society, St. Martin Road, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
01.09.1936 |
|
Qualification : |
M.A., CAIIB |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00183286 |
|
|
|
|
Name : |
Mr. Arjan Jehanand Advani |
|
Designation : |
Director |
|
Address : |
38 Sunita,
Opposite Colaba Post Office, Colaba, Mumbai-400005, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1936 |
|
Qualification : |
B. Chem Engg, DBM |
|
Date of Appointment : |
01.04.2005 |
|
DIN No.: |
00076951 |
|
|
|
|
Name : |
Mr. Anoop Purshotam Babani |
|
Designation : |
Director |
|
Address : |
11, Satguru
House, Sherley Rajan Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
27.05.1954 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
18.03.1999 |
|
PAN No.: |
AFLPB1551R |
|
DIN No.: |
00185218 |
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|
|
|
Name : |
Mr. Doppalapudi B Rao |
|
Designation : |
Whole-time director |
|
Address : |
903, Daffodils,
Satguru Gardens, Thane – 400602, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1948 |
|
Qualification : |
M.E. |
|
Date of Appointment : |
05.04.1982 |
|
PAN No.: |
AADPR7777A |
|
DIN No.: |
00356218 |
|
|
|
|
Name : |
Mr. Rajesh Harichandra Budhrani |
|
Designation : |
Director |
|
Address : |
6 Ardmore Park,
19-01, The Ardmore, Singapore-259953 |
|
Date of Birth/Age : |
01.08.1970 |
|
Qualification : |
B. Sc, Major in
Accounts and Finance |
|
Date of Appointment : |
11.08.2005 |
|
DIN No.: |
01284426 |
|
|
|
|
Name : |
Mr. Rahul Raisurana |
|
Designation : |
Director |
|
Address : |
19
Ballygunge Circular Road, Kolkata-700019, West Bengal, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Qualification : |
B.Com(Hons.), MBA,
Masters in International Mgt |
|
Date of Appointment : |
28.02.2011 |
|
DIN No.: |
02570812 |
KEY EXECUTIVES
|
Name : |
Mr. B. S. Shetty |
|
Designation : |
Finance Head |
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|
|
|
Name : |
Mr. Ramesh Vishanlal Kathuria |
|
Designation : |
Secretary |
|
Address : |
Shilp-2, Flat No.
504 , The Residency CHS, L.B.S. Marg, Thane – 400603, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
01.07.2006 |
|
PAN No.: |
AFRPK9121J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 03.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
36.84 |
|
Bodies
corporate |
11.16 |
|
Directors
or relatives of directors |
43.76 |
|
Other
top fifty shareholders |
8.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Aroma Chemicals. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· European Countries · Middle East · Asian Countries · Far East Countries · Gulf Countries · UK · UAE · USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
· Germany · US · China · Korea · Brazil · Japan · South America |
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Terms : |
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Selling : |
Cash and Cheque (30 days and 60 days) |
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Purchasing : |
Cash and Cheque (30 days and 60 days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
1000 (Approximately) [Permanent-800, Contract-200] |
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Bankers : |
·
DBS Bank Limited Upper
Ground Floor, 25, Barakhamba Road, Birla Tower, New Delhi - 110001, Delhi,
India ·
The Ratnakar Bank Limited Shahupuri,
Kolhapur, Kolhapur - 416001, Maharashtra, India ·
Bank of Baroda Princess Street Branch,
185/187, Mulji Jetha Bldg., 1st Floor, Princess Street, Mumbai - 400002,
Maharashtra, India ·
Kotak Mahindra Bank Limited Patel
Chambers,, Ground
Floor, Sandhurst Bridge, Opera House, Mumbai - 400007, Maharashtra, India ·
IDBI Bank Limited ·
Punjab National Bank ·
Union Bank of India ·
HDFC Bank Limited ·
Standard Chartered Bank |
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Facilities : |
Fund=Rs. 1550.000
Million Non Fund=Rs. 1800.000 Million
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR Associates Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N.M. Joshi
Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAIFB7355D |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
·
Satguru Construction Company Private Limited, India
(U70100MH1987PTC042650) ·
Vivira Chemical Industries ·
Vivira Chemicals Private Limited ·
Privi Life Science Private Limited, India (U24239MH1990PTC057075) ·
Minar Organics Private Limited, India (U24110MH1994PTC075907) ·
Satguru Enterprises Private Limited, India (U51900MH1991PTC059819) ·
Money Mart Securities Private Limited, India (U67120MH1995PTC086563) |
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Subsidiary company: |
·
Privi Biotechnologies Private Limited, India (U74220MH1985PTC037534) ·
Privi Organics USA Inc |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14845001 |
Equity Shares |
Rs. 10/- each |
Rs. 148.450
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
148.450 |
148.450 |
148.450 |
|
(b) Reserves & Surplus |
1566.386 |
1448.676 |
1374.690 |
|
(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) |
1714.836 |
1597.126 |
1523.140 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
678.792 |
637.532 |
474.413 |
|
(b) Deferred tax liabilities (Net) |
86.706 |
68.107 |
63.906 |
|
(c)
Other long term liabilities |
0.025 |
0.025 |
0.025 |
|
(d)
long-term provisions |
27.842 |
24.761 |
21.429 |
|
Total
Non-current Liabilities (3) |
793.365 |
730.425 |
559.773 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1323.458 |
960.202 |
672.107 |
|
(b)
Trade payables |
1128.846 |
929.147 |
1098.095 |
|
(c)
Other current liabilities |
695.599 |
520.340 |
398.077 |
|
(d)
Short-term provisions |
70.591 |
48.604 |
31.009 |
|
Total
Current Liabilities (4) |
3218.494 |
2458.293 |
2199.288 |
|
|
|
|
|
|
TOTAL |
5726.695 |
4785.844 |
4282.201 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1837.225 |
1352.173 |
1503.517 |
|
(ii)
Intangible Assets |
40.887 |
16.694 |
5.510 |
|
(iii)
Capital work-in-progress |
305.093 |
358.296 |
30.529 |
|
(iv) Intangible assets under development |
22.014 |
40.639 |
22.314 |
|
(b) Non-current
Investments |
66.414 |
66.356 |
66.356 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
243.794 |
203.285 |
142.660 |
|
(e)
Other Non-current assets |
66.027 |
96.346 |
18.272 |
|
Total
Non-Current Assets |
2581.454 |
2133.789 |
1789.158 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1.501 |
1.501 |
1.501 |
|
(b)
Inventories |
1356.152 |
1071.950 |
1059.570 |
|
(c)
Trade receivables |
1437.913 |
1261.796 |
1096.657 |
|
(d)
Cash and cash equivalents |
211.970 |
159.625 |
249.199 |
|
(e)
Short-term loans and advances |
137.705 |
157.183 |
86.116 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3145.241 |
2652.055 |
2493.043 |
|
|
|
|
|
|
TOTAL |
5726.695 |
4785.844 |
4282.201 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5142.140 |
4294.580 |
3837.035 |
|
|
|
Other Income |
38.697 |
22.868 |
53.115 |
|
|
|
TOTAL (A) |
5180.837 |
4317.448 |
3890.150 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3476.346 |
3057.401 |
2844.887 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
9.143 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(134.773) |
(163.068) |
(209.426) |
|
|
|
Employees benefits expense |
207.676 |
158.490 |
132.172 |
|
|
|
Other expenses |
1025.818 |
757.803 |
651.388 |
|
|
|
TOTAL (B) |
4575.067 |
3819.769 |
3419.021 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
605.770 |
497.679 |
471.129 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
218.637 |
182.582 |
146.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
387.133 |
315.097 |
324.948 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
205.338 |
184.591 |
130.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
181.795 |
130.506 |
194.448 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
64.085 |
56.520 |
58.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
117.710 |
73.986 |
136.067 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3463.583 |
2876.724 |
2683.049 |
|
|
TOTAL EARNINGS |
3463.583 |
2876.724 |
2683.049 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2632.661 |
2229.585 |
2397.729 |
|
|
|
Capital Goods |
4.088 |
12.417 |
8.734 |
|
|
TOTAL IMPORTS |
2636.749 |
2242.002 |
2406.463 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.93 |
4.98 |
9.41 |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
5590.000 |
|
|
|
|
|
The above information has been parted by Mr. B. S. Shetty (Finance Head)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
340.222 |
312.895 |
268.284 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
98.660 |
126.467 |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
384.365 |
98.660 |
126.467 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.29 |
1.72 |
3.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.78 |
11.59 |
12.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
3.02 |
4.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.08 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.37 |
1.20 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.08 |
1.13 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
148.450 |
148.450 |
148.450 |
|
Reserves & Surplus |
1374.690 |
1448.676 |
1566.386 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1523.140 |
1597.126 |
1714.836 |
|
|
|
|
|
|
Long-term borrowings |
474.413 |
637.532 |
678.792 |
|
Short term borrowings |
672.107 |
960.202 |
1323.458 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
268.284 |
312.895 |
340.222 |
|
Total
borrowings |
1414.804 |
1910.629 |
2342.472 |
|
Debt/Equity
ratio |
0.929 |
1.196 |
1.366 |
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 |
3837.035 |
4294.580 |
5142.140 |
|
|
|
11.924 |
19.736 |
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 |
3837.035 |
4294.580 |
5142.140 |
|
Profit |
136.067 |
73.986 |
117.710 |
|
|
3.55% |
1.72% |
2.29% |
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
Bench:- Bombay |
|||||||
|
Presentation Date:-24/03/2014 |
|||||||
|
Lodging No. : |
ITXAL/710/2014 |
Failing Date:- |
24/03/2014 |
Reg. No.: |
ITXA/836/2014 |
Reg. Date: |
29/04/2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
PRIVI ORGANICS LIMITED |
||||
|
Petn.Adv:- |
A R MALHOTRA (I3164) |
Resp. Adv.:- |
VIPUL JOSHI (17289) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
|
|
||||
|
Status:- |
Pre - Admitted |
Category:- |
TAX APPEALS |
||||
|
Last Date:- |
07/10/2015 |
Stage:- |
|
||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section: - 260A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10564874 |
22/04/2015 |
25,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23,
BARAKHAMBA ROAD, DELHI, DELHI |
C51452894 |
|
2 |
10564875 |
22/04/2015 |
346,500,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23,
BARAKHAMBA ROAD, DELHI, DELHI |
C51453066 |
|
3 |
10568442 |
20/03/2015 |
350,000,000.00 |
RBL BANK LIMITED |
SHAHUPURI,KOLHAPUR,, KOLHAPUR - 416001, MAHARASHTRA, INDIA |
C53164323 |
|
4 |
10463697 |
11/10/2013 |
83,000,000.00 |
BANK OF BARODA |
PRINCESS STREET
BRANCH, 1ST FLOOR,, MULJI JETHA B |
B90910902 |
|
5 |
10459580 |
20/09/2013 |
150,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,,
KOLHAPUR- 41600 |
B89286975 |
|
6 |
10360606 |
29/05/2012 |
448,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
25, BARAKHAMBA ROAD, BIRLA TO |
B41620253 |
|
7 |
10288943 |
02/05/2011 |
167,660,400.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST |
B13762489 |
|
8 |
10257414 |
12/11/2010 |
368,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAILAN
MANZIL, BARKHAMBA ROAD,, NEW DELHI, |
A98873672 |
|
9 |
10095029 |
20/05/2015 * |
898,000,000.00 |
BANK OF BARODA |
PRINCESS STREET
BRANCH, 185/187, MULJI JETHA BLDG. |
C57469363 |
|
10 |
10078044 |
05/09/2007 |
34,000,000.00 |
PUNJAB NATIONAL BANK |
ILLACO HOUSE,, SIR
P.M. ROAD, MUMBAI, MAHARASHTRA-400001 |
A26388710 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
3.120 |
3.744 |
|
Deferred payment liabilities |
51.506 |
51.948 |
|
Loans and advances from directors |
37.500 |
0.000 |
|
|
|
|
|
Total |
92.126 |
55.692 |
COMPANY OVERVIEW:
Subject is manufacturer,
supplier and exporter of aroma chemicals. Privi started manufacturing aroma
chemicals in the year 1992 with only two products, which it gradually expanded
to a range of over 50 products.Privi also develops and produces custom-made
aroma chemicals as per specific requirement of the customer. The Companys
manufacturing units are located at Mahad. Privis in-house Research and
Development centre has been accorded recognition by the Department of
Scientific and Industrial Research.
FINANCIAL AND
OPERATIONAL REVIEW:
The global recessionary trend witnessed in the previous year continued
during the current year as well. The growth of the world economy slipped from
3.9% in 2011 to just 3.1% in 2012 (corresponding to financial year ending 31/03/2012
and 31/03/2013 respectively). Currency volatility resulted in forex losses and
led to profit erosion. The Company, under the above scenario has still been
able to achieve a Profit before Tax of Rs. 181.795 Million, net of Forex
Losses. (Previous Year Rs. 130.506 Million).
The Company achieved a net sales turnover of Rs. 5133.769 Million
(Previous year Rs. 4236.304 Million) registering a growth of 21%. While the
export sales turnover showed a growth by 22%, the local sales turnover grew by
17.74%.
The Company’s net worth as on March 31, 2014 was Rs. 1714.836 Million,
with paid-up capital of Rs.148.451 Million and accumulated reserves and surplus
of Rs. 1566.386 Million.
MANAGEMENT DISCUSSION AND ANALYSIS:
Global growth to accelerate
Global economic and
chemical output growth will accelerate in 2014. With improving economic
prospects, headline growth for chemicals globally will improve to 3.8% in 2014,
That number is up from expected global growth of 2.4% in 2013.
The strongest growth will
continue to be in the developing nations of Asia, the Middle East, and Latin
America, Due to competitive advantages from shale gas, growth will be strong in
North America as well. Western Europe and Japan will lag. With strengthening
production volumes, global capacity utilization will improve in the years to
come.
The overall world economy
is likely to emerge from its extended soft patch of the last two years thanks
to the easing of the twin headwinds of private-sector deleveraging and
public-sector austerity, the global growth rebound is likely to be quite
modest, IHS expects 3.3% growth in 2014 compared with 2.5% in 2013.
The good news is that the
upside surprises about growth may more than balance out downside surprises,
provided some of the more daunting risks facing the world economy, such as an
oil shock, do not materialize. US chemical makers are firmly back in the game;
thanks to the cost advantage enabled by low-cost shale feed stocks, according
to Swift. US chemical production is expected to rise 2.5% in 2014 and 3.5% in
2015, Swift says, following a decade of lost competitiveness; American
chemistry is reemerging as a growth industry.
US chemicals production
will grow strongly through the second half of the decade, as nearly $100
billion in new chemical investment announced since 2010 comes online. During
the second half of the decade, US chemistry growth is expected to expand at a
pace of over 4% per year on an average, a rate that exceeds that of the overall
US economy,
The total value of
shipments will advance at a slightly stronger pace than production, with
shipments values set to exceed $1 trillion in 2018, up from $789 billion in
2013. The forecast growth rates are the highest for the industry in more than
20 years. Excluding pharmaceuticals, US [chemical] growth has averaged less
than 1%/year since the early 1990s; this is going to be a real step-up from
that level. US chemicals production, excluding pharmaceuticals was up 3.2% in
2013 but the growth is expected to slow to 2.6% in 2014. Specialties and
agricultural chemicals is anticipated to drag down the rate in 2014 after
advancing strongly the two years prior. Basic chemicals are expected to grow
2.4% in 2014, up from 1.2% in 2013. Chemicals production growth excluding
pharmaceuticals is estimated to be 3.5% in 2015, 3.8% in 2016, and 4.0% in
2019. US exports will ramp up sharply as production comes online. Exports of
chemicals are estimated to grow 6.6% in 2014 to $205 billion and further 7.6%
in 2015. Excluding pharmaceuticals, the surplus in chemicals trade is estimated
to grow to $ 67.5 billion by 2018, up from $ 42.7 billion in 2013, an average
growth of 9.6%/year.
The expansion is also
reversing the industrys falling employment trend. Employment in the chemical industry
will have grown by 1.3% in 2013 and is to continue to expand through 2018. This
growth contrasts with the continuous decline overall in industrial employment
between 1999 and 2011.
OUTLOOK:
The Company, having
achieved a growth of over 21% over the previous year, continues to experience a
slowdown in demand for its products particularly in Europe. Presently, the same
is further burdened with customs duty of 5.5-6.5% from January 2014 on all
imports of chemicals covered under chapter 29 under which chemicals produced by
Privi also fall. But the good news is that USA has begun its recovery and looks
promising for the year ahead. The demand in Latin America & particularly in
Asia counties continues to be very buoyant. Large buyers like Firmenich, Givaudan,
Henkel and P&G are seeing positive signs in terms of business momentum for
the year 2014-15. The demand for consumer products continues to be strong in
Brazil, India, China and other Asian Countries from where the top five
fragrance houses continue to see their growth. Demand for consumer products in
developed nations such as Europe and Japan continues to be resilient.
The Company sees its growth
coming from key accounts in emerging and developing countries and its product
mix will enable the Company to increase its share of revenue coming from
speciality aroma chemicals.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 65.39 |
|
|
1 |
Rs. 99.05 |
|
Euro |
1 |
Rs. 73.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.