MIRA INFORM REPORT
|
Report No. : |
345497 |
|
Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PARRY SUGARS REFINERY
INDIA PRIVATE LIMITED (w.e.f. 15.07.2015) |
|
|
|
|
Formerly Known
As : |
SILKROAD SUGAR PRIVATE LIMITED (w.e.f. 10.04.2007) PARRYS SUGARS REFINERIES PRIVATE LIMITED |
|
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|
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Registered
Office : |
234, Dare House, 3rd Floor, NSC Bose Road, Parrys Corner, Chennai – 600001, Tamilnadu |
|
Tel. No.: |
91-44-25306335 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
13.01.2006 |
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|
|
|
Com. Reg. No.: |
18-058579 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.1272.812 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15421TN2006PTC058579 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES28391G |
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|
|
|
PAN No.: [Permanent Account No.] |
AADCP7828H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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Line of Business
: |
Subject is engaged in the manufacture of refined sugar. |
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|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1550000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “E.I.D PARRY (INDIA) LIMITED”. It is a part
of Murugappa Group and a holding company of “Coromandal International
Limited.” The rating takes into consideration company’s parent providing
unconditional and irrevocable guarantee which covers company’s entire
obligation on the debt rated Programme. The rating is constrained on company’s weak financial risk profile and
huge debt marked by losses and its susceptibility to volatile spreads in the
sugar refining industry and foreign exchange fluctuation risk. Moreover, rating is also constrained as SEBI’s recent order where it
is investigation into alleged insider trading charge levied against Mr. A.
Vellayan, promoter Director of the Murugappa group and three others. Mr. A.
Vellayan has resigned from the Chairmanship of the Murugappa Corporate board,
EDI parry and CIL, until the matter is resolved. However, trade relations seems to be fair. Business is active.
Payments are reported to be slow but correct. In view of strong support of from “EID Parry”, as it is well-established
position in the sugar market in south India with location advantage and the
financial flexibility it drives from the Murugappa group, the subject can be
considered for business dealings with usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term bank
facilities = A+ |
|
Rating Explanation |
Adequate degree of
safety and low credit risk |
|
Date |
June 12, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term bank
facilities = A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
June 12, 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 DENIED BY
|
Name : |
Mrs. Pushpalata |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-44-25306335 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office : |
234, Dare House, 3rd Floor, NSC Bose Road, Parrys Corner, Chennai – 600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25306335 |
|
Fax No.: |
91-44-25357064 |
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E-mail : |
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Manufacturing
Facility : |
Located At: Kakinada, Andhra Pradesh, India |
DIRECTORS
As on 28.07.2014
|
Name : |
Mr. Venkatachalam Ravichandran |
|
Designation : |
Director |
|
Address : |
3/8, Wittypool Complex, 2&3, Boat Club Road, R.A. Puram, Chennai - 600028, Tamilnadu, India |
|
Date of Birth/Age : |
09.06.1956 |
|
Date of Appointment : |
31.03.2010 |
|
DIN No.: |
00110086 |
|
|
|
|
Name : |
Mr. Suri Venkataraman |
|
Designation : |
Director |
|
Address : |
Old No. 2, New No. 5, 4th Main Road, Nehru Nagar Adyar, Chennai - 600020, Tamilnadu, India |
|
Date of Birth/Age : |
02.01.1960 |
|
Date of Appointment : |
23.10.2013 |
|
DIN No.: |
05154266 |
|
|
|
|
Name : |
Mr. Ramesh V |
|
Designation : |
Director |
|
Address : |
Old No. 55, New No. 17, 20th Street, Anna Nagar, Chennai - 600040, Tamilnadu, India |
|
Date of Appointment : |
11.11.2014 |
|
DIN No.: |
01412093 |
|
|
|
|
Name : |
Mr. Padmanabhan Nagarajan |
|
Designation : |
Director |
|
Address : |
Flat No.201, Vineyard Jasper, Plot No.37-17/634, Defence Colony, Sainikpuri, Secunderabad - 500094, Telangana, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
00110344 |
|
|
|
|
Name : |
Lalitha Balakrishnan |
|
Designation : |
Director |
|
Address : |
No. H-12/4, Pari Street, Kalakshetra Colony, Besant Nagar, Chennai - 600090, Tamilnadu, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
02973332 |
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|
|
|
Name : |
Mr. Srinivasan Suresh |
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Designation : |
Whole-Time Director |
|
Address : |
Flat No. 8d,Block 3,Ceebros Shyamala Gardens, 136 Arcot Road, Near Avichi School, Saligramam, Chennai - 600093, Tamilnadu, India |
|
Date of Appointment : |
28.10.2014 |
|
DIN No.: |
06999319 |
KEY EXECUTIVES
|
Name : |
Mr. Sankararaman Ganesh |
|
Designation : |
Chief Financial Officer |
|
Address : |
No. 26, Jambukeswarar Main Road, Korattur, Chennai - 600080, Tamilnadu, India |
|
Date of Appointment : |
22.06.2015 |
|
PAN No.: |
AENPG2168J |
|
|
|
|
Name : |
Mr. S Muthukrishnan |
|
Designation : |
Company Secretary |
|
Address : |
New No.36,Old No.14/2, Sowrashtra Nagar, 6th Street, Choolaimedu, Chennai - 600094, Tamilnadu, India |
|
Date of Birth/Age : |
26.04.1981 |
|
Date of Appointment : |
17.08.2012 |
|
PAN No.: |
ATRPM8276G |
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|
|
|
Name : |
Mrs. Pushpalata |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS
As on 28.07.2014
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
E.I.D. Parry (India) Limited, India |
|
115118414 |
|
Ambadi Enterprises Limited, India |
|
617464 |
|
Ambadi Investments Private Limited, India |
|
545347 |
|
Total |
|
116281225 |
As on 28.07.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture of refined sugar. |
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|
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|
Products : |
Refined Sugar |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASVN Ramana Tower , 52 Venkatnarayana Road, T Nagar, Chennai – 600017, Tamilnadu, India |
|
PAN No.: |
AACFD3771D |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Holding company : |
E.I.D Parry (India) Limited, India |
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|
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|
Fellow Subsidiary
company : |
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CAPITAL STRUCTURE
After 28.07.2014
Authorised Capital: Rs.2900.000 Million
Issued, Subscribed & Paid-up Capital: Rs.2792.812
Million
As on 28.07.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Million |
|
2000000 |
Preference Shares |
Rs.100/- each |
Rs.200.000 Million |
|
|
Total |
|
Rs.1400.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116281225 |
Equity Shares |
Rs.10/- each |
Rs.1162.812
Million |
|
1300000 |
Preference Shares |
Rs.100/- each |
Rs.130.000
Million |
|
|
Total |
|
Rs.1292.812 Million |
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Million |
|
2000000 |
Preference Shares |
Rs.100/- each |
Rs.200.000 Million |
|
|
Total |
|
Rs.1400.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116281225 |
Equity Shares |
Rs.10/- each |
Rs.1162.812
Million |
|
1100000 |
Preference Shares |
Rs.100/-
each |
Rs.110.000
Million |
|
|
Total |
|
Rs.1272.812 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 |
1272.812 |
1162.812 |
1162.812 |
|
(b) Reserves &
Surplus |
(751.076) |
(149.977) |
508.022 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
20.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
541.736 |
1012.835 |
1670.834 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3758.700 |
2945.430 |
1965.901 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.199 |
|
Total Non-current
Liabilities (3) |
3758.700 |
2945.430 |
1966.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
100.000 |
90.934 |
4.098 |
|
(b) Trade payables |
211.595 |
406.516 |
378.278 |
|
(c) Other current
liabilities |
100.814 |
28.852 |
689.827 |
|
(d) Short-term provisions |
2.230 |
4.064 |
4.675 |
|
Total Current Liabilities
(4) |
414.639 |
530.366 |
1076.878 |
|
|
|
|
|
|
TOTAL |
4715.075 |
4488.631 |
4713.812 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3761.229 |
3977.065 |
4194.739 |
|
(ii) Intangible Assets |
0.530 |
0.818 |
1.060 |
|
(iii) Capital
work-in-progress |
382.246 |
5.419 |
0.000 |
|
(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 |
422.614 |
385.730 |
302.379 |
|
(e) Other Non-current
assets |
2.122 |
2.122 |
5.512 |
|
Total Non-Current Assets |
4568.741 |
4371.154 |
4503.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.306 |
|
(b) Inventories |
110.394 |
39.144 |
45.481 |
|
(c) Trade receivables |
0.033 |
0.033 |
0.080 |
|
(d) Cash and cash
equivalents |
4.619 |
56.261 |
123.995 |
|
(e) Short-term loans and
advances |
31.288 |
22.039 |
40.260 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
146.334 |
117.477 |
210.122 |
|
|
|
|
|
|
TOTAL |
4715.075 |
4488.631 |
4713.812 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
0.000 |
18.655 |
3236.902 |
|
|
Other Income |
2.844 |
12.450 |
20.085 |
|
|
TOTAL |
2.844 |
31.105 |
3256.987 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
6.353 |
3139.873 |
|
|
Employees benefits
expense |
14.811 |
13.393 |
44.285 |
|
|
Exceptional items |
(168.638) |
0.000 |
0.000 |
|
|
Other expenses |
145.666 |
91.960 |
720.379 |
|
|
TOTAL |
(8.161) |
111.706 |
3904.537 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
11.005 |
(80.601) |
(647.550) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
395.280 |
360.527 |
377.576 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(384.275) |
(441.128) |
(1025.126) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
216.823 |
216.871 |
212.468 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(601.098) |
(657.999) |
(1237.594) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(601.098) |
(657.999) |
(1237.594) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Consumables, Stores &
Spares |
NA |
NA |
7.770 |
|
|
Capital Goods |
NA |
NA |
15.820 |
|
|
TOTAL IMPORTS |
NA |
NA |
23.590 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(5.17) |
(5.66) |
(10.64) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
0.000 |
571.500 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(197.129) |
(124.830) |
1236.665 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.00 |
(3527.20) |
(38.23) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
0.00
|
(432.06) |
(20.01) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.87) |
(14.68) |
(26.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.11) |
(0.65) |
(0.74) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
7.12 |
3.00 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.35 |
0.22 |
0.20 |
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 |
1162.812 |
1162.812 |
1272.812 |
|
Reserves & Surplus |
508.022 |
(149.977) |
(751.076) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
20.000 |
|
Net worth |
1670.834 |
1012.835 |
541.736 |
|
|
|
|
|
|
long-term borrowings |
1965.901 |
2945.430 |
3758.700 |
|
Short term borrowings |
4.098 |
90.934 |
100.000 |
|
Total borrowings |
1969.999 |
3036.364 |
3858.700 |
|
Debt/Equity ratio |
1.179 |
2.998 |
7.123 |
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) |
|
Total Income |
3256.987 |
31.105 |
2.844 |
|
|
|
(99.045) |
(90.857) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
3256.987 |
31.105 |
2.844 |
|
Profit |
(1237.594) |
(657.999) |
(601.098) |
|
|
(38.00%) |
(2115.41%) |
(21135.65%) |
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 |
Yes |
|
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 |
CORPORATE INFORMATION
The entity has a manufacturing facility in Kakinada
(A unit in Parry Infrastructure Company Private Limited SEZ in Vakalapudi
village). The Company is a subsidiary of E.I.D. - Parry (India) Limited. The
company is established in a SEZ and is engaged in the manufacture of refined
sugar.
PERFORMANCE
The Company recorded revenue of Rs.2.844 Million (including other income of Rs. 2.844 Million) for the year ended 31st March, 2014. After providing for expenses amounting to Rs.772.581 Million, the net loss before exceptional items for the year was Rs.769.737 Million. The net loss after exceptional income arises out-of Cargill trade payable reversal for the year was Rs.601.099 Million.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Term Loan From Banks |
100.000 |
0.000 |
|
Loans and advances from others |
0.000 |
90.934 |
|
Total |
100.000 |
90.934 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10559270 |
03/03/2015 |
1,500,000,000.00 |
ICICI BANK LIMITED |
NO. 1, CENOTAPH ROAD, TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA |
C49168578 |
|
2 |
10530792 |
10/11/2014 |
600,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C33245291 |
|
3 |
10525620 |
08/06/2015 * |
3,000,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE 9TH FLOOR, DISCOVERY OF INDIA, DR. A.B. ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA |
C58081878 |
|
4 |
10525625 |
17/08/2015 * |
2,690,000,000.00 |
AXIS BANK LIMITED |
TRISHUL' 3RD FLOOR OPPOSITE SAMARTHESWAR TEMPLE, LAW GARDEN, ELLIS BRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
C64143571 |
|
5 |
10525956 |
19/09/2014 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL, WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
C29709268 |
|
6 |
10519213 |
08/09/2014 |
2,700,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
C19770601 |
|
7 |
10517785 |
06/08/2014 |
1,700,000,000.00 |
ING VYSYA BANK LIMITED |
22 ING VYSYA HOUSE M.G. ROAD, BANGALORE - 560001, KARNATAKA , INDIA |
C19023159 |
|
8 |
10503165 |
09/06/2014 |
1,800,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001, MAHARASHTRA, INDIA |
C06727481 |
|
9 |
10460728 |
09/07/2014 * |
880,000,000.00 |
INDUSIND BANK LIMITED |
OLD NO. 115,116, NEW NO.34, G.N. CHETTY ROAD, TNAGAR, CHENNAI - 600017, TAMILNADU, INDIA |
C14949564 |
|
10 |
10121144 |
25/06/2012 * |
4,260,800,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SPENCER TOWERS I, GROUND FLOOR, 770 ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
B44001535 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
WEBSITE DETAILS:
PRESS RELEASE:
SEBI CHARGES
MURUGAPPA GROUP CHAIRMAN WITH INSIDER TRADING
May 22, 2015
MUMBAI: The Securities and Exchange Board of India has charged A Vellayan, chairman of the Murugappa Group, one of India's leading business conglomerates, and three other individuals with insider trading.
The regulator alleged that Vellayan had passed on unpublished price sensitive information pertaining to the acquisition of Sabero Organic Gujarat by group entiry, Coromandel International to some individuals who traded in the shares of Sabero on the basis of that information. The regulator has directed the individuals and entities to surrender unlawful gains along with interest, a total amount of Rs 21.500 Million.
Sebi has also named Gopalkrishanan C, V Karuppiah and A R Murugappan as the other suspects in the insider trading case. Karuppiah is the son-in-law of Murugappan. Vellayan's grandfather is the brother of Murugappan's mother.
Sebi has examined the events of the period of May 15, 2011 to June 15, 2011 based on complaints.
Sabero shares rose from Rs 57.80 as on May 13 to Rs 126.45 on June 15, 2011 after touching a high of Rs 130.90 on June 14 on the NSE.
The regulator alleged that Gopalkrishanan had purchased Rs.0.319 Million shares of Sabero for Rs 27.200 Million. Sebi said he had not traded in any other scrip other than Sabero in that period. The market regulator's investigation revealed that Gopalkrishanan received Rs.10.000 Million from Subramaniam M, son of Murugappan (one of the three accused in the case), which was used for acquiring the shares on the same day (May 28, 2011). Subramaniam M had received the same amount from Murugappan on the same day.
"It is important to note that all these transactions had taken place on a single dayi.e May 28, 2011" Sebi said in an order posted on its website on Thursday. After 24 days, Gopalkrishanan sold Sabero shares and paid Rs10.200 Million to Subramanian. Sebi alleged that Gopalkrishnan had traded in the shares of Sabero, which were valued at Rs.67.400 Million when sold, making gains of Rs.13.000 Million.
Similarly, V Karuppian, son-in law of A R Murugappan, also traded in the shares of Sabero and made a gain of about Rs.1.593 Million.
Sebi alleged that the trading pattern of both Gopalkrishanan C and V Karuppiah was unusual compared to their regular pattern.
In his submission to Sebi, Gopalkrishanan said he had received the amount from Subramaniam for the sale of his flat in Chennai, which could not be effected. "..........Mr. A. Vellayan and Mr. A.R. Murugappan were sharing personal relationship and in all possibilities communicated the UPSI (unpublished price sensitive information) to Mr. A.R. Murugappan, which was shared to Mr. Gopalkrishanan C. Mr. A.R.Murugappan in his statement.. has also confirmed that Mr. V. Karuppiah is his son-in-law," the regulator said.
"..the funding to Mr. Gopalkrishnan C. through layered transactions by person connected with the Chairman of Coromandel, prima facie it appears that the trading by Mr. Gopalkrishnan C. was based on the knowledge of UPSI. Further, the trading of V. Karuppiah also appear to be based on the knowledge of UPSI.. it appears that the UPSI had passed on from Mr.A. Vellayan and Mr. A.R. Murugappan," Sebi said.
The regulator said it may initiate further action against the entities after completion of investigation and will issue show-cause notices to them.
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.64.81 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.73.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
--- |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
42 |
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.