MIRA INFORM REPORT

 

 

Report No. :

342605

Report Date :

28.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NIRMA LIMITED

 

 

Registered Office :

Nirma House, Ashram Road, Ahmedabad – 380009, Gujarat

Tel. No.:

91-79-27546565

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

25.02.1980

 

 

Com. Reg. No.:

04-003670

 

 

Capital Investment / Paid-up Capital :

Rs. 1005.600 Million

 

 

CIN No.:

[Company Identification No.]

U24240GJ1980PLC003670

 

 

IEC No.:

0888005580

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMN00409D

 

 

PAN No.:

[Permanent Account No.]

AAACN5350K

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Seller of Synthetic Detergents, Soaps, Chemicals and Allied Products.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (74)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject was promoted by Mr. Karsanbhai K Patel in 1980 to manufacture detergents and has expanded its operations to soaps, chemicals, pharmaceuticals, allied products, and processing of minerals over the years. It is among the largest soda ash manufacturers in India and the seventh largest globally.

 

For the financial year ended 2014, company achieved 93.61% growth in its revenue profile and maintained decent profitability margins at 9.37% during the year under a review.

 

Rating continue to reflect company’s established marked position in the domestic soda ash and detergent (S and D) businesses supported by high backward integration in operation and healthy financial profile of the company.

 

Rating strengths are partially offset by the company’s exposure to intensifying competition in the S and D business, and the early stage of operations of the cement business.

 

Trade relations are reported as fair. Payments are reported to be regular and as per commitment.

 

In view of aforesaid, the company can be considered good for normal business dealings at usual 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

CRISIL

Rating

Long Term Rating = AA

Rating Explanation

High degree of safety and very low credit risk.

Date

25.07.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

25.07.2014

 

 

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 DECLINED BY

 

Name :

Mr. Akhil Maheshwar

Designation :

General Manager

Contact No.:

91-79-27546565

Date :

24.09.2015

 

 

LOCATIONS

 

Registered/ Corporate Office :

Nirma House, Ashram Road, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-27546565/ 74

Fax No.:

91-79-27546603/ 05/ 01

E-Mail :

nirma_corporate@nirma.co.in

info@nirma.co.in

sec_nirma@nirma.co.in

Website :

http://www.nirma.co.in

 

 

Factoris:

·         Block No. 16/B, Ahmedabad Mehsana Highway, P.O. Mandali, District Mehsana - 382732, Gujarat, India

 

·         Village Moraiya, Post Chacharwadi Vasna, Near Modern Denim Bavla Road, Taluka: Sanand, District Ahmedabad - 382213, Gujarat, India

 

·         Alindra Detergent Complex, P. O. Alindra, Taluka Savli, District Baroda - 391775, Gujarat, India

 

·         Bhavnagar Chemical Complex, P.O. Kalatalav, District Bhavnagar - 364313, Gujarat, India

 

·         Wind Farm Project at Survey No. 691, Village Dhank, Taluka Upleta, District Rajkot, Gujarat, India

 

·         Nirlife Pharma Complex, Survey No. 358-369, Village Sachana, Taluka Viramgam, District Ahmedabad - 382150, Gujarat, India

 

 

DIRECTORS

 

AS ON 26.06.2014

 

Name :

Mr. Pankaj Ramanbhai Patel

Designation :

Director

Address :

16 Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

16.03.1953

Date of Appointment :

25.09.2007 

DIN No.:

00131852

 

 

Name :

Mr. Kaushikbhai Nandubhai Patel

Designation :

Director

Address :

B No.5 Tapas Bunglow Vijay Bapunagar Society Near Setu Bunglow Opposite Tivera –II, Vejalpur, Ahmedabad -380051, Gujarat, India

Date of Birth/Age :

02.12.1955

Date of Appointment :

06.06.2002

DIN No.:

00145086

 

 

Name :

Mr. Hiren Karsanbhai Patel

Designation :

Director

Address :

Nima Farm Opposite YMCA Club Sarkhej Ahmedabad  - 380054, Gujarat, India

Date of Birth/Age :

29.07.1973

Date of Appointment :

01.05.2011

Voter ID No.:

LPZ4117149

DIN No.:

00145149

 

 

Name :

Mr. Vijaykumar Ratilal Shah

Designation :

Additional Director

Address :

12, Suyog Bunglows, Auda Garden, Char Rasta, Prahlad Nagar, Vejalpur, Ahmedabad, 380051, Gujarat, India

Date of Appointment :

05.03.2015

DIN No.:

00376570

 

 

Name :

Mr. Rajendrabhai Dahyabhai Shah

Designation :

Director

Address :

15 Nilima Park, Society Navarangpura, Ahmedabad – 380009, Gujarat,  India

Date of Birth/Age :

29.04.1934

Date of Appointment :

22.12.1994

Voter ID No.:

GJ\11\068\090145

DIN No.:

00386161

 

 

Name :

Mr. Karsanbhai Khodidas Patel

Designation :

Chairman

Address :

Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road, Ahmedabad -380054, Gujarat, India

Date of Birth/Age :

07.01.1944

Date of Appointment :

25.02.1980

Voter ID No.:

LPZ4110078

DIN No.:

00404099

 

 

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402 Heritage Cresent B/H Prahlad Nagar Garden S G Highway Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

06.06.2002

DIN No.:

00558310

 

 

 

 

Name :

Mr. Rakesh Karsanbhai Patel

Designation :

Vice Chairman

Address :

Nima Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road, Ahmedabad - 380054, Gujarat, India

Date of Birth/Age :

18.07.1972

Date of Appointment :

04.02.1997

Voter ID No.:

GJ\11\064\0603732 

DIN No.:

00760023

 

 

Name :

Mr. Shailesh Valjibhai Sonara

Designation :

Whole Time Director

Address :

F/ 1, Shivani Flats Opposite Azad Society Road, B/H Sahjanand Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

18.10.1946

Date of Appointment :

30.09.2013

DIN No.:

06592025

 

 

Name :

Purvi Anantanand Pokhariyal

Designation :

Additional Director

Address :

A/3 Vrajnandan Bunglows-2, N/r Kabir Enclave, Arohi Club Road, Bopal, Ahmedabad, 380058, Gujarat, India

DIN No.:

07116166

 

 

KEY EXECUTIVES

 

Name :

Mr. Paresh Sheth

Designation :

Company Secretary

Address :

48 Lad Society Vastrapur Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

25.10.1962

Date of Appointment :

06.09.2006

PAN No.:

AEAPS2375C

Voter ID No.:

GJ\11\064\0351075

 

 

Name :

Mr. Rajendra Jayendrarai Joshipara

Designation :

Chief Finance Officer

Address :

401,Rajvi-Rajvansh Co-Operative Society, Bodakdev, Ahmedabad, 380015, Gujarat, India

Date of Appointment :

30.09.2014

PAN No.:

AARPJ9849H

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 26.06.2014

 

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

 

AS ON 26.06.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

13.20

Directors or relatives of directors

86.80

Total

 

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of Synthetic Detergents, Soaps, Chemicals and Allied Products.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Synthetic Detergents

34029001

Toilet Soap

34011103

Soda ash

28862009

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

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

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Bank of Baroda

Gandhi Road Branch, Gandhi Road, Ahmedabad - 380001, Gujarat, India

 

·         State Bank of India

58, Shrimali Society, Navarangpura, Ahmedabad - 380009, Gujarat, India

 

·         IDBI Trusteeship Services Limited

Asian Building., Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India

 

·         Bank of India

·         HDFC Bank Limited

·         Credit Lyonnais

·         ANZ Grindlays Bank Limited

·         Axis Bank Limited

·         The Kalupur Commercial Cooperative Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

External commercial borrowings (ECBs)

0.000

1537.900

Non-convertible debentures banks

1000.000

0.000

Non-convertible debentures others

2000.000

0.000

SHORT TERM BORROWINGS

 

 

Rupee Loan

 

 

Overdraft accounts

0.100

40.700

Term loans

0.000

2400.000

Working capital loans from bank

6652.500

2936.500

 

 

 

Total

9652.600

6915.100

 

SHORT TERM BORROWINGS

 

  1. The Short term loans and credit facilities from Banks are secured on parri-passu basis, by first charge, by way of hypothecation of specified stock of raw materials, stock in process, finished goods, other merchandise being movable, book debts, both present and future and by way of second charge on specified fixed assets, both present and future, of the Company. Effective cost of the above bank loan is in the range of 8% to 13% p.a.

 

  1. Overdraft facility Rs.0.100 Million is secured by lien of Fixed deposit of Rs. 20 Million (P.Y. Outstanding working capital facilities from banks part of cash credit facility Rs. 0.200 Million was secured by lien of fixed deposit of Rs.1.500 Million and overdraft facility Rs. 40.700 Million was secured by lien of fixed deposit of ` 100.000 Million).

 

  1. Effective cost of unsecured loan is in range of 8% to 10% p.a.

 

Auditors :

 

Name :

Hemanshu Shah and  Company

Chartered Accountants

Address :

A/46, 3rd Floor, Nobles, Opposite Nehru Bridge, Ashram Road, Ahmedabad - 380009, Gujarat, India

Tel. No.:

91-79-26584250

Fax No.:

91-79-26589463

E-Mail :

hcshah25@gmail.com

Income-tax PAN of auditor or auditor's firm :

ACVPS6966N

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiaries of the Company: (wholly owned) :

Direct Holding

 

·         Karnavati Holdings Inc. USA

·         Nirlife Mexico, SA DE C.V

·         Siddhi Vinayak Cement Private Limited

 

Indirect Holding

 

·         Searles Valley Minerals Inc. (SVM), USA (Wholly owned subsidiaries of Karnavati Holding Inc. USA).

·         Searles Domestic Water Company LLC

·         Trona Railway Company LLC

·         Searles Valley Minerals Europe ( Wholly owned by SVM)

 

 

Associates Entities:

·         Kargil Holdings Private Limited

·         Uri Holdings Private Limited

·         Leh Holdings Private Limited

·         Banihal Holdings Private Limited

·         Kulgam Holdings Private Limited

·         Nirma Credit and Capital Private Limited

·         Nirma Industries Private Limited

·         Nirma Chemical Works Private Limited

·         Baeurer Infotech Limited

·         Mahuva Port and Infrastructure Private Limited

·         Kanak Castor Products Private Limited

·         Navin Detergent Private Limited

·         Navin Overseas FZC

·         Nirma Education and Research Foundation

·         Nirma University, Nirma Labs

·         Trona Export Terminals LLC, USA

·         FRM Trona Fuels LLC, USA.

 

 

CAPITAL STRUCTURE

 

AFTER 26.06.2014

 

Authorised Capital : Rs. 7755.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 878.669 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

231,000,000

Equity Shares

Rs. 5/- each

Rs. 1155.000Million

1,000,000

Preference Shares

Rs. 100/- each

Rs. 100.000 Million

250,000,000

Preference Shares

Re. 1/- each

Rs. 250.000 Million

 

Total

 

Rs. 1505.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

151702578

Equity Shares

Rs.5/- each

Rs.758.512 Million

247080232

6% Redeemable non-Cumulative Non-Convertible Preference Shares

Re.1/- each

Rs.247.080 Million

 

Total

 

Rs.1005.600 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

1005.600

1042.800

1042.800

(b) Reserves & Surplus

30705.900

28488.100

26666.300

(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)

31711.500

29530.900

27709.100

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

7607.000

8605.200

9091.300

(b) Deferred tax liabilities (Net)

3265.400

3685.200

3458.600

(c) Other long term liabilities

1206.900

1316.300

1159.500

(d) long-term provisions

312.800

288.900

276.900

Total Non-current Liabilities (3)

12392.100

13895.600

13986.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

10304.000

6783.100

4278.200

(b) Trade payables

2191.500

2470.300

2909.500

(c) Other current liabilities

5538.100

4579.700

4770.200

(d) Short-term provisions

84.400

73.200

68.600

Total Current Liabilities (4)

18118.000

13906.300

12026.500

 

 

 

 

TOTAL

62221.600

57332.800

53721.900

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

20020.400

20274.500

21134.600

(ii) Intangible Assets

40.900

356.900

503.300

(iii) Capital work-in-progress

1717.300

2723.600

2051.100

(iv) Intangible assets under development

0.000

0.000

55.800

(b) Non-current Investments

9552.100

9537.300

9537.300

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9526.600

4291.300

453.300

(e) Other Non-current assets

44.500

69.600

28.200

Total Non-Current Assets

40901.800

37253.200

33763.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

220.000

(b) Inventories

10506.800

10452.300

10191.100

(c) Trade receivables

4876.200

5611.300

4881.100

(d) Cash and cash equivalents

406.800

219.500

327.800

(e) Short-term loans and advances

5424.200

3697.300

4179.500

(f) Other current assets

105.800

99.200

158.800

Total Current Assets

21319.800

20079.600

19958.300

 

 

 

 

TOTAL

62221.600

57332.800

53721.900

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

42831.300

22234.300

62315.800

 

 

Other Income

1588.000

708.600

584.900

 

 

TOTAL                                     (A)

44419.300

22942.900

62900.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

16847.000

8629.000

26826.600

 

 

Purchases of stock-in-trade

279.000

230.700

1039.500

 

 

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

(684.100)

(386.800)

(883.200)

 

 

Employee benefits expense

2465.400

1214.200

3215.100

 

 

Exceptional items

0.000

0.000

(20.300)

 

 

Other expenses

17186.100

8659.500

23057.400

 

 

TOTAL                                     (B)

36093.400

18346.600

53235.100

 

 

 

 

 

 

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

8325.900

4596.300

9665.600

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

1717.700

737.100

1902.400

 

 

 

 

 

 

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

6608.200

3859.200

7763.200

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

2752.600

1396.300

4258.600

 

 

 

 

 

 

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

3855.600

2462.900

3504.600

 

 

 

 

 

Less

TAX                                                                  (H)

(156.400)

724.200

4115.800

 

 

 

 

 

 

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

4012.000

1738.700

(611.200)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

2045.200

692.100

1585.200

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transferred to Debenture Redemption Reserve

945.500

385.600

281.900

 

BALANCE CARRIED TO THE B/S

945.500

2045.200

692.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

2062.800

1307.100

5330.100

 

 

Interest

0.300

0.100

4.300

 

 

Commission

0.900

5.100

37.800

 

 

Others

0.000

0.000

0.000

 

TOTAL EARNINGS

2064.000

1312.300

5372.200

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2532.500

998.800

3768.800

 

 

Stores & Spares

0.000

273.100

203.200

 

 

Capital Goods

588.400

66.000

638.600

 

TOTAL IMPORTS

3120.900

1337.900

4610.600

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

25.27

10.93

(3.84)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

3225.800

2923.700

2857.300

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operations

9534.200

3550.900

9079.700

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

9.37

7.82

(0.98)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

19.44

20.67

15.51

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.57

5.46

8.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.12

0.08

0.13

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.67

0.62

0.59

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

1.44

1.66

 

 

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

1042.800

1042.800

1005.600

Reserves & Surplus

26666.300

28488.100

30705.900

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

27709.100

29530.900

31711.500

 

 

 

 

Long-term borrowings

9091.300

8605.200

7607.000

Short term borrowings

4278.200

6783.100

10304.000

CURRENT MATURITIES OF LONG-TERM DEBTS

2857.300

2923.700

3225.800

Total borrowings

16226.800

18312.000

21136.800

Debt/Equity ratio

0.586

0.620

0.667

 

 

 

 

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

62315.800

22234.300

42831.300

 

 

(64.320)

92.636

 

 

 

 

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

62315.800

22234.300

42831.300

Profit

(611.200)

1738.700

4012.000

 

(0.98%)

7.82%

9.37%

 

 

 

 

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 812 of 2009

 

Status : PENDING

(Converted from :  ST/3668/2008)

CCIN No : 001092200900812

 

Next Listing Date: 26.10.2015

 

Coram: HONOURABLE MS.JUSTICE HARSHA DEVANI

        HONOURABLE MR.JUSTICE A.G.URAIZEE

 

S.No.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

S.No.

Name of the Respondant

Advocate On Record

1

NIRMA LIMITED

MR B S SOPARKAR for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 20.11.2008

Registered On

: 20.11.2008

Bench Category

: SINGLE BENCH

District

: AHMEDABAD

Case Originated From

:THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 9 Times

 

Stage Name

FOR FINAL HEARING

Classification

DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

 

Act

TAXATION LAWS (CONTINUATION AND VALIDATION OF RECOVERY PROCEEDINGS) ACT, 1964

Office Details

S.No.

FILING DATE

DOCUMENT NAME

ADVOCATE NAME

COURT FEE ON DOCUMENT

DOCUMENT DETAILS

1

20.11.2008

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MRS MAUNA M BHATT:1

2

14.05.2009

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MRS MAUNA M BHATT:1

3

28.01.2015

VAKALATNAMA

MR B S SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR B S SOPARKAR(6851) for R:1

Court Proceedings

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

1

23.08.2010

5

-

FOR REGULAR ADMISSION (SPL.)

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

2

10.12.2014

5

17

FOR FINAL HEARING

RULE/ADMIT

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

3

12.01.2015

3

87

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

4

03.02.2015

3

59

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

·         HONOURABLE MR.JUSTICE S.H.VORA

5

10.03.2015

4

66

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. JAYANT PATEL

·         HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE S.H.VORA

6

27.04.2015

4

64

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH

·         HONOURABLE MR.JUSTICE S.H.VORA

7

23.06.2015

51

30

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

·         HONOURABLE MR.JUSTICE M.R. SHAH and HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE S.H.VORA and HONOURABLE MR.JUSTICE A.G.URAIZEE and HONOURABLE MR.JUSTICE R.P.DHOLARIA

8

20.07.2015

17

58

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE THE ACTING CHIEF JUSTICE MR. VIJAY MANOHAR SAHAI

·         HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE A.G.URAIZEE and HONOURABLE MR.JUSTICE R.P.DHOLARIA

9

15.09.2015

7

86

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.J.DESAI and HONOURABLE MR.JUSTICE A.G.URAIZEE

10

26.10.2015

7

-

FOR FINAL HEARING

 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

            Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/812/2009

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE SMT. JUSTICE ABHILASHA KUMARI

23/08/2010

N

ORDER

-

Y

2

TAX APPEAL/812/2009

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

10/12/2014

N

ORDER

-

Y

 

Certified Copy

 

S. No.

Applicant Name

Application Type

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

25/08/2010

O/36135/2010

23/08/2010

27/08/2010

30/08/2010

Delivered

-

2

MRS MAUNA M BHATT

ORDINARY

11/12/2014

O/47077/2014

10/12/2014

15/12/2014

16/12/2014

Delivered

ORDER

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10545463

31/12/2014

4,000,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA

C41616228

2

10451080

08/04/2015 *

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA 
LLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA

C50050244

3

80018848

25/07/2015 *

11,100,000,000.00

BANK OF BARODA

CORPORATE FINANCIAL SERVICES BRANCH, FIRST FLOOR, BOB TOWERS, NEAR LAW GARDEN, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA

C59615807

 

* Date of charge modification

 

 

UNSECURED LOANS

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Debentures

0.000

1528.900

Deferred sales tax liability

0.400

0.400

Inter Corporate Deposit from Related Parties

4606.600

5538.000

 

 

 

SHORT TERM BORROWINGS

 

 

Loan from Directors

2713.300

543.500

Commercial Paper

0.000

383.200

Inter corporate deposits from related parties

938.100

479.200

 

 

 

Total

8257.800

8473.200

 

 

FINANCE

 

The business environment continued to remain challenging during the year. Despite this, the Company has comfortably placed itself to capitalize on the growth which was funded through accruals as well as short term and long term borrowings. The Company continues to focus in maintaining adequate liquid position to meet its strategic objectives. The Company has successfully reached the stage for completion of the Cement project through its subsidiary. Further, the entire External Commercial Borrowings and Unsecured Debentures have been fully repaid post completion of FY. As on March 31, 2014, Company’s total debt was at Rs. 21730.000 Million

 

BUSINESS OVERVIEW

 

The financial year was for the period of 12 months commencing from April 1, 2013 to March 31, 2014 as against 6 months of the previous year. Consequently the figures for current financial period are not comparable with those of the previous period.

 

OVERVIEW

 

In the financial year 2013-14, the Company continued its strong growth momentum on all key parameters.

 

On consolidated basis, the Company achieved Gross Revenue from Operations of Rs. 69700.000 Million for the financial year ended March 31, 2014.

 

The consolidated revenue mainly derives from Soaps and Surfactants, Process Minerals and Pharma. The earning before finance cost, taxes, depreciation and amortization (EBITDA) for the year stood at Rs. 10380.000 Million. The Company registered a net profit after tax of Rs. 5140.000 Million registering an impressive growth over the previous period despite the major cost elements of the Company continued their upward movement in the line with relatively stagnant economy and volatile foreign exchange rates.

 

On standalone basis, the Company recorded Gross Revenue from Operations of Rs. 47470.000 Million for the financial year ended on March 31, 2014 registering a moderate increase over the previous period on annualized basis. The earning before finance cost, depreciation and amortization expense (EBITDA) was at Rs. 8330.000 Million. The total operating expenses including finance cost was at Rs.37810.000 Million as a percentage of gross sale, it was 80%.

 

The Company registered net profit of Rs. 4010.000 Million for the financial year. The networth of the Company stood at Rs. 27830.000 Million as of March 31, 2014.

 

 

FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land (Permanent)

·         Building

·         Plant and Equipment’s

·         Furniture and fittings

·         Office Equipment’s

·         Vehicles

·         Goodwill

·         Goodwill on Amalgamation

·         Trademarks

·         Licence Fees

·         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, India Prisons Service, Interpol, etc.

 

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.66.10

UK Pound

1

Rs.100.89

Euro

1

Rs.73.96

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

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

 

74

 

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.