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MIRA INFORM REPORT
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Report No. : |
503787 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CHEMPLAST SANMAR LIMITED [w.e.f.28.09.1995] |
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Formerly Known
As : |
CHEMICALS AND PLASTICS INDIA LIMITED [w.e.f.15.05.1992] URETHANES INDIA LIMITED |
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Registered
Office : |
9, Cathedral Road, Chennai – 600086, Tamilnadu |
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Tel. No.: |
91-44-28128500/ 28128722 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
13.03.1985 |
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Com. Reg. No.: |
18-011637 |
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Capital
Investment / Paid-up Capital : |
INR 800.000 Million |
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CIN No.: [Company Identification
No.] |
U24230TN1985PLC011637 |
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IEC No.: [Import-Export Code No.] |
0488016452 |
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TIN No.: |
33873241159 |
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GSTN : [Goods & Service Tax
Registration No.] |
33AAACC3000F1ZN |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC3000F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of PVC resins. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 12918000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject was incorporated in the year 1985. It is a subsidiary of
Sanmar Speciality Chemicals Limited. The company is a manufacturer of PVC resins. As per the financial of 2017, the company has earned a favourable growth
of 16.5% in its revenue as compared to the previous year’s revenue and has
achieved an average net profit margin of 5.03%. Rating takes into consideration the sound financial position marked by
strong net worth base along with acceptable debt level and comfortable
liquidity parameter. Rating also takes into consideration the company’s long established
track record. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
INDIA RATING |
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Rating |
Long term loans = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
06.04.2018 |
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Rating Agency Name |
INDIA RATING |
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Rating |
Short term loans = A1 |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
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Date |
06.04.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Satya Narayan Nayak |
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Designation : |
Company secretary |
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Contact No.: |
91-9840289174 |
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Date : |
14.04.2018 |
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-44-28128500/ 28128722 / 28128537 / 28118300)
LOCATIONS
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Registered / Corporate Office : |
9, Cathedral Road, Chennai - 600086, Tamilnadu, India |
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Tel. No.: |
91-44-28128500/ 28128722/ 28128537/ 28118300 / 28128514 |
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Fax No.: |
91-44-28111902/ 28112627/ 2811 4116 |
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E-Mail : |
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Website : |
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Factory 1 : |
Mettur Dam RS, Salem District - 636402, Tamilnadu, India |
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Tel. No.: |
91-4298-222304 |
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Fax No.: |
91-4298-230394 |
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Factory 2 : |
Raman Nagar PO, Mettur Dam - 636403, Tamilnadu, India |
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Tel. No.: |
91-4298-231980 / 230381 |
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Fax No.: |
91-4298-231986 / 230394 |
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E-Mail : |
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Factory 3 : |
SIPCOT Industrial Complex Phase II, Semmankuppam, Cuddalore - 607005, Tamilnadu, India |
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Tel. No.: |
91-4142-239280 |
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Fax No.: |
91-4142-239281 |
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Factory 4 : |
Melavanjore Village, T.R. Pattinam Panchayat, Nagore - 611002, Pondicherry [U.T.], India |
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Tel. No.: |
91-4365-256475 |
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Fax No.: |
91-4365-256473 |
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Factory 5 : |
Kadampuliyur PO, Panruti Taluk, Cuddalore District - 607103, Tamilnadu, India |
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Tel. No.: |
91-4142-249101 |
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Fax No.: |
91-4142-249102 |
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Factory 6 : |
Sethu Rastha, Vedaranyam - 614810, Tamilnadu, India |
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Tel. No.: |
91-4369-250228 |
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Fax No.: |
91-4369-250418 |
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Sales/ Branch Offices : |
Located at: · Hyderabad · Mumbai · New Delhi · Kochi · Pune · Kolkata |
DIRECTORS
AS ON 31.03.2017
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Name : |
Pavatta Kubi Sundaresan Jayaraman |
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Designation : |
Whole-time director |
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Address : |
Flat No.B-2, "Ashok Aishwaryam", New No.13 (Old No.3),
Habibullah Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
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Date of Birth/Age : |
08.05.1950 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
01.09.2000 |
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PAN No.: |
AANPJ1076E |
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DIN No.: |
00011108 |
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Other Directorship:
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Name : |
Mr. Sankaran Subbaiah |
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Designation : |
Director |
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Address : |
2/1, IV Street, Balaji Nagar, Chennai - 600014, Tamilnadu, India |
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Date of Appointment : |
17.05.2016 |
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DIN No.: |
00009172 |
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Other Directorship:
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Name : |
Mr. Sankara Venkitasubra Mony |
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Designation : |
Director |
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Address : |
B-201, "The Atrium", 149 Kalakshetra Road, Thiruvanmiyur,
Chennai - 600041, Tamilnadu, India |
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Date of Birth/Age : |
06.10.1937 |
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Qualification : |
B Sc (Hons) FCII (London) |
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Date of Appointment : |
16.01.2006 |
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DIN No.: |
00013645 |
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Other Directorship:
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Name : |
Krishnaswamy Parthasarathy |
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Designation : |
Director |
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Address : |
New No.348/8, Old No.243/8, TTK Road, Chennai - 600018, Tamilnadu,
India |
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Date of Birth/Age : |
31.01.1939 |
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Qualification : |
Commerce Graduate |
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Date of Appointment : |
29.09.2015 |
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DIN No.: |
00022559 |
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Other Directorship:
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Name : |
Lavanya Venkatesh |
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Designation : |
Director |
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Address : |
Old No 16C, New No 13 Ranjith Road, Kotturpuram, Chennai - 600085,
Tamilnadu, India |
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Date of Birth/Age : |
25.11.1970 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
29.09.2015 |
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DIN No.: |
07191585 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Meenakshisundaram Chandrasekar |
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Designation : |
Chief Financial Officer |
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Address : |
7B, IRIS Block, Tivoli, Gardens No 3, Arunachalam Road,
Saligramam, Chennai - 600093, Tamilnadu, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
17.05.2016 |
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PAN No.: |
AAFPC7496M |
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Name : |
Mr. Satya Narayan Nayak |
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Designation : |
Company Secretary |
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Address : |
Old No 22A, New No 9, Vannier, 2nd Street,
Choolaimedu, Chennai - 600094, Tamilnadu, India |
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Date of Birth/Age : |
05.06.1979 |
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Qualification : |
ACS |
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Date of Appointment : |
01.06.2016 |
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PAN No.: |
AECPN2021E |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Muralidharan N C/O Sanmar Speciality Chemicals Limited, India |
1 |
|
SHL Securities Alpha Limited |
1068170 |
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Sanmar Foundries Limited |
97900 |
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SCL Property Holdings Limited |
32930 |
|
Asahi India Glass Limited |
267000 |
|
Appu Hotels Limited |
89000 |
|
Ashok Leyland Limited |
356000 |
|
Ashley Alteams India Limited |
89000 |
|
Venkatasubramanian K C/O Sanmar Speciality Chemicals Limited, India |
1 |
|
Raman M C/O Sanmar Speciality Chemicals Limited, India |
1 |
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Sriram P V C/O Sanmar Speciality Chemicals Limited, India |
1 |
|
Satya Narayan Nayak C/O Sanmar Speciality Chemicals Limited, India |
1 |
|
Sanmar Speciality Chemicals Limited, India |
77999995 |
|
Total |
80000000 |
AS ON 27.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Bodies corporate |
97.50 |
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Public/Other than promoters - Bodies corporate |
2.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of PVC resins. [Registered Activity] |
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Products / Services
: |
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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 : |
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 denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S.R Batliboi and Associates Chartered Accountants |
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Address : |
Tidel Park, 6th and 7th Floor, A Block (Module 601 701-702) No 4, Rajiv Gandhi Salai, Taramani, Chennai - 600113, Tamilnadu, India |
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PAN No.: |
AABFS3421N |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
CIN No.: U65993TN1979PLC007711
CIN No.:U24299TN1982PLC009443 |
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Associates : |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
AS ON 27.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
INR 10/- each |
INR 2000.000 Million |
|
3500000 |
Preference Shares |
INR 100/- each |
INR 350.000 Million |
|
|
Total |
|
INR 2350.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 10/- each |
INR 800.000 Million |
|
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|
|
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FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
800.000 |
800.000 |
800.000 |
|
(b) Reserves and Surplus |
2471.233 |
1010.801 |
191.964 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
1250.000 |
1250.000 |
1250.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4521.233 |
3060.801 |
2241.964 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2395.871 |
2986.845 |
3794.398 |
|
(b) Deferred tax liabilities (Net) |
582.318 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
611.819 |
334.276 |
264.540 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3590.008 |
3321.121 |
4058.938 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1309.951 |
3450.464 |
1698.528 |
|
(b) Trade
payables |
10678.575 |
7899.305 |
9984.149 |
|
(c) Other
current liabilities |
2425.349 |
1665.336 |
2368.185 |
|
(d) Short-term
provisions |
202.227 |
138.605 |
74.383 |
|
Total Current
Liabilities (4) |
14616.102 |
13153.710 |
14125.245 |
|
|
|
|
|
|
TOTAL |
22727.343 |
19535.632 |
20426.147 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10666.384 |
11070.769 |
11541.352 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
60.776 |
86.428 |
105.806 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.000 |
7.500 |
7.500 |
|
(c) Deferred tax assets (net) |
0.000 |
454.900 |
943.300 |
|
(d)
Long-term loans and advances |
457.969 |
223.581 |
230.339 |
|
(e) Other
Non-current assets |
23.345 |
29.624 |
44.845 |
|
Total Non-Current
Assets |
11214.474 |
11872.802 |
12873.142 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6071.810 |
2421.446 |
0.000 |
|
(b)
Inventories |
3295.794 |
1773.434 |
1576.685 |
|
(c) Trade
receivables |
735.077 |
757.841 |
1058.813 |
|
(d) Cash and
bank balances |
622.336 |
1578.972 |
3412.661 |
|
(e)
Short-term loans and advances |
767.620 |
895.463 |
1241.913 |
|
(f) Other
current assets |
20.232 |
235.674 |
262.933 |
|
Total
Current Assets |
11512.869 |
7662.830 |
7553.005 |
|
|
|
|
|
|
TOTAL |
22727.343 |
19535.632 |
20426.147 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
29030.161 |
24929.731 |
26433.623 |
|
|
Other Income |
280.212 |
199.268 |
267.794 |
|
|
TOTAL |
29310.373 |
25128.999 |
26701.417 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
18135.968 |
15673.976 |
17981.263 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(390.720) |
57.151 |
(13.700) |
|
|
Employee benefit expense |
896.509 |
816.593 |
791.637 |
|
|
CSR expenditure |
12.964 |
0.000 |
0.000 |
|
|
Other expenses |
5614.416 |
4878.481 |
6092.526 |
|
|
Extraordinary items before tax |
213.962 |
0.000 |
0.000 |
|
|
TOTAL |
24483.099 |
21426.201 |
24851.726 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4827.274 |
3702.798 |
1849.691 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
719.244 |
1625.015 |
1629.267 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4108.030 |
2077.783 |
220.424 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
687.198 |
649.486 |
571.755 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
3420.832 |
1428.297 |
(351.331) |
|
|
|
|
|
|
|
Less |
TAX |
1960.400 |
609.460 |
(96.360) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1460.432 |
818.837 |
(254.971) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
12.554 |
15.455 |
7.810 |
|
|
TOTAL EARNINGS |
12.554 |
15.455 |
7.810 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
17215.945 |
14894.384 |
17042.721 |
|
|
Components and spare
parts |
1563.221 |
1251.700 |
1176.972 |
|
|
Capital Goods |
85.865 |
53.901 |
52.671 |
|
|
TOTAL IMPORTS |
18865.031 |
16199.985 |
18272.364 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
18.28 |
10.26 |
(3.19) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
640.000 |
818.688 |
1273.564 |
|
Net cash flows from (used in) operations |
7079.103 |
1821.802 |
1135.964 |
|
Net cash flows from (used in) operating activities |
6491.303 |
1764.964 |
1128.299 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
9.24 |
11.10 |
14.62 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
39.49 |
32.90 |
24.97 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
214.91 |
183.95 |
202.67 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.46 |
2.09 |
1.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.45 |
0.33 |
0.16 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.78 |
0.87 |
0.94 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.96 |
2.37 |
3.02 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.23 |
4.30 |
6.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.37 |
3.65 |
5.20 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.71 |
2.28 |
1.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
5.03 |
3.28 |
(0.96) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.43 |
4.19 |
(1.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
32.30 |
26.75 |
(11.37) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.79 |
0.58 |
0.53 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.56 |
0.45 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.20 |
0.16 |
0.11 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.43 |
9.07 |
8.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.79 |
0.58 |
0.53 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
800.000 |
800.000 |
800.000 |
|
Reserves & Surplus |
191.964 |
1010.801 |
2471.233 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
1250.000 |
1250.000 |
1250.000 |
|
Net
worth |
2241.964 |
3060.801 |
4521.233 |
|
|
|
|
|
|
Long-term borrowings |
3794.398 |
2986.845 |
2395.871 |
|
Short term borrowings |
1698.528 |
3450.464 |
1309.951 |
|
Current maturities of
long-term debts |
1273.564 |
818.688 |
640.000 |
|
Total
borrowings |
6766.490 |
7255.997 |
4345.822 |
|
Debt/Equity
ratio |
3.018 |
2.371 |
0.961 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
26433.623 |
24929.731 |
29030.161 |
|
|
|
(5.689) |
16.448 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
26433.623 |
24929.731 |
29030.161 |
|
Profit/ (Loss) |
(254.971) |
818.837 |
1460.432 |
|
|
(0.96%) |
3.28% |
5.03% |
LEGAL
CASE
|
|
|
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
No |
|
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 |
OPERATIONS
PVC BUSINESS
During the year, domestic demand for suspension resin grew at 8% compared to the 10% growth seen in the previous year. The suspension resin, which registered a sharp increase of 19% growth in the half year Apr-Sep 2016, hit a roadblock in the second half of the year due to the temporary impact of demonetisation. During the year, the division registered a good improvement in margins due to strong PVC prices, especially in the first 6 months. India being the fastest growing PVC market, continued to see significant interest from PVC suppliers around the world.
PVC Paste demand grew at about 3% during the year. This is slightly below the 5% seen in the previous year. PVC Paste also registered excellent margins on the back of good demand and soft feedstock prices during the year. As in Suspension PVC market, in paste PVC also, India continued to be the focus area for imports from the rest of the world.
CHLOROCHEMICAL
BUSINESS
During the year, the domestic demand was weak for Methylene Di Chroride (MDC) and Chloroform. Higher MDC imports into India resulted in increased stocks with domestic producers. Weak demand in Pharmaceutical sector pulled our MDC realisations down. Better distribution and focus in pharmacopeia grades of MDC in drums insulated us from huge price erosion. Demand for chloroform was subdued in the Pharmaceutical industry but Trichloromethane demand gained momentum in adhesives and footwear segments. Imports in bulk from Korea and packed material from Russia continued to be dumped into India.
Caustic soda prices in the Asian region were at USD 420-480 per MT CFR. There was a reduction in imports from China on account of anti-dumping duty. Chlorine prices remained positive in the spot market in South India.
The demand for HCFC 22 picked up in both OE and replacement sector. International price of R 22 increased by 40% due to higher Fluorspar price and environment issues in China. With the export prices continuing to be unviable, the company scaled down its operating rate to meet only domestic sales
AWARDS
The Directors are pleased to report that during the year, the company received the following key awards/recognitions:
1. FICCI chemical and Petrochemical award for efficiency in energy usage in petroleum sector - 2016
2. FICCI chemical and Petrochemical award for efficiency in water usage in petroleum sector - 2016
3. Safety Appreciation Award - 2015 by National Safety Council of India - Chemplast Plant III Mettur.
4. State level Health & Safety Awards by NSC (Tamilnadu Chapter) - Star Award - Plant II and Plant III, Mettur.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
58 |
A10963619 |
80019424 |
HDFC Bank Limited |
19/05/2006 |
- |
05/02/2007 |
300000000.0 |
Mariam Centre, 751 B, Anna Salai, Chennai-600002, Tamilnadu, India |
|
57 |
A10963783 |
80019619 |
HDFC Bank Limited |
04/02/2003 |
- |
05/02/2007 |
150000000.0 |
Mariam Centre, 751 B, Anna Salai, Chennai-600002, Tamilnadu, India |
|
56 |
A10963718 |
80019607 |
HDFC Bank Limited |
28/07/2004 |
- |
05/02/2007 |
50000000.0 |
Mariam Centre, 751 B, Anna Salai, Chennai-600002, Tamilnadu, India |
|
55 |
A20289377 |
80019636 |
GE Capital Service India |
05/04/2004 |
19/06/2004 |
25/07/2007 |
200000000.0 |
AIFACS Building, 1 Rafi Marg, New Delhi-110001, India |
|
54 |
A31654270 |
80019641 |
State Bank of India |
12/06/2004 |
10/01/2005 |
01/02/2008 |
750000000.0 |
149, Greams Road, Chennai-600006, Tamilnadu, India |
|
53 |
A44972933 |
80019595 |
Housing Development Finance Corporation Limited |
03/04/2002 |
- |
09/09/2008 |
400000000.0 |
Ramon House, 169, Backbay Reclamation, Mumbai-400020, Maharashtra, India |
|
52 |
A56408271 |
80019590 |
Housing Development Finance Corporation Limited |
04/08/2003 |
- |
17/02/2009 |
400000000.0 |
Ramon House, 169, Backbay Reclamation, Mumbai-400020, Maharashtra, India |
|
51 |
A69936060 |
10131377 |
BANK OF INDIA |
11/11/2008 |
- |
03/09/2009 |
500000000.0 |
Chennai Corporate Banking Branch, IV Floor, Tarapore Towers, 826 Anna Salai, Chennai-600002, Tamilnadu, India |
|
50 |
A73016479 |
80019624 |
Indian Overseas Bank |
17/04/2003 |
22/08/2007 |
22/10/2009 |
200000000.0 |
Commercial and Institutional Credit Branch, 98A, Dr. Radhakrishnan Salai, Chennai-600004, Tamilnadu, India |
|
49 |
A85901353 |
80015837 |
ICICI BANK LIMITED |
28/03/2006 |
01/11/2006 |
13/05/2010 |
110000000.0 |
110, Prakash Presidiumnungambakkam, Chennai-600034, Tamilnadu, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
533.978 |
565.837 |
|
Other money for which company is contingently liable |
0.000 |
8.610 |
|
Total |
533.978 |
574.447 |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Furniture and Fixture
- Office equipment
- Computer
- Vehicles
Intangible Asset:
- 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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
|
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.