|
|
|
MIRA INFORM REPORT
|
Report No. : |
490492 |
|
Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
RESINOVA CHEMIE LIMITED (w.e.f. 23.02.2016) |
|
|
|
|
Formerly Known
As : |
ADVANCED ADHESIVES LIMITED (w.e.f. 31.01.2011) ADVANCED ADHESIVES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
"Astral House", 207/1, B/H Raj Path Club, Off S.
G. Highway Ahmedabad – 380059, Gujarat |
|
Tel. No.: |
91-79-66212000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
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|
|
|
Date of
Incorporation : |
16.09.2009 |
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|
|
|
Com. Reg. No.: |
04-058120 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 2.939 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24295GJ2009PLC058120 |
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|
|
|
IEC No.: |
0809022974 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICA0151F |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of various types of Adhesive. (Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “Astral Poly Technik Limited. It is an established company incorporated in the year 2009 having good track records. It is engaged in manufacturing of adhesives that are used in construction, engineering, automobile, insulation, household, and stationary applications. For the financial year 2016, the company has reported decline in its revenue as compared to previous year and has incurred operational loss. The sound financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to debt free balance sheet profile. Rating takes into consideration strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strengths are partially offset by intensely competitive industry and exposure to volatility in raw material prices. Business is active. Payments seems to be usually correct. In view of aforesaid, the company can be considered normal for business dealings at usual trade terms and conditions. Note 1: In November 2014, Astral had acquired 76% stake in Resinova Chemie Limited (U24131GJ1995PLC084273). In November 2015, astral acquired the balance 24%. Subsequently in same month, Resinova Resinova Chemie Limited (U24131GJ1995PLC084273) was amalgamated with Advacned Adhesive Limited (AAL) with effect from November 21, 2014. As per scheme of Amalgamation the name Advanced Adhesive Limited (AAL) was changed to Resinova Chemie Limited (U24295GJ2009PLC058120) as on February 2016. Note 2: Note: As per Registrar of Companies, the date of balance
sheet i.e financials filed is shown as 31st March, 2017 but documents related
to the financials for the year 2017 are not available from any sources. |
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 = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
01.11.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
01.11.2017 |
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
31-03-2016.
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 06.02.2018
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
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-79-66212000
LOCATIONS
|
Registered / Corporate Office : |
"Astral House", 207/1, B/H Raj Path Club, Off S.
G. Highway Ahmedabad – 380059, Gujarat, India |
|
Tel. No.: |
91-79-66212000 |
|
Fax No.: |
91-79-66212121 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
1253, Near Shah Alloys, Santej-Nasmed Road, Santej, Kalol,
Gandhinagar - 382721, Gujarat, India |
|
|
|
|
Factory 2 : |
Block No. 2221/1, Near Shah Alloys, Santej Nasmed Road, District –
Gandhinagar, Gujarat |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sandeep Pravinbhai Engineer |
|
Designation : |
Director |
|
Address : |
22, Rambaug, FP No.712, Survey No.713/3, Near Springvalley, Behind Karnavati Club, Mohmadpura Road, SG Highway, Ahmedabad - 380058, Gujarat, India |
|
Date of Birth/Age : |
11.05.1961 |
|
Qualification : |
Chemical Engineer |
|
Date of Appointment : |
23.05.2016 |
|
PAN No.: |
AABPE1175D |
|
DIN No.: |
00067112 |
|
|
|
|
Name : |
Mr. Kairav Sandeep Engineer |
|
Designation : |
Director |
|
Address : |
22, Rambaug, FP No.712, Survey No.713/3, Near
Springvalley, Behind Karnavati Club, Mohmadpura Road, SG Highway, Ahmedabad -
380058, Gujarat, India |
|
Date of Birth/Age : |
26.11.1988 |
|
Qualification : |
Bachelor of Science in Management and Bachelor of Science in Industrial and Systems Engineering |
|
Date of Appointment : |
24.11.2012 |
|
DIN No.: |
03383621 |
|
|
|
|
Name : |
Mr. Narasinh Krishna Balgi |
|
Designation : |
Director |
|
Address : |
B-401, Sumadhur-II, Near Azad Society, Ambawadi, Ahmedabad – 380015, Gujarat,
India |
|
Date of Birth/Age : |
01.06.1943 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
07.09.2016 |
|
PAN No.: |
AACPB0958N |
|
Email : |
|
|
DIN No.: |
00163468 |
|
|
|
|
Name : |
Mr. Pradip Natvarlal Desai |
|
Designation : |
Director |
|
Address : |
434/5, Suwas Bunglow, Law Garden Road, Ellisbridge, Ahmedabad –
380006, Gujarat, India |
|
Date of Birth/Age : |
23.12.1951 |
|
Qualification : |
B.Sc (Physics) |
|
Date of Appointment : |
11.02.2016 |
|
PAN No.: |
AAQPD0142A |
|
Email : |
|
|
DIN No.: |
00336937 |
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|
|
|
Name : |
Mr. Vijay Suresh Parikh |
|
Designation : |
Managing Director |
|
Address : |
54/58, Nayaganj, Kanpur – 208001, Uttar Pradesh, India |
|
Date of Birth/Age : |
08.10.1960 |
|
Qualification : |
B.Tech (Chemical) |
|
Date of Appointment : |
11.02.2016 |
|
PAN No.: |
AGUPP2299L |
|
Email : |
|
|
DIN No.: |
00721950 |
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|
|
|
Name : |
Mr. Saumya Sandeep Engineer |
|
Designation : |
Director |
|
Address : |
22, Rambaug S. No.- 713/3, B/H Karnavati Club, S. G.
Highway, Makarba, Ahmedabad - 380058, Gujarat, India |
|
Date of Birth/Age : |
18.10.1991 |
|
Qualification : |
Bachelor of Science, Management |
|
Date of Appointment : |
09.09.2016 |
|
Email : |
|
|
PAN No.: |
AATPE3364Q |
|
DIN No.: |
03105129 |
|
|
|
|
Name : |
Monica Hemal Kanuga |
|
Designation : |
Director |
|
Address : |
8, Pritamnagar, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
07.09.1968 |
|
Qualification : |
CS, B.Com |
|
Date of Appointment : |
09.09.2016 |
|
PAN No.: |
ABOPK1202D |
|
DIN No.: |
06919996 |
|
|
|
|
Name : |
Mr. Rajesh Dwivedi |
|
Designation : |
Whole-time Director |
|
Address : |
280A, Allahpur, Allahabad
Sadar, Allahabad – 211006, Uttar
Pradesh, India |
|
Date of Birth/Age : |
24.10.1975 |
|
Qualification : |
MBA, LLB |
|
Date of Appointment : |
11.02.2016 |
|
PAN No.: |
AWQPD2741M |
|
Email : |
|
|
DIN No.: |
07310626 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep P. Engineer (Beneficial Owner : Astral Poly Technik Limited) |
|
1 |
|
Jagruti S. Engineer (Beneficial Owner : Astral Poly Technik Limited) |
|
1 |
|
Kairav S. Engineer (Beneficial Owner : Astral Poly Technik Limited) |
|
1 |
|
Saumya S. Engineer (Beneficial Owner : Astral Poly Technik Limited) |
|
1 |
|
Astral Poly Technik Limited, India |
|
286390 |
|
Rekha Bipin Mehta (Beneficial Owner : Astral Poly Technik Limited) |
|
1 |
|
Sandeep Engineer Jointly with Jagruti Engineer |
|
7500 |
|
Total |
|
293895 |
Equity Share Break up (Percentage of Total Equity)
As on 08.08.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
2.55 |
|
Promoter - Bodies
corporate |
97.45 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of various types of Adhesive. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
N. Gamadia and Company Chartered Accountants |
|
Address : |
410, 'Shail', Opposite Navrangpura Telephone Exchange, Near Madhusudan House, Off C.G. Road, Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFN6652G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
L25200GJ1996PLC029134 |
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Associate : |
U24110GJ1989PLC013044 |
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Fellow Subsidiary
Company : |
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|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
U24111UP1987PLC009107
|
CAPITAL STRUCTURE
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5750000 |
Equity Shares |
INR 10/- each |
INR 57.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
293895 |
Equity Shares |
INR 10/- each |
INR 2.939
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2.939 |
2.939 |
|
(b) Reserves & Surplus |
|
3000.646 |
3091.316 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3003.585 |
3094.255 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
4.650 |
3.250 |
|
(d) long-term provisions |
|
6.652 |
8.797 |
|
Total
Non-current Liabilities (3) |
|
11.302 |
12.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
162.006 |
|
(b) Trade payables |
|
356.052 |
223.336 |
|
(c) Other current liabilities |
|
73.130 |
69.995 |
|
(d) Short-term provisions |
|
6.925 |
0.786 |
|
Total
Current Liabilities (4) |
|
436.107 |
456.123 |
|
|
|
|
|
|
TOTAL |
|
3450.994 |
3562.425 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
439.972 |
331.531 |
|
(ii) Intangible Assets |
|
2075.004 |
2442.937 |
|
(iii) Capital work-in-progress |
|
68.258 |
28.372 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
22.910 |
(4.047) |
|
(d) Long-term Loan and Advances |
|
22.777 |
14.593 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
2628.921 |
2813.386 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
512.033 |
446.985 |
|
(c) Trade receivables |
|
161.569 |
175.651 |
|
(d) Cash and cash equivalents |
|
25.041 |
51.882 |
|
(e) Short-term loans and
advances |
|
121.436 |
74.466 |
|
(f) Other current assets |
|
1.994 |
0.055 |
|
Total
Current Assets |
|
822.073 |
749.039 |
|
|
|
|
|
|
TOTAL |
|
3450.994 |
3562.425 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
2739.241 |
1123.132 |
|
|
Other Income |
|
3.122 |
0.947 |
|
|
TOTAL
|
|
2742.363 |
1124.079 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
1479.620 |
558.494 |
|
|
Purchases of Stock-in-Trade |
|
2.711 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(11.064) |
56.607 |
|
|
Employees benefits expense |
|
217.544 |
72.691 |
|
|
Other expenses |
|
765.660 |
291.954 |
|
|
TOTAL |
|
2454.471 |
979.746 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
287.892 |
144.333 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
13.381 |
6.224 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
274.511 |
138.109 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
392.138 |
142.998 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(117.627) |
(4.889) |
|
|
|
|
|
|
|
Less |
TAX |
|
(26.957) |
(0.733) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(90.670) |
(4.156) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
43.604 |
47.760 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
|
(47.066) |
43.604 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
0.536 |
0.114 |
|
|
TOTAL
EARNINGS |
|
0.536 |
0.114 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
601.036 |
173.590 |
|
|
Capital Goods |
|
18.937 |
0.000 |
|
|
TOTAL
IMPORTS |
|
619.973 |
173.590 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
(308.51) |
(30.22) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Net cash flows from (used in) operations |
|
346.865 |
133.643 |
|
Net cash flow from operating activity |
|
324.365 |
84.707 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
|
21.53 |
57.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
|
16.95 |
6.39 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
|
87.67 |
145.96 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
|
0.56 |
0.32 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
|
0.11 |
0.05 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
|
0.13 |
0.13 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
|
0.00 |
0.05 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
|
0.15 |
0.15 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
|
0.86 |
0.91 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
|
21.51 |
23.19 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
|
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
|
(3.31) |
(0.37) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
|
(2.63) |
(0.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
|
(3.02) |
(0.13) |
SOLVENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
|
1.89 |
1.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
|
0.71 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
|
0.87 |
0.87 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
|
0.00 |
55.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
|
1.89 |
1.64 |
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 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
2.939 |
2.939 |
|
Reserves & Surplus |
3091.316 |
3000.646 |
|
Net
worth |
3094.255 |
3003.585 |
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
|
Short term borrowings |
162.006 |
0.000 |
|
Total
borrowings |
162.006 |
0.000 |
|
Debt/Equity
ratio |
0.052 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
|
Sales |
1123.132 |
2739.241 |
|
|
|
143.893 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
|
|
(INR.
In Million) |
(INR.
In Million) |
|
Sales |
1123.132 |
2739.241 |
|
Profit / (Loss) |
(4.156) |
(90.670) |
|
|
(0.37%) |
(3.31%) |
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 two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two 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 |
GENERAL INFORMATION
Resinova Chemie Limited (RCL), (Formerly Advanced Adhesives Limited, (AAL)) is engaged in manufacturing of various types of Adhesives and is a Public Limited Company. The Company is Subsidiary of Astral Poly Technik Limited (APL), a listed Company.
Originally Advanced Adhesives Limited (Transferee Company) was Subsidiary of APL.
Before Amalgamation (Refer Note No. 29) erstwhile Resinova Chemie Limited (transferor Company) was wholly owned Subsidiary Company of APL and manufacturing wide range of Adhesive solutions.
The Scheme of Amalgamation of erstwhile Resinova Chemie Limited (before amalgamation) with AAL (Refer Note No. 29) was sanctioned by the Hon’ble Gujarat High Court, Ahmedabad; vide its order dated 18th January, 2016 with appointed date as 21st November, 2014. As per the Scheme of Amalgamation, the name of the AAL was subsequently changed to Resinova Chemie Limited (RCL).
The certified copy of the order was filed with the Registrar of Companies (ROC), Gujarat at Ahmedabad on 11th February, 2016.The Scheme of Amalgamation becomes effective on 11th February, 2016 with an appointed date of 21st November, 2014.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
150.000 |
|
Total |
0.000 |
150.000 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G71965511 |
100060262 |
KOTAK MAHINDRA BANK LIMITED |
17/10/2016 |
28/11/2017 |
- |
920000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiUP209304IN |
|
2 |
G02696821 |
10564601 |
KOTAK MAHINDRA BANK LIMITED |
30/03/2015 |
07/04/2016 |
- |
365000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
3 |
G31057821 |
10528465 |
KOTAK MAHINDRA BANK LIMITED |
16/10/2014 |
- |
07/12/2016 |
60000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
4 |
C52872868 |
10284373 |
State Bank of India |
18/04/2011 |
03/11/2014 |
11/05/2015 |
260000000.0 |
Relationship Manager (ME),SME Phool Bagh Branch,KanpurUP208001IN |
|
5 |
C30757801 |
10245315 |
CORPORATION BANK |
18/09/2010 |
- |
15/10/2014 |
41000000.0 |
INDUSTRIAL FINANCE BRANCH1ST FLOOR RANGOLI COMPLEX, OPP. V S HOSPITALAHMEDABADGJ380006IN |
|
6 |
B14404776 |
90276702 |
STATE BANK OF INDIA |
19/06/1995 |
13/02/1997 |
04/06/2011 |
1000000.0 |
CENTREL ROADKANPURUPIN |
|
7 |
B14405922 |
90276819 |
STATE BANK OF INDIA |
13/02/1997 |
13/02/1997 |
04/06/2011 |
5000000.0 |
CENTREL ROADKANPURUPIN |
|
8 |
B14406276 |
90277337 |
State Bank of India |
05/03/2002 |
29/04/2010 |
04/06/2011 |
139000000.0 |
SMECCC Branch,Zonal Office, The Mall,KanpurUP208001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Claims against company not acknowledged as debt |
63.410 |
0.000 |
|
Guarantees |
0.620 |
0.757 |
|
Other money for which company is contingently liable |
6.512 |
6.097 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Computer equipments
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 64.02 |
|
|
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
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.