|
|
|
MIRA INFORM REPORT
|
Report No. : |
485723 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTROLS
INDUSTRIES PRIVATE LIMITED (w.e.f. 29.03.2016) |
|
|
|
|
Formerly Known
As : |
CHEMTROLS
INDUSTRIES LIMITED
(w.e.f. 29.02.2008) CHEMTROLS
ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
910, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra |
|
Tel. No.: |
91-22-22830636 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
08.07.1981 |
|
|
|
|
Com. Reg. No.: |
11-024757 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 300.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299MH1981PTC024757 |
|
|
|
|
IEC No.: |
0388002433 |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC2870R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture of engineering
goods and components for chemical, textile and other process industries. Its
objects also includes business as manufacturers, processors, refiners,
blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and
electricity generation using renewable energy. (Registered Activity and also Confirmed by
management) |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Chemtrols Holdings Private
Limited” India. It is an established company incorporated in the year 1981
having good track.
|
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 (31.03.2017) |
Current Rating (30.06.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 11.01.2018
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 PARTED BY
|
Name : |
Mr. Balakrishnan |
|
Designation : |
Manager |
|
Contact No.: |
91-9833223157 |
|
|
|
|
Name : |
Mr. Radha Krishanan |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-22-67151200 |
LOCATIONS
|
Registered Office/ Factory 1 : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-22830636 |
|
Fax No.: |
91-22-22873573 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Amar Hill, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India |
|
Tel. No. : |
91-22-28575089/ 67151200 |
|
Fax No. : |
91-22-28571913 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
141/142, Kundaim Industrial Estate, Kundaim - 403115, Goa, India |
|
Tel. No. : |
91-832-6613100 |
|
Fax No. : |
91-832-6613155 |
|
E-Mail : |
|
|
|
|
|
Regional Offices |
Located At: · Delhi · Navi Mumbai · Kolkata · Chennai · Vadodara · Secunderabad · Bangalore · Guwahati · Visakhapatnam |
|
|
|
|
Overseas Office
: |
P.O.Box: 263 239, Jebel Ali, Dubai, U.A.E. |
|
E-Mail : |
DIRECTORS
As on 2017
|
Name : |
Mr. Nandkumar Kalath |
|
Designation : |
Managing Director |
|
Address : |
202, Mangal Darshan, |
|
Date of Birth/Age : |
02.11.1948 |
|
Qualification : |
B.Sc., Chem. Engg |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041727 |
|
|
|
|
Name : |
Mr. Rakesh Kumar Gupta |
|
Designation : |
Director |
|
Address : |
104-A, Lila Apartments, |
|
Date of Birth/Age : |
04.06.1953 |
|
Qualification : |
B.E. (Elect.) Post Graduate |
|
Date of Appointment : |
25.09.2009 |
|
DIN No. : |
00050139 |
|
|
|
|
Name : |
Mr. Anish Rajgopal |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 803, 8th Floor, Octavius Building, Hiranandani Gardens, Powai Mumbai- 400076, Maharashtra, India |
|
Date of Appointment : |
22.11.2017 |
|
DIN No. : |
02893018 |
|
|
|
|
Name : |
Mr. Pawan Kumar Mishra |
|
Designation : |
Director |
|
Address : |
Flat - 3143, Sector -D, PKT -3, Vasant Kunj, New Delhi, 110070, India |
|
Date of Birth/Age : |
16.06.1950 |
|
Qualification : |
B.E. Electric |
|
Date of Appointment : |
27.03.2015 |
|
DIN No. : |
06456180 |
|
|
|
|
Name : |
Mr. Sambhaji Amrut Rao Nikam |
|
Designation : |
Director |
|
Address : |
A-201, |
|
Date of Birth/Age : |
15.03.1940 |
|
Qualification : |
DME |
|
Date of Appointment : |
01.09.2008 |
|
DIN No. : |
00041810 |
KEY EXECUTIVES
|
Name : |
Mrs. Lata Varshey |
|
Designation : |
Secretary |
|
Address : |
B-405, Green Acres, Baghbill Naka, Ghodbunder Road, Thane – 400606,
Maharashtra, India |
|
Date of Birth/Age : |
15.10.1965 |
|
Date of Appointment : |
01.10.2011 |
|
PAN No.: |
AADPV3882C |
|
|
|
|
Name : |
Mr. Radha Krishanan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Balakrishnan |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
6100130 |
|
S. A. Nikam |
|
1369213 |
|
Usha Nandakumar |
|
2551953 |
|
K Rajagopal |
|
561034 |
|
Chemtorls Holding Private Limited, India |
|
48671871 |
|
K. Venugopal |
|
33211 |
|
K. Ramanathan |
|
45247 |
|
Chandrika Venugopal |
|
33011 |
|
Shailaja Viswanthan |
|
37201 |
|
Nalini Rajagopal |
|
38772 |
|
K. Viswanathan |
|
37401 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
44235 |
|
K. Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
300612 |
|
Sreelatha Nair |
|
36251 |
|
Karthika Nandakumar |
|
74279 |
|
Kumari Unnikrishnan |
|
34247 |
|
K Nandakumar HUF |
|
5900 |
|
Total |
|
60000000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
14.55 |
|
Promoters (Body corporate) |
81.12 |
|
Public/Other than promoters (Individual/Hindu Undivided Family – Indian) |
4.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of engineering goods and components for chemical, textile and other process industries. Its objects also includes business as manufacturers, processors, refiners, blenders of bio-fuel, bio-diesel, petrochemicals, agro-chemicals and electricity generation using renewable energy. (Registered Activity and also Confirmed by management) |
||||
|
|
|
||||
|
Products/Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
·
Gulf Countries ·
United States of America |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
China |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Depend |
||||
|
|
|
||||
|
Purchasing : |
Depends |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S Raghunath and Company Chartered Accountants |
|
Address : |
32, Islam Building, 46-48 Veer Nariman Road , Fountain, Mumbai – 400020, Maharashtra, India |
|
PAN No.: |
AMXPS5218F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
|
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Fellow subsidiary: |
|
|
|
|
|
Associate : |
|
CAPITAL STRUCTURE
After: 29.09.2016
Authorised Capital : INR 350.000 Million
Issued, Subscribed & Paid-up Capital : INR 320.868
Million
As on 29.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 5/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 5/- each |
INR 300.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
300.000 |
283.825 |
263.794 |
|
(b) Reserves and Surplus |
1095.589 |
331.829 |
273.716 |
|
(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) |
1395.589 |
615.654 |
537.510 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.028 |
1.129 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.654 |
|
(c) Other long-term
liabilities |
586.953 |
418.988 |
263.529 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
586.953 |
419.016 |
265.312 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1958.139 |
1637.020 |
1367.904 |
|
(b) Trade
payables |
1143.584 |
886.425 |
886.695 |
|
(c) Other
current liabilities |
541.149 |
333.381 |
224.574 |
|
(d) Short-term provisions |
7.181 |
12.433 |
16.442 |
|
Total Current
Liabilities (4) |
3650.053 |
2869.259 |
2495.615 |
|
|
|
|
|
|
TOTAL |
5632.595 |
3903.929 |
3298.437 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
887.419 |
210.475 |
236.366 |
|
(ii)
Intangible Assets |
27.932 |
26.736 |
14.362 |
|
(iii) Tangible assets
capital work-in-progress |
4.571 |
0.000 |
2.581 |
|
(iv)
Intangible assets under development |
44.673 |
34.273 |
24.972 |
|
(b) Non-current Investments |
62.177 |
62.177 |
43.690 |
|
(c) Deferred tax assets (net) |
6.204 |
4.140 |
0.000 |
|
(d)
Long-term loans and advances |
6.750 |
6.750 |
18.731 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1039.726 |
344.551 |
340.702 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1084.512 |
772.560 |
563.561 |
|
(c) Trade
receivables |
2775.802 |
2113.692 |
1780.554 |
|
(d) Cash and
bank balances |
140.447 |
184.591 |
191.732 |
|
(e)
Short-term loans and advances |
328.995 |
239.379 |
169.740 |
|
(f) Other
current assets |
263.113 |
249.156 |
252.148 |
|
Total
Current Assets |
4592.869 |
3559.378 |
2957.735 |
|
|
|
|
|
|
TOTAL |
5632.595 |
3903.929 |
3298.437 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
3972.025 |
3266.373 |
3122.539 |
|
|
Other Income |
194.932 |
42.039 |
48.731 |
|
|
TOTAL |
4166.957 |
3308.412 |
3171.270 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1553.264 |
930.913 |
1310.464 |
|
|
Purchases of
Stock-in-Trade |
1076.841 |
1075.701 |
610.489 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(125.246) |
(87.056) |
(15.028) |
|
|
Employee benefit expense |
406.859 |
361.761 |
373.880 |
|
|
CSR expenditure |
1.434 |
0.628 |
0.000 |
|
|
Other expenses |
839.436 |
635.126 |
592.510 |
|
|
TOTAL |
3752.588 |
2917.073 |
2872.315 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
414.369 |
391.339 |
298.955 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
267.317 |
248.567 |
190.593 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
147.052 |
142.772 |
108.362 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
35.401 |
42.677 |
27.918 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
111.651 |
100.095 |
80.444 |
|
|
|
|
|
|
|
Less |
TAX |
35.935 |
31.338 |
27.805 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
75.716 |
68.757 |
52.639 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
1.33 |
1.29 |
1.06 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.059 |
1.413 |
3.487 |
|
Net cash flows from (used in) operations |
(42.554) |
33.763 |
59.176 |
|
Net cash flows from (used in) operating activities |
(83.366) |
6.145 |
26.376 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
255.08 |
236.19 |
208.13 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.43 |
1.55 |
1.75 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
158.70 |
161.24 |
168.48 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.38 |
0.51 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.43 |
1.44 |
1.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.65 |
0.74 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.40 |
2.66 |
2.55 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.62 |
4.66 |
4.64 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.69 |
0.44 |
0.52 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.55 |
1.57 |
1.57 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.91 |
2.10 |
1.69 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.34 |
1.76 |
1.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.43 |
11.17 |
9.79 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.26 |
1.24 |
1.19 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.96 |
0.97 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.25 |
0.16 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
6.53 |
5.77 |
5.20 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.26 |
1.24 |
1.19 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
263.794 |
283.825 |
300.000 |
|
Reserves & Surplus |
273.716 |
331.829 |
1095.589 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
537.510 |
615.654 |
1395.589 |
|
|
|
|
|
|
Long-term borrowings |
1.129 |
0.028 |
0.000 |
|
Short term borrowings |
1367.904 |
1637.020 |
1958.138 |
|
Current maturities of
long-term debts |
3.487 |
1.413 |
0.059 |
|
Total
borrowings |
1372.520 |
1638.461 |
1958.197 |
|
Debt/Equity
ratio |
2.553 |
2.661 |
1.403 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
3122.539 |
3266.373 |
3972.025 |
|
|
0.000 |
4.606 |
21.604 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
3122.539 |
3266.373 |
3972.025 |
|
Profit/ (Loss) |
52.639 |
68.757 |
75.716 |
|
|
1.69% |
2.10% |
1.91% |
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) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
Litigations that the firm/promoter
involved in |
-- |
|
32] |
Market information |
-- |
|
33] |
Payments terms |
Yes |
|
34] |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE OVERVIEW
While Indian Economy has shown signs of stability in some sectors towards the end of Fiscal Year 2015-16, the Sectors The Company is operating has not shown any significant improvement, primarily because these sectors have long project execution cycle time by reason of its highly engineered and technologically critical nature. While The Company, owing to its wide variety of offerings across many sectors maintained its momentum of sales revenue and modest increase in profit, the order intake was slightly less than forecasted. Owing to delayed realisation of due payments, for reasons not attributable to The Company, liquidity came under stress, many times during the year.
Looking at the overall Global scenario and a period of transformation emanating from various policies of Central Government, we continuedfocus on the initiatives, they started previous year.
i) Realisation of outstanding due payments
ii) Cost Management through better utilisation of resources to result in overall cost reduction as a percentage of revenue;
iii) Continued thrust on development of new products and new applications.
iv) Reach out to New Customers, particularly in Middle East, Far East and Africa to realise The Company’s slated goal of 20% of year-on-year revenue from exports from Fiscal Year 2018-19
v) Restructuring the Operations to become more efficient and economical. and
vi) Taking definitive steps to set up manufacturing and marketing facility for Industrial Process Valves
The Company is now well positioned to meet “The new Normal” that emanates from the World of VUCA. The Company has attained a gross sale of INR 4170.000 + million in the current year recording an increase of 21.93% over previous year’s gross sales of INR 3420.000 + million. The Company’s profit after tax is increased by 10.16% from INR 68.700 million in the previous year to INR 75.700 + million in the current year.
The Company’s diversified portfolio – from product and system sales to projects to turn-key contracts, have helped the Company to retain its leadership position in Automation in the Country. Turn-key contracts of National importance; Energy Dispatch & Distribution Management as well as Automation of Petroleum Products Terminals and Providing solutions to refinery projects constituted most of the sales revenue for the year.
The pending order book position as on 1st September, 2016 is INR 3620.000 million, indicating The Company can endure successfully the recessionary trend looming around. The Company retained its International Certificate of Quality for Product lines/Systems, more specifically ASME – U, R, N Stamps and PED, CE markings apart from ISO: 9001:2008. The Company is also a qualified Vendor for Analyser Systems and Custody Transfer Metering Skids for PDO (Petroleum Development Oman) apart from other major oil companies like GASCO, Petrofac, etc. in the Middle East. The Company has executed custody transfer Gas Metering job for Customer in Oman and Analyser System job for GASCO, Abu Dhabi, the wholly owned subsidiary of The Company, under the name and style “Chemtrols Middle East FZE” is now operational. The Company has executed export orders over USD 0.6 Million for Process Instruments, Metering and Analytical Systems through the Middle East Subsidiary. The Company, this year also has executed many complex jobs as well as secured many large value jobs for execution in the coming year i.e. 2016-17. Few noteworthy projects Business Unitwise are:
BU1 Process Analytics
The Company is pleased to inform execution of Major Process Analytical Systems jobs awarded by Reliance Industries for their J3 Project; Paraxylene, Refinery OffGas Cracker, LLDPE, LDPE, SNG, MEG, ASU and SRU units. It is a matter of Great Pride for The Company that the Process Analyser System supplied to MEG Project encompasses the largest Analyser Shelter ever made; 22+ Metre Long and 6+ Meter Wide, weighing nearly 50 tonnes. Scope included Design, Engineering, System Integration, Testing, FAT and site work of the supplied systems which included Analyser House, HVAC, Safeguarding PLCs, Fire & Gas Detection systems and Analyser Management Network systems. A Unique Process Analyser System Project for Hydrogen Plant of AIR PRODUCTS USA executed at BPCL – Kochi Refinery, Involves installation in field mounted three-sided shelter.
The Company has executed another Analyser System job through Engineers India for Sulfer Recovery Unit at BPCL Kochi. There are many other Analyser System jobs under execution for Chemical and Petrochemical Plants, Fertilizer, Steel & Cement Plants, which will be delivered to respective customers early next Financial Year.
The Company very strongly believes in sustainable Development. As part of this noble cause, The Company has been executing Environment Safe-guarding contracts; continuous Emission Monitoring and Continuous Ambient Air Quality monitoring jobs in India and in Middle East. Further The Company’s Process Analytics Unit has successfully ventured into new sector: waste management through Incineration.
The Company is also actively pursuing very large opportunities in Africa, South East Asia, Middle East & CIS countries
BU2 Automation
The Company completed and handed-over Automation jobs at Petroleum Products Terminals of Indian Oil Corporation at JASIDIH, Haldia and Coimbatore, of Hindustan Petroleum Corporation at Jodhpur, of Bharat Petroleum Corporation at Barauni and Common Utility Terminal at Raipur of Indian Oil Tanking Ltd during the year. Automation works at Pune, Wadala, Sidhpur, Paradeep and Jaipur terminals of Indian Oil Corporation are in full swing and these will be completed during next fiscal year.
These Automation jobs that ensure safe, secure and speedier operations of terminals, altogether represent nearly 25% of the movement of the petroleum products in the country.
BU3 Metering &
Measurement
The Company contributed to the Indian Chemical and Hydrocarbon Processing Industries in their endeavour to attain and maintain sustainable operations althrough by providing safe, secure and suitable instruments for measurement, transmission and control of process parameters ; flow, level, pressure and temperature. Clientele include All Major National Companies operating in Oil & Gas, Fertilizer, Petrochemical, Power, Steel and Cement, Pulp and Paper, Water and waste water sectors. Regular repeat orders from these companies stand testimony to The Company’s contribution in the overall development of Our Great Nation.
BU4 Steam Engineering
The Company considers Steam Engineering products and systems as the best growth driver for the Company, since Steam will continue to be the primary motive force across all sectors of Industry. Further this business unit opens up great potential for diversification into seemingly Allied products for applications in energy efficiency and flow control. Thus The Company is reasonably confident of enhancing revenues from this business fivefold in a shorter time span of two to three years;
Executed many Turbine By-pass systems tested and duly certified by Third Party Inspection Agencies; for ship-based power plants in Europe,
in Sugar plants in Africa, in Sugar plants and distilleries in India, in refineries, in Pulp and Paper Mills and Steel plants
BU5 Utility
Management
The Company completed the Automation work and started SCADA/DMS operations from ERLDC, Kolkata and its constituent Load Dispatch Control Centres. In the R-APDRP initiatives of Ministry of Power, while The Company started operations at Assam Power Distribution Co. Ltd Control Centre at Guwahati, installation works at 15 control centres spread across the states of Bengal, Gujarat, Andhra Pradesh and Telangana are completed. The Directors have great pleasure to inform The Company is selected as one of the prospective entity for development of “SMART Grid” by awarding one out of the 18 pilots, Ministry of Power decided to award towards Proof Of Concept which The Company is presently executing.
Outlook
Our Prime Minister, has outlined Governments resolve to enhance India’s competitiveness in World Economic Order in the Global Commercial transactions, through Make in India: Zero defect, Zero effect (on environment), Skill India and Digital India among other far fetching sustainability initiatives; Swatch Bharat, Start up India and Sand-up India The Company has, from its inception, focused on “Make in India” &: “Skill India”
Philosophy, in association with its Global partners: to name a few, AMETEK, FMC, Foxboro, Siemens, Sick, Met-one, UOP, Teledyne etc.
“Chemtrols’ Made in India” is a Globally recognized Brand in Chemical and Hydrocarbon Processing Industries. Further The Company’s products and Systems, help Indian Chemical and Hydrocarbon Processing Industries enable “Zero defect, Zero effect” product deliveries not only in India but also in other parts of the world.
The Directors are confident, in the light of the heavy thrust Government is putting on to get manufacturing a respectable share of 25% of the GDP by the year 2022, The own Company’s initiatives in various Sectors and Geographies, coupled with Human Resources Development programmes in Management, Leadership and Skilling as well as Continuous innovation in cost management and product offerings, will enable
The Company to attain at least 10% year on year growth even under “the New Normal” Scenario. The Company’s decisive steps in setting up a Global Quality facility for manufacturing valves in Pune for applications in Chemical and hydrocarbon process Industries is in sync with Government’s drive to make chosen few of Indian manufacturing Sectors as Global Champions.
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- Motor Vehicle
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
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.39 |
|
|
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
YES |
|
--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.