|
|
|
MIRA INFORM REPORT
|
Report No. : |
487600 |
|
Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MEGHMANI FINECHEM LIMITED |
|
|
|
|
Registered
Office : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat |
|
Tel. No.: |
91-2642-256677/ 88/ 99 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
11.09.2007 |
|
|
|
|
Com. Reg. No.: |
04-051717 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 707.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100GJ2007PLC051717 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
GSTIN : |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCM2288N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
·
Manufacturing of basic chemicals (Caustic
soda) ·
Manufacturers and Deal in Basic and Fine
Chemicals, Caustic Soda, Chlorine Products. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 8320000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject acts as a subsidiary of “Meghmani Organics Limited” incorporated in the year 2007 having fine track record. It is engaged as manufacturer of basic chemical (Caustic Soda). 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. For the financial year 2016, the company has achieved decent growth in its revenue as compared to its previous year along with fair profit margin during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and comfortable debt protection metrics. Rating continue to reflect the long and established track record of its business operation backed by its promoter’s extensive experience in the chemical industry. However, these rating strengths are partially offset by highly fragmented industry with presence of other large players and unorganized sector marked by profit margins exposed to fluctuations in the input prices. Payments are reported to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 23.01.2018
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.
LOCATIONS
|
Registered Office/ Factory : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat, India |
|
Tel. No.: |
91-2642-256677/ 88/ 99 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
“Meghmani House”, Behind Safal Profitare, Corporate Road, Prahlad Nagar, Ahmedabad - 380 015, Gujarat, India |
|
Tel. No.: |
91-79-29709600 to 04/ 71761000 |
|
Fax No.: |
91-79-29709605 |
|
|
|
|
Factory : |
GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch – 392130,
Gujarat, India |
|
Tel. No.: |
91-2641-256677/ 256688 |
|
Fax No.: |
91-2641-256666 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Kaushal Ashishbhai Soparkar |
|
Designation : |
Managing Director |
|
Address : |
246-A, Lane No. 13, Satyagrah Chhavani, Satalite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
14.10.1983 |
|
Date of Appointment : |
10.05.2016 |
|
DIN No.: |
01998162 |
|
|
|
|
Name : |
Mr. Maulik Jayantibhai Patel |
|
Designation : |
Managing Director |
|
Address : |
Bunglow 359, Lane No.18, Satyagrah Chhavani Satellite, Ahmedabad-380015, Gujarat, India |
|
Date of Birth/Age : |
27.09.1981 |
|
Date of Appointment : |
01.04.2017 |
|
DIN No.: |
02006947 |
|
|
|
|
Name : |
Mr. Karana Rameshbhai Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
No 54, Shreenath Park Society, BH Avishkar Party Plot, Manek Baug, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
10.05.2016 |
|
DIN No.: |
01727321 |
|
|
|
|
Name : |
Mr. Darshan Anandbhai Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
53, Shrinath Park Society B/H, Manek Baug, Ambawadi, Ahmedabad- 380015, Gujarat, India |
|
Date of Appointment : |
10.05.2016 |
|
DIN No. : |
02047676 |
|
|
|
|
Name : |
Mr. Ankit Natwarlal Patel |
|
Designation : |
Whole-Time Director |
|
Address : |
B-6, Ashok Vatika No. 1 Opposite Ekta Farm, Ambli Bopal Road, Bodakd EV, Ahmedabad-380058, Gujarat, India |
|
Date of Appointment : |
10.05.2016 |
|
DIN No. : |
02180007 |
|
|
|
|
Name : |
Mr. Chinubhai Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Residency, B/H Prahladnagar Garden, S.G. Highway, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Ms. Nirali Bhavin Parikh |
|
Designation : |
Director |
|
Address : |
A-401, Ratnakar-3, Prernatirth Derasar Road, Satellite, Ahmedabad City, Manekbag, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
05309425 |
|
|
|
|
Name : |
Mr. Balkrishna Tulsidas Thakkar |
|
Designation : |
Director, |
|
Address : |
L 14/265, Satyagrah Chhavni Co-Operative Society, Satellite Road, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
25.03.2009 |
|
DIN No.: |
00430220 |
|
|
|
|
Name : |
Mr. Manubhai Khodidas Patel |
|
Designation : |
Director |
|
Address : |
141, Chitvan Bopal, Ahmedabad-380058, Gujarat, India |
|
Date of Appointment : |
18.05.2017 |
|
DIN No.: |
00132045 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal Ashishbhai Soparkar |
|
Designation : |
Chief Executive Officer |
|
Address : |
246-A, Lane No. 13, Satyagrah Chhavani, Satalite, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
10.05.2016 |
|
PAN No.: |
ANZPS7266G |
|
|
|
|
Name : |
Mr. Kamlesh Mehta |
|
Designation : |
Company Secretary |
|
Address : |
1, Chandravati Society, Bhairavnath Road, Ahmedabad-380028, Gujarat, India |
|
Date of Appointment : |
07.05.2014 |
|
PAN No.: |
ACRPM1636K |
|
|
|
|
Name : |
Mr. Sanjay Surendra Jain |
|
Designation : |
Company Secretary |
|
Address : |
1a 12, Aakshar Apartment Nehru Park, Vastrapur, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
07.05.2014 |
|
PAN No.: |
ACKPJ5501B |
MAJOR SHAREHOLDERS
As on 31.03.2017
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 15.07.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
5.89 |
|
Promoters (Body corporate) |
57.16 |
|
Promoters (Others- Directors Relative) |
11.98 |
|
Public/Other than promoters (Financial institutions) |
24.97 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
·
Manufacturing of basic chemicals (Caustic
soda) ·
Manufacturers and Deal in Basic and Fine
Chemicals, Caustic Soda, Chlorine Products. (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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
ICICI Bank Limited, 9th Floor, JMC House, Opposite Parimal
Garden, Ambawadi Ahmedabad – 380006, Gujarat, India |
||||||||||||||||||||||||
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Facilities : |
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Auditors : |
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|
Name : |
Khandwala and Khandwala Chartered Accountants |
|
Address : |
Hrishikesh', 2nd Floor, Vasant Baug Society, Opposite Water Tank, Gulbai Tekra, Ahmedabad – 380006, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP0241L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company (As
on 31.03.2016) : |
Meghmani Organics Limited CIN No.: L24110GJ1995PLC024052 |
|
|
|
|
Enterprise in which
directors and KMP have significant influence (As on 31.03.2016) : |
· Meghmani Dyes and Intermediates Limited · Meghmani Industries Limited (MIL) · Meghmani Pigments (MP) · Meghmani Unichem LLP (MUL) · Matangi Industries · Vidhi Global Chemicals Limited · Panchratan Corporation · Tapsheel Enterprise |
CAPITAL STRUCTURE
As on 15.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 10/- each |
INR 750.000 Million |
|
2500000 |
Preference Shares |
INR 100/- each |
INR 250.000 Million |
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70759999 |
Equity Shares |
INR 10/- each |
INR 707.600 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
707.600 |
707.600 |
707.600 |
|
(b) Reserves and Surplus |
2205.558 |
1494.766 |
1447.977 |
|
(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) |
2913.158 |
2202.366 |
2155.577 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1143.264 |
1788.765 |
2515.051 |
|
(b) Deferred tax liabilities (Net) |
248.282 |
204.605 |
128.184 |
|
(c) Other long-term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
17.210 |
26.042 |
0.538 |
|
Total Non-current
Liabilities (3) |
1408.756 |
2019.412 |
2643.773 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
91.245 |
0.000 |
0.000 |
|
(b) Trade payables |
268.029 |
259.850 |
225.295 |
|
(c) Other current liabilities |
891.138 |
853.051 |
758.224 |
|
(d) Short-term provisions |
18.568 |
7.626 |
38.307 |
|
Total Current
Liabilities (4) |
1268.980 |
1120.527 |
1021.826 |
|
|
|
|
|
|
TOTAL |
5590.894 |
5342.305 |
5821.176 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3642.603 |
4109.972 |
3257.861 |
|
(ii) Intangible Assets |
0.004 |
2.140 |
7.814 |
|
(iii) Tangible assets capital work-in-progress |
694.867 |
72.866 |
1124.981 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term loans and advances |
290.560 |
246.662 |
339.557 |
|
(e) Other Non-current assets |
40.848 |
60.329 |
65.692 |
|
Total Non-Current
Assets |
4668.892 |
4491.979 |
4795.915 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
173.412 |
0.000 |
|
(b) Inventories |
366.866 |
190.574 |
230.070 |
|
(c) Trade receivables |
459.307 |
428.577 |
479.541 |
|
(d) Cash and bank balances |
5.654 |
6.791 |
259.016 |
|
(e) Short-term loans and advances |
18.226 |
4.966 |
6.171 |
|
(f) Other current assets |
71.949 |
46.006 |
50.463 |
|
Total Current
Assets |
922.002 |
850.326 |
1025.261 |
|
|
|
|
|
|
TOTAL |
5590.894 |
5342.305 |
5821.176 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
3986.915 |
3517.896 |
2827.699 |
|
|
Other Income |
8.284 |
25.338 |
32.622 |
|
|
TOTAL |
3995.199 |
3543.234 |
2860.321 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1785.588 |
1878.622 |
1328.258 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
6.992 |
(7.904) |
(12.433) |
|
|
Employee benefit expense |
120.006 |
101.814 |
87.244 |
|
|
CSR expenditure |
3.125 |
0.000 |
0.000 |
|
|
Other expenses |
548.291 |
454.874 |
245.751 |
|
|
TOTAL |
2464.002 |
2427.406 |
1648.820 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1531.197 |
1115.828 |
1211.501 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
198.386 |
268.461 |
275.209 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1332.811 |
847.367 |
936.292 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
440.510 |
423.025 |
493.856 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
892.301 |
424.342 |
442.436 |
|
|
|
|
|
|
|
Less |
TAX |
181.508 |
77.496 |
146.797 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
710.793 |
346.846 |
295.640 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
144.664 |
40.870 |
21.857 |
|
|
TOTAL EARNINGS |
144.664 |
40.870 |
21.857 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
3.373 |
|
|
Components and spare
parts |
10.737 |
13.270 |
1.946 |
|
|
TOTAL IMPORTS |
10.737 |
13.270 |
5.320 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
10.05 |
4.90 |
4.18 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
680.370 |
768.671 |
669.682 |
|
Net cash flows from (used in) operations |
1402.304 |
1229.222 |
890.111 |
|
Net cash flows from (used in) operating activities |
1234.379 |
1127.828 |
808.765 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
42.05 |
44.47 |
61.90 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.68 |
8.21 |
5.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
54.79 |
50.49 |
61.91 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
4.17 |
5.86 |
5.27 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.27 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.55 |
0.69 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability /
Networth) |
0.66 |
1.16 |
1.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.44 |
0.51 |
0.47 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.49 |
1.90 |
2.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
7.72 |
4.16 |
4.40 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.73 |
0.76 |
1.00 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.44 |
0.59 |
0.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
0.52 |
0.41 |
0.37 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.73 |
0.76 |
1.00 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.44 |
0.59 |
0.78 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.52 |
0.41 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.71 |
3.61 |
4.50 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.73 |
0.76 |
1.00 |
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 |
707.600 |
707.600 |
707.600 |
|
Reserves & Surplus |
1447.977 |
1494.766 |
2205.558 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2155.577 |
2202.366 |
2913.158 |
|
|
|
|
|
|
Long-term borrowings |
2515.051 |
1788.765 |
1143.264 |
|
Short term borrowings |
0.000 |
0.000 |
91.245 |
|
Current maturities of
long-term debts |
669.682 |
768.671 |
680.370 |
|
Total
borrowings |
3184.733 |
2557.436 |
1914.879 |
|
Debt/Equity
ratio |
1.477 |
1.161 |
0.657 |
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 |
2827.699 |
3517.896 |
3986.915 |
|
|
|
24.408 |
13.332 |
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 |
2827.699 |
3517.896 |
3986.915 |
|
Profit/ (Loss) |
295.640 |
346.846 |
710.793 |
|
|
10.46
% |
9.86
% |
17.83
% |
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 |
No |
|
8] |
Designation of contact person |
No |
|
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 |
No |
|
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 |
No |
|
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 |
OPERATING RESULTS (As
on 31.03.2016)
PRODUCTION
During the year, the Plant was operated at 87.81% and also run it's Flaking Unit at optimized level. Higher production level resulted absorption of overhead in better way and also contributed positively in overall profitability.
SALES
The Sales Turnover of the Company has increased by INR 469.000 Million (by 13.33%) i.e. from INR 3517.900 Million in FY 2015 to INR 3986.900 Million in FY 2016. The increase in sales is due to increase in production and higher ECU Prices.
OTHER INCOME
Other Income decreased by INR 16.600 Million, due to reduction in receipt of Interest on Fixed Deposit and Profit on Sale of Investment (Mutal Fund).
PROFITABILITY
The Profit before Tax (PBT) has remarkably increased to INR 892.300 Million. The reasons for increase in Profit Before Tax (PBT) are:-
(1) Sales increased by INR 469.000 Million.
(2) ECU of the Caustic ½ Chlorine increased from INR 0.026 Million to INR 0.026 Million.
(3) Production increased from 143074 MT to 145985 MT
(4) Finance Cost decreased by INR 70.100 Million. This is due to repayment of term loan.
The directors expect that, if the price of Caustic Chlorine and the capacity utilization is maintained, the Company will be in a position to generate more revenue and profit due to enhanced capacity in the next year of operation.
PROJECT:-
The erection and commissioning of INR 650.000 Million Caustic Potash Plant (KOH) project of 60 MTIPD Capacity at CH1 and CH2, GIDC Dahej, Taluka Vagra, Bharuch has been completed and the commercial production has started from 21st April, 2016. The Company has used the latest 4th Generation Membrane Cell Technology in the world from Asahi Kasei Chemicals Corporation (AKCC) Japan. KOH is used in Soap, Detergent, Fertilizer and Chemical industries. The turnover of the Company is expected to be increased by INR1250.000 Million.
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G47468269 |
100107200 |
HDFC BANK LIMITED |
10/05/2017 |
- |
- |
1425000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W MUMBAI MAHARASHTRA 400013 INDIA |
|
2 |
G68700194 |
10435255 |
ICICI Bank Limited |
17/06/2013 |
06/11/2017 |
- |
700000000.0 |
9TH FLOOR, JMC HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI AHMEDABAD GUJARAT 380006 INDIA |
|
3 |
B60996139 |
10383700 |
ICICI Bank Limited |
18/10/2012 |
- |
- |
2965000000.0 |
J M C HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI AHMEDABAD GUJARAT 380009 INDIA |
|
4 |
B32023814 |
10335346 |
ICICI Bank Limited |
30/01/2012 |
- |
- |
2200000000.0 |
J M C HOUSE, OPPOSITE PARIMAL GARDEN, AMBAWADI AHMEDABAD GUJARAT 380009 INDIA |
|
5 |
B65188005 |
10133813 |
State Bank of India as Security Trustee of International Finance Corporation |
11/12/2008 |
19/12/2012 |
- |
1000000000.0 |
MID CORPORATE GROUP 3RD FLOOR, AMRUT JAYANTI BHAVAN, OVERSEAS BRANCH, AHMEDABAD GUJARAT 380014 INDIA |
|
6 |
A52912912 |
10133814 |
International Finance Corporation represented by State Bank of India |
11/12/2008 |
- |
- |
1000000000.0 |
BRANCH OFFICE AT IFC €™S SOUTH ASIA DEPARTMENT GATE NO. 3, NITI MARG, 50-M, SHANTIPATH, CHANAKYA NEW DELHI 110021 INDIA |
|
7 |
G28320448 |
10342649 |
Standard Chartered Bank |
16/02/2012 |
- |
02/12/2016 |
765000000.0 |
ABHIJEET II GROUND FLOORNEAR MITHAKALI SIX ROADS AHMEDABAD GUJARAT 380006 INDIA |
|
8 |
B59564872 |
10225995 |
State Bank of India |
05/06/2010 |
07/07/2010 |
06/10/2012 |
450000000.0 |
MID CORPORATE OVERSEAS BRANCH,3RD FLOOR, AMRIT JAYANTI BHAWAN, NAVJIVAN P.O. AHMEDABAD GUJARAT 380014 INDIA |
|
9 |
B59681973 |
10225994 |
State Bank of India |
05/06/2010 |
- |
06/10/2012 |
450000000.0 |
MID CORPORATE OVERSEAS BRANCH,3RD FLOOR, AMRIT JAYANTI BHAWAN, NAVJIVAN P.O. AHMEDABAD GUJARAT 380014 INDIA |
|
10 |
B59564542 |
10178399 |
State Bank of India |
14/09/2009 |
- |
03/10/2012 |
310000000.0 |
OVERSEAS BRANCH, AMRUT JAYANTI BHAVAN, NAVJIVAN POST OFFICE, AHMEDABAD GUJARAT 380014 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Guarantees |
43.277 |
22.644 |
|
Total |
43.277 |
22.644 |
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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 63.89 |
|
UK Pound |
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·