|
|
|
MIRA INFORM REPORT
|
Report No. : |
495358 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
MCPI PRIVATE LIMITED (w.e.f. 28.07.2017) |
|
|
|
|
Formerly Known
As : |
MATERIALS CHEMICALS AND PERFORMANCE INTERMEDIARIES PRIVATE LIMITED
(w.e.f. 16.09.2016) MCC PTA INDIA CORP. PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Bengal Eco Intelligent Oark, Tower-1, Clock-EM, Plot No. 3, Saltlake
City Sector-V, 3rd Floor, Kolkata – 700081, West Bengal |
|
Tel. No.: |
91-33-22836300 / 01/05 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
19.02.1997 |
|
|
|
|
Com. Reg. No.: |
21-088796 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 63636.494 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299WB1997PTC088796 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0597045143 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM03777E |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM9169K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in manufacturing and selling of Purified Terephthalic Acid (‘PTA’). (Registered activity) |
|
|
|
|
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 : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject operated as a subsidiary of MCPI Holdings Limited, Mauritius. It was incorporated in the year 1997 and is engaged in manufacturing and exporting of chemicals. MCC sold its stake in the company to The Chatterjee Group (TCG) by entering into a Share Purchase Agreement (SPA) with MCPI Holdings Mauritius Limited (MHPL: TCG Group company). As on December 31, 2017, MCPI is owned by The Chatterjee Group (TCG) and other shareholders comprise of Government of West Bengal (GoWB) and Mitsubishi Chemical Corporation, Japan. The company was acquired by TCG from MCC, Japan through a share purchase agreement (SPA) in July 2016 and as per the terms set out in the SPA, TCG has the right to buy the stakes of other shareholders by 2020 and become the sole shareholder. As per the financial records of 2017, the company has earned an average growth of 3.54% in its revenue as compared to the previous year but has incurred operational losses. Rating takes into consideration the equity infused by its promoters. The company has negative reserve base and debt free balance sheet profile. Rating is further constrained on account of continuous losses incurred by the company from last few years. As per the indirect sources we found that as part of the SPA, all outstanding debt was cleared by the MCC group and the company was removed from the BIFR scheme. However this could not be verified. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings on safe and secured 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) |
|
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 |
CARE |
|
Rating |
Long Term Loans = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
14.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
14.02.2018 |
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
31-03-2016.
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 03.03.2018
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
MANAGEMENT NON-COOPERATIVE: Tel. No.:
91-33-22836300 / 01 / 05
LOCATIONS
|
Registered Office : |
Bengal Eco Intelligent Oark, Tower-1, Clock-EM, Plot No. 3, Saltlake
City Sector-V, 3rd Floor, Kolkata – 700081, West Bengal, India |
|
Tel. No.: |
91-33-22836300 / 01/05 / 71122334 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Village and Post Office Bhuniaraichak, Via: Sutahata
(Haldia), Purba Midnapore - 721635, West Bengal, India |
|
Tel. No.: |
91-3224-275572/ 73 |
|
Fax No.: |
91-3224-275574 |
|
|
|
|
Factory 2 : |
Haldia, Mouza Alichak, J L # 128, District Midnapore – 721602, West Bengal, India |
|
Tel. No.: |
91-3244-275355/275572-73 |
|
Fax No.: |
91-3244-275356/275574 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Debi Prasad Patra |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
CJ 332, Sector II, Saltlake, Kolkata - 700091, West Bengal, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.07.1955 |
||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
Post Graduate in Political Science (Delhi University), IAS (Retd.) |
||||||||||||||||||||||||||||||||||||||||
|
Experience: |
40 years |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
12.09.2017 |
||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AGCPP3380Q |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00067269 |
||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Purnendu Chatterjee |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
1107 Fifth Avenue New York, N.Y.10128 New York 10128 US |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.11.2016 |
||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00415297 |
||||||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Sajal Ghosh |
|
Designation : |
Company Secretary |
|
Address : |
56, Bose Pukur Purba Para Road, Kolkata – 700107, West Bengal, India |
|
Date of Birth/Age : |
13.03.1959 |
|
Qualification : |
Associate Member of the Institute of Cost and Management Accountants of India, Fellow Member of the Institute of Company Secretaries of India, Master s in Commerce (Calcutta University) |
|
Date of Appointment : |
12.05.1998 |
|
PAN No.: |
ADJPG7605H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
West Bengal Industrial Development Corporation Limited,
India |
|
36964137 |
|
Mitsubishi Chemical Corporation, |
|
572728448 |
|
MCPI Holding Limited, Mauritius |
|
5753956846 |
|
Total |
|
6363649431 |
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Government Companies) |
0.58 |
|
Promoter - Bodies
corporate |
99.42 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in manufacturing and selling of Purified Terephthalic Acid (‘PTA’). (Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company LLP Chartered Accountants |
|
Address : |
22 Camac, Street Block C, III Floor, Kolkata – 700016, West Bengal, India |
|
Tel. No.: |
91-33-66153400 |
|
Fax No.: |
91-33-22817750 |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9180N |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
|
|
|
|
|
Ultimate Holding
Company : |
|
|
|
|
|
Fellow Subsidiary
company : |
U74120HR2008FTC037687
U24100WB2015PLC205383
U73200WB1998PTC087651
U72200WB1999PTC089151 |
- *Transactions and balances disclosed above is till the date related party relationship existed
- # Transactions and balances disclosed above is from the date related party relationship existed
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6900000000 |
Equity Shares |
INR 10/- each |
INR 69000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6363649431 |
Equity Shares |
INR 10/- each |
INR 63636.494 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
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 |
63636.490 |
7392.830 |
7392.830 |
|
(b) Reserves and Surplus |
(60365.120) |
(57594.230) |
(28188.590) |
|
(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) |
3271.370 |
(50201.400) |
(20795.760) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
19740.380 |
9436.050 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
913.960 |
913.310 |
1146.230 |
|
Total Non-current
Liabilities (3) |
913.960 |
20653.690 |
10582.280 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
5076.440 |
5246.170 |
|
(b) Trade
payables |
6068.030 |
35368.660 |
37032.810 |
|
(c) Other
current liabilities |
624.260 |
2745.850 |
4202.580 |
|
(d) Short-term
provisions |
306.650 |
250.420 |
8.740 |
|
Total Current
Liabilities (4) |
6998.940 |
43441.370 |
46490.300 |
|
|
|
|
|
|
TOTAL |
11184.270 |
13893.660 |
36276.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
20888.610 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
406.490 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
1413.380 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
1589.170 |
2046.420 |
2027.320 |
|
(e) Other
Non-current assets |
27.800 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1616.970 |
2046.420 |
24735.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1958.790 |
0.000 |
0.000 |
|
(b)
Inventories |
5784.960 |
5290.250 |
3995.590 |
|
(c) Trade
receivables |
415.840 |
380.900 |
170.080 |
|
(d) Cash and
bank balances |
1038.550 |
5345.720 |
6730.060 |
|
(e)
Short-term loans and advances |
369.060 |
823.300 |
618.950 |
|
(f) Other
current assets |
0.100 |
7.070 |
26.340 |
|
Total
Current Assets |
9567.300 |
11847.240 |
11541.020 |
|
|
|
|
|
|
TOTAL |
11184.270 |
13893.660 |
36276.820 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
48457.000 |
46800.710 |
56260.310 |
|
|
Other Income |
882.340 |
555.960 |
553.340 |
|
|
TOTAL |
49339.340 |
47356.670 |
56813.650 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
42704.630 |
43309.770 |
53010.620 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
55.180 |
225.880 |
(164.780) |
|
|
Employee benefit expense |
707.180 |
828.260 |
800.650 |
|
|
Other expenses |
8523.860 |
30292.100 |
9059.850 |
|
|
TOTAL |
51990.850 |
74656.010 |
62706.340 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(2651.510) |
(27299.340) |
(5892.690) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
552.410 |
568.200 |
264.890 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3203.920) |
(27867.540) |
(6157.580) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
1245.690 |
1969.880 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(3203.920) |
(29113.230) |
(8127.460) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
451.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(3203.920) |
(29113.230) |
(8579.430) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
207.740 |
3305.460 |
3.780 |
|
|
TOTAL EARNINGS |
207.740 |
3305.460 |
3.780 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
44133.740 |
44090.370 |
50945.100 |
|
|
Components and spare
parts |
172.760 |
441.830 |
466.360 |
|
|
Capital Goods |
254.020 |
274.650 |
435.100 |
|
|
TOTAL IMPORTS |
44560.520 |
44806.850 |
51846.560 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.50) |
(39.38) |
(11.61) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
1631.210 |
3087.790 |
|
Net cash flows from (used in) operations |
(29177.720) |
(7714.480) |
4963.090 |
|
Net cash flows from (used in) operating activities |
(29175.210) |
(7735.870) |
4948.110 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
3.13 |
2.97 |
1.10 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
116.53 |
122.87 |
330.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
51.86 |
298.08 |
254.99 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.46) |
(5.16) |
(1.47) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.00 |
0.00 |
(0.26) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.63 |
4.66 |
1.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
(0.53) |
(0.85) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.14 |
(0.87) |
(2.24) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.00 |
0.00 |
(1.09) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(4.80) |
(48.05) |
(22.25) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(6.61) |
(62.21) |
(15.25) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(28.65) |
(209.54) |
(23.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(97.94) |
57.99 |
41.26 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.37 |
0.27 |
0.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.54 |
0.15 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.29 |
(3.61) |
(0.57) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
3.58 |
2.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.37 |
0.27 |
0.25 |
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 |
7392.830 |
7392.830 |
63636.490 |
|
Reserves & Surplus |
(28188.590) |
(57594.230) |
(60365.120) |
|
Net
worth |
(20795.760) |
(50201.400) |
3271.370 |
|
|
|
|
|
|
Long-term borrowings |
9436.050 |
19740.380 |
0.000 |
|
Short term borrowings |
5246.170 |
5076.440 |
0.000 |
|
Current maturities of
long-term debts |
3087.790 |
1631.210 |
0.000 |
|
Total
borrowings |
17770.010 |
26448.030 |
0.000 |
|
Debt/Equity
ratio |
(0.855) |
(0.527) |
0.000 |
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 |
56260.310 |
46800.710 |
48457.000 |
|
|
0.000 |
(16.814) |
3.539 |
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 |
56260.310 |
46800.710 |
48457.000 |
|
Profit/ (Loss) |
(8579.430) |
(29113.230) |
(3203.920) |
|
|
(15.25
%) |
(62.21
%) |
(6.61
%) |
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Materials Chemicals and Performance Intermediaries Private Limited (the Company) (Formerly known as MCC PTA India Corp. Private Limited) is a private limited Company domiciled in India. The Company is engaged in manufacturing and selling of Purified Terephthalic Acid (‘PTA’).
Mitsubishi Chemical Corporation (MCC), Japan, the erstwhile Holding Company, pursuant to the contemplation of the Share Purchase Agreement executed on July 27, 2016 with Chatterjee Management Company (CMC), USA, has transferred on November 11, 2016, majority of its holding in the Company to MCPI Holdings Limited (MCHL), Mauritius (being the nominee of CMC). Consequent to such transfer of controlling shareholding from MCC to MCHL, the equity shareholding in the Company stands modified as disclosed in Note 3.The Company, in view of the said change in ownership control and pursuant to receipt of necessary approvals, has changed its name to 'Materials Chemicals and Performance Intermediaries Private Limited', with effect from September 16,2016.
THE FINANCIAL YEAR IN
RETROSPECT
Polyester industry witnessed reasonable demand growth in the year 2016-17. Asian demand for Purified Terephthalic Acid (PTA) and polyester, on estimated basis, registered a growth of around 5%. India also has witnessed a surge in its demand growth throughout the year 2016-17. There has not been any major expansion in PTA capacity in Asia, save and except commissioning of one plant of around 2.2 million tons in China. There has been no significant start-up of any older plant in the year which went off line earlier, as the overall market spread remained low for such high cost plants to resume operation. The overall capacity utilization in the PTA Industry in Asia, on an estimated basis was around 87% in the year 2016-17.
Crude oil price during the year, remained relatively stable within the range of 40$/bbl to 50$/bbl which consequently enabled maintaining overall price stability throughout the range of entire supply chain of Paraxylene (Px), PTA and the downstream polyester industry. New Px capacities also came on stream in the year 2016-17 thereby easing the tightness in supply-demand situation witnessed in the earlier years of 2012 and 2013. Around 1.0 million ton Px capacity was added in 2016 in India as well. Domestic PTA availability was stable throughout the year, resulting in supply of adequate indigenous PTA at competitive prices to the polyester producers. Further, imposition of final anti dumping duty by Directorate General of Antidumping and Allied Duties (DGAD), Government of India from July 2016 onwards, on PTA imports from China, Taiwan, Malaysia, Indonesia and Iran, helped to keep imports under check thereby facilitating the domestic producers to operate at higher throughput. Consequent to the stability of PTA price, downstream polyester manufacturers were able to continue with stable operation throughout the year. There was less volatility in the entire polyester chain in the year 2016-17 compared to the situation the industry witnessed in the year before.
The financial performance of the Company for the year ended March 31, 2017, despite lesser market volatility, did not yield the desired result. The Company though continued its cost reduction and rationalisation process it embarked upon earlier and persuasive marketing efforts as well, it suffered intermittent production loss owing to plant shut downs due to technical troubles, power-dips in the grid supply, etc. Mitsubishi Chemical Corporation (MCC), the erstwhile holding company, owing to management decisions made at their end in Japan, also diluted their holding equity in the Company in early November 2016, as narrated elsewhere in this report. The Company eventually in the end, for the financial year 2016-17, generated net revenue from its operations of INR 48457.000 million as against INR 46800.710 million in 2015-16. The Company recorded net loss of INR 3203.920 million (after writing-off obsolete spares and impairment loss as stated in the audited Financial Statements and Notes thereto for the year and elsewhere herein) compared to INR 29113.230 million in 2015-16.
The Company is a single product entity, being engaged in manufacture and sale of PTA. Its segment wise particulars have been indicated in the audited Financial Statements and Notes thereto, for the year ended March 31, 2017. The PTA manufactured by the Company continued to be acclaimed as of international standard by its customers.
The Company voluntarily continued to pursue its policy towards socio-economic development of the people, improvement of the environment etc., in / around its plant area in Haldia as part of its Corporate Social Responsibility (CSR) initiatives. The activities carried out by the Company during the year under report in this regard are in accordance with its CSR Policy guidelines and inter-alia, include initiatives in the areas of health and hygiene, women empowerment, environment protection awareness, road safety awareness, etc. The projects so undertaken are in line with Schedule VII to the Companies Act, 2013 and are detailed in the Company’s CSR Report (Annexure I). The Company’s efforts and endeavours to promote the harmony and bonding between the people, society, nature and consequently to establish its identity as a responsible corporate citizen, continued during the year.
The Company further, during the year, pursued its policy with respect to safety of all employees, compliance of environmental regulations, ensuring good health of all employees, preserving pollution free environment, conservation of natural resources etc. It has adopted measures for strengthening of Contractor Safety Management, established system of Project Mass Tool Box Meetings, carried out on-site mock drills, conducted special HSE (Job Specific) trainings, Behavior Based Safety (BBS) trainings, conducted external IMS Recertification Audit (ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007) and renewed all relevant certificates relating to plant operation, implemented effluent water quality monitoring system, on-line stack emission monitoring system along with online data transfer to WBPCB / CPCB servers, initiated health awareness program for employees and their families etc. The Company also, as part of its celebration of World Environment Day, carried out plantation activities around its plant area in Haldia.
The Company, in the year, has also initiated interactive sessions in line with Company’s policy, promoting the principles of compliance and ethics amongst its employees at all levels.
The Company prior to the transfer of ownership control as referred herein, as part of its restructuring program allotted on September 13, 2016, equity shares to MCC, the erstwhile Holding Company, respectively amounting to INR 32187.000 million against contribution made by MCC and INR 240570.000 million by way of conversion of outstanding loans from MCC, availed through ECB route.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Term loans from banks |
0.000 |
3643.580 |
|
Loans and advances from related parties |
0.000 |
16096.800 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
0.000 |
5076.440 |
|
|
|
|
|
Total |
0.00 |
24816.820 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G28690725 |
90248020 |
STATE BANK OF INDIA |
30/03/2000 |
10/11/2016 |
- |
8850000000.0 |
CORPORATE ACCOUNTS GROUP BRANCH, 2nd Floor, 34, JAWAHARLALL NEHRU RAOD, KOLKATA – 700071, WEST BENGAL, INDIA |
|
2 |
Y10355547 |
90247910 |
ICICI LTD |
08/12/1998 |
01/11/2002 |
15/12/2005 |
0.0 |
ICICI TOWERS, BANDRA KURLA COMPLEX, MUMBAI – 400051, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
1204.630 |
1230.600 |
|
Guarantees |
456.930 |
280.740 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible assets
- Computer software
- Licenses
- Licenses and franchise
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 65.22 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
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.