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|
|
MIRA INFORM REPORT
|
Report No. : |
498979 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
ELKAY CHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Vinay Kunj 4, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra |
|
Tel. No.: |
91-20-65221202 / 65221203 / 65221204 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
02.06.1986 |
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|
|
|
Com. Reg. No.: |
11-039957 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 25.051 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100MH1986PTC039957 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0389040177 |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACE5989K1Z1 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACE5989K |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of silicone products. [Registered Activity] |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1986. It is engaged in manufacturer of silicone products. For the financial year ended 2017, the company has healthy scale of operations marked by top line growth of 15.72% as compared to the previous year along with profitability margin of 5.29%. The satisfactory financial risk profile of the company is marked by adequate networth position along with negligible debt balance sheet profile. Rating takes into consideration the subject’s established track record of business operations along with the promoter’s extensive industry experience. Rating is, however, constrained on account of intense competition in the industry. Payment seems to be usually correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Borrowing= BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
09.10.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Borrowing= A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
09.10.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.03.2018
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 (91-20-65221202)
91-9822624724 – Not Reachable
LOCATIONS
|
Registered Office : |
Vinay Kunj 4, Shivaji Park, Dadar, Mumbai – 400028,
Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9822624724 (Mr. Jaideep Sharma) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
J-152 and 153, M.I.D.C., Bhosari, Pune – 411028, Maharashtra,
India |
|
Tel. No.: |
91-20-30615300 |
|
Fax No.: |
91-20-30635300 / 30635311 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Bremen Business Centre, Level 5, Office No: 503, 504, Above Bank of
India, CTS No: 2562, Aundh, Pune – 411007, Maharashtra, India |
|
Tel. No.: |
91-20-65221202 / 65221203 / 65221204 |
|
E-Mail : |
pramod.barange@elkaysilicones.com
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Avinash Dattatraya Kulkarni |
|
Designation : |
Director |
|
Address : |
55/22, Ashok Path, Prasanna Apartments, Erandavana, Pune – 411004,
Maharashtra, India |
|
Date of Birth/Age : |
02.06.1986 |
|
Date of Appointment : |
10.08.1986 |
|
DIN No.: |
00016046 |
|
|
|
|
Name : |
Mr. Annarao Krishnarao Lokapur |
|
Designation : |
Director |
|
Address : |
Krishnatara, 3 Sindh Society, Baner Road, Aundh, Pune – 411007, Maharashtra,
India |
|
Date of Birth/Age : |
30.10.1960 |
|
Date of Appointment : |
02.06.1986 |
|
DIN No.: |
00016146 |
|
|
|
|
Name : |
Mr. Ravindra Dattatraya Kulkarni |
|
Designation : |
Director |
|
Address : |
35, Rohan Madhuban, Bavdhan KH, Near Ambrosia, Pune – 411021,
Maharashtra, India |
|
Date of Birth/Age : |
12.03.1948 |
|
Date of Appointment : |
10.08.1986 |
|
DIN No.: |
00016217 |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Annarao
Krishnarao Lokapur |
|
737006 |
|
Tara
Lokapur jointly with Annarao Lokapur |
|
160164 |
|
Madhuri
Lokapur jointly with Annarao Lokapur |
|
27500 |
|
Ravindra
Kulkarni jointly with Alka Kulkarni |
|
510021 |
|
Alka
Kulkarni jointly with Ravindra Kulkarni |
|
277388 |
|
Arun
Kulkarni jointly with Meena Kulkarni |
|
1100 |
|
Ravindra
Kulkarni HUF jointly with Alka Kulkarni jointly with Rahul |
|
20680 |
|
Brijmohan
Mundgil |
|
19158 |
|
Ranjana
Bhasin jointly with Anand Bhasin |
|
12800 |
|
Suparna
Bhasin jointly with Anand Bhasin |
|
12800 |
|
Sandeep
Bhasin jointly with Anand Bhasin |
|
12800 |
|
Surjit
Bhalla jointly with Anand Bhasin |
|
12800 |
|
Veena
Bhalla jointly with Rajana Bhasin |
|
12800 |
|
Rahul
Kulkarni jointly with Alka Kulkarni |
|
57627 |
|
Priya
Kulkarni jointly with Alka Kulkarni |
|
59184 |
|
Annarao
Lokapur Huf jointly with Madhuri Lokapur |
|
81950 |
|
Avinash
Kulkarni jointly with Veena Kulkarni jointly with Anjali |
|
12650 |
|
Avinash
Kulkarni jointly with Shweta Kulkarni |
|
12650 |
|
Anand
Bhasin jointly with Rajana Bhasin |
|
60669 |
|
Sandeep Bhasin |
|
80904 |
|
Steve
Dumont |
|
336651 |
|
Manoj
Mehta |
|
11392 |
|
Dhananjay
Lokapur jointly with Annarao Lokapur |
|
34488 |
|
Ashwin
Lokapur jointly with Annarao Lokapur |
|
34488 |
|
|
|
|
|
Total |
|
2599670 |
Equity Share Break up (Percentage of Total Equity)
AS ON 25.09.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided Family
(Indian)] |
47.97 |
|
Public/Other than promoters
[Individual/Hindu Undivided Family (Indian)] |
30.00 |
|
Public/Other than promoters [Foreign
national (other than NRI)] |
22.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of silicone 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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Joshi Apte and Company Chartered Accountants |
|
Address : |
"Dwarka" First Floor, 2 Phatak Baug Society, 999, Navi Peth,
Pune – 411030, Maharashtra, India |
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Tel. No.: |
91-20-24533188 |
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Fax No.: |
91-20-24532991 |
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E-Mail : |
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Website : |
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PAN No.: |
AAAFI9696H |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2363341 |
Equity Shares (Fully Paid up) |
INR 10/- each |
INR 23.633 Million |
|
236329 |
Equity Shares (Partly Paid up) |
INR 6/- each |
INR 1.418 Million |
|
|
|
|
|
|
|
Total |
|
INR 25.051
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 |
25.051 |
23.633 |
23.633 |
|
(b) Reserves & Surplus |
162.026 |
110.631 |
93.049 |
|
(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) |
187.077 |
134.264 |
116.682 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.079 |
0.255 |
0.592 |
|
(b) Deferred tax liabilities (Net) |
2.779 |
3.799 |
2.734 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.260 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2.858 |
4.054 |
3.586 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
61.163 |
58.693 |
67.293 |
|
(b) Trade
payables |
58.417 |
58.629 |
74.389 |
|
(c) Other
current liabilities |
12.703 |
10.050 |
8.691 |
|
(d) Short-term
provisions |
1.443 |
4.044 |
3.373 |
|
Total Current
Liabilities (4) |
133.726 |
131.416 |
153.746 |
|
|
|
|
|
|
TOTAL |
323.661 |
269.734 |
274.014 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
57.510 |
55.460 |
57.476 |
|
(ii)
Intangible Assets |
0.522 |
0.409 |
0.948 |
|
(iii)
Capital work-in-progress |
46.468 |
0.628 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
46.911 |
68.572 |
66.108 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
2.610 |
6.091 |
7.004 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
154.021 |
131.160 |
131.536 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
64.139 |
60.293 |
73.255 |
|
(c) Trade
receivables |
66.012 |
54.654 |
47.584 |
|
(d) Cash
and cash equivalents |
16.911 |
4.929 |
2.942 |
|
(e)
Short-term loans and advances |
22.578 |
12.641 |
11.929 |
|
(f) Other
current assets |
0.000 |
6.057 |
6.768 |
|
Total
Current Assets |
169.640 |
138.574 |
142.478 |
|
|
|
|
|
|
TOTAL |
323.661 |
269.734 |
274.014 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
464.250 |
401.175 |
365.295 |
|
|
|
|
Other Income |
15.070 |
16.982 |
13.458 |
|
|
|
|
TOTAL |
479.320 |
418.157 |
378.753 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
305.679 |
260.304 |
257.417 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(3.784) |
7.988 |
0.755 |
|
|
|
|
Employee Benefits Expenses |
37.572 |
32.038 |
30.598 |
|
|
|
|
Exceptional Items and Extraordinary Items |
0.000 |
1.120 |
0.000 |
|
|
|
|
Other Expenses |
92.622 |
75.322 |
61.410 |
|
|
|
|
TOTAL |
432.089 |
376.772 |
350.180 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
47.231 |
41.385 |
28.573 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
10.675 |
10.945 |
12.990 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
36.556 |
30.440 |
15.583 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
5.145 |
5.049 |
6.074 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
31.411 |
25.391 |
9.509 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
6.868 |
4.965 |
0.204 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
24.543 |
20.426 |
9.305 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Exports of goods calculated on FOB basis |
177.730 |
175.680 |
146.102 |
|
|
|
|
Exports of Technical Services |
2.680 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
180.410 |
175.680 |
146.102 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
209.029 |
192.377 |
171.172 |
|
|
|
|
Capital Goods |
0.000 |
0.000 |
0.330 |
|
|
|
TOTAL IMPORTS |
209.029 |
192.377 |
171.502 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
9.96 |
8.64 |
3.94 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
31.224 |
16.114 |
27.740 |
|
Net cash flows from (used in) operations |
24.501 |
15.159 |
26.898 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
51.90 |
49.73 |
47.55 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.03 |
7.34 |
7.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
69.75 |
82.21 |
105.48 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.74 |
0.69 |
0.39 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.45 |
0.73 |
0.49 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.41 |
0.49 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.33 |
0.44 |
0.58 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.71 |
0.98 |
1.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.56 |
0.42 |
0.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.42 |
3.78 |
2.20 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
5.29 |
5.09 |
2.55 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
7.58 |
7.57 |
3.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.12 |
15.21 |
7.97 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.27 |
1.05 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.79 |
0.60 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.58 |
0.50 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.44 |
2.49 |
2.87 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.27 |
1.05 |
0.93 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
23.633 |
23.633 |
25.051 |
|
Reserves & Surplus |
93.049 |
110.631 |
162.026 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
116.682 |
134.264 |
187.077 |
|
|
|
|
|
|
Long Term borrowings |
0.592 |
0.255 |
0.079 |
|
Short Term borrowings |
67.293 |
58.693 |
61.163 |
|
Current maturities of long term debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
67.885 |
58.948 |
61.242 |
|
Debt/Equity
ratio |
0.582 |
0.439 |
0.327 |
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
|
365.295 |
401.175 |
464.250 |
|
|
|
9.822 |
15.723 |
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
|
365.295 |
401.175 |
464.250 |
|
Profit/(Loss) |
9.305 |
20.426 |
24.543 |
|
|
2.55% |
5.09% |
5.29% |
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 |
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 |
NATURE OF OPERATIONS
Elkay is a dedicated specially silicone
manufacturer, with strong emphasis to develop customized silicone products.
Elkay is carrying a business of manufacturing
Silicone Products, Product range includes- Silicone Fluids, Silicone Antifoams,
Activated Dimethicone, Silicone Emulsions, Epoxy Silicone Fluids, Carboxy
Silicone Fluids, Amino Silicone Fluids, Mould release agents, Water repellants
and Various Customized formulations catering to various industrial sectors like
Chemicals Processing, Personal Care, Petrochemicals, Paints, Rubber and tyres,
textiles etc.
FINANCIAL RESULTS
During the year, the Company earned a total income of INR 479.319 million as compared to the total income of INR 418.158 million earned during the previous year.
After charging all expenses and taxes, the Company earned a profit of INR 24.543 million during the year as against the profit of INR 20.426 million earned during the previous year.
The directors are making all efforts to improve the performance of the Company and are hopeful of better working in the current year.
BUSINESS ACTIVITIES
The Year 2016-17 was a challenging year for the Indian as well as global economy, but things began to look up from March 2017 onwards. For India, after two consecutive years of poor rains, agriculture production clocked a record 271 mMT this year. During the year, economic growth has been a healthy 1.1% as per Government estimates, despite the problems associated with demonetization of high value currency notes in November 201ft
On the export front, Europe and Middle East markets remained subdued due to sluggish economy and low crude oil prices, respectively. They successfully added major customer's in Vietnam. Spain and Turkey during the year despite Indian Rupee appreciating against major world currencies, including US Dollar, Steady crude oil prices of USD 40-50 a barrel lent stability to the overall business environment.
As for Silicones, the pressure on prices continued unabated until January 2017, with commodity Silicone fluid prices falling to multi-year lows. However, the trend changed dramatically from March 2017, with withdrawal of export incentives by China and tightening of pollution norms rendering some of the small units unviable. Maintenance shutdowns and pollution concerns at some of the major Silicones plants in the western world created scarcity of monomer raw materials for downstream companies like us. The supply situation has continued to be tight, with monomer prices firming up by 40 to 50%
The Company has maintained its lead position in standard fluids segment, odd viscosity segment. Pharmaceutical segment and standard amino silicone fluids segment. The continued focus on agri-adjuvant products has paid off with orders flow in line with projections. It is encouraging to note that our product has been accepted by some MNC companies as well, brightening the prospect of exports in near future. Another major breakthrough has been entry into DHDS units of some large petroleum refineries in India where trial runs have been successful, and regular order flow is expected to commence soon. Our hydrophilic softeners range of products has generated encouraging results under test conditions, and are being sampled to key international customers. Trial orders for our water repellency products for construction industry have been successfully executed. The product developed for ceramic tiles industry has stabilized. As for personal care products, repeat orders have been received from international customers. New products for paper & pulp industry, and paints industry are in various stages of development.
The Company continued its focus on better materials management, reduction of inventory, and improved cash-flow during the Year. As can be seen from the results. Net sale was up 16.8% at INR 464.200 million with EBITDA increasing by 111% to INR 47.200 million. This was mainly due to higher energy costs, better product mix, efficient management of inventory, and export incentive scheme. The finance cost was lower by 2.47% at inr 10.400 million while depreciation charge was slightly higher by 2% at INR 5.145 million. The Company posted a higher Profit before Tax of INR 31.412 million, an increase of 18.49% over last year, and the highest in history of the company
The fire insurance claim of INR 5.567 million following fire at our Bhosari unit on 20 February 2016 was settled during September 2016. The Company has also withdrawn some of the accumulated profit from its subsidiary Company, It can be seen that the Company has continued to maintain comfortable liquidity during the Year, with Current Ratio improving from 1.05 last year to 1.272.
The civil work on Lote project started in Sept2016 after the monsoon rains receded, and substantial progress has been achieved in the last 10-monlhs. The Company has spent INR 46.900 million on the Project during the Year. The project is expected to start commercial production in October 2017. To part finance the expansion, the Company came out with a Rights shares issue in the ratio 1:10, at a premium of INR 200 per share. The application money of INR 126 per share was received in July 2016; first & final call for INR 84 per share was made in May 2017, and the Issue has been fully subscribed. The issued share capital of theCompany has now gone up to INR 25.997 million.
During March 2017. The Company shifted its Cash Credit account from State Bank of India to Axis Bank Limited in view of attractive and flexible credit terms.
The directors have already paid an interim dividend of INR 0.50 per share in April 2017, and are pleased to recommend final equity dividend of INR 0.50 per share that absorbs INR 1.508 million including dividend distribution tax. The Rights shares issued during the Year are eligible to get pro-rata dividend.
During the Year, the Company's subsidiary, Silicone International Products of Khalapur, resumed full production from August 2016 after the unfortunate fire incident in March 2015. The final insurance claim of INR 18.464 million was received in February 2017. The reconstructed factory has several EHS improvements, such as foam fire-fighting system, better layout, synchronized capacities of reactors, blenders and storage vessels, etc. After subdued production during 2015-16, the production increased to 1533 MT of Sil Fluid in 2016-17, a jump of 48%. Net Sale increased to INR 189.900 million, an increase of 80%. Orders for Amino Silicone Fluids are being regularity processed. The Negative Import license, required for clearance at the Indian customs is no longer required from March 2017, in view of receipt of raw materials under more acceptable Customs tariff code. During the Year, S.I.P. repaid its term loan and cash credit facility with State Bank of India, and bills factoring facility with SSI Global Factors, and Shifted to MIs Aditya Birla Finance due to attractive lending terms.
Barring unforeseen circumstance, the Company hopes to turn in improved results for 2011-18.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G62155056 |
100105145 |
AXIS BANK LIMITED |
27/03/2017 |
28/09/2017 |
- |
140000000.0 |
CORPORATE BANKING BRANCH, 214-215, CITY MALL,NEAR PUNE UNIVERSITY, GANESHKHIND ROAD,PUNEMH411007IN |
|
2 |
Y10348528 |
90240891 |
SBI BANK |
29/06/2002 |
16/12/2004 |
- |
4500000.0 |
INDL FINANCE BR PIMPRIPUNEMH411034IN |
|
3 |
Y10266605 |
90165358 |
SERVICE LIMITED |
07/02/2000 |
- |
- |
15000000.0 |
TARA CHAMBERSWAKAWADIPUNEMHIN |
|
4 |
G43870070 |
90164982 |
STATE BANK OF INDIA |
11/02/1993 |
10/11/2004 |
28/04/2017 |
3400000.0 |
PIMPRI BRANCHPUNE MHIN |
|
5 |
G43871342 |
90165459 |
STATE BANK OF INDIA |
28/06/2002 |
- |
28/04/2017 |
4500000.0 |
INDUSTRIAL FINANCE BRANCHPIMPRIPUNEMH411034IN |
|
6 |
G43826940 |
90164943 |
STATE BANK OF INDIA |
04/01/1992 |
- |
28/04/2017 |
1475000.0 |
INDUSTRIAL FINANCE BRANCHPIMPRIPUNEMH411034IN |
|
7 |
G43870922 |
90165342 |
SATATE BANK OF INDIA |
21/08/1999 |
24/08/1999 |
28/04/2017 |
3100000.0 |
PIMPRI BRANCHPUNE MHIN |
|
8 |
G43828466 |
90233889 |
STATE BANK OF INDIA |
11/02/1993 |
14/06/2012 |
28/04/2017 |
120300000.0 |
INDUSTRIAL FINANCE BRANCH,NEAR KALASAGAR HOTELKASARWADI,PIMPRIPUNEMH411034IN |
|
9 |
G43957554 |
90164897 |
STATE BANK OF INDIA |
01/12/1990 |
- |
28/04/2017 |
250000.0 |
INDUSTRIAL FINANCE BRANCHPIMPRIPUNEMH411034IN |
|
10 |
G07494982 |
10342354 |
STATE BANK OF INDIA |
24/02/2012 |
- |
24/06/2016 |
450000.0 |
INDUSTRIAL FINANCE BRANCH, NEAR KALASAGAR HOTELPIMPRI,PUNEMH411034IN |
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Laboratory Equipment
·
Computer
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
Intangible Assets
·
Computer Software
·
Patent
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 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
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.