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|
MIRA INFORM REPORT
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Report No. : |
499735 |
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Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
CHEMTROLS
INDUSTRIES PRIVATE LIMITED (w.e.f. 29.03.2016) |
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|
Formerly Known
As : |
CHEMTROLS
INDUSTRIES LIMITED
(w.e.f. 29.02.2008) CHEMTROLS
ENGINEERING LIMITED CHEMTROLS ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra |
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Tel. No.: |
91-22-22830636 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.07.1981 |
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Com. Reg. No.: |
11-024757 |
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Capital
Investment / Paid-up Capital : |
INR 320.868 Million |
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CIN No.: [Company Identification
No.] |
U29299MH1981PTC024757 |
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IEC No.: [Import-Export Code No.] |
0388002433 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC2870R |
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GSTN : [Goods & Service Tax Registration
No.] |
27AAACC2870R1Z7 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
(Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Chemtrols Holdings Private Limited” India.
It is an established company incorporated in the year 1981 having good track
records. For the financial year ended 2017, revenue and profit of the company
has slightly declined. However, the company possesses sound financial profile marked by
healthy networth base along with fair debt level and favourable gap between
trade payables to its trade receivables. The company also derives strength from its holding entity and its experienced management team. Trade relations are reported as fair. Business is active. Payment terms are seems to be regular and as per commitment. In view of aforesaid, the company can be considered normal 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 |
Not Available |
|
Rating |
Not Available |
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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 26.03.2018
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.: 91-22-22873573)
LOCATIONS
|
Registered Office/ Factory 1 : |
910, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-22830636 |
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Fax No.: |
91-22-22873573 |
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E-Mail : |
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Website : |
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Head Office : |
Amar Hill, Saki Vihar Road, Powai, Mumbai - 400072, Maharashtra, India |
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Tel. No. : |
91-22-28575089/ 67151200 |
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Fax No. : |
91-22-28571913 |
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E-Mail : |
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Factory 2 : |
141/142, Kundaim Industrial Estate, Kundaim - 403115, Goa, India |
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Tel. No. : |
91-832-6613100 |
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Fax No. : |
91-832-6613155 |
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E-Mail : |
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Regional Offices |
Located At: · Delhi · Navi Mumbai · Kolkata · Chennai · Vadodara · Secunderabad · Bangalore · Guwahati · Visakhapatnam |
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Overseas Office
: |
P.O. Box: 263 239, Jebel Ali, Dubai, U.A.E. |
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E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nandkumar Kalath |
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Designation : |
Managing Director |
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Address : |
202, Mangal Darshan, |
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Date of Birth/Age : |
02.11.1948 |
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Qualification : |
B.Sc., Chem. Engg |
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Date of Appointment : |
01.09.2008 |
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DIN No. : |
00041727 |
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Name : |
Mr. Rakesh Kumar Gupta |
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Designation : |
Whole-time Director |
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Address : |
104-A, Lila Apartments, |
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Date of Birth/Age : |
04.06.1953 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
25.09.2009 |
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DIN No. : |
00050139 |
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Name : |
Mr. Sambhaji Amrut Rao Nikam |
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Designation : |
Director |
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Address : |
A-201, |
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Date of Birth/Age : |
15.03.1940 |
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Qualification : |
DME |
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Date of Appointment : |
01.09.2008 |
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DIN No. : |
00041810 |
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Name : |
Mr. Pawan Kumar Mishra |
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Designation : |
Director |
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Address : |
Flat - 3143, Sector -D, PKT -3, Vasant Kunj, New Delhi, 110070, India |
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Date of Birth/Age : |
16.06.1950 |
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Qualification : |
B.E. Electric |
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Date of Appointment : |
27.03.2015 |
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DIN No. : |
06456180 |
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Name : |
Mr. Anish Rajgopal |
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Designation : |
Additional Director |
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Address : |
Flat No. 803, 8th Floor, Octavius Building, Hiranandani Gardens, Powai
Mumbai- 400076, Maharashtra, India |
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Date of Appointment : |
22.11.2017 |
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DIN No. : |
02893018 |
KEY EXECUTIVES
|
Name : |
Mrs. Lata Varshey |
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Designation : |
Secretary |
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Address : |
B-405, Green Acres, Baghbill Naka, Ghodbunder Road, Thane – 400606,
Maharashtra, India |
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Date of Birth/Age : |
15.10.1965 |
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Date of Appointment : |
01.10.2011 |
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PAN No.: |
AADPV3882C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
K. Nandakumar |
|
6527130 |
|
S. A. Nikam |
|
1465013 |
|
Usha Nandakumar |
|
2730553 |
|
K Rajagopal |
|
600234 |
|
Chemtorls Holdings Private Limited, India |
|
52078871 |
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K. Venugopal |
|
33211 |
|
K. Ramanathan |
|
45247 |
|
Chandrika Venugopal |
|
33011 |
|
Shailaja Viswanthan |
|
37201 |
|
Nalini Rajagopal |
|
38772 |
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K. Viswanathan |
|
37401 |
|
Smitha Rajagopal |
|
15559 |
|
Sudha Ramanathan |
|
44235 |
|
K. Aravindakshan |
|
7550 |
|
R.R. Nair |
|
2323 |
|
R. Radhakrishnan |
|
321612 |
|
Sreelatha Nair |
|
36251 |
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Karthika Nandakumar |
|
79279 |
|
Kumari Unnikrishnan |
|
34247 |
|
K Nandakumar HUF |
|
5900 |
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Total |
|
64173600 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
14.56 |
|
Promoters (Body corporate) |
81.15 |
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Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
4.29 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
(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 declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S Raghunath and Company Chartered Accountants |
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Address : |
3/8, Surya Niwas CHS, Colony Road, Sion (West), Mumbai, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AMXPS5218F |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Chemtrols Holdings Private Limited |
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Subsidiary : |
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Joint Venture : |
ERC Chemtrols Private Limited |
CAPITAL STRUCTURE
As on 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
INR 5/- each |
INR 350.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64173600 |
Equity Shares |
INR 5/- each |
INR 320.868
Million |
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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 |
320.868 |
300.000 |
283.825 |
|
(b) Reserves and Surplus |
1101.239 |
1095.589 |
331.829 |
|
(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) |
1422.107 |
1395.589 |
615.654 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5.683 |
0.000 |
0.028 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
367.371 |
586.953 |
418.988 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
373.054 |
586.953 |
419.016 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2123.084 |
1958.139 |
1637.020 |
|
(b) Trade payables |
1092.306 |
1143.584 |
886.425 |
|
(c) Other
current liabilities |
386.650 |
541.149 |
333.380 |
|
(d) Short-term
provisions |
3.634 |
7.181 |
12.433 |
|
Total Current
Liabilities (4) |
3605.674 |
3650.053 |
2869.258 |
|
|
|
|
|
|
TOTAL |
5400.835 |
5632.595 |
3903.928 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
866.281 |
887.419 |
210.475 |
|
(ii)
Intangible Assets |
20.036 |
27.932 |
26.736 |
|
(iii) Tangible assets
capital work-in-progress |
7.230 |
4.570 |
0.000 |
|
(iv)
Intangible assets under development |
46.583 |
44.673 |
34.273 |
|
(b) Non-current Investments |
65.987 |
62.177 |
62.177 |
|
(c) Deferred tax assets (net) |
6.812 |
6.205 |
4.140 |
|
(d)
Long-term loans and advances |
4.952 |
6.750 |
6.750 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1017.881 |
1039.726 |
344.551 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1003.298 |
1084.512 |
772.560 |
|
(c) Trade
receivables |
2706.326 |
2775.801 |
2113.691 |
|
(d) Cash and
bank balances |
145.445 |
140.447 |
184.591 |
|
(e)
Short-term loans and advances |
383.025 |
328.995 |
239.379 |
|
(f) Other
current assets |
144.860 |
263.114 |
249.156 |
|
Total
Current Assets |
4382.954 |
4592.869 |
3559.377 |
|
|
|
|
|
|
TOTAL |
5400.835 |
5632.595 |
3903.928 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
3542.751 |
3972.025 |
3266.373 |
|
|
Other Income |
17.245 |
194.932 |
42.039 |
|
|
TOTAL |
3559.996 |
4166.957 |
3308.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1811.631 |
1553.264 |
930.913 |
|
|
Purchases of
Stock-in-Trade |
188.262 |
1076.841 |
1075.701 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.312 |
(125.246) |
(87.056) |
|
|
Employee benefit expense |
444.106 |
406.859 |
361.761 |
|
|
CSR expenditure |
0.713 |
1.434 |
0.628 |
|
|
Other expenses |
722.681 |
839.436 |
635.126 |
|
|
TOTAL |
3168.705 |
3752.588 |
2917.073 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
391.291 |
414.369 |
391.339 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
256.679 |
267.317 |
248.567 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
134.612 |
147.052 |
142.772 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
33.209 |
35.401 |
42.677 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
101.403 |
111.651 |
100.095 |
|
|
|
|
|
|
|
Less |
TAX |
34.392 |
35.935 |
31.338 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
67.011 |
75.716 |
68.757 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
225.722 |
71.757 |
0.000 |
|
|
TOTAL EARNINGS |
225.722 |
71.757 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
957.034 |
1694.193 |
0.000 |
|
|
TOTAL IMPORTS |
957.034 |
1694.193 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.12 |
1.33 |
1.29 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1.984 |
0.059 |
1.413 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
157.755 |
(42.554) |
33.763 |
|
Net cash flow from operating activity |
127.575 |
(83.366) |
6.145 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
278.83 |
255.08 |
236.19 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
1.31 |
1.43 |
1.55 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
199.36 |
158.70 |
161.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.39 |
0.38 |
0.51 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.42 |
0.43 |
1.44 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.67 |
0.65 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.50 |
1.40 |
2.66 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.54 |
2.62 |
4.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.66 |
0.69 |
0.44 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.52 |
1.55 |
1.57 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
1.89 |
1.91 |
2.10 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.24 |
1.34 |
1.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.71 |
5.43 |
11.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.22 |
1.26 |
1.24 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.94 |
0.96 |
0.97 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.26 |
0.25 |
0.16 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.64 |
6.53 |
5.77 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.22 |
1.26 |
1.24 |
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 |
283.825 |
300.000 |
320.868 |
|
Reserves & Surplus |
331.829 |
1095.589 |
1101.239 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
615.654 |
1395.589 |
1422.107 |
|
|
|
|
|
|
Long-term borrowings |
0.028 |
0.000 |
5.683 |
|
Short term borrowings |
1637.020 |
1958.138 |
2123.084 |
|
Current maturities of
long-term debts |
1.413 |
0.059 |
1.984 |
|
Total
borrowings |
1638.461 |
1958.197 |
2130.751 |
|
Debt/Equity
ratio |
2.661 |
1.403 |
1.498 |
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 |
3266.373 |
3972.025 |
3542.751 |
|
|
|
21.604 |
(10.807) |
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 |
3266.373 |
3972.025 |
3542.751 |
|
Profit/ (Loss) |
68.757 |
75.716 |
67.011 |
|
|
2.10% |
1.91% |
1.89% |
ABRIDGED
BALANCE SHEET - CONSOLIDATED
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
320.868 |
300.000 |
|
(b) Reserves and Surplus |
|
1054.859 |
1058.917 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Minority Interest |
|
29.104 |
25.072 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1404.831 |
1383.989 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
6.805 |
0.851 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
368.984 |
586.954 |
|
(d) long-term
provisions |
|
2.389 |
2.372 |
|
Total Non-current
Liabilities (3) |
|
378.178 |
590.177 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
2123.084 |
1958.139 |
|
(b) Trade
payables |
|
1288.646 |
1257.552 |
|
(c) Other
current liabilities |
|
367.945 |
556.452 |
|
(d) Short-term
provisions |
|
14.968 |
0.000 |
|
Total Current
Liabilities (4) |
|
3794.643 |
3772.143 |
|
|
|
|
|
|
TOTAL |
|
5577.652 |
5746.309 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
879.283 |
902.429 |
|
(ii)
Intangible Assets |
|
20.085 |
28.002 |
|
(iii) Tangible assets capital
work-in-progress |
|
15.323 |
12.664 |
|
(iv)
Intangible assets under development |
|
46.583 |
44.673 |
|
(b) Non-current Investments |
|
17.938 |
17.938 |
|
(c) Deferred tax assets (net) |
|
6.775 |
5.812 |
|
(d)
Long-term loans and advances |
|
7.653 |
14.287 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
993.640 |
1025.805 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1020.098 |
1102.586 |
|
(c) Trade
receivables |
|
2853.920 |
2833.174 |
|
(d) Cash and
bank balances |
|
175.232 |
164.876 |
|
(e)
Short-term loans and advances |
|
362.103 |
321.215 |
|
(f) Other
current assets |
|
172.659 |
298.653 |
|
Total
Current Assets |
|
4584.012 |
4720.504 |
|
|
|
|
|
|
TOTAL |
|
5577.652 |
5746.309 |
PROFIT
& LOSS ACCOUNT - CONSOLIDATED
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
4010.616 |
4342.786 |
|
|
Other Income |
|
24.348 |
200.802 |
|
|
TOTAL |
|
4034.964 |
4543.588 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
1573.402 |
1371.357 |
|
|
Purchases of
Stock-in-Trade |
|
753.410 |
1537.049 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
2.586 |
(129.318) |
|
|
Employee benefit expense |
|
505.535 |
462.903 |
|
|
Other expenses |
|
805.649 |
908.286 |
|
|
TOTAL |
|
3640.582 |
4150.277 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
394.382 |
393.311 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
256.137 |
268.069 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
138.245 |
125.242 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
36.637 |
39.310 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
101.608 |
85.932 |
|
|
|
|
|
|
|
Less |
TAX |
|
39.536 |
37.667 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE MINORITY INTEREST |
|
62.072 |
48.265 |
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
(1652) |
(1.562) |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
60.420 |
46.703 |
|
|
Earnings / (Loss) Per
Share (INR) |
|
1.01 |
0.82 |
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 |
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 |
PERFORMANCE OVERVIEW
While Indian Economy had
started showing signs of stability in some sectors by mid of Financial year
2016-17, though not much in industry the sectors The Company is operating,
primarily because of long project execution cycle time in these sectors, by reason
of its highly engineered and technological nature, demonetisation of large
value currency notes of INR 1000 and INR 500, disrupted the supply chain both
in inputs for manufacturing as well as in getting finished goods delivered to
Customer sites, spread across the entire Republic of India. While The Company
entirely undertakes structured business in Organized Sectors and had no direct
impact of demonetisation, this disruption in movement of goods across various
State boarders resultedin delays in processing of orders, stress in liquidity /
cash flow and in delays in finalization of projects / tenders at Prospective
Customers’ end. Consequently The Company has around 14% drop in Sales Revenue
during the financial year, but were able to maintain profit level, compared to
previous financial year. The order intake for the corresponding period was also
less by around 10-12%. Yet The Company’s order backlog as on 1st April 2017 is
over INR 325.00+ crores, signalling a robust growth of over 15% in invoicing
can be achieved for The Company in the financial year 2017-18.
Looking at the overall
Global scenario and a period of transformation emanating from various policies
of Central Government, they continued focus on the initiatives, they started
previous years.
i)
Realisation of outstanding due payments
ii)
Cost Management through better utilisation of resources to result in overall
cost reduction as a percentage of revenue;
iii)
Continued thrust on development of new products and new applications.
iv) Reach out to New
Customers, particularly in Far East and Africa to realise the Company’s stated
goal of 20% of year-on-year revenue from exports from Fiscal Year 2018-19
v)
Restructuring the Operations to become more efficient and economical.
vi)
Getting manufacturing operations at Pune facility for valves commercialized and
marketing activities streamlined.
The Company is now well
equipped both by way of capability and capacity to ‘Go Global’. The company has
attained a gross income of INR 3780.000 Million in the current year and is
poised to clock Gross income of over INR 4500.000+ Million, during 2017-18 with
GST Act in operation from July 2017. The Company was able to retain profit
after tax during the year at the same
level
as previous year.
The Company’s diversified
portfolio – from product and system sales to projects to turn-key contracts,
have helped the Company to retain its leadership position in Automation in the
Country. Turn-key contracts of National importance; Energy Dispatch and Distribution
Management as well as Automation of Petroleum Products Terminals and providing
solutions to Petroleum Refining Processes in meeting targeted throughput,
environment, safety as well as energy efficiency norms constituted most of the
sales revenue for the year. The Company has also ventured into Solar Power
generating projects.
The pending order book
position as on 1st September, 2017 is INR 4140.000+ Million, indicating the
company can endure successfully the recessionary trend looming in the Capital
Goods Sector.
The Company retained its
International Certificate of Quality for Product lines/Systems, more
specifically ASME – U, R, N Stamps and PED, CE markings apart from ISO:
9001:2008. The Company is also a qualified Vendor for Analyser Systems and
Custody Transfer Metering Skids for PDO (Petroleum Development Oman) apart from
other major oil companies like GASCO, Petrofac, Kuwait Oil, ADCO etc. in the
Middle East. The Company has executed and successfully commissioned custody
transfer Gas Metering job for Customer in Oman and Analyser System job for
Takreer, Abu Dhabi.
The Directors have great
pleasure to inform you, the wholly owned subsidiary of the Company, under the
name and style “Chemtrols Middle East FZE” is fully operational.
The Company has executed export orders over
USD3.10.Million for Process Instruments, Metering and Analytical Systems during
the year.
The Company, this year also
has executed many complex jobs as well as secured many large value jobs for
execution in the coming year i.e. 2017-18. Few noteworthy projects Business
Unitwise are:
BU1 Process Analytics
The Company is pleased to
inform completion of execution of Major Process Analytical Systems jobs awarded
by Reliance Industries for their J3 Project; Paraxylene, Refinery Off Gas
Cracker, LLDPE, LDPE, SNG, MEG, ASU and SRU units. It is a matte of Great Pride
for The Company that the Process Analyser System supplied to MEG Project
encompassing the largest Analyser Shelter ever made; 22+ Metre Long and 6+
Meter Wide, weighing nearly 50 tonnes is commissioned satisfactorily. Scope
included Design, Engineering, System Integration, Testing, FAT and site work of
the supplied systems which included Analyser House, HVAC, Safeguarding PLCs,
Fire & Gas Detection systems and Analyser Management Network systems.
A Unique Process Analyser
System Project for Hydrogen Plant of AIR PRODUCTS USA executed at BPCL – Kochi
Refinery, involving installation in field mounted three-sided shelter is
commissioned. The Company has executed another Analyser System job through
Engineers India for Sulfer Recovery Unit at BPCL Kochi. There are many other
Analyser System jobs under execution for Chemical and Petrochemical Plants,
Fertilizer, Steel & Cement Plants, which will be delivered to respective customers
early next Financial Year.
The Company very strongly
believes in Sustainable Development. As part of this noble cause, the Company
has been executing Environment Safe-guarding contracts; continuous Emission
Monitoring and Continuous Ambient Air Quality monitoring jobs in India and in
Middle East. Further The Company’s Process Analytics Unit has successfully
ventured into new sector: Waste Management through Incineration.
The Company is also
actively pursuing many opportunities in USA, Africa, South East Asia and Middle
East in Oil and Gas, Electrical Energy distribution.
BU2 Automation
The Company completed and
handed-over greenfield automation jobs at Petroleum Products Terminals of
Indian Oil Corporation at JASIDIH, Tikrikalan, Jaipur and Coimbatore, Hindustan
Petroleum Corporation at Jodhpur, Bharat Petroleum Corporation at Barauni and
Common Utility Terminal at Raipur of Indian Oil Tanking Limited during the
year.
Automation
works at Pune, Wadala, Sidhpurand Paradeep terminals of Indian Oil Corporation
are also completed.
These
Automation jobs that ensure safe, secure and speedier operations of terminals
altogether represent nearly 25% of the movement of the petroleum products in
the country.
The
Company is pursuing Digitization opportunities in Oil and Gas marketing Sector;
BU3 Metering and Measurement
The Company contributed to
the Indian Chemical and Hydrocarbon Processing Industries in their endeavour to
attain and maintain sustainable operations all through by providing safe,
secure and suitable instruments for measurement, transmission and control of
process parameters ; flow, level, pressure and temperature. Clientele include
All Major National Companies operating in Oil and Gas, Fertilizer,
Petrochemical, Power, Steel and Cement, Pulp and Paper, Water and waste water
sectors. Regular repeat orders from these companies stand testimony to the
Company’s contribution in the overall development of Their Great Nation.
BU4 Steam Engineering
The Company considers Steam
Engineering products and systems as the best growth driver for the Company,
since Steam will continue to be the primary motive force across all sectors of
Industry. Further this business unit opens up great potential for
diversification into seemingly Allied products for applications in energy
efficiency and flow control. Thus the Company is reasonably confident of
enhancing revenues from this business fivefold in a shorter time span of two to
three years;
Ø Executed many Turbine
By-pass systems tested and duly certified by Third Party Inspection Agencies;
for ship-based power plants in Europe, in Sugar plants in Africa, in Sugar
plants and distilleries in India, in refineries, in Pulp and Paper Mills and
Steel plants
BU5 Utility Management
The Company completed the
Automation work and handed over SCADA/DMS jobs of ERLDC, Kolkata and its
constituent Load Dispatch Control Centres. In the R-APDRP initiatives of
Ministry of Power, while the Company started operations at Assam Power
Distribution Co. Ltd Control Centre at Guwahati, installation works at 15
control centres spread across the states of Bengal, Gujarat, Andhra Pradesh and
Telangana arenearing completion and on conducting tests. The Directors have
great pleasure to inform the Company is awarded contract for development ofone
“SMART Grid” project out of the 18 pilots, Ministry of Power decided to execute
towards Proof of Concept which the Company is presently executing. The Company
has secured one Contract from NLDC for automation jobs.
OUTLOOK
Their Prime Minister, has
outlined Governments resolve to enhance India’s competitiveness in World
Economic Order in the Global Commercial transactions, through Make in India:
Zero defect, Zero effect (on environment), Skill India and Digital India among
other far fetching sustainability initiatives; Swacch Bharat, Start up India
and Stand-up India The Company has, from its inception, focused on “Make in
India” and: “Skill India” philosophy, in association with its Global partners:
to name a few, AMETEK, FMC, Schneider, (Previously Eckardt) , Siemens,
Met-one,
UOP, Teledyne etc.
“Chemtrols’ Made in India”
is a Globally recognized Brand in Chemical and Hydrocarbon Processing
Industries. Further The Company’s products and Systems, help Indian Chemical
and Hydrocarbon Processing Industries enable “Zero defect, Zero effect” product
deliveries not only in India but also in other parts of the world.
The Directors are confident,
in the light of the heavy thrust Government is putting on to get manufacturing
a respectable share of 25% of the GDP by the year 2022, the own Company’s
initiatives in various Sectors and Geographies, coupled with Human Resources
Development programmes in Management, Leadership and Skilling as well as
Continuous innovation in cost management and product offerings, will enable The
Company to attain at least 10-12 % year on year growth from now on.
The Company’s decisive step
in setting up and operationalizing a Global Quality facility for manufacturing
valves in Pune for applications in Chemical and Hydrocarbon Processing
Industries is in sync with Government’s drive to make chosen few of Indian
manufacturing Sectors as Global Champions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Rupee term loans from others |
2.444 |
0.000 |
|
|
|
|
|
Total |
2.444 |
0.000 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G10300648 |
100046828 |
Bank Of Baroda |
29/08/2016 |
- |
320250000.0 |
Mid Corporate Branch, Meghdoot Building. 1st Floor Jn. Of Linking Road AND Turner Road, Bandra (WEST) Mumbai MAHARASHTRA 400050 INDIA |
|
2 |
C76753383 |
10615160 |
CENTRAL BANK OF INDIA |
11/01/2016 |
- |
100000000.0 |
CFB NARIMAN PONT BRANCH,CHANDER MUKHI,GROUND FLOORNARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
3 |
B44480044 |
80048918 |
HDFC BANK LIMITED |
29/12/2004 |
05/07/2012 |
340000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARG LOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA |
|
4 |
Y10254498 |
90154728 |
CENTRAL BANK OF INDIA |
31/03/2004 |
- |
10000000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
5 |
Y10254111 |
90154341 |
CENTRAL BANK OF INDIA |
13/03/2003 |
- |
13138278.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
6 |
Y10254461 |
90154691 |
CENTRAL BANK OF INDIA |
26/11/2002 |
- |
7500000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
7 |
Y10254079 |
90154309 |
CENTRAL BANK OF INDIA |
12/06/2001 |
- |
15000000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
8 |
Y10254076 |
90154306 |
CENTRAL BANK OF INDIA |
01/03/2001 |
- |
5000000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
9 |
G49594633 |
90153709 |
CENTRAL BANK OF INDIA |
22/03/2000 |
05/07/2017 |
5610000000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
|
10 |
Y10254391 |
90154621 |
CENTRAL BANK OF INDIA |
22/03/2000 |
- |
191100000.0 |
CHANDER MUKHI BUILDING GROUND FLOOR ; NARIMAN POINT BOMBAY MAHARASHTRA 400021 INDIA |
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Vehicle
- Motor Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.95 |
|
Euro |
1 |
INR 80.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
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.