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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506993

Report Date :

02.05.2018

 



IDENTIFICATION DETAILS

 

Name :

INDO AMINES LIMITED

 

 

Registered Office :

W-44, MIDC, Phase II, Manpada Road, Dombivli (East), District Thane – 421203, Maharashtra 

Tel. No.:

91-251-2871354

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

17.12.1992

 

 

Com. Reg. No.:

11-070022

 

 

Capital Investment / Paid-up Capital :

INR 329.168 Million

 

 

CIN No.:

[Company Identification No.]

L99999MH1992PLC070022

 

 

IEC No.:

[Import-Export Code No.]

0394064364

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACI1374A1Z3

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACI1374A

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Fine, Specialty and Performance Chemicals. [Registered Activity]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Maximum Credit Limit :

USD 1700000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Indo Amines Limited (IAL), incorporated in 1992, manufactures fine specialty and performance chemicals used in industries such as pharmaceuticals, agrochemicals, fertilizers, petrochemicals, pesticides, and perfumery. It is an established company having good track.


For the financial year ended 2017, the company has witnessed a growth in its revenue and has achieved fair profit margin at 5.04% (approx.).


The company possesses sound financial profile marked by healthy net worth base along with low debt level and favourable gap between trade payables to its trade receivables.


Rating further derives strength from the established track record of business operation and experience of promoters in the chemical industry.


Trade relations are reported as fair. Business is active. Payments are seems to be regular and as per commitments.


In view of the aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

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

CRISIL

Rating

Long term rating: BBB+

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

10.10.2017

 

Rating Agency Name

CRISIL

Rating

Short term rating: A2

Rating Explanation

Strong degree of safety and low credit risk.

Date

10.10.2017

 

 

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 31-03-2018.

 

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 02.05.2018

 

 

BBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

LOCATIONS

 

Registered / Corporate Office :

W-44, MIDC, Phase II, Manpada Road, Dombivli (East), District Thane – 421203, Maharashtra, India  

Tel. No.:

91-251-2871354 / 2870941 / 2873529 / 2873052/ 2870939

Fax No.:

91-251-2871635 / 2871666

Email:

shares@indoaminesltd.com

accounts@indoamineslted.com

Website:

http://www.indoaminesltd.com

 

 

Factory 1 :

W-35, D-58, W162, W-37/38/39, Phase II, MIDC, Dombivli (East), District Thane – 421204, Maharashtra, India

 

 

Factory 2 :

Survey No. 1723, Tundav, Taluka Savli, Baroda, Gujarat, India

 

 

Factory 3 :

W/265, W/266A, TTC Industrial Area Rabale MIDC, Navi Mumbai - 400701, Maharashtra, India

 

 

Factory 4 :

Plot No.2, D-151, D-152, D-70, J-5 Additional Industrial Area, Avadhan, MIDC, Dhule – 424006, Maharashtra, India

 

 

Factory 5 :

Plot No. K-33, MIDC Tarapur, Boisar, District Palghar – 401506, Maharashtra, India

 

 

Overseas Office:

Located At:

 

·         U.K.

·         U.S.(NY)

·         Dubai

·         Japan

·         Taiwan

·         Korea

·         China

 

 

Branch Offices:

Located at

 

·         Delhi

·         Kolkata

·         Kanpur

·         Ahmedabad

·         Baroda

·         Ankaleshwar

·         Mumbai (HO)

·         Hyderabad

·         Chennai

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Vijay Bhalchandra Palkar

Designation :

Managing Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

25.02.1953

Date of Appointment :

01.04.2008

DIN No.:

00136027

 

 

Name :

Mr. Rahul Vijay Palkar

Designation :

Managing Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

25.09.1979

Date of Appointment :

05.08.2016

DIN No.:

00325590

 

 

Name :

Mrs. Bharti Vijay Palkar

Designation :

Wholetime Director

Address :

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

30.04.1954

Date of Appointment :

01.07.1997

DIN No.:

00136185

 

 

Name :

Mr. Kirit Harilal Shah

Designation :

Whole Time Director

Address :

98 Kunj Soceity, Alkapuri, Vadodara - 390007, Gujarat, India

Date of Birth/Age :

18.03.1948

Date of Appointment :

19.02.1994

DIN No.:

00175193

 

 

Name :

Mr. Changdeo Laxman Kadam

Designation :

Wholetime Director

Address :

H-22, Sector No. 4, Aeroli, Navi Mumbai - 400708, Maharashtra, India

Date of Birth/Age :

01.04.1969

Date of Appointment :

29.12.2008

DIN No.:

00807296

 

 

Name :

Mr. Salim Dawood Memon

Designation :

Wholetime Director

Address :

Flat No. 1502, 15th Floor, Adonis Raheja Acropolis II, Deonar, Mumbai - 400088, Maharashtra, India

Date of Appointment :

27.02.2017

DIN No.:

00903766

 

 

Name :

Mr. Deepak Shankar Kanekar

Designation :

Director

Address :

B-203, Utpal Park, Off Sitladevi Temple Road, Mahim, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

26.06.1953

Date of Appointment :

31.03.2009

DIN No.:

02570268

 

 

Name :

Mr. Rajannan Raghavendra Ravi

Designation :

Director

Address :

Flat No. 11, Kumaran Apartments, 43, 3rd Main Road, Ghandi Nagar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

02.05.1956

Date of Appointment :

01.08.2004

DIN No.:

00136289

 

 

Name :

Mr. Nishikant Sunder Sule 

Designation :

Director

Address :

104, Shubh Devi CHS, Opposite Sarita Ice Factory, Shivaji Udyog Nagar, Manpada Road, Dombivli (East), Thane - 421201, Maharashtra, India

Date of Birth/Age :

23.03.1946

Date of Appointment :

12.02.2011

DIN No.:

03480278

 

 

Name :

Mr. Mahendra Ramchandra Thakoor

Designation :

Director

Address :

15/A, Purushottam Towers Off. Gokhale Road, Dadar (West), Mumbai - 400028,  Maharashtra, India

Date of Appointment :

27.02.2017

DIN No.:

01832396

 

 

Name :

Mr. Dhawal Jitendra Vora

Designation :

Director

Address :

2-11, Kawali Compound, Opposite Wrly Workshop, N.M. Joshi Marg, Lower Parel, Mumbai - 400013, Maharashtra, India

Date of Birth/Age :

06.04.1972

Date of Appointment :

27.12.2005

DIN No.:

00130115

 

 

Name :

Mr. Madhav Narayan Nandgaonkar

Designation :

Director

Address :

53, Arundhati, Akashganga Complex, Near Saraswati Vidyalaya, Thane West - 400601, Maharashtra, India

Date of Appointment :

27.02.2017

DIN No.:

0007739453

 

 

Name :

Mr. Keyur Paresh Chitre

Designation :

Director

Address :

Chitre Kutir, Amit Park, Opp Vishal Nagar, Isanpur Ahmedabad - 382443, Gujarat, India

Date of Appointment :

10.05.2017

DIN No.:

0007800503

 

 

Name :

Mr. Suneel Madhukar Raje

Designation :

Director

Address :

402 Soukhyanand Soc. Saraswat Colony Near Jalaram Mandir Nehru Road, Dombivli East, Thane - 421201, Maharashtra, India

Date of Appointment :

10.05.2017

DIN No.:

0007816980

 

 

Name :

Mrs. Lakshmi Mannepalli Kantam

Designation :

Director

Address :

Institute of Chemical Technology, Nathalal Parekh Marg, Room No. 1002, Faculty Residence Ict Cam Pus, Matun, Mumbai - 400019, Maharashtra, India

Date of Appointment :

27.05.2017

DIN No.:

0007831607

 

 

KEY EXECUTIVES

 

Name :

Ms. Tripti Mahesh Sharma

Designation :

Company Secretary

Address:

208/B, Om Gauri Nandan Park, Opposites KDMC, Off Vijay Nagar, Kalyan East, Thane - 421306, Maharashtra, India

Date of Appointment :

15.02.2016

PAN No.:

CAEPS0135E

 

 

Name :

Mr. Ajay Marathe

Designation :

Chief Financial Officer

Address:

201, Adhar Height, Opposite Bhagshala Ground, Dombivali (West), Thane - 421202, Maharashtra, India

Date of Appointment :

29.04.2015

PAN No.:

AGKPM1981E

 

 

Name :

Mr. Vijay Bhalchandra Palkar

Designation :

Chief Executive Officer 

Address:

73, Ranade Road, Laxmi Terrace, Dadar, Mumbai - 400028, Maharashtra, India

Date of Birth/Age :

25.02.1953

Date of Appointment :

28.05.2014

PAN No.:

AACPP9129R

 

 

SHAREHOLDING PATTERN

 

AS ON 31.03.2018

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Promoter & Promoter Group

24764178

74.26

(B) Public

8584602

25.74

Grand Total

33348780

100.00

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of Shareholder

No. of Shares

Percentage of Holding

A1) Indian

 

0.00

Individuals/Hindu undivided Family

6501550

19.50

SALIM DAWOOD MEMON

85427

0.26

VIJAY B PALKAR

3301284

9.90

BHARATI V PALKAR

2137424

6.41

SANAM SALIM MEMON

83189

0.25

SANJAY KRISHNA CHOUGULE

5904

0.02

RAHUL V PALKAR

355554

1.07

KIRIT HARILAL SHAH

297494

0.89

ASHWINI RAHUL PALKAR

20

0.00

ATUL VIJAY PALKAR

165270

0.50

SANA SALIM MEMON

15710

0.05

SAAD SALIM MEMON

15336

0.05

BENAZIR SALIM MEMON

38938

0.12

Any Other (specify)

18262628

54.76

PALKAR FINANCE AND CONSULTANCY SERVICES PRIVATE LTD

4166960

12.50

TECHNO HOLDINGS INDIA PRIVATE LIMITED

3901980

11.70

TECHNO SECURITIES INDIA PVT LTD

4181960

12.54

UNIGROUP RESOURCES PVT LTD

3058960

9.17

MARVEL INDENTING PVT LTD

917768

2.75

PALKAR COMMERCIALS PRIVATE LIMITED

2035000

6.10

Sub Total A1

24764178

74.26

A2) Foreign

 

0.00

A=A1+A2

24764178

74.26

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category of Shareholder

No. of Shares

Percentage of Holding

B1) Institutions

 

0.00

B2) Central Government/ State Government(s)/ President of India

 

0.00

Central Government/ State Government(s)/ President of India

400

0.00

Sub Total B2

400

0.00

B3) Non-Institutions

 

0.00

Individual share capital upto INR 0.200 Million

4461960

13.38

Individual share capital in excess of INR 0.200 Million

2713859

8.14

SANTOSH KUMAR KHEMKA

355000

1.06

SUBRAMANIAN P

1524990

4.57

Any Other (specify)

1408383

4.22

Bodies Corporate

321329

0.96

Clearing Members

55499

0.17

INDO AMINES LIMITED UNCLAIMED SUSPENSE ACCOUNT

354130

1.06

Non-Resident Indian (NRI)

677425

2.03

Sub Total B3

8584202

25.74

B=B1+B2+B3

8584602

25.74

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Fine, Specialty and Performance Chemicals. [Registered Activity]

 

 

Products / Services :

Name and Description of main products / services

NIC Code

Manufacture of organic and inorganic chemical compounds n.e.c.

20119

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

Reference :

Not Available

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

No. of Employees :

Not Available

 

 

Bankers :
  • IDBI Bank Limited
  • Dombivli Nagari Sahakari Bank Limited
  • Ratnakar Bank Limited

 

Banker Name :

Axis Bank Limited

Branch :

--

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Term loans - From Banks

156.703

172.187

Less: Current maturities of long-term debt shown under other current liabilities Period and Amount of Default: - Nil

53.000

37.487

SHORT TERM BORROWINGS

 

 

Loans repayable on demand - From banks

386.372

308.229

Total

490.075

442.929

 

NOTE 

 

LONG TERM BORROWINGS - Nature of Security and terms of repayment

 

i) Term Loans are secured against the hypothecation of specific Plant AND Machinery AND equitable registered mortgage on some of the company’s immovable property and personal guarantees of Promoter Directors.

 

ii) Term Loan from DNS Bank – INR 6.000 Million (outstanding Nil (P.Y. 0.075 Million) was taken in Financial Year 2008-09 and carries interest @ 11.70% p.a. The loan is repayable in 84 monthly instalments of INR 0.110 Million, No Moratorium period.

 

iii) Term Loan from DNS Bank – INR 5.950 Million (outstanding Nil (P.Y. 0.162 Million) was taken in Financial Year 2012-13 and carries interest @ 11.70% p.a. The loan is repayable in 36 monthly instalments of INR 0.179 Million after Moratorium period of 6 months

 

iv) Term Loan from DNS Bank – INR 34.000 Million (outstanding Nil (P.Y. 29.609 Million) was taken in Financial Year 2013-14 and carries interest @ 11.70% p.a. The loan is repayable in 84 monthly instalments of INR 0.619 Million after Moratorium period of 9 months. This Loan transfer in RBL Bank in March-16.

 

v) Term Loan from DNS Bank – INR 50.000 Million (outstanding Nil (P.Y. 45.075 Million) was taken in Financial Year 2014-15 and carries interest @ 11.70% p.a. The loan is repayable in 120 monthly instalments of INR 0.754 Million. This Loan transfer in RBL Bank in March-16.

 

vi) Term Loan from DNS Bank – INR 4.250 Million (outstanding Nil (P.Y. 0.303 Million) was taken in Financial Year 2011-12 and carries interest @ 11.70% p.a. The loan is repayable in 36 monthly instalments of INR 5.69 Lakhs after Moratorium period of 6 months

 

vii) Term Loan from DNS Bank – INR 12.750 Million (outstanding Nil (P.Y. 1.711 Million) was taken in Financial Year 2013-14 and carries interest @ 11.70% p.a. The loan is repayable in 36 monthly instalments of INR 0.434 Million

 

viii) Term Loan from DNS Bank – INR 6.000 Million (outstanding INR 0.597 Million (P.Y. 1.862 Million) was taken in Financial Year 2010-11 and carries interest @ 11.00% p.a. The loan is repayable in 84 monthly instalments of INR 1.16 Lakhs

 

 ix) Term Loan from DNS Bank – INR 24.00 Lakhs (outstanding INR 0.227 Million (P.Y. 0.710 Million) was taken in Financial Year 2010-11 and carries interest @ 11.00% p.a. The loan is repayable in 84 monthly instalments of INR 0.044 Million after Moratorium period of 3 months

 

x) Term Loan from DNS Bank – INR 10.000 Million (outstanding INR nil Million (P.Y. 3.603 Million) was taken in Financial Year 2013-14 and carries interest @ 11.00% p.a. The loan is repayable in 36 monthly instalments of INR 0.337 Million after Moratorium period of 3 months

 

xi) Term Loan from DNS Bank – INR 14.800 Million (outstanding INR 2.728 Million (P.Y. 3.901 Million) was taken in Financial Year 2014- 15 and carries interest @ 11.00% p.a. The loan is repayable in 36 monthly instalments of INR 0.501 Million after Moratorium period of 6 months

 

xii) Term Loan from DNS Bank – INR 32.000 Million (outstanding INR 113.77 Lakhs (P.Y. 7.075 Million) was taken in Financial Year 2015- 16 and carries interest @ 11.00% p.a. The loan is repayable in 48 monthly instalments of INR 0.990 Million including Moratorium period of 9 months

 

xiii) Term Loan from DNS Bank – INR 9.000 Million (outstanding INR 9.081 Million (P.Y. Nil) was taken in Financial Year 2016-17 and carries interest @ 11.00% p.a. The loan is repayable in 60 monthly instalments of INR 0.196 Million including Moratorium period of 9 months.

 

xiv) Term Loan from DNS Bank – INR 40.000 Million (outstanding INR 40.275 Million (P.Y. Nil) was taken in Financial Year 2016-17 and carries interest @ 11.00% p.a. The loan is repayable in 48 monthly instalments of INR 1.184 Million including Moratorium period of 6 months.

 

xv) Term Loan from DNS Bank – INR 57.000 Million (outstanding INR 14.970 Million (P.Y. Nil) was taken in Financial Year 2016-17 and carries interest @ 11.00% p.a. The loan is repayable in 60 monthly instalments of INR 1.240 Million after Moratorium period of 9 months

 

xvi) Term Loan from RBL Bank – INR 29.314 Million (outstanding INR 234.51 Lakhs (P.Y. 29.323 Million) was taken in Financial Year 2015-16 and carries interest @ 10.85% p.a. The loan is repayable in 60 instalments. INR 0.488 Million paid against principal amount in every month.

 

xvii) Term Loan from RBL Bank – INR 44.625 Million (outstanding INR 37.187 Million (P.Y. 44.639 Million) was taken in Financial Year 2015-16 and carries interest @ 10.85% p.a. The loan is repayable in 72 instalments. INR 0.619 Million paid against principal amount in every month.

 

xviii)Term Loan from RBL Bank – INR 15.000 Million (outstanding INR 13.749 Million (P.Y. Nil) was taken in Financial Year 2016-17 and carries interest @ 10.75% p.a. The loan is repayable in 36 monthly instalments of INR 0.489 Million The term loans borrowed to fund capital projects

 

SHORT TERM BORROWINGS

 

(Working Capital is secured by Hypothecation of Stock, Some of the Receivables,registered equitable mortgage on company’s some of the immovable properties and personal guarantee of some Promoter Directors) Period and Amount of Default: - NIL

 

i) The rate of interest of IDBI on CC -12.25%, on WCDL-11.90%, on PCFC- Labor +2.5%

ii) The rate of interest of RBL on CC -10.25%, on WCDL-not availed so far, on PCFC- Labor +200bps

iii) The rate of interest of AXIS Bank on CC -10.00%, on WCDL-9.90%, on PCFC- Labor +150bps

 

 

Auditors :

 

Name :

Kulkarni and Khanolkar

Chartered Accountants

Address :

13-14, Bell Building, Sir Pherozeshah Mehta Road, Fort, Mumbai - 400001, Maharashtra, India

Tel. No.:

91-22-22874113/ 22874043

Fax No.:

91-22-22043011

E-Mail :

kulkarniandkhanolkar@gmail.com

PAN No.:

AAAFK2921N

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Companies controlled by

Directors/Relatives of Directors:
  • Techno Holding (India) Private Limited 
  • Techno Securities (India) Private Limited 
  • Palkar Finance and Consultancy Services Private Limited 
  • Palkar Commercials Private Limited 
  • Marvel Indenting Private Limited 
  • Unigroup Resources Private Limited 
  • Pure Organics Industries
  • Sigma Solvents Private Limited 
  • Universal Distributors

 

 

Associates:
  • Indo Amines (Eurupe) Limited 

 

 

Subsidiary:
  • Indo Amines (Malaysia) SDN BHD
  • Indo Amines America LLC
  • Key Organics Private Limited 
  • Classic Oil Limited 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

33000000

Equity Shares

INR 10/- each

INR 330.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

32916780

Equity Shares

INR 10/- each

INR 329.168 Million

 

 

 

 

 

 

RECONCILIATION OF NUMBER OF SHARES

 

Equity Shares

Number of Shares

Shares outstanding at the beginning of the year

 

32916780

Shares outstanding at the end of the year

 

32916780

 

 

SHAREHOLDERS HOLDING MORE THAN 5 % SHARE CAPITAL

 

Name of Shareholder

Number of Shares

% holding

 

 

 

Techno Securities Private Limited

4181960

12.70%

Palkar Finance and Consultancy Services Private Limited

4181960

12.66%

Techno Holding Private Limited

3901980

11.85%

Unigroup Resources Private Limited

3058960

9.29%

Vijay B Palkar

3222284

9.79%

Bharati V Palkar

2072624

6.30%

Palkar Commercials Private Limited

2035000

6.18%

 

 

Terms/Rights/Restrictions

 

The company has only one class of equity shares having par value of INR 10/- per share. Each holder of equity share is entitled to one vote per share.

 

The company declares and pays dividend in Indian rupees. The dividend proposed by Board of directors, if any is subject to the approval of shareholders in the ensuing Annual General Meeting.

 

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

FINANCIAL DATA

[all figures are INR Million]

 

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

329.168

329.168

329.168

(b) Reserves & Surplus

258.152

157.265

110.995

(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)

587.320

486.433

440.163

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

103.703

134.700

74.952

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.395

0.866

9.737

(d) long-term provisions

12.756

9.893

3.630

Total Non-current Liabilities (3)

116.854

145.459

88.319

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

386.372

308.229

367.592

(b) Trade payables

375.826

288.895

299.572

(c) Other current liabilities

104.680

129.811

111.295

(d) Short-term provisions

363.056

258.055

190.927

Total Current Liabilities (4)

1229.934

984.990

969.386

 

 

 

 

TOTAL

1934.108

1616.882

1497.868

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

442.388

464.608

478.420

(ii) Intangible Assets

9.380

0.071

0.297

(iii) Capital work-in-progress

0.000

0.000

5.810

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

51.434

50.434

50.066

(c) Deferred tax assets (net)

29.753

18.613

3.876

(d)  Long-term Loan and Advances

17.332

13.032

16.521

(e) Other Non-current assets

2.000

0.000

7.000

Total Non-Current Assets

552.287

546.758

561.990

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

300.913

256.167

259.507

(c) Trade receivables

625.033

445.222

383.139

(d) Cash and cash equivalents

30.969

54.731

42.240

(e) Short-term loans and advances

369.089

287.545

237.137

(f) Other current assets

55.817

26.459

13.855

Total Current Assets

1381.821

1070.124

935.878

 

 

 

 

TOTAL

1934.108

1616.882

1497.868

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

2788.796

2427.311

2154.754

 

Other Income

37.383

13.261

17.254

 

TOTAL

2826.179

2440.572

2172.008

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1837.468

1571.308

1537.862

 

Purchases of Stock-in-Trade

52.414

17.400

15.028

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(24.647)

(22.934)

(22.035)

 

Employees benefits expense

130.914

111.245

99.273

 

Other expenses

463.855

467.492

317.895

 

TOTAL

2460.004

2144.511

1948.023

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

366.175

296.061

223.985

 

 

 

 

 

Less

FINANCIAL EXPENSES

37.416

38.493

52.075

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

328.759

257.568

171.910

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

115.896

118.417

100.838

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

212.863

139.151

71.072

 

 

 

 

 

Less

TAX

72.357

53.263

24.873

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

140.506

85.888

46.199

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

133.063

86.793

63.198

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Proposed Dividend

32.917

16.458

16.458

 

Interim Dividend

0.000

16.459

0.000

 

Dividend Distribution Tax

6.702

6.701

3.351

 

Adjustment for Opening WDV

0.000

0.000

2.795

 

Balance Carried to the B/S

233.950

133.063

86.793

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1404.482

1422.635

1293.746

 

TOTAL EARNINGS

1404.482

1422.635

1293.746

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

724.739

544.301

550.149

 

TOTAL IMPORTS

724.739

544.301

550.149

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

4.27

2.61

1.43

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

53.000

37.487

43.593

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flow from operations

130.898

244.587

257.883

 

 

 

 

Net cash flow from operations

67.965

191.567

220.896

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

(Unaudited)

30.09.2017

(Unaudited)

31.12.2017

(Unaudited)

 

1st Quarter

2nd Quarter

3rd Quarter

 

 

 

 

Net sales

812.670

858.800

928.990

Total Expenditure

760.490

742.770

829.520

PBIDT (Excluding Other Income)

52.180

116.030

99.470

Other income

11.7600

8.920

2.080

Operating Profit

63.940

124.950

101.550

Interest

6.810

10.840

13.960

Exceptional Items

NA

NA

NA

PBDT

57.130

114.110

87.590

Depreciation

26.810

28.800

27.500

Profit Before Tax

30.320

85.310

60.090

Tax

7.520

26.210

37.100

Provisions and contingencies

NA

NA

NA

Profit after tax

22.800

59.100

22.990

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

22.800

59.100

22.990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

81.80

66.95

64.90

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.46

5.45

5.62

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

72.58

66.37

70.41

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.22

1.16

0.86

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.81

0.64

0.46

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.72

0.72

0.73

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.92

0.99

1.10

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.09

2.02

2.20

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.77

0.96

1.10

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

9.79

7.69

4.30

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

5.04

3.54

2.14

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

7.26

5.31

3.08

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

23.92

17.66

10.50

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.12

1.09

0.97

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.88

0.83

0.70

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.30

0.30

0.29

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

1.65

1.46

1.48

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.12

1.09

0.97

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10/-

Market Value

INR 89./-

 

 

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

329.168

329.168

329.168

Reserves & Surplus

110.995

157.265

258.152

Share Application money pending allotment

0.000

0.000

0.000

Net worth

440.163

486.433

587.320

 

 

 

 

Long-Term Borrowings

74.952

134.700

103.703

Short Term Borrowings

367.592

308.229

386.372

Current Maturities of Long term debt

43.593

37.487

53.000

Total borrowings

486.137

480.416

543.075

Debt/Equity ratio

1.104

0.988

0.925

 

 

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

2154.754

2427.311

2788.796

 

 

12.649

14.892

 

 

 

 

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

2154.754

2427.311

2788.796

Profit

46.199

85.888

140.506

 

2.14%

3.54%

5.04%

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

329.168

329.168

(b) Reserves & Surplus

 

277.110

170.192

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

606.278

499.360

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

105.695

141.970

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

0.395

0.866

(d) long-term provisions

 

13.611

10.558

Total Non-current Liabilities (3)

 

119.701

153.394

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

402.239

321.800

(b) Trade payables

 

388.285

295.014

(c) Other current liabilities

 

106.608

131.756

(d) Short-term provisions

 

376.743

268.386

Total Current Liabilities (4)

 

1273.875

1016.956

 

 

 

 

TOTAL

 

1999.854

1669.710

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

460.825

481.644

(ii) Intangible Assets

 

44.774

33.278

(iii) Capital work-in-progress

 

24.014

0.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

0.936

0.933

(c) Deferred tax assets (net)

 

30.317

18.942

(d)  Long-term Loan and Advances

 

17.713

13.497

(e) Other Non-current assets

 

2.000

0.000

Total Non-Current Assets

 

580.579

548.294

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

316.334

268.582

(c) Trade receivables

 

633.714

455.037

(d) Cash and cash equivalents

 

46.934

60.994

(e) Short-term loans and advances

 

398.487

309.106

(f) Other current assets

 

23.806

27.697

Total Current Assets

 

1419.275

1121.416

 

 

 

 

TOTAL

 

1999.854

1669.710

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

2860.584

2525.882

 

Other Income

 

34.771

7.877

 

TOTAL

 

2895.355

2533.759

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

1875.943

1731.093

 

Purchases of Stock-in-Trade

 

52.414

26.641

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(25.192)

(21.397)

 

Employees benefits expense

 

136.352

116.757

 

Other expenses

 

474.477

371.596

 

TOTAL

 

2513.994

2224.690

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

381.361

309.069

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

40.303

40.976

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

341.058

268.093

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

118.857

121.080

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

222.201

147.013

 

 

 

 

 

Less

TAX

 

75.664

56.062

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

146.537

90.951

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

4.45

2.76

 

 

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

 

FINANCIAL OPERATIONS and STATE OF AFFAIRS OF THE COMPANY:

 

During the year the net income from operation on standalone basis increase by v 4,442.21 Lac i.e. v 28,847.93 Lakhs as compared to previous year. The net income from operation increase by v 2,960.61 Lakhs to v 3,661.78 Lakhs and posted raise in Profit before Tax by v 701.17 Lakhs.

 

AMALGAMATION:

 

During the year, the Board of Directors of the Company at their meeting held on 15th February, 2017, approved the draft scheme of amalgamation of Classic Oil Limited, Wholly Owned Subsidiary of the Company and Sigma Solvents Private Limited with the Company and their respective shareholders and creditors and subsequently revised the draft Scheme of Amalgamation at their meeting held on 27th May, 2017 under Section 230-232 of the Companies Act, 2013 subject to regulatory approvals. The Appointed Date for the Scheme of Amalgamation was 1st January, 2017. The intended amalgamation has been approved by the shareholders at the Court Convened Meeting held on 30th October, 2017 and through Postal Ballot on 30th October, 2017.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

GLOBAL SCENARIO AND DOMESTIC SCENARIO:

 

Chemical Industry is a knowledge based and capital intensive. The chemical industry is critical for the economic development of any country, providing products and enabling technical solutions in virtually all sectors of the economy. The chemicals whether being natural or synthetic are helpful to each and every creature for the survival. The various segments of the chemical industry (such as organic chemicals, specialty chemicals, chlor-alkali, pesticides, colorants and alcohol based chemicals) have their own unique set of challenges. The industry can grow only if these individual segments overcome their challenges and move swiftly along the growth path. The sector is highly diversified, with more than 80,000 chemicals and currently accounts for 15% of India’s industrial output, which makes it very crucial for the economic development of the country. “The Indian chemical industry is an integral component of the economy and has the potential to grow at 9% per annum to reach $214 billion by 2019. Key imperatives for the growth of chemical industry are to secure feedstock, right product mix and identify partnership opportunities to gain capital and technology support. India stands out as far as demography and availability of technical man-power is concerned. Chemicals industry, just like IT and pharma, stands to gain rich dividend from this. The critical success factor for the industry is its capability to provide product/application development at a favourable price-performance ratio. Innovations are acting as the driving force for the sustainable growth in the chemical industry.

 

The Asian region has emerged as the largest contributor to the global chemical industry, accounting for nearly half the global sales followed by Europe and USA in 2013. Going forward, growth in international chemical industry is expected to be driven by growth in the Asian region. Consequently, based on new geographic location of its customers, global production of chemicals is expected to move to Asia, with growth in specialty chemicals expected to be faster than the overall chemicals industry globally.

 

With the large talent pool available, the focus has been towards investment in RandD. Moreover, with increased globalization and domestic competition, Indian chemical players have to be more innovative by developing newer molecules by setting up cuttingedge RandD units. Based on inherent advantages like low cost labour and abundance of basic raw materials, Indian chemical players produce a large number of fine and specialty chemicals which have specific applications and find wide usage as food additives, pharmaceutical intermediates, toiletries, derivative products and anti-oxidants which can have multiple applications. India’s competence in this knowledge intensive industry is increasing; however the tapped potential is very limited. Moreover India has a very strong outlook for the key end user industries as they are expected to grow at 12% p.a. over the period of five years. Hence, going ahead the demand of chemical products is expected to surge at 7-8 % p.a. over the next five years.

 

CHEMICAL INDUSTRY-STRUCTURE and DEVELOPMENT:

 

The Chemical Industry is critical for the economic development of any country, providing products and enabling technical solutions for virtually all sectors of the economy. The global chemical industry is witnessing a gradual eastward shift. The industry is increasingly moving eastwards in line with the shift of its key consumer industries (e.g. automotive, electronics, etc.) to leverage greater manufacturing competitiveness of emerging Asian economies (especially India and China) and also to serve the increasing local demand. Substantial new capacities in the world are expected to come up in Asia and Europe. Operating profits in the sector have increased and many companies were able to push stronger cash flows down to the bottom line. However, the overall growth of the chemical sector was hampered by economic slowdown across US and Europe.

 

With rising concerns about climate change and depleting natural resources, focus on sustainability is another key trend impacting the global chemical industry. Chemical companies are increasingly working towards reducing energy intensity of their operations, minimizing effluent discharge, increasing the share of recyclable products in their portfolio and diversifying their raw material base to include bio-feedstock.

 

INDUSTRY STRUCTURE AND DEVELOPMENT:

 

Their Company is a leading manufacturer of Specialty Chemicals with diversified end-uses into Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Flavors and Fragrances, Home and Personal Care applications, etc. The Company makes continuous efforts to explore and innovate new products and processes in all segments. This diversified end-user base helps the Company to derisk itself from downturn in any individual business segment and also to capitalize on the growth opportunities in each of the end-user segments.

 

The Company has making substantial Investments every year for upgrading the ETP setup of the Company including setting up additional process to minimize the quantity and impurity profile of the effluents. With this effort, the Company had upgraded two of its Manufacturing Units into Zero Discharge Units and also has put in place various processes to control/limit generation of effluents and improve on the treatment of the same. As part of the Risk Management policy, the relevant parameters for all manufacturing sites are analyzed to minimize risk associated with protection of environment, safety of operations and health of people at work and monitored regularly with reference to statutory regulations and guidelines defined by the Company.

 

The Company fulfills its legal requirements concerning emission, waste water and waste disposal. Improving work place safety continued to be top priority at all manufacturing sites.

 

FINANCIAL PERFORMANCE:

 

The financial statements are prepared in compliance with the provisions of Companies act 2013 read with the rules and regulations and other applicable laws as per the guidelines of the Ministry, and as per the generally accepted accounting practices prevalent in India. The performance of the company is discussed in detail in the financial high lights in directors’ report to the members of this report.

 

OUTLOOK:

 

For the year 2017-18, their focus will continue on sustainable growth by taking measures for increasing their market share of existing products and creating new business in untapped growth market segments in Export market. Though there is sluggish demand in certain sectors and also increased competition from global and domestic players, they expect the trend shown in 2016-17 to continue in the year 2017-18. However, they expect that in some segments the market share of existing product line will increase due to expansion of capacities.

 

 

STATEMENT OF UN-AUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2017

(INR in million)

 

 

Particulars

Quarter Ended

Nine months  ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

 

Income from Operations

 

 

 

 

Net Sales/Income from Operations

928.994

853.865

2609.409

 

Other Income

2.078

7.229

14.020

 

Total Income from Operations (Net)

931.072

861.094

2623.429

 

Expenses

 

 

 

 

 

Cost of Materials consumed

644.631

567.053

1711.802

 

 

Purchase of stock in-trade

0.000

0.000

24.550

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(18.202)

(22.523)

(11.105)

 

 

Employee benefit expenses

46.146

40.677

127.814

 

 

Finance Costs

13.960

12.079

35.811

 

 

Depreciation and amortization expense

27.500

32.437

87.095

 

 

Other expenses

156.942

138.402

470.618

 

Total Expenses

870.977

768.125

2446.585

 

 

Profit /(Loss) before tax

60.095

92.969

176.844

 

Tax Expense

 

 

 

 

Current tax

33.000

29.000

73.500

 

Deferred tax

4.102

(2.786)

(2.659)

 

 

Profit /(Loss) after tax

22.993

66.755

106.030

 

Paid-up equity share capital (Face value INR 10/- per share)

329.168

329.168

329.168

 

Earnings per share (EPS) (INR)(before   extraordinary        items)             

 

 

 

 

Basic

0.70

2.03

0.86

 

Diluted

0.69

2.00

0.86

 

CONTINGENT LIABILITY

 

PARTICULARS

31.03.2017

INR In Million

31.03.2016

INR In Million

 

 

 

Bank Guarantee with IDBI

15.065

18.048

Letter of Credit with IDBI for Import Bills

45.568

68.596

Letter of Credit with IDBI for Local Bills

2.963

23.557

Income-Tax apppeal A Yr 2007-08-Versatile Chemicals Limited

1.663

1.663

Income Tax Appeal - Penalty A. Y 2009-10 M/s Indo Amines Limited

5.879

5.879

Income tax appeal -Mumbai ITAT 2009-10

0.000

9.404

Income Tax - Reopen Assessment - A. Y 2009-10

0.000

1.045

Income Tax Appeal A. Y 2010-11

2.967

8.543

Income-Tax appeal-Nasik CIT A Yr 2010-11

0.000

0.131

Income Tax Appeal A. Y 2011-12

0.000

5.570

Income-Tax appeal-Thane CIT A Yr 2012-13

0.000

14.923

Income Tax appeal-Penalty A.Y 2013-14

0.000

8.405

Income Tax appeal A.Y 2012-13 Indo Amines

1.247

0.000

Income Tax appeal A.Y 2013-14 Indo Amines

0.175

0.000

Income-Tax apppeal A Yr 2009-10-Versatile Chemicals Limited

0.261

0.000

VAT&CST Appeal Maharashtra-Liability against Ex-parte assessment passed against notice form no 315 for FY 2009-10 Appeal Case pending at Thane Jt. Comm. Sales Tax Office against Ex-parte assessment passed

against notice form

26.943

26.943

CST Appeal - Baroda F.Y. 2008-09

0.690

0.690

CST appeal -Baroda- Liability against non receipt of CST form for the FY2011-12

0.323

0.323

VAT & CST appeal- Maharashtra Liability against non receipt of CST form and other purchases FY 2011-12

3.309

3.309

Appeal under Central Sales Tax- M/s Flame Pharma For the F. Y. 2002-03

0.423

0.423

VAT&CST Appeal -Maharshtra Liability against Ex-parte assessment passed for the FY 2010-11

0.000

43.744

Order – in – appeal F. No. V/ST/DN-V (BEL) Dt. 20.04.12 Non payment of service tax on BIS for 2006 -2012

0.000

7.033

Show cause notice dt. 10/10/2012 regarding Service Tax on Commission

0.000

1.558

V/ST/DN-V(BEL)/INDO AMINES/2010, DT. 20.04.2012 Commission on Exports made in foreign currency to foreign party

1.592

0.000

f..no.v.ch.29 & 34/15-39/indo amines/jc/dn.i/2015 dt.01.09.2015 wrong availment of cenvat credit on service tax paid on rent-a-cab,civil work construction & invoice not in their name / favour

1.642

0.000

f..no.v.ch.29(4)4/indo amines/commr.-i/2015-16 dt.22.09.2015 short payment of duty due to valuation of goods sold to sister unit

5.181

0.000

f. no. v.ch29(4) 15/dem/indo amines/jc/d-i/2016 dt. 29.04.16 short payment of duty due to undervaluation of goods sold to sister unit april

15 to jan 16

0.690

0.000

f.no.v-ch.29/15-15/indo amines/jc/dn-i/2015 Dt.11.06.2015 service tax wrongly availed on construction service

1.673

0.000

f..no.v.ch.29&34/15-36/indo amines/jc/d-i/2015 Dt.18.08.2015 not payment o excise duty on amount of freight paid on branch transfer of

goods

1.076

0.000

f..no.v.st(adj.)15-08/indo amines/dn st-ii jc /2015 dt.06.10.2015 commission on export in foreign exchange to foreign party

1.541

0.000

f. no. r-i/dn-i/vdr-i/cera-viii/indo amines/2015-16 Dt. 22.06.16 branch

transfer freight jul - 16 to march 16

0.086

0.000

V/ST/DN-V(BEL)/INDO AMINES/2010/20.4.12-Commission on Export in Foreign exchange to foreign party

7.033

0.000

V/ST/DN-V(BEL)/INDO AMINES/2010/10.10.12-Commission on Export in Foreign exchange to foreign party

1.558

0.000

V/ST/DN-V(BEL)/INDO AMINES/2010/20.4.12-Commission on Export in Foreign exchange to foreign party

1.592

0.000

Case No. WP/8536/2012 - Versatile Chemicals Limited. - Non Encroachment

case before the MIDC

0.000

1.188

Classic Oil Limited- Commitment for any liability arising out of Revival of Sick

Industrial Amnesty Scheme

25.000

25.000

Unfulfilled Advance Licence Commitment

0.000

0.900

Order – in – appeal no. PKS/10/BEL/2011, Dt. 28.04.11 non reversal of cenvat credit/remission or loss of goods in flood 2005- Rabale Location

0.000

0.645

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

AMOUNT

ADDRESS

1

G64446370

100120333

DOMBIVLI NAGARI SAHAKARI BANK LTD

01/08/2017

27/10/2017

25000000.0

MIDC BRANCH, MADHUKUNJ, PLOT NO. P-52, PHASE IIKALYAN SHEEL ROAD, DOMBIVLI EASTMUMBAIMH421204IN

2

G54302948

100128238

HDFC BANK LIMITED

12/07/2017

-

1895300.0

HDFC BANK HOUSE,SENAPATI BAPAT MARG, LOWER PAREL WESTMUMBAIMH400013IN

3

G50891019

100057746

AXIS BANK LIMITED

04/10/2016

02/08/2017

240000000.0

TRISHUL 3RD FLOOR OPP. SAMARTHESWAR TEMPLE,NEAR LAW GARDEN, ELLIS BRIDGE AHEMDABADAHEMDABADGJ380006IN

4

G13829957

100052220

DOMBIVLI NAGARI SAHAKARI BANK LIMITED

03/09/2016

14/09/2016

40000000.0

"MADHUKUNJ" P-52, M.I.D.C,KALYAN SONARPADA,MIDC DOMBIVILI EAST, KALYAN - SHILPHATA RDMUMBAIMH421204IN

5

G32464232

100047522

DOMBIVLI NAGARI SAHAKARI BANK

18/08/2016

10/12/2016

66000000.0

M.I.D.C BRANCH, MADHUKUNJ, PLOT NO-52, PHASE IISONARPADA, KALYANSHIL ROAD,DOMBIVLI EASTMUMBAIMH421204IN

6

G83145276

100037816

RBL BANK LIMITED

23/03/2016

31/03/2018

104500000.0

SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN

7

G05830369

10614906

DOMBIVLI NAGARI SAHAKARI BANK LIMITED

26/12/2015

20/05/2016

32000000.0

MIDC BRANCH, MADHUKUNJ, PLOT P-52,MIDC PHASE IISONARPADA, KALYAN SHIL ROAD, DOMBIVLI EASTDOMBIVLIMH421204IN

8

C77897577

10574976

DOMBIVLI NAGARI SAHAKARI BANK LTD

26/05/2015

12/01/2016

14875000.0

MADHUKUNJ, PLOT NO.P/52, M.I.D.C. PHASE II ,KALYAN - SHIL ROAD, SONARPADA, DOMBIVLI EAST,DOMBIVLI EASTMH421204IN

9

C15383599

10513430

AXIS BANK LIMITED

30/07/2014

-

838400.0

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN

10

C61831582

10455200

IDBI BANK LIMITED

25/09/2013

22/07/2015

180000000.0

CORPORATE BANKING GROUP, SPECIALISED CORPORATE BRAPLOT NO. C-7, G BLOCK, OPP NSE, BKC, BANDRA (E)MUMBAIMH400051IN

 

 

FIXED ASSETS:

 

Tangible Assets

 

  • Leasehold Land
  • Freehold Land
  • Factory Building
  • Office Building
  • Plant and Machinery
  • Electrical Equipments
  • Motor Vehicle
  • Office Equipments
  • Furniture & Fixture
  • Cylinders
  • Computer

 

Intangible Assets

 

  • Computer Software
  • Goodwill

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

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

YES

--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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.