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|
MIRA INFORM REPORT
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Report No. : |
508830 |
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Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
INEOS STYROLUTION INDIA LIMITED (w.e.f.18.03.2016) |
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Formerly Known
As : |
STYROLUTION ABS (INDIA) LIMITED [w.e.f.2012] INEOS ABS (INDIA) LIMITED [w.e.f.2008] LAXNESS ABS LIMITED [w.e.f.2005] BAYER ABS LIMITED ABS INDUSTRIES LIMITED [w.e.f.06.08.1992] ABS PLASTICS LIMITED |
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Registered
Office : |
6th Floor, ABS Towers, Old Padra Road, Vadodara - 390007,
Gujarat |
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Tel. No.: |
91-265-2303201/ 2 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
07.12.1973 |
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Com. Reg. No.: |
04-002436 |
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Capital
Investment / Paid-up Capital : |
INR 175.856 Million |
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CIN No.: [Company Identification
No.] |
L25200GJ1973PLC002436 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
· Manufacturer and Trader of Acrylonitrile but Audience Styrene, Plastic Resin, ABS Plastic, Polymer Gratiules. [Confirmed by Management] · The Company is engaged in Manufacturing, Trading and Sale of “Engineering Thermoplastics” i.e. ABS, SAN and Polystyrene. [Registered Activity] |
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No. of Employees
: |
463 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 16772000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Styrolution ABS (India) Limited (SABS) is the Gujarat-based Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile (SAN) manufacturer incorporated on December 7, 1973. Subsequently, there had been several changes of hands of ownership of the company by international chemical groups. Currently, Styrolution South East Asia Pte Limited (SSEAPL), Singapore is holding company of SABS having 75% equity stake in SABS. As per the quarterly results of December 2017, the company has achieved sales turnover of INR 4530.410 million along with fair profitability margin. For the financial year ended 2017, the company has earned an average net profit margin but has reported a decline in its revenue as compared to the previous year’s revenue. The strong financial position of the company is marked by sound net worth base along with low debt balance sheet profile. The ratings draw comfort from long and established track record of Styrolution ABS (India) Limited (SABS) with leadership position in the Indian Acrylonitrile Butadiene Styrene (ABS) and Styrene Acrylonitrile Copolymer (SAN) markets, well diversified clientele and sustained demand from user industries especially two wheeler automobile and consumer durable industries. The ratings also take into account the leading position of the promoter groups of company in the styrene based polymers globally. The rating, however, continue to be constrained by the susceptibility of its profitability to volatile raw material prices and foreign currency exchange rate fluctuations associated with imported raw materials. The company has its share price trading at around INR 885 on BSE as on May 10, 2018 as against the Face Value (FV) of INR 10. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal 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 |
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 10.05.2018
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Mayur Deshmukh |
|
Designation : |
Admin Department |
|
Contact No.: |
91-7798677703 |
LOCATIONS
|
Registered / Head Office : |
6th Floor, ABS Towers, Old Padra Road, Vadodara -390007,
Gujarat, India |
|
Tel. No.: |
91-265-2303201/2 |
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Mobile No.: |
91-7798677703 [Mr. Mayur Deshmukh] |
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Fax No.: |
91-265-2303203 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Warehouse : |
Ganraj W/H, Godown, No.4, Gate No.136, Pune-Nasik Road, Tal-Pune,
Maharashtra, India |
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Factory : |
51, GIDC Industrial Estate, Nandesari, District Vadodara–
391340, Gujarat, India |
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Tel. No.: |
91-265-2840319, 2840285, 2840559, 2841010 |
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Fax No.: |
91-265-2840827 |
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Moxi Plant and R & D Centre : |
Sankarda-Bhadarva Road, Post: Poicha, Taluka Savli,
District Vadodara- 391350, Gujarat, India |
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Tel. No.: |
91 2667 244350/ 244370/ 244380 |
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Fax No.: |
91-2667-244340 |
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Katol Plant : |
Halol-Kalol Road, Katol, Taluka Kalol, District Panchmahal-
389330, Gujarat, India |
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Tel. No.: |
91-2676-235980/ 235891/ 235802/ 235803 |
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Fax No.: |
91-2676-235518 |
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Dahej Plant : |
Dahej Village, Vaghra Taluka, District Bharuch - 392 130,
Gujarat, India |
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Tel. No.: |
91-2641-273318/ 256021 |
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Fax No.: |
91-2641-256022 |
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Kandla Storage
Terminal : |
Plot No 8, Old Kandla- 370210, Gujarat, India |
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Tel. No.: |
91-2836-270393 |
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Fax No.: |
91-2836-270657 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jal Patel |
|
Designation : |
Director |
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Address : |
Flat 33, Vaikunth, Behind Deepak Foundation, Gotri Road, Vadodara-390021, Gujarat, India |
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Date of Birth : |
17.09.1937 |
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Date of Appointment : |
29.12.2005 |
|
DIN No.: |
00065021 |
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Name : |
Ms. Ryna Zaiwalla Karani |
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Designation : |
Director |
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Address : |
T/37, Godrej Baug Off Napean Sea Road, Mumbai-400026, Maharashtra, India |
|
Date of Appointment : |
16.05.2016 |
|
DIN No.: |
00116930 |
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|
Name : |
Mr. Anil Shankar |
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Designation : |
Additional Director |
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Address : |
91, Munirka Enclave, New Delhi-110067, India |
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Date of Birth : |
14.09.1953 |
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Date of Appointment : |
12.08.2016 |
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DIN No.: |
02143156 |
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|
Name : |
Mr. Jit Teng Tan |
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Designation : |
Director |
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Address : |
APT BLK 83, Redhill Lane # 20 - 81 Singapore, 150083 |
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Date of Appointment : |
18.05.2015 |
|
DIN No.: |
06466969 |
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|
Name : |
Mr. Sanjiv Vasudeva |
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Designation : |
Managing Director |
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Address : |
J-10, Ground Floor, Saket, New Delhi-110017, India |
|
Date of Appointment : |
01.03.2016 |
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PAN No.: |
ABGPV8037P |
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DIN No.: |
06570945 |
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|
|
|
Name : |
Mr. Stephen Mark Harrington |
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Designation : |
Director |
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Address : |
4821, Nasa Parkway, 10SE Seabrook, Tx 77586- 0000, Seabrook |
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Date of Birth : |
29.07.1968 |
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Date of Appointment : |
18.05.2015 |
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DIN No.: |
07131679 |
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Name : |
Mr. Nitankumar Vedprakash Duggal |
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Designation : |
Whole-time Director |
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Address : |
02 Arpan Bunglow, Near Citizen Society Ellorapark, Vadodara – 390023, Gujarat, India |
|
Date of Appointment : |
31.08.2017 |
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DIN No.: |
07872778 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjiv Vasudeva |
|
Designation : |
Chief Executive Officer |
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Address : |
J-10, Ground Floor Saket, New Delhi – 110017, India |
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Date of Appointment : |
01.03.2016 |
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PAN No.: |
ABGPV8037P |
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|
Name : |
Mr. Haresh Sunderdas Khilnani |
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Designation : |
Company Secretary |
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Address : |
C-35, Laxmi Park Society BH RTO, S K Colony, Vadodara-390006, Gujarat, India |
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Date of Appointment : |
30.09.2013 |
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PAN No.: |
AKPPK9515K |
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|
Name : |
Mr. Sanjeev Madan |
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Designation : |
Chief Finance Officer |
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Address : |
C-402, Plot No. 36, Rajasthan Apartments, Near Modern Convent School, Sector-4, DW Arka, New Delhi-110078, India |
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Date of Appointment : |
29.01.2018 |
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PAN No.: |
AAKPM7718H |
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Audit Committee : |
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Corporate Social Responsibility Committee : |
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Nomination and Remuneration Committee : |
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Stakeholders Relationship and Grievance Committee : |
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|
Name : |
Mr. Mayur Deshmukh |
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Designation : |
Admin Department |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
13189218 |
75.00 |
|
|
(B) Public |
4396407 |
25.00 |
|
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Grand Total |
17585625 |
100.00 |
Statement showing shareholding pattern of the Promoter and Promoter
Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
A2) Foreign |
0.00 |
||
|
Any Other
(specify) |
13189218 |
75.00 |
|
|
INEOS Styrolution
Apac Pte. Ltd. |
13189218 |
75.00 |
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|
Sub Total A2 |
13189218 |
75.00 |
|
|
A=A1+A2 |
13189218 |
75.00 |
Statement
showing shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
975788 |
5.55 |
|
|
Reliance Capital
Trustee Co. Ltd-A/C Reliancesmall Cap Fund |
689023 |
3.92 |
|
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Foreign Portfolio
Investors |
128828 |
0.73 |
|
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Financial
Institutions/ Banks |
7190 |
0.04 |
|
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Insurance
Companies |
50 |
0.00 |
|
|
Any Other (specify) |
5 |
0.00 |
|
|
UTI |
5 |
0.00 |
|
|
Sub Total B1 |
1111861 |
6.32 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
25821 |
0.15 |
|
|
Sub Total B2 |
25821 |
0.15 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 million |
2259413 |
12.85 |
|
|
Individual share
capital in excess of INR 0.200 million |
242247 |
1.38 |
|
|
Any Other
(specify) |
757065 |
4.31 |
|
|
HUF |
116411 |
0.66 |
|
|
Non-Resident
Indian (NRI) |
114536 |
0.65 |
|
|
Clearing Members |
22701 |
0.13 |
|
|
Bodies Corporate |
503417 |
2.86 |
|
|
Sub Total B3 |
3258725 |
18.53 |
|
|
B=B1+B2+B3 |
4396407 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
· Manufacturer and Trader of Acrylonitrile but Audience Styrene, Plastic Resin, ABS Plastic, Polymer Gratiules. [Confirmed by Management] · The Company is engaged in Manufacturing, Trading and Sale of “Engineering Thermoplastics” i.e. ABS, SAN and Polystyrene. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Advance Payment, L/C, Cheque and Others [RTGS] |
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Purchasing : |
Advance Payment, L/C, Cheque and Others [RTGS] |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and Manufacturers
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No. of Employees : |
463 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited (HSBC) · Citibank N.A. · State Bank of India · ICICI Bank Limited |
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Facilities : |
· Secured borrowings from banks are secured by first charge on inventories and trade receivables. |
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Statutory Auditors |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company (holds 75.00%
of the equity share capital) : |
INEOS Styrolution APAC Pte. Limited
|
|
|
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|
Ultimate Holding
Company |
· INEOS Limited · INEOS AG, (up to December 31, 2016) Switzerland |
|
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Wholly owned Subsidiary: |
Styrolution India Private Limited, Gujarat |
|
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|
Where transactions have taken place Fellow subsidiaries : |
·
INEOS Styrolution Korea Limited (Formerly :
Styrolution Korea Limited) Korea ·
INEOS Styrolution (Thailand) Company Limited
(Formerly: Styrolution Thailand Company Limited) Thailand ·
INEOS Styrolution Group GmbH (Formerly :
Styrolution Group GmbH) Germany INEOS Styrolution Ludwigshafen GmbH (Formerly
: Styrolution Ludwigshafen GmbH) Frankfurt am Main ·
INEOS Styrolution Europe GmbH (Formerly :
Styrolution Europe GmbH) Frankfurt am Main ·
INEOS Styrolution Mexicana S.A de Napoles ·
INEOS Sales U.K. Limited, Great Britain (from
November 17, 2014) ·
INEOS Europe AG Switzerland (from November 17,
2014) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17585625 |
Equity Shares |
INR 10/- each |
INR 175.856
Million |
|
|
|
|
|
The Reconciliation of number of shares outstanding at the beginning and
at the end of the year
|
Particulars |
March 31, 2017 |
|
|
|
Number of Shares |
INR In million |
|
Balance at the beginning of the reporting period balance |
17585625 |
175.856 |
|
Changes
in equity share capital during
the year |
-- |
-- |
|
Balance
at the end of the reporting period |
17585625 |
175.856 |
a)
Equity shares held by
holding company
|
Name
of shareholder |
Relationship |
March 31, 2017 |
|
Ineos
Styrolution APAC Pte Limited. (formerly known as Styrolution South East Asia
Pte Limited) |
Holding
company |
13189218 |
b) Rights, preferences and restrictions
attached to shares
Equity
Shares
The Company has one class of
equity share having a par value of INR 10/- per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive remaining assets
of the Company after distribution of all preferential amounts, in proportion to
their shareholding.
c)
Particulars of shareholders holding more than 5% equity shares in the
company
|
Particulars |
As at March 31, 2017 |
|
|
|
Number of Shares |
Percentage |
|
INEOS
Styrolution APAC Pte Limited (formerly
known as Styrolution South East Asia Pte Limited.) |
13189218 |
75.00% |
d) Information on equity
shares allotted without receipt of cash or allotted as bonus shares or shares
bought back during five years immediately preceding March 31, 2017.
No shares are allotted as bonus or allotted without receipt of cash
during past five years and there has been no buy back of shares.
e) Pursuant to the Open Offer of Styrolution
South East Asia Pte Limited, Singapore (‘SSE’) which closed on March 3, 2015,
SSE received 300 shares from the public. As a result thereof, the total
shareholding of SSE as on March 31, 2015 was increased to 13189518 equity
shares (75.002%). SSE needed to divest 0.002% (300 shares only) of the
Company’s equity share capital by March 12, 2016 through various methods
allowed by SEBI. In order to raise the public shareholding to 25%, Company had
applied to SEBI for granting approval for sale of 300 shares by the SSE,
through one or multiple transactions on the floor of the stock exchanges in the
normal window to meet minimum public shareholding norms which was approved by
SEBI vide its letter dated April 20, 2015. In compliance with SEBI guidelines,
SSE has sold off these 300 shares on June 9, 2015, thereby bringing its holding
back to 75%.
FINANCIAL DATA
[all figures are
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 |
175.856 |
175.856 |
175.856 |
|
(b) Reserves &
Surplus |
5694.626 |
5090.949 |
4862.201 |
|
(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) |
5870.482 |
5266.805 |
5038.057 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
224.898 |
181.543 |
228.873 |
|
(c) Other long term
liabilities |
54.573 |
41.933 |
0.000 |
|
(d) long-term provisions |
5.200 |
5.200 |
17.962 |
|
Total Non-current
Liabilities (3) |
284.671 |
228.676 |
246.835 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2088.655 |
1698.094 |
1095.797 |
|
(b) Trade payables |
1667.699 |
1570.935 |
1500.165 |
|
(c) Other current
liabilities |
640.503 |
433.932 |
311.368 |
|
(d) Short-term provisions |
0.000 |
53.748 |
90.847 |
|
Total Current Liabilities
(4) |
4396.857 |
3756.709 |
2998.177 |
|
|
|
|
|
|
TOTAL |
10552.010 |
9252.190 |
8283.069 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2190.386 |
2412.148 |
2165.491 |
|
(ii) Intangible Assets |
0.000 |
21.323 |
1.983 |
|
(iii) Capital
work-in-progress |
176.885 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
8.535 |
5.194 |
1010.398 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.025 |
0.790 |
259.359 |
|
(e) Other Non-current
assets |
353.479 |
383.457 |
1.883 |
|
Total Non-Current Assets |
2730.310 |
2822.912 |
3439.114 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3200.346 |
1922.756 |
1624.128 |
|
(c) Trade receivables |
2275.056 |
2240.06 |
2022.828 |
|
(d) Cash and cash
equivalents |
161.107 |
247.734 |
50.09 |
|
(e) Short-term loans and
advances |
2.473 |
2.384 |
1131.783 |
|
(f) Other current assets |
2182.718 |
2016.344 |
15.126 |
|
Total Current Assets |
7821.700 |
6429.278 |
4843.955 |
|
|
|
|
|
|
TOTAL |
10552.010 |
9252.190 |
8283.069 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
16691.841 |
17753.388 |
14617.195 |
|
|
Other operating revenue |
0.000 |
0.000 |
15.698 |
|
|
Other Income |
40.676 |
27.445 |
47.002 |
|
|
TOTAL |
16732.517 |
17780.833 |
14679.895 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
11652.025 |
12312.388 |
11549.021 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(723.173) |
(161.118) |
(135.498) |
|
|
Employees benefits expense |
503.691 |
504.024 |
437.866 |
|
|
Other expenses |
2114.881 |
2238.544 |
1971.458 |
|
|
Excise duty |
1868.365 |
1914.355 |
0.000 |
|
|
TOTAL |
15415.789 |
16808.193 |
13822.847 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1316.728 |
972.640 |
857.048 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
61.065 |
98.108 |
126.499 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1255.663 |
874.532 |
730.549 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
252.704 |
272.072 |
213.228 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1002.959 |
602.460 |
517.321 |
|
|
|
|
|
|
|
Less |
TAX |
310.161 |
(35.840) |
167.090 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
692.798 |
638.300 |
350.231 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Commission income |
NA |
6.546 |
8.099 |
|
|
R&D income |
NA |
13.738 |
7.773 |
|
|
TOTAL EARNINGS |
NA |
20.284 |
15.872 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
10435.582 |
9989.305 |
|
|
Capital Goods |
NA |
15.029 |
13.121 |
|
|
Stores and Spares |
NA |
5.368 |
2.874 |
|
|
TOTAL IMPORTS |
NA |
10455.979 |
10005.300 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
39.40 |
36.30 |
19.92 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
24.065 |
384.651 |
340.997 |
|
|
|
|
|
|
Net cash inflow/(outflow) from operating activities |
(181.273) |
284.776 |
196.748 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
49.75 |
46.05 |
50.51 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.34 |
7.93 |
7.23 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
52.24 |
46.57 |
47.41 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.41 |
0.51 |
0.53 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.56 |
0.40 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.41 |
0.36 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.36 |
0.32 |
0.22 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.75 |
0.71 |
0.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.40 |
0.46 |
0.43 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
21.56 |
9.91 |
6.78 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
4.15 |
3.60 |
2.40 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.57 |
6.90 |
4.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.80 |
12.12 |
6.95 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.78 |
1.71 |
1.62 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.05 |
1.20 |
1.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.57 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
11.88 |
9.66 |
6.23 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.78 |
1.71 |
1.62 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 885.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
175.856 |
175.856 |
175.856 |
|
Reserves & Surplus |
4862.201 |
5090.949 |
5694.626 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5038.057 |
5266.805 |
5870.482 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1095.797 |
1698.094 |
2088.655 |
|
Total
borrowings |
1095.797 |
1698.094 |
2088.655 |
|
Debt/Equity
ratio |
0.218 |
0.322 |
0.356 |
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 |
14617.195 |
17753.388 |
16691.841 |
|
|
|
21.456 |
(5.979) |
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 |
14617.195 |
17753.388 |
16691.841 |
|
Profit/ (Loss) |
350.231 |
638.300 |
692.798 |
|
|
2.40% |
3.60% |
4.15% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
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 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND
INEOS Styrolution India Limited (the ‘Company’) is a public limited Company domiciled in India and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company was previously registered as Styrolution ABS (India) Limited and changed its name on 18 March, 2016 pursuant to special resolution passed by the shareholders of the company through Postal Ballot (including e-voting) on 25 February 2016 and subsequent approval from Registrar of Companies, Gujarat. The Company is engaged in manufacture, trading and sale of “Engineering Thermoplastics”. The Company has manufacturing facilities at Nandesari, Moxi, Katol and Dahej and Research and Development centre at Moxi in Gujarat.
MANAGEMENT
DISCUSSION AND ANALYSIS
INEOS is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenics specialties. With world-class production facilities INEOS helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in the markets.
INEOS Styrolution India Limited is an Indian company within INEOS Global Group.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
INEOS serves various industries focusing especially on automotive, home appliance, electrical and electronics, construction, and the healthcare industry. Changing economic and business conditions, evolving consumer preferences, rapid technological innovation and adoption and globalization are creating an increasingly competitive market environment. In this environment, their customers are strongly focusing on cost saving and innovative solutions. The Company is determined to support the success of its customers in their markets to give them a competitive edge. INEOS group strives to always provide its customers with the best solutions. It understands customer needs, makes products affordable and enhances the quality of life for a lot of people by making things more convenient, nicer and safer.
PRODUCTS
Their Company products including product of the amalgamated entity viz. General Purpose Poly Styrene and High Impact Poly Styrene, ABSOLAN and ABSOLAC continue to have a preferred market status amongst user industries such as Automotive, Construction, Healthcare, Household and Electronics. With the acquisition of K Resin by INEOS Styrolution in Korea, they will now be in a position of promoting K resin (SBC) in India. The successful launch of new products Novodur HH and Luran S has strengthened the market leadership of their Company especially in the Automotive industry. Further, their Company continues to launch new products with innovative solutions creating more value for its Customers.
The Company provides styrenic applications for many everyday products across a broad range of industries, including Automotive, Electronics, Household, Construction, Healthcare, Packaging and Toys, Sports and Leisure. With best-in-class production technology, advanced R&D skills, Company is perfectly equipped to ensure the highest level of quality, efficiency and innovation.
ECONOMIC OUTLOOK
The growth of their Company
is closely linked to the growth of the Indian economy. For the economy to grow,
it is imperative that there is an increase in public spending which in turn
will fuel demand for our products.
In India, while the mood somewhat changed from excitement to pragmatism, the economy remained on healthy growth path till last quarter of 2016. The Indian economy advanced 6.1 percent year-on-year in the first quarter of 2017, slowing sharply from a 7 percent expansion in the previous period and well below market expectations of 7.1 percent. It is the lowest growth rate since the last quarter of 2014, due to a slowdown in consumer spending and a drop in investment, following the demonetization program started in November of 2016. In addition, the government changed the GDP base year for 2011-2012 from 2004-2005. The same change was made earlier for industrial production and wholesale prices indexes, with adjustments in the weights of the different industries. Considering the April 2016-March 2017 period, the economy advanced 7.1 percent, in line with the official estimate but below 8 percent in the previous year.
The Government’s ‘Make in India’ program aimed at facilitating investment, foster innovation, enhance skill development and protect intellectual property is expected to generate new opportunities.
UNSECURED LOANS:
|
Unsecured Loan |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT-TERM BORROWINGS |
|
|
|
Working Capital Loans |
350.157 |
710.188 |
|
Buyers credit from Bank |
344.941 |
987.906 |
|
|
|
|
|
Total |
695.098 |
1698.094 |
NOTES:
1) Cash credit facility is
availed in a range of 8.45% to 9.75%.
2) Buyers credit facility is
taken towards purchase of raw material which has been covered under letter of
credit limit and carries interest rate of 0.60% to 1.22% (March 31, 2016: 0.56%
to 1.00%; April 1, 2015: 1.25% to 2.00%) and is generally repayable within 30 -
90 days (March 31, 2016: 30 - 120 days; April 1, 2015: 60 days) from the date
of extending credit.
3) Working capital loans are
repayable with an average tenure of 2 - 18 days. Interest is payable at 9.01% -
9.70% (March 31, 2016 : 9.53% - 9.90%; April 1, 2015 : 9.76% - 9.87%)
4) Unsecured borrowing
facilities are guaranteed by INEOS Styrolution Group GmbH.
INDEX OF CHARGES:
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G35620608 |
100077083 |
ICICI BANK LIMITED |
27/01/2017 |
- |
- |
1774000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
2 |
Z00719311 |
80049836 |
ICICI BANK LIMITED |
11/07/1995 |
- |
- |
110000000.0 |
"LAND MARK"RACE COURSE CIRCLEBARODAGJ390005IN |
|
3 |
Z00736207 |
80050121 |
LIFE INSURANCE CORPORATION OF INDIA |
27/12/1989 |
- |
- |
2000000.0 |
CENTRAL INVESTMENT DEPARTMENT, "YOGKHSEM" BUILDINGJIVAN VIMA MARGMUMBAIMH400010IN |
|
4 |
Z00736203 |
80050119 |
UNIT TRUST OF INDIA |
27/12/1989 |
- |
- |
2000000.0 |
'G' BLOCK, BANDRA-KURLA COMPLEXBANDRA (EAST)MUMBAIMH400051IN |
|
5 |
Z00733350 |
80050039 |
IDBI BANK LIMITED |
27/12/1989 |
- |
- |
8000000.0 |
NARIMAN BHAVAN227, VINAY K SHAH MARGMUMBAIMH400021IN |
|
6 |
Z00736204 |
80050120 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED |
27/12/1989 |
- |
- |
4000000.0 |
IFCI TOWER61, NEHRU PLACENEW DELHIDL110019IN |
|
7 |
Z00733301 |
80050037 |
IDBI BANK LIMITED |
17/11/1989 |
- |
- |
179000.0 |
NARIMAN BHAVAN227, VINAY K SHAH MARGMUMBAIMH400021IN |
|
8 |
Z00736201 |
80050118 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED |
17/11/1989 |
- |
- |
1188000.0 |
IFCI TOWER61, NEHRU PLACENEW DELHIDL110019IN |
|
9 |
Z00733372 |
80050040 |
GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED |
17/10/1987 |
09/10/1989 |
- |
4200000.0 |
CHUNIBHAI CHAMBERSASHRAM ROADAHMEDABADGJ380009IN |
|
10 |
G00906339 |
10247353 |
State Bank of India |
21/10/2010 |
- |
18/03/2016 |
615000000.0 |
INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSEVADODARAGJ390007IN |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Rename from operations |
4530.410 |
4826.171 |
14401.730 |
|
Other Income |
14.501 |
4.624 |
44.278 |
|
Total
Income from Operations |
4544.911 |
4830.795 |
14446.008 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
3609.508 |
3597.875 |
10472.050 |
|
Changes in inventories of finished goods and
work-in-progress |
(132.552) |
171.755 |
455.327 |
|
Excise Duty |
0.000 |
0.000 |
553.455 |
|
Employee benefits expense |
155.025 |
139.702 |
434.338 |
|
Finance Costs |
26.648 |
19.224 |
71.732 |
|
Depreciation and Amortization expenses |
67.787 |
60.945 |
190.803 |
|
Other Expenditure |
590.160 |
585.707 |
1741.011 |
|
Total
Expenses |
4316.576 |
4575.208 |
13918.716 |
|
Profit
/ (Loss) before Tax |
228.335 |
255.587 |
527.292 |
|
Tax Expense |
85.257 |
85.839 |
187.056 |
|
Profit
for the period |
143.078 |
169.748 |
340.236 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit and loss |
|
|
|
|
Remeasurement of defined benefit plans |
11.818 |
(1.705) |
8.409 |
|
Income tax relating to remeasurements of defined benefit
plans |
(4.090) |
0.590 |
(2.910) |
|
Total
other comprehensive income, net of tax |
7.728 |
-1.115 |
5.499 |
|
Total
comprehensive income for the period |
150.806 |
168.633 |
345.735 |
|
Paid up equity share capital |
175.856 |
175.856 |
175.856 |
|
Face
Value of the share INR 10 |
|
|
|
|
Earnings
per Share (EPS) – INR |
|
|
|
|
Basic
- Diluted |
8.14 |
9.65 |
19.35 |
SEGMENT REVENUE, RESULTS, SEGMENT ASSET AND
SEGMENT LIABILITIES
(INR in Million)
|
Particulars |
Six Months Ended 31.12.2017 |
Six Months Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1.
Segment revenue (Revenue
from operations) |
|
|
|
|
(a)
Specialties |
3275.490 |
3478.278 |
10124.767 |
|
(b)
Polystyrene |
1253.466 |
1346.316 |
4272.618 |
|
(c)
Others |
1.454 |
1.577 |
4.345 |
|
Total |
4530.410 |
4826.171 |
14401.730 |
|
Less
: Inter segment revenue |
0.000 |
0.000 |
0.000 |
|
Revenue
from operations |
4530.410 |
4826.171 |
14401.730 |
|
|
|
|
|
|
2.
Segment results (Segment
profit before interest and tax) |
|
|
|
|
(a)
Specialties |
243.758 |
269.001 |
656.178 |
|
(b)
Polystyrene |
6.886 |
40.927 |
(21.764) |
|
(c)
Others |
1.454 |
1.577 |
4.345 |
|
Total |
252.098 |
311.505 |
638.759 |
|
Add/(Less):
(i) Finance cost |
(26.648) |
(19.224) |
(71.732) |
|
(ii)
Interest income |
4.308 |
0.124 |
24.585 |
|
(iii)Other
unallocable expenditure (net of income) |
(1.423) |
(36.818) |
(64.320) |
|
Profit
before tax |
228.335 |
255.587 |
527.292 |
|
|
|
|
|
|
3.
Segment assets |
|
|
|
|
a.
Specialties |
6937.579 |
6875.447 |
6937.579 |
|
b.
Polystyrene |
2289.731 |
2602.018 |
2289.731 |
|
c.
Unallocated |
393.465 |
534.455 |
393.465 |
|
Total
segment assets |
9620.775 |
10011.920 |
9620.775 |
|
|
|
|
|
|
4.
Segment liabilities |
|
|
|
|
a.
Specialties |
1705.757 |
1467.554 |
1705.757 |
|
b.
Polystyrene |
113.823 |
128.850 |
113.823 |
|
c.
Unallocated |
1669.642 |
2434.769 |
1669.642 |
|
Total
segment liabilities |
3489.222 |
4031.173 |
3489.222 |
Notes:
1. The Statutory Auditors of the Company have carried out a limited review of the results for the quarter ended December 31, 2017. The limited review report does not contain any modification or qualification.
2. The above statements were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on January 29, 2018.
3. Revenue from operations for the period upto June 30, 2017 include excise duty, which is discontinued effective from July 01, 2017 upon implementation of Goods and Services tax in India. In accordance with Ind AS -18, Revenue, GST, is not included in revenue from operations . In view of the aforesaid restructuring of indirect taxes, revenue from operations for the quarter and the nine months ended December 31, 2017 are not comparable with the previous periods.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
|
a) Income tax |
77.339 |
|
b) Excise duty & service tax |
889.033 |
|
c) Customs duty |
3.928 |
|
d) Sales tax |
18.740 |
|
e) Claims against the Company not acknowledged as debt |
13.423 |
FIXED ASSETS
· Free-Hold Land
· Lease-Hold Land
· Buildings
· Plant and Machinery and Equipment
· Furniture, Fixtures
· Vehicles
· Office Equipment’s
PRESS RELEASE:
INEOS Styrolution Selected
by Goldsun to Create High Impact ABS Bumper Guards for Cars in India
PR Newswire
VADODARA, India, Aug.
31, 2017
VADODARA, India, Aug.
31, 2017 /PRNewswire/ --
· Goldsun takes advantage of a broad range of Absolac® ABS solutions[1] for its high melt strength with broader processing window and superior impact
· Absolac proves to be ideal for Goldsun's blow molding method for producing auto parts
· Absolac E 502 BML becomes the latest addition to the portfolio, used for the production of bumper guards and spoilers
INEOS Styrolution, the global leader in styrenics, has been selected by Goldsun Auto Private Limited as a thermoplastics supplier for its range of automotive components such as spoilers, luggage carriers and footsteps for four-wheelers in India. The Coimbatore, India, based company lives up to a strong commitment to quality, right from sourcing raw materials all the way to final fitting. For a wide range of applications, they turn to INEOS Styrolution to provide the best ABS solution per respective application.
Goldsun employs innovative methods such as special blow molding, plasma cutting (cutting electrically conductive materials by means of an accelerated jet of hot plasma), cold anodizing (electrolytic passivation process increasing the thickness of the natural oxide layer on the surface of metal parts) and powder coating to create high quality and visually appealing components. They are one of the first companies to start a dedicated ABS bumper guard production unit in India. The blow molding technology ensures dimensional accuracy, high volume production, high surface finish and repeatability factors.
G Ramachandran, Managing Director at Goldsun, says: "They are happy with the E 502 BML grade, as it gives a better result in blow molding products. Absolac shows good flexibility that helps in proper molding. Its high melt strength and broader processing window contributes to produce good quality bumper guards weighing 17 to 18kg, with good impact strength, dimensional stability and consistent product wall thickness." He particularly appreciates the proactive approach of the INEOS Styrolution representatives.
Goldsun uses a broad range of Absolac ABS solutions in their production:
Absolac E 502 BML: This blow molding grade became the latest addition to the portfolio used by Goldsun. It is used for the production of the Goldsun Xtent Defender and Trishul range of bumper guards for SUVs like Tata Hexa and parcel trays for Datsun redi-GO. Goldsun chose this particular grade for its high melt strength and good mechanical properties.
Absolac 120 HR: This grade is used for the production of the Goldsun Footrail suitable for all SUVs.
Absolac 200 EP: This easy flow electroplating injection-molding grade is used for automotive plating parts.
Rajiv Verma, Lead Automotive India at INEOS Styrolution, enjoys the partnership with Goldsun.
He comments: "We are glad to work with this strong local automotive company in India, and we are looking forward supporting Goldsun to stay at the top of the industry." Thangamayan Prabharan, Manager Sales and Marketing, adds: "Due to our close cooperation, we are able to make suggestions early in the development process of a new application."
ABOUT INEOS
STYROLUTION
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including Automotive, Electronics, Household, Construction, Healthcare, Packaging and Toys/ Sports/ Leisure. In 2016, sales were at 4.5 billion euros. INEOS Styrolution employs approximately 3,200 people and operates 16 production sites in nine countries.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.38 |
|
|
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
ARC |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RUP |
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 |
New 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.