MIRA
INFORM REPORT
|
Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MANALI PETROCHEMICAL LIMITED |
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Registered Office : |
SPIC Centre, 88, Mount Road, Guindy, Chennai 600032, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
11.06.1986 |
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Com. Reg. No.: |
18-13087 |
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CIN No.: [Company
Identification No.] |
L24294TN1986 PLC 013087 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM00306F |
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Legal Form : |
A Public Limited Liability Company. Company’s shares are listed on Stock Exchanges. |
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Line of Business : |
The company is engaged in the business of manufacture of Petrochemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Subject’s current
year and future performance is expected to be seriously affected due to
global meltdown and recession in the industry. It may ultimately affect the payment behaviours of the subject
resulting into delay. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
SPIC Centre, 88, Old No. 97, Mount Road, Guindy, Chennai 600032, Tamilnadu, India |
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E-mail: |
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Principal Office & Plant I: |
Ponneri High Road, Manali, Chennai – 600068 |
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Tel. No.: |
91-44-25941025, 25941249, 25941253, 24941557, 25943910 |
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Fax No.: |
91-44-25941199 |
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E-Mail : |
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Plant II: |
Sathangadu Village, Manali, Chennai – 6000680 |
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Tel. No.: |
91-44-25941698, 25941402 |
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Secretarial Department: |
Ponneri High Road, Manali, Chennai 600068 |
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Tel. No.: |
91-44-25943895 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Dr. A. C. Muthiah |
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Designation : |
Chairman |
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Name : |
Mr. Ashwin C Muthiah |
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Designation : |
Director |
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Name : |
Mr. M. Babu K Verghese |
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Designation : |
Director |
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Name : |
Mr. G. Raghavendran |
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Designation : |
Director |
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Name : |
Mr. M. Sivagnanam |
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Designation : |
Director |
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Name : |
Mr. B. Viswabarathy |
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Designation : |
Director |
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Name : |
Mr. G. Ramachandran |
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Designation : |
Director |
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Name : |
Mr. K. K.
Rajagopalan |
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Designation : |
Director (Finance) |
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AUDIT COMMITTEE: |
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Name : |
Mr. M. H. Avadhani
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Designation : |
Director |
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Name : |
Mr. C.V.R Painkar |
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Designation : |
Director |
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Name : |
Mr. T. Willington (Nominee of TIDCO)
w.e.f.19.10.2005 |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. G.S. Lakshmi Narasimhan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders [As on 31.03.2008] |
No. of Shares |
Percentage of
Holding |
|
Promoter and Associates |
77078553 |
44.83 |
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Individual |
74669550 |
43.42 |
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Corporate |
13037671 |
7.58 |
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Financial Institutions |
4638095 |
2.69 |
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NRI/OCBs |
2559535 |
1.48 |
|
Banks |
15825 |
0.00 |
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Total |
171999229 |
100 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the business of manufacture of
Petrochemicals. |
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Products: |
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PRODUCTION STATUS [As on
31.03.2008]
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Propylene oxide |
MT |
37,000 |
24,000 |
28290 |
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Propylene Glycol |
MT |
24,000 |
13,250 |
16875 |
|
Polyols |
MT |
37,000 |
14,000 |
14251 |
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PGMME |
MT |
2,400 |
2,400 |
768 |
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Di-Propylene Glycol |
MT |
1,500 |
- |
1708 |
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Tri-Propylene Glycol |
MT |
200 |
- |
128 |
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DCP and DCIPE |
MT |
4,700 |
- |
4478 |
GENERAL
INFORMATION
|
Bankers : |
·
State Bank of India ·
State Bank of Hyderabad ·
State Bank of Patiala ·
Indian Bank ·
Canara Bank ·
Punjab National Bank ·
Corporation Bank ·
State Bank of Bikaner and Jaipur ·
Bank of India |
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Facilities : |
Due for repayment within a year Rs. 40.377 Millions Cash Credit from
Banks are secured by hypothecation of inventories on hand including in
transit, book debts and other receivables both present and future and by way of
a second charge on the Company's immovable properties other than Machinery of
gross value of Rs. 22.460 Millions (previous year Rs. 22.460 Millions) added
under a multilateral grant which has been hypothecated to the concerned
institution managing the grant. The Interest Free Sales Tax loan is secured by a charge on the
immovable and movable properties of the Company.
Due for repayment
within a year is Rs. 12.896 Millions (Previous Year Rs.26.159 Millions) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Fraser and Ross, Chennai Chartered Accountant |
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Name: |
M/s Deloitte Haskins and Sells, Chennai Chartered Accountants |
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Associates/Subsidiaries : |
Southern Petrochhemical Industries Corporation Limited -
Promoter Ind-Ital Chemicals Limited -
Subsidiary of Promoter Mr. G . Ramachandran - Managing
Director Mr. K. K. Rajagopalan -
Director (Finance) |
CAPITAL STRUCTURE
[As on 31.03.2008]
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
240000000 |
Equity Share |
Rs. 5/- each |
Rs.1200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
171999229 |
Equity Share (includes 48608400 Equity Shares of Rs. 10 each allotted as fully
paid-up to erstwhile shareholders of SPIC Organics Limited issued pursuant to
the scheme of Amalgamation) |
Rs.5/- each |
Rs.1146.662 Millions |
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Less: Reduction of Share Capital |
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Rs. 286.666 Millions |
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Add: Shares Forfeited |
|
Rs. 0.351 Millions |
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Total |
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Rs. 860.347
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
860.347 |
860.347 |
860.347 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
258.270 |
300.753 |
251.464 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1118.617 |
1161.100 |
1111.811 |
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LOAN FUNDS |
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1] Secured Loans |
152.580 |
179.133 |
181.793 |
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2] Unsecured Loans |
12.896 |
43.064 |
75.196 |
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TOTAL BORROWING |
165.476 |
222.197 |
256.989 |
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DEFERRED TAX LIABILITIES |
63.262 |
95.829 |
21.758 |
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TOTAL |
1347.355 |
1479.126 |
1390.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
327.835 |
410.521 |
493.034 |
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Capital work-in-progress |
333.393 |
81.214 |
6.737 |
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INVESTMENT |
160.998 |
221.065 |
0.045 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
8.337 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
430.007
|
494.631 |
424.324 |
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Sundry Debtors |
333.225
|
295.742 |
358.522 |
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Cash & Bank Balances |
45.612
|
172.126 |
305.454 |
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Loans & Advances |
136.000
|
206.911 |
172.496 |
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Total
Current Assets |
944.844
|
1169.410 |
1260.796 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
309.862
|
293.802 |
270.420 |
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Provisions |
110.788
|
113.145 |
107.971 |
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Total
Current Liabilities |
420.650
|
406.947 |
378.391 |
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Net Current Assets |
524.194
|
762.463 |
882.405 |
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Deferred Revenue Expenditure |
0.935 |
3.863 |
0.000 |
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TOTAL |
1347.355 |
1479.126 |
1390.558 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
3234.678 |
3151.820 |
3266.946 |
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Other Income |
43.912 |
22.109 |
14.925 |
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Total Income |
3278.590 |
3173.929 |
3281.871 |
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Profit/(Loss) Before Tax |
74.665 |
226.056 |
364.203 |
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Provision for Taxation |
14.571 |
76.151 |
23.823 |
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Profit/(Loss) After Tax |
60.094 |
149.905 |
340.380 |
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Earnings in Foreign Currency : |
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FOB value of Exports |
37.334 |
10.901 |
40.837 |
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Freight and Insurances |
1.454 |
0.492 |
1.420 |
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Total Earnings |
38.788 |
11.393 |
42.257 |
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Imports : |
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Raw Materials |
222.010 |
381.126 |
398.996 |
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Trade Goods |
159.804 |
83.789 |
83.267 |
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Total Imports |
381.814 |
464.915 |
482.263 |
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Expenditures : |
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Raw Material Consumed |
1946.618 |
2061.707 |
1969.349 |
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Purchases of trade goods |
365.434 |
113.278 |
67.161 |
|
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Increase/(Decrease) in Finished Goods |
66.035 |
[77.003] |
63.918 |
|
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Deferred Revenue Expenditure Written off |
2.928 |
4.474 |
6.988 |
|
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Interest |
[0.384] |
[13.118] |
(0.565) |
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Employee Cost |
112.216 |
109.417 |
97.452 |
|
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Power & Fuel |
343.661 |
316.277 |
364.884 |
|
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Depreciation & Amortization |
100.002 |
103.184 |
102.885 |
|
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Other Expenditure |
267.415 |
329.657 |
245.596 |
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Total Expenditure |
3203.925 |
2947.873 |
2701.598 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Sales Turnover |
|
950.200
|
888.400
|
|
Other Income |
|
4.700
|
4.300
|
|
Total Income |
|
954.900
|
892.700
|
|
Total Expenditure |
|
919.700
|
836.500
|
|
Operating Profit |
|
35.200
|
56.200
|
|
Interest |
|
2.900
|
2.200
|
|
Gross Profit |
|
32.300
|
54.000
|
|
Depreciation |
|
24.300
|
22.300
|
|
Tax |
|
8.800
|
16.100
|
|
Reported PAT |
|
6.100
|
21.400
|
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.17 |
0.21 |
0.33 |
|
Long Term Debt-Equity Ratio |
0.11 |
0.17 |
0.31 |
|
Current Ratio |
1.82 |
2.25 |
2.70 |
|
Fixed Assets |
1.79 |
1.78 |
1.85 |
|
Inventory |
7.99 |
7.93 |
8.87 |
|
Debtors |
11.75 |
11.14 |
10.57 |
|
Interest Cover Ratio |
7.73 |
20.66 |
21.24 |
|
Operating Profit Margin(%) |
5.03 |
9.35 |
12.85 |
|
Profit Before Interest And Tax Margin(%) |
2.32 |
6.52 |
10.12 |
|
Cash Profit Margin(%) |
4.33 |
6.95 |
11.74 |
|
Adjusted Net Profit Margin(%) |
1.63 |
4.11 |
9.01 |
|
Return On Capital Employed(%) |
6.44 |
17.34 |
25.78 |
|
Return On Net Worth(%) |
5.27 |
13.19 |
29.16 |
LOCAL AGENCY
FURTHER INFORMATION
During the year, the
company achieved a profit before tax of Rs.74.700 Millions and a profit after
tax of Rs.60.100 Millions. During the financial year the quantum of production
and sales increased by 2% and 4%. However, the increase in turnover was only
Rs. 50.000 Millions due to steep fall in selling prices of the product. Selling
prices are a function of the customs duty and the dollar to rupee parity, which
determine the landed cost of competing imported products. The customs duty was
reduced during March 2007 by 5% and the rupee also appreciated sharply by 11 %
around the beginning of the financial year and thus these factors had a
significant effect on the selling prices of the product, which reduced the
turnover, even though the quantum of production and sales have gone up.
Similarly, the significant increase in cost of petroleum inputs without any
corresponding increase in the selling prices of their end products, resulted in
a decreased profit.
OPERATIONAL
HIGHLIGHTS
Production and
sales further improved during the year with more than 100% capacity utilization
as per the trend set over the last five years. Higher production levels helped
the company to offset the adverse impact of lower selling prices of finished
products and increase in raw material and fuel oil prices. Due to improved
market conditions, the company improved the sales matching with the improved
production. Due to the improved production and various energy and cost saving
measures implemented over the years, the specific consumption of power, fuel oil
and fresh water have been brought down considerably. But for this effort, cost
of production would have been far higher. Continuous efforts are being done to
improve further.
Fixed Assets:
- Land
- Development on lease-hold land
- Plant and Machinery
- Building
- Furniture and Fixture
- Office Equipments
- Vehicles
Contingent Liabilities
|
Particulars |
31.03.2008 [Rs. In
Millions] |
|
Bills discounted |
29.303 |
|
Letters of Credit/Guarantees |
145.114 |
|
Excise & Customs claims under appeal |
1.201 |
|
Disputed Sales Tax demands |
3.045 |
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31.03.2008
Rs.
In Millions
|
Sr. .No. |
Particulars |
Last Quarter
ended |
For the
year ended |
|
|
|
31.03.2008 |
31.03.2008 |
|
|
|
|
|
|
1 |
Sales / Income from Operations |
929.275 |
3695.520 |
|
2 |
Excise Duty on Sales |
114.978 |
460.842 |
|
3 |
Net Sales (1-2) |
814.297 |
3234.678 |
|
4 |
Other Income |
7.940 |
43.912 |
|
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Total |
822.237 |
3278.590 |
|
5 |
Total Expenditure |
799.898 |
3201.381 |
|
|
a) (Increase) / decrease in stock in trade and work in progress |
(86.034) |
66.035 |
|
|
b) Consumption of raw materials |
570.854 |
1946.618 |
|
|
c) Purchase of traded goods |
87.972 |
365.434 |
|
|
d) Employees cost |
26.313 |
112.216 |
|
|
e) Power and Fuel |
94.651 |
343.661 |
|
|
f) Depreciation |
24.446 |
100.002 |
|
|
g) Other expenditure |
81.696 |
267.415 |
|
6 |
Interest (net) |
(1.929) |
(0.384) |
|
7 |
Deferred Revenue Expenditure written off |
0.732 |
2.928 |
|
8 |
Profit before tax (3+4-5-6-7) |
23.536 |
74.665 |
|
9 |
Provision for taxation - Current Tax |
12.778 |
46.484 |
|
|
MAT Credit Entitlement |
|
|
|
|
Deferred Tax (Asset)/Liability |
(6.261) |
(32.567) |
|
|
Fringe Benefit Tax |
0.198 |
0.654 |
|
10 |
Profit after tax (8-9) |
16.821 |
60.094 |
|
11 |
Paid-up equity share capital(Face value of Rs.5/- each) |
860.347 |
860.347 |
|
12 |
Reserves excluding revaluation reserves |
|
9.145 |
|
13 |
Credit balance in Profit & Loss account |
|
249.125 |
|
14 |
Basic and diluted EPS (Rs.) |
0.010 |
0.035 |
|
15 |
Aggregate of Public Shareholding: |
|
|
|
|
- Number of Shares |
106120276 |
106120276 |
|
|
- Percentage of Shareholding |
61.70% |
61.70% |
Notes:
1. The above results were
approved at the Meeting of the Board of Directors held on 17th April, 2008
2. The Company operates only in
one busines Segment, viz., Petrochemicals.
3. The Board has recommended a
dividend of 10% on 171999229 equity shares for the financial year 2007-08.
4. The company had no investor complaints
pending as on 31st December, 2007. The company received 91 complaints
during the fourth quarter ended 31st March, 2008 which were disposed off as on
31st March, 2008.
5. The revised Accounting
Standard (AS) 15 "Employee Benefits" issued by the Institute of
Chartered Accountants of India which became effective from 1st April, 2007 has
been complied with.
6. Captive Power Plant Project
is in progress.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.99 |
|
UK Pound |
1 |
Rs. 72.14 |
|
Euro |
1 |
Rs. 61.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
|
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|