MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SUDARSHAN
CHEMICAL INDUSTRIES LIMITED |
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Registered Office : |
162, |
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Country : |
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Financials (as on) : |
31.03.20010 |
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Date of Incorporation : |
19.02.1951 |
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Com. Reg. No.: |
25-1082 |
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CIN No.: [Company
Identification No.] |
L24119PN1951PLC008409 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES06998F /
NGPS01977D |
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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 : |
Manufacturing of Inorganic
Pigments, Organic Pigments and Dyestuffs, Intermediates and Pesticides. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed having fine track. Financial
position of the company appears to be sound. Fundamentals are strong and healthy.
Trade relations are reported as fair. Payments are reported to be regular and
as per commitments. The company can be considered good for any business dealings at usual
trade terms and conditions. The conditions. The company can be regarded as a promising
business partner in a medium to long run. |
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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. M. R. Bhagwat |
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Designation : |
General Manager |
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Contact No.: |
Finance |
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Date : |
11.04.2011 |
LOCATIONS
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Registered Office : |
162, |
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Tel. No.: |
91-20-2612 7334 / 26058888 / 26058046 |
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Fax No.: |
91-20-2612 5900 / 26058222 |
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E-Mail : |
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Website : |
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Factory 1 : |
162, |
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Factory 2 : |
46 MIDC Estate,
Dhatav, Roha - 402 116, Raigad, |
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Factory 3 : |
Plot No. A-19/1+2, MIDC Estate, Mahad - 402 301, Raigad, |
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E-mail
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Pigment technical enquiry: pts@sudarshan.com Pigment domestic sales enquiry: pgmtscm.home@sudarshan.com Pigment international sales enquiry: pgmtscm.export@sudarshan.com Agro enquiry: agro@sudarshan.com Specialty (pearl) pigments enquiry: pearl@sudarshan.com Careers: careers@sudarshan.com Investor Relations: shares@sudarshan.com Other enquiries: contact@sudarshan.com |
DIRECTORS
AS ON : 14.08.2010
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Name : |
Mr. Kishore Laxminaryan Rathi |
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Designation : |
Executive Chairman |
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Qualification : |
B.Sc. , B. Sc.(Tech), M. A. (Chem.) |
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Date of Appointment : |
19.05.2007 |
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Name : |
Mr. B. S. Mehta |
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Designation : |
Director |
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Name : |
Mr. Pralhad Parsram Chhabria |
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Designation : |
Director |
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Name : |
Mr. Dara Nadirshaw Damania |
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Designation : |
Director |
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Name : |
Mr. Shrikrishna Narhar Inamdar |
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Designation : |
Director |
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Name : |
Mr. Subramanian Padmanabhan |
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Designation : |
Director |
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Name : |
Mr. Balkrishna Jagannath Rathi |
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Designation : |
Executive Chairman |
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Qualification : |
B.E. |
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Date of Appointment : |
01.10.1956 |
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Name : |
Mr. Pradeep Ramwilas Rathi |
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Designation : |
Vice Chairman and Managing Director |
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Qualification : |
M.S.(M.I.T.), M.B.A. ( |
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Date of Appointment : |
19.05.2007 |
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Name : |
Mr. Narayandas Jagannath Rathi |
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Designation : |
Director and Company Secretary |
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Qualification : |
M.Com, M.B.A. ( |
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Date of Appointment : |
01.06.1972 |
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Name : |
Mr. S. K. Asher |
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Designation : |
Director |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.10.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of promoters and Promoter Group |
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1. Indian |
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Individuals / Hindu Undivided Family |
3426893 |
49.50 |
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Bodies Corporate |
225210 |
3.25 |
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Sub Total (A)
(1) |
3652103 |
52.76 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds / UTI |
725 |
0.01 |
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Financial Institutions / Banks |
863 |
0.01 |
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Insurance Companies |
253848 |
3.67 |
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Foreign Institutional Investors |
550 |
0.01 |
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Sub Total (B)
(1) |
255986 |
3.70 |
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2. Non
Institutions |
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Bodies Corporate |
194043 |
2.80 |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1531265 |
22.12 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
693524 |
10.02 |
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Any Other (Specify) |
595804 |
8.61 |
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Clearing Members
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9533 |
0.14 |
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Non Resident Indians |
28282 |
0.41 |
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Foreign Institutional Investors |
557989 |
8.06 |
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Sub Total (B)
(2) |
3014636 |
43.55 |
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(B) = (B) (1) +
(B) (2) |
3270622 |
47.24 |
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Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
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Total (A) + (B) +(C) |
6922725 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Inorganic
Pigments, Organic Pigments and Dyestuffs, Intermediates and Pesticides. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS (AS ON : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Inorganic Pigments |
MT |
8030 |
10422 |
7971 |
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Organic Pigments |
MT |
9400 |
10081 |
8728 |
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Intermediates |
MT |
4100 |
2500 |
85 |
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Pesticides (100%) |
MT |
3460 |
3520 |
1839 |
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High performance Specialty dyes |
MT |
-- |
-- |
-- |
GENERAL INFORMATION
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No. of Employees : |
1181
(Approximately) |
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Bankers : |
v Bank of v State Bank of v Bank of v ICICI Bank Limited v HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Khare and
Company Chartered
Accountants |
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Address : |
Mumbai, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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* 6922775 |
Equity Shares |
Rs. 10/- each |
Rs. 69.227 Millions |
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Of the above shares :
(i) 8,400 Equity Shares of Rs.10 each fully paid up were allotted pursuant to the contract without payment being received in cash.
(ii) 3,080,075 Equity Shares of Rs.10 each fully paid up were allotted as Bonus Shares by capitalizing General Reserve and Share Premium Account.
* Allotment of 50 Rights Equity Shares of Rs.10/- each is
kept in abeyance, matter being subjudice.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
69.227 |
69.227 |
69.227 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1415.463 |
1057.274 |
933.860 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1484.690 |
1126.501 |
1003.087 |
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LOAN FUNDS |
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1] Secured Loans |
518.765 |
640.329 |
494.763 |
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2] Unsecured Loans |
408.644 |
182.628 |
474.378 |
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TOTAL BORROWING |
927.409 |
822.957 |
969.141 |
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DEFERRED TAX LIABILITIES |
58.657 |
68.826 |
93.692 |
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TOTAL |
2470.756 |
2018.284 |
2065.920 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
866.268 |
789.011 |
740.294 |
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Capital work-in-progress |
110.632 |
51.898 |
64.000 |
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INVESTMENT |
205.024 |
106.716 |
63.394 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
765.154
|
689.029 |
784.193 |
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Sundry Debtors |
1130.647
|
752.367 |
898.165 |
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Cash & Bank Balances |
89.740
|
81.902 |
85.338 |
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Other Current Assets |
33.552
|
44.967 |
35.246 |
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Loans & Advances |
308.631
|
164.676 |
118.531 |
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Total
Current Assets |
2327.724
|
1732.941 |
1921.473 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
46.957 |
23.504 |
77.693 |
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Other Current Liabilities |
824.399
|
497.655 |
585.258 |
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Provisions |
167.536
|
164.180 |
106.403 |
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Total
Current Liabilities |
1038.892
|
685.339 |
769.354 |
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Net Current Assets |
1288.832
|
1047.602 |
1152.119 |
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MISCELLANEOUS EXPENSES |
0.000 |
23.057 |
46.113 |
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TOTAL |
2470.756 |
2018.284 |
2065.920 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
5679.739 |
4529.036 |
3957.939 |
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Other Income |
90.762 |
40.068 |
65.059 |
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TOTAL (A) |
5770.501 |
4569.104 |
4022.998 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Consumption of Raw Materials |
2936.909 |
2485.995 |
2325.940 |
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Manufacturing and Other Expenses |
1407.753 |
1139.233 |
1002.302 |
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Administrative and Other Expenses |
505.394 |
380.230 |
367.899 |
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Increase/Decrease in Stock |
38.972 |
16.390 |
(9.452) |
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TOTAL (B) |
4889.028 |
4021.848 |
3686.689 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
881.473 |
547.256 |
336.309 |
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Less |
FINANCIAL
EXPENSES (D) |
89.493 |
136.841 |
110.546 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
791.980 |
410.415 |
225.763 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
134.052 |
126.786 |
119.541 |
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PROFIT BEFORE
TAX (E-F) (G) |
657.928 |
283.629 |
106.222 |
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Less |
TAX (I) |
198.834 |
95.234 |
37.494 |
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PROFIT AFTER TAX
(G-I) (J) |
459.094 |
188.395 |
68.728 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
206.000 |
122.398 |
107.967 |
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
40.000 |
30.000 |
|
|
|
Dividend |
86.534 |
55.381 |
20.768 |
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Tax on Dividend |
14.372 |
9.412 |
3.529 |
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BALANCE CARRIED TO
THE B/S |
364.188 |
206.000 |
122.398 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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Export Earnings |
1613.247 |
4.353 |
1373.892 |
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Other Earnings |
1749.891 |
1.513 |
4.140 |
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TOTAL EARNINGS |
3363.138 |
5.866 |
1378.032 |
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IMPORTS |
|
|
|
|
|
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Raw Materials |
708.121 |
759.170 |
621.674 |
|
|
|
Stores & Spares |
5.258 |
3.298 |
2.775 |
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|
|
Capital Goods |
8.249 |
Nil |
Nil |
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TOTAL IMPORTS |
721.628 |
762.468 |
624.449 |
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|
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|
Earnings Per
Share (Rs.) |
66.32 |
27.21 |
9.93 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
1570.550 |
1922.460 |
1661.530 |
|
Total Expenditure |
1366.070 |
1625.450 |
1471.090 |
|
PBIDT (Excl
OI) |
204.480 |
297.010 |
190.440 |
|
Other Income |
7.250 |
8.510 |
21.310 |
|
Operating Profit
|
212.060 |
305.520 |
211.750 |
|
Interest |
22.660 |
28.360 |
31.400 |
|
Exceptional
Items |
0.000 |
0.000 |
93.100 |
|
PBDT |
189.400 |
277.160 |
273.450 |
|
Depreciation |
33.640 |
32.630 |
32.100 |
|
Profit
Before Tax |
115.760 |
244.530 |
241.350 |
|
Tax |
44.940 |
77.820 |
41.830 |
|
Reported PAT |
110.820 |
166.710 |
169.520 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
110.820 |
166.710 |
169.520 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.95
|
4.12 |
1.73 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
11.58
|
6.26 |
2.68 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.19
|
11.24 |
3.99 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.25 |
0.10 |
|
|
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.33 |
1.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.52 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details :
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
For Capital Goods |
44.190 |
21.637 |
75.907 |
|
For Others |
2.767 |
1.867 |
1.786 |
|
|
|
|
|
|
Total |
46.957 |
23.504 |
77.693 |
THE YEAR IN RETROSPECT :
SALES :
The Financial Year
2009-2010 turned out to be a very good year for the Company. For the first time
in the history of the Company, Sales crossed Rs.5000 million. Profits also
increased substantially as compared to the previous Financial Year. The good
performance of the Company can be attributed mainly to buoyant domestic demand
for Pigments, favourable input prices and better export realization.
Gross Revenue for
the year ended 31st March, 2010 amounted to Rs. 5771 million as against Rs.
4569 million achieved during the previous year, registering a growth of 26%.
Profit after tax recorded excellent growth as compared to the previous year.
Profit after tax for the year ended 31st March, 2010 was Rs. 459 million as
against Rs. 188 million earned during the previous year recording a growth of
144%.
During the current
year, the Pigment Division has performed well. Pigment sales rose from Rs. 4056
million in the previous year to Rs. 4905 million in the year, registering a
growth of 21%. Profits for the Pigment Division for the year amounted to Rs.
860 million as compared to Rs. 539 million of the previous year recording an
impressive growth of 60%.
Agro Sales for the
year ended 31st March, 2010 amounted to Rs. 775 million as against Rs. 473
million achieved during the previous year recording a growth of 64%. Profits
for the Agro Division for the year amounted to Rs. 73 million as compared to
Rs. 23 million of the previous year recording an excellent growth of 217%.
EXPORTS :
Revenue from
exports for the year ended 31st March, 2010 amounted to Rs. 1879 million as
against Rs. 1666 million for the previous year registering an increase of 13%.
More than 97% of the exports were accounted by Pigments Division.
The exports in
Europe and
SUBSIDIARY COMPANIES :
As part of Company’s strategy to become a global pigment company,
Company incorporated two Wholly Owned Subsidiaries abroad viz. Sudarshan Europe
B.V. in December, 2007 in
Recruitments of the Marketing Team and establishing a Distribution
network for sale of Pigments has been completed. Response from the market has
been good and will start seeing results in the current year.
The other Indian Wholly Owned Subsidiary,
Prescient Color Limited continues to augment and validate its product range
especially for textile and specialty plastics segment. The operations of
Prescient has also improved in the year. The current scenario looks to be
stable and results for this year should be favourable.
OUTLOOK FOR THE FUTURE :
The demand in the domestic market seems robust and compensates for
the downturn being faced in
It is expected that the spade work which has been done by Sudarshan
Europe B.V. as also Sudarshan North America, Inc., will help in consolidating
Company’s overseas operations.
The R and D teams have also helped in increasing the product range
and Sudarshan’s Business Excellence Model continues to drive the cost reduction
initiative effectively. All the past issues of the Agro Division have now been
sorted out and the outlook is quite stable.
Taking all these factors into account and barring any unforeseen
circumstances, the current year’s prospects look to be good.
MANAGEMENT DISCUSSION
AND ANALYSIS:
Business of the Company – an overview
The Company is a renowned player in the Pigment Industry and
manufactures a wide range of Organic and Inorganic Pigments, Effect Pigments,
Agro Chemicals and other products with facilities at Roha and Mahad,
Dist.Raigad,
The Company manufactures High Performance Pigments and Commodity
Pigments apart from Customized Pigments for niche segments catering to domestic
and international customers. The Company also manufactures Effect Pigments for
cosmetics, coating applications etc. High Performance Pigments and Effect
Pigments have shown promise and will be one of the drivers for future growth.
Agro Chemical business of the Company consists primarily of Products which are generic in nature. The Company has changed its Product profile in the background of increasing emphasis on agriculture on account of rising demand for food and shrinking agricultural acreage. The Company is also exploring Contract manufacturing to reduce risk profile of Agro Chemical business.
The
Company was the first chemical company in
With
the formation of two wholly owned subsidiaries abroad i.e. Sudarshan Europe
B.V. and Sudarshan North America, Inc., the Company has entered the European
Market and the American Market to further strengthen and consolidate the
pigment business globally and with the objective of moving closer and effecting
direct sales to customers. Manpower recruitment of the Marketing Team and
appointment of Distributors for establishing network for sale of Pigments in
the European market have been completed. The response from European market has
been very good and Pigment sales are expected to pick up from this year. In
Financial review –
2009-2010
The Total Revenue for the year ended 31st
March, 2010 amounted to Rs. 5771 million as against Rs.4569 million
for the previous year recording a growth of 26 %. The Net Profit after tax for
the year ended 31st March, 2010 amounted to
Rs. 459 million against Rs. 188 million for the previous year registering an
excellent growth of 144%.
Pigment Division has posted a growth in sales to the extent of 21%
as compared to the previous year. Profitability of the division was also
substantially higher as compared to the previous year.
Agro Chemical Division posted Sales of Rs. 775 million during the
year as against Rs. 473 million achieved during the previous year. This
translates to a growth of over 64% as compared to the previous year.
The Company has an internal audit system and procedures
commensurate with the size and nature of its business.
Opportunities and Threats
As the trend is towards shifting manufacturing base to
The Chinese manufacturers have put up large scale plants for
commodity pigments and hence to compete with them in this range becomes very
difficult.
On the other hand, the Indian manufacturers have a technology edge
and tend to focus more on Medium Performance and High Performance Pigments.
Due to BASF acquiring Ciba, the big customers are also looking for
an alternate vendor who can supply good quality High Performance Pigments. This
provides an opportunity to the Indian manufacturers.
Performance
The Pigment Division increased its sales in the year 2009 - 2010 to Rs. 4905 million from Rs. 4056 million in 2008-09, thereby showing an increase of 21%. Sales from exports for the year amounted to Rs. 1879 million as against Rs. 1666 million achieved during the previous year showing a growth of 13%. Notable factors that can be attributed to the good performance of the Pigment Division for the year is the buoyant domestic demand for Pigments, favorable input prices and better export realization.
Outlook
The demand in the domestic market seems robust and compensates for
the downturn being faced in
It is expected that the spade work which has been done by Sudarshan
Europe B.V. as also Sudarshan North America, Inc., will help in consolidating
Company’s overseas operations.
The R and D teams have also helped in increasing the product range
and Sudarshan’s Business Excellence Model continues to drive the cost reduction
initiative effectively.
Taking all these factors into account and barring any unforeseen
circumstances, the current year’s prospects look to be good.
Fixed Assets:
- Freehold and
- Buildings
- Plant and
Machinery
- Vehicles
- Furniture and
Fixtures
- Office
Equipments
PRESS RELEASE
Pune, 05 April 2011
Sudarshan from a domestic player to a global leader in the world of color -Upgrades its Roha facility to worId class standards with a Rs. 1000.000 millions investment in the first phase
Sudarshan Chemical Industries Limited, with its global headquarters in Pune, is one of the fastest growing entities in the pigment industry worldwide and the flagship Company of the Pune based Rathi Group of Companies . Sudarshan manufactures an extensive range of Organic, Inorganic and PearIescent pigments and dispersions catering to the Coatings, Plastics, Inks, Cosmetics, Textiles and Construction Industries worldwide. The product offerings of Sudarshan' s recognised Brands include Sudaperrn, Sudafast, Sudacolor, Sudadur, Sudalex, Sudafine, Sumica and Sumicos.
As part of its globalization strategy, Sudarshan is upgrading its manufacturing facility at Roha with an investment of Rs. 1000.000 millions. The key developments include a state of the art warehouse, High Performance Pigment plants, Pearlescent and Cogeneration plants and an ultra-modern employee facility. It has also modernized its R&D and application Laboratory.The Roha facilities will be inaugurated at a special function by the Honourable Union Agriculture Minister Sharad Pawar, Dy. Chief Minister Ajit Pawar and Minister of Water Resources Sunil Tatkare, Govt. of Maharashtra , on Saturday 9th April 2010, In Roha. Mr. Fbjesh B. Rathi , Director , Head Pigment operations said that "the current expansion at Roha is part of a phase-wise strategy to become the 4th largest global Pigment Company by the end of 20 14, with a focus on high performance pigments for the Coatings, Plastics and Speciality Ink markets".
The main features of the new world class facilities are as follows -
1. Located at its existing Roha site of 890.000 millions.
2. Total investment - Rs. 1000.000 millions.
3. A slate of the art ultra modem warehouse, spread over 120000 sq ft. This will have ground plus 8 stacking levels with a total of 5 12 1 pallet positions having a storage capacity of 1600 MT. The warehouse will be operated by "Very Narrow Aisle, (VNA)" trucks and online stock updation with help of SAP Warehouse Management System.
4. High performance pigment plant to cater to automotive coatings and high end plastic industry. These plants have a high level of automation and instrumental ion for better process control.
5. Effect pigment -The new plant will cater to the automotive coatings and cosmetic industry. The plant will also recycle 1000 cubic meters of water per day.
6. A Cogeneration plant with a high efficiency boiler incorporating RO and ESP is installed in an area of 12,200 sq.ft. This will reduce effluent load and SPM levels, impacting the environment in a positive way.
7. Ultra-modem employee facility will have 150 showers, 1175 lockers and an automated laundry With a strong foothold in the Indian pigment industry already, Sudarshan has expanded into global markets since 2008 with wholly-owned subsidiaries in North America and Europe, and is preparing to open sales offices in Asia Pacific and Latin America by the end of 201 1 Sudarshan will continue to invest in its sales and distribution network, global supply chain, ultra-modern R and D and application lab near Pune and manufacturing sites at Roha and Mahad, with the aim to become the global leader in performance colorants. As per indicative unaudited figures , the Company will end with a turnover for F.Y. 201 0 -11 of Rs. 7000.0000 millions.
Mr. Rajesh Rathi , Director concluded "The investment in our facilities not only aims to make a difference in the pigment industry worldwide, but will also benefit our employees who are with us on this journey, and the local communities in Roha and Mahad. Sudarshan is committed to making a difference to the future of its customers, the environment, its people and the community around it.”
Unaudited Financial Results Provisional :
|
Particulars |
Quarter Ended 31.12.2010 (unaudited) |
Nine Months Ended 31.12.2010 (unaudited) |
|
(a) Net Sales/ Income from operation |
1655.800 |
5138.790 |
|
(b) Other Operating Income |
5.730 |
15.750 |
|
Total Income |
1661.530 |
5154.540 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(68.190) |
(142.760) |
|
b. Consumption of Raw-Materials |
933.870 |
2735.710 |
|
c. Purchase of Traded Goods |
45.510 |
222.880 |
|
d. Employees Cost |
123.230 |
391.850 |
|
e. Depreciation |
32.100 |
98.370 |
|
f. Other Expenditure |
436.670 |
1255.130 |
|
g. Total |
1503.190 |
4560.980 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
158.340 |
593.560 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
21.310 |
37.400 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
179.650 |
630.960 |
|
6. Interest |
31.400 |
82.420 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
148.250 |
548.540 |
|
8. Exceptional Items |
93.100 |
93.100 |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
241.350 |
641.640 |
|
10. Tax Expenses |
71.830 |
194.590 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
169.520 |
447.050 |
|
12. Extraordinary Items |
0.000 |
0.000 |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
169.520 |
447.050 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
692.3 |
692.3 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of Previous
Accounting Year |
0.000 |
0.000 |
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
24.49 |
64.58 |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
24.49 |
64.58 |
|
17. Public Shareholding |
|
|
|
Number of Shares |
3270622 |
3270622 |
|
% of Share holding |
47.24 |
47.24 |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
Nil |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
Nil |
Nil |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of shares |
3652103 |
3652103 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
100.00 |
100.00 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
52.76 |
52.76 |
Note :
- For the above unaudited financial results were received by the Audit
Committee and approved by the Board of Directors at their meeting held on
3rd February, 2011
- A Limited Review of the Financial Results of the company for the
quarter / Nine months ended on 31st December 2010 has been
completed by the statutory Auditor
- during the quarter no investor complaints aws received and there
were no investor complaints pending for residential as at the beginning
and at the end of the quarter.
Quarterly
Reporting of Segment wise Revenues, Results and Capital Employed Under Clause 41
of the Listing Agreement
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2010 |
31.12.2010 |
||
|
|
(Un-audited) |
(Un-audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
a) Plgments |
1528.690 |
4409.550 |
|
|
|
|
|
|
|
|
|
b) Agro Chemicals |
127.110 |
729.240 |
|
|
|
|
|
|
|
|
|
Total |
1655.800 |
5138.790 |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Net Sales / Income from Operation |
1655.800 |
5138.790 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
|
|
a) Plgments |
218.220 |
723.750 |
|
|
|
|
|
|
|
|
|
b) Agro Chemicals |
8.790 |
65.880 |
|
|
|
|
|
|
|
|
|
Total |
227.010 |
789.630 |
|
|
|
|
|
|
|
|
|
Less :Interest |
31.400 |
82.420 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
(45.740) |
65.570 |
|
|
|
Net of Unallocable Income |
|
|
|
|
|
Net Profit (+) / Loss(-) before Tax |
241.350 |
641.640 |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
|
|
|
|
|
|
a) Plgments |
2824.950 |
2824.950 |
|
|
|
|
|
|
|
|
|
b) Agro Chemicals |
93.850 |
93.850 |
|
|
|
|
|
|
|
|
|
c) Unallocated |
630.300 |
630.300 |
|
|
|
|
|
|
|
|
|
Total Capital Employed |
3549.100 |
3549.100 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.20 |
|
|
1 |
Rs. 72.26 |
|
Euro |
1 |
Rs. 63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.