MIRA
INFORM REPORT
|
Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHAGERIA DYE-CHEM LIMITED |
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Registered
Office : |
A/101, Virani Industrial Estate, W E Highway, Goregaon (East), Mumbai
– 400063, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.07.1989 |
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Com. Reg. No.: |
052574 |
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Capital
Investment / Paid-up Capital : |
Rs.34.627 Millions |
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CIN No.: [Company Identification
No.] |
L24230MH1989PLC052574 |
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|
Legal Form : |
Public Limited Liability company. The company’s shares are
listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Intermediates and Dyes. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 381712 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Joshi |
|
Designation : |
Accounts Manager |
|
Date : |
29.07.2011 |
LOCATIONS
|
Registered Office : |
A/101, Virani Industrial Estate, W E Highway, Goregaon (East), Mumbai
– 400063, Maharashtra, India |
|
Tel. No.: |
91-22-40436666 |
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E-Mail : |
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Factory 1 : |
Plot No. 6310, IV Phase, GIDC Industrial Estate, Vapi – 396 195, Gujarat , India |
|
Tel. No.: |
91-260-2452366/24551247 |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Suresh Bhageria |
|
Designation : |
Chairman |
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|
Name : |
Dr. Shyam Aggarwal |
|
Designation : |
Director |
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|
Name : |
Mr. O P Bubna |
|
Designation : |
Director |
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|
Name : |
Mr. P S Dalvi |
|
Designation : |
Director |
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|
Name : |
Mr. Vinod Bhageria |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Joshi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
|
|
|
a) Individuals / Hindu Undivided Family |
844315 |
24.38 |
|
b) Bodies corporate |
955242 |
27.59 |
|
2) Foreign |
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(B) Public Shareholdings |
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|
1) Institutions |
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2) Non – Institution |
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a) Bodies corporate |
103886 |
3.00 |
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b) Individuals |
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|
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
879361 |
25.39 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
414258 |
11.96 |
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|
|
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c) Any other |
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i) NRI |
180945 |
5.23 |
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ii) Clearing Members |
84742 |
2.45 |
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|
|
|
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Total |
3462750 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Intermediates and Dyes. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Vinyl Sulphone & OAVS |
3600000 MT |
|
2802.157 |
2127.449 |
|
Acetanlide
Not Applicable |
NA |
|
1371.396 |
992.150 |
|
Acetic
Acid (Spent) Hydrocholoric |
NA |
|
359.385 |
291.060 |
|
Acid
(Spent) Not Applicable |
NA |
|
3965.045 |
2511.350 |
|
Sulphanilic
Acid Not Applicable |
NA |
|
18.800 |
1600.000 |
|
Acetamino Sulphonic Dry |
NA |
|
0.000 |
0.000 |
* Acetanalide 1362.345 M.T.(Prev. Year 994.200 M.T.) and Acetic
Acid 438.600 MT (Prev. Year 352.285 M.T.) and Spent HCL 231.970 M.T. (Prev.
Year 16.305 M.T.) used as Capitive Consumption.
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sarda and Pareek Chartered Accountant |
|
Address : |
Mahavir Appartment, 3rd Floor, 598 M.G.Road, Near Suncity
Cinema, Vile Parle (East), 'Mumbai, Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3462750 |
Equity Shares |
Rs.10/- each |
Rs.34.627
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.627 |
34.627 |
34.627 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
60.801 |
54.188 |
68.974 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
95.428 |
88.815 |
103.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
111.341 |
85.431 |
145.252 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
111.341 |
85.431 |
145.252 |
|
|
DEFERRED TAX LIABILITIES |
3.272 |
0.519 |
6.144 |
|
|
|
|
|
|
|
|
TOTAL |
210.041 |
174.765 |
254.997 |
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|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
41.598 |
46.815 |
53.210 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.493 |
0.493 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.184
|
20.595 |
31.800 |
|
|
Sundry Debtors |
185.383
|
80.186 |
144.590 |
|
|
Cash & Bank Balances |
27.957
|
69.635 |
53.353 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
50.610
|
46.176 |
73.260 |
|
Total
Current Assets |
299.134
|
216.592 |
303.003 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.841
|
73.881 |
62.046 |
|
|
Other Current Liabilities |
2.990
|
12.824 |
33.586 |
|
|
Provisions |
4.861
|
2.431 |
6.077 |
|
Total
Current Liabilities |
130.692
|
89.136 |
101.709 |
|
|
Net Current Assets |
168.443
|
127.457 |
201.294 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
210.041 |
174.765 |
254.997 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
564.350 |
546.650 |
655.126 |
|
|
|
Other Income |
0.00 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
564.350 |
546.650 |
655.126 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
462.164 |
467.947 |
524.265 |
|
|
|
Payment and Benefit to Employees |
4.678 |
4.771 |
11.426 |
|
|
|
Manufacturing Expenses |
34.558 |
29.518 |
40.580 |
|
|
|
Administrative Expenses9.878 |
9.878 |
9.151 |
0.000 |
|
|
|
Selling and Distribution Expenses |
30.689 |
22.592 |
48.521 |
|
|
|
|
|
|
624.792 |
|
|
|
Increased / (Decreased) In stock |
(7.388) |
10.013 |
(6.813) |
|
|
|
TOTAL (B) |
534.579 |
543.992 |
617.979 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29.771 |
2.658 |
37.147 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.396 |
11.383 |
9.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.375 |
(8.725) |
27.556 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.274 |
8.417 |
8.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.101 |
(17.142) |
19.153 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.353 |
(6.000) |
7.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.748 |
(11.795) |
12.123 |
|
|
|
|
|
|
|
|
|
|
TAX
ADJUSTMENT OF EARLIER YEAR |
0.000 |
0.559 |
2.554 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS (GRANTS RECEIVED UNDER MONTREAL PROTOCOL) |
5.726 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.111 |
13.563 |
17.061 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.500 |
(13.345) |
6.990 |
|
|
|
Transfer to Capital Reserve |
5.727 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
4.155 |
2.077 |
5.194 |
|
|
|
Corporate Tax on Proposed
Dividend |
0.706 |
0.353 |
0.883 |
|
|
BALANCE CARRIED
TO THE B/S |
0.497 |
0.111 |
13.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
357.628 |
478.933 |
453.191 |
|
|
TOTAL EARNINGS |
357.628 |
478.933 |
453.191 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
91.936 |
79.816 |
80.291 |
|
|
TOTAL IMPORTS |
91.936 |
79.816 |
80.291 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.66 |
(3.41) |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
3rd
Quarter |
|
Sales Turnover |
134.950 |
120.010 |
188.650 |
172.630 |
|
Total Expenditure |
128.200 |
112.760 |
180.530 |
155.800 |
|
PBIDT (Excl
OI) |
6.750 |
7.250 |
8.120 |
16.830 |
|
Other Income |
0.060 |
0.010 |
0.570 |
0.820 |
|
Operating
Profit |
6.810 |
7.250 |
8.690 |
17.650 |
|
Interest |
1.520 |
1.930 |
1.730 |
4.450 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
5.290 |
5.330 |
6.960 |
13.200 |
|
Depreciation |
1.560 |
1.580 |
1.510 |
2.170 |
|
Profit
Before Tax |
3.730 |
3.750 |
5.450 |
11.030 |
|
Tax |
0.700 |
2.770 |
4.740 |
6.730 |
|
Reported PAT |
3.030 |
0.980 |
0.720 |
4.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3.030 |
0.980 |
0.720 |
4.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.02
|
(2.16) |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.79
|
(3.14) |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.96
|
(6.50) |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.19) |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.54
|
1.97 |
2.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.43 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
122.841
|
73.881 |
62.046 |
MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW:
The
main business of the Company is manufacturing and sale of Chemicals, Dyes and
Dyes Intermediates required for Dye manufacturers. The company is also engaged
in merchant export of related items.
OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK:
The
year experienced a global slow down in economic growth, which had its impact in
India too. Even after that sale is increased by 3.24%. The general outlook with
respect to this Industry in India is of caution under immense competitive
pressure. However the intrinsic strength of your company has helped us to
effectively overcome such pressure and the sales therefore should register a
modest but definite growth in the years to come.
EXPORTS:
The
main thrust of the Company is on export, which constitute around 66.09% of
total sales of the Company. The Company is “Recognized Export House”.
The
Company is fast consolidating its resources to build a market presence in the
international arena. The results are reflected in an exponential growth rate in
the last two years as also continuing in the current year.
PERFORMANCE OF THE COMPANY:
The
challenges described above did restrict the sales growth to a modest rate, but
the company earned a net profit after tax of Rs. 5.747 Millions as compared to
net loss of Rs. 11.795 Millions during the previous financial year. The Company
is working towards improvement in its working and profitability.
FINANCIAL PERFORMANCE:
The
highlights of the financial performance of the Company for the year are as
under:
a)
The Net Profit has increased to Rs.
5.747 Millions as compared to net Loss of Rs. 11.795 Millions.
b)
The Company spent Rs. 2.446 Millions
on Capital Expenditure during the year.
c)
The Investment in Working Capital was
Rs. 173.304 Millions.
d)
The Term Borrowings increased by Rs.
25.910 Millions.
e)
Your company is paying dividend
continuously since 1993-94.
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.44.15 |
|
|
1 |
Rs.72.10 |
|
Euro |
1 |
Rs.63.10 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.