MIRA
INFORM REPORT
|
Report Date : |
30.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
BODAL
CHEMICALS LIMITED |
|
|
|
|
Registered Office : |
Plot No. 123-124, Phase-I, GIDC, Vatva, Ahmedabad -
382445, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
24.09.1986 |
|
|
|
|
Com. Reg. No.: |
04-009003 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.199.023 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24110GJ1986PLC009003 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB00692G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company Shares are Listed on
Stock Exchange |
|
|
|
|
Line of Business : |
Manufacturers,
Exporter and Importer of acid, direct and reactive dyestuffs and dye
intermediates for textile leather, plastics and papermaking applications. |
|
|
|
|
No. of Employees
: |
600 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well 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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Manoj Pandhya |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9925215566 |
|
Date : |
10.01.2011 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 123-124, Phase-I, GIDC, Vatva, Ahmedabad-382445, |
|
Tel. No.: |
91-79-25831684 / 25834223 / 25835437 / 25836051 |
|
Mobile No.: |
91-9925034567 (Mr. Ankit Patel) 91-9925215566 (Mr. Manoj Pandhya) |
|
Fax No.: |
91-79-25835245 / 25836052 |
|
E-Mail : |
secretarial@bodal.com |
|
Website : |
|
|
Area : |
2851 Sq. ft |
|
Location : |
Leased |
|
|
|
|
Factory 2 : |
Plot No. 110, Phase II, GIDC, Vatva, Ahmedabad-382445, |
|
|
|
|
Factory 3 : |
Plot No. 2102, Phase III, GIDC, Vatva, Ahmedabad-382445, |
|
|
|
|
Factory 4: |
Plot No. 252, 253 and C – 1/254, Phase II, GIDC, Vatva,
Ahmedabad-382445, |
|
|
|
|
Factory 5 : |
Plot No. 6002/2B, GIDC, Ankleshwar, Bharuch, |
|
|
|
|
Factory 6 : |
Plot No. 606-607, GIDC, Panoli, Near Ankleshwar, District Bharuch, |
|
|
|
|
Factory 7 : |
Block No. 804, Village Dudhwada, Taluka Padra, District Vadodara, |
|
|
|
|
Factory 8 : |
Block No. 106-108, |
|
|
|
|
Branch Office: |
Godown No. 2, P-21, |
|
|
|
|
Marketing Office: |
1011-Venus Atlantis, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr.
Suresh Jayanti Patel |
|
Designation : |
Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, |
|
Date of Birth/Age : |
15.04.1956 |
|
Date of Appointment : |
31.12.1993 |
|
|
|
|
Name : |
Mr.
Ramesh Prabhodh Patel |
|
Designation : |
Director |
|
Address : |
14, Khushman Society, |
|
Date of Birth/Age : |
23.10.1956 |
|
Date of Appointment : |
31.12.1993 |
|
|
|
|
Name : |
Mr.
Bhavin Suresh Patel |
|
Designation : |
Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, |
|
Date of Birth/Age : |
05.01.1981 |
|
Date of Appointment : |
12.07.2002 |
|
|
|
|
Name : |
Mr. Ankit S Patel |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Surendra N Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sunil K Mehta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Prakash B. Patel |
|
Designation : |
Independent Director
|
|
|
|
|
Name : |
Mr. Bipin R Patel |
|
Designation : |
Independent Director
|
KEY EXECUTIVES
|
Name : |
Mr. Chirag G Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
Mr. Surendra N. Shah Chairman Mr. Hardik M. Shah Member Mr. Bipin R. Patel Member |
|
|
|
|
Remuneration
Committee |
Mr. Surendra N. Shah Chairman Mr. Hardik M. Shah Member Mr. Bipin R. Patel Member |
|
|
|
|
Shareholder
Grievances Committee |
Mr. Surendra N. Shah Chairman Mr. Hardik M. Shah Member Mr. Bipin R. Patel Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
61697399 |
62.00 |
|
|
61697399 |
62.00 |
|
|
|
|
|
|
12462306 |
12.52 |
|
|
12462306 |
12.52 |
|
Total shareholding of Promoter and Promoter Group (A) |
74159705 |
74.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24000 |
0.02 |
|
|
11000 |
0.01 |
|
|
4000 |
-- |
|
|
5003089 |
5.03 |
|
|
5042089 |
5.07 |
|
|
|
|
|
|
5427338 |
5.45 |
|
|
|
|
|
|
8310693 |
8.35 |
|
|
5782074 |
5.81 |
|
|
789611 |
0.79 |
|
|
100366 |
0.10 |
|
|
80263 |
0.08 |
|
|
608982 |
0.61 |
|
|
20309716 |
20.41 |
|
Total Public shareholding (B) |
25351805 |
25.48 |
|
Total (A)+(B) |
99,511,510 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Exporter and Importer of acid, direct and reactive dyestuffs and dye intermediates
for textile leather, plastics and papermaking applications. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Dyes and Chemical |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Raw Material |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C / Cash / Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit (Figures in MT P.A) |
Installed
Capacity |
|
Dyes and Dyes Intermediates |
MT P.A |
53835 |
|
Product wise
Break Up |
|
|
|
Vinyl Sulphone |
MT P.A |
12800 |
|
Reactive / Direct / Acid Dyes # |
MT P.A |
17000 |
|
Other Chemicals ## |
MT P.A |
8400 |
|
Other Intermediates |
MT P.A |
15635 |
|
Total |
|
53835 |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
600 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note:
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mayank
Shah and Associates Chartered
Accountants |
|
Address : |
706,
Mahakant, |
|
|
|
|
Associates/Subsidiaries : |
Address: Plot No. 123-124, Phase-I, GIDC, Vatva, Ahmedabad-382445,
Address: Plot No. 123-124, Phase-I, GIDC, Vatva, Ahmedabad-382445, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.300.000 Millions |
|
4,000,000 |
Preferences Shares |
Rs.10/- each |
Rs.40.000 Millions |
|
|
Total |
|
Rs.340.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,902,302 |
Equity Shares |
Rs. 10/- each |
Rs.199.023
Millions |
|
|
|
|
|
Note:
- Out of which 300000
Equity shares of Rs.10/- each were allotted as fully paid Bonus Share by
way of Capitalisation of reserves.
- Out of which
7052704 Equity shares of Rs.10/- each had been allotted as fully paid as per
the scheme of amalgamation of Bodal Chemicals Private Limited with the
company on 13.05.2006)
- Out of which
5201352 Equity shares of Rs.10/- each have been allotted as fully paid on
Right Issue )
- Out of which
4230634 Equity shares of Rs.10/- each have been allotted as fully paid on
conversion of share warrants )
- Out of which
67612 Equity shares of Rs.10/- each have been allotted as fully paid on
amalgamation of Milestone Organics Ltd with the company as per High Court
Order)
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 |
199.023 |
199.023 |
144.375 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
375.931 |
298.220 |
328.896 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Deffered Grant |
3.821 |
10.000 |
0.000 |
|
|
NETWORTH |
578.775 |
507.243 |
473.271 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2514.172 |
1761.979 |
1266.953 |
|
|
2] Unsecured Loans |
124.721 |
99.285 |
121.755 |
|
|
TOTAL BORROWING |
2638.893 |
1861.264 |
1388.708 |
|
|
DEFERRED TAX LIABILITIES |
112.632 |
43.214 |
103.321 |
|
|
|
|
|
|
|
|
TOTAL |
3330.300 |
2411.721 |
1965.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1866.152 |
1108.334 |
973.608 |
|
|
Capital work-in-progress |
476.528 |
575.391 |
55.285 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.835 |
7.114 |
7.386 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
526.716
|
386.393 |
478.335
|
|
|
Sundry Debtors |
1038.186
|
774.882 |
1044.586
|
|
|
Cash & Bank Balances |
44.940
|
26.142 |
23.593
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
504.529
|
378.233 |
355.170
|
|
Total
Current Assets |
2114.371
|
1565.650 |
1901.684 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
966.763
|
711.935 |
|
|
|
Other Current Liabilities |
86.048
|
134.910 |
892.830
|
|
|
Provisions |
83.129
|
1.500 |
81.431
|
|
Total
Current Liabilities |
1135.940
|
848.345 |
974.261
|
|
|
Net Current Assets |
978.431
|
717.305 |
927.423
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2.354 |
3.577 |
1.598 |
|
|
|
|
|
|
|
|
TOTAL |
3330.300 |
2411.721 |
1965.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4675.450 |
3954.862 |
4048.839 |
|
|
|
Goods Burnt Due to Fire |
7.945 |
5.958 |
0.000 |
|
|
|
Other Income |
182.615 |
90.254 |
111.534 |
|
|
|
TOTAL (A) |
4866.010 |
4051.074 |
4160.373 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed and stock variation |
3226.525 |
3063.256 |
|
|
|
|
Manufacturing expense |
593.894 |
394.332 |
|
|
|
|
Administrative and general expenses |
74.040 |
248.813 |
|
|
|
|
Payment to employees |
211.183 |
131.118 |
|
|
|
|
Selling and distribution expenses |
231.902 |
168.662 |
|
|
|
|
Miscellaneous expenditure written off |
1.223 |
1.223 |
|
|
|
|
TOTAL (B) |
4338.767 |
4007.404 |
3830.073 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
527.243 |
43.670 |
330.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.888 |
130.328 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
325.355 |
(86.658) |
330.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
121.253 |
83.309 |
63.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
204.102 |
(169.967) |
267.098 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.465 |
(58.607) |
92.598 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
134.637 |
(111.360) |
174.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.834 |
181.484 |
NA |
|
|
|
PRIOR
PERIOD ITEMS |
5.778 |
0.103 |
NA |
|
|
|
EXCESS
TAX PROVISION FOR EARLIER YEARS |
(0.043) |
0.278 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend On Equity Shares |
35.824 |
0.000 |
NA |
|
|
|
Proposed Final Dividend On Equity Shares |
17.912 |
0.000 |
NA |
|
|
|
Provision For Dividend Tax |
8.925 |
0.000 |
NA |
|
|
|
Transfer To Capital Redemption Reserve |
0.000 |
39.671 |
NA |
|
|
|
Transfer To General Reserves |
14.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
94.545 |
30.834 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2273.797 |
1683.756 |
1996.375 |
|
|
|
Commission |
0.000 |
0.412 |
0.000 |
|
|
TOTAL EARNINGS |
2273.797 |
1684.168 |
1996.375 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
389.022 |
296.685 |
414.065 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) (Basic) |
6.76 |
(7.08) |
NA |
|
|
|
Earnings Per
Share (Rs.) (Basic) |
7.05 |
(7.06) |
NA |
|
|
|
Earnings Per Share
(Rs.) (Diluted) |
6.76 |
(7.03) |
NA |
|
|
|
Earnings Per
Share (Rs.) (Diluted) |
7.05 |
(7.01) |
NA |
|
Expected Sales (2010-2011) : Rs. 5000.000 Millions
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
1301.100 |
1467.090 |
1348.720 |
1608.580 |
|
Total Expenditure |
1154.090 |
1310.770 |
1192.060 |
1472.250 |
|
PBIDT (Excl
OI) |
147.010 |
156.320 |
156.660 |
136.330 |
|
Other Income |
4.520 |
10.950 |
1.810 |
22.340 |
|
Operating
Profit |
151.530 |
167.270 |
158.470 |
138.670 |
|
Interest |
50.250 |
58.250 |
61.520 |
56.280 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
101.280 |
109.020 |
96.950 |
82.390 |
|
Depreciation |
27.410 |
32.880 |
37.630 |
40.070 |
|
Profit
Before Tax |
73.870 |
76.140 |
59.320 |
42.330 |
|
Tax |
24.520 |
24.380 |
19.130 |
8.670 |
|
Reported PAT |
49.350 |
51.760 |
40.170 |
33.660 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.060 |
0.050 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
49.350 |
51.820 |
40.220 |
33.660 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.77
|
(2.75) |
4.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.37
|
(4.30) |
6.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.13
|
(6.36) |
9.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
(0.34) |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.52
|
5.34 |
4.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
1.85 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Creditors for Goods |
685.863 |
518.926 |
NA |
|
Creditors for Expenses |
222.244 |
178.782 |
NA |
|
Creditors for Capital Goods |
58.656 |
14.227 |
NA |
|
Total |
966.763 |
711.935 |
NA |
BODAL’S BUSINESS
Bodal is well-known in the field of manufacturing Dyestuffs, Dyes
Intermediates and other Chemicals falling under the broad category of
Chemicals. Dyestuffs are further used in Textile, Lather and Paper Industry. Company
has total 8 separate units having manufacturing facilities located in
The broader area
of operation of the company is as under:
Dyes
The Company is a leading manufacturer of Reactive, Acid and Direct Dyes.
Bodal has more than 150 different products of Dyes to cater to Textile, Leather
and Paper Industry.
Dye Intermediates
Bodal is amongst the leading manufacturers of Dye Intermediates
globally. The Company manufactures more than 25 Dyes Intermediates. These Dye
Intermediates are directly sold as well as consumed captively for manufacturing
different kinds of Dyes.
Other/Basic
Chemicals
Bodal is also a manufacturer of Other Chemicals like Sulphuric Acid,
CSA, Oleums, Beta Napthol, Acetanilide, Para Nitro Aniline etc. These Chemicals
are used as key raw materials for production of Dye Intermediates, which is
highly beneficial in terms of improving profitability of the company.
PERFORMANCE OF THE
COMPANY
The Year -2009-10
The year has been an outstanding year for the Dyes and Dye-Intermediates
industry compared to the previous year. The recessionary phase is over and
there was some indication of economic recovery like stability in financial
market, increase in Industrial production, increase in consumption etc. in the
financial year 2009-10. In line with global economic recovery, The Company has
posted excellent and outstanding performance for the financial year 2009-10,
compared to previous financial year. The major highlights of the financial
performance for the financial year 2009-10, are as follows:
- Turnover and
other Receipt increased from Rs. 4051.100 Millions to 4866.000 Millions
- EBIDTA jump
from Rs. 44.900 Millions to Rs.
528.500 Millions – increased by
1077.06%
- Net Profit at
Rs. 134.600 Millions compared to
Net Loss at Rs.111.400 Millions
- Hence, the
company has recouped its entire loss of Rs.110.000 Millions for the entire financial year 2008-09,
in the current financial year i.e. 2009-10.
Current
Year-2010-11
Bodal has successfully implemented forward integration strategy i.e.
commencement of Dyes Plant for generating
more revenues and backward integration strategy i.e. producing as many
key raw materials in house as possible like Sulphuric Acid, CSA, Oleums, Beta
Napthol, Acetanilide, Para Nitro Aniline etc. for improving profitability,
during the last year as well as in the current year. Quality of products can be
distinguished through Brand name. Bodal is planning to launch Branded Dyes in
overseas as well as domestic market in the current year. Bodal is confident of
sustained growth in the overseas market during the current year by exploring
newer international markets. The Company is also taking steps for increasing
market share in domestic market for its products particularly for Dyestuffs.
The Company’s innovative approach and focus on cost management has made
The Company much more competitive
compared to other players in the same industry. Successful positioning made
The Company the preferred choice in Dyes
& Dye Intermediates industry. Hence, The
Company’s well-planned business initiatives, brand building of products
and strong Corporate Strategies will deliver an excellent financial performance
for the current financial year i.e. 2010-11.
The Company has performed well during the first
quarter i.e. April-June, of the current financial year.
- Turnover and
other Receipt increased from Rs. 1035.700 Millions to 1305.600 Millions
- EBIDTA jump
from Rs. 121.100 Millions to Rs.
147.000 Millions – increased by
21.39%
- Net Profit
increased from Rs. 34.800 Millions
to Rs.49.300 Millions — increased by 41.67%
Their performance on every parameter therefore, reflects persistent
improvement.
UPCOMING PROJECT—
SINGLE SUPER PHOSPHATE (S.S.P.) PLANT
The company has identified SSP, as
a first phase for business of Their Bodal Agrotech Ltd., the wholly owned
subsidiary company. Single Super Phosphate (SSP) industry is the pioneering
fertilizer industry in the country. Manufacturing of SSP is based on perhaps
the simplest chemical reaction amongst chemical fertilizer industry. The main
raw materials required are rock phosphate and sulphuric acid. SSP is a straight
phosphatic multi-nutrient fertilizer which contains sulphur, calcium and some
other essential micro nutrients in small proportions. SSP, which is a poor
farmer’s fertilizer (price-wise), is an option to optimise the use of
phosphatic fertilizers. It also helps to treat sulphur deficiency in soils (40%
Indian soil is sulphur deficient) as well for further enhancement of yields at
the least cost. In various crops, which require more of sulphur and phosphate
like oilseeds, pulses, sugarcane, fruits and vegetables, tea etc, SSP is an
essential fertilizer. Central government policy is liberalized for Fertilizers
like SSP. Earlier there was cap on the market price. But now the cap has been
removed and fix subsidy on sales is available for SSP manufacturers. A 3.5 lacs
MTPA, SSP Plant will be implemented, at a cost of about Rs. 310.000 Millions ,
near by Their existing manufacturing facility of Sulphuric Acid, Dye
Intermediates and Dyes, located at Their Padra unit, Vadodara. SSP plant will
use Sulphuric Acid as key raw material for producing SSP. Their 450TPD
Sulphuric Acid plant has already been commenced. The Company is producing major Dye Intermediates
like Vinyl Sulphone Esater, DASA, F C Acid in huge quantity i.e. 2000 MT PM
which generates 150MT PD of Spent Sulphuric Acid (Concentrate 25 to 30% ) and
the same will be consumed as raw material in the SSP plant. It directly saves purification
cost of about Rs. 1.00 Lac per day. So Spent Sulphuric Acid is available at
free of cost as a part of raw material and there is also saving in purification
cost. The Company expects that SSP plant will generate Rs. 2400.000 Millions Turnover and having 20 to 25% operating
profitability margin. The construction work of SSP plant will be started after
necessary formalities/approvals. Once the construction work of SSP plant start,
it will take a time of 15-18 months for commencement of production.
MANAGEMENT
DISCUSSION AND ANALYSIS
BODAL’S POSITION
IN DYES AND DYE INTERMEDIATES INDUSTRY
The management has been implementing and reviewing corporate strategies
like organic growth, forward integration, backward integration, inorganic
growth, diversification etc in accordance with demand and market condition.
Bodal is also exploring new markets for the growth. Bodal has successfully
implemented corporate strategies at regular intervals for growth of the company
in Dyes and Dye Intermediates Industry. Hence, The company has successfully created and
developed its position in the field of Dye & Dye Intermediates industry
across the international markets. The major highlights of Bodal’s position are
as follows:
- Bodal is the
only company in
- Fastest
Growing Company in the Dyes and Dye Intermediates Industry.
- Bodal is one
of the leading producers of Dye intermediates & Dyestuffs in the world.
- Export to
more than 35 Countries.
- Well reputed
for Consistency, Reliability, Quality and Timely Delivery among Global
Dyestuffs Market.
- Bodal has
total 8 manufacturing Units at different locations in
- Bodal has
identified three Strategic Business Units u Dyes (more than 150 products)
u Dye Intermediates (more than 25 products) u Basic & Other Chemicals
(more than 10 products)
- Bodal
produces more than 150 dyes suitable for Textile, Leather & Paper
industries.
- Bodal also
produces Basic chemicals like Beta Napthol, Sulphuric Acid, Para Nitro
Aniline & Acetanilide etc. for captive consumption as well as direct
sale.
Bodal enjoy an abundant supply of basic raw materials for production of
Dye Intermediates and Dye Intermediates for Dyes. Bodal has build up on
technical services, marketing capabilities and production in bulk quantities to
face competition from domestic as well as global. In this way, Bodal enjoy a
position of one of the leader in Dyes and Dye Intermediates Industry.
COMMENCEMENT OF
NEW PROJECT- SULPHURIC ACID PLANT
A 450 TPD Sulphuric Acid plant has been successfully commenced at Their
Unit No. VII, Dudhwada, Ta. Padra, Dist. Vadodara, during July, 2010. This
plant produces Sulphuric Acid, Chloro Sulphonic Acid and Oleum, which are used
to manufacture Dyes Intermediates. Bodal has also manufacturing facility for
production of Dyes and Dye Intermediates at the same location. Apart from its
own profitability, the plant would prove as a cost beneficial to Bodal
Chemicals as this facility generates power and steam which will be used to run
this plant and Their Dyes and Dye Intermediates plants. Hence there will be
reduction in the overall fuel consumption. Further considering the unique
locational advantage and High Volume, Low Value nature of products, there will
be substantial saving in transportation cost and resultant lower production
cost to a great extent. Availability of easy, timely and assured quality raw
materials for Dye Intermediates plant are the added advantages. This is an
ambitious project of the company and is also perfect fit for its strategy of
backward integration for improving profitability and stability. The full impact
of the same on the profitability will start reflecting from 3rd quarter i.e.
October- December, 2010 onwards.
ENVIORNMENT
The Chemical Industry is subject to various stringent regulatory
requirements of environment & Pollution Control regulations being
legislated by the Government from time to time, including safety and emission norms.
The Company addresses these issues through advance planning and allocation of
sufficient physical and human resources, effluent treatment facilities and
process controls.
Fixed Assets:
- Land
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipment
- Vehicles
- Computer
Software
- Goodwill
Trade References:
- Indo Anushka,
Vadodara
- Mecab Cables
Private Limited, Ahmedabad
- Popular
Shipping Agency
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED ON 31.03.2011
Rs.
In Millions
|
Particular |
Unaudited
Figures for the quarter ended 31.03.2011 |
Unaudited
Figures for the year ended 31.03.2011 |
|
(a) Net Sales / Income from operations |
1591.823 |
5708.732 |
|
(b) Other Operating Income |
16.760 |
6.294 |
|
Total Income |
1608.583 |
5715.026 |
|
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade and work in progress |
[44.491] |
[243.950] |
|
b) Consumption of raw materials |
1044.217 |
3824.238 |
|
c) Purchase of traded goods |
109.344 |
190.159 |
|
d) manufacturing expenses |
146.762 |
672.075 |
|
e) Employees cost |
68.051 |
279.335 |
|
f) Depreciation |
40.072 |
137.989 |
|
g) Other expenditure |
148.371 |
386.450 |
|
Total |
1512.326 |
5246.296 |
|
Profit from operations before other income, interest and exceptional
Items |
96.257 |
468.730 |
|
Other income |
2.344 |
9.221 |
|
Profit before interest and exceptional Items |
98.601 |
477.951 |
|
Interest |
56.275 |
226.302 |
|
Profit after Interest but before Exceptional Items |
42.326 |
251.649 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit (+)/Loss(-) from Ordinary Activities before tax |
42.326 |
251.649 |
|
Provision for taxation |
|
|
|
Deferred tax |
8.637 |
76.644 |
|
Income tax |
8.424 |
50.096 |
|
MAT Credti |
[8.391] |
[50.031] |
|
Net Profit (+)/Loss(-) from Ordinary Activities after tax |
33.656 |
174.940 |
|
Extraordinary items |
0.000 |
0.000 |
|
Net Profit (+) / Loss (-) for the year period |
33.656 |
174.940 |
|
Prior period items |
-- |
-- |
|
Net profit after prior period items |
33.656 |
174.940 |
|
Paid up equity share capital (Face value of Rs.2/- per share) |
199.023 |
199.023 |
|
Reserves excluding revaluation reserves as per balance sheet of previous
accounting year |
-- |
-- |
|
Earning per share (EPS) |
|
|
|
(a) Basic |
0.34 |
1.76 |
|
(b) diluted |
0.30 |
1.49 |
|
Public shareholding |
|
|
|
Number of shares |
25786805 |
25786805 |
|
Percentage of
shareholding |
25.91 |
25.91 |
|
Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
57293117 |
57293117 |
|
Percentage of shares (as a % of total shareholding of the promoter and
promoter group) |
77.71 |
77.71 |
|
Percentage of shares (as a % of total share capital of the company) |
57.57 |
57.57 |
|
b) Non Encumbered |
|
|
|
Number of shares |
16431588 |
16431588 |
|
Percentage of shares (as a % of total shareholding of the promoter and
promoter group) |
22.29 |
22.29 |
|
Percentage of shares (as a % of total share capital of the company) |
16.52 |
16.52 |
Note:
1. STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
As
at 31.03.2011 Audited |
|
SHAREHOLDERS FUNDS |
|
|
Share Capital |
199.023 |
|
Share Application
Money |
0.000 |
|
Convertible Equity Share Warrants |
106.313 |
|
Reserves & Surplus |
481.046 |
|
Deferred Grant |
3.293 |
|
LOAN FUNDS |
2889.111 |
|
DEFERRED TAX
LIABILITIES |
189.276 |
|
TOTAL |
3868.062 |
|
|
|
|
FIXED ASSETS |
2718.833 |
|
INVESTMENT |
23.993 |
|
Foreign Currency
Monetary Item Difference Account [Net to Amortization] |
0.053 |
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
Inventories |
893.047 |
|
Sundry Debtors |
1246.161 |
|
Cash & Bank
Balances |
49.573 |
|
Loans &
Advances |
544.143 |
|
Total |
2732.924 |
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
Current
Liabilities |
1496.473 |
|
Provisions |
112.549 |
|
Total |
1609.022 |
|
Net
Current Assets |
|
|
|
|
|
Miscellaneous expenditure |
1.281 |
|
|
|
|
TOTAL |
3868.062 |
(2) The Board of Directors have recommended
Dividend Rs. 0.54 per equity share (27% on face value of Re V- per equity share) for the financial year 2010-11,
subject to approval of Shareholders.
(3) The Consolidated financial statements are
prepared in accordance with principles and procedures as set out in the
"Accounting Standard (AS-21 )-Consolidated financial statements"
issued by Institute of Chartered Accountant of India.
Consolidated financial statement includes
financial result of Bodal Agrotech Limited, the wholly owned subsidiary of
Bodal Chemicals Limited and Sun Agrigenetics Private Limited, which is subsidiary
of Bodal Agrotech Limited There was no subsidiary company in the previous year
i.e. 2009-10.
(4) The above result has been considered and
approved by Audit Committee and subsequently by the Board of Directors at the
meeting held on 30th May, 2011.
(5) Bodal Chemicals Limited has only one
segment of activity named 'Chemicals' i.e. Dyes, Dye Intermediates and Basic
Chemicals.
(6) Number of investor's complaints for the
quarter ended on 31st March, 2011 at the beginning-Nil, received-1, disposed off-1
and unresolved at the end of the quarter is Nil.
(7) To facilitate comparison, re-grouping has
been made, wherever necessary.
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 :
Their
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.
Their 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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
46 |
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.