MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
THIRUMALAI CHEMICALS LIMITED |
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Registered
Office : |
Thirumalai House, Road No.29, Near Sion Hill, Fort, Sion (East),
Mumbai-400022, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.11.1972 |
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Com. Reg. No.: |
11-16149 |
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Capital
Investment / Paid-up Capital : |
Rs.102.410 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1972PLC016149 |
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Legal Form : |
Public Limited Liability Company. The Company Shares are Listed on the
Stock Exchange. |
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Line of Business
: |
Manufacturer of
Petrochemicals. |
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No. of Employees
: |
500
(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 |
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Maximum Credit Limit : |
USD 3400000 |
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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 PARTED BY
|
Name : |
Mr. Sangh |
|
Designation : |
Account Department |
|
Date : |
07.05.2011 |
LOCATIONS
|
Registered Office : |
Thirumalai House, Road No.29, Near Sion Hill, Fort, Sion (East),
Mumbai-400022, |
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Tel. No.: |
91-22-24017841 / 7834 / 7853 / 7861 |
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Fax No.: |
91-22-24011699 |
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E-Mail : |
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Website : |
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Corporate Office : |
Thirumalai House, 101, Sion-Matunga Estate, S. No.6, Mumbai-400002, |
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Tel. No.: |
91-22-24017834 / 41 / 61 / 53 |
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Fax No.: |
91-22-24011699 |
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E-Mail : |
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Factory : |
Ranipet, North Arcot District, |
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Tel. No.: |
91-4172-244441 / 244442 / 244443 |
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Fax No.: |
91-4172-244308 |
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E-Mail : |
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Marketing Office : |
New No. 60, Old No. 5, Thomas Nagar, Little Mount, Saidapet |
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Tel. No.: |
91-44-22353911 / 12 / 16 |
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Fax No.: |
91 44 2235 3914 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Chairman and Managing Director |
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|
Name : |
Mr. R. Parthasarathy |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S. Santhanam |
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Designation : |
Director |
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Name : |
Dr. S. Rama Iyer |
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Designation : |
Director |
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|
Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Director |
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Name : |
Mr. Atul Agarwal |
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Designation : |
Director |
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Name : |
Mr. Pradeep Rathi |
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Designation : |
Director |
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Name : |
Mr. K. V. Krishnamurthy |
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Designation : |
Director |
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Name : |
Mr. A. Janakiraman |
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Designation : |
Director |
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Name : |
Mr. P.Shankar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Rita Malgaonkar |
|
Designation : |
Company Secretary and Legal Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,431,405 |
23.75 |
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|
2,700,182 |
26.37 |
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|
5,131,587 |
50.12 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
5,131,587 |
50.12 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,575 |
0.02 |
|
|
3,600 |
0.04 |
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|
5,175 |
0.05 |
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|
|
|
|
561,804 |
5.49 |
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|
|
|
|
|
3,193,278 |
31.19 |
|
million |
1,206,584 |
11.78 |
|
|
140,384 |
1.37 |
|
|
53,608 |
0.52 |
|
|
84,876 |
0.83 |
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|
1,900 |
0.02 |
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|
5,102,050 |
49.83 |
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Total Public shareholding (B) |
5,107,225 |
49.88 |
|
Total (A)+(B) |
10,238,812 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
10,238,812 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Petrochemicals. |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
@
Installed Capacity |
Actual
Production |
|
Phthalic Anhydride |
MTs |
140000 |
89540 |
|
Maleic Anhydride |
MTs |
12000 |
170* |
|
Food Acids |
MTs |
17000 |
7534 |
|
Phthalate Esters |
MTs |
6000 |
5163 |
NOTE
Excludes purchase from others 4,809 MTs (Previous Year 5,314 MTs.)
@ As certified by a Managing Director
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Nayak and Kishnadwala Chartered Accountants |
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Address : |
1B, 1st Floor, Pushpam, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- Each |
Rs.150.000 millions |
|
10000000 |
Unclassified Shares |
Rs.10/- Each |
Rs.100.000 millions |
|
|
Total |
|
Rs.250.000
millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
10242812 |
Equity Shares |
Rs.10/- Each |
Rs.102.428
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10238812 |
Equity Shares |
Rs.10/- Each |
Rs.102.388
millions |
|
Add: |
Amount paid up on forfeited shares |
|
Rs.0.022 millions
|
|
|
Total |
|
Rs.102.410 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 |
102.410 |
102.410 |
102.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
766.125 |
749.976 |
1210.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
868.535 |
852.386 |
1312.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1609.209 |
1828.248 |
1538.300 |
|
|
2] Unsecured Loans |
381.198 |
294.553 |
424.800 |
|
|
TOTAL BORROWING |
1990.407 |
2122.801 |
1963.100 |
|
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DEFERRED TAX LIABILITIES |
137.749 |
17.441 |
278.400 |
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|
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|
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TOTAL |
2996.691 |
2992.628 |
3553.900 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
1107.777 |
1081.109 |
1090.500 |
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Capital work-in-progress |
3.293 |
148.376 |
124.000 |
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|
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|
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INVESTMENT |
54.587 |
237.436 |
237.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
20.400 |
|
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|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
911.099
|
968.633 |
1040.900 |
|
|
Sundry Debtors |
2116.228
|
1305.048 |
1557.200 |
|
|
Cash & Bank Balances |
39.979
|
19.156 |
17.200 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
457.057
|
627.361 |
353.900 |
|
Total
Current Assets |
3524.363
|
2920.198 |
2969.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.474
|
4.780 |
|
|
|
Other Current Liabilities |
1580.204
|
1340.438 |
723.700 |
|
|
Provisions |
111.651
|
49.273 |
163.900 |
|
Total
Current Liabilities |
1693.329
|
1394.491 |
887.600 |
|
|
Net Current Assets |
1831.034
|
1525.707 |
2081.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2996.691 |
2992.628 |
3553.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6237.279 |
4692.457 |
5912.500 |
|
|
|
Income from windmill operations |
19.514 |
9.761 |
0.000 |
|
|
|
Other Income |
55.623 |
71.171 |
59.900 |
|
|
|
TOTAL (A) |
6312.416 |
4773.389 |
5972.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
4455.364 |
3708.288 |
|
|
|
|
Employee Emoluments |
112.609 |
104.641 |
|
|
|
|
Purchase (Trading) |
368.930 |
433.645 |
5253.100 |
|
|
|
Other Charges |
685.075 |
1000.182 |
|
|
|
|
Variation in Stocks |
(12.841) |
(67.159) |
|
|
|
|
TOTAL (B) |
5609.137 |
5179.597 |
5253.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
703.279 |
(406.208) |
719.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
199.449 |
170.265 |
138.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
503.830 |
(576.473) |
580.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
123.572 |
122.267 |
112.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
380.258 |
(698.740) |
468.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
122.788 |
(239.299) |
201.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
257.470 |
(459.441) |
266.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.885 |
461.894 |
350.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
51.194 |
0.000 |
NA |
|
|
|
Tax on Dividend |
8.503 |
0.000 |
NA |
|
|
|
General Reserve |
30.000 |
0.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
170.803 |
1.885 |
461.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
641.704 |
1099.025 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1058.959 |
3749.442 |
NA |
|
|
|
Stores & Spares |
5.961 |
1.613 |
NA |
|
|
|
Capital Goods |
0.000 |
1.256 |
NA |
|
|
|
Others |
19.249 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
1084.169 |
3752.311 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.26 |
(44.93) |
-- |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
7120.000 |
The above information has been parted by Mr. Sangh (Account Department)
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd Quarter
|
31.12.2010 3rd
Quarter |
|
Net Sales |
1950.100 |
2080.600 |
1695.500 |
|
Total Expenditure |
1842.000 |
1945.100 |
1561.800 |
|
PBIDT (Excl OI) |
108.100 |
135.500 |
133.700 |
|
Other Income |
34.400 |
19.000 |
5.200 |
|
Operating Profit |
142.500 |
154.500 |
138.900 |
|
Interest |
39.000 |
45.500 |
44.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
103.500 |
109.000 |
94.900 |
|
Depreciation |
34.400 |
33.200 |
33.400 |
|
Profit Before Tax |
69.100 |
75.800 |
61.500 |
|
Tax |
25.100 |
21.500 |
20.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
44.000 |
54.300 |
41.200 |
|
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 |
44.000 |
54.300 |
41.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.08
|
(9.63) |
4.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.10
|
(14.89) |
7.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.21
|
(17.46) |
11.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
(0.82) |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.24
|
4.13 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.09 |
3.35 |
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 - Due to Small and Micro Enterprises |
1.474
|
4.780 |
NA |
HISTORY
Incorporated in 1972, Thirumalai Chemicals (TCL) was promoted
by N S Iyengar, promoter and director of Ultra Marine & Pigments. It
manufactures and markets Phthalic Anhydride, Maleic Anhydride, Tartaric Acid
and its salts, Fumaric Acid and Maleic Acid. TCL also manufactures food acids,
commercial production of which commenced in 1992. It had a technical tie-up
with
FINANCIAL RESULTS
On a Sales turnover of Rs. 66,54.100 millions (Rs. 51,28.100 millions)
with Export Turnover at Rs.6,82.200 millions (Rs.11,20.500 millions) including
Export earning on FOB basis of Rs. 6,41.700 millions (Rs. 10,99.000 millions),
Income from windmill operation of Rs. 19.500 millions (Rs. 9.800 Millions) and
Other Income of Rs.55.600 millions (Rs. 71.200 millions), the Gross Profit of
the Company amounted to Rs. 703.300 millions (Loss of Rs.406.200 millions in
the previous year). After providing for Interest and Finance charges,
Depreciation, Current and Deferred taxation and some adjustments, the Net
Profit amounted to Rs. 257.500 millions compared to loss of (Rs.459.400
millions) in the previous year. The performance during the year is explained
below in Industry Developments.
MANAGEMENT DISCUSSIONS AND ANALYSIS
The Company’s Business
Mission continues to be consolidation and strengthening in manufacturing,
technology, quality and marketing. The Company has world scale plants for
manufacturing diverse products such as Phthalic Anhydride (PAN), Maleic
Anhydride (MAN), Fumaric Acid, Food Acids etc as also decent capacities to
manufacture other value added products.
INDUSTRY DEVELOPMENTS
After a very poor
performance in the last year the Company has been able to come out of the
losses and post promising results.
The Company during
the year has expanded the capacity of PAN to 1,40,000 Mts from 1,10,000 Mts to
meet the increased demand. PAN, the Company’s main product has witnessed
renewed demand. All the four user industries i.e Plasticisers, Polyster resins,
Pigments and Alkyd resins have shown growth in the range of 10-12%.
For the
plasticizer industry the other raw material Oxo Alcohol’s availability in the
domestic market has improved. This will lead to buoyant growth in this sector.
The lull in the infrastructure spending is a thing of the past and there is
considerable growth in Housing, Roads etc, which results in growth in demand of
Paints and unsaturated polyster resins.
The overall demand
is expected to grow steadily which will lead to almost full utilization of PAN
capacity.
The Company could
not produce MAN due to high input cost of benzene. The Company was able to meet
the local demand as well as captive requirement of MAN through imports since
imports were more economical. The Company will be able to operate the MAN plant
if benzene is available at reasonable prices.
Their food acids
production and sale also recorded improved performance. The Phthalate esters
production and sale is also showing good growth.
FINANCIAL AND OPERATING PERFORMANCE
The turnaround in
the Company’s performance started during the last quarter of last year. The
Company reached more than 80 % capacity utilization of PAN during the year as
compared to 55 % capacity utilization. Due to this high capacity utilization
Company achieved a Net Profit of Rs. 2,57.500 millions compared to Net Loss of
Rs. 4,59.400 millions in the previous year.
Contribution to Exchequer
The amounts paid
to the Central and State Exchequer by way of Excise Duty, Sales Tax, Customs
duties (incl. paid to supplier), Income Tax, FBT, etc is about Rs. 7,05.800
Millions on Net Sales of about Rs. 62,37.300 Millions. That is, over 11 % of
Company’s Sales is contributions to the Exchequer.
Opportunities and Threats
Demand of PAN
remains buoyant in the domestic market and is expected to grow at 10-15% in the
coming years. The Company with its expanded capacity of 1,40,000 MTs is ready
to meet the increasing demand.
CURRENT YEAR
The current year
is expected to be much better due to growth in demand of all Company’s products.
The Company is continuously striving to reduce cost to improve the margins.
The contract sale
of PAN on the predetermined formula price
continues. The number of customers and the volume of contract sale has
increased year after year and the ultimate goal is to sell 70% on contract.
The Company will
continue to devise new ways and means to achieve higher sales to operate all
its plants to its full capacity, which would result in economies of scale,
better working capital management and competitive advantage and contribute to
the Company’s bottom line. All the major Plants (except MAN) are running fully.
The Company would endeavor to work all Plants at their full capacity
efficiently and economically adopting appropriate cost savings measures.
OUTLOOK
The Company
remains optimistic about the bright future lying ahead. It will endeavor to
grow its leadership by building on it strengths for competitive advantage.
Towards this the Company has undertaken a business review process by appointing
external consultants.
EXPORTS
Calculated on FOB
basis, Exports including Deemed Exports amounted to Rs. 10,24.100 millions (Rs.
17,00.500 Millions).The Company has been awarded the status of ‘One Star Export
House’ in recognition of the Company’s export performance. The Company focuses
on exports to achieve higher volumes year after year.
FINANCE
All taxes and
statutory dues are being paid on time. Payment of interest and installments to
the Financial Institutions and Banks are being made as per schedule. The
Company is also very regular in meeting its commitments to its depositors.
Deposits aggregating Rs. 0.892 Millions due for repayment on or before March
31, 2010 were not claimed by the depositors as on that date.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Wind Operated
- Generators
- Computers
- Furniture and Fixtures and Equipments
- Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2010
Rs. in Millions
|
Particular |
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2010 |
30.09.2010 |
|
|
|
|
|
Net Sales/ Income
form operation |
2067.200 |
4007.000 |
|
Wind Mill Income |
8.100 |
13.000 |
|
Other Operating
Income |
5.300 |
10.700 |
|
Total Income |
2080.600 |
4030.700 |
|
Expenditure |
|
|
|
Increase /
Decrease in stock |
130.900 |
82.900 |
|
Consumption of
raw material / purchase |
1365.100 |
2850.500 |
|
Purchase of
traded goods |
179.900 |
327.900 |
|
Employees cost |
37.200 |
73.600 |
|
Depreciation |
33.200 |
67.600 |
|
Other expenditure
|
232.000 |
472.000 |
|
Total expenditure
|
1978.300 |
3854.700 |
|
Profit from
operation before other income, interest and exceptional items |
102.300 |
176.000 |
|
Other income |
19.000 |
53.400 |
|
Profit before interest
and exceptional items |
121.300 |
229.400 |
|
Interest |
45.500 |
84.500 |
|
Profit after
interest but before exceptional items |
75.800 |
144.900 |
|
Exceptional items |
-- |
-- |
|
Profit / Loss
from ordinary activities before tax |
75.800 |
144.900 |
|
Tax expenses |
21.500 |
44.400 |
|
Prior year
adjustment |
0.000 |
2.100 |
|
Net profit/ Loss
from ordinary activities after tax |
54.300 |
98.400 |
|
Extra ordinary
items |
-- |
-- |
|
Net profit / Loss
for the period |
54.300 |
98.400 |
|
Paid up equity
share capital (face value of equity shares of Rs. 10/- each) |
102.400 |
102.400 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
|
Earning per
shares (in Rs) Basic/ Diluted |
5.30 |
9.61 |
|
Public
shareholding |
|
|
|
Number
of Shares |
4905311 |
4905311 |
|
% of
Shareholding |
47.91 |
47.91 |
|
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 |
5333501 |
5333501 |
|
-
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) |
52.09 |
52.09 |
Note:
- The above results were reviewed by the audit committee and taken on
record by he board of directors of the company at its meeting held on 2nd
November, 2010
- The statutory auditors of he company have carried out a limited
review of eh results for the period ended September 30, 2010
- The company has an exposure of Rs.373.100 millions in TCL Industries
(
- The company has recognized deferred tax assets (DTA) for unabsorbed
business losses in its accounts for the year ended 31st March,
2010 which continued to be recognized in its quarterly results for the
period ended 30th June, 2010. the same was subject matter of
qualification in the statutory auditors report for the year ended 31st
March, 2010 and in their limited review report for the period ended 30th
June 2010. in view of the profit earned during the currently year the
unabsorbed losses got adjusted and DTA no longer is recognizes in the
accounts.
- Other expenditure includes Foreign exchange fluctuation loss of
Rs.7.900 millions for the half year ended 30th September 2010 (corresponding
half year ended gain of Rs.17.200 millions.)
STATEMENT OF
ASSETS AND LIABILITIES
Rs. in Millions
|
Particular |
Half Year Ended |
|
|
30.09.2010 |
|
Share Holders
Funds |
|
|
Share Capital |
102.400 |
|
Reserves and
Surplus |
864.500 |
|
Total |
966.900 |
|
Loan Funds |
1852.600 |
|
Deferred Tax
Liability (Net) |
182.100 |
|
Total |
3001.700 |
|
|
|
|
Fixed Assets
(Net) |
1059.300 |
|
Investment |
54.600 |
|
Current Assets,
Loans and Advances |
|
|
Inventories |
1072.400 |
|
Sundry Debtors |
2571.300 |
|
Cash and Bank
Balances |
179.900 |
|
Loans and
Advances |
531.100 |
|
Other Current
Assets |
0.000 |
|
Total |
4354.600 |
|
Less: Current
Liabilities and Provisions |
|
|
Current
Liabilities |
2409.700 |
|
Provisions |
57.100 |
|
Total |
2466.800 |
|
Net Current
Assets |
1887.800 |
|
Total |
3001.700 |
AS PER WEB DETAILS
PROFILE
Subject
started production of Phthalic Anhydride in 1976 in Ranipet, in
Marketing in
They sell a significant part of
their products in
They have an effective and
localized marketing network with regional offices in important major cities of
A key strength has been their
ability to deliver on time to large and small customers in the remotest corners
of
— Direct from their sites
— From their stock points across
— And through their large network of agents and distributors
Chemidye Manufacturing Company
(CMC)
- A unit of Thirumalai Chemicals Limited
Chemidye Trading Company, the
first company started in 1946, by the founders of the Group started a unit at
Ranipet, Tamilnadu, in 1980 to manufacture Plasticizers and changed its name to
Chemidye Manufacturing Company.
Currently it manufactures two
major products, Di-ethyl Phthalate, and Phthalimide.
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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 |
NO |
|
--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.