MIRA INFORM REPORT

 

 

Report Date :

21.05.2011

 

IDENTIFICATION DETAILS

 

Name :

TRANSPEK INDUSTRY LIMITED

 

 

Registered Office :

6th Floor, Marble Arch, Race Course Circle, Vadodara – 390 020, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

06.10.1965

 

 

Com. Reg. No.:

04-1343

 

 

Capital Investment / Paid-up Capital :

Rs.58.720 Millions

 

 

CIN No.:

[Company Identification No.]

L23205GJ1965PLC001343

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDT00491B

 

 

PAN No.:

[Permanent Account No.]

AAACT8639B

 

 

Legal Form :

A public limited liability company. The company's shares are listed on the Stock Exchanges

 

 

Line of Business :

Manufacturing of Sulphoxylate, Chlorinated Compounds, Rubber Chemicals and Related Chemicals, So3/Oleum, Oil Field and Related Chemicals and Other Zinc Base Chemicals.

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 2154000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for business dealing 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. Solanki

Designation :

Finance Controller

Date :

20.05.2011

 

 

LOCATIONS

 

Registered Office/ Factory/ Corporate Headquarter :

6th Floor, Marble Arch, Race Course Circle, Vadodara – 390 020, Gujarat, India 

Tel. No.:

91-265-2335444, 2335446, 2335447, 2334141, 2358236, 2335757, 2342262  

Fax No.:

91-265-2335758

E-Mail :

transpek@wilnetonline.net

info@transpek.com

inquiry@transpek.com

secretarial@transpek.com

Website :

http://www.transpek.com 

 

 

Factory :

At and Post Ekalbara 391 440, Taluka Padra, District Vadodara, Gujarat, India

Tel. No.:

91-2662-222318 / 222309 / 221276-77 / 222287 / 222289

Fax No.:

91-2662-223439

E-Mail :

inquiry@transpek.com , transpek@transpek.com

Website :

www.transpek.com

 

 

European Office

 

112 Red Lion Lane, Shooters Hill, Woolwich, London SE18 4LE United Kingdom

Tel. No.:

+44-7843565118

Fax No.:

+ 44-208-319-3234

E-Mail :

transpek@lycos.com

 

 

Sales Agents (Domestic) :

Located at:

 

·         New Delhi

·         Ahmedabad

·         Chennai

·         Mumbai

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. Ashwin C. Shroff

Designation :

Chairman and Managing Director

Date of Birth/Age :

22.01.1945

Qualification :

Science Gradate

Date of Appointment :

02.05.1980

Brief Resume :

 

Shri A.C. Shroff is the Chairman and Managing Director of Excel Industries Limited He is a Science graduate and started his career in 1965 as a young trainee and has grown to spearhead Excel Industries Limited Along these crucial years of growth, both Excel Industries Limited and Mr. Shroff have emerged stronger revolutionizing the agrochemical market scenario in India. He was the President of Indian Chemical  Manufacturers Association during 1996-1998. He is also the Chairman of Roha Industries Association. He has been a leading spokesperson of chemical industry and has represented various issues of the industry to the Government of India.

 

Other Public Companies in which Directorship held

 
  • Excel Industries Limited (Chairman and Managing Director)
  • Excel Crop Care Limited  (Chairman and Director)
  • Kamaljyot Investment Limited
  • ECCL Investments and Finance Limited
  • Transpek-Silox Industry Limited  (Chairman and Director)
  • Phthalo Colours and Chemicals India Limited
  • Waxsam Limited, Hong Kong

Other Public Companies in which membership of Committees of Directors held :

  • Chairman and Member of Shareholders/
  • Investor Grievance Committee
  • Excel Crop Care Limited

 

 

Name :

Mr. A.G. Shroff

Designation :

Managing Director

Date of Birth/Age :

61 years

Qualification :

S. S. C.

Experience :

41 years

Date of Appointment :

01.12.1981

Previous Employment

Excel Industries Limited

 

 

Name :

Mr. D.K. Shroff

Designation :

Director

Brief Resume :

Shri Dipesh K. Shroff, son of Chairman Emeritus, Shri Kantisen C. Shroff, aged 46 years, having done Diploma in Civil Engineering, M. E. P. from IIM, Ahmedabad and OPM from Harvard Business School, Boston, is presently the Managing Director of Excel Crop Care Limited, a listed Company. He is also trustee of Vivekananda Research and Training Institute, Kutch, Chairman of International Resources for  Fairer Trade Mumbai, and Trustee and Adviser of "Shrujan".

 

Other Public Companies in which Directorship held :

 
  • Excel Crop Care Limited  (Managing Director)
  • Excel Industries Limited
  • Agrocel Industries Limited
  • Kamaljyot Investments Limited
  • Shroffs Engineering Limited
  • Upexcel Limited
  • Excel Industries Euro N. V., Belgium
  • Hyderabad Chemical Supplies Limited
  • Parul Chemicals Limited
  • Aimco Pesticides Limited

Other Public Companies in which membership of Committees of Directors held :

  • Hyderabad Chemicals Supplies Limited

Member of Shareholders/Investor Grievance Committee

  • Excel Industries Limited

 

 

Name :

Mr. M.D. Patel

Designation :

Director

 

 

Name :

Mr. A.H. Patel

Designation :

Director

 

 

Name :

Dr. Bernd Dill

Designation :

Additional Director

Date of Birth/Age :

17.09.1950

Qualification :

School and University education with emphasis on mathematics and natural sciences

Date of Appointment :

22.06.2007

Resume :

Dr. Bernd Dill, a German National, has done his school and university education with emphasis on mathematics and natural sciences, Doctoral Thesis Summa Cum laude at Frankfurt University. At present he is holding position as Executive Vice President Technology of LURGI AG in Frankfurt and is also a Director on the Board of Sasol / Lurgi, South Africa w.e.f. 03.11.2006. He is having solid technical background, extensive experience in managing people from culturally very different environments, identification and recognition of talented and outstanding people, strong business and customer orientation, negotiating skills and experience and initiative, drive and result orientation. He holds membership of several professional organizations, some of which are National Technology and Environment Council of the German Chemical Industry Association, British Chemical Industry Association, American Chemical Society, Optical Society of America etc. He is also a member of the publishers' Board for Roempp's Chemical encyclopedia.

 

Other Public Companies in which Directorship held :

  • Sasol/Lurgi, South Africa

 

  

 

Name :

Mr. Ravi A. Shroff

Designation :

Director

 

 

Name :

Mr. Bimal V. Mehta

Designation :

 Executive Director

 

 

Name :

Mr. R.R. Patel

Designation :

Director

Date of Ceasing :

29.03.2007

 

 

Name :

Mr. Dhirajlal C. Gami

Designation :

Director

Date of Birth/Age :

26.09.1927

Qualification :

M. S. from the University of Michigan, U.S.A

Experience :

39 years

Date of Appointment :

30.07.1984

Brief Resume :

Shri D.C. Gami is a M. S. (Chemical Engineering) from the University of Michigan, USA. He has vast experience of more than 52 years in research, project planning, execution, operations and management. He had also served as Managing Director of State owned fertilizer company (now known as "Gujarat

State Fertilizers and Chemicals Limited").

 

Other Public Companies in which Directorship held :

 
  • Jindal Hotels Limited (Chairman)
  • Ashok Organic Industries Limited
  • Gujarat JHM Hotels Limited
  • Environment Infrastructure Company Limited

Other Public Companies in which membership of Committees of Directors held :

Chairman of Audit Committee

  • Gujarat JHM Hotels Limited
  • Jindal Hotels Limited
  • Ashok Organic Industries Limited

 

 

Name :

Mr. M.L. Shah

Designation :

Director

 

 

Name :

Mr. A.C. Shroff

Designation :

 Chairman

 

 

Name :

Mr. Ninad D. Gupte

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. S. K. Solanki

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2011

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

985,361

16.78

Bodies Corporate

1,239,763

21.11

Sub Total

2,225,124

37.89

(2) Foreign

 

 

Any Others (Specify)

11,710

0.20

Directors/Promoters & their Relatives & Friends

11,710

0.20

Sub Total

11,710

0.20

Total shareholding of Promoter and Promoter Group (A)

2,236,834

38.09

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

2,900

0.05

Financial Institutions / Banks

2,969

0.05

Insurance Companies

319,832

5.45

Foreign Institutional Investors

420

0.01

Foreign Venture Capital Investors

263,228

4.48

Sub Total

589,349

10.04

(2) Non-Institutions

 

 

Bodies Corporate

912,767

15.54

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

1,695,606

28.88

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

437,484

7.45

Sub Total

3,045,857

51.87

Total Public shareholding (B)

3,635,206

61.91

Total (A)+(B)

5,872,040

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

5,872,040

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Sulphoxylate, Chlorinated Compounds, Rubber Chemicals and Related Chemicals, So3/Oleum, Oil Field and Related Chemicals and Other Zinc Base Chemicals.

 

 

Products :

Item Code No. (ITC Code)           :  283110.01

Product Description                    :  Sodium Hydro Sulphite

 

Item Code No. (ITC Code)           :  283190.02

Product Description                    :  Sodium Formaldehyde Sulphoxylate

 

Item Code No. (ITC Code)           :  281210.04

Product Description                    :  Thionyl Chloride

 

 

Exports :

 

Products :

Chemicals

Countries :
  • Belgium
  • UAE
  • Saudi Arabia
  • Spain
  • USA

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Italy
  • Russia
  • Europe
  • Far East

 

 

Terms :

 

Selling :

L/C, Cash and Credit (30 / 60 / 90 days)

 

 

Purchasing :

L/C, Cash and Credit (30 / 60 / 90 days)

 

PRODUCTION STATUS

 

As on 31.03.2009

 

Particulars

Unit

 

Installed Capacity

Actual Production

Chlorinated Compounds

MT

 

50800

26911

SO3/Oleum

MT

 

45000

26996

  

GENERAL INFORMATION

 

Customer :

End users and OEM’s

 

 

No. of Employees :

500 (Approximately)

 

 

Bankers :

v      State Bank of India

v      Axis Bank Limited

v      Bank of Baroda

 

 

Facilities :

Particulars

As on 31.03.2010

 [Rupees in Millions]

As on 31.03.2009

 [Rupees in Millions]

SECURED LOAN

 

 

Loans and advances from banks

 

 

Cash/ Export Credit Facilities

(Note no. 1)

106.762

98.397

Term Loan

(Note no. 2 to 5)

162.199

240.161

Interest accrued and due

1.387

2.438

Total

270.348

340.996

 

Notes :

 

  1. Loans on Cash Credit Accounts from State Bank of India, 8ank of Baroda and Axis Bank Limited (hereafter collectively referred to as ‘Consortium of Banks”) are secured by first charge by way of hypothecation of stocks of raw materials, packing materials, consumable stores, finished goods, semifinished goods and book-debts. The aforesaid cash credit facilities are further secured by way of charge on the whole of the fixed assets of the Company ranking second and subservient for the charges created in respect of borrowings obtained from them.

 

  1. Term Loan from Axis Bank Limited amounting to Rs. 8.761 Millions  (Previous Year Rs. 29.668 Millions) or equivalent in foreign currency is secured by first charge by way of hypothecation of all machinery financed or to be financed under the sad term Ion. It is further secured by second charge by way of hypothecation over entire current assets including stock and book-debts with the current charge holders on pari passu basis. The said loan is also further secured by first charge by way of an equitable mortgage on the whole of the fixed assets of the Company both present and future, on pari passu basis with ‘existing second and subservient charge holders.

 

  1. Term loan from Bank of Baroda amounting to Rs.35.108 Millions (Previous Year Rs. 66.208 Millions) is secured by first charge by way of hypothecation of alI movable machinery financed or to be financed under the said term loan. The Bank of Baroda has agreed and ceded second pari passu charge in favour of State Bank of India and Axis Bank Limited, on the said movable machinery financed / to be financed out of the said term loan, for their respective working capital limits sanctioned to the Company. The said loan is also further secured by first charge by way of an equitable mortgage on the whole of the immovable assets of the Company, both present and future, on pan passu basis with existing first charge holders viz, State Bank of India and Axis Bank Limited.

 

  1. Term loan from State Bank of India amounting to Rs. 62.080 Millions (Previous Year: Rs. 93.329 Millions) is secured by first charge by way of hypothecation of all movable machinery financed or to be financed under the said term loan. The State Bank of India has agreed and ceded second pari passu chage in favour of Bank of Baroda and Axis Bank Limited on the said movable machinery financed / to be financed out of the said term loan, for their respective working capital limits sanctioned to the Company. The said loan is also further secured by first charge by way of an equitable mortgage on the whole of the immovable assets of the Company, both present and future, on pari passu basis with existing first charge holders viz. Bank of Baroda and Axis Bank Limited,

 

  1. Term tear from Axis bank Limited amounting to Rs 56.250 Millions (Previous Year : Rs 45.955 Millions) is secured by first charge by way of hypothecation of all movable machinery financed on to be financed under the said term loan and also yet to be secured by first charge by way of on equitable mortgage on the whole of the immovable assets of the Company, both present and future on pari passu basis with existing first charge holders viz. State Bank of India and Bank of Baroda.

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

 
Contractor, Nayak and Kisnadwala
Chartered Accountants

Address : 

Vadodara

 

 

Associates:

Ř       Excel Industries Limited

Ř       Excel Crop Care Limited

Ř       Transmetal Limited

Ř       Shroff Engineering Limited

Ř       Anshul Speciality Molecules Limited

Ř       Agrocel Industries Limited

Ř       Anshul Agencies

Ř       Shroff Foundation Trust

Ř       Hyderabad Chemical Supplies Limited

Ř       Transchem Agritech Limited

Ř       C.C.Shroff Research Institute

 

 

Subsidiary Company:

Ř         Transpek Silox Industry Limited

Ř         Transpek Industry (Europe) Limited

Address: 2nd Floor, 1 Risborough Street SE1 OHF, Shooters Hill, Woolwich
London, U.K.

Telefax No: +44 207 9287771

Mobile No.: +44 751 9108151

E-Mail: narlalit@hotmail.com
madan_transpek@hotmail.com

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity Shares

Rs.10/- each

Rs.75.000 Millions

500000

Preference Shares

Rs.100/- each

Rs.50.000 Millions

 

 

Total

Rs.125.000 Millions

                                                                                                                                                  

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

5872040

Equity Shares

Rs.10/- each

Rs.58.720 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

58.720

55.930

53.267

2] Share Application Money

0.000

1.731

3.462

3] Reserves & Surplus

479.720

436.034

358.752

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

538.440

493.695

415.481

LOAN FUNDS

 

 

 

1] Secured Loans

270.350

340.996

217.125

2] Unsecured Loans

252.620

137.448

139.315

TOTAL BORROWING

522.970

478.444

356.440

DEFERRED TAX LIABILITIES

91.420

92.501

85.559

DEFERRED PAYMENT LIABILITIES

0.000

4.961

13.166

 

 

 

 

TOTAL

1152.830

1069.601

870.646

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

700.310

684.664

563.193

Capital work-in-progress

26.470

37.617

20.094

 

 

 

 

INVESTMENT

43.930

43.925

47.354

FIXED ASSETS HELD FOR DISPOSAL

0.000

18.303

21.359

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
148.780
147.533
158.650

 

Sundry Debtors
360.190
275.773
203.291

 

Cash & Bank Balances
13.280
11.392
27.951

 

Other Current Assets
1.560
1.494
4.834

 

Loans & Advances
98.230
105.317
74.790

Total Current Assets
622.040
541.509

469.516

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

Sundry Creditors

176.508

175.439
232.173

 

Current Liabilities
24.002
50.825
 

 

Provisions
39.410
30.153
18.697

Total Current Liabilities
239.920
256.417

250.870

Net Current Assets
382.120
285.092
218.646

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1152.830

1069.601

870.646

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

1134.070

1666.100

1067.998

 

 

Other Income

24.490

20.090

33.891

 

 

TOTAL                                     (A)

1158.560

1686.190

1101.889

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase/ Decrease in Stock 

17.960

(18.070)

987.391

 

 

Raw Material Consumed

381.190

751.140

 

 

 

Power and Fuel Cost

112.100

139.870

 

 

 

Employee Cost

131.580

124.850

 

 

 

Other Manufacturing Expenses

101.130

91.420

 

 

 

General and Administration Expenses

83.930

80.110

 

 

 

Selling and Distribution Expenses

111.410

178.250

 

 

 

Miscellaneous Expenses

36.870

95.350

 

 

 

Exceptional Items

8.500

0.000

 

 

 

TOTAL                                     (B)

984.670

1442.920

987.391

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

173.880

243.270

114.498

 

 

 

 

 

Less

INTEREST                                                         (D)

52.740

63.130

44.049

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

121.140

180.140

70.449

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

60.490

55.800

49.942

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

60.650

124.340

20.507

 

 

 

 

 

Less

TAX                                                                  (H)

15.190

45.350

9.263

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

45.460

78.990

11.244

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

1048.710

585.485

 

TOTAL EARNINGS

NA

1048.710

585.485

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

65.626

74.336

 

 

Capital Goods

NA

33.036

12.288

 

TOTAL IMPORTS

NA

98.662

86.624

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

- Basic

7.74

14.81

2.26

 

- Diluted

NA

14.07

2.22

 

Particulars

 

 

 

31.03.2011

Sales Turnover

 

 

1300.000

(Approximately)

 

 

 

 

 

Expected Sales ( 2011-2012 ) : Rs.1500.000 Millions

 

The above information has been parted by Mr. Solanki

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

490.300

451.500

549.600

Total Expenditure

358.300

375.000

474.500

PBIDT (Excl OI)

132.000

76.500

75.100

Other Income

1.000

2.300

2.700

Operating Profit

133.000

78.800

77.800

Interest

15.400

17.900

18.500

Exceptional Items

0.000

0.000

0.000

PBDT

117.600

60.900

59.300

Depreciation

15.700

16.200

18.000

Profit Before Tax

101.900

44.700

41.300

Tax

34.000

16.000

13.000

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

67.900

28.700

28.300

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

67.900

28.700

28.300

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
3.92
4.68

1.02

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
5.35
7.46

1.92

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.59
10.14

1.99

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.11
0.25

0.05

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.42
1.49

1.46

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.59
2.11

1.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS DETAILS :

(Rs. in Millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

Sundry Creditors

 

 

 

 - Micro, Small and Medium Enterprises

4.571

4.620

NA

 - Others

171.937

170.819

NA

Total

176.508

175.439

NA

 

 

History:

 

Established in 1965, subject went public in Sep.'78. It started with the manufacture of acrylic plastic sheets at its plant at Atladra (Vadodra district), Gujarat. In 1969, it discontinued manufacturing acrylic sheets and started manufacturing chemicals. Subject started off with products like sodium hexameta phosphate, sodium tripoly phosphate, phosphoric acid, etc. In 1978, it expanded to manufacture sodium hydrosulphite (hydro), sodium formaldehyde sulphoxylate (safolite), thionyl chloride and sulphur dioxide, most of these being manufactured for the first time in India. Subject entered the global scenario in 1987 and is a government-recognised Export House. The company manufactures a wide range of chemicals and intermediates which include sodium hydrosulphite, sodium formaldehyde sulphoxylate, zinc formaldehyde sulphoxylate (safolin), thionyl chloride, sulphur dichloride, rubber accelerators and the metals recovered include copper and zinc. It is the world's largest manufacturer of safolite and safolin and also India's only exporter of thionyl chloride and chloro acetyl chloride. SUBJECT expanded its capacities for rubber chemicals, sodium hydrosulphite and thionyl chloride and had set up a joint venture in China for thionyl chloride.In 1995-96, a new sulphur-di-oxide recovery and filling station was commissioned conforming to CCOE requirement. In 1996-97, it increased the installed capacity of Chlorinated Compounds to 16,200 tpa and in 1998-99, of rubber and related chemicals to 1,272 MT. A MOU has been signed by the Company, its subsidiary Transpek Metals and Oxides Limited (TMOL) and SILOX. The Company has disinvested its holding in the above company from 39% to 14.93% to Excel Industries Limited During 2001-02 the Sulphoxylates Business of Transpek Industry was transferred to Transpek Metals and Oxides Limited The company has expanded the installed capacity of Chlorinated Compound during the year 2003-04 by 2830 Tonnes and with this expansion,the total capacity has risen to 19700 Tonnes 

 

 

REVIEW OF OPERATIONS

 

The net sales of the Company for the year is Rs.1134.100 millions as compared to Rs.1666.100 millions in the previous year, a reduction of about 32%. During the year Profit After Tax is Rs.45.500 millions vis-a-vis Rs.79.000 millions in the previous year. The combined effect of global economic downturn and consequent recessionary pressures and reduction in selling price emanating from reduction in the cost of raw material contributed to the reduction in sales and profit. While in the first three quarters the exports were low, there was good recovery in the fourth quarter as soon as the international economic situation improved.

 

During the year, due to global downturn, there was a drop in the demand for some products. To minimize the impact of this situation, the Company has concentrated on developing products and exploring other usages of products which could expand their customer base in different regions as well as the number of products on offer.

 

Continuous R and D activities have been a fundamental strength of the Company. In order to maximize the R and D output while keeping the investment low, the Company utilized R and D facilities of other organizations successfully.

 

As part of continuous improvement process, the company carried out Material of Construction ("MOC") study of equipments with an objective of cost reduction and safety enhancement.

 

Further, during the year, the Company has focused on the following developmental activities:

 

- Outsourcing manufacturing of certain products. This has helped reduce capital investments while satisfying customer needs.

 

- Concentrated on removing bottle-necks in the existing plants and supporting facilities, enabling the Company to cater to the requirements of customers well in time with better efficiencies.

 

- Explored opportunities of Company’s products in business segments like Pharma resulting into bigger customer base, new markets and better spread of risk.

 

To be able to carry out further expansion and development of the business, the Company has obtained Environment Clearance from Ministry of Environment and Forests.

 

 

OUTLOOK

 

Despite the economic conditions in the year being tough, in the last quarter, they could achieve better results.

 

Though the US, European and Japanese markets have still not attained normalcy, they expect that by the end of the second quarter of 2010-11, the demand in the markets will surge further.

 

The developmental activities referred to above are also likely to contribute to increase in sales revenue.

 

 

DIRECTORS

 

During the year, one of the Directors, Shri D. C. Garni passed away on 11th November, 2009. Late Shri D. C. Garni, was a member of the Board since 24th August, 1984. He was also the Chairman / Member of several Committees of the Board including the Audit Committee. By profession, he was a Chemical Engineer (M.S. - Chemical Engineering from the University of Michigan, USA) and had a distinguished career in the Chemical Industry. He had vast experience of more than 55 years in research, project planning, execution, operations and management. He had also served as Managing Director of Gujarat State Fertilizers and Chemicals Limited, and was a Director in several companies.  During his association with the Company, he took keen interest in the business of the Company and guided the deliberations of the Board and its Committees with his extensive techno-commercial experience, foresight and wisdom. The Board had at its meeting held on 30th January, 2010 deeply mourned the sad demise of Late Shri D. C.  Garni and had conveyed its heartfelt condolences to the members of the bereaved family and placed on record its wholehearted and deep appreciation of his valuable contributions to the deliberations of the Board during his tenure as a Director.

 

The Board had, at its meeting held on 30th January, 2010 appointed Shri Nimish U. Patelasa Director in the casual vacancy caused by the sad demise of Shri D. C. Garni. Shri Nimish U. Patel holds office as Director up to the date of the ensuing Annual General Meeting. A notice in writing has been received from a member of the Company under section 257 of the Companies Act, 1956, signifying his intention to propose Shri Nimish U. Patel as a candidate for the office of Director of the Company. The Directors commend his appointment as a rotational Director.

 

At its meeting held on 9th April, 2010, the Board appointed Shri Bimal V. Mehta, as an Additional Director, who will hold office as Director up to the date of the ensuing Annual General Meeting. A notice in writing has been received from a member of the Company under section 257 of the Companies Act, 1956, signifying his intention to propose Shri Bimal V. Mehta as a candidate for the office of Director of the Company. The Directors commend his appointment as a rotational Director.

 

In the same meeting, the Board had, subject to the approval of shareholders in general meeting, appointed Shri Bimal V. Mehta, as Whole-time Director designated as Executive Director of the Company for a term of three years effective from 9th April, 2010 to 8th April, 2013. Further, the Board, in pursuance of the recommendations of the Remuneration Committee, had recommended the appointment of Shri Bimal V. Mehta as Director designated as Executive Director of the Company for the period stated above, for the approval of the members by way of a Special Resolution at the remuneration and on other terms and conditions as determined by the Remuneration Committee and as specified in the draft Agreement.

 

Dr. Bernd Dill, Shri Ravi A. Shroff and Shri Ninad D. Gupte, Directors of the Company will retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Directors commend their re-appointment.

 

 

FIXED ASSETS:

Ř       Land

Ř       Building

Ř       Pumps and Water Pipe lines

Ř       Plant and Machinery

Ř       Electrical Installations

Ř       Research and development equipments

Ř       Furniture and Fixtures

Ř       Technical Books

Ř       Vehicles

 

 

WEBSITE DETAILS:


HISTORY

 

Established in 1965, Transpek Industry (SUBJECT) went public in Sep.'78. It started with the manufacture of acrylic plastic sheets at its plant at Atladra (Vadodra district), Gujarat. In 1969, it discontinued manufacturing acrylic sheets and started manufacturing chemicals.  

 

PROFILE

 

Subject was set up in 1965 initially for manufacturing Transparent Acrylic Sheets. There lies the origin of the word Transpek. Since then the Company has grown to become one of the leading manufacturers and exporters of a range of chemicals servicing the requirements of customers from a diverse range of industries - Textiles, Pharmaceuticals, Agrochemicals, Polymers, etc. Since inception, Transpek has evolved as a First Time Manufacturer of several products in India and also pioneered the development of the market for the same.

 

Over a decade of presence in the international market, Transpek has earned for itself a name for being a quality supplier. With its expertise in handling Chlorine and Sulphur, Transpek has indigenously developed process for chlorinated chemicals like Thionyl Chloride and Chloro Acetyl Chloride. The company is pioneer into Thionyl Chloride Chemistry and currently largest producer of Thionyl Chloride and Acid Chlorides in Asia, outside Europe.

Transpek used to manufacture Sodium Hydrosulfite, Safolite, Safoline, Zinc Oxide and Zinc Dust. This business has been transferred to Transpek Silox Industry Limited, a Joint Venture.

 

Total customer satisfaction has been the motto which goes beyond just making a sale. The customers are educated in the correct and efficient usage of the product. They offer a range in packaging, starting from 25 kg customized packing to bulk packing in ISO containers.

 

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.91

Euro

1

Rs.64.34

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

 

60

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.