MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VISHNU CHEMICALS LIMITED
(w.e.f. 23.08.2006) |
|
|
|
|
Formerly Known As : |
KEYSTONE
INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
6-3-662/B/4, Somajiguda, Sri Sai Nilayam Sangeet Nagar C,
Hydearbad-500082, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.01.1993 |
|
|
|
|
Com. Reg. No.: |
046359 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 594.460
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L85200AP1993PLC046359 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV00354E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU7238Q |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s shares are listed on the stock
exchanges |
|
|
|
|
Line of Business : |
Manufacturer of
Sodium Chromate, Basic Chrome Sulphate, Yellow Sodium and Chronic Acid. |
|
|
|
|
No. of Employees
: |
150 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 3168000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track. Profitability of the company
appears to be low. Business is active. Payments are reported to be slow but
correct. The company can
be considered for small to mediocre 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 |
LOCATIONS
|
Registered Office : |
6-3-662/B/4, Somajiguda, Sri Sai Nilayam Sangeet Nagar C,
Hydearbad-500082, |
|
Tel. No.: |
91-40-23396817/
55626680, 81, 82, 83 |
|
Fax No.: |
91-40-23314158/55622225 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
|
|
|
Factory 1 : |
Production Unit
– S. No.15, Gaddapotharam, Jinnaram Mandal Medak District, |
|
|
|
|
Factory 2 : |
Production Unit-
Bhilai No. 18-26, Industrial Estate, |
|
Tel. No.: |
91-788-2381840 / 2382839 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Production Unit-
Visakhapatnam S. No. 29, JN Pharmacity Parwada, Visakhapatnam-531021, |
|
E-Mail : |
|
|
|
|
|
Factory 4: |
Plot No. 57, Phase III, IDA Jeedimetla, Hyderabad 500055, Andhra Pradesh,
India |
|
|
|
|
Regional offices
: |
North H.No.52/18, II Floor Old Rajendra Nagar Tel: 91-11-25734221 Cell: 9810812321 Email: vcpl_delhi@vishnuchemicals.com
South No.21, Vivekandanandapuram, Chennai - 600 033 Tel: 91-44-4897114 Cell: 9444003039 West C/o N P Syal, House No.8A Ahib Kripa Society, Tel: 91-265-5593660 Cell: 98240 32735 |
|
|
|
|
API Division : |
No. 57, Phase III, IDA Jeedimetla, |
|
E-Mail : |
|
|
|
|
|
Barium Division : |
No. 27/1,Urandur Village, Sri Kalahasthi Mandal, Chittoor District,
Andhra Pradesh, India |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, |
|
Date of Birth/Age : |
02.07.1957 |
|
Date of Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mrs. Manjula
Cherukuri |
|
Designation : |
Director |
|
Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, |
|
Date of Birth/Age : |
17.05.1965 |
|
Date of Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Suddarth
Cherukuri |
|
Designation : |
Director |
|
Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, |
|
Date of Birth/Age : |
12.05.1985 |
|
Date of Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Appa Rao
Jampani |
|
Designation : |
Director |
|
Address : |
Flat No : 701,
Alpine Heights Block No 1, |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Sitaram Raju
Vuppalapati |
|
Designation : |
Direcror |
|
Address : |
106, |
|
Date of Birth/Age : |
05.07.1941 |
|
Date of Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Chandra
Swkhar Srivari |
|
Designation : |
Director |
|
Address : |
C – 27, Aprtment No.
105, Shantamma Apartment, Durgabhai Deshmukh Colony, Amberpet, Hyderabad –
500013, Andhra Pradesh, India |
|
Date of
Birth/Age : |
09.03.1964 |
|
Date of
Appointment : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Dileep Kumar |
|
Designation : |
Additional Director |
|
Date of Appointment : |
31.01.2009 |
|
|
|
|
Name : |
Mr. V Vimalanand |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Venkateswara Rao
Madala |
|
Designation : |
Director |
|
Address : |
Plot No : 35, Vivekananda
Colony, Shantinagar, Supela, Durg, Bhilai, Durg- 490023, Chattisgarh |
|
Date of
Birth/Age : |
15.06.1955 |
|
Date of
Casing : |
02.01.2006 |
|
|
|
|
Name : |
Lava Kumara
Rajendra Vara Prasad Rao Devineni |
|
Designation : |
Director |
|
Address : |
Flat No : 404,
Mahesh Apartments Engineers Colony, Yellareddy Guda, |
|
Date of
Birth/Age : |
01.07.1938 |
|
Date of
Casing : |
02.01.2006 |
|
|
|
|
Name : |
Yeramasu Venkat
Rao |
|
Designation : |
Director |
|
Address : |
512, Maheshwari
Complex, Masab Tank, |
|
Date of
Birth/Age : |
01.08.1965 |
|
Date of
Casing : |
02.01.2006 |
|
|
|
|
Name : |
Tirthankar Mitra |
|
Designation : |
Director |
|
Address : |
Flat No : 501, Harsha Arcade, 1-8-506/2,
Prakasam Nagar, |
|
Date of
Birth/Age : |
18.10.1955 |
|
Date of
Casing : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Vinay
Dhirajlal Mehta |
|
Designation : |
Chairman |
|
Address : |
403, Amarapali, |
|
Date of
Birth/Age : |
17.12.1953 |
|
|
|
|
Name : |
Darda Gadde |
|
Designation : |
Director |
|
Address : |
7-1-414/35/a/2,
Sanjeeva Reddy Nagar, |
|
Date of
Birth/Age : |
23.12.1945 |
|
Date of
Casing : |
02.01.2006 |
|
|
|
|
Name : |
Mr. Bajrang Lal Bajaj |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. U.Dileep Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.Vimalanand |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8,933,856 |
74.79 |
|
|
8,933,856 |
74.79 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
8,933,856 |
74.79 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
200 |
- |
|
|
200 |
- |
|
|
|
|
|
|
268,665 |
2.25 |
|
|
|
|
|
|
1,250,171 |
10.47 |
|
|
1,118,543 |
9.36 |
|
|
374,585 |
3.14 |
|
|
366,848 |
3.07 |
|
|
7,737 |
0.06 |
|
|
3,011,964 |
25.21 |
|
Total Public
shareholding (B) |
3,012,164 |
25.21 |
|
Total (A)+(B) |
11,946,020 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
11,946,020 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Sodium Chromate, Basic Chrome Sulphate, Yellow Sodium and Chronic Acid. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Countries : |
|
PRODUCTION STATUS
AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Sodium
Bichromate (TPA) The API Unit at
Jeedimetla being Primarily a R and D facility, installed Capacity there of is
not quantifiable (as Certified by the management relied upon by Auditors
being a technical matter) |
Qty / Mts. |
93000 |
25327.106 |
|
Basic Chromium
Sulphate |
|
-- |
23813.543 |
|
Yellow Sodium
Sulphate |
|
-- |
17835.640 |
|
Chromic Acid |
|
-- |
398.836 |
|
White Sodium
Sulphate |
|
-- |
165.000 |
|
Sacchrine |
|
-- |
865.400 |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
150 Approximately |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Punjagutta Branch Rose Made 6-3-545/2 Email : Hyd2_sbhpjt@sancharnet,in
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Financial Institutions |
A P State
Financial Corporation |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C K S Associates Chartered Accountants |
|
Address : |
87, Nagarjuna, Road # 3, Gagan Mahal Colony, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on: 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000
millions |
|
|
|
|
|
|
50000000 |
7% Redeemable Preference Shares |
Rs.10/- each |
Rs. 500.000 millions |
|
|
|
|
|
|
|
|
|
Rs. 620.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11946020 |
Equity Shares |
Rs.10/- each |
Rs. 119.460
millions |
|
|
|
|
|
|
47500000 |
7% Redeemable Preference Shares |
Rs.10/- each |
Rs. 475.000
millions |
|
|
|
|
|
|
|
|
|
Rs. 594.460 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 |
594.460 |
519.500 |
519.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
197.603 |
181.500 |
262.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
792.063 |
701.000 |
781.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1697.612 |
1732.200 |
1186.300 |
|
|
2] Unsecured Loans |
56.464 |
173.100 |
110.500 |
|
|
TOTAL BORROWING |
1754.076 |
1905.300 |
1296.800 |
|
|
DEFERRED TAX LIABILITIES |
129.972 |
165.300 |
116.100 |
|
|
|
|
|
|
|
|
TOTAL |
2676.111 |
2771.600 |
2194.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1899.758 |
1920.300 |
1485.200 |
|
|
Capital work-in-progress |
287.180 |
224.600 |
187.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.131 |
1.200 |
1.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
78.100 |
20.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
537.307
|
487.200
|
505.600 |
|
|
Sundry Debtors |
297.808
|
152.500
|
191.500 |
|
|
Cash & Bank Balances |
120.666
|
58.900
|
19.000 |
|
|
Other Current Assets |
13.148
|
0.000
|
0.000 |
|
|
Loans & Advances |
184.984
|
195.800
|
253.200 |
|
Total
Current Assets |
1153.913
|
894.400
|
969.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
558.121
|
|
|
|
|
Current Liabilities |
88.153
|
56.766
|
474.300 |
|
|
Provisions |
20.597
|
20.348 |
0.000
|
|
Total
Current Liabilities |
666.871
|
349.600
|
474.300 |
|
|
Net Current Assets |
487.042
|
544.800
|
495.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.600 |
5.200 |
|
|
|
|
|
|
|
|
TOTAL |
2676.111 |
2271.600 |
2194.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2068.262 |
1308.300 |
1259.700 |
|
|
|
Other Income |
22.958 |
15.700 |
6.500 |
|
|
|
TOTAL (A) |
2091.220 |
1324.000 |
1266.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials |
1055.174 |
655.300 |
590.200 |
|
|
|
Power and Fuel Cost |
0.000 |
30.900 |
23.600 |
|
|
|
Employee Cost |
53.827 |
34.700 |
14.100 |
|
|
|
Other Manufacturing Expenses |
746.941 |
311.800 |
249.100 |
|
|
|
Selling and Administration Expenses |
0.000 |
125.000 |
133.300 |
|
|
|
Miscellaneous Expenses |
2.595 |
18.100 |
16.200 |
|
|
|
Stock Adjustment |
(148.680) |
[32.900] |
11.300 |
|
|
|
TOTAL (B) |
1709.857 |
1142.900 |
1037.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
381.363 |
181.100 |
228.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
210.395 |
193.500 |
41.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
170.968 |
[12.400] |
186.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
99.786 |
76.200 |
40.600 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustment |
1.044 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
70.138 |
[88.600] |
146.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.013 |
[7.800] |
49.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (I) |
16.125 |
[80.800] |
96.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
152.391 |
233.2000 |
159.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
0.000 |
0.000 |
23.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
168.516 |
152.400 |
233.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.35 |
(6.76) |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
560.860 |
745.840 |
718.860 |
|
Total Expenditure |
456.030 |
588.580 |
581.690 |
|
PBIDT (Excl OI) |
104.830 |
157.260 |
137.170 |
|
Other Income |
0.050 |
0.030 |
1.250 |
|
Operating Profit |
104.880 |
157.290 |
138.420 |
|
Interest |
55.700 |
54.050 |
51.890 |
|
Exceptional Items |
0 |
0 |
0 |
|
PBDT |
49.180 |
103.240 |
86.530 |
|
Depreciation |
25.790 |
26.120 |
26.230 |
|
Profit Before Tax |
23.390 |
77.120 |
60.300 |
|
Tax |
0 |
0 |
0 |
|
Provisions and contingencies |
0 |
0 |
0 |
|
Profit After Tax |
23.390 |
77.110 |
60.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.77
|
[6.10]
|
7.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.39
|
[6.77]
|
11.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.29
|
[3.15]
|
5.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
[0.13]
|
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.22
|
3.22
|
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73
|
2.56
|
2.04 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company was
originally incorporated in
The Registered Office of the company has been shifted from
Maharashtra to Andhra Pradesh with
effect from 15.01.1993 and a new Company Registration Number 46359 of Hyderabad
ROC was obtained.
OPERATIONS:
During the
Financial Year 2009-10, the Company has achieved the net sales of Rs.2060
million, against the projections of Rs.2090 millions thereby achieved 98% sales
against the projections. By exports to various countries across globe the
quality products, the Company has joined the top list of Chromium Chemicals
manufacturers. The Company got recognition among all interested sections of the
industry as reliable supplier, buyer and manufacturer. Internally all the
systems are in place and all the staff members got excellent training and
company in the process of going for various accreditations. The Company also
received excellent support from all their Bankers.
FUTURE PLANS:
Since the new
plant operations were stabilized, the company may grow at 50% every year for a
continuous period
of 5 years subject
to favorable market conditions. The company exports may grow at 100% during the
current financial year. The company will shine for excellence in all formats
such as Human Relations, Productivity, Quality and Service to the customers.
MANAGEMENT
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION:
Overview:
The financial
statements have been prepared as per the requirements of the Companies Act,
1956. There are no
material
departures from the prescribed accounting standards in the adoption of the
accounting standards. The management of the company accepts responsibility for
the integrity and objectivity of these financial statements, as well as for
various estimates and judgments used therein. The estimates and judgments
relating to the financial statements have been made on a prudent and reasonable
basis, in order that the financial statements reflects in a true and fair
manner, the form and substance of transactions, and reasonably present the
Company's state of affairs and profits for the year.
Industry Structure
and developments:
The Chemicals
industry is a highly versatile segment in he overall industrial economy of
India. It is one of the oldest domestic industries in India, contributing significantly
to both the industrial and economic growth. It has linkages with almost every
other industrial activity, be it food processing, metallurgy, textiles, rubber
or leather. There is in fact, hardly any segment where chemicals do not
feature. The industry is broadly segmented into four major categories,
Inorganics Chemicals, Organic Chemicals, Petrochemicals based specialities, and
agro oriented chemicals,. The chemical industry currently produces nearly
70,000 commercial products, ranging from cosmetics and toiletries to plastics
and pesticides. India chemicals companies have prominence in the global market.
Global chemical companies present in India have benefited from many
opportunities as result of favorable factors such as skilled workers, low manufacturing
cost and strong domestic demand. The Indian chemicals industry whose size is
Rs. 3500000 millions and its exports are valued at Rs. 700000 millions. It has
a share of 14% in Indian industry and is the largest single industry segment in
IIP. There are thousands of companies which include commodities and specialities in 20 segments (inorganic,
collurants, textile, pharma chems, polymers, leather chems, etc.) which are
growing @ 12% per year. The strengths of Indian Chemical industry are: (a) Long
private sector history in textile chems, colourants, leather chems, etc, (b)
Huge internal market and (c) It is aggressively competitive overseas. Indian
industries were planning aggressively expansion at global scale while MNCs were
focusing on India.
Internal Control
System:
The Company has
well defined internal control systems and procedures to ensure optimal use of
Company's resources and protection thereof, facilitate accurate and speedy
compilation of accounts and management information reports and compliance with
laws and regulations. The Company has a well defined organization structure,
authority levels and internal guidelines and rules for conducting business
transactions. Internal / External auditor's observations and recommendations
and adequacy of internal controls are also periodically reviewed by the Audit
Committee of the Board of Directors.
Fixed
Assets
- Land and Building
- Plant and Machinery
- Lab Equipments
- Data Processing Equipments
- Office Equipments
- Furniture and Fixture
- Vehicles
- Computer Software
- Goodwill
As per website:
Profile:
Excellence is the guiding principle of VISHNU Chemicals. The name vishnu
chemicals is associated with excellence, that it has nergered towards two decades
of its existence ever since its inception in the year 1990. Headquartered at
Vishnu Chemicals has an annual capacity of producing over 70,000 Mt of
Basic chromium Sulphate, 70,000 Mt of Sodium Dichromate, 1000 Mt of chromic
acid, 1000 Mt of potassium dichromate, 1200 Mt of Sodium Saccharine and 400 Mt
of Vitamin K3.
These capacities gives VISHNU an opportunity to cover the needs of the
domestic and the export market. In the domestic market they are the leaders
with over 80% of the market share. Globally they have been recognized as
trusted suppliers in the export market. The products are used across the Globe:
VISHNU’S products have wide variety applications across various
industries, such as Pharmaceutical, Fine chemical, Tanning, Pigments, Dyes,
chrome plating, metallurgy, Animal Feed, Artificial sweeteners, Adhesives.
Vishnu chemicals has identified the need of RandD as one of the major
component for growth. It has established a world class state of the art
Research laboratory with most modern equipment to offer reliable, high quality
products.
The research and development division at Vishnu chemicals is driven by the
philosophy of continues improvement in-order to develop new products that adds
value and strengthens to the industries that they serve. The Technology
Development Centre supported by an Analytical Development facility has enabled
VISHNU to serve the chemical industry by offering services in Custom synthesis,
contract research and contract manufacturing to its clients in US, Europe and
Today Vishnu employees more than 1000 people in
AUDITED FINANCIAL RESULTS
FOR THE YEAR ENDED 31ST MARCH 2010
(Rs. In Millions)
|
Particulars |
3 Months Ended |
9 Months Ended |
|
|
31.12.2010 (Unaudited) |
31.12.2010 (Unaudited) |
|
1 (a) Net Sales/ Income from operation |
714.641 |
2012.037 |
|
(b) Other Operating Income |
4.222 |
13.515 |
|
|
|
|
|
2. Expenditure |
|
|
|
a) Increase/ Decrease in Stock in-trade |
(91.945) |
(184.888) |
|
b) Consumption of Raw Material |
413.193 |
1188.468 |
|
c) Employees Cost |
23.675 |
62.850 |
|
d) Depreciation |
26.225 |
78.137 |
|
e) Other Expenditure |
236.776 |
559.879 |
|
f) Total |
607.924 |
1704.446 |
|
|
|
|
|
3. Profit from operations before other
income, Interest and Exceptional Items ( 1-2) |
110.939 |
321.106 |
|
4. Other Income |
1.248 |
1.326 |
|
5. Profit before Interest and Exceptional
Item ( 3+4) |
112.187 |
322.432 |
|
6. Interest (Net) |
51.890 |
161.642 |
|
7. Profit after Interest and Before
Exceptional Item ( 5-6) |
60.297 |
160.790 |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit/ Loss form ordinary Activities
before tax ( 7-8) |
60.297 |
160.790 |
|
10. Tax Expenses |
|
|
|
Income Tax |
-- |
-- |
|
Deferred Tax |
-- |
-- |
|
11. Net Profit/ Loss form Ordinary
Activities after tax (9-10) |
60.297 |
160.790 |
|
12. Extra ordinary items (net of tax
expenses) |
-- |
-- |
|
13. Net Profit/ Loss for the period ( 11-12) |
60.297 |
160.790 |
|
14. Paid up Equity Shares Capital (F.V Rs.
10) |
119.460 |
119.460 |
|
15. Reserve Excluding Revaluation Reserve |
-- |
-- |
|
16. Earning per Share ( EPS) |
|
|
|
a) Basic and Diluted EPS before
extraordinary item for the period for the year to date and for the previous
year |
5.05 |
13.46 |
|
b) Basic and Diluted EPS after Extraordinary
Items for the period, for the year to date and for the previous year |
5.05 |
13.46 |
|
|
|
|
|
17. Public Share Holdings |
|
|
|
No. of Shares |
3012164 |
3012164 |
|
Percentage of Share Holding |
25.21 |
25.21 |
|
|
|
|
|
18. Promoter and Promoter Group
Shareholdings |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
5538040 |
5538040 |
|
- Percentage of Shares ( As a% of the total
Shareholding of promoters and promoter group) |
61.99 |
61.99 |
|
-Percentage of shares (as a % of the total
share capital of the company) |
46.36 |
46.36 |
|
b) Non- Encumbers |
|
|
|
- Number of Shares |
3395816 |
33958169 |
|
- Percentage of Shares ( As a% of the total
Shareholding of promoters and promoter group) |
38.01 |
38.01 |
|
-Percentage of shares (as a % of the total
share capital of the company) |
28.43 |
28.43 |
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.46.98 |
|
|
1 |
Rs.67.90 |
|
Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.