MIRA
INFORM REPORT
|
Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRI INDUSTRIES LIMITED (w.e.f 28.03.2011) |
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Formerly Known
As : |
KIRI DYES AND CHEMICALS LIMITED (w.e.f. 10.03.2006) KIRI DYES AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
7th
Floor, Hasubhai Chambers, Opposite Town Hall, Ashram Road, Ellisbridge,
Ahmedabad-380006, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
14.05.1998 |
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Com. Reg. No.: |
04-034094 |
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Paid-Up Capital
: |
Rs.190.001
Millions |
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CIN No.: [Company Identification
No.] |
L24231GJ1998PLC034094 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMK01019E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter
of Synthetic Organic Dyestuffs and Intermediates. |
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No. of Employees
: |
300
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General
financial position is satisfactory. 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 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. Dhyan V |
|
Designation : |
General Finance Manger |
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Contact No.: |
91-9925012884 |
|
Date : |
01.11.2011 |
LOCATIONS
|
Registered Office : |
7th Floor,
Hasubhai Chambers, Opposite Town Hall, Ashram Road, Ellisbridge,
Ahmedabad-380006, Gujarat, India |
|
Tel. No.: |
91-79-26574371/72/73
/ 40237444 |
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Mobile No.: |
91-9925012884 [Mr. Dhyan V] |
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Fax No.: |
91-79-26574373/74
/ 25834960 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Corporate Office/ Factory 1 : |
Dyestuff Division: Plot No. 299/1/A,
299/1/B and 10/8, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad –
382445, |
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Tel. No.: |
91-79-25894477/
25835297/ 26730802/ 40237444 |
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Fax No.: |
91-79-25834960/
26769529 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
10/8, Valu
Via-Vinzol, District – Descroi, Ahmedabad, |
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Tel No.: |
91-79-25891454 /
65438060 |
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Area : |
2539 sq. ft |
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Location : |
Owned |
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Factory 3 : |
Intermediates Division: Block No. 396,
Village: Dudhwada, Karakhadi, Tal.: Padra, District Vadodara, |
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Factory 4: |
53, Manek Baug
Society, Ambawadi, Ahmedabad-380015,
Gujarat, India |
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Tel. No.: |
91-79-25894477 /
25835297 / 26730802 |
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Fax No.: |
91-79-25834960 /
26769529 |
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Area : |
1000 sq. ft |
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Location : |
Owned |
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Factory 4: |
Basic Chemicals
Division: Block No. 552/A, Village: Dudhwada, Karakhadi,Tal: Padra, Dist: Vadodara, Gujarat, India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Pravinbhai
Amritlal Kiri |
|
Designation : |
Chairman |
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Address : |
53, Manek Baug Society,
Ambawadi, Ahmedabad-380 006, |
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Date of Birth/Age : |
01.11.1945 |
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Qualification : |
B. Sc.
(Chemistry) |
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Date of Appointment : |
14.05.1998 |
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Pan No.: |
AIGPK7830A |
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Name : |
Mr. Manishbhai
Pravinbhai Kiri |
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Designation : |
Managing Director |
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Address : |
53, Manek Baug
Society, Ambawadi, Ahmedabad-380 006, |
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Date of Birth/Age : |
26.12.1972 |
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Qualification : |
B. E. (Ele. and
Comm.) MBA. ( |
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Date of Appointment : |
14.05.1998 |
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Name : |
Mr. Yamal A. Vyas |
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Designation : |
Non Executive Independent Director |
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Date of Birth/Age : |
51 years |
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Qualification : |
B.Com, F.C.A., A.C.S. |
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Name : |
Mr. Keyoor M. Bakshi |
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Designation : |
Non Executive Independent Director (w.e.f. 26.04.2010) |
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Date of Birth/Age : |
52 years |
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Qualification : |
B. Com, LLB, FCS |
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Name : |
Mr. Shankar R Patel |
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Designation : |
Whole Time Director |
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Name : |
Mr. Ajay J. Patel |
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Designation : |
Non Executive Independent Director (w.e.f. 26.04.2010) |
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Date of Birth/Age : |
56 years |
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Qualification : |
M. D. (Radio Diagnosis), D.M.R.D. |
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Name : |
Ms. Harsha Bangari |
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Designation : |
Nominee Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Dhyan V |
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Designation : |
General Finance Manger |
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|
Name : |
Mr. Kamal K. Karamchandani |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Suresh S. Gondalia |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11,055,609 |
58.19 |
|
|
11,055,609 |
58.19 |
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|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
11,055,609 |
58.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
480,377 |
2.53 |
|
|
1,576,036 |
8.29 |
|
|
2,329,950 |
12.26 |
|
|
4,386,363 |
23.09 |
|
|
|
|
|
|
1,640,819 |
8.64 |
|
|
|
|
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|
723,712 |
3.81 |
|
|
962,800 |
5.07 |
|
|
230,750 |
1.21 |
|
|
39,288 |
0.21 |
|
|
131,140 |
0.69 |
|
|
42,319 |
0.22 |
|
|
17,648 |
0.09 |
|
|
355 |
- |
|
|
3,558,081 |
18.73 |
|
Total Public shareholding (B) |
7,944,444 |
41.81 |
|
Total (A)+(B) |
19,000,053 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
19,000,053 |
- |
SHAREHOLDING BELONGING TO THE CATEGORY:
"PROMOTER AND
PROMOTER GROUP"
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Pravin A Kiri |
7,620,843 |
40.11 |
|
2 |
Manish P Kiri |
1,865,211 |
9.82 |
|
3 |
Aruna P Kiri |
940,550 |
4.95 |
|
4 |
Pravin A Kiri HUF |
600,000 |
3.16 |
|
5 |
Anupama Manishkumar Kiri |
14,505 |
0.08 |
|
6 |
Amisha P Kiri |
14,500 |
0.08 |
|
|
Total |
11,055,609 |
58.19 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC"
AND HOLDING MORE THAN 1% OF THE TOTAL NO.OF SHARES
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
GMO Emerging Markets Fund |
1,041,260 |
5.48 |
|
2 |
IFCI Limited |
836,750 |
4.40 |
|
3 |
Cresta Fund Limited |
327,052 |
1.72 |
|
4 |
Jignesh Hiralal Shah |
292,425 |
1.54 |
|
5 |
Rajshah Enterprises Private Limited |
290,000 |
1.53 |
|
6 |
Shriram Credit Company Limited |
286,800 |
1.51 |
|
7 |
General Insurance Corporation of India |
273,000 |
1.44 |
|
8 |
Sundaram Mutual Fund A/C Sundaram
Select Midcap |
253,041 |
1.33 |
|
9 |
Alin Ajaykumar Shah |
234,791 |
1.24 |
|
10 |
HSF (Mauritius) Limited |
215,489 |
1.13 |
|
11 |
Manan Ajaybhai Shah |
215,462 |
1.13 |
|
12 |
Life Insurance Corporation of India |
196,552 |
1.03 |
|
|
Total |
4,462,622 |
23.49 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Synthetic Organic Dyestuffs and Intermediates. |
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Products : |
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Imports : |
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Products : |
Raw Material or Finished Goods |
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Countries : |
·
European Countries ·
USA ·
Germany |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Actual Production |
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Dyes |
Kgs. |
13614080.00 |
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H Acid |
Kgs. |
3467100.00 |
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Vinyl Sulphone |
Kgs. |
4341530.00 |
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Acetanilide Flake |
Kgs. |
2838500.00 |
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Other Chemicals (Dyes Intermediates) |
Kgs. |
9650805.00 |
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Sulphuric Acid |
Kgs. |
8263825.00 |
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Oleum 23% |
Kgs. |
1267300.00 |
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Oleum 65% |
Kgs. |
3555910.00 |
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Chloro Sulphonic Acid |
Kgs. |
1311520.00 |
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Liquid SO3 |
Kgs. |
1089440.00 |
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Others (Sulphuric Acid Plant) |
Kgs. |
2453040.00 |
GENERAL INFORMATION
|
Suppliers : |
Nirma Limited |
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Customers : |
Henta Tokstil Limited |
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No. of Employees : |
300
(Approximately) |
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Bankers : |
·
State
Bank of India ·
Bank
of India ·
Oriental
Bank of Commerce ·
Export
Import Bank of India ·
Standard
Chartered Bank ·
Punjab
National Bank ·
Central
Bank of India |
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Facilities : |
NOTE: SECURED
LOAN Term
loans/Corporate Loan from State Bank of India, Bank of India and Oriental
Bank of Commerce are secured by (1) first pari passu charge on specified
Fixed Assets of the Company located at Vatva and Padra factory premises (2)
second pari passu
charge on Fixed Assets of intermediates expansion project of the Company and
entire movable plant and machinery and
current assets of the Company and (3) the personal guarantee of the
promoters/directors of the Company. Term loan from Bank of India for
Sulphuric Acid Project is secured by (1) first and exclusive charge on
specified Plant and Machinery (2)
first pari passu charge on specified Fixed Assets of the Company located at
Vatva and Padra factory premises (3) second pari passu charge on Fixed Assets
of intermediates expansion project of the Company and entire movable plant
and machinery and current assets of
the Company and (4) the personal guarantee of the promoters/ directors of the
Company. Working Capital loans from State Bank of India, Bank of India,
Oriental Bank of Commerce, Export Import Bank of India, Punjab National Bank
and Standard Chartered Bank are secured by (1) hypothecation of Raw
Materials, Stock in Process, Finished Goods, Stores, Spares, Consumables,
Receivables and all others present and future chargeable current assets by
way of first charge ranking pari passu (2) second pari passu charge by way of
extension of charge over entire Fixed Assets of the Company situated at Vatva
and Padra factory premises, including Fixed Assets of intermediates expansion
project of the Company and (2) the personal guarantee of the promoters/
directors of the Company. Term Loans from State Bank of India and Punjab
National Bank for Intermediate expansion project are secured by (1) First pari
passu charge on Fixed Assets of intermediates expansion project of the
Company located at Padra, Vadodara (2) second charge on entire Fixed Assets
of the on specified Fixed Assets of the Company and located at Vatva and
Padra factory premises and entire movable plant and machinery and current assets of the Company and (3) the
personal guarantee of the promoters/directors of the Company. Corporate Loan
of State Bank of India further secured by Pledge of Shares of the Company
held by Promoter of the Company and pledge of Key man insurance policy of
Managing Director of the Company. Term Loan of Bank of India for sulfuric
acid project further secured by Pledge of shares of the Company held by
promoter of the Company. Factoring facilities from SBI Global Factors Limited
are secured by hypothecation of stock, book debts and receivables of specific
customers/suppliers of the Company. Both term loans and working capital
facilities are collaterally secured on pari passu basis by equitable mortgage
of immovable properties belonging to the promoters of the Company and
assignment of key man insurance policy of the Managing Director of the
Company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V.D. Shukla and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Associates: |
Kiri Infrastructure Private Limited |
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Wholly Owned Subsidiaries: |
·
Kiri International (Mauritius) Private Limited ·
Kiri Holding Singapore Private Limited ·
Synthesis International Limited |
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|
Step Down Subsidiaries: |
·
Kiri Investment and Trading Singapore Private
Limited ·
DyStar Colours Deutschland GmbH ·
DyStar Colours Distribution GmbH ·
DyStar Nanjing Colours Company Limited ·
DyStar Pakistan (Pvt) Limited ·
DyStar (Singapore) Pte. Limited ·
DyStar South Africa (PTY) Limited ·
DyStar Taiwan Limited ·
DyStar Tekstil Boya ve Teknol Sanayi Ticaret
Limited Sirketi ·
DyStar Textile Services (Shanghai) Company
Limited ·
DyStar Thai Limited ·
DyStar UK Limited ·
DyStar Wuxi Colours Company Limited ·
PT DyStar Colours Indonesia ·
Boehme Asia Limited ·
Dr. TH. Boehme Chem. Fabrik GmbH ·
DyStar Anilinas Texteis Lda. ·
DyStar (Shanghai) Trading Company Limited ·
DyStar Auxiliaries Qingdao Company Limited ·
DyStar Benelux S.P.R.L. ·
DyStar Chemicals Israel Limited ·
DyStar China Limited ·
DyStar de Mexico, S. de R.L. de C.V. ·
DyStar France S.A.R.L. ·
DyStar Hispania, S.L. ·
DyStar India Private Limited ·
DyStar Industria e Comercio de Produtos Quimicos
Ltda. ·
DyStar Italia S.r.l ·
DyStar Japan Limited ·
DyStar Kimya Sanayi ve Ticaret Limited ·
DyStar Korea Limited ·
DyStar Boehme Africa (Pty) Limited ·
Boehme South America Industrial Ltda. ·
Texanlab Laboratories Private Limited ·
Boehme (Hangzhou) Chemical Auxiliary Company
Limited ·
DyStar Denim GmbH ·
Boehme Argentina S.R.L. ·
Amichem Chemicals Limited ·
DyStar Acquisition Corporation ·
DyStar Americas Holding Corp. ·
DyStar LP ·
Boehme Filatex Canada Inc. ·
DyStar Auxiliaries GmbH |
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Joint Venture: |
Lonsen Kiri Chemical Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
150000000 |
Preferences Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
Total |
|
Rs.2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000053 |
Equity Shares |
Rs.10/- each |
Rs.190.001
Millions |
Note: (Out of the above 5175000 equity shares of Rs.10/- each fully paid-up
issued as bonus shares by way of capitalization of reserves)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
190.001 |
150.001 |
150.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3836.099 |
1302.259 |
1079.566 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4026.100 |
1452.260 |
1229.567 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3232.565 |
1557.455 |
1443.182 |
|
|
2] Unsecured Loans |
533.771 |
1738.458 |
155.844 |
|
|
TOTAL BORROWING |
3766.336 |
3295.913 |
1599.026 |
|
|
DEFERRED TAX LIABILITIES |
190.838 |
136.850 |
38.473 |
|
|
|
|
|
|
|
|
TOTAL |
7983.274 |
4885.023 |
2867.066 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2865.984 |
1777.157 |
1393.565 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1433.049 |
1182.673 |
166.042 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1575.892
|
1454.634
|
803.082 |
|
|
Sundry Debtors |
1917.996
|
658.653
|
532.945 |
|
|
Cash & Bank Balances |
216.848
|
119.405
|
76.674 |
|
|
Other Current Assets |
80.501
|
13.964
|
48.335 |
|
|
Loans & Advances |
1372.928
|
952.694
|
507.283 |
|
Total
Current Assets |
5164.165
|
3199.350
|
1968.319 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1248.893
|
780.760
|
600.100 |
|
|
Other Current Liabilities |
25.458
|
370.524
|
0.007 |
|
|
Provisions |
205.709
|
123.032
|
60.935 |
|
Total
Current Liabilities |
1480.060
|
1274.316
|
661.042 |
|
|
Net Current Assets |
3684.105
|
1925.034
|
1307.277 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.136 |
0.159 |
0.182 |
|
|
|
|
|
|
|
|
TOTAL |
7983.274 |
4885.023 |
2867.066 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5657.212 |
3408.468 |
2784.899 |
|
|
|
Other Income |
108.614 |
64.927 |
41.519 |
|
|
|
TOTAL (A) |
5765.826 |
3473.395 |
2826.418 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
4001.465 |
2668.062 |
2085.570 |
|
|
|
Payments to and Provision for Employee |
63.612 |
37.348 |
20.586 |
|
|
|
Directors Remuneration |
18.127 |
16.904 |
16.932 |
|
|
|
Manufacturing Expenses |
539.825 |
442.857 |
363.989 |
|
|
|
Administrative Expenses |
48.470 |
45.163 |
25.538 |
|
|
|
Selling and Distribution Expenses |
120.250 |
91.667 |
101.680 |
|
|
|
Preliminary Expenses w/off |
0.023 |
0.023 |
0.023 |
|
|
|
Exceptional Items |
128.388 |
(6.057) |
273.445 |
|
|
|
Difference in Inventories |
(165.584) |
(494.030) |
(381.080) |
|
|
|
TOTAL (B) |
4754.576 |
2801.937 |
2506.683 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1011.250 |
671.458 |
319.735 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
438.928 |
205.662 |
169.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.322 |
465.796 |
150.013 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
186.155 |
117.247 |
33.408 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
386.167 |
348.549 |
116.605 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
54.040 |
98.376 |
31.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
332.127 |
250.173 |
84.681 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
1.625 |
1.155 |
0.999 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
665.478 |
455.286 |
403.778 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
16.530 |
5.850 |
5.850 |
|
|
|
Proposed Dividend |
28.500 |
22.500 |
22.500 |
|
|
|
Provision For Dividend Tax |
4.623 |
3.825 |
3.825 |
|
|
BALANCE CARRIED
TO THE B/S |
946.327 |
665.478 |
455.285 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2397.879 |
1567.756 |
1677.746 |
|
|
TOTAL EARNINGS |
2397.879 |
1567.756 |
1677.746 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
508.664 |
243.364 |
258.494 |
|
|
|
Machinery and Spares |
51.945 |
2.295 |
8.440 |
|
|
TOTAL IMPORTS |
560.609 |
245.659 |
266.934 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.86 |
16.60 |
6.84 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
1532.200 |
|
Total Expenditure |
|
|
1203.940 |
|
PBIDT (Excl OI) |
|
|
328.260 |
|
Other Income |
|
|
5.350 |
|
Operating Profit |
|
|
333.610 |
|
Interest |
|
|
92.960 |
|
PBDT |
|
|
240.660 |
|
Depreciation |
|
|
68.340 |
|
Profit Before Tax |
|
|
172.310 |
|
Tax |
|
|
45.030 |
|
Profit After Tax |
|
|
127.290 |
|
Extraordinary Items |
|
|
(7.340) |
|
Net Profit |
|
|
119.950 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.76
|
7.20
|
4.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.83
|
10.23
|
4.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.81
|
7.00
|
3.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.24
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
3.15
|
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
2.51
|
2.98 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
1248.893
|
780.760
|
600.100 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
Yes |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
FINANCIAL RESULTS:
Sales of Rs.
5657.212 Millions for the year 2010-11
as against Rs. 3408.468 Millions for the
year 2009-10; a stupendous increase of 65.97%; which is on account of
penetration to a wider customer base and persistent emphasis on improving
product mix and de-bottlenecking its infrastructural limitations which provides
better utilization of its Dyes manufacturing unit. The Profit before
exceptional items and after tax has increased from Rs. 244.116 Millions for the
year 2009-10 to Rs. 460.515 Millions for the year 2010-11. The Net Profit after
tax has increased from Rs. 249.018 Millions to Rs. 330.502 Millions showing an
increase of 32.72% in the current financial year as compared to the preceding
financial year of 2009-10.
REVIEW OF DYSTAR OPERATIONS AND RESTRUCTURING PROGRAM:
In February, 2010
the Company along with Well Prospering Limited through Kiri Holding Singapore
Private Limited (KHSPL), has acquired Assets of DyStar Textilfarben GmbH and
DyStar Textilfarben GmbH and Company Deutschland KG (DyStar) along with its 36
subsidiaries to strengthen its forward integration growth drive. Thereafter, in
October 2010, KHSPL acquired DyStar LP USA for USD 10 Million.
During the year,
DyStar Entities achieved a robust turnover of Rs. 33630.602 Millions
equivalents (Euro 543.31 Mio) and earnings before tax and extraordinary items
of Rs. 851.339 Millions. The restructuring program is under implementation and
the Company has provided for onetime restructuring costs of Rs. 3742.993
Millions, including provisions of Rs. 684.193 Millions towards impairment of
assets.
FUTURE PROSPECTS:
The Company on
standalone basis, would commence commercial production of certain Specialty
Dyes Intermediates and additional Dyes Intermediates. This shall strengthen the
growth plan of the Company and provide consistent track record of organic
growth and expansion, which is the epicenter of its core values.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
MARKET OUTLOOK:
The management
believes the Global dyes industry would grow at around 4%. Developed economies
are expected to show slower rate of growth in consumption, especially in Europe
and USA. However, the consumption in developing economies like China and India
is expected to show a faster growth rate of 6.5% to 7%. In the recent years,
there has been a clear shift of manufacturing from Europe, USA, Korea and Taiwan
to India and China. As a result exports from India are bound to rise. With
increasing income levels of consumers in Asia, markets have shown increasing
preference for brands and well known retailers, the upswing in textiles can be
expected at-least in the coming few years. Reduction in cotton prices is
expected to spur demand of reactive dyes. The resultant growth in consumption
of reactive dyes is expected to continue for the next two years.
Growth of the
Company is expected in the future years by capturing market share in various
countries for replacing the products those are currently not supplied from
India. Non-Indian origin supplies are the opportunities for the Company to gain
incremental business. Company’s sales team is geared up to gain such opportunities
in future.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Outstanding Letter of Credits issued by Banks |
339.167 |
219.658 |
|
Guarantees given by Banks on behalf of the Company for various
purposes |
3386.538 |
3366.773 |
|
Corporate Guarantees given by the Company on behalf of the Joint
Venture Company |
890.000 |
890.000 |
|
Corporate Guarantees given by the Company on behalf of wholly owned
Subsidiary Company |
1000.000 |
1000.000 |
|
Disputed Income Tax / Excise matters for various assessment years for
which appeals are pending with Appellate authorities |
144.352 |
138.600 |
|
TOTAL |
5760.057 |
5615.031 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2011
Rs. in
Millions
|
Sr. |
PARTICULARS |
QUARTER ENDED |
|
No. |
|
30.06.2011 |
|
UNAUDITED |
||
|
1. |
(a) Net Sales/Income
from Operations |
1515.295 |
|
|
(b) Other
Operating Income |
16.909 |
|
|
Total
Income (a+b) |
1532.204 |
|
2. |
Expenditure |
|
|
|
a.
(Increase)/Decrease in Stock in trade and Work in Progress |
(17.121) |
|
|
b. Consumption
of raw materials |
901.703 |
|
|
c. Purchase
of traded goods |
96.270 |
|
|
d. Employee
cost |
34.443 |
|
|
e.
Depreciation |
68.343 |
|
|
f.
Manufacturing Expenses |
150.549 |
|
|
g. Other
expenditure |
38.099 |
|
|
h. Total |
1272.285 |
|
3. |
Profit
from operations before other Income, Interest and Exceptional Items (1-2) |
259.919 |
|
4. |
Other Income
|
5.353 |
|
5. |
Profit
before Interest and Exceptional Items (3+4) |
265.272 |
|
6. |
Interest |
92.959 |
|
7. |
Profit after
Interest but before exceptional items (5-6) |
172.313 |
|
8. |
Exceptional
items |
0.000 |
|
9. |
Profit
/(Loss) from Ordinary Activities before tax (7+8) |
172.313 |
|
10. |
Tax expense |
45.025 |
|
11. |
Net Profit/(Loss)
from Ordinary Activities after tax (9-10) |
127.288 |
|
12. |
Extraordinary
items - Income/(Loss) |
(7.337) |
|
13. |
Net
Profit/(Loss) for the period (11-12) |
119.951 |
|
14. |
Paid -up equity
share capital (Face Value of the Share Rs. 10/-) |
190.001 |
|
15. |
Reserves
excluding Revaluation as per the |
-- |
|
|
Balance
sheet of previous accounting year |
|
|
16. |
Earnings Per
Share (EPS) |
|
|
|
a) Basic and
diluted EPS before extraordinary Items for the period for the year to date
and for the previous year |
6.70 |
|
|
b) Basic and
diluted EPS after extraordinary Items for the period for the year to date and
for the previous year |
6.31 |
|
17. |
Public shareholding
|
|
|
|
-Number of
shares |
7944444 |
|
|
-Percentage
of shareholding |
41.81 |
|
18. |
Promoters
and promoters group shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
No. of
Shares |
6855395 |
|
|
Percentage of
shares (as a % of the total shareholding of promoter & promoter group) |
62.01 |
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
36.08 |
|
|
|
|
|
|
b) Non-
encumbered |
|
|
|
No. of
Shares |
4200214 |
|
|
Percentage of
shares (as a % of the total shareholding of promoter & promoter group) |
37.99 |
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
22.11 |
NOTE:
1.
During the quarter no investor
complaint were received and no investor complaints pending either at the
beginning or end of the quarter.
2. The company operates in a single segment i.e. dyes, dyes intermediates and
basic chemicals. As per accounting standard 17 on segment reporting issued by
the ICAI, the same is considered to constitute as single primary segment.
3. In view of the ongoing expansion, the company expects MAT liabilities and
therefore the tax provision has been made accordingly.
4. Previous period figures have been regrouped and rearranged, wherever
considered necessary.
5. The above results were reviewed by the audit committee and thereafter
approved by the board of directors at their meeting held on August 12, 2011.
6. The statutory auditors have carried out a limited review of the unaudited
financial results for the quarter ended June 30, 2011.
FIXED
ASSETS
·
Land
·
Building
·
Plant
and Machinery
·
Electrification
·
Office
Equipment
·
Furniture
and Fixtures
·
Vehicles
WEBSITE DETAILS:
BUSINESS DESCRIPTION:
Subject is an India-based dyestuff company. It is engaged in manufacturing of dyes and intermediates. The Company supplies reactive dyes, as well as dye-intermediates in various forms like standardized spray dried/tray dried-powder/granular. It also supplies sulfuric acid and chlorosulphonic acid. The Company’s principal products include reactive dyes, oleum, vinyl sulphone, sulphuric acid, H. acid and acetanilide. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company commenced 3.5 megawatt co-generation steam based power plant at Village Dudhwada, Taluka Padra, District Vadodara. During fiscal 2010, it produced 13,614,080 kilograms of dyes and 34,67,100 kilograms of H. acid. In February 2010, the Company acquired the assets of DyStar Group, which includes DyStar Textilfarben GmbH and DyStar Textilfarben GmbH and Company Deutschland KG (DyStar) along with its 36 subsidiaries, through its wholly owned subsidiary Kiri Holding Singapore Private Limited. For the fiscal year ended 31 March 2010, Subject revenues totaled RS8.15B. Net loss totaled Rs.570.500 Million. Results are not comparable due to the company reported first time consolidated financials reported. Subject is an India based company. The company engaged in the manufacture and supply of reactive dyes, as well as dye intermediates in various forms.
BOARD OF DIRECTORS:
PRAVIN A. KIRI
EXECUTIVE CHAIRMAN OF
THE BOARD
Mr. Pravin A. Kiri is an Executive Chairman of the Board of Subject. He holds B.SC (Chemistry). He is veteran technocrat with 42 years leadership experience in Dyestuffs and Chemical Industries. With evolved in organic structure synthesize of Dyes and Reactive Dyes, he heads manufacturing activities, operational strategy, quality control and Research and Development of the Company. He is Director of Lonsen Kiri Chemical Industries Limited., Kiri Peroxide Limited.
KEYOOR M. BAKSHI
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Keyoor M. Bakshi is Non-Executive Independent Director of Subject. Mr. Bakshi, is a practising company secretary. He holds degrees in Commerce and Law from Gujarat University. He is Fellow Member of the Institute of Company Secretaries of India and was the President of Institute of Company Secretaries of India for the year 2008. He has an experience of 30 years in Corporate Laws, Finance and Management and has been in various assignments relating to amalgamations, mergers/de-mergers, acquisitions and takeovers, corporate restructuring and planning.
MANISH P. KIRI
MANAGING DIRECTOR, EXECUTIVE DIRECTOR
Mr. Manish P. Kiri is Managing Director, Executive Director of Subject. He holds B.E. (Electronic and Communication), MBA (Michigan University, USA). With experience of 12 years in the chemical industry, he envisions the Company’s future forays and expansions, designs its marketing strategies and commandeers their implementation, oversees overall sales and exports, customer relationship management, expansion and maintenance of sales networks, new projects as well as expansion plans, environment protection efforts along with growth of the Company. He was the force behind the Company’s acquisition of DyStar (which he heads today). He is an active member of the Gujarat Dyestuff Manufacturers’ Association since 2002. He served as its Honorary Secretary for two years, and as President, for one year. He is Director of Lonsen Kiri Chemical Industries Limited., Kiri Peroxide Limited.
SHANKER R. PATEL
WHOLE TIME DIRECTOR
Mr. Shankar R. Patel is Whole Time Director of Subject, since April, 26, 2010. He served as Non-Executive Independent Director of the Company. He has having 25 years experience in dyes and pigment industries.
AJAY J. PATEL
NON-EXECUTIVE
INDEPENDENT DIRECTOR
Mr. Ajay J. Patel is Non-Executive Independent Director of Subject. Mr. Patel is M.D. (Radio Diagnosis), D.M.R.D and having 30 years experience in radiology and having international exposure in CT Scan and MRI.
YAMAL A. VYAS
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Yamal A. Vyas is Non-Executive Independent Director of Subject. He has 26 years professional experience in the field of finance and media. He has been associated with Gujarat Chamber of Commerce and Industries as a member of capital market subcommittee, and was active member of managing committee of Ahmedabad branch of Institute of Chartered Accountants of India. He is past chairman of Ahmedabad Branch of Institute of Chartered Accountants of India. He has also been associated with various news papers for writing articles on the stock market and investments. At present he is non executive independent director of the Company and chairman of the Audit Committee of the Company. He is also member of Remuneration Committee of the Company.
PRESS RELEASES:
KIRI DYES BAGS
MULTI YEAR EXPORT ORDER WORTH $20 MILLION PER ANNUM
24 AUGUST 2011
India, August 24 -- Kiri Dyes and Chemicals, leading manufacturer and
exporter of Dyes, has bagged $20 million per annum export order for supplies to
South East Asia. This business is over and above the normal expected sales
being targeted in the current FY12.This landmark will allow the company to
penetrate into one of the largest textile producers globally with its entire
product range. This order will also help the company to strengthen its sales
network globally. The company also owns DyStar, the world's largest dyestuff
company, with operations across the world and sales of about $800 million. Kiri
Dyes and Chemicals is engaged in manufacturing of high quality dyes and
intermediates. It supplies reactive, acid, and direct dyes as well as
dye-intermediates in various forms like standardized spray dried/tray
dried-powder/granular.
KIRI DYES SHINES
ON GETTING RATINGS UPGRADE FROM FITCH RATINGS FOR ITS BANK FACILITIES
09 MARCH 2011
India, March 09 -- Kiri Dyes and Chemicals is currently trading at Rs
325.00, up by 1.80 points or 0.56% from its previous closing of Rs 323.20 on
the BSE. The scrip opened at Rs 327.35 and has touched a high and low of Rs
331.50 and Rs 319.00 respectively. So far 9,933 shares were traded on the
counter. The BSE group 'B' stock of face value Rs 10 has touched a 52 week high
of Rs 792.00 on 18-Mar-2010 and a 52 week low of Rs 302.00 on 07-Mar-2011.Last
one week high and low of the scrip stood at Rs 341.40 and Rs 302.00
respectively. The current market cap of the company is Rs 6137.000 Millions.
The promoters holding in the company stood at 58.19% while Institutions and
Non-Institutions held 27.04% and 14.78% respectively. Credit rating agency,
Fitch Ratings has upgraded India-based Kiri Dyes and Chemicals' (KDCL)
Long-term rating to BBB+ (ind) from BBB (ind). The outlook is positive. The
rating agency has also upgraded the company's Rs 66.640 Millions long-term
outstanding loans and Rs 1700.000 Millions fund-based limits to BBB+ (ind) from
BBB (ind) and also upgraded Rs 365.000 Millions non-fund based limits to
F2+(ind) from F3(ind).The upgrade reflects a successful institutional placement
of Rs 2390.000 Millions shares in
November 2010, whose proceeds were used to repay the company's short-term loans
and to partly fund its capex programme. The rating action also factors in the
successful turnaround of subsidiaries, Dystar Colours Deutschland GmBH and
Dystar Colours Distribution GmBH (Dystar), earlier than expected in the current
financial year. Kiri Dyes and Chemicals is engaged in manufacturing of high
quality dyes and intermediates. It supplies reactive, acid, and direct dyes as
well as dye-intermediates in various forms like standardized spray dried/tray
dried-powder/granular.
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.49.07 |
|
|
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.75 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.