|
Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GALAXY SURFACTANTS LIMITED (w.e.f.13.03.2005) |
|
|
|
|
Formally Known: |
GALAXY SURFACTANTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 703, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
20.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-39877 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.177.274 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U39877MH1986PLC039877 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG00044C MUMG00440G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG1539P |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing of organic
surface active agents (surfactants) and preparations based thereon,
detergents, auxiliary washing preparations (for rinsing or bleaching cloths)
and cleaning preparations (for floors / windows etc.) |
|
|
|
|
No. of Employees: |
Information declined by the management |
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 8000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track records.
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 good for normal for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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/ Corporate Office : |
C-49/2, TTC
Industrial Area, Pawne, Navi Mumbai - 400 703, |
|
Tel. No.: |
91-22-27616666 /
65134444 |
|
Fax No.: |
91-22-27615883 /
27615886 /27686523 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Sector 36, Pace
City II, Gurgaon – 122004, |
|
|
|
|
Factory 1 : |
W-67 (B), MIDC,
Tarapur, Post Boisar – 401 506, Thane, |
|
|
|
|
Factory 2 : |
M-3, MIDC,
Tarapur, Post Boisar – 401 506, Thane, |
|
|
|
|
Factory 3 : |
W-44(C), MIDC,
Tarapur, Post Boisar – 401 506, Thane, |
|
|
|
|
Factory 4 : |
G - 59, MIDC,
Tarapur, Post Boisar – 401 506, Thane, |
|
|
|
|
Factory 5 : |
N-46/1 and 2, MIDC,
Tarapur, Post Boisar – 401 506, Thane, |
|
|
|
|
Factory 6 : |
V-23, MIDC,
Taloja, Panvel - 410 208, District Raigad, |
|
|
|
|
Factory 7 : |
Plot No. 1, Village Chal, CIBCO, Near M.I.D.C. Taloja, Panvel,
District Raigad-410 208, Maharashtra, India |
|
|
|
|
Branches : |
Gate No. 6, ,
C-40, Phase –11, Okhla Industrial Area, |
|
Tel. No.: |
91-11-2691 4581 /
2691 6632 / 2691 6636 |
|
Fax No.: |
91-11-2691 4581 |
|
E-mail : |
|
|
|
|
|
US Office: |
|
|
Tel. No.: |
201 750 1055 x 226 |
|
Fax No.: |
201 750 1012 |
|
E-mail : |
|
|
|
|
|
Sales Deposit
Office : |
|
|
|
|
|
|
4125, Level 41, United Center, 323, |
|
Tel. No.: |
662-631 0420 |
|
Fax No.: |
662-213 3081 |
|
Mobile No.: |
668-1913 2844 |
|
E-mail : |
DIRECTORS
AS ON 09.09.2011
|
Name : |
Mr. Shekhar Unnathan Vaidyanathan |
|
Designation : |
Managing Director
|
|
Address : |
Saradha Niwas, Plot
No 53, Sector 28, Vashi, Navi Mumbai – 400703, |
|
Date of Birth/Age : |
18.02.1954 |
|
Qualification : |
B. Chemical
Engineer |
|
Date of Appointment : |
20.05.1986 |
|
DIN No.: |
00265017 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Managing
director |
13-03-10 |
20-05-86 |
- |
Active |
NO |
|
2 |
U40856MH1986PTC040856 |
GALAXY
EMULSIFIERS PRIVATE LIMITED |
Director |
08-09-86 |
08-09-86 |
- |
Active |
NO |
|
3 |
U72501TZ2000PTC009494 |
META
CONCEPTS PRIVATE LIMITED |
Director |
22-09-00 |
22-09-00 |
28-03-08 |
Active |
NO |
|
4 |
U66990MH2004PTC106372 |
GALAXY
FINSEC PRIVATE LIMITED |
Director |
29-09-04 |
29-09-04 |
- |
Active |
NO |
|
5 |
U51900MH1993PTC073182 |
OSMANIA
TRADERS PRIVATE LIMITED |
Director |
07-02-05 |
07-02-05 |
- |
Active |
NO |
|
Name : |
Mr. Gopalkrishnan
Ramakrishnan |
|
Designation : |
Whole Time
Director |
|
Address : |
Raaj, Plot No.
51, Sector 28, Vashi, Navi Mumbai – 400703, |
|
Date of Birth/Age : |
26.05.1954 |
|
Qualification : |
M. Com, FCA,
F.I.C.W.A., A.C.S. |
|
Date of Appointment : |
20.05.1986 |
|
DIN No.: |
00264760 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Whole-time
director |
01-11-09 |
20-05-86 |
- |
Active |
NO |
|
2 |
U40856MH1986PTC040856 |
GALAXY
EMULSIFIERS PRIVATE LIMITED |
Director |
08-09-86 |
08-09-86 |
- |
Active |
NO |
|
3 |
U72501TZ2000PTC009494 |
META
CONCEPTS PRIVATE LIMITED |
Director |
22-09-00 |
22-09-00 |
28-03-08 |
Active |
NO |
|
4 |
U66990MH2004PTC106372 |
GALAXY
FINSEC PRIVATE LIMITED |
Director |
29-09-04 |
29-09-04 |
- |
Active |
NO |
|
5 |
U51900MH1993PTC073182 |
OSMANIA
TRADERS PRIVATE LIMITED |
Director |
29-06-07 |
29-06-07 |
- |
Active |
NO |
|
Name : |
Mr. Shashikant
Rayappa Shanbhag |
|
Designation : |
Whole Time
Director |
|
Address : |
501, Tirupati,
Plot No. 32, Sector 19, Nerul, Navi Mumbai – 400706, |
|
Date of Birth/Age : |
25.01.1954 |
|
Qualification : |
B. Com, A.C.A,
C.W.A. |
|
Date of Appointment : |
20.05.1986 |
|
DIN No.: |
00265103 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Whole-time
director |
01-11-09 |
20-05-86 |
- |
Active |
NO |
|
2 |
U40856MH1986PTC040856 |
GALAXY
EMULSIFIERS PRIVATE LIMITED |
Director |
08-09-86 |
08-09-86 |
- |
Active |
NO |
|
3 |
U72501TZ2000PTC009494 |
META
CONCEPTS PRIVATE LIMITED |
Director |
22-09-00 |
22-09-00 |
28-03-08 |
Active |
NO |
|
4 |
U66990MH2004PTC106372 |
GALAXY
FINSEC PRIVATE LIMITED |
Director |
29-09-04 |
29-09-04 |
- |
Active |
NO |
|
Name : |
Mr. Sudhir Dattaram
Patil |
|
Designation : |
Director |
|
Address : |
Sumati, Plot No.
4-B, Nandeep Co-op Hsg Society, Goregaon East, Mumbai – 400063, Maharashtra,
India |
|
Date of Birth/Age : |
05.09.1954 |
|
Qualification : |
B. Chemical
Engineer |
|
Date of Appointment : |
20.05.1986 |
|
DIN No.: |
00264933 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U40856MH1986PTC040856 |
GALAXY
EMULSIFIERS PRIVATE LIMITED |
Director |
08-09-86 |
08-09-86 |
Active |
NO |
|
2 |
U66990MH2004PTC106372 |
GALAXY
FINSEC PRIVATE LIMITED |
Director |
29-09-04 |
29-09-04 |
Active |
NO |
|
3 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Additional
director |
01-10-06 |
01-10-06 |
Active |
NO |
|
4 |
U24100MH2011PTC214713 |
AEON
CHEMICALS PRIVATE LIMITED |
Director |
12-03-11 |
12-03-11 |
Active |
NO |
|
5 |
U01403MH2011PTC214831 |
DATTA-SUMAN
FARMS AND RESORTS PRIVATE LIMITED |
Director |
16-03-11 |
16-03-11 |
Active |
NO |
|
Name : |
Mr. Uday Krishna Kamat |
|
Designation : |
Whole Time
Director |
|
Address : |
9, Ganesh Villa, Tejpal
Scheme, Road No. 2, Vile Parle (East), Mumbai – 400057, |
|
Date of Birth/Age : |
14.05.1954 |
|
Date of Appointment : |
24.10.2009 |
|
DIN No.: |
00226886 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U24116MH1997PTC106693 |
DIVYA
ORGANICS PRIVATE LIMITED |
Director |
19-03-97 |
19-03-97 |
01-12-09 |
Active |
NO |
|
2 |
L29220KA1985PLC007036 |
MIVEN
MACHINE TOOLS LIMITED |
Director |
30-03-02 |
30-03-02 |
15-07-08 |
Active |
NO |
|
3 |
U29195MH1999PTC207807 |
APTAR
PHARMA INDIA PRIVATE LIMITED |
Alternate
director |
16-08-02 |
16-08-02 |
13-10-05 |
Active |
NO |
|
4 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Whole-time
director |
01-11-09 |
31-03-03 |
- |
Active |
NO |
|
Name : |
Mr. Subodh
Satchitanand Nadkarni |
|
Designation : |
Director |
|
Address : |
D-32, Mangireesh,
520, |
|
Date of Birth/Age : |
02.04.1956 |
|
Date of Appointment : |
27.09.2002 |
|
DIN No. : |
00145999 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U65923TN1994FLC070723 |
SULZER
FRICTION SYSTEMS ( |
Director |
29-04-94 |
29-04-94 |
27-03-08 |
Active |
NO |
|
2 |
U29297PN1988PLC046977 |
SULZER
INDIA LIMITED |
Director |
25-12-99 |
25-12-99 |
06-02-11 |
Active |
NO |
|
3 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Director |
16-08-02 |
16-08-02 |
- |
Active |
NO |
|
Name : |
Mr. Venkatesh Kasturirangan |
|
Designation : |
Director |
|
Address : |
359, |
|
Date of Birth/Age : |
18.04.1947 |
|
Date of Appointment : |
24.09.2005 |
|
DIN No. : |
00804869 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Director |
24-09-05 |
24-09-05 |
Active |
NO |
|
2 |
L72200PN1963PLC012621 |
ZENSAR
TECHNOLOGIES LIMITED |
Director |
23-07-08 |
28-01-08 |
Active |
NO |
|
Name : |
Mr. Melarkode Gganesan Parameswaran |
|
Designation : |
Director |
|
Address : |
62-A, Technocrat
Co-Operative Housing Society, Veer Savarkar Marg, Prabhadevi, Mumbai –
400025, |
|
Date of Birth/Age : |
18.06.1955 |
|
Date of Appointment : |
24.09.2005 |
|
DIN No. : |
00792123 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Director |
24-09-05 |
24-09-05 |
Active |
NO |
|
2 |
U74300MH1991GAP062428 |
|
Director |
14-10-05 |
14-10-05 |
Active |
NO |
|
3 |
U92490TN1986PTC012536 |
REAL
IMAGE MEDIA TECHNOLOGIES PRIVATE LIMITED |
Director |
14-07-11 |
16-10-10 |
Active |
NO |
|
4 |
U74300MH1970PTC014617 |
DRAFTFCB-ULKA
ADVERTISING PRIVATE LIMITED |
Director |
29-09-11 |
18-11-10 |
Active |
NO |
|
5 |
U74300HR1985PTC043225 |
INTERFACE
COMMUNICATIONS PRIVATE LIMITED |
Director |
28-09-11 |
18-11-10 |
Active |
NO |
|
Name : |
Mr. Ravindranath
Shekar Warriar |
|
Designation : |
Chairman cum
Managing Director |
|
Address : |
Planet Godrej,
Tower 3, Floor 30, Keshavrao Khadye Marg, Near Jacob Circle, Mumbai,
Maharashtra, India |
|
Date of Birth/Age : |
20.04.1947 |
|
Date of Appointment : |
29.06.2007 |
|
DIN No. : |
00011680 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U51900MH1963PLC012667 |
UNILEVER
INDIA EXPORTS LIMITED |
Director |
01-06-90 |
01-06-90 |
09-07-07 |
Active |
NO |
|
2 |
L15140MH1933PLC002030 |
HINDUSTAN
UNILEVER LIMITED |
Managing
director |
01-05-04 |
01-05-04 |
30-04-07 |
Active |
NO |
|
3 |
U67120MH1994PTC082045 |
DIGITAL
SECURITIES PRIVATE LIMITED |
Director |
30-12-05 |
30-12-05 |
06-07-07 |
Active |
NO |
|
4 |
U74140MH2006PTC163935 |
ARYSE
BUSINESS SOLUTIONS PRIVATE LIMITED |
Director |
31-12-07 |
01-06-07 |
- |
Active |
NO |
|
5 |
U39877MH1986PLC039877 |
GALAXY
SURFACTANTS LIMITED |
Director |
13-03-10 |
29-06-07 |
- |
Active |
NO |
|
6 |
U51900MH2007PLC174027 |
FUTURE
CONSUMER PRODUCTS LIMITED |
Director |
10-09-08 |
20-03-08 |
24-09-09 |
Active |
NO |
|
7 |
U66020MH2008FTC179912 |
GOLDMAN
SACHS TRUSTEE COMPANY ( |
Director |
26-08-09 |
26-03-08 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh Madhav Kamath |
|
Designation : |
Company Sectary |
|
Address : |
B – 103, Sai
Mandir, |
|
Date of Birth/Age : |
07.10.1957 |
|
Date of Appointment : |
10.09.2004 |
|
Pan No. : |
AADPK8335M |
|
|
|
|
Name : |
Mr. Abhijit |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.09.2011
|
Names of Shareholders |
No. of Shares |
|
Haridas Shenoy |
150010 |
|
K Kaushik |
150010 |
|
L Kamath |
10010 |
|
M Raghunathan |
75010 |
|
M Vittal |
150010 |
|
R Srinivasan |
150010 |
|
V S Mani |
75010 |
|
Narisnha Diveka |
150010 |
|
Anil Kumar Hari Mahaj |
150010 |
|
Anil Kumar Sitaram PA |
150010 |
|
Ashok Kumar Rambachan |
160010 |
|
Ashok Save |
30010 |
|
Bharat Bhikaji Parab |
30010 |
|
Bhikhalal Mohanlal D |
150010 |
|
Bhavana V Dalvi |
60010 |
|
Deepa Dinesh Nayak |
150010 |
|
Govindray Sheshagiri |
675010 |
|
Jayawant Shankar Cha |
1200010 |
|
Lakshmy Shekhar |
420010 |
|
Mahendra Karamachand |
210010 |
|
Marakatham Anandaram |
300010 |
|
Kashinath Prabhakar |
1746010 |
|
Nirmal Koshti |
600010 |
|
Prakash Babaji Swan |
270010 |
AS ON 09.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
6.50 |
|
Bodies corporate |
2.00 |
|
Directors or relatives of Directors |
75.12 |
|
Other top fifty shareholders |
7.86 |
|
Others |
8.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
organic surface active agents (surfactants) and preparations based thereon,
detergents, auxiliary washing preparations (for rinsing or bleaching cloths) and
cleaning preparations (for floors / windows etc.) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Organic Surface
Active Agents / Preparations. |
MT |
147240 |
# 119210 |
|
Fatty
Alkanolamides / Fatty Acid Esters. |
MT |
8500 |
## 8500 |
|
Other Specialty
Chemicals. |
MT |
8240 |
### 5170 |
Notes: The Installed Capacity and Production
quantities include quantities for captive consumption. The installed capacities
are based on existing product-mix and are as per the certificate given by a Director
on which the Auditors have relied, being a technical matter.
# Includes (i)
27,997 MT (Previous Year 22,791 MT) used for captive consumption
(ii) 597 MT
(Previous Year 196 MT) processed from third parties.
## Includes 67 MT
used for captive consumption. (Previous Year: 47 MT)
### Includes 43 MT
used for captive consumption. (Previous Year: Nil MT)
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Bankers : |
|
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|
|
|
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. V. Pinge and Company Chartered Accountants |
|
Address : |
1/1, Mitrkul, |
|
Tel. No.: |
91-22-26622264 |
|
E-mail : |
|
|
Pan No. : |
AADPP9848G |
|
|
|
|
Direct Subsidiaries : |
·
Galaxy Chemicals Inc. ·
Galaxy Holdings ( |
|
|
|
|
Step down Subsidiaries : |
·
Galaxy Chemicals ( ·
Rainbow Holdings GmbH (w.e.f. 19 th June, 2009) ·
Tri-K Industries Inc. (w.e.f. 1 st July, 2009) ·
Maybrook Inc. (w.e.f. 1 st July, 2009) |
|
|
|
|
Entities over which key management personnel [whole-time
directors] are able to exercise significant influence: |
·
Galaxy Emulsifiers Private Limited ·
Galaxy Finsec Private Limited ·
Osmania Traders Private Limited ·
Galaxy Chemicals [Partnership Firm] ·
Galaxy Estates and Holdings [Partnership Firm] ·
Galaxy Investments [Partnership Firm] ·
Shubh Estates and Properties [Partnership Firm] ·
Galaxy Surfactants Limited – Employees’ Welfare
Trust |
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17727376 |
Equity Shares |
Rs.10/- Each |
Rs. 177.274
Millions |
|
|
|
|
|
AS ON 09.09.2011
Authorised Capital : Rs. 500.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 354.548 Millions
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 |
177.274 |
177.274 |
85.637 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1847.468 |
1350.298 |
1053.570 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2024.742 |
1527.572 |
1139.207 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1849.698 |
1317.671 |
1104.513 |
|
|
2] Unsecured Loans |
323.179 |
295.835 |
190.617 |
|
|
TOTAL BORROWING |
2172.877 |
1613.506 |
1295.130 |
|
|
DEFERRED TAX LIABILITIES |
171.187 |
182.119 |
161.506 |
|
|
|
|
|
|
|
|
TOTAL |
4368.806 |
3323.197 |
2595.843 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1911.368 |
1918.726 |
1453.540 |
|
|
Capital work-in-progress |
386.132 |
74.736 |
104.899 |
|
|
|
|
|
|
|
|
INVESTMENT |
652.683 |
428.633 |
5.007 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER ASSETS |
0.000 |
0.048 |
1.917 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1250.670
|
679.589 |
681.736 |
|
|
Sundry Debtors |
1290.708
|
704.308 |
797.342 |
|
|
Cash & Bank Balances |
30.194
|
110.368 |
58.980 |
|
|
Other Current Assets |
0.053
|
0.011 |
0.206 |
|
|
Loans & Advances |
521.959
|
350.767 |
303.382 |
|
Total
Current Assets |
3093.584
|
1845.043 |
1841.646 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
910.312
|
515.070 |
378.888 |
|
|
Other Current Liabilities |
649.281
|
333.775 |
349.827 |
|
|
Provisions |
115.368
|
95.144 |
82.451 |
|
Total
Current Liabilities |
1674.961
|
943.989 |
811.166 |
|
|
Net Current Assets |
1418.623
|
901.054 |
1030.480 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4368.806 |
3323.197 |
2595.843 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8513.810 |
5899.135 |
5560.183 |
|
|
|
Other Income |
28.693 |
30.282 |
34.117 |
|
|
|
TOTAL (A) |
8542.503 |
5929.417 |
5594.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost and Inventory Adjustments |
6213.257 |
4121.334 |
4140.776 |
|
|
|
Personnel Costs |
376.581 |
290.633 |
229.958 |
|
|
|
Other Manufacturing, Selling and
Administrative Expenses |
782.632 |
660.074 |
583.566 |
|
|
|
TOTAL (B) |
7372.470 |
5072.041 |
4954.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1170.033 |
857.376 |
640.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
194.914 |
124.730 |
172.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
975.119 |
732.646 |
467.405 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
217.925 |
172.406 |
146.857 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
757.194 |
560.240 |
320.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
141.981 |
156.670 |
53.388 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
615.213 |
403.570 |
267.160 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1062.292 |
780.327 |
590.262 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
61.600 |
40.400 |
27.000 |
|
|
|
Interim Dividend |
62.046 |
42.818 |
0.000 |
|
|
|
Proposed Dividend |
26.591 |
26.591 |
42.818 |
|
|
|
Dividend Distribution Tax |
14.619 |
11.796 |
7.277 |
|
|
BALANCE CARRIED
TO THE B/S |
1512.649 |
1062.292 |
780.327 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4419.578 |
3036.456 |
2904.132 |
|
|
TOTAL EARNINGS |
4419.578 |
3036.456 |
2904.132 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2236.148 |
1165.346 |
1824.711 |
|
|
|
Traded Goods |
22.280 |
22.779 |
0.000 |
|
|
|
Capital Goods |
25.509 |
67.251 |
35.814 |
|
|
|
Others |
4.124 |
17.532 |
4.380 |
|
|
TOTAL IMPORTS |
2288.061 |
1272.908 |
1864.905 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.70 |
23.56 |
15.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.20
|
6.81 |
4.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.89
|
9.50 |
5.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.13
|
14.89 |
9.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.37 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
1.79 |
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.95 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
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 |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Creditors due small micro enterprises |
2.740 |
5.034 |
6.417 |
|
Creditors due others |
907.572 |
510.036 |
372.471 |
|
Total |
910.312 |
515.070 |
378.888 |
BUSINESS PERFORMANCE
During the year,
the global markets showed a mixed scenario. The developed economies continued to
struggle to stabilize and stimulate the economic growth indicators in their
respective economies through quantitative easing and fiscal support. The
emerging economies continued to show good growth.
The state of
sovereign finance and the monetary policies followed by the developed economies
had a bearing on the international financial and commodity markets. The gush of
international liquidity released through quantitative easing has started
generating inflationary pressures and volatility in the commodity and currency
markets of the world. This called for navigation of business through uncertain
markets.
The Company is in
the Personal and Home Care Ingredients Space, which caters to the daily
consumption needs of the people and offers a stable business model. The strong
business that the Company enjoys in the emerging markets together with the
manufacturing locations adds acceleration to the growth momentum.
The following
highlights are note worthy:
·
Sales during 2010-11 registered a growth of 44.32%
over previous year on a standalone basis, comprising of 21.95% volume growth
and 22.37% price growth. The price growth was predominant in the second half
reflecting a rise in the feed stock prices.
·
The Profit before Tax on stand alone and consolidated
basis, at Rs. 757.200 Millions and Rs. 811.900 Millions respectively, grew
better than the volume growth reflecting improvement in product, customer and
geography mix of incremental business growth.
·
Tri-K Industries Inc.,
a)
The integration of the subsidiary for its business,
people and operations was complete and heartening.
b)
They have started to draw on the customer, product
and market synergies between the parent and the subsidiary.
c)
The full year consolidated sales (including Maybrook
Inc, a wholly owned subsidiary of Tri-K Industries Inc) were USD 19.85 million
d)
(Rs. 904.500 Millions) with a Profit before Tax of
USD 1.40 million (Rs. 63.700 Millions) and Profit after Tax of USD 0.90 million
(Rs. 40.900 Millions).
·
The investments of about USD 25 million in Phase I
of Egypt Project and Rs 700.000 Millions in Jhagadia, Gujarat, India, which
would start commercial production in the second half of the ensuing year
2011-12 would set the stage for sustaining the momentum of growth by providing
opportunity for:
a)
Enhancing the participation in the emerging markets
of Africa,
b)
Access the newer geographies of Latin America,
North America and
c)
Exploiting synergies from customer acquisitions and
widening the product offerings from the existing broad product basket which can
cater to a whole range of customer requirement for the Personal and Home Care
Industry.
·
Pursuing the Consumer to Chemistry approach, the
Company has made significant investments in infrastructure and building
organizational competencies to increase the space of its market participation
in the Personal and Home Care Ingredients Industry. The new ingredients and
formulations in the pipeline, when rolled out, should enable the Company
leverage its customer relationships with offerings of these new ingredients and
would call for further investments to put production facilities for their
manufacture.
·
The Company has incurred an expenditure of Rs.
61.900 Millions on REACH registration for gaining enhanced access to the
European Union markets, where it is applicable. The entire expenditure has been
charged to the revenue of the current year.
·
The Company is investing in enhancing the
manufacturing facilities to CGMP standards for some ingredients to increase the
size of the market opportunity and improve the business mix.
FINANCIAL PERFORMANCE
Despite the volatile
conditions in the global commodity and currency markets, the business and trade
structures followed by the Company has enabled it to navigate the same and
improve upon the profitability.
The following
highlights are note worthy:
·
The return on average capital employed (ROCE) on
standalone basis has improved to 24.76 % for the year from 23.14 % in the
previous year. On a consolidated basis, the ROCE is 24.96% for the reporting
year.
·
During the year 2010-11, the Company has arranged
project funds from International Financial Corporation
·
The funding for the current projects under
implementation i.e. Phase I at
·
The increase in feed stock prices in the last
quarter of the financial year has increased the amount locked up in the Net
Current Assets of the Company as at the year end.
·
The interest outgo has increased during the year on
account of term loans for projects, hedging costs of ECB and higher funding
needs of net current assets.
·
The Company continues to retain the investment
grade rating conferred by CRISIL for its bank loan limits as per the
requirements of the Basel II norms, which enables the Company to reduce the
cost of borrowing.
FORM 8
|
Corporate
identity number of the company |
U39877MH1986PLC039877 |
||||||
|
Name of the
company |
GALAXY
SURFACTANTS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
C-49/2, TTC,
Industrial Area, Pawane, Navi Mumbai – 400703, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Immovable
Property Floating Charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of instrument
creating charge |
Memorandum of
Entry |
||||||
|
Date of
instrument Creating the charge |
22.07.2010 |
||||||
|
Amount secured by
the charge |
Rs. 100.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest / Commission as may be negotiated / agreed between the Borrower
and the Bank. Terms of
Repayment - Loan shall be Repayable on Demand. Margin - 1) 20%
against the Hypothecated Goods. 2) 20% against
the said debts. Extent and Operation
of the charge - First pari passu charge on the current assets and Second pari
passu charge on security given by the Company Others |
||||||
|
Particulars of
the property charged |
Hypothecation of
first pari passu charge on the current assets of the Company, both present
and future; and Second Pari Passu Charge along with other lenders on
immovable properties of the Company situated at a) Tarapur Industrial Area of
MIDC, Taluka and Regn Dist Palghar, Dist and Regn District Thane. b) Taloja
Industrial Area of MIDC, Taluka and Regn District Panvel, District and Regn
Dist Raigad, |
||||||
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.100.000 millions is also now secured
on second pari passu basis with immovable property/ies of the Company
situated at a) Plot No.'s W-67 (B),
M-3, N-46/1, N-46/2, W-44 (C), G-59 of MIDC, Tarapur b) Plot No.V23 of MIDC,
Taloja and Plot No.1 of CIDCO, Taloja. |
FIXED ASSETS
v
Leasehold land
v
Factory
building
v
Building
– others
v
Plant and machinery
v
Furniture and fixtures
v
Vehicles
v
Office equipments
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] 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.52.57 |
|
|
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.