MIRA
INFORM REPORT
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Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
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Name : |
AARTI INDUSTRIES LIMITED |
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Formerly Known As : |
AARTI ORGANICS LIMITED |
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Registered Office : |
Plot No. 801/23, G.I.D.C.
Estate, Phase III, Vapi – 396 195, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
28.09.1984 |
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Com. Reg. No.: |
04-7301 |
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CIN No.: [Company Identification
No.] |
Rs.383.600 Millions |
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CIN No.: [Company
Identification No.] |
L24110GJ1984PLC007301 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTA02524E |
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PAN No.: [Permanent
Account No.] |
AABCA2787L |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer, Importer and Exporter of Organic Chemicals. |
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No. of Employees : |
1250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 18000000 |
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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 and reputed company having fine track. Financial position of the company appears to be sound. Directors are reported as experienced, respectable and resourceful businessmen. 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.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No. 801/23, G.I.D.C. Estate, Phase III, Vapi – 396
195, |
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Tel. No.: |
91-2638-25690411 / 2 / 3 / 25918195 / 55976666 |
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Fax No.: |
91-2638-25904806 / 25653186-87 / 25653185 |
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E-Mail : |
secretarial@aartigroup.com |
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Website : |
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Corporate Office : |
Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – |
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Tel. No.: |
91-22-67976666 / 25918195 / 55976666 |
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Fax No.: |
91-22-25653234 / 25653185 |
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E-Mail : |
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Factory 2: |
Plot Nos. 902, GIDC Estate, Phase II, Vapi – 396 195,
District Valsad, |
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Factory 3: |
Plot Nos. 752-753-754 Sarigam
Industrial Area, Sarigam, Taluka Umargaon, District Valsad, |
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Factory 4: |
Plot Nos. 758/1, 758/2, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India |
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Factory 5: |
Plot No. K-17/18/19,
MIDC, Tarapur, District Thane, |
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Factory 6 : |
Plot No. E-50, MIDC,
Tarapur, District Thane, |
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Factory 7: |
Plot Nos. 62, 63 and 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur,
District Dhar, Madhya Pradesh, India |
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Factory 8: |
Plot No. 286/1,
285, GIDC Estate, Phase II, Vapi – 396 195, District Valsad, |
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Factory 9: |
Plot No. 22 / C /
1 and 2, GIDC Estate, Phase I, Vapi – 396 195, District Valsad, |
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Factory 10: |
Shed No. A1-6
and 9, GIDC Estate, Phase I, Vapi – 396 195, District Valsad, |
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Factory 11: |
Plot No. 609 and
610, GIDC Estate, 100 Shed, Vapi – 396 195, District Valsad, |
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Factory 12: |
Plot Nos.
750-751, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, |
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Factory 13: |
Plot Nos. 756/4,
A and B, 756/5,A and B, 756/6, A and B, 756/7, 779, Jhagadia Mega Estate,
Village Kapalsadi, Taluka Jhagadia, District Bharuch – Gujarat, India |
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Factory 14: |
Plot Nos. 756/2,
A and B, 756/3,A and B, Jhagadia Mega Estate, Village Kapalsadi, Taluka
Jhagadia, District Bharuch – |
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Factory 15: |
Plot No. L – 5,
MIDC, Tarapur, District Thane, |
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Factory 16: |
Plot No. L – 8,
MIDC, Tarapur, District Thane, |
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Factory 17: |
Survey No.
193/1/4, 193/1/5, 193/1/6, Silvassa, |
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Factory 18: |
Plot No. D – 54,
MIDC, Phase II, Dombivali (East), District Thane, |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Chandrakant V. Gogri |
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Designation : |
Chairman |
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Name : |
Mr. Rajendra V. Gogri |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Shantilal T. Shah |
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Designation : |
Vice Chairman |
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Name : |
Mr. Ramdas M. Gandhi |
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Designation : |
Independent Director |
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Name : |
Mr. Laxmichand K. Jain |
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Designation : |
Independent Director |
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Name : |
Mr. Vijay H. Patil |
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Designation : |
Independent Director |
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Name : |
Mr. Haresh K. Chheda |
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Designation : |
Independent Director |
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Name : |
Mr. K. V. S. Shyam Sunder |
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Designation : |
Independent Director |
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Date of Birth/Age : |
29.07.1942 (69 years) |
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Qualification : |
B.Com, ACA |
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Date of Appointment : |
23.09.2008 |
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Experience and
expertise in specific functional areas : |
He is a fellow member of the Institute of Chartered Accountant of
India and a seasoned banker with over 30 years of enriched banking experience.
He is also a Partner in Singrodia Goyal and Company. He is an expert in
Corporate and Retail Banking, Risk Management, Credit Rating, Reviewing and
Monitoring System and Loan Policies. |
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Directorships held in other (excluding foreign) Companies : |
·
Ladderup Finance Limited ·
Liners India Limited ·
Ladderup Wealth Management Private Limited ·
Ladderup Corporate Advisory Private Limited |
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Name : |
Mr. P A Sethi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
19.10.1944 (66 years) |
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Qualification : |
B.Com, CAIIB |
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Date of Appointment : |
23.09.2008 |
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Experience and
expertise in specific functional areas : |
He was an Executive Director in Vijaya Bank from March, 2003 to October,
2004. He has more than 46 years experience in Banking sector. He has worked
as a General Manager and Deputy General Manager for many years. |
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Directorships held in other (excluding foreign) Companies : |
·
Pro-G Agro Private Limited ·
Valuable Technologies Limited ·
Valuable Media Limited |
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Name : |
Mr. Bhavesh R Vora |
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Designation : |
Independent Director |
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Date of Birth/Age : |
13.09.1967 (43 years) |
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Qualification : |
B.Com, ACA |
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Date of Appointment : |
23.09.2008 |
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Experience and
expertise in specific functional areas : |
He is a Practicing Chartered Accountant, with more than 24 years of
experience in working in the field of Stock Brokers’ Audits, Compliances,
Derivatives, Futures and Options, Accounting Standards and Internal and
Management Audit areas. |
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Directorships held in other (excluding foreign) Companies : |
Aarti Drugs Limited |
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Name : |
Mr. Sunil M Dedhia |
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Designation : |
Independent Director |
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Name : |
Mr. Parimal H. Desai |
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Designation : |
Whole time Director |
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Date of Birth/Age : |
29.05.1949 (62 years) |
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Qualification : |
Chemical Engineer from UDCT |
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Date of Appointment : |
28.09.1984 |
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Experience and
expertise in specific functional areas : |
He has more than 33 years experience in Development and Project
Implementation in the Chemical Industry. |
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Directorships held in other (excluding foreign) Companies : |
·
Alchemie Dye Chem Private Limited ·
Aarti Healthcare Limited ·
Aarti Corporate Services Limited ·
Nikhil Holdings Private Limited ·
Mindcruisers Consulting Private Limited |
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Name : |
Mr. Manoj M. Chheda |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rashesh C. Gogri |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
03.06.1974 (37 years) |
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Qualification : |
Industrial Engineer and holds Diploma in Business Management |
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Date of Appointment : |
09.06.1997 |
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Experience and
expertise in specific functional areas : |
He has more than 16 years experience in Marketing and Finance. |
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Directorships held in other (excluding foreign) Companies : |
·
Aarti Healthcare Limited ·
Ganesh Polychem Limited ·
Crystal Millennium Realtors Private Limited ·
Alchemie Dye Chem Private Limited ·
Gogri and Sons Investments Private Limited ·
Alchemie Leasing and Financing Private Limited ·
Anushakti Chemicals and Drugs Limited ·
Aakansha Pharmachem Private Limited ·
Dhaval Realtors ( ·
Spark Academy Private Limited |
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Name : |
Ms. Hetal Gogri Gala |
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Designation : |
Whole Time Director |
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Name : |
Mr. Kirit R. Mehta |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Ms. Mona Patel |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of Shareholders |
No. of Shares |
% of total No.
of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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25,168,794 |
32.81 |
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14,135,547 |
18.42 |
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39,304,341 |
51.23 |
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Total shareholding of Promoter and Promoter Group (A) |
39,304,341 |
51.23 |
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(B) Public Shareholding |
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6,563,010 |
8.55 |
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3,000 |
- |
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455,031 |
0.59 |
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7,021,041 |
9.15 |
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1,781,008 |
2.32 |
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13,976,217 |
18.22 |
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14,179,581 |
18.48 |
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457,885 |
0.60 |
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456,445 |
0.59 |
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1,440 |
- |
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30,394,691 |
39.62 |
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Total Public shareholding (B) |
37,415,732 |
48.77 |
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Total (A)+(B) |
76,720,073 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
76,720,073 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Organic Chemicals. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
|
Nitro Chloro Benzenes (NCBs) |
Mt. Per annum |
60000 |
|
Sulphuric Acid and Allied Products (equivalent) |
Mt. Per annum |
200000 |
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Particulars |
Unit |
Actual
Production |
|
Nitro Chloro Benzenes (NCBs) |
Mts. |
30857.95 |
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Sulphuric Acid and Allied Products (equivalent) |
Mts. |
176468.96 * |
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Ortho Phenylene Diamine (OPDA) |
Mts. |
173.64 |
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Quinalphos |
Mts. |
662.68 |
*includes 42437.87 Mts.
of Sulphuric Acid 98%, exclusive of Captive Consumption.
GENERAL INFORMATION
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No. of Employees : |
1250 (Approximately) |
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Bankers : |
·
Bank of ·
Union Bank of ·
State Bank of ·
DBS Bank Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
Export-Import Bank of ·
IDBI Bank Limited ·
Citi Bank N.A. ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Parikh Joshi and Kothare Chartered Accountants |
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Address : |
49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East),
Mumbai – 400 051, |
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Associates: |
·
Ganesh Polychem Limited ·
Anushakti Chemicals and Drugs Limited ·
Alchemie ( ·
Nascent Chemical Industries Limited (Associate of
100% Subsidiary: Aarti Corporate Services Limited) |
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Subsidiaries : |
·
Aarti Healthcare Limited ·
Aarti Corporate Services Limited ·
Alchemie ( ·
Shanti Intermediates Private Limited (Through its
holding Company: Aarti Corporate Services Limited) |
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Enterprises/Firms over which controlling
individuals/key Management Personnel, of the Company along with their relatives : |
·
Alchemie Pharma Chem Limited ·
Alchemie Industries ·
Gogri and Sons Investments Private Limited ·
Alchemie Leasing and Financing Private Limited ·
Alchemie Laboratories ·
Aarti Drugs Limited ·
Spack Chemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
125000000 |
Equity Shares |
Rs.5/- each |
Rs.625.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
76720073 |
Equity Shares |
Rs.5/- each |
Rs.383.600
Millions |
NOTES: of the above Shares –
·
6,22,28,216 have been issued as Fully Paid Bonus
Shares.
·
30,00,000 have been issued to Shareholders of
Salvigor Laboratories Limited pursuant to its Merger with the Company.
·
16,62,638 have been issued to Shareholders of
Mahaval Organic Limited pursuant to its Merger with the Company.
·
10,25,050 have been issued to Shareholders of
Alchemie Organics Limited pursuant to its Merger with the Company.
·
8,43,649 have been issued to Shareholders of
Surfactant Specialities Limited pursuant to its Merger with the Company.
·
42,000 have been issued to Shareholders of Avinash
Drugs Limited pursuant to its Merger with the Company.
·
30,25,000 have been issued towards Preferential allotment
at a premium of Rs.30.65 paise per equity share to Warrant Holders.
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 |
|
|
|
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|
1] Share Capital |
383.600 |
383.600 |
364.047 |
|
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2] Share Application Money |
0.000 |
0.000 |
4.428 |
|
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3] Equity Share Warrants |
34.800 |
0.000 |
10.784 |
|
|
4] Reserves & Surplus |
4046.696 |
3603.039 |
3034.501 |
|
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
4465.096 |
3986.639 |
3413.760 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4537.541 |
4010.053 |
4344.048 |
|
|
2] Unsecured Loans |
725.326 |
354.783 |
481.693 |
|
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TOTAL BORROWING |
5262.867 |
4364.836 |
4825.741 |
|
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DEFERRED TAX LIABILITIES |
529.393 |
511.073 |
452.073 |
|
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|
|
|
|
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TOTAL |
10257.356 |
8862.548 |
8691.574 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
3919.807 |
3816.648 |
3667.611 |
|
|
Capital work-in-progress |
184.461 |
91.450 |
85.476 |
|
|
|
|
|
|
|
|
INVESTMENT |
187.621 |
152.512 |
152.780 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2940.882
|
2635.375
|
2009.418
|
|
|
Sundry Debtors |
3325.342
|
2564.553
|
2665.727
|
|
|
Cash & Bank Balances |
77.660
|
114.101
|
60.241
|
|
|
Other Current Assets |
2106.290
|
1753.620
|
0.000
|
|
|
Loans & Advances |
474.945
|
468.070
|
1762.984
|
|
Total
Current Assets |
8925.119
|
7535.719 |
6498.370 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1363.339
|
1469.871 |
722.965 |
|
|
Other Current Liabilities |
23.227
|
14.247 |
25.188 |
|
|
Provisions |
1573.086
|
1251.698
|
969.112
|
|
Total
Current Liabilities |
2959.652
|
2735.816 |
1717.265 |
|
|
Net Current Assets |
5965.467
|
4799.903 |
4781.105 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.245 |
2.762 |
|
|
DEFERRED REVENUE EXPENDITURE |
0.000 |
0.790 |
1.840 |
|
|
|
|
|
|
|
|
TOTAL |
10257.356 |
8862.548 |
8691.574 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales and Other Sales Income |
14618.980 |
12893.786 |
14469.783 |
|
|
|
Other Income |
39.958 |
18.150 |
22.922 |
|
|
|
TOTAL (A) |
14658.938 |
12911.936 |
14492.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
10023.163 |
9215.891 |
10154.140 |
|
|
|
Purchase of Goods Traded in |
1821.326 |
1139.742 |
922.263 |
|
|
|
Office and Administrative Expenses |
186.493 |
149.392 |
136.892 |
|
|
|
Selling and Distribution Expenses |
808.324 |
678.479 |
791.854 |
|
|
|
Non Operating Expenses and loss |
8.086 |
17.649 |
24.390 |
|
|
|
Increase/ Decrease in Stock |
(163.328) |
(328.525) |
42.315 |
|
|
|
TOTAL (B) |
12684.064 |
10872.628 |
12071.854 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1974.874 |
2039.308 |
1020.851 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCIAL CHARGES (D) |
559.550 |
517.131 |
893.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1415.324 |
1522.177 |
1527.219 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
479.239 |
447.491 |
387.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
936.085 |
1074.686 |
1140.112 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
268.320 |
373.611 |
295.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
667.765 |
701.075 |
844.632 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2587.356 |
2382.534 |
2091.079 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
YEARS ADJUSTMENT FOR OTHERS |
1.030 |
0.857 |
11.384 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
67.000 |
71.000 |
85.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
200.000 |
200.000 |
|
|
|
Dividend |
95.900 |
138.096 |
131.057 |
|
|
|
Proposed Dividend (Final) |
95.900 |
53.704 |
88.434 |
|
|
|
Tax on Dividend |
31.278 |
32.596 |
37.302 |
|
|
BALANCE CARRIED TO
THE B/S |
2964.013 |
2587.356 |
2382.534 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5272.061 |
4899.126 |
5556.930 |
|
|
TOTAL EARNINGS |
5272.061 |
4899.1260 |
5556.930 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1175.113 |
1562.970 |
2000.988 |
|
|
|
Stores & Spares |
3.923 |
5.265 |
5.114 |
|
|
|
Capital Goods |
10.035 |
123.256 |
58.197 |
|
|
|
Fuel |
208.260 |
60.776 |
26.938 |
|
|
TOTAL IMPORTS |
1397.331 |
1752.267 |
2091.237 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.70 |
9.14 |
11.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3974.000 |
4070.000 |
4254.300 |
|
Total Expenditure |
3434.400 |
3534.300 |
3597.800 |
|
PBIDT (Excl OI) |
539.600 |
535.700 |
656.500 |
|
Other Income |
15.600 |
6.100 |
2.500 |
|
Operating Profit |
555.200 |
541.800 |
659.000 |
|
Interest |
174.600 |
174.200 |
181.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
380.600 |
367.600 |
477.400 |
|
Depreciation |
128.900 |
132.400 |
136.800 |
|
Profit Before Tax |
251.700 |
235.200 |
340.600 |
|
Tax |
71.000 |
56.500 |
110.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
180.700 |
178.700 |
230.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
180.700 |
178.700 |
230.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.56
|
5.43
|
5.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.40
|
8.33
|
7.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.29
|
9.47
|
11.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.27
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.96
|
1.78
|
1.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.02
|
2.75
|
3.78 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIALS
During the year,
the Company had achieved the turnover of Rs. 15383.500 millions as against Rs.
13377.500 millions in the previous year. Operating profit before Interest,
Depreciation, Tax and Non-operating expenses was at Rs. 1983.000 millions as
compared to Rs. 2056.900 millions for the last year. Profit before tax had been
Rs. 936.100 millions for FY 10-11 as compared to Rs. 1074.700 millions in FY
09-10.
Company posted
Profit After Tax and Deferred Tax of Rs. 667.800 millions vis-a-vis Rs. 701.100
millions for the last year. Company’s performance was affected in mid of the
year on account of the major expansion programmes carried out by the Company
and hence the profitability is marginally impacted in FY 10-11 as compared to
the previous year.
Company’s
consolidated Gross Income was Rs. 15603.800 millions as compared to Rs.
13495.900 millions for the year 2009-10. Further, the share of profit from
associates increased from Rs. 139.800 millions to Rs.154.400 millions in FY
2010-11. The Net Profit after consolidation of the Company was Rs. 814.900
millions vis-a-vis Rs. 823.500 millions for the last year. Consolidated EPS for
FY 2010-11 was at Rs. 10.62 as against Rs. 10.73 for FY 2009-10.
MANUFACTURING
OPERATIONS AND INNOVATIVE TECHNOLOGIES
The Company
derives its strength from its strong Management team comprising Whole- time
Directors being technocrats with sound entrepreneurial skills. They are
supported by a team of loyal Scientists, Engineers, Chemists, etc. who have
played an active and critical role in setting up your Company as a multi
location, multi product entity with diversified end-usages/ applications.
In-house R and D centers, constantly adds to the growth by continuous research
on newer products, development of innovative processes to improve efficiency,
yield and also to reduce the energy consumption as well as effluents. The
Company has always given priority to Environment, Health and Safety and, with
this principle, the Company has been constantly technologically upgrading its
ETP facilities. The combined efforts of production team as well as R and D
initiatives have helped the Company to become pioneer in developing various
innovative processes which are more efficient and environment friendly.
During the year,
the Company had undertaken significant expansion and up-gradation projects to
improve, enhance and diversify its range
of products. During the year, the Company has also completed the process of
up-gradation of its Hydrogenation Technology. The Company had earlier pioneered
and commissioned an eco-friendly Buss Loop Hydrogenation Technology. Over the
years the technology has been upgraded and thus the Company had taken-up this
exercise to adopt this upgraded technology. The Company has been able to
commission and commercialise this upgraded technology by 2nd quarter of last
year. This will progressively increase the operative production capacities for
its Specialty /Agro Chemicals from around 700 tpm to around 1500 tpm during FY
2011-12. With these economies of scale, the Company will be the leading global
manufacturer in this range of products.
The Company is
also in the process of setting up a 2 MW/H power plant for captive consumption.
A Specialized Super-heated Boiler is being installed in this power plant which
will superheat the steam. This superheated steam will be used for the dual
purpose of generating power and also as process steam as required in the
manufacturing processes. Hence, the variable cost for generation of power is
expected to be significantly low at around Rs. 1/- per unit. This will result
in an annual savings of Rs. 70.000 – 80.000 millions in power cost. This will
further result into significant reduction in carbon emission in this power
plant as compared to traditional power plants.
MARKET
The Company has
global scale of manufacturing units with a varied mix of diversified and value
added chain of products supplied to a customer base of over 600 domestic and
300 global customers. The customized delivery solutions have positioned the
Company as “Preferred Supplier” to various MNCs for past several years. All
this have helped the Company to emerge as a market leader in
To facilitate the
growth of the Company’s businesses in Europe, the Company has registered its
key products under the REACH Regulations (which are now becoming mandatory in a
phased manner for doing the business in
The Company is a
net exporter to
The Company is a
leading manufacturer of Speciality Chemicals with diversified end-uses into
Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments,
Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Flavours and
Fragrances, Home and Personal care applications, etc. The Company takes
continuous efforts to explore and innovate new products and processes in all
segments.
Agricultural
Sector
The growth in
Indian population coupled with Indian economic growth has evidenced the growth
in demand for agricultural and nutritional products. The same scenario is also
reflected globally as well, wherein the prices of agricultural products have
been constantly increasing. The farmers are keen to maximize the produce and
have increased the use of Agrochemicals to safeguard and maximize the produce.
This has resulted in the global increase in demand of Agrochemicals. The
Company expects the demand for Agrochemicals and Agro-based intermediates/
Agri-inputs to increase consistently. Envisaging the same, the Company has
expanded its production capacity for its key Agro based Intermediates in FY
2010-11. The Company also plans to invest further in de-bottlenecking of its
existing Single Super Phosphate (also known as SSP which is a commonly used
fertilizer) plant to meet the growing demand.
High Performance
Polymers
Increase in fuel
cost has increased need for more fuel efficient modes of transportations (such
as Automobiles, Aerospace, etc). While lots of innovations are being done in
this regard, we expect the demand for fuel efficient technologies and its
applications to grow steadily. In the process to reduce the weight, the newer
carriers are now using high performance polymers as a replacement of metal
components. Apart from this, these polymers also find usage in electronics,
mobile communication technologies, etc. Thus the demand for these high
performance polymers is expected to grow significantly. Anticipating the same,
the Company had already taken R&D initiatives to develop products targeting
the applications in these high performance polymers. The Company is in the
process of expanding the capacities for these products as per market
requirements. The Company is also in the process of developing few other
products in this space and expects to launch them soon.
Pharmaceuticals
The Company had
posted a growth of over 20% in its Pharmaceuticals Segment. The Company
possesses two US Food and Drug Administration approved units; first one is at
Tarapur for manufacture of various API products and the second one for its
intermediate manufacturing unit at Vapi. While the pharmaceutical segment of
the Company had reported an annual segment loss of Rs. 63.100 millions for FY
2010-2011 (Pervious year Rs. 63.600 millions), the segment had actually turned
around in the last quarter of the FY 2010-11 and had break-evened at the same
time with positive segment profit of Rs. 0.400 million for the last quarter of
FY 2010-11. The Company expects to increase its volumes to the Regulated
markets and hence expects this segment to perform better going forward and
would be a key growth driver for the Company’s growth.
CONTINGENT
LIABILITIES (As on 31.03.2011)
a)
Claims against the Company not acknowledged as
Debts Rs.121.518 millions.
b) In respect of Letters of Credit, Bank Guarantees issued and Bills discounted by the Company’s Bankers Rs.402.446 millions
c)
Estimated amount of Contracts remaining to be
executed on capital account and not provided for, net of advances, Rs.127.896 millions.
Fixed Assets
·
·
· Building
· Plant and Machinery
· Furniture and Fixture and Office Equipment
·
Vehicles
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2011
(Rs. In Millions)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
Ended 31.12.2011 Audited |
Ended 30.09.2011 Audited |
Ended 31.12.2011 Audited |
|
1. Gross Sales |
4345.300 |
4170.200 |
12604.300 |
|
Less: Excise Duty |
196.400 |
195.300 |
592.100 |
|
a) Net Sales |
4148.900 |
3974.900 |
12012.200 |
|
b) Add : Other Operating Income |
105.400 |
95.100 |
286.200 |
|
Total |
4254.300 |
4070.000 |
12298.400 |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
(96.000) |
(165.000) |
(278.800) |
|
(b) Consumption of Raw Materials |
2107.600 |
2194.300 |
6342.800 |
|
(c) Purchase of Traded Goods |
304.300 |
350.300 |
1023.700 |
|
(d) Employee cost |
131.600 |
106.700 |
332.700 |
|
(e) Depreciation |
136.800 |
132.400 |
398.100 |
|
(f) Other Expenditure |
1150.300 |
1048.000 |
3146.200 |
|
Total |
3734.600 |
3666.700 |
10964.700 |
|
3. Profit From Operations before other Income, Interest & Exceptional Items (1-2) |
519.700 |
403.300 |
1333.700 |
|
4. Other Income |
2.500 |
6.100 |
24.200 |
|
5. Profit before Interest and Exceptional items (3+4) |
522.200 |
409.400 |
1357.900 |
|
6. Interest |
181.600 |
174.200 |
530.400 |
|
7. Profit after interest before Exceptional items (5-6) |
340.600 |
235.200 |
827.500 |
|
8. Exceptional items |
-- |
-- |
-- |
|
9. Profit from Ordinary Activities before tax (7-8) |
340.600 |
235.200 |
827.500 |
|
10. Tax Expenses |
|
|
|
|
a) Provision for Taxation – Current |
110.000 |
55.000 |
225.000 |
|
b) Provision for Deferred tax |
0.500 |
1.500 |
13.000 |
|
Total |
110.500 |
56.500 |
238.000 |
|
11. Net Profit from Ordinary
Activities after tax (9-10) |
230.100 |
178.700 |
589.500 |
|
12. Extraordinary items |
-- |
-- |
-- |
|
13. Net Profit (11-12) |
230.100 |
178.700 |
589.500 |
|
14. Paid Up Equity Share Capital (Face Value Rs.5/- each ) |
383.600 |
383.600 |
383.600 |
|
15. Reserves and Surplus excluding revaluation reserve |
-- |
-- |
-- |
|
16. Basis and Diluted EPS (Rs.) |
3.00 |
2.33 |
7.68 |
|
17. Aggregate of
Public Shareholding |
|
|
|
|
- Number of Shares |
37415732 |
38306112 |
37415732 |
|
- Percentage of Shareholding (%) |
48.77 |
49.93 |
48.77 |
|
18. Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
39304341 |
38413961 |
39304341 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
51.23 |
50.07 |
51.23 |
Notes
1.
The above results for the quarter and nine months
ended 31st December, 2011 have been reveiwed by the Audit Committee
and approved by the Board of Directors in their Meeting held on 1st
February 2012.
2.
The Board of Directors have declared Interim
Dividend of Rs.2.00 ps. Per Equity Share of Rs.5/- each amounting to Rs.153.440
millions and 7th February, 2012 has been fixed as record date for
the payment of the said Interim Dividend.
3.
Details of Investors Complaints received for the
quarter ended 31st December, 2011. Beginning:- NIL Received :- 8
Resolved:- 8 Pending:- NIL
SEGMENTWISE
REVENUE AND RESULTS UNDER CLAUSE 41 OF LISTING AGREEMENT
(Rs.
In Millions)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
Ended 31.12.2011 Audited |
Ended 30.09.2011 Audited |
Ended 31.12.2011 Audited |
|
|
|
|
|
|
1. Segment
Revenue |
|
|
|
|
a) Performance Chemicals |
2589.000 |
2605.000 |
8021.300 |
|
b) Agri - Intermediates and Fertilizers |
1007.200 |
844.200 |
2456.100 |
|
c) Pharmaceuticals |
443.500 |
414.300 |
1244.900 |
|
d) Home and Personal Care Chemicals |
411.000 |
401.800 |
1168.200 |
|
Total |
4450.700 |
4265.300 |
12890.500 |
|
|
|
|
|
|
2. Segment Results
Profit / (Loss) |
|
|
|
|
Before Tax and Interest From each Segment |
|
|
|
|
a) Performance Chemicals |
354.900 |
308.200 |
995.400 |
|
b) Agri - Intermediates and Fertilizers |
208.500 |
169.600 |
531.900 |
|
c) Pharmaceuticals |
22.700 |
3.200 |
34.300 |
|
d) Home and Personal Care Chemicals |
16.400 |
7.300 |
35.600 |
|
Total |
602.500 |
488.300 |
1597.200 |
|
|
|
|
|
|
Less : Interest |
181.600 |
174.200 |
530.300 |
|
Other Unallocable Expenditure (Net) |
80.300 |
78.900 |
239.500 |
|
|
|
|
|
|
Total Profit
Before Tax |
340.600 |
235.200 |
827.400 |
Segmental Capital
Employed :
Fixed assets used in
the Company’s business or liabilities contracted have not been identified to
any of the reportable segments, as the Fixed Assets and services are used
interchangeably between segments. The Company believes that it is currently not
practicable to provide segment disclosures relating to capital employed.
Re-Classification
of Business Segments :
For better
understanding of businesses, the Company has re-classified its business
segments based on the nature of product and their respective end-uses. Based on
the same, the Company has reclassified its business segments into Performance
Chemicals, Agri-Intermediates and Fertilizers, Pharmaceuticals and Home and
Personal Care. This change does not have any financial impact.
WEB SITE DETAILS
PROFILE
Subject is an India-based company engaged in manufacturing
of dyes, pigments, pharmaceuticals, agrochemicals and rubber chemicals. Subject
primarily produces Benzene-based basic and intermediate chemicals in
MANAGEMENT
CHANDRAKANT V.
GOGRI - NON-EXECUTIVE CHAIRMAN OF THE BOARD
Shri. Chandrakant V. Gogri is Non-Executive Chairman of the Board of
Aarti Industries Limited. After graduation, while working as plant engineer and
later as project engineer, he as experience in chemical manufacturing before
venturing on his own. An experience encompassing Projects, Operations, Process
Development and Local and International Marketing, in the Chemical Industry.
Further, his business acumen and flair for finance has stood the test of time
during the growth of the AARTI GROUP. He is one of the main Promoter of the Company.
He is Chairman and Member of the Board of Directors of various Aarti Group
Companies. His business acumen, entrepreneurial zeal and organizational skill
has been much helpful to the Company to grow. His qualification is B.E. (Chem),
(UDCT, Mumbai), DBM. He has been Director of the following companies Aarti
Drugs Limited, Aarti Healthcare Limited, Aarti Corporate Services Limited,
Crystal Millennium Realtors Private Limited.
Education
B,
RAJENDRA V. GOGRI
- EXECUTIVE VICE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Shri. Rajendra V. Gogri is Executive Vice Chairman of the Board,
Managing Director of Aarti Industreis Limited. He is a Chemical Engineer from
UDCT and has Masters Degree in Chemical Engineering from
Education
BE Chemical Engineering, Mumbai University Institute of Chemical
Technology
SHANTILAL TEJSHI SHAH
- NON-EXECUTIVE VICE CHAIRMAN OF THE BOARD
Shri. Shantilal Tejshi Shah is Non-Executive Vice Chairman of the Board
of Aarti Industries Limited. He is a commerce graduate and is one of the main
promoters of the Aarti Group. He has about 45 years of experience in marketing,
finance and administrative functions in the chemical industry. Earlier, he has
been Joint Managing Director of the Company and presently, he is Non-executive
Vice Chairman of the Company. He is a Director in Aarti Drugs Limited, Nascent
Chemical Industries Limited, Surfactant Specialities Limited, Aarti Corporate
Services Limited. Committee Membership held by him are as under: He is a member
in Audit Committee, Remuneration Committee, Share Holders Grievance Committee
of Aarti Drugs Limited and a member in Shareholders grievance committee of
Aarti Industries Limited.
HARESH K. CHHEDA -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Haresh K. Chheda is Non-Executive Independent Director of Aarti
Industries Limited. He is a Chartered Accountant by profession and has over 16
years experience in the field. He is a senior partner of Ghalla Bhansali,
Chartered Accountants, Mumbai.
MANOJ M. CHHEDA -
WHOLE-TIME DIRECTOR
Shri. Manoj M. Chheda is Whole-time Director of Aarti Industries
Limited, since November 1993. He has wide experience of over 22 years in
purchase and marketing of Chemicals. His qualification is B.Com.
SUNIL M. DEDHIA -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Sunil M. Dedhia is Non-Executive Independent Director of Aarti Industries
Limited. He is a Practicing Company Secretary and has over 19 years of
experience in the field of Corporate Laws. He has been Director of the
following companies Aarti Drugs Limited, Anushakti Chemicals and Drugs Limited,
Professional Realtors Private Limited.
PARIMAL H. DESAI -
WHOLE-TIME DIRECTOR
Shri. Parimal H. Desai is Whole-time Director of Aarti Industries
Limited. He is a Chemical Engineer from UDCT with more than 30 years experience
in development and project implementation in the Chemical industry.
HETAL GOGRI GALA -
WHOLE-TIME DIRECTOR
Smt. Hetal Gogri Gala is Whole-time Director of Aarti Industries
Limited. Her qualification is B. E (Electronics) and MEP degree from IIMS
Ahmedabad. She is having experience in the Business Administration, Financial
Management and Purchase. Directorships held in other (excluding foreign)
Companies are Anushakti Chemicals and Drugs Limited Ganesh Polychem Limited
Gogri And Sons Investments Private Limited, Aichemie Dye Chem Private Limited.
Education
·
BE Electronics, Indian Institute of Management,
Ahmedabad
·
Indian
RAMDAS M. GANDHI -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Ramdas M. Gandhi is Non-Executive Independent Director of Aarti Industries
Limited. He is a LLM, Solicitor and has been in practice for over 50 years and
has experience in the legal field and particularly on the matters relating to
corporate laws. Directorships held in other (excluding foreign) Companies are
Vinyl Chemicals (
Education
M Law,
RASHESH C. GOGRI -
WHOLE-TIME DIRECTOR
Shri. Rashesh C. Gogri is Whole-time Director of Aarti Industries
Limited. He is an Industrial Engineer and holds Diploma in Business Management
and has more than 12 years experience in Marketing and Finance. He is Director
of some of the companies of Aarti Group of Industries including flagship
Company Aarti Industries Limited.
LAXMICHAND K. JAIN
- NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Laxmichand K. Jain is Non-Executive Independent Director of Aarti
Industries Limited. He is an Environmental with over 42 years of experience in
the industry. His qualification is B.E. (Chem),
KIRIT R. MEHTA -
WHOLE-TIME DIRECTOR
Shri. Kirit R. Mehta is Whole-time Director of Aarti Industries Limited.
He has has wide experience in dealing with Government authorities at Vapi,
Sarigam and Jhagadia at Gujarat and Tarapur in
PREMCHANDRA A.
SETHI - NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Premchandra A. Sethi is Non-Executive Independent Director of
Aarti Industries Limited. He was an Executive Director in Vijaya Bank from
March, 2003 to October, 2004. He has more than 46 years experience in banking
sector. He has worked as a General Manager and Deputy General Manager for many
years. He has been Director of Jyoti Structures Limited, IDBI Capital Market
Services Limited, Indiabulls Asset Management Company Limited. His
qualification is B.Com, CAIIB
K. V.S. SHYAM
SUNDER - NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. K. V. S. Shyam Sunder is Non-Executive Independent Director of
Aarti Industries Limited. He is a fellow member of the Institute of Chartered
Accountant of India and a seasoned banker with over 30 years of enriched
banking experience. He is also a Partner in Singrodia Goyal and Company. He is
an in Corporate and Retail banking, Risk Management, Credit Rating, Reviewing
and Monitoring System and loan policies. He has been Director of the following
companies Ladderup Finance Limited, Liners India Limited, Ladderup Corporate
Advisory Private Limited.
BHAVESH R. VORA -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Shri. Bhavesh R. Vora is Non-Executive Independent Director of Aarti Industries
Limited. He is a Practicing Chartered Accountant, with more than 22 years of
experience in working in the field of Stock Brokers' Audits, Compliances,
Derivatives, Futures and Options, Accounting Standards and Internal &
Management Audit areas. He has been Director of Aarti Drugs Limited.
NEWS
PRESS RELEASE
AARTI INDUSTRIES LIMITED: Q2 RESULTS UPDATE.
Operating Income: Rs.4070.000 millions (Increase by 25%)
EBIDTA: Rs.536.000 millions (Increase by 31%)
PAT: Rs.179.000 millions (Jump of 59%)
Aarti Industries Limited is a manufacturer of Speciality
Chemicals with diversified end-uses into Performance Chemicals,
Agri-Intermediates and Fertilizers, Pharmaceuticals and Home and Personal Care
chemicals, etc.
The Company’s Net Sales and Related Income for Q2 2011-12 jumped by
around 25% to Rs.4070.000 millions (previous year Rs.3259.000 millions).
Similarly, EBIDTA for the quarter increased by 31% from Rs.410.000 millions in
respect of Q2 2010-11 to Rs.536.000 millions for Q2 2011-12. The interest cost
for the company had also increased from Rs.133.000 millions for Q2 2010-11 to
Rs.174.000 millions for Q2 2011-12, mainly on account of prevailing higher
interest rates. Inspite of higher interest cost, PAT registered the growth of
about 59% from Rs.113.000 millions to Rs.179.000 millions for the same period.
The Company’s EPS for Q2 2011-12 stood at Rs.2.33 as against Rs.1.47 for the Q2
2010-11.
Likewise the Company’s half yearly PAT also registered the growth of
about 15% from Rs.313.000 millions for first half 2010-11 to Rs.359.000
millions for first half 2011-12. The Company’s half yearly EPS was at Rs.4.68
(previous year Rs.4.08).
The company had achieved exports revenue of Rs.3293.400 crs during the
first half of FY 2011-12, as compared to Rs.2458.000 millions for the similar
period last year, thereby posting an increase of about 34%. The growth in
Exports is mainly due to the increase in volumes of exports as well as
introduction of newer products. With steep depreciation in Indian Rupee, the
company on an overall basis expects to benefits from its increasing
exports.
BOARD
MEETING ON FEB 09, 2012
India, February 02 -- Aarti Industries Limited has informed BSE that Shri Chandrakant V. Gogri, Founder Chairman of the Company has indicated to retire as the Chairman and Director of the Company upon attaining age of 66 years on August 16, 2012.In view of the above, a meeting of the Board of Directors of the Company will be held on February 09, 2012, to consider and approve succession plan.
FINANCIAL
RESULT UPDATES
FINANCIAL
RESULTS AND AUDIT REPORT FOR DEC 31, 2011
BOARD
DECLARES INTERIM DIVIDEND
India, February 01 -- Aarti Industries Limited has informed
BSE that the Board of Directors of the Company at its meeting held on February
01, 2012, has declared Interim Dividend @ Rs.2.00 ps. (40%) per share for the
financial year 2011-2012.The aforesaid Interim Dividend will be dispatch to
registered members of the Company on February 10, 2012.
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.48.96 |
|
|
1 |
Rs.77.47 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
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.