MIRA INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
TRANSPEK INDUSTRY LIMITED |
|
|
|
|
Registered Office : |
6th
Floor, Marble Arch, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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|
Date of Incorporation : |
06.10.1965 |
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|
Com. Reg. No.: |
04-1343 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.58.720 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L23205GJ1965PLC001343 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDT00491B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT8639B |
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|
|
Legal Form : |
A public limited liability
company. The company's shares are listed on the Stock Exchanges |
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|
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Line of Business : |
Manufacturing of
Sulphoxylate, Chlorinated Compounds, Rubber Chemicals and Related Chemicals, So3/Oleum,
Oil Field and Related Chemicals and Other Zinc Base Chemicals. |
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|
|
|
No. of Employees : |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financials of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business 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/ Factory/ Corporate Headquarter : |
6th
Floor, Marble Arch, |
|
Tel. No.: |
91-265-2335444, 2335446, 2335447, 2334141, 2358236, 2335757, 2342262
|
|
Fax No.: |
91-265-2335758 |
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E-Mail : |
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Website : |
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Factory : |
At and Post Ekalbara 391 440, Taluka Padra, District Vadodara, |
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Tel. No.: |
91-2662-222318 / 222309 / 221276-77 / 222287 / 222289 |
|
Fax No.: |
91-2662-223439 |
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E-Mail : |
|
|
Website : |
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|
|
European Office |
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Tel. No.: |
+44-7843565118 |
|
Fax No.: |
+ 44-208-319-3234 |
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E-Mail : |
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Sales Agents
(Domestic) : |
Located at: ·
·
Ahmedabad
·
Chennai
·
Mumbai
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Ashwin C. Shroff |
|
Designation : |
Chairman and Managing Director |
|
Date of
Birth/Age : |
22.01.1945 |
|
Qualification : |
Science Gradate |
|
Date of
Appointment : |
02.05.1980 |
|
Brief Resume : |
Shri A.C. Shroff is the Chairman and
Managing Director of Excel Industries Limited He is a Science graduate and
started his career in 1965 as a young trainee and has grown to spearhead Excel
Industries Limited Along these crucial years of growth, both Excel Industries
Limited and Mr. Shroff have emerged stronger revolutionizing the agrochemical
market scenario in India. He was the President of Indian Chemical Manufacturers Association during 1996-1998.
He is also the Chairman of Roha Industries Association. He has been a leading
spokesperson of chemical industry and has represented various issues of the
industry to the Government of India. |
|
Other Public
Companies in which Directorship held |
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|
Other Public
Companies in which membership of Committees of Directors held : |
|
|
|
|
|
Name : |
Mr. A.G. Shroff |
|
Designation : |
Managing Director |
|
Date of
Birth/Age : |
61 years |
|
Qualification : |
S. S. C. |
|
Experience : |
41 years |
|
Date of
Appointment : |
01.12.1981 |
|
Previous
Employment |
Excel Industries Limited |
|
|
|
|
Name : |
Mr. D.K. Shroff |
|
Designation : |
Director |
|
Brief
Resume : |
Shri Dipesh K.
Shroff, son of Chairman Emeritus, Shri Kantisen C. Shroff, aged 46 years,
having done Diploma in Civil Engineering, M. E. P. from IIM, Ahmedabad and
OPM from |
|
Other Public Companies in which
Directorship held : |
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|
Other
Public Companies in which membership of Committees of Directors held : |
Member of Shareholders/Investor Grievance
Committee
|
|
|
|
|
Name : |
Mr. M.D. Patel |
|
Designation : |
Director |
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|
|
Name : |
Mr. A.H. Patel |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Bernd Dill |
|
Designation : |
Additional Director |
|
Date of
Birth/Age : |
17.09.1950 |
|
Qualification : |
School and University education with emphasis on mathematics and
natural sciences |
|
Date of
Appointment : |
22.06.2007 |
|
Resume : |
Dr. Bernd Dill, a German National,
has done his school and university education with emphasis on mathematics and
natural sciences, Doctoral Thesis Summa Cum laude at Frankfurt University. At
present he is holding position as Executive Vice President Technology of
LURGI AG in Frankfurt and is also a Director on the Board of Sasol / |
|
Other Public Companies in which
Directorship held : |
|
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Bimal V. Mehta |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. R.R. Patel |
|
Designation : |
Director |
|
Date of Ceasing
: |
29.03.2007 |
|
|
|
|
Name : |
Mr. Dhirajlal C. Gami |
|
Designation : |
Director |
|
Date of
Birth/Age : |
26.09.1927 |
|
Qualification : |
M. S. from the |
|
Experience : |
39 years |
|
Date of
Appointment : |
30.07.1984 |
|
Brief
Resume : |
Shri D.C. Gami is a M. S.
(Chemical Engineering) from the State Fertilizers and Chemicals
Limited"). |
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Other Public Companies in which
Directorship held : |
|
|
Other Public Companies in which membership
of Committees of Directors held : |
Chairman of Audit Committee
|
|
|
|
|
Name : |
Mr.
Ninad D. Gupte |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Nimish U. Patel |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr. S. K. Solanki |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
988411 |
16.83 |
|
|
1239763 |
21.11 |
|
|
2228174 |
37.95 |
|
|
|
|
|
|
11710 |
0.20 |
|
|
11710 |
0.20 |
|
|
11710 |
0.20 |
|
Total
shareholding of Promoter and Promoter Group (A) |
2239884 |
38.14 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2900 |
0.05 |
|
|
2969 |
0.05 |
|
|
319832 |
5.45 |
|
|
420 |
0.01 |
|
|
275661 |
4.69 |
|
|
601782 |
10.25 |
|
|
|
|
|
|
908851 |
15.48 |
|
|
|
|
|
|
1481537 |
25.23 |
|
|
693986 |
10.90 |
|
|
3030374 |
51.61 |
|
Total Public
shareholding (B) |
3632156 |
61.86 |
|
Total (A)+(B) |
5872040 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total
(A)+(B)+(C) |
5872040 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& Friends
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Sulphoxylate, Chlorinated Compounds, Rubber Chemicals and Related Chemicals,
So3/Oleum, Oil Field and Related Chemicals and Other Zinc Base Chemicals. |
|
|
|
|
Products : |
Item Code No.
(ITC Code) : 283110.01 Product
Description : Sodium Hydro Sulphite Item Code No.
(ITC Code) : 283190.02 Product
Description : Sodium Formaldehyde Sulphoxylate Item Code No.
(ITC Code) : 281210.04 Product
Description : Thionyl Chloride |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Chlorinated Compounds |
MT |
|
52620 |
29140 |
|
SO3/Oleum |
MT |
|
45000 |
32112 |
Notes :
1. In terms of notification no. 477 (E) dated July 25, 1991 issued by the
Ministry of Industry, departmental of Industrial Development, the company
products have been exempted from industrial licensing accordingly, disclosure
requirements concerning licensed capacity are not applicable
2. *The Installed capacity is as certified by the management as this being a
technical matter.
3. **Production includes quantities for captive consumptions
*Chlorinated
Compounds 5025 MT
*S03/Oleum 8886MT
4. Production of Chlorinated Compounds excluded 35 Mt (Previous Year : 12
MT) produced by the company on behalf of third parties.
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
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Bankers : |
v State Bank of v Axis Bank Limited v Bank of |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Contractor, Nayak and KisnadwalaChartered Accountants |
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Address : |
Vadodara, India |
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Associates: |
Ř
Excel
Industries Limited Ř
Excel
Crop Care Limited Ř
TML
Industries Limited Ř
Shroff
Engineering Limited Ř
Anshul
Specialty Molecules Limited Ř
Agrocel
Industries Limited Ř
Anshul
Agencies Ř
Shroff
Foundation Trust Ř
Ř
Transchem
Agritech Limited Ř
C.C.Shroff
Research Institute |
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Subsidiary
Company: |
Ř
Sam Finechem Limited Ř
Transpek Industry (Europe) Limited Address: 2nd Floor, Telefax No: +44 207 9287771 Mobile No.: +44 751 9108151 |
CAPITAL STRUCTURE
As on : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
|
|
|
Total
|
Rs.125.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5872040 |
Equity Shares |
Rs.10/- each |
Rs.58.720 Millions |
|
|
|
|
|
NOTE :
· Of the above 3686632 equity shares have been allotted as fully paid-up by way of bonus shares by capitalization of General Reserves
· 250000 equity shares have been allotted as fully paid-up pursuant to a scheme of amalgamation without payments being received in cash.
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 |
58.720 |
58.720 |
55.930 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.731 |
|
|
3] Reserves & Surplus |
580.251 |
479.720 |
436.034 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
638.971 |
538.440 |
493.695 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
462.332 |
270.350 |
340.996 |
|
|
2] Unsecured Loans |
215.920 |
252.620 |
137.448 |
|
|
TOTAL BORROWING |
678.252 |
522.970 |
478.444 |
|
|
DEFERRED TAX LIABILITIES |
106.064 |
91.420 |
92.501 |
|
|
DEFERRED PAYMENT LIABILITIES |
0.000 |
0.000 |
4.961 |
|
|
|
|
|
|
|
|
TOTAL |
1423.287 |
1152.830 |
1069.601 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
885.361 |
700.310 |
684.664 |
|
|
Capital work-in-progress |
51.885 |
26.470 |
37.617 |
|
|
|
|
|
|
|
|
INVESTMENT |
137.510 |
43.930 |
43.925 |
|
|
FIXED ASSETS HELD FOR DISPOSAL |
0.000 |
0.000 |
18.303 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
277.922
|
148.780
|
147.533
|
|
|
Sundry Debtors |
317.343
|
360.190
|
275.773
|
|
|
Cash & Bank Balances |
21.008
|
13.280
|
11.392
|
|
|
Other Current Assets |
2.430
|
1.560
|
1.494
|
|
|
Loans & Advances |
146.601
|
98.230
|
105.317
|
|
Total
Current Assets |
765.304
|
622.040
|
541.509
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
267.046 |
176.508 |
175.439 |
|
|
Current Liabilities |
97.007
|
24.002
|
50.825
|
|
|
Provisions |
52.720
|
39.410
|
30.153
|
|
Total
Current Liabilities |
416.773
|
239.920
|
256.417
|
|
|
Net Current Assets |
348.531
|
382.120
|
285.092
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1423.287 |
1152.830 |
1069.601 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1823.025 |
1134.070 |
1666.100 |
|
|
|
Other Income |
35.222 |
24.490 |
20.090 |
|
|
|
TOTAL (A) |
1858.247 |
1158.560 |
1686.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
102.771 |
21.108 |
6.662 |
|
|
|
Raw Material Consumed |
751.803 |
360.081 |
744.476 |
|
|
|
Personnel Expenses |
198.326 |
139.805 |
133.405 |
|
|
|
Operating and Other expenses |
564.958 |
436.527 |
574.759 |
|
|
|
Decrease in Inventory |
(73.173) |
18.652 |
(16.601) |
|
|
|
Other Prior period Items |
0.077 |
0.000 |
0.218 |
|
|
|
Exceptional Items |
0.000 |
8.505 |
0.000 |
|
|
|
TOTAL (B) |
1544.762 |
984.678 |
1442.919 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
313.485 |
173.882 |
243.271 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
74.430 |
52.738 |
63.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
239.055 |
121.144 |
180.140 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
68.142 |
60.491 |
55.798 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
170.913 |
60.653 |
124.342 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.269 |
18.001 |
45.349 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
127.644 |
42.652 |
78.993 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1016.886 |
625.582 |
1048.710 |
|
|
TOTAL EARNINGS |
1016.886 |
625.582 |
1048.710 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
224.305 |
52.966 |
65.626 |
|
|
|
Capital Goods |
6.038 |
1.791 |
33.036 |
|
|
TOTAL IMPORTS |
230.343 |
54.757 |
98.662 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
21.77 |
7.74 |
14.81 |
|
|
|
- Diluted |
NA |
NA |
14.07 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
409.200 |
365.200 |
|
Total Expenditure |
389.200 |
373.300 |
|
PBIDT (Excl OI) |
20.000 |
(8.100) |
|
Other Income |
0.400 |
2.700 |
|
Operating Profit |
20.400 |
(5.400) |
|
Interest |
24.400 |
25.400 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
(4.000) |
(30.800) |
|
Depreciation |
19.000 |
18.700 |
|
Profit Before Tax |
(23.000) |
(49.500) |
|
Tax |
(6.500) |
(9.500) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(16.500) |
(40.000) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(16.500) |
(40.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.86 |
3.92
|
4.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.37 |
5.35
|
7.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.35 |
4.59
|
10.14
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.11
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71 |
1.42
|
1.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83 |
2.59
|
2.11
|
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Established in 1965, subject went public in Sep.'78. It started with the
manufacture of acrylic plastic sheets at its plant at Atladra (Vadodra
district),
REVIEW OF OPERATIONS
The net sales of the Company for the year is Rs. 1823.000
millions as compared to Rs.1134.100 millions in the previous year,
rise of about 61%. During the year Profit After Tax is Rs.127.800 millions
vis-a-vis Rs.45.500 millions in the previous year. During the year, Exports
registered Rs. 1043.400
millions (Previous year: Rs. 636.600 millions) arise of 64%, while
domestic sales registered a growth of 57% in comparison to previous year.
During the year, the Company focused on the following developmental
activities: Reduction in the quantity of effluents to be treated at source
through R and D resulting in substantial savings.
The increasing costs of energy inputs prompted the Company to purchase a
coal-fired boiler which would generate steam and power. The unit is likely to
be operational in the financial year 2011 -12.
SUBSIDIARY
COMPANIES
(I) TRANSPEK
INDUSTRY (EUROPE) LIMITED
During the year, the wholly owned subsidiary of the Company – Transpek
Industry (Europe) Limited - whose incorporation under the laws of the United
Kingdom was reported in their previous Report, has facilitated registration of
three (3) products of Excel Industries Limited under REACH.
(II) SAM FINE CHEM
LIMITED
The Company with an intention to diversify its activity in Parma based
products, had identified for acquisition a small Parma company viz. Sam Fine
chem Limited (SFL), having its registered office at Mumbai and works at Rajkot,
engaged in manufacturing of various drug intermediates and has acquired 50%
holding in SFL.
In accordance with the relevant provisions of the current Articles of
Association of SFL, the Chairman of SFL is a nominee of the Company and has a
casting vote. As the erstwhile promoters of SFL and the Company hold 50% each
of the paid up equity share capital of SFL, in any appointment of Directors in
general meetings, the casting vote of the Chairman if exercised will determine
the outcome and hence the Company is deemed to control the composition of the
Board of Directors of SFL. Accordingly, by virtue of the provisions of section
4 (1) (a) of the Companies Act, 1956 SFL is a deemed subsidiary company.
Further, pursuant to section 212 of the Companies Act, 1956, there shall
be attached to the Balance Sheet of the holding company having a subsidiary at
the end of the financial year as at which the holding company's balance sheet
is made out the audited financial statements and Reports of the Directors and
Auditors of the subsidiary.
Pursuant to a resolution passed by the Board of Directors of the Company
in terms of the General Circular No.2/2011 -File No.51/12/2007-CL-MI dated 8th
February, 2011 issued by the Ministry of Corporate Affairs, Government of
India, the audited financial statements and the Reports of the Boards of
Directors and Auditors of the Company’s subsidiaries are not attached to this
Annual Report. These documents shall be made available to the members of the
Company seeking such documents.
OUTLOOK
They expect favorable conditions in the domestic as well as
international markets.
The end-use markets for the Company's products are growing and they
expect reasonable growth in the coming period. With the Company's focus on
working closely with customers, they expect to add more products in the
portfolio which will contribute to the growth of the business.
DIRECTORS
Shri A. C. Shroff, Shri M. D. Patel and Shri A. H. Patel, Directors of the
Company will retire by rotation at the ensuing Annual General Meeting and,
being eligible, offer themselves for re-appointment. The Directors commend
their reappointment.
The term of Shri Atul G. Shroff, as Managing Director of the Company
will be expiring on 30.11.2011. The Board of Directors of the Company, has at
its meeting held on09.04.2011, proposed for the approval of shareholders and
that of the Central Government, the re-appointment of Shri Atul G. Shroff, as
Managing Director of the Company for further period of five years on the terms
and conditions and remuneration as recommended by the Remuneration Committee at
its meeting held on the same day. The terms and conditions of the appointment,
including payment of remuneration are given in the Explanatory Statement
appended to the Notice to the Members.
Shri Bimal V. Mehta was appointed as an Executive Director of the
Company for a period of three years with effect from 9th April, 2010 on the
terms and conditions approved by the members by means of the Special Resolution
passed at the Annual General Meeting held on 13th August, 2010 and incorporated
in the agreement dated 14th August, 2010 between Shri Bimal V. Mehta and the
Company. At present, the salary of Shri Bimal V. Mehta isRs.1,60,000 per month.
Pursuant to the recommendations of the Remuneration Committee of
Directors, the Board of Directors of the Company, at its meeting held on 27th
May, 2011, increased the remuneration by way of additional amount of perquisite
under the head "Other Miscellaneous Perquisite" of Rs.2,64,000/- p.a.
payable to Shri Bimal V. Mehta with effect from 9th April, 2011 for the
remainder of his tenure as set out in the draft deed of variation to be entered
into between the Company and Shri Bimal V. Mehta, subject to the necessary
approval of the shareholders of the Company and accordingly commends the
Special Resolution for the approval of members.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company's products are used by various industries such as
Agrochemicals, Pharmaceuticals, Polymers and Dyestuffs for either making
further intermediates or final products.
Polymers
The Company is associated with makers of polymers for various uses. It
is expected that there will be double digit growth for end products made of polymers
in the coming year. Looking to the future market trend many new capacities are
being generated around the world. During the year, the Company has been able to
get its products registered with them after undergoing long evaluation process.
In order to cater to expanded market needs, new capacity has been added
coupled with further strengthening of logistic services.
The Indian economy also experienced notable surge in growth but its
favorable impact got blunted by unprecedented inflation. The Company was also
not immune to this and we had to face the situation by lowering our
profitability to remain competitive in the international market.
On the export front the Company has been able to retain its customers.
During the year2010-11, we have registered a healthy growth. However, their
profitability was affected in the last quarter of 2010-11 due to strengthening
of the Indian Rupee against major currencies of the world.
Realizing the importance of the domestic market which had withstood the
global meLimitedown, we are in the process of developing new molecules to be
introduced soon in the market.
PHARMA PRODUCTS
The Indian Parma industry has been abuzz with developmental activities
due to its inherent strength resulting in proposals coming from multinational
companies for either contract research or toll manufacturing.
With about 15 -20 Active Pharmaceuticals Ingredients (APIs) worth more
than USD 50billion sales getting off patent in the coming 2-3 years' time, big
opportunity is opening up for Indian companies to embark into introduction of
new molecules in the form of intermediates and APIs.
The Company is studying these products closely for developing their raw
materials. Ina few cases we have collaborative work also going on with some
large Parma companies in India to ensure that products are developed to match
the technical requirement.
During the year, the Company has been able to get approval from a number
of renowned pharma companies as registered source and we expect that efforts
put in now will bear fruit in the coming years when targeted APIs are off
patented. Some of the production activities will be undertaken in Sam Finechem
Limited, a Parma intermediates company in which the Company holds 50% equity
and has management control.
AGROCHEMICALS
During the financial year 2010-2011, the Company has been able to
increase its sales revenue in the Agrochemicals sector. By and large, the
agrochemical season was good due to normal monsoon in India resulting in good
demand for Company's products.
The Company has developed products for production of fungicides and
herbicides and has been able to position them successfully during the year. It
is expected that sales of both the products will go up in the coming year.
They shall remain associated with agriculture sector by supplying vital
raw materials for producing plant protection chemicals and our endeavor will be
to develop a few more products for this vital and essential sector.
The Indian pesticides market is, however undergoing rapid changes and it
appears that some of the end products will be phased out from the market which
will have some adverse impact on sales of one of our main products.
The Company is watching the situation and is working on mitigating
steps.
OUTLOOK :
Their aim is to achieve balanced market spread for both domestic sales
and exports and for that internal planning has been done.
It will not be out of place to mention that we foresee reasonable growth
in the coming year for the products made by the Company.
No Company can survive if it is not putting sincere efforts to bring
innovation in work and conserving natural resources. The Company is also
actively working on all possible areas to either bring down cost or improve
efficiency, be it in the form of Energy Conservation or reducing wastage.
Environment, health and safety are the prime focus areas and the Company
will not leave any stone unturned to ensure that not only we stick to norms but
surpass them wherever possible.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The net sales of the Company for the year is Rs. 1823.000
millions as against Rs. 1134.100 millions in the previous year. In the year
sales has increased by 61% in comparison to previous year. During the year
Profit After Tax is Rs. 12.78
corrosives-a-vis profit of Rs.455.500 millions in the previous year.
FIXED ASSETS:
Ř Land
Ř Building
Ř Pumps and Water
Pipe lines
Ř Plant and Machinery
Ř Electrical
Installations
Ř Research and
development equipments
Ř Furniture and
Fixtures
Ř Technical Books
Ř Vehicles
WEBSITE DETAILS
BUSINESS
DESCRIPTION
Transpek Industry Limited (TIL) is an India-based chemical
company. The Company is engaged in manufacturing and exporting of a range of
chemicals. It serves the requirement of customers from a range of industries,
such as textiles, pharmaceuticals, agrochemicals and polymers. The Company
products are classified as inorganic products, organic products and new
products. The Company inorganic products include thionyl chloride, sulphur
dichloride, sulphur monochloride, oleum 65%, sulphur trioxide, sulphuric acid
98% and chloro sulphuric acid. Its organic products include chloro butyryl
chloride, valeroyl chloride and chloro acetyl chloride. Its new products
include ethoxybenzoyl chloride, isononanoyl chloride, decanoyl chloride and neo
decanoyl chloride. It offers its products a range of packages starting from 25
kilogram customized packing to packing in International Organization for
Standardization (ISO) containers. Transpek Industry (Europe) Limited is the
subsidiary of the Company. For the Fiscal year ended 31 March 2010, Transpek
Industry Limited revenues decreased 31% to RS1.6B. Net income decreased 17% to
RS147.9M Total revenue reflects a decrease in net sales of the company. Net
income was partially offset by decrease of raw materials consumed, lower operating
and other expenses, decrease of financial expenses, lower provision for
taxation and other deferred tax and fringe benefit tax.
ASHWIN C. SHROFF - NON-EXECUTIVE CHAIRMAN OF THE BOARD –
CHAIRMAN
Shri. Ashwin C. Shroff is Non-Executive Chairman of the
Board of Transpek Industry Limited He is the Chairman and Managing Director of
Excel industries Limited He is a Science graduate and started his career in
1965 as a young trainee and has grown to spearhead Excel Industries Limited
Along these crucial years of growth, both Excel Industries Limited and Mr.
Shroff have emerged stronger, revolutionizing the Industrial chemicals, Agro
chemicals and Environment related businesses. He was the President of Indian
Chemical Manufacturers Association during 1996-1998. He is connected with NGOs
like The vivekaiidiid Research and Training Institute (VRTI). He has been
spokesperson of chemical industry and has represented various issues of the
industry to the Government of India. He is the Chairman of FICCI Environment Committee.
The Other Public Companies in which - Excel Industries Limited (Chairman and
Managing Director), Excel Crop Care Limited (Chairman), Kamaljyot Investments
Limited, ECCL Investments and Finance Limited, Transpek-Silox Industry Limited
(Chairman), Phthalo Colours and Chemicals (I) Limited, Waxsam Limited, Hong
Kong., Anuh Pharma Limited, Centre for Bharatiya Management Development, Indian
Centre for Climate and Societal Impacts Research, Development and Eco- Friendly
Enterprises, Federation of Kutch Industries Association, Excel Crop Care
Limited
BERND DILL - NON-EXECUTIVE INDEPENDENT DIRECTOR -
DIRECTOR/BOARD MEMBER
Dr. Bernd Dill is Non-Executive Independent Director of
Transpek Industry Limited Dr. Dill has completed his school and university education
with emphasis on mathematics and natural sciences, Doctoral Thesis in Chemistry
"Summa Cum Laude" at Frankfurt University. Subsequently, he spent 28
years with CIBA GEIGY in various international senior assignments. Recently, he
has left his latest position as Executive Vice President Technology of LURGI AG
in Frankfurt and started his own company, Dr. Bernd Dill Consulting, based in
Germany and Switzerland. He has a solid technical background, experience in
managing people from culturally different environments and identification and
recognition of talented and people, business and customer orientation,
negotiating skills and experience, coupled with initiative, drive and result
orientation. He holds membership of several professional organizations, some of
which are National Technology and Environment Council of the German Chemical
Industry Association, British Chemical Industry Association, American Chemical
Society, Optical Society of America etc. He is also a member of the publishers'
Board for Roempp's Chemical encyclopedia.
NINAD DWARKANATH GUPTE - NON-EXECUTIVE INDEPENDENT DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Ninad Dwarkanath Gupte is Non-Executive Independent
Director of Transpek Industry Limited He has a B.Sc degree from Bombay University,
MBA (XLRI-Jamshedpur), and Diploma in Tax Management (Bajaj Institute of
Management-Bombay University). He has 34 years of experience with the industry
in the field of chemicals, petrochemicals and agrochemicals. He has worked with
Indian as well as multinational companies at various senior level positions.
Until recently, Shri Gupte was working as Managing Director of Cheminova India
Limited- a Danish Multinational, having an annual turnover of Rs.275 crores.
Shri Gupte has also held positions in the past as Director, Jalabindu Agritech
Private Limited and Director, Herdillia Oxides Limited Shri Gupte has been
actively involved in various industry associations in senior positions, to
promote the cause of various industries in which he has operated. He is
currently Vice-Chairman of Crop Care Federation of India
BIMAL V. MEHTA -WHOLE TIME DIRECTOR - DIRECTOR/BOARD
MEMBER
Shri. Bimal V. Mehta is Whole Time Director of Transpek
Industry Limited He is a qualified Chartered Accountant by profession. He has worked
in senior level positions in several Indian and multi-national companies. His
last appointment was as Managing Director of Nibbana Limited, Mauritius, a
joint venture between TML Industries Limited, Vadodara and State Investment
Corporation of the Govt. of Mauritius. He has several achievements, some of
which are: Started many plants of Lear Corporation (U.S. Fortune 500
multinational) in India and established firmly the business of Lear in India,
managed the first international interiors programme for Mahindra Scorpio SUV
and effective consulting in business strategy, financial planning and
restructuring and technology initiatives for many small, medium and
organisations. He is B. Com. (1984 from Saurashtra University), Chartered
Accountant (1987).
MUKESH D. PATEL - NON-EXECUTIVE INDEPENDENT DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Mukesh D. Patels is Non-Executive Independent Director
of Transpek Industry Limited He holds B.Sc (Chemical) and B.S. (Chem. Eng.). He
is the Chairman and Managing Director of Transpek Finance Limited He was also
associated with various industry associations such as Indian Chemical
Manufacturers' Association, CHEMEXCIL and Indian Association of Materials
Management. He has undergone training in all areas of business in management
institutions like IIMA, ASCI, etc. He is also on the Board of several other
companies Limited Other Public Companies in which are - Transpek Finance
Limited -Chairman and Managing Director, Infinity Consultants Limited, Banco
Product (India) Limited, Punjab Chemicals and Crop Protection Limited,
Universal Esters Limited, Gujarat Automotive Gears Limited, Shilchar
Electronics Limited, Shilchar Electronics Limited - Member, Punjab Chemicals
and Crop Protection Limited - Chairman and Member, Transpek Finance Limited -
Member, Banco Product (India) Limited - Member, Punjab Chemicals and Crop
Protection Limited
ATUL H. PATEL - NON-EXECUTIVE INDEPENDENT DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Atul H. Patel is Non-Executive Independent Director of
Transpek Industry Limited He holds B.E. (Textiles), he joined the industry
after obtaining a graduate degree in Textile Engineering from VJTI, Mumbai and
gained hands-on experience in operations in chemical manufacture, materials,
project management and personnel and human resource development functions.
Besides being the Chairman and Managing Director of Tarak Chemicals Limited, a
company engaged in the manufacture of oil field and other specialty chemicals,
he is on the Boards of many other companies. He is associated with industrial
bodies such as Federation of Gujarat Industries of which he was the President
in 1991 and 1992, Vadodara Industrial Employers' Union of which he was the
President during 1993-95, charitable organizations such as United Way of
Vadodara, Baroda Citizens Council, and educational institutions such as Gyana
Yagna Vidya Mandir and Nar Seva Samaj. Other Public Companies in which are -
Tarak Chemicals Limited (Chairman and Managing Director), Infinity Consultants
Limited Enviro Infrastructure Company Limited, Indo Nippon Chemicals Company
Limited Gujarat Automotive Gears Limited, Protel Chemicals Private Limited,
Sheffield Investments Private Limited, 20 Microns Limited
NIMISH U. PATEL - NON-EXECUTIVE INDEPENDENT DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Nimish U. Patel is Non-Executive Independent Director
of Transpek Industry Limited He has 14 years of experience with the industry in
the field of Electro Plating, Textile and Pharma Industries. He is a Managing Director
of Shri Dinesh Mills Limited and he is also the Managing Director of Dinesh
Remedies Limited, a subsidiary of Shri Dinesh Mills Limited, since 2005. He is
also holding the position of Director of Ultramarine & Pigments Limited
Shri Nimish Patel is also holding membership in Vadodara Employers Union,
Vadodara and Gaekwad Baroda Golf Club, Vadodara. He is also the Managing
Trustee of Shri Maganbhai B. Patel's Charity Trust and Trustee of Shri Dinesh
Foundation. He is B.B.A. from City University of New York Staten Island, New
York, U.S.A., M.B.A. (Finance) from Wagner College, Staten Island, New York,
U.S.A
DIPESH K. SHROFF - NON-EXECUTIVE DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Dipesh K. Shroff is Non-Executive Director of Transpek
Industry Limited He holds Diploma in Civil Engineering, M.E.P. from IIM,
Ahmedabad and OPM from Harvard Business School, Boston, he is presently the
Managing Director of Excel Crop Care Limited, a listed Company. He is also
trustee of Vivekananda Research and Training Institute, Kutch, Founder Director
of International Resources for Fairer Trade, Mumbai, and Trustee and Adviser of
"Shrujan".
ATUL GOVINDJI SHROFF - MANAGING DIRECTOR, DIRECTOR -
DIRECTOR/BOARD MEMBER
Shri. Atul Govindji Shroff is Managing Director, Director of
Transpek Industry Limited He has been the Managing Director of the Company
since 1981, has grown through the ranks of the Company, since its inception in
1965. A people's man, he is known to be found moving on the shop-floor, and
having a direct rapport with most of its workforce which constitutes the
Transpek family. His vision envisages the setting up of a global network. His
keen sense of understanding the chemical processes has resulted in the
development of several innovative and appropriate improvements in the Company's
plants. He is committed to develop Transpek into a world class company, where
each employee is a proud partner. He strives to harness the most innovative and
appropriate technologies for manufacturing chemicals having complex chemistry
with due concern to the environment and safety of all employees and the
neighbourhoods. During his tenure the Company has made all round progress
emerging as a forward - looking organization with zeal to become a world-class
organization. After hiving off the Sulphoxylates Business to a Joint Venture
Company, Transpek-Silox Industry Limited, he has steered the Company out of the
difficulties into a self-sustaining organization of international standard by
providing entrepreneurial inputs and adding products that have new applications
and by arranging backward and forward integration synergy - thus improving
in-house generation of important raw-materials and increasing in-house
consumption of existing products.
ATUL GOVINDJI SHROFF - MANAGING DIRECTOR, DIRECTOR –
MANAGING DIRECTOR
Shri. Atul Govindji Shroff is Managing Director, Director of
Transpek Industry Limited He has been the Managing Director of the Company
since 1981, has grown through the ranks of the Company, since its inception in
1965. A people's man, he is known to be found moving on the shop-floor, and
having a direct rapport with most of its workforce which constitutes the
Transpek family. His vision envisages the setting up of a global network. His
keen sense of understanding the chemical processes has resulted in the
development of several innovative and appropriate improvements in the Company's
plants. He is committed to develop Transpek into a world class company, where
each employee is a proud partner. He strives to harness the most innovative and
appropriate technologies for manufacturing chemicals having complex chemistry
with due concern to the environment and safety of all employees and the
neighbourhoods. During his tenure the Company has made all round progress
emerging as a forward - looking organization with zeal to become a world-class
organization. After hiving off the Sulphoxylates Business to a Joint Venture
Company, Transpek-Silox Industry Limited, he has steered the Company out of the
difficulties into a self-sustaining organization of international standard by
providing entrepreneurial inputs and adding products that have new applications
and by arranging backward and forward integration synergy - thus improving
in-house generation of important raw-materials and increasing in-house
consumption of existing products.
PRESS
RELEASE
TRANSPEK
INDUSTRY'S VADODARA FACTORY RESTORES POWER SUPPLY
06 December 2011
India, Dec. 06 -- Transpek Industry's factory situated at
Ekalbara village, Vadodara district, electric power supply has been restored on
December 05, 2011, pursuant to the order of Gujarat Pollution Control Board
(GPCB). Earlier, the Vadodara factory was facing disruption in power supply.
The electric power supply had been disconnected on November 29, 2011 pursuant
to the order of GPCB.Transpek Industry has expertise in handling chlorine and
sulphur, the company has indigenously developed a process for chlorinated
chemicals like Thionyl Chloride and Chloro Acetyl Chloride. The company is
pioneer into Thionyl Chloride Chemistry and currently largest producer of
Thionyl Chloride and Acid Chlorides in Asia, outside Europe. Published by HT
Syndication with permission from Accord Fintech.
TRANSPEK
INDUSTRY VADODARA FACTORY FACES DISRUPTION IN POWER SUPPLY
29 November 2011
India, Nov. 29 -- Transpek Industry factory situated at
Ekalbara village, Vadodara district is facing disruption in power supply. The
electric power supply has been disconnected on November 29, 2011 pursuant to
the order of Gujarat Pollution Control Board.Further, the company is applying
for restoration and is confident of getting restoration shortly. However, no
adverse impact on the business is expected by the company.Transpek Industry has
expertise in handling chlorine and sulphur, the company has indigenously
developed a process for chlorinated chemicals like Thionyl Chloride and Chloro
Acetyl Chloride. The company is pioneer into Thionyl Chloride Chemistry and
currently largest producer of Thionyl Chloride and Acid Chlorides in Asia,
outside Europe. Published by HT Syndication with permission from Accord
Fintech.
HISTORY
Established in 1965, Transpek Industry (SUBJECT) went public
in Sep.'78. It started with the manufacture of acrylic plastic sheets at its
plant at Atladra (Vadodra district),
PROFILE
Subject was set up in 1965 initially for manufacturing
Transparent Acrylic Sheets. There lies the origin of the word Transpek.
Since then the Company has grown to become one of the leading manufacturers and
exporters of a range of chemicals servicing the requirements of customers from
a diverse range of industries - Textiles, Pharmaceuticals, Agrochemicals,
Polymers, etc. Since inception, Transpek has evolved as a First Time
Manufacturer of several products in
Over a decade of presence in the international market,
Transpek has earned for itself a name for being a quality supplier. With its
expertise in handling Chlorine and
Transpek used to manufacture Sodium Hydrosulfite, Safolite, Safoline, Zinc Oxide and Zinc Dust. This business has been transferred to Transpek Silox Industry Limited, a Joint Venture.
Total customer satisfaction has been the motto which goes beyond just making a sale. The customers are educated in the correct and efficient usage of the product. They offer a range in packaging, starting from 25 kg customized packing to bulk packing in ISO containers.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 52.22 |
|
|
1 |
Rs. 80.83 |
|
Euro |
1 |
Rs. 66.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.