1. Summary Information
|
|
|
Country |
|
|
Company Name |
BORAX MORARJI LIMITED |
Principal Name 1 |
L. N. Goculdas |
|
Status |
Satisfactory |
Principal Name 2 |
B. L. Goculdas |
|
|
|
Registration # |
012706 |
|
Street Address |
Prospect Chambers 317-21, |
||
|
Established Date |
27.08.1963 |
SIC Code |
-- |
|
Telephone# |
91-22-2061393/ 4 |
Business Style 1 |
Manufacture |
|
Fax # |
91-22-2061396 |
Business Style 2 |
Distribution |
|
Homepage |
Product Name 1 |
Borax and Boric Acid |
|
|
# of employees |
328 (Approximately) |
Product Name 2 |
Kiln-Dried |
|
Paid up capital |
Rs.45,196,980/- |
Product Name 3 |
Chemically Treated Rubber Wood |
|
Shareholders |
Shareholding of
Promoter and Promoter – 63.67%, Public shareholding – 36.03% |
Banking |
Dena Bank |
|
Public Limited Corp. |
Yes |
Business Period |
49 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (46) |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
Subsidiaries |
|
Borax Morarji ( |
-- |
|
Note |
- |
||
2. Summary Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
137,721,000 |
Current Liabilities |
184,456,000 |
|
Inventories |
298,994,000 |
Long-term Liabilities |
274,034,000 |
|
Fixed Assets |
202,160,000 |
Other Liabilities |
37,316,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
495,806,000 |
|
Invest& other Assets |
27,584,000 |
Retained Earnings |
125,456,000 |
|
|
|
Net Worth |
170,653,000 |
|
Total Assets |
666,459,000 |
Total Liab. & Equity |
666,459,000 |
|
Total
Assets (Previous Year) |
645,550,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
729,283,000 |
Net Profit |
1,3719,000 |
|
Sales(Previous yr) |
687,929,000 |
Net Profit(Prev.yr) |
25,933,000 |
MIRA
INFORM REPORT
|
Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BORAX MORARJI LIMITED |
|
|
|
|
Registered
Office : |
Prospect Chambers 317-21, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
27.08.1963 |
|
|
|
|
Com. Reg. No.: |
11-012706 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.45.197 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1963PLC012706 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11836G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB0507E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacture and Distribution of Borax and Boric Acid and Production of
Kiln-Dried and Chemically Treated Rubber Wood. |
|
|
|
|
No. of Employees
: |
328 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 683000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 : |
Prospect Chambers 317-21, |
|
Tel. No.: |
91-22-2061393/ 4 |
|
Fax No.: |
91-22-2061396 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Chemical
Division |
|
Tel. No.: |
91-251-2682271/ 2682272/ 2682401/ 91-22-682182 |
|
Fax No.: |
91-22-2682943 |
|
|
|
|
Factory 2: |
Timber Division |
|
|
|
|
Factory 3: |
Wind Mill Farm Thoseghar/ Maloshi/ Vankusawade, District Satara, |
|
|
|
|
Factory 4: |
Wind Mill Farm Nani Sindhodi, Kutch, |
DIRECTORS
As on 31.03.2011
|
Name : |
L. N. Goculdas |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
B. L. Goculdas |
|
Designation : |
Director |
|
|
|
|
Name : |
Mitika L. Goculdas |
|
Designation : |
Director |
|
|
|
|
Name : |
D. S. Parekh (Alternate To Mitika L.
Goculdas) |
|
Designation : |
Director |
|
|
|
|
Name : |
S. K. Diwanji |
|
Designation : |
Director |
|
|
|
|
Name : |
R. Sanghi |
|
Designation : |
Director |
|
|
|
|
Name : |
S. V. Joshi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
H. T. Kapadia |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Dilip S. Nagle |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
652992 |
14.45 |
|
Bodies Corporate |
1952885 |
43.21 |
|
Sub Total |
2605877 |
57.66 |
|
(2) Foreign |
|
|
|
Individual (Non residential individuals/ Foreign individual) |
285473 |
6.32 |
|
Total shareholding of
Promoter and Promoter Group (A) |
2891350 |
63.97 |
|
(B) Public
Shareholding |
|
|
|
1) Institutions |
|
|
|
Mutual Funds / UTI |
1210 |
0.03 |
|
Financial Institutions / Banks |
1267 |
0.03 |
|
Insurance Companies |
32216 |
0.71 |
|
Sub Total |
34693 |
0.77 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
126635 |
2.80 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 1 lakh |
1080190 |
23.90 |
|
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh |
297799 |
6.59 |
|
Any Others
(Specify) |
|
|
|
Clearing Members |
8137 |
0.18 |
|
Non Resident Indians |
40565 |
0.90 |
|
Hindu Undivided Families |
6525 |
0.14 |
|
Trusts |
33804 |
0.75 |
|
Sub Total |
1593655 |
35.26 |
|
Total Public shareholding
(B) |
1628348 |
36.03 |
|
Total (A)+(B) |
4519698 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
(1) Promoter and Promoter Group |
-- |
-- |
|
(2) Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
4519698 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Distribution of Borax and Boric Acid and Production of
Kiln-Dried and Chemically Treated Rubber Wood. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
@Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Boron Based Products |
MT |
28600 |
28600 |
17862 |
Note:
The Company's Products are exempted from Licensing requirement vide Notification No. 477 (E) of 27-7 1991under Industrial Policy. Capacity includes licensed and registered capacity wherever required. Production includes captive consumption wherever applicable; difference in quantities represents Inter Unit transfer for Captive Consumption/Samples etc.
@ As certified by Works Manager and being a technical matter
accepted by Auditors as correct
GENERAL INFORMATION
|
No. of Employees : |
328 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. S. Aiyar and Company Chartered Accountant |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
|
|
|
Subsidiary Company
: |
|
|
|
|
|
Companies where
Control Exists : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
3000000 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
TOTAL |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4619698 |
Equity Shares (of these 12,99,990 Equity Shares of ` 10
each were allotted as fully paid up by way of Bonus Share by Capitalization
of Reserves) |
Rs.10/- each |
Rs.45.197
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.197 |
45.197 |
45.197 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
125.456 |
119.663 |
107.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
170.653 |
164.860 |
152.297 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
90.232 |
86.710 |
101.757 |
|
|
2] Unsecured Loans |
183.802 |
173.730 |
129.056 |
|
|
TOTAL BORROWING |
274.034 |
260.440 |
230.813 |
|
|
DEFERRED TAX LIABILITIES |
24.005 |
26.870 |
26.032 |
|
|
|
|
|
|
|
|
TOTAL |
468.692 |
452.170 |
409.142 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
202.160 |
195.664 |
218.255 |
|
|
Capital work-in-progress |
23.364 |
15.888 |
4.233 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.220 |
4.220 |
4.846 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
298.994
|
269.645 |
251.857 |
|
|
Sundry Debtors |
59.086
|
87.086 |
79.998 |
|
|
Cash & Bank Balances |
13.767
|
20.199 |
15.973 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
64.868
|
52.848 |
40.041 |
|
Total
Current Assets |
436.715
|
429.778 |
387.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
116.832
|
131.490 |
153.625 |
|
|
Other Current Liabilities |
67.624
|
46.376 |
1.896 |
|
|
Provisions |
13.311
|
15.514 |
50.540 |
|
Total
Current Liabilities |
197.767
|
193.380 |
206.061 |
|
|
Net Current Assets |
238.948
|
236.398 |
181.808 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
468.692 |
452.170 |
409.141 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover (excluding Excise Duty) |
729.283 |
687.929 |
732.062 |
|
|
|
Income from Wind Farm |
10.757 |
9.816 |
11.731 |
|
|
|
Other Income |
0.670 |
14.938 |
0.964 |
|
|
|
TOTAL (A) |
740.710 |
712.683 |
744.757 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Materials and Increase/Decrease in Stock |
501.410 |
474.103 |
426.006 |
|
|
|
Cost of Traded Goods Sold |
2.721 |
5.911 |
23.498 |
|
|
|
Other Expenditure |
176.449 |
152.212 |
201.549 |
|
|
|
TOTAL (B) |
680.580 |
632.226 |
651.053 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
60.130 |
80.457 |
93.704 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
19.298 |
21.002 |
16.776 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
40.832 |
59.455 |
76.928 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.079 |
21.025 |
20.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.753 |
38.430 |
56.329 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.034 |
12.497 |
17.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.719 |
25.933 |
38.878 |
|
|
|
|
|
|
|
|
|
|
Excess/Short Tax Provision
Earlier years Written Back/(written off) |
0.000 |
(0.142) |
0.350 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
33.035 |
23.420 |
7.699 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1.500 |
3.000 |
5.000 |
|
|
|
Proposed Dividend |
6.780 |
11.299 |
15.819 |
|
|
|
Corporate Dividend Tax |
1.100 |
1.877 |
2.688 |
|
|
BALANCE CARRIED
TO THE B/S |
37.374 |
33.035 |
23.420 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods FOB Basis |
30.390 |
31.962 |
45.781 |
|
|
TOTAL EARNINGS |
30.390 |
39.962 |
45.781 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
388.474 |
394.331 |
421.127 |
|
|
TOTAL IMPORTS |
388.474 |
394.331 |
815.458 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.04 |
5.74 |
8.60 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
|
Net Sales |
|
19444.900 |
18005.800 |
|
Total Expenditure |
|
16051.200 |
15346.400 |
|
PBIDT (Excl OI) |
|
3393.700 |
2659.400 |
|
Other Income |
|
8.200 |
1052.100 |
|
Operating Profit |
|
3401.900 |
3711.500 |
|
Interest |
|
1227.300 |
1241.400 |
|
Exceptional Items |
|
0.000 |
-109.100 |
|
PBDT |
|
2174.600 |
2361.000 |
|
Depreciation |
|
127.000 |
151.700 |
|
Profit Before Tax |
|
2047.600 |
2209.300 |
|
Tax |
|
670.500 |
729.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
1377.100 |
1479.900 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
1377.100 |
1479.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.85
|
3.64 |
5.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.85
|
5.59 |
7.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
6.14 |
9.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.23 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.76
|
2.75 |
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.21
|
2.22 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company operates in
two business segments chemical division and wind mill farm division. Subject is
engaged in manufacturing boron-based chemicals at Ambernath, near Mumbai. Its
products include borax dechydrate, borax pntahydrate, zinc borate, disodium
octoborate tetrahydrate, agribor, wudsav and calplus. A range of specialty
chemicals are also produced, with application as detergents additives,
micronutrient fertilizers, timber preservatives, flame retardants, and
catalysts. During the fiscal year ended March 31, 2010 (fiscal 2010), the
Company had production capacity of Borax 25,000 metric tons and Boric Acid
8,000 metric tons. As of March 31, 2010, it had two windmill farms consisting
of seven wind turbine generators, which has a total generation capacity of 1.75
megawatts. Subject plants are located at
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW OF
OPERATIONS
The Company recorded turnover of Rs.740.040 millions in comparison to the turnover of Rs.697.746 in the previous year. During the year, there was an unprecedented increase in the prices of imported raw materials, which has adversely impacted the performance of the Company. In addition, increased cost of power and fuel along with increased employee cost due to settlement of long pending union agreement, also affected performance.
During the year performance of Wind Mill Farm was also affected due to heavy rain fall in Maharasahtra and Gujarat which resulted in lower generation of power to 21,38,271 units as compare to 24,35,593 units during the previous year. However income from Wind Mill Farm has marginally increased to Rs.10.757 millions as against Rs.9.816 millions for the previous year due to increase in power tariff
The Gross Profit before Tax and Depreciation is reduced to Rs.40.833 millions from Rs.59.456 millions in the previous year. After providing Rs.7.035 millions for current and deferred taxes, The Company has earned profit of Rs.13.790 millions as against Rs.25.933 millions for previous year.
The Directors take this opportunity to assure that all efforts will be made by the management to sustain growth and margins while consolidating retained earnings.
INDUSTRY
STRUCTURE, DEVELOPMENT
Chemical Division
The Company enjoys the status of being one of the largest manufacturers of quality boron products. With its strong technical background, coupled with established marketing network and customer friendly approach, The Company continues to be a market leader.
The Company’s Quality management system has been certified by Bureau of Vertias Quality International (BVQI) for ISO 9001:2008 for manufacture of boron and specialty boron products.
It is gratifying to note that the growth trend particularly that of the speciality boron chemicals manufactured by the Company continues. The said growth has been broad based both in terms of product range and market territories.
In the context of the said emerging momentum and Company’s
growth plans, necessary capacity expansion is being undertaken by the Company
at Dahej in the State of
The Company’s R and D division continuously strives to devise
various measures to develop new specaility products and has successfully
developed a Potassium Tetraborate containing B 14% and K 25%. Since, this
product is highly water soluble, Company has taken extensive trials on the
Agricultural fields and have found this product as foliar feed to supplement
boron content in the soil. The Company has already started selling this product
for Citrus fruits and Orchids in the State of
Encouraged by the better yield consequent upon application of boron as a micronutrient in agriculture and to educate farmers by demonstrations regarding the benefits of use of Boron in agriculture, the Company has planted additional trees at Ratnagiri Farm. Company expects increase in sale of Boron for use in Agriculture.
Wind Mill Farm
The Company has set up Wind Farms, one in the State of
Units of electricity generated by the wind mill farm at
Satara are being used to meet part of the electricity requirement for chemical
division at Ambarnath in
OUTLOOK
The
Company enjoys the status of providing quality products at reasonable prices.
The quality of their products is the best available in the market and Company
expects improvement in the demand for the Company’s products including products
for Agriculture Sector.
CREDIT RATING
CRISIL
has assigned “BBB/Stable/P3+” rating to bank facilities of the Company. The
ratings reflect Company’s diversified product profile, improving operating
profitability in the boron chemical business and moderate financial risk
profile marked by average debt protection measures and adequate financial
flexibility, though constrained by a small size of net worth. These rating
strengths are partially offset by the commoditized nature of the product with
stiff competition from imports.
DAHEJ PROJECT
As the Shareholders are aware, Their Company has acquired
land admeasuring 90,103 sq.m. at Dahej, District Bharuch in the State of
Company has planned to set up manufacturing activity in a
phased manner, the first phase of production activity is expected to commence
in the first quarter of financial year 2012-2013.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Bank Guarantees Outstanding |
2.903 |
3.168 |
|
Claims against the Company not acknowledged as debt: |
|
|
|
(a) Tax Demands under appeal: |
|
|
|
(i) Service tax demand by Assistant Commissioner of
Service Tax |
0.000 |
0.534 |
|
(ii) Excise Duty demanded by Commissioner of Central
Excise |
1.265 |
1.265 |
|
(iii) Custom Duty demanded by Assistant Commissioner of Customs |
1.822 |
1.822 |
|
(iv) Custom Duty levied by Collector of Customs (The Company has preferred an appeal with CESTAT against the above demand in respect of validity of DEPB licenses. The Company has also deposited an amount of Rs.2.800 millions shown as recoverable "Loans and Advances" and has furnished bank guarantee for the balance of demand.) |
4.460 |
0.000 |
|
(b) Others |
0.769 |
0.769 |
(c) Some of the retrenched employees of Export Oriented Unit (EOU) of the erstwhile Timber Division have not accepted the retrenchment compensation offered by the company on the closure of the unit and matter is in the court. The amount as offered by the company has been duly provided for and as per legal opinion the possibility of any further liability is remote. The additional liability if any is presently not ascertainable.
FIXED ASSETS
- Building Roads etc.
- Plant and Machinery
- Furniture
- Vehicles
WEBSITE DETAILS
BUSINESS DESCRIPTION
The Company's principal activity is the manufacture and distribution of
borax and boric acid and production of kiln-dried and chemically treated rubber
wood. It operates through three segments namely Chemical, Timber and Wind Mill
Form. Chemical manufactures boron based chemicals, detergents additives,
micronutrient fertilizers, timber preservatives, flame retardants and
catalysts; Timber manufactures eco-friendly chemically treated timber and Wind
Mill generates power.
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PARTNERSHIP AND
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BOARD OF DIRECTOR
LAXMIKUMAR NAROTTAM
GOCULDAS - NON-EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Laxmikumar Narottam Goculdas is Non-Executive Chairman of the Board of Subject. He is an industrialist with business experience of more than 45 years. Besides he is Chairman of Dharamsi Morarji Chemical Company Limited. Mr. Goculdas is associated with the Company as Director since 1997. He is a member of Audit Committee and Chairman of Shareholders Grievance Committee. He is Audit Committee member of Dharamsi Morarji Chemical Company Limited. He is Audit Committee member of Dharamsi Morarji Chemical Company Limited.
S. K. DIWANJI -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. S. K. Diwanji is Non-Executive Independent Director of
Subject. Mr. S. K. Diwanji is a practicing Solicitor in Mumbai with wide
experience in Legal and Corporate affairs. He is associated with the Company as
its Director since 1996. He is a Director on the Board of a number of
Companies, viz., ABC Bearing Limited, HDFC Trustee Company Limited, Windmere
Hospitality (
BIMAL L. GOCULDAS -
NON-EXECUTIVE DIRECTOR
Mr. Bimal L. Goculdas is Non-Executive Director of Subject.
He is a Chemical Engineer from UDCT, Mumbai and also M.S. in Chemical
Engineering from
SANJEEV V. JOSHI -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Sanjeev V. Joshi is Non-Executive Independent Director
of Subject since 2005. He is a Member of the Institute of Chartered Accountants
of India. He is a Practising Chartered Accountant with wide experience in
corporate finance. He is also the Proprietor of M/s. Sanjeev V. Joshi and
Company, Chartered Accountants, Mumbai.
RANJAN SANGHI -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Ranjan Sanghi is Non-Executive Independent Director of Subject. He is Associated with automobile industry since over 29 years and is Director of Shah and Sanghi Group of Companies, currently managing the manufacturing trading and investment operations of Shah and Sanghi Group of Companies/Firms.
PRESS RELEASE
Borax Morarji Limited
Recommends Dividend
Jun 01, 2011
Borax Morarji Limited announced that the Board of Directors have
recommended a dividend of INR1.50 per share for the year 2010-2011.
Borax Morarji Limited
Announces Issue of Rights Shares
Feb 01, 2011
Borax Morarji Limited announced that the Board of Directors of the Company had
discussed the Rights Issue in detail and have approved the proposal of Rights
Issue by obtaining a fresh approval of Members for Rights Issue through Postal
Ballot process. The Board of Directors in its meeting held on June 29, 2007,
decided to issue equity shares on rights basis in the proportion of 1:1 that is
one share of INR10 at a premium of INR20 per Share for every one Share held.
Thereafter, the Board in its meeting held on July 31, 2009 modified the terms
of Right issue and decided to issue one Rights Shares of INR10 each at a
premium of INR10 each for every existing one Share held on record date together
with one Detachable Warrant for every two Rights Shares allotted which would
entitle the holder of such Detachable Warrant upon conversion one Equity Share
of INR10 at a premium of INR10 per Share. In the circumstances the Board at its
meeting held on January 31, 2011, approved proposal of right issue
19 April 2011
MUMBAI, April 19Asia Pulse - Indian chemical manufacturer Borax Morarji Limited (BSE:506315) has retained its outgoing chief executive officer (CEO) and manager H.T Kapadia for another year, beginning April 1.
Kapadia's term as the CEO and Manager had ended on March 31, 2011.
"H.T Kapadia whose term as chief executive officer and manager under Companies Act, 1956 of the company expired on March 31, 2011, has been re-appointed as the CEO and manager under Companies Act, 1956 of the company," the company said in a filing to the Bombay Stock Exchange (BSE) Kapadia has been appointed for a period of one year beginning April 1, 2011, the filing added.
The company manufactures boron-based chemicals and has also diversified into windmill power generation.
Re-appointment of CEO and Manager
Accord Fintech (
15 April 2011
India, April 15 -- Borax Morarji Limited has informed BSE that Mr. H. T. Kapadia, whose term as Chief Executive Officer & Manager under Companies Act, 1956 of the Company expired on March 31, 2011, has been re-appointed as the Chief Executive Officer and Manager under Companies Act, 1956, of the Company for a period of (one) year from April 01, 2011.
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.50.66 |
|
|
1 |
Rs.77.73 |
|
Euro |
1 |
Rs.64.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.