MIRA
INFORM REPORT
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Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
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Name : |
GULSHAN POLYOLS LIMITED |
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Registered Office : |
9th KM, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
20.10.2000 |
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Com. Reg. No.: |
20-034918 |
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Capital Investment / Paid-up Capital : |
Rs.144.742 Millions |
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CIN No.: [Company
Identification No.] |
L24231UP2000PLC034918 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG05217C |
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PAN No.: [Permanent
Account No.] |
AABCG3954F |
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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 of Calcium Carbonate and Sorbitol. |
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No. of Employees : |
1200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered 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 : |
9th KM, |
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Tel. No.: |
91-131-3090287/ 3090380 |
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Fax No.: |
91-131-2661378 |
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E-Mail : |
nishagupta@gulshanindia.com |
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Website : |
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Corporate Office : |
G-81, Preet Vihar, |
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Factory 2 : |
Plot No. 762, Jhagadia Industrial Estate, Bharuch-393110, |
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Tel. No.: |
91-2645-226044/ 309585 |
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Fax No.: |
91-2645-226045 |
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E-Mail : |
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Factory 3 : |
Village |
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Marketing Office: |
Located at: ·
Ahmedabad ·
·
Chennai ·
·
Mumbai |
DIRECTORS
As on 31.03.2011
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Name : |
Mrs. Mridula Jain |
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Designation : |
Non- Executive Director |
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Name : |
Dr. Chandra Kumar Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Ajay Jain |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. K K Pandey |
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Designation : |
Chairman and Non- Executive Independent Director |
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Name : |
Mr. A K Maheshwari |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. A K Vats |
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Designation : |
Whole Time Director |
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Name : |
Ms. Arushi Jain |
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Designation : |
Whole Time Director |
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Name : |
Ms. Aditi Pasari |
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Designation : |
Whole Time Director |
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Name : |
Mr. S. K. Tewari |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
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Name : |
Ms. Nisha Gupta |
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Designation : |
Company Secretary |
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Name : |
Mr. Rajesh Agarwal |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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1,733,237 |
20.52 |
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3,670,865 |
43.45 |
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5,404,102 |
63.97 |
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Total
shareholding of Promoter and Promoter Group (A) |
5,404,102 |
63.97 |
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(B) Public
Shareholding |
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200 |
- |
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200 |
- |
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854,201 |
10.11 |
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1,620,661 |
19.30 |
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525,377 |
6.22 |
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33,863 |
0.40 |
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33,713 |
0.40 |
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150 |
- |
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3,044,102 |
36.03 |
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Total Public
shareholding (B) |
3,044,302 |
36.03 |
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Total (A)+(B) |
8,448,404 |
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) |
8,448,404 |
- |
(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 of Calcium Carbonate and Sorbitol. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Sorbitol (70%) |
MT |
NA |
55000 |
51085.780 |
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Calcium Carbonate |
MT |
NA |
138000 |
96198.300 |
GENERAL INFORMATION
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No. of Employees : |
1200 (Approximately) |
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shahid and Associates Chartered Accountant |
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Address: |
Muzaffarnagar, Uttar Pradesh |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity shares |
Rs.5/- each |
Rs.225.000 Millions |
|
250000 |
0 % Redeemable
Preference Shares |
Rs.10/- each |
Rs.2.500 Millions |
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1450000 |
0-10 % Redeemable
Preference Shares |
Rs.100/- each |
Rs.145.000 Millions |
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Total |
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Rs.372.500
Millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8448404 |
Equity shares |
Rs.5/- each |
Rs.42.242 Millions |
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1025000 |
8 % Redeemable
Preferences Shares |
Rs.100/- each |
Rs.102.500 Millions |
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Total |
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Rs.144.742 Millions |
Notes:
Note:
1. Out of the issued equity shares, 100697 shares
of Rs.5/-each have been allotted as fully paid up in the Board Meeting held on
13-11-2010, for a consideration other than cash to the shareholders of
Transferor Company i.e. Salil Industries Limited in terms of the Scheme of
arrangement/Merger approved by the Hon’ble High Court with appointed date being
Ist April,2009.
2. Terms of Authorised Preference Share
Capital has been changed in last annual general meeting i.e. 25-09-2010 in
which coupon rate varying from 0% to 10% and redemption period varying from 3rd
year to Maximum 15th Year from the date of the issue.
3. Terms of redemption of 10,25,000 issued
Preference Share @ 100/- each has been fixed, the period of redemption will be
12th year from the date of its issue on 8% Dividend rate effective from
1st April, 2011.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
144.742 |
144.742 |
144.239 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1088.384 |
938.343 |
909.312 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1233.126 |
1083.085 |
1053.551 |
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LOAN FUNDS |
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1] Secured Loans |
405.497 |
422.737 |
502.338 |
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2] Unsecured Loans |
58.563 |
57.563 |
61.573 |
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TOTAL BORROWING |
464.060 |
480.300 |
563.911 |
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DEFERRED TAX LIABILITIES |
68.900 |
81.035 |
86.235 |
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TOTAL |
1766.086 |
1644.420 |
1703.697 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
954.181 |
980.402 |
1118.925 |
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Capital work-in-progress |
91.654 |
50.581 |
79.097 |
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INVESTMENT |
3.684 |
4.184 |
13.684 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
251.210
|
184.568
|
191.646
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Sundry Debtors |
485.132
|
398.728
|
325.100
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Cash & Bank Balances |
98.951
|
98.083
|
13.918
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
114.325
|
66.788
|
65.734
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Total
Current Assets |
949.618
|
748.167
|
596.398
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
195.780
|
118.165
|
100.908
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Other Current Liability |
6.268
|
7.127
|
6.127
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Provisions |
49.198
|
37.507
|
27.086
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Total
Current Liabilities |
251.246
|
162.799
|
134.121
|
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Net Current Assets |
698.372
|
585.368
|
462.277
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MISCELLANEOUS EXPENSES |
18.195 |
23.885 |
29.714 |
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TOTAL |
1766.086 |
1644.420 |
1703.697 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
2749.416 |
2200.921 |
2162.177 |
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Other Income |
711.759 |
6.580 |
14.815 |
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TOTAL (A) |
2761.175 |
2207.501 |
2176.992 |
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Less |
EXPENSES |
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|
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Manufacturing Expenses |
781.352 |
575.550 |
624.098 |
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Raw Material Consumed |
995.555 |
769.901 |
656.638 |
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Excise Duty |
168.497 |
117.808 |
192.748 |
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Personal |
84.471 |
70.536 |
60.466 |
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Administrative Expenses |
42.075 |
46.268 |
55.521 |
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Selling and Distribution Expenses |
338.551 |
257.137 |
275.074 |
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|
Increase or Decrease in Stock |
(24.453) |
16.369 |
(42.540) |
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TOTAL (B) |
2386.048 |
1853.569 |
1822.005 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
375.127 |
353.932 |
354.987 |
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Less |
FINANCIAL
EXPENSES (D) |
42.732 |
54.649 |
55.126 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
332.395 |
299.283 |
299.861 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.184 |
150.259 |
66.870 |
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PROFIT BEFORE
TAX (E-F) (G) |
188.211 |
149.024 |
232.991 |
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Less |
TAX (I) |
24.791 |
20.101 |
59.219 |
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PROFIT AFTER TAX
(G-I) (J) |
163.420 |
128.923 |
173.772 |
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|
Less/ Add |
Prior Period
Expenses |
0.428 |
0.198 |
0.422 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
463.006 |
485.870 |
342.287 |
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Add |
Balance
brought forward from Amalgamated Company |
0.000 |
10.619 |
NA |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
150.000 |
20.000 |
|
|
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Dividend |
10.561 |
10.435 |
8.348 |
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|
Tax on Dividend |
1.713 |
1.773 |
1.419 |
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BALANCE CARRIED
TO THE B/S |
593.724 |
463.006 |
485.870 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
304.152 |
170.402 |
129.387 |
|
|
|
Inflow of Foreign Currency Term Loan |
100.000 |
0.000 |
0.000 |
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TOTAL EARNINGS |
404.152 |
170.402 |
129.387 |
|
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IMPORTS |
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|
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Raw Materials, Stores & Spares |
2.544 |
0.319 |
23.114 |
|
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TOTAL IMPORTS |
2.544 |
0.319 |
23.114 |
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Earnings Per
Share (Rs.) |
19.29 |
15.22 |
20.82 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
|
Net Sales |
|
712.610 |
665.330 |
|
Total Expenditure |
|
613.390 |
591.100 |
|
PBIDT (Excl OI) |
|
99.220 |
74.230 |
|
Other Income |
|
2.950 |
9.620 |
|
Operating Profit |
|
102.170 |
83.850 |
|
Interest |
|
10.520 |
7.850 |
|
Exceptional Items |
|
0.310 |
0.090 |
|
PBDT |
|
91.960 |
76.090 |
|
Depreciation |
|
34.020 |
31.590 |
|
Profit Before Tax |
|
57.940 |
44.500 |
|
Tax |
|
10.440 |
7.820 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
47.500 |
36.680 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
47.500 |
36.680 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.92
|
5.84
|
7.98
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.85
|
6.77
|
10.78
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.89
|
8.62
|
13.58
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.14
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.59
|
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.78
|
4.60
|
4.45
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
The Sales and Other Income for the financial year were Rs.2761.175 Millions
(Previous year Rs.2207.505 Millions). The Depreciation for the year was
Rs144.184 Millions (Previous year Rs.150.259 Millions). The Cash Accruals were
Rs.307.176 Millions (Previous year Rs.278.984 Millions). The
Net Profit after tax was Rs.162.992 Millions (Previous year Rs.128.725 Millions).
An amount of
Rs.20.000 Millions has been transferred to General Reserve Account. There have
been no material changes and commitments affecting the financial position of the Company occurred between the end of the
financial year and the date of this report. The Company has not given any shares
to any of the employees under Employees Stock Option Scheme.
The company has no
subsidiary or holding Company. During the year the business and affairs of the
Company have been carried out in its normal course and
no significant events have taken place, which are harmful to the business of the
Company. There was no Buy-back Scheme of shares taken up by the Company during
the year.
MERGER OF SALIL
INDUSTRIES LIMITED WITH THE COMPANY
Pursuant to the
scheme of Amalgamation approved by the Hon’ble High Court of Uttar Pradesh at
In terms of
amalgamation scheme, w.e.f. the appointed date i.e. April 1, 2009, the assets
and liabilities of M/s Salil Industries Limited , vest with the Company and
difference between the carrying value of assets and liabilities under the
Scheme has been adjusted to General Reserves as on 31st March 2010.
Further, the
Company issued 100697 equity shares of Rs. 5/- each fully paid up to the
shareholders of M/s Salil Industries Limited. The paid up equity share Capital
has increased to Rs.42.242 Millions comprising of 8448404 Shares of Rs.5/- each
fully paid up. The entitlement ratio for issue of equity shares of subject to
the shareholders of M/s Salil Industries Limited as approved by Hon’ble High
Court of Allahabad was 30:1 i.e. One (Rupees 5/- fully paid up) equity share of
subject for Thirty (Rupees 10/- fully paid up) equity shares of M/s Salil
Industries Limited.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
Business
Environment
Subsequent to the financial crisis in 2008, the Government of India, through
its stimulus packages has managed decent growth of Indian Economy. The Indian
Stock Market responded well, with the Sensex crossing 16000+ mark. The
Utilities reported a positive investment climate in 2010-11, driven by the
public sector and government owned utilities. Private sector, in general
remained cautious about new investments in 2011.
Industry Structure
and developments
The Company is
engaged in the business of producing Sorbitol and Calcium Carbonate. Sorbitol
is a water soluble polyhydric alcohol having sweet taste and high stability
besides properties of humectancy and plasticizing. It finds
application as input material in various industrial sectors such as Tooth Paste,
Pharmaceuticals, Vitamin-C, Cosmetics, Paper and Paints etc. Calcium Carbonate (CaCO3) finds application as input material in various industrial
sectors such as Tooth Paste, Pharmaceuticals, and PVC products, Rubber, Plastic,
Polymer, Cable, Leather, Paper and Paints etc. The Calcium Carbonate Industry
comprises organized and un-organized sectors. The unorganized sector consists
of small and tiny units which are out of the purview of paying Excise Duty etc.
The Company is the single largest producer of Sorbitol and Calcium Carbonate in
the Country in the organized sector, which meets the requirements of all the
customers in the various industries, and the customer’s list includes top
corporations in Tooth Paste, Pharmaceuticals, Paper and Paints etc.
The Company
achieved the capacity utilization of 92.88% and 69.7% of the installed
capacities of
Sorbitol and
sweetner and Calcium Carbonate plant respectively. The consumer industry i.e.
Tooth Paste, Pharma, Cosmetic, Paint etc have shown growth which may lead to
further improved business and margins to the
company. The Sales and Other Income for the financial year were Rs.2761.175
Millions (Previous year Rs.2207.505 Millions). The Net Profits after tax were
Rs.162.992 Millions (Previous year Rs.128.725 Millions). The Depreciation for the year was
Rs.144.184 Millions (Previous year Rs.150.259 Millions). The cash accruals were
Rs.307.176 Millions (previous year Rs.278.984 Millions).
The Company is
proud to bring in
Product wise
performance
The Company
produces Sorbitol and Sweetner and Calcium Carbonate. During the year, the
company produced a total of 51086 MT of Sorbitol with over 11% growth against
the previous year production of 45845 MT. The sales were also higher at 51796
MT against previous year sales of 45437 MT.
The Company also
produced a total of 96198 MT of Calcium Carbonate registering a growth of 25%
against the production of 76633 MT during 2009-10. The sales were 93805 MT
against sales of 80215
MT during 2009-10.
The Company has
taken necessary steps to reduce operational costs such as reduction in power
costs, higher yield etc, which would make the product more competitive. The customer
has shown tremendous confidence in the product
quality and service, which the company would continue to consider its top
priority.
Outlook
The Company is
optimistic about its growth prospects in the future. During the year, the
Company explored exports markets for the products
and achieved significant business. It has ambitious plans to capture more new
markets to expand the business. Economic environment provides an opportunity to
improve the business climate. Indian economy with its strong macro economic
fundamentals, positive investment climate, encouraging corporate performance
and continued institutional support by foreign institutional investor, is
poised for a higher growth.
The outlook for
Sorbitol and Calcium Carbonate industry is encouraging and dependent upon the
growth of the consumer industry. Improvement in overall economic scenario and
replacement of other costly products by Sorbitol and Calcium Carbonate holds
the key for steep growth of Sorbitol and Calcium Carbonate industry. The growth
in industrial output and increase in investment in core and infrastructure
sector should improve the sentiments of Economy. The growth in other sectors
would also follow which in turn would increase the prospects of the company.
Together with the GDP growth, the Company expects a reasonably good demand
growth from various quarters, which in turn would lift the company’s future.
Financial and
Operational Performance
The Sales and Other Income for the financial year were Rs.2761.175
Millions (Previous year Rs.2207.505 Millions) The Net Profits after tax were
Rs.162.992 Millions (Previous year Rs.128.725 Millions). The Depreciation for the year was
Rs.144.184 Millions (Previous year Rs.150.259 Millions). The Cash accruals were
higher at Rs.307.176 Millions (previous year Rs.278.984 Millions).
The earnings
include an amount of 117.59 lacs (Previous year Rs. 65.84 lacs) as other
Income, which comprised of agricultural income Rs. 26.74 lacs, dividend income of
Rs. 1.27 lacs and Interest of Rs. 37.73 lacs. The Company spent an amount of
Rs. 680.56 lacs on Repairs and Maintenance of Plant & Machinery, which were
necessitated to maintain and upgrade the life of the equipments. The resource
mobilization of the Company during the year has been from cash accruals,
existing cash and cash equivalent, increase/ unutilized working capital limits
from bank, and realization and sale of Investment etc. The Company has repaid
institutional dues in time and without delay. The Company declared a dividend @
25%. An amount of Rs. 200 lacs was transferred to General reserves.
Fixed Assets:
·
Land and Site Development
·
Building
·
Plant and Machinery
·
Office Furniture and Equipments
·
Vehicles
Website Details:
Business
Description
Subject is an India-based company. The Company is engaged in producing
sorbitol and calcium carbonate. The Company produces sorbitot, liquid glucose
and calcium carbonate. During the fiscal year ended March 31, 2010 (fiscal
2010), the Company produced a total of 43814 million tons of Sorbitol. The
Company produced a total of 2032 million tons of liquid glucose. subject also
produced a total of 77628 million tons of calcium carbonate. During fiscal
2010, the Company has set up the facilities for Onsite Precipitated Calcium
Carbonate (Onsite PCC) Plant at. Sahibabad (Uttar Pradesh). The facilities for
producing the calcium carbonate with licensed capacity of 33000 million tons
were set up at Ponta Sahib (Himachal Pradesh). For the nine months ended 31
December 2010, Subject's revenues increased 27% to RS2.04B. Net income
increased 41% to RS140.6M. Revenues reflect an increase in income from
operations and higher other income. Net income reflects a decrease in interest
expenses, lower stock in trade expense and an increase in operating profit
margins. The Company is engaged in producing sorbitol and calcium carbonate.
Board of Directors
Mr. K. K. Pandey
Non-Executive
Independent Chairman of the Board
He has Over 42 years experience in Banking Sector. He is a member of
Audit Committee and Chairman of Board of Directors, Remuneration Committee and
Shareholders' Grievance Committee.
Mr. Chandra Kumar
Jain
Managing Director,
Director
He has in managing business affairs. Genus Prime Infra Limited (Formerly
Gulshan Chemfill Limited), Gulshan Holdings Private Limited, Gulshan Lamee Pack
Private Limited, Gulshan Speciality Minerals Private Limited, STM Projects
Limited He is a member of Audit Committee. He also holds membership of two
committees of Board of other companies.
Ms. Mridula Jain
Non-Executive
Director
She had been Chairman of the company untill January 30, 2010. She has
experience in managing business affairs. She holds directorship in the following
companies - Gulshan Sugars and Chemicals Limited, Genus Prime Infra Limited
(Formerly Gulshan Chemfill Limited), Gulshan Holdings Private Limited, Gulshan
Capital Limited, Gulshan Industries Limited and Gulshan Agro Foods Limited She
is also a member of Remuneration Committee. She also holds membership of one
committee of Board of other company. She has Master of Arts degree.
Mr. Ajay Jain
Non-Executive
Independent Director
He has experience in Finance and Management. He is a member of Remuneration
Committee and Chairman of Shareholder’s Grievance Committee and Audit
Committee.
Mr. A. K.
Maheshwari
Non-Executive
Independent Director
He has B.Com, FCA, ACS degrees and has over 26 years experience in
Finance, Banking, Project Finance, Funds Raising, Taxation, Company Secretarial
matters etc. He is a Director of Hella India Electronics Limited He is a member
of Remuneration Committee, Audit Committee and Chairman of Shareholder’
Grievance Committee. He also holds membership of three committee of Board of
other Company.
Ms. Aditi Pasari
Whole Time
Director
She hold MBA from
Mr. Suresh Kumar
Tewari
Whole Time
Director, Director - Works
He holds M-Tech, PGDPM. He has 30 year’s experience in Projects and
Managerial of Indutrial Operations.
Mr. A. K. Vats
Chief Executive
Officer, Whole Time Director
He has B.Com, Diploma in Marketing and Management and over 27 years experience
in matters related to marketing.
The Company is engaged in manufacturing of ‘Sorbitol-70%’. Sorbitol, a starch derivative, sweet in taste,
finds wide range application, the major uses in dentrifice, cosmetic, Pharma,
Vitamin-C, food products etc. The plant was set-up in 1996 in the State of
Subject is a manufacturer of
‘Calcium Carbonate’ and specialty chemical ‘Sorbitol 70%’, with a turnover of
more than Rs. 2000 millions , and provides employment to over 1200 people. It
enjoys an esteemed customer profile including some of the most trusted names in
the world like Colgate-Palmolive, Hindustan Unilever, Asian Paints, Wipro,
Cipla, Ranbaxy etc. It is also the largest exporter of Sorbitol from the
country with a presence in 16 countries covering three continents of
Subject has been recently recorded
in Limca Book of Records, 2010, for pioneering in setting up the first on-site
PCC plant in the country. It is an ISO 9001:2000 Company, with its product
Sorbitol OU certified and has achieved many more certificates of excellence in
various fields.
FOCUS AREAS FOR THE FUTURE
The company set up the first of
its kind "On-site PCC
(Precipitated calcium carbonate)" manufacturing plant in the
country in May 2009 with a capacity of 10000 MTPA, having a unique environment
friendly technology. With a growth potential of 5 lakh MT of on-site PCC
requirement in the paper industry, GPL as a sole player, see's a great growth
opportunity in setting up more such plants in the near future.
GPL is widening its product line
of value added starch based products like MANNITOL which is a specialty polyol, currently being imported
into the country, having a growth potential of 15-20% p.a. and Dextrose Monohydrate which is a
specialty sugar having a huge domestic as well as export potential.
BACKGROUND
The company was incorporated in
year 1981 as Gulshan Sugars and Chemicals Limited with primary business of
manufacturing Calcium Carbonate both Precipitated Calcium Carbonate (PCC) and
Activated Calcium Carbonate (ACC) with an initial capacity of 2100 MTPA at
Muzaffarnagar, U.P. In line with the growth experienced over years, company has
done regular expansions in Calcium Carbonate segment and raised its capacity to
1,70,000 MTPA.
Apart from undertaking continuous
expansions at its parent location in U.P., the company set up three additional
units in north and western part of
Paonta Sahib, Himachal Pradesh
Bharuch,
On-site PCC plant in the premises
of Magnum papers at Sahibabad
In 1996 it diversified into
manufacturing corn based specialty chemical, Sorbitol, with a capacity of 45000
MTPA. Sorbitol is a starch derivative, sweet in taste, with a wide range of
applications, the major being dentrifice, cosmetic, Pharma, Vitamin-C, food
products etc.
The company commissioned 10MW Co
Gen power plants at its various locations. Further, it promoted
environment-friendly technology and is compliant with various state and central
pollution board norms.
In 2000, the Sorbitol business was
demerged into a separate entity in the name of Gulshan Polyols Limited. Over
the years, the management decided to reverse merge the two entities to derive
cost benefits and improve the overall profitability. In effect from April 2007,
Gulshan Sugar and Chemicals Limited (GSCL) merged with Gulshan Polyols Limited
(GPL).
Press Release:
Result of Postal Ballot
19 December 2011
Gulshan
Polyols limited has informed BSE that the Shareholders of the Company have
approved the Special Resolution under Section 17 of the Companies Act, 1956,
for alteration in the Main Objects Clause of the Memorandum of Association of
the Company, voting through Postal Ballot.On the basis of the Scrutinizer
Report received from the Scrutinizer, the result declared on December 17, 2011.
Book Closure for Final Dividend
and AGM
04 August 2011
Gulshan
Polyols limited has informed BSE that the Register of Members and Share
Transfer Books of the Company will remain closed from August 17, 2011 to August
19, 2011 (both days inclusive) for the purpose of Payment of Dividend and 11th
Annual General Meeting (AGM) of the Company to be held on September 24, 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.50.29 |
|
|
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.