MIRA
INFORM REPORT
|
Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANALI PETROCHEMICALS LIMITED |
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|
|
|
Registered
Office : |
SPIC House, 88, Old No. 97, |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
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|
Date of
Incorporation : |
11.06.1986 |
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|
|
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Com. Reg. No.: |
18-013087 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.860.347
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24294TN1986PLC013087 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEM00306F |
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|
|
|
Legal Form : |
A Public Limited Liability Company. Company’s shares are listed on Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacture of Petrochemicals. |
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|
|
|
No. of Employees
: |
358 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5700000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors
are reported to be experienced and respectable businessmen. Trade relations
are reported as fair. Payments are reported to be usually correct and as per
commitments. 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 : |
SPIC House, 88, Old No.
97, |
|
E-mail: |
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|
Website: |
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Principal Office and Plant I: |
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|
Tel. No.: |
91-44-25941025/ 25941249/ 25941253/ 25941557/ 25943910/ 25941421 |
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Fax No.: |
91-44-25941199 |
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E-Mail : |
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Plant II: |
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Tel. No.: |
91-44-25941698/ 25941402 |
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Secretarial Department: |
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|
Tel. No.: |
91-44-25943895 |
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E-Mail : |
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Website: |
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Branches |
Located at:
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DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Ashwin C Muthiah |
|
Designation : |
Chairman cum
Managing Director |
|
|
|
|
Name : |
Mr. T K Arun |
|
Designation : |
Nominee of TIDCO |
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|
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|
Name : |
Mr. Babu K Verghese |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. G. Ramachandran |
|
Designation : |
Managing Director |
|
Age: |
57 Years |
|
Qualification: |
B. Tech, MBA |
|
Experience: |
35 Years |
|
Date of Appointment: |
01.08.1989 |
|
Last Employment and post held: |
SPIC Limited-
Senior Manager |
|
|
|
|
Name : |
Mr. M. Sivagnanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Raghavendran |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K. K.
Rajagopalan |
|
Designation : |
Director (Finance) |
|
Age: |
58 Years |
|
Qualification: |
B.E, PGDM |
|
Experience: |
36 Years |
|
Date of Appointment: |
20.04.2000 |
|
Last Employment and post held: |
SPIC Limited-
Director (Finance) |
KEY EXECUTIVES
|
Name : |
Mr. R. Kothandaraman |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
65,856,053 |
38.29 |
|
|
11,212,500 |
6.52 |
|
|
12,550 |
0.01 |
|
|
12,550 |
0.01 |
|
|
77,081,103 |
44.81 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
77,081,103 |
44.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
192,900 |
0.11 |
|
|
36,825 |
0.02 |
|
|
2,260,000 |
1.31 |
|
|
2,489,725 |
1.45 |
|
|
|
|
|
|
9,756,618 |
5.67 |
|
|
|
|
|
|
61,788,149 |
35.92 |
|
|
13,827,124 |
8.04 |
|
|
7,056,510 |
4.10 |
|
|
151,790 |
0.09 |
|
|
4,097,585 |
2.38 |
|
|
2,719,585 |
1.58 |
|
|
85,050 |
0.05 |
|
|
2,500 |
- |
|
|
92,428,401 |
53.74 |
|
Total Public shareholding (B) |
94,918,126 |
55.19 |
|
Total (A)+(B) |
171,999,229 |
100.00 |
|
© Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
171,999,229 |
100.00 |
(1) Indian
Bodies Corporate
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture of
Petrochemicals. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Propylene Oxide |
MT |
36000 |
32149 |
|
Propylene Glycol |
MT |
20000 |
19224 |
|
Polyols # # # |
MT |
# # # 50000 |
21461 |
|
PGMME |
MT |
2700 |
939 |
|
DCP and DCIPE |
MT |
7200 |
6339 |
|
Di – Propylene Glycol |
MT |
2320 |
1711 |
|
Tri – Propylene Glycol |
MT |
288 |
164 |
|
DPGMME |
MT |
460 |
217 |
Note:
- # From March 2010
- ## From February 2011
- ### Grade Dependent
- Including Captive Consumption.
- * As certified by management and relied on by the auditors, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
358 (Approximately) |
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells, Chennai Chartered Accountants |
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Address : |
ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai-
600017, Tamilnadu, India. |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
240000000 |
Equity Shares |
Rs.5/- each |
Rs.1200.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
171999229 |
Equity Shares |
Rs.5/- each |
Rs.859.996
Millions |
|
|
Add: Shares Forfeited |
|
Rs.0.351
Millions |
|
|
Total |
|
Rs.860.347 Millions |
Note:
- Issued, Subscribed and Paid up is made up of:
|
Particulars |
31.03.2010 Rs. In Millions |
|
114666153 Equity Shares of Rs. 10 each |
1146.662 |
|
Less: Reduction in face value of shares from
Rs. 10 each to Rs. 7.50 each effected in 2005-2006 |
286.666 |
|
Share Capital after giving effect to
reduction in face value, being 114666153 Equity Shares at Rs. 7.50 each |
859.996 |
114666153 Equity Shares of Rs. 7.50 each were
consolidated and sub divided into 171999229 shares of Rs. 5 each fully paid up w.e.f.
7th October 2006.
- 114666153 Equity Shares of Rs. 10 each includes 48608400 Equity
Shares of Rs. 101 each allotted as fully paid up to erstwhile shareholders
of SPIC organics Limited, pursuant to the scheme of Amalgamation.
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 |
860.347 |
860.347 |
860.347 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
566.518 |
413.694 |
278.280 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1426.865 |
1274.041 |
1138.627 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
59.217 |
59.001 |
99.534 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
59.217 |
59.001 |
99.534 |
|
|
DEFERRED TAX LIABILITIES |
131.358 |
117.199 |
89.783 |
|
|
|
|
|
|
|
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TOTAL |
1617.440 |
1450.241 |
1327.944 |
|
|
|
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
915.330 |
762.932 |
659.976 |
|
|
Capital work-in-progress |
101.054 |
27.343 |
92.945 |
|
|
|
|
|
|
|
|
INVESTMENT |
339.429 |
244.678 |
171.077 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
431.299
|
316.038
|
322.056 |
|
|
Sundry Debtors |
286.893
|
343.822
|
266.013 |
|
|
Cash & Bank Balances |
46.014
|
117.260
|
42.209 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
125.506
|
151.605
|
137.983 |
|
Total
Current Assets |
889.712
|
928.725
|
768.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
259.727
|
222.973 |
|
|
Other Current Liabilities |
526.742
|
162.227
|
76.848 |
|
|
Provisions |
101.343
|
91.483
|
64.494 |
|
Total
Current Liabilities |
628.085
|
513.437
|
364.315 |
|
|
Net Current Assets |
261.627
|
415.288
|
403.946 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1617.440 |
1450.241 |
1327.944 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4519.027 |
3886.981 |
3531.681 |
|
|
|
Other Income |
47.506 |
47.081 |
28.757 |
|
|
|
TOTAL |
4566.533 |
3934.062 |
3560.438 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Packing Material Consumed |
3116.184 |
2548.857 |
2113.078 |
|
|
|
Purchase of Traded Goods |
135.307 |
140.022 |
282.636 |
|
|
|
Power and Fuel |
401.842 |
362.559 |
444.400 |
|
|
|
Employee Cost |
148.128 |
136.529 |
116.704 |
|
|
|
Other Expenses |
385.366 |
394.682 |
321.818 |
|
|
|
Deferred Revenue Expenditure Written off |
0.000 |
0.000 |
0.935 |
|
|
|
Increase/ Decrease in Stock |
(27.895) |
(4.038) |
85.487 |
|
|
|
TOTAL |
4158.932 |
3578.611 |
3365.058 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
407.601 |
355.451 |
195.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
15.401 |
15.001 |
13.125 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
392.200 |
340.450 |
182.255 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
49.075 |
40.407 |
77.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
343.125 |
300.043 |
104.679 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
90.350 |
89.416 |
34.361 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
252.775 |
210.627 |
70.318 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
404.549 |
269.135 |
249.125 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend Current Year |
86.000 |
64.500 |
43.000 |
|
|
|
Tax on Dividend |
13.951 |
10.713 |
7.308 |
|
|
BALANCE CARRIED
TO THE B/S |
557.373 |
404.549 |
269.135 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
25.154 |
8.346 |
8.250 |
|
|
|
Freight and Insurances |
1.076 |
0.162 |
0.311 |
|
|
|
Commission |
0.000 |
4.996 |
0.000 |
|
|
TOTAL EARNINGS |
26.230 |
13.504 |
8.561 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
865.797 |
718.381 |
329.393 |
|
|
|
Traded Goods |
103.135 |
86.673 |
136.631 |
|
|
TOTAL IMPORTS |
968.932 |
805.054 |
466.024 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.47 |
1.22 |
0.41 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
1383.670 |
1308.010 |
1426.310 |
1621.640 |
|
Total Expenditure |
1260.610 |
1205.500 |
1261.210 |
1414.140 |
|
PBIDT (Excl
OI) |
123.060 |
102.510 |
165.100 |
207.500 |
|
Other Income |
10.420 |
14.200 |
8.810 |
35.360 |
|
Operating
Profit |
133.480 |
116.710 |
173.910 |
242.86 |
|
Interest |
3.580 |
4.050 |
6.140 |
5.460 |
|
PBDT |
129.900 |
112.660 |
167.770 |
237.400 |
|
Depreciation |
13.120 |
14.430 |
15.290 |
16.000 |
|
Profit
Before Tax |
116.780 |
98.230 |
152.470 |
221.410 |
|
Tax |
33.710 |
28.350 |
44.020 |
46.010 |
|
Reported PAT |
83.070 |
69.880 |
108.450 |
175.400 |
|
Net Profit |
83.070 |
69.880 |
108.450 |
175.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.53
|
5.35
|
1.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.59
|
7.72
|
2.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.00
|
17.74
|
9.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.24
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.45
|
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.81
|
2.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
-- |
|
26. Buyer visit details |
-- |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
HISTORY
Incorporated in Jun.'86, Manali Petrochemicals was promoted by Southern
Petrochemicals Industries Corporation. It manufactures import-substitute chemicals
like propylene oxide, propylene glycol, polyol, isocyanate and others. These
chemicals are key inputs for the manufacture of polyurethane foams having wide
ranging applications. Propylene glycol is extensively used in pharmaceuticals,
food flavours, essences, cigarettes, cosmetics and perfumery. For its products,
the company has collaborations with
FINANCIAL RESULTS
During the year, the Company achieved a profit before tax of Rs.343.100
Millions and a profit after tax of Rs. 252.700 Millions. The process units were
continued to be operated at higher capacity. The new polyol plant at Plant-2
commenced production in Feb. 2011. The trend of the profits and sales turnover
for the past few years
OPERATIONAL HIGHLIGHTS
During the year, the debottlenecked PG plants and the retrofitted ‘
Production was also fortified at Plant-2 with standby nitrogen plant and
up gradation of the cooling water circulation system in view of the large
augmented capacity of the process plants at that site. Sufficient storage tanks
to handle the additional production have also been added. Maximum utilization
of the process plant can be achieved if sufficient quantities of imported ‘
MARKET SCENARIO
The market conditions in
FUTURE OUTLOOK AND NEW PRODUCTS
Polyurethane industry is growing in excess of 20% in
OPPORTUNITIES
The various free trade agreements with ASEAN countries could pave way
for large scale import of intermediate and finished products. However, it also
gives the Company an opportunity to import the raw materials at confessional
duties which would give it an edge in the market. The duty levels are already
low and in view of the expansion we have completed and in view of the bulk
storage tanks which we are planning, the threat and opportunities are likely to
balance each other.
|
Contingent
Liabilities |
As on 31.03.2011 (Rs. In Millions) |
As on 31.03.2010 (Rs. In Millions) |
|
a)Bills discounted |
30.839 |
37.557 |
|
b) Letters of Credit / Guarantees |
201.629 |
155.187 |
|
c) Excise and Customs claims under appeal |
7.405 |
9.388 |
|
d) Disputed Sales Tax demands |
5.771 |
2.097 |
|
e) Commissioner of Income Tax (Appeals) |
48.802 |
39.178 |
Fixed Assets:
- Land
- Development on lease-hold land
- Plant and Machinery
- Building
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
STATEMENT OF
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2012
|
Particular |
For the Quarter
Ended |
For the Year
Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
1618.704 |
1424.380 |
5730.322 |
|
Other Operating Income |
2.939 |
1.927 |
9.308 |
|
Total Income from
operations (net) |
1621.643 |
1426.307 |
5739.63 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
1074.804 |
998.843 |
3943.227 |
|
(b) Purchases of traded goods |
17.728 |
30.249 |
136.505 |
|
(c) Changes in inventories of finished
goods, work-in-process and stock-in-trade |
30.984 |
(107.918) |
(138.146) |
|
(d) Employee benefit expense |
38.093 |
97.254 |
248.374 |
|
(e) Power and Fuel |
130.605 |
118.595 |
477.012 |
|
(f) Depreciation and amortisation
expense |
16.000 |
15.292 |
58.840 |
|
(g) Other expenses |
121.924 |
124.186 |
474.022 |
|
Total Expenses |
1430.138 |
1276.501 |
5199.834 |
|
Profit from Operations
before Other Income, Finance costs and Execeptional item |
191.505 |
149.806 |
539.796 |
|
Other Income |
35.360 |
8.807 |
68.321 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Execeptional item |
226.865 |
158.613 |
608.117 |
|
Finance costs |
5.456 |
6.144 |
19.229 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Execeptional item |
221.409 |
152.469 |
588.888 |
|
Execeptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
221.409 |
152.469 |
588.888 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
53.451 |
39.659 |
149.029 |
|
- Deferred
Tax |
(7.444) |
4.359 |
3.062 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
175.402 |
108.451 |
436.797 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
175.402 |
108.451 |
436.797 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 5) |
860.347 |
860.347 |
860.347 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
883.373 |
|
Earnings per share
(before extraordinary items) (of Rs. 5/-
each) (not annualized) -
Basic and Diluted |
1.02 |
0.63 |
2.54 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
94,918,126 |
94,918,126 |
94,918,126 |
|
Percentage of Shareholding |
55.19 |
55.19 |
55.19 |
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
2,122,214 |
-- |
2,122,214 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
2.75 |
-- |
2.75 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
1.23 |
-- |
1.23 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
74,958,889 |
77,081,103 |
74,958,889 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
97.25 |
100.00 |
97.25 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
43.58 |
44.81 |
43.58 |
|
|
Particulars |
Quarter Ended 31st
March 2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
6 |
|
|
Disposed of during the quarter |
6 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES (AUDITED)
(Rs. in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
|
1.
Shareholders Funds |
|
|
|
|
a] Share Capital |
860.347 |
860.347 |
|
|
b] Reserves and Surplus |
883.373 |
566.518 |
|
|
Sub-total –
Shareholders’ funds |
1743.720 |
1426.865 |
|
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
|
a] Deferred Tax Liabilities |
134.420 |
131.358 |
|
|
b] Other Long term liabilities |
20.700 |
21.007 |
|
|
c] Long term provisions |
5.624 |
7.623 |
|
|
Sub-total -
Non-current Liabilities |
160.744 |
160.053 |
|
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
|
a] Short term Borrowings |
11.872 |
59.217 |
|
|
b] Trade Payables |
503.615 |
443.121 |
|
|
c] Other Current Liabilities |
67.957 |
45.810 |
|
|
d] Short Term Provision |
217.196 |
110.459 |
|
|
Sub-total - Current Liabilities |
800.640 |
658.607 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
2705.104 |
2245.525 |
|
|
|
|
|
|
|
B ASSETS |
|
|
|
|
1. Non-current assets |
|
|
|
|
a] Fixed assets |
1037.052 |
998.890 |
|
|
b] Non-current investment |
0.045 |
0.045 |
|
|
c] long Term loans and Advances |
57.271 |
38.556 |
|
|
Sub-total – Non- current assets |
1094.368 |
1037.491 |
|
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
|
Current Investments |
180.345
|
339.384 |
|
|
Inventories |
654.381
|
431.299 |
|
|
Trade Receivables |
383.541
|
286.893 |
|
|
Cash and Cash Equivalent |
63.178
|
46.014 |
|
|
Short Term loans and advances |
329.291
|
104.444 |
|
Sub-total – Current Assets |
1610.736
|
1208.034 |
|
|
|
|
|
|
|
TOTAL - ASSETS |
2705.104 |
2245.525 |
|
Notes:
1. The above results
were reviewed by the Audit Committee and approved at the Meeting of the Board
of Directors held on 25th April 2012.
2. The
figures of quarter ended March 31, 2012 is the balancing figure between audited
figures in respect of the full Financial Year and the published year to date
figures upto the third quarter of the current Financial Year.
3. The
Company operates only in one business Segment, viz., Petrochemicals
4. The
Board has recommended a dividend of Rs 0.60 (12%) per share on 171,999,229 equity
shares of Rs.5/- each for the Financial Year 2011-12.
5. Previous period figures have been regrouped / reclassified wherever necessary.
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 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. 55.15 |
|
|
1 |
Rs. 85.22 |
|
Euro |
1 |
Rs. 69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.