MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
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Registered
Office : |
165 /A, Balaji Bhavan, Railway Lines, Solapur – 413001, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.10.1988 |
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Com. Reg. No.: |
11-049387 |
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Capital Investment
/ Paid-up Capital : |
Rs.64.802
Millions |
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|
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CIN No.: [Company Identification
No.] |
L24132MH1988PLC049387 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02668B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
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No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4500000 |
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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 an established company having satisfactory track. Directors
are reported to be experienced and respectable businessmen. 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Arun Mashal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-9822750421 |
LOCATIONS
|
Registered Office : |
165 /A, Balaji Bhavan, Railway Lines, Solapur – 413001, Maharashtra,
India |
|
Tel. No.: |
91-217-2620825 / 2721182 / 2620822/ 2310822/ 2310823/ 2310824/ 2310828 |
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Mobile No.: |
91-9822750421 (Mr. Arun Mashal) |
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Fax No.: |
91-217-2620821/2310821/ 2310828 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Rented |
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Administrative
Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27847122/ 27898206/ 27814490/ 66336121/ 66337121 |
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Fax No. : |
91-40-27816171 |
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E-Mail : |
infohyd@balajiamines.com |
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Factory 1 : |
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Tel. No.: |
91-2471-265013/265014/265015 |
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Fax No.: |
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Factory 2 : |
Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA,
Bollaram – 502325, Medak District, Andhra Pradesh, |
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Tel. No.: |
91-8458-279240 |
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Fax No.: |
91-8458-329660 |
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Email : |
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Factory 3 : |
Plot No. E-7 and 8 MIDC, Chincholi, Solapur-413255, |
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Email : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. M. R. Krishnaiah |
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Designation : |
Chairman |
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Name : |
Mr. A. Prathap
Reddy |
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Designation : |
Managing Director |
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Name : |
Mr. N. Rajeshwar Reddy |
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Designation : |
Whole Time
Director |
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Name : |
Mr. D. Ram Reddy |
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Designation : |
Whole Time
Director |
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Name : |
Mr. G. Hemanth Reddy |
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Designation : |
Whole Time
Director |
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Name : |
Mr. T. Naveena Chandra |
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Designation : |
Independent
Director |
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Name : |
Mr. S. Vishnu Rao |
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Designation : |
Independent
Director |
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Name : |
Mr. S. V. Pattabhiraman |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Arun Mashal |
|
Designation : |
Accounts Manager |
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Name : |
Mr. Hemish Purushotiam |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE: |
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Name : |
Mr. T. Naveena Chandra |
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Designation : |
Chairman |
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Name : |
Mr. M R Krishnajah |
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Designation : |
Member |
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Name : |
Mr. S Vishnu Rao |
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Designation : |
Member |
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Name : |
Mr. S V Pattabhi Raman |
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Designation : |
Member |
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SHARE HOLDERS’ / INVESTORS’: |
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Name : |
Mr. T. Naveena Chandra |
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Designation : |
Chairman |
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Name : |
Mr. S Vishnu Rao |
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Designation : |
Member |
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Name : |
Mr. A Prathap Reddy |
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Designation : |
Member |
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RESEARCH AND DEVELOPMENT COMMITTEE: |
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Name : |
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Designation : |
Chairman |
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Name : |
Mr. N Rajeshwar Reddy |
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Designation : |
Member |
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Name : |
Mr. G Heamanth Reddy |
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Designation : |
Member |
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REMUNERATION COMMITTEE: |
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|
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|
Name : |
Mr. M R Krishnaiah |
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Designation : |
Chairman |
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Name : |
Mr. S Vishnu Rao |
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Designation : |
Member |
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|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12765184 |
39.40 |
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|
4712415 |
14.54 |
|
|
17477599 |
53.94 |
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|
|
|
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|
|
|
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Total
shareholding of Promoter and Promoter Group (A) |
17144599 |
53.94 |
|
|
|
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(B)
Public Shareholding |
|
|
|
|
|
|
|
|
5 |
-- |
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|
5 |
-- |
|
|
|
|
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|
1504895 |
4.64 |
|
|
|
|
|
|
|
|
|
|
6180913 |
19.08 |
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|
6550263 |
20.22 |
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|
|
|
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|
687325 |
2.12 |
|
|
669292 |
2.07 |
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|
17638 |
0.05 |
|
Directors and their Relatives and
Friends |
395 |
-- |
|
|
14923396 |
46.06 |
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|
|
|
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Total
Public shareholding (B) |
14923401 |
46.06 |
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Total
(A)+(B) |
32401000 |
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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Total
(A)+(B)+(C) |
32401000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives |
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Products : |
Amines • Mono-Methylamine (MMA) • Di-Methylamine (DMA) • Tri-Methlylamine (TMA) • Mono-Ethylamine (MEA) • Di-Ethylamine (DEA) • Tri-Ethylamine (TEA) • Mono-Methyl Amino Ethanol (MMAE) • Di-Methyl Amino Ethanol (DMAE) • Di-Ethyl Amino Ethanol (DEAE) Specialty
Chemicals • N-Methyl Pyrrolidone (NMP) • Morpholine • 2-Pyrrolidone (2-P) • N-Ethyl-2-Pyrrolidone • Gamma-Butyrolactone • Poly-Vinylpyrrolidone K 30 Derivatives • Di-Methyl Acetamide (DMAC) • Di-Methyl Amine Hydrochloride (DMA-HCl)) • Tri-Methyl Amine Hydrochloride (TMA-HCl) • Di-Ethyl Amine Hydrochloride (DEA-HCL) • Tri-Ethyl Amine Hydrochloride (TEA-HCL) • Di-Methyl Urea (DMU) • Choline Chloride |
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Exports : |
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Products : |
Chemicals |
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Countries : |
· Italy · Spain · France |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Saudi Arabia |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity (TPA) |
Actual Production |
|
|
|
|
|
|
Aliphatic Amines and Derivatives of Amines |
(MT) |
70,000 |
53176.262 |
|
Electricity |
(KWH) |
-- |
349.75 |
|
Furnace Oil |
(Liters) |
-- |
-- |
GENERAL INFORMATION
|
Suppliers : |
· Madhuban Drums and Barrels · Universal Containers Private Limited · Technostar Engineering Private Limited · K.T. Plastic Industries · Kapila Industries · Khetan Plastopack Private Limited · Royal Fiber Containers Industries · Money Packers Private Limited · Navkar Fittings and Forgings Private Limited · Chembond Chemicals Limited · Metriplex Pumps Private Limited · Eureka Engineering Enterprises · S.S. Enterprises · G.P.C. Flow Instruments (Private) Limited · Super Industries · Laxmi Hydrualics Private Limited · Jaysons Chemical Industries · Borolab Scientifi c Glass (Private) Limited · Sungov Engineering P Private Limited · Ecomak Environmental and Industrial Systems Private Limited · Sudhir Switchgears Private Limited · Nav Gases and Chemicals · Instrumentation Engineers Private Limited |
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Customers : |
End Users · ACETO · Alliance Chemicals · Altana · Aurobindo · Auto Oil · Cipla · Clariant · BASF · Fermion · Dynamit Nobel · Elantas · DVA · Fisher Scientific · FRP Services and Company · Godrej · Inno Chem · Kores · Kosco · Kenko · Indian oil · Gharda · Molex · Ranbaxy Laboratories Limited · Reliance Industries Limited · Orchid Chemicals Pharmaceutical Limited · Tyche Chem |
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No. of Employees : |
700 (Approximately) |
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Bankers : |
· State Bank of Hyderabad, Overseas Branch, Hyderabad, India · State Bank of India, IFB, Hyderabad, India ·
ING Vysya Bank, Opera House, Mumbai, India ·
Bank of Baroda |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
V. Sridhar and Company Chartered Accountants |
|
Address : |
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|
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Associates/Subsidiaries : |
· Bhagyanagar Chemicals Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.2/- each |
Rs.90.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32401000 |
Equity Shares |
Rs.2/- each |
Rs.64.802
Millions |
|
|
|
|
|
NOTE:
A share of the face value of Rs.10 has been sub divided
into five shares of Rs.2 each vide the resolution of the members passed under section
94 of the Companies Act 1956 at the Annual General Meeting held on 8.09.2010.
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 |
64.802 |
64.802 |
64.802 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1070.663 |
827.196 |
639.656 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1135.465 |
891.998 |
704.458 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1654.700 |
996.874 |
1017.857 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1654.700 |
996.874 |
1017.857 |
|
|
DEFERRED TAX LIABILITIES |
336.597 |
268.496 |
212.345 |
|
|
|
|
|
|
|
|
TOTAL |
3126.762 |
2157.368 |
1934.660 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1596.719 |
1203.182 |
770.150 |
|
|
Capital work-in-progress |
118.386 |
23.585 |
357.292 |
|
|
|
|
|
|
|
|
INVESTMENT |
85.528 |
44.028 |
42.949 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
705.976
|
319.989
|
330.993
|
|
|
Sundry Debtors |
737.499
|
667.310
|
585.095
|
|
|
Cash & Bank Balances |
90.304
|
36.206
|
23.687
|
|
|
Other Current Assets |
6.694
|
9.650
|
6.771
|
|
|
Loans & Advances |
322.528
|
249.439
|
116.833
|
|
Total
Current Assets |
1863.001
|
1282.594
|
1063.379
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
408.375
|
317.760
|
232.909 |
|
|
Other Current Liabilities |
10.288
|
6.308
|
17.917
|
|
|
Provisions |
118.209
|
71.953
|
48.284
|
|
Total
Current Liabilities |
536.872
|
396.021
|
299.110
|
|
|
Net Current Assets |
1326.129
|
886.573
|
764.269
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3126.762 |
2157.368 |
1934.660 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3570.955 |
2618.958 |
2516.868 |
|
|
|
Other Income |
19.314 |
14.563 |
28.707 |
|
|
|
TOTAL (A) |
3590.269 |
2633.521 |
2545.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
2141.119 |
1464.185 |
1562.360 |
|
|
|
Manufacturing, Selling and Administrative Expenses |
922.080 |
657.528 |
528.622 |
|
|
|
Sales Tax / Value Added Tax |
103.259 |
61.580 |
60.176 |
|
|
|
Prior Period Items |
0.000 |
(3.640) |
0.000 |
|
|
|
Increase / Decrease in Stocks |
(224.158) |
(27.195) |
(4.637) |
|
|
|
TOTAL (B) |
2942.300 |
2152.458 |
2146.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
647.969 |
481.063 |
399.054 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
135.581 |
97.059 |
101.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
512.388 |
384.004 |
297.194 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.610 |
68.360 |
48.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
429.778 |
315.644 |
249.038 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
163.642 |
109.149 |
95.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
266.136 |
206.495 |
153.266 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
26.614 |
21.000 |
12.000 |
|
|
|
Dividend |
19.440 |
16.200 |
12.960 |
|
|
|
Tax on Dividend |
3.229 |
2.753 |
1.836 |
|
|
BALANCE CARRIED
TO THE B/S |
216.853 |
166.542 |
126.470 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.21 |
31.87 |
23.65 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1145.200 |
1040.720 |
1126.070 |
|
Total Expenditure |
969.260 |
832.330 |
905.850 |
|
PBIDT (Excl OI) |
175.940 |
209.390 |
220.220 |
|
Other Income |
9.460 |
9.860 |
20.340 |
|
Operating Profit |
185.400 |
219.250 |
240.560 |
|
Interest |
49.570 |
48.480 |
52.930 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
135.830 |
170.770 |
187.630 |
|
Depreciation |
25.490 |
25.830 |
25.950 |
|
Profit Before Tax |
110.340 |
144.940 |
161.680 |
|
Tax |
38.660 |
38.660 |
53.960 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
71.680 |
106.280 |
107.720 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
71.680 |
106.280 |
107.720 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.41
|
7.84
|
6.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.04
|
12.05
|
9.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.42
|
12.70
|
13.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.35
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
1.56
|
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.47
|
3.24
|
3.55 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING RESULTS
AND BUSINESS
The company has achieved a Gross turnover of Rs.3850.500 Millions as compared to the turnover of Rs.2771.400 Millions during the previous year. The company registered an impressive year on year growth of 38.94%, Profit After Tax is Rs.266.100 Millions in the current year as compared to Rs.206.400 Millions recording a growth of 28.92%.
The Company’s excellent performance is primarily attributed to the product mix, increase in value chain and increase in plant efficiencies which has optimized the consumption co-efficient of materials compared to previous year and stringent cost control measures implemented by the management across the plants.
EXPORTS:
The net exports have increased by 12.30% over the previous
year figures of Rs.671.700 Millions to Rs.754.300 Millions. The Company’s
products are well placed in the Global Market. The company has registered under
“REACH” for supplying one of the products to EU countries which go through
stringent Quality checks. The company is the first company to register under
REACH from India for this product.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry
Structure, Development and Outlook
The company is a leading manufacturer of aliphatic amines in
India and the only manufacturer of 100 % import substitute specialty chemicals
such as N-Methyl- 2- Pyrrolidone (NMP), Morpholine, 2- Pyrrolidone (2-P) Gamma
Butyrolactone (GBL), Poly Vinyl Pyrrolidone (and PVPK 30), N-Ethyl-2-
Pyrrolidone (NEP), all of which are widely accepted by customers the world
over. The company caters to various Industries which are backbone of Indian economy
and has market presence in the following growth oriented areas;
• Active Pharmaceutical Ingredients (APIs)
• Agro-chemicals and pesticide formulations
• Refi neries
• Water treatment chemicals
• Rubber chemicals
• Electronics
• Photographic chemicals
• Dye stuffs and paint industries
The Indian economy has emerged with remarkable rapidity from
the slowdown caused by the global crisis, with growth of 8.6 percent (advance
estimate) in 2010-11 and is expected to grow 9 percent next year as per Indian
Economy Survey 2010-11. As the growth momentum remains strong and broad based,
the company is expected to continue its excellent performance in the coming
years.
CONTINGENT LIABILITIES:
Disputed Income Tax Liability Rs.15.200 Millions for AY
2007-08. The Company has preferred an appeal against the demand. The amounts
paid against the disputed demand are included in Loans and Advances.
UN-AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2011
(RS.
IN MILLIONS)
|
Particular |
Quarter Ended (Un-Audited) 31.12.2011 |
Quarter Ended (Un-Audited) 30.09.2011 |
Nine Month Ended 31.12.2011 |
|
|
|
|
|
|
a) Net Sales / Income from
operations |
1126.069 |
1041.724 |
3312.994 |
|
b) Other operating Income |
0.000 |
0.000 |
0.000 |
|
Total |
1126.069 |
1041.724 |
3312.994 |
|
|
|
|
|
|
Total Expenditure |
|
|
|
|
a) (Increase)/Decrease in
stockin-trade |
(189.982) |
24.311 |
(100.612) |
|
b) Consumption of Raw
Materials |
833.910 |
535.706 |
2052.882 |
|
c) Employees Cost |
51.450 |
37.832 |
123.564 |
|
d) Depreciation |
25.954 |
25.832 |
7.271 |
|
e) Other expenditure
(Manufacturing, Selling & admin. Expenses, ST/VAT) |
210.469 |
234.479 |
631.602 |
|
Total |
931.801 |
858.160 |
2784.707 |
|
|
|
|
|
|
Profit from Operations before
other income, interest and exceptional items (1-2) |
194.268 |
183.564 |
2784.707 |
|
Other Income |
20.338 |
9.861 |
528.287 |
|
Profit before Interest and
Exceptional items (3+4) |
214.606 |
193.425 |
39.653 |
|
Interest |
52.931 |
48.483 |
567.940 |
|
Profit after Interest but
before Exceptional items (5-6) |
161.675 |
144.942 |
150.980 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit(+) / Loss(-) from
Ordinary activities before tax(7+8) |
161.675 |
144.942 |
416.960 |
|
|
|
|
|
|
Tax expense |
|
|
|
|
a) Current tax |
48.155 |
34.354 |
116.863 |
|
b) Deffered tax |
5.803 |
4.310 |
14.423 |
|
|
|
|
|
|
Net Profit(+) / Loss(-) from
Ordinary activities after tax(9-10) |
107.717 |
106.278 |
285.674 |
|
Extraordinary items (Net of
tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit(+) / Loss(-) for
the period (11-12) |
107.717 |
106.278 |
285.674 |
|
Paid up Equity share Capital (
face value of each share Rs.10/-) |
64.802 |
64.802 |
64.802 |
|
Reserves excluding revaluation
reserves as per Balance sheet of previous accounting year |
1407.260 |
1407.260 |
1407.260 |
|
|
|
|
|
|
Earnings per share (EPS) (in Rs.) |
|
|
|
|
a) Basic and Diluted EPS before
Extraordinary items for the period, for the Yr to date and for the prv yr |
3.32 |
3.28 |
8.81 |
|
b) Basic and Diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year |
3.32 |
3.28 |
8.81 |
|
|
|
|
|
|
Public shareholding |
|
|
|
|
Number of Shares |
14923401 |
14910901 |
14923401 |
|
Percentage of Shareholding |
46.06 |
46.02 |
46.06 |
|
|
|
|
|
|
Promoters and Promoters group shareholding |
|
|
|
|
a) Pledged/ Encumbered* |
|
|
|
|
Number of Shares |
6732000 |
6732000 |
6732000 |
|
Percentage of Shares (as a %
of the total shareholding of promoter and promoter group) |
38.51 |
38.49 |
38.51 |
|
Percentage of Shares (as a %
of the total share capital of the Company) |
20.77 |
20.78 |
20.77 |
|
|
|
|
|
|
b) Non- encumbered |
|
|
|
|
Number of Shares |
10745599 |
10758099 |
10745599 |
|
Percentage of Shares (as a %
of the total shareholding of promoter and promoter group) |
61.49 |
61.51 |
61.49 |
|
Percentage of Shares (as a % of
the total share capital of the Company) |
33.16 |
33.20 |
33.16 |
Notes:
1. The above Un-audited results have been reviewed by Audit Committee and
taken on record by the Board of Directors at their meeting held on 30.01.2012.
2. During the quarter ended 31st December, 2011 there was no investor
complaint pending in the beginning of the quarter and the company has not
received any investor's complaints during the quarter
3. Included in consumption of raw materials (for the quarter ended
31.12.2011) is Rs. 31.300 Millions incurred towards flucuation in rates of
foreign exchange on import of raw materials
4. Other income (for the quarter ended 31.12.2011) included Rs. 13.600
Millions being foreign exchange rate fluctuation gains
5. Corresponding figures in previous year have been regrouped wherever
considered necessary.
6. Company has only single reportable segment, hence AS-17 " Segment
reporting" is not applicable.
7. * The Shares are pledged in favour of Banks to Secure various credit
facilities.
# EPS worked out on equity shares of face value Rs. 2/- after
subdivision of shares.
FIXED ASSETS:
·
Land
·
Building
·
Wind Electric Generator
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
WEBSITE DETAILS
Subject is one of the manufacturers of Aliphatic
Amines in India was set up in the year 1988 to cater to the growing
requirements of value based Specialty Chemicals. Subject commenced manufacture
of Methyl Amines in the year 1989 and subsequently added facilities for
manufacture of Ethyl Amines and other derivatives of Methyl Amines and Ethyl
Amines.
Subject has been consistently adding capacities and fine tuning process
to provide quality products at lowest cost to the customers. World over, Amine
technology is a closely guarded process with only a few handful companies
having access to such technology. Subject for the first time in India tested on
an indigenously developed technology and developed it further over a period of
time. Today, subject‘s products are accepted in international markets and have
gained the distinct export quality status, which makes it one of the few
companies in India having the potential to match the stringent international
quality standards for which they have been awarded ISO-9001: 2000 Certification
apart from appreciation and continuous orders from global majors for their
product range.
Subject’s state-of-the-art manufacturing facility is located at
Tamalwadi Village, near Solapur (Maharashtra State, India) The facility is
fully equipped with latest technology like digital computerized controlled
systems, which facilitates the control of operations from the control room in
addition, subject possesses an excellent R and D facilities and laboratory,
which helps in conducting basic research and also to fine tune the process.
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.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.