MIRA
INFORM REPORT
|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MEGHMANI ORGANICS LIMITED |
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|
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|
Registered
Office : |
184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382 445, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.01.1995 |
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Com. Reg. No.: |
04-024052 |
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Capital
Investment / Paid-up Capital : |
Rs. 254.314 millions |
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|
|
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CIN No.: [Company Identification
No.] |
L24110GJ1995PLC024052 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00341F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
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 21084000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established company having fine track records. Financial
position of the company appears to be sound, There appears slight dip in the revenue earned and profits during
2012. However, trade relations are reported as trustworthy. Business is
active. Payments are reported to be regular and as per commitment. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
19th March 2012 |
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Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
19th March 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382 445, Gujarat, India |
|
Tel. No.: |
91-79-25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Corporate Office : |
“Meghmani House”, Shree Nivas Society, Off Vakas Gruh RoadPaldi, Ahmedabad-380
007, Gujarat, India |
|
Tel. No.: |
91-79-26640668 / 669 |
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Fax No.: |
91-79-26640670 |
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Mumbai Office : |
3/24, AC Market, Tardeo Road, Mumbai – 400 034, Maharashtra, India |
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World Head
Quarters : |
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Meghmani Europe Bvba, Grote Steen Weg 42-44, 2600 Berchem,
Belgium |
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Tel. No.: |
+ 32-3-3375357 |
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Fax No.: |
+ 32-3-2973082 |
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Meghmani Organics Limited – Representative Office, Room No.: 0906, Building “B”, No.: 527, |
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Mobile No.: |
+86-13916981655 |
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U.S.A Office : |
Meghmani Organics USA, Inc., 8215, Vinoy Blvd, Apartment No. 403, |
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Mobile No.: |
+ 1-704-4256226 |
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Tel No.: |
+ 1-704- 5101464 |
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Singapore Depository Shares (“SDSs”) Registrar and SDSs Office : |
Tricor Barbinder Share Registration Services 80 Robinson Road, #02–00, Singapore 068898 |
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Tel. No.: |
(65) 6236 3552 |
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Fax No.: |
(65) 6236 3405 |
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E-Mail : |
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Tricor Evatthouse Corporate Services 80 Robinson Road, #02–00, Singapore 068898 |
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Tel. No.: |
(65) 6236 3510 |
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Fax No.: |
(65) 6236 4399 |
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E-Mail : |
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Pigment – Green
– Division : |
Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad-382 445, |
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Tel. No.: |
91-79-25833403/ 25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Agro Division- I
: |
Plot No. 402, 403, 404 and 452, Village Chharodi, Taluka Sanand,
District- Ahmedabad-382 445, |
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Tel. No.: |
91-2717-273251 |
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Fax No.: |
91-2717-273254 |
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E-Mail : |
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Pigment Blue –
Division : |
Plot No. 21, 21/1, G.I.D.C, Panoli, District Bharuch, |
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Tel. No.: |
91-2646-276352 |
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Fax No.: |
91-2646-276374 |
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E-Mail : |
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Agro Division-
II : |
5001/B, G.I.D.C. Ankleshwar, District Bharuch, |
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Tel. No.: |
91-2646-222971 |
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Fax No.: |
91-2646-222965 |
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E-Mail : |
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Agro Division-
III : |
Plot No.CH-1+2/A, GIDC Dahej Taluka – Vagra, District Bharuch – 392
130, |
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Tel. No.: |
91-2641-256677/ 88 |
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E-Mail : |
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Agro Division-
IV : |
Plot No. 22/2, G.I.D.C. Panoli, District – Bharuch, Gujarat, India |
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Tel No.: |
91-2646-276577 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Jayanti M. Patel |
|
Designation : |
Executive Chairman |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Ashish N. Soparkar |
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Designation : |
Managing Director |
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Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Natwarlal M. Patel |
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Designation : |
Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
M.Sc. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Ramesh M. Patel |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B.A. |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Mr. Anand I. Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Sc. (Chemical) |
|
Experience : |
26 Years |
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|
|
|
Name : |
Mr. Balkrishna T. Thakkar |
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Designation : |
Director |
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|
Name : |
Mr. Chinubhai R. Shah |
|
Designation : |
Director |
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|
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|
Name : |
Jayaram Vishwanathan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. K.H. Patel |
|
Designation : |
Independent Director (Appointed on 24.10.2008) |
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|
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|
Name : |
Mr. Akthar Hassen G Shaik |
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Designation : |
Director |
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|
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KEY EXECUTIVES
|
Audit Committee : |
·
Mr. Balkrishna T. Thakkar ·
Mr. Chinubhai R. Shah ·
Mr. Jayaraman Vishwanathan |
|
|
|
|
Nominating Committee : |
·
Mr. Chinuibhai R. Shah ·
Mr. Balkrishna T. Thakkar ·
Mr. Jayanti M. Patel |
|
|
|
|
Remuneration Committee : |
·
Mr. Chinubhai R. Shah ·
Mr. Balkrishna T. Thakkar ·
Mr. Natwarlal M. Patel |
|
|
|
|
Shareholders/ Investors Grievance Committee : |
·
Mr. Balkrishna T. Thakkar ·
Mr. Chinubhai R. Shah ·
Mr. Ashish N. Soparkar |
|
|
|
|
Name : |
Kamlesh D Mehta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
93759371 |
46.60 |
|
|
33438287 |
16.62 |
|
|
33438287 |
16.62 |
|
|
127197658 |
63.22 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
127197658 |
63.22 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1598630 |
0.79 |
|
|
1598630 |
0.79 |
|
|
|
|
|
|
6058639 |
3.01 |
|
|
|
|
|
|
50725607 |
25.21 |
|
|
9243859 |
4.59 |
|
|
6373168 |
3.17 |
|
|
606391 |
0.30 |
|
|
1826386 |
0.91 |
|
|
3930188 |
1.95 |
|
|
10203 |
0.01 |
|
|
72401273 |
35.99 |
|
Total Public shareholding (B) |
73999903 |
36.78 |
|
Total (A)+(B) |
201197561 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
53116650 |
0.00 |
|
|
53116650 |
0.00 |
|
Total (A)+(B)+(C) |
254314211 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, G.I.D.C Industrial Estate,
Vatva – 382 445, Ahmedabad, Gujarat, India ·
Corporation Bank, Industrial Finance Branch,
Ahmedabad, Gujarat, India ·
State Bank of India, CAG Branch, 58, Shreemali
Society, Navrangpura, Ahmedabad - 380 009, Gujarat, India ·
HDFC Bank Limited, Mithakhali, Ahmedabad - 380
009, Gujarat, India ·
ICICI Bank Limited, JMC House, Opposite Parimal
Garden, Ambawadi, Ahmedabad - 380 009, Gujarat, India ·
Standard Chartered Bank, Ground Floor, Abhijeet
II, Mithakhali Six Roads, Ahmedabad - 380 009, Gujarat, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Patel and Khandwala Chartered Accountants |
|
Address : |
204, Akik, Opposite Lions Hall, Mithakhali, Ahmedabad - 380 009,
Gujarat, India |
|
|
|
|
Cost Auditors: |
Kiran J. Mehta and Company Cost Accountants |
|
|
|
|
Subsidiaries : |
·
Meghmani Energy Limited (MEL) ·
Meghmani Europe BVBA (Europe) ·
Meghmani Organics USAINC. ( USA) ·
Meghmani Finechem Limited (MFL) ·
PT Meghmani Organics Indonesia (Indonesia) ·
Meghmani Chemtech Limited ·
Meghmani South Africa (PTY) Limited (South
Africa) ·
Meghmani Overseas FZE, Dubai |
|
|
|
|
Enterprises
in which Directors and Key Managerial Personnel [KMP] have significant
influence : |
·
Meghmani Pigments ·
Ashish Chemicals ·
Tapsheel Enterprise ·
Meghmani Dyes and Intermediates
Limited ·
Meghmani Industries Limited ·
Meghmani Chemicals Limited ·
Fidelity Exports Private Limited ·
Panchratna Corporation |
|
|
|
|
Joint
Venture : |
·
Trience Speciality Chemicals
Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
370000000 |
Equity Shares |
Rs. 1/- each |
Rs. 370.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254314211 |
Equity Shares |
Rs. 1/- each |
Rs. 254.314
millions |
|
|
|
|
|
NOTES:
RECONCILIATION OF NUMBER OF SHARES
|
PARTICULARS |
No.
of Shares |
Amount
in millions |
|
As at beginning of the year |
254,314,211 |
254.314 |
|
Add : |
|
|
|
Issued During the year |
– |
– |
|
Less : |
|
|
|
Shares bought back / Redemption etc. |
– |
– |
|
As at closing of the year |
254,314,211 |
254.314 |
DETAILS OF SHAREHOLDING
|
PARTICULARS |
No.
of Shares |
Amount
in millions |
|
Number of Shares
held by Shareholders holding more than 5% Shares |
|
|
|
DBS Nominees (Private) Limited |
53,116,650 |
53.117 |
|
Mr. Jayanti Patel |
18,873,946 |
18.874 |
|
Mr. Ashish Soparkar |
24,458,090 |
24.458 |
|
Mr. Natwarlal Patel |
20,359,850 |
20.360 |
|
Mr. Ramesh Patel |
16,354,120 |
16.354 |
|
TOTAL |
133,162,656 |
133.163 |
Each equity
shareholder has 1 voting right. All equity shareholders have equal dividend
rights in proportion to the Holding.
The
Company has declared dividend Rs. 2,54,31,421 ( Previous Year Rs. 10,17,25,684 representing
10% (Previous Year 40%) Paid up Capital and ` 0.10 per share (Previous year Rs.
0.40 per share )
PARTICULARS OF NRI SHAREHOLDERS TO WHOM DIVIDEND REMITTED.
(Rs.
in millions)
|
PARTICULARS |
As at 31.03.2012 |
|
Amount of Final Dividend Remitted |
21.246 |
|
No. of Shareholders |
1 |
|
No. of Shares held |
106,233,300 |
|
Year / Period to which dividend relates |
2010–11 |
EARNING PER SHARE
(Rs.
in millions)
|
PARTICULARS |
As at 31.03.2012 |
|
Net Profit after tax attributable to shareholders |
165.837 |
|
Weighted average number of equity shares at the end of
year |
254.314 |
|
Nominal value of share |
1 |
|
Basic / Diluted earnings per share before extraordinary
items |
0.65 |
|
Basic / Diluted earnings per share after extraordinary
items |
0.65 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
254.314 |
254.314 |
254.314 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5016.705 |
5078.177 |
4724.598 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5271.019 |
5332.491 |
4978.912 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2410.926 |
2084.540 |
1357.245 |
|
|
2] Unsecured Loans |
711.519 |
1041.758 |
1127.978 |
|
|
TOTAL BORROWING |
3122.445 |
3126.298 |
2485.223 |
|
|
DEFERRED TAX LIABILITIES |
210.309 |
131.446 |
117.831 |
|
|
|
|
|
|
|
|
TOTAL |
8603.773 |
8590.235 |
7581.966 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2476.319 |
1913.385 |
1457.338 |
|
|
Capital work-in-progress |
532.828 |
462.827 |
433.319 |
|
|
|
|
|
|
|
|
INVESTMENT |
1139.306 |
1476.689 |
1303.559 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1362.391
|
1292.575 |
1209.156 |
|
|
Sundry Debtors |
3217.994
|
3255.773 |
3236.969 |
|
|
Cash & Bank Balances |
95.468
|
99.083 |
153.831 |
|
|
Other Current Assets |
927.696
|
1158.047 |
0.000 |
|
|
Loans & Advances |
580.163
|
683.522 |
1297.770 |
|
Total
Current Assets |
6183.712
|
6489.000 |
5897.726 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1041.990
|
1094.366 |
962.810 |
|
|
Other Current Liabilities |
281.942
|
369.275 |
352.816 |
|
|
Provisions |
404.460
|
288.025 |
194.349 |
|
Total
Current Liabilities |
1728.392
|
1751.666 |
1509.975 |
|
|
Net Current Assets |
4455.320
|
4737.334 |
4387.750 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8603.773 |
8590.235 |
7581.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8220.829 |
8649.183 |
7292.184 |
|
|
|
Other Income |
95.116 |
72.059 |
229.064 |
|
|
|
TOTAL (A) |
8315.945 |
8721.242 |
7521.248 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4799.083 |
5150.221 |
4445.592 |
|
|
|
Purchases of Stock–in–Trade |
786.784 |
461.723 |
0.000 |
|
|
|
Changes
in inventories of finished goods, work–in–progress and Stock–in–Trade |
(174.639) |
116.305 |
87.614 |
|
|
|
Employee
benefits expense |
351.319 |
328.415 |
211.926 |
|
|
|
Other
expenses |
1728.628 |
1685.360 |
0.000 |
|
|
|
Trading Purchases |
0.000 |
0.000 |
324.687 |
|
|
|
Manufacturing
Expenses |
0.000 |
0.000 |
752.864 |
|
|
|
Administration
Expenses |
0.000 |
0.000 |
39.742 |
|
|
|
Selling and
Distribution Expenses |
0.000 |
0.000 |
504.175 |
|
|
|
TOTAL (B) |
7491.175 |
7742.024 |
6366.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
824.770 |
979.218 |
1154.648 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
259.286 |
173.235 |
136.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
565.484 |
805.983 |
1018.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
260.783 |
203.467 |
170.157 |
|
|
|
|
|
|
|
|
|
Less |
Extra Ordinary
Items |
0.000 |
2.500 |
11.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
304.701 |
600.016 |
837.284 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
138.864 |
128.208 |
221.482 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
165.837 |
471.808 |
615.802 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
50.000 |
65.000 |
|
|
|
Dividend |
25.430 |
101.730 |
101.726 |
|
|
|
Tax on Dividend |
4.130 |
16.500 |
16.895 |
|
|
|
Transfer to Debenture Redemption Reserve |
82.550 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
48.727 |
303.578 |
432.181 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6100.630 |
5752.856 |
5041.531 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
617.437 |
994.148 |
NA |
|
|
|
Trading Purchase |
567.317 |
232.734 |
NA |
|
|
|
Capital Goods |
1.516 |
86.553 |
NA |
|
|
TOTAL IMPORTS |
1186.270 |
1313.435 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.65 |
1.86 |
2.42 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
|
|
1st Quarter |
|
Net Sales |
1893.270 |
|
Total Expenditure |
1662.790 |
|
PBIDT (Excl OI) |
230.480 |
|
Other Income |
25.910 |
|
Operating Profit |
256.390 |
|
Interest |
69.130 |
|
Exceptional Items |
0.000 |
|
PBDT |
187.260 |
|
Depreciation |
68.200 |
|
Profit Before Tax |
119.060 |
|
Tax |
21.490 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
97.570 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
97.570 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.99
|
5.41 |
8.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.70
|
6.93 |
11.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
7.14 |
11.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.91 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.57
|
3.70 |
3.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
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
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
Despite the
difficult year, the company could maintain the Sales Turn over largely due to
increase in trading sales which increased from Rs. 491.950 Millions in
financial year 2011 to Rs. 796.920 Millions in financial year 2012, while
manufacturing sales decreased from Rs. 7953.790 Millions in financial year 2011
to Rs. 7254.370 Millions in financial year 2012.
DOMESTIC SALES:
The Domestic Sales
decreased by Rs. 713.910 Millions ( 27.92%) i.e. from Rs. 2556.580 Millions in
financial year 2011 to Rs. 1842.670 Millions in FINANCIAL YEAR 2012 mainly due
to relocation of its Agro Division–1, Chharodi.
The Domestic Sales
of Pigment Division decreased by Rs. 276.87 Millions (30.46%) i.e. from Rs.
909.090 Millions in financial year 2011 to Rs. 632.220 millions in financial
year 2012. This was mainly due to lower sales of key products CPC Blue and Bela
Blue.
The Domestic sales
of Agro Division decreased by Rs. 449.540 Millions (28.12%) i.e. from Rs.
1598.460 Millions in financial year 2011 to Rs.1148.920 Millions in financial
year 2012.This was due to lower Production of Cypermethrin and Chlorpyriphos
(CPP).
EXPORT SALES:
The Export Sales
increased by Rs. 319.460 Millions (5.42%) i.e from to Rs. 5889.160 Millions in
financial year 2011 to Rs. 6208.620 Millions in financial year 2012.
The Export Sales of
Pigment Division decreased marginally by Rs. 8.350 Millions (0.32%) i.e. from
Rs. 2640.410 Millions in financial year 2011 to Rs. 2632.060 Millions in
financial year 2012.
The Export Sales of
Agro Division increased marginally by Rs. 35.330 Millions (1.26%) i.e. from Rs.
2805.840 Millions in financial year 2011 to Rs. 2841.170 Millions in financial
year 2012.
OTHER INCOME:
Other income
increased by Rs. 23.060 Million.
PROFITABILITY:
Profit before tax
decreased by Rs. 295.310 Million i.e. by 49.22% while Profit after tax
decreased by Rs. 305.970 Million i.e. by 64.85%. The main reasons for decrease
in Profitability are:–
1.
Macro level environmental issues affecting
production
2.
Relocation of Agro Division situated at Village
Chharodi, Sanand, Ahmedabad
3.
Re–installation of New Beta Blue Pigment production
facility affected due to fire
4.
Reduction in manufacturing sales affecting the
contribution
5.
Volatility in Rupee Dollar Exchange rate
6.
Higher Interest cost
CONTINGENT
LIABILITY
NOT PROVIDED FOR IN THE ACCOUNTS
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
In respect of Bank Guarantee |
114.259 |
|
In respect of Letter of Credit |
9.417 |
|
In respect of Corporate Guarantee |
1782.081 |
|
|
|
|
Name of Statute |
Nature of Dues |
31.03.2012 |
Forum where Dispute
is pending |
|
Income Tax Act. |
Income Tax / Penalty for Various Financial Years. 1999–2000 to 2006–2007 |
80,242,733 |
Commissioner of Income Tax (Appeal) / Income tax
Appellate Tribunal / High Court |
|
|
|
|
|
|
Central Excise Tariff Act. |
Excise Duty (Financial Year 2007–2008 to 2010–2011) |
63,939,585 |
Commissioner of Central Excise / Director General of
Central Excise /Audit team of Central Excise / Central Excise Service tax
Appellate Tribunal |
|
|
|
|
|
|
Labour Laws |
Compensation Claims |
10,196,217 |
Labour Court |
|
|
|
|
|
|
Value Added Tax |
Input Tax Credit |
4,582,628 |
The Joint Commercial Tax Commissioner Appeal 1 |
|
|
|
|
|
|
Professional Tax |
Employees Professional Tax |
0 |
Disputed between Local Authority & Sales Tax Department |
The estimated amount of contracts remaining to be executed
on capital accounts of Rs. 34,662,506 (Previous Year: Rs.
36,002,043) is not provided for.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRYSTRUCTURE
AND DEVELOPMENTS: AGROCHEMICALS
Following
a period of decline in overall market values, the global pesticides industry –
as expected has recovered in 2011 and has registered a modest growth. Although
high cereal stocks in Europe, high energy costs, over supply of pesticides
globally and concerns over re–registration in various important markets has
limited gains, this small rise represents an improvement over the past few
years. At a time of rising food prices, population growth, increased demand for
bio–fuels and concerns over global food security, there is a growing need for
using every available technology – including pesticides, to meet future food
needs and tackle the emerging challenges of climate change and resource
conservation.
The
Indian crop protection chemicals market has seen a sustained increase from 2005
onwards, resulting in India being ranked third in best global market
performance – after Argentina and Brazil, with a compound annual growth rate of
10 percent. This is mainly due to the consistent monsoon seasons, over–supply
resulting in pesticides being more financially feasible for usage by farmers
and growth seen in the export market. India has raised the level of its export
competency with a consistent quality and supply record and possession of a vast
unexplored market. Chemicals manufacturers have targeted product awareness
campaigns at Indian farmers, as the country’s affordability has increased with
the cultivation of high–value crops. 'The per capita consumption of pesticides
in India is still very low compared to the developed countries and
manufacturers need a smart ‘get to market’ strategy to achieve better reach and
acceptance of products. The demand will also be driven by the rising food grain
demand and increasing awareness about pesticide usage among the farmer
community. However, threat of illegal, cheap imports from China is ever present
and becoming a big factor in performance of local Indian producers.
With
the global pesticides market expected to grow at an average annual rate of 2.2%
till 2014 and with favourable market factors – lead by sustained demand for
food grains and bio–fuels and government’s focus on development of agriculture,
the outlook for Meghmani is improving. The year saw an average performance in
exports mainly because of the imposition of international embargo on Iran – one
of our main export markets, low off–take from Argentina, re–registration
requirements in some of the Latin American countries and a general malaise seen
within the existing customer base.
AGROCHEMICALS
– OVERVIEW OF THE COMPANY
The
Company has 4 Agrochemical manufacturing facilities situated at:
Agro
– I Plot No. 402,403,404,452 & 455, Village Chharodi, Taluka Sanand –
Ahmedabad
Agro
– II Plot No. 5001 B, GIDC Ankleshwar
Agro
– III Plot No. CH–1+2/AGIDC Industrial Estate, Dahej, Taluka:Vagra, Bharuch.
Agro
– IV Plot No. 20, GIDC Panoli, Ankleshwar
The
Company produces commonly used pesticides for crop and non–crop applications
such as public health, insect control in wood preservation and food grain
storage. The Company counts amongst its customers leading pesticide
manufacturers from North America, Europe, Latin America Asia, Brazil, and South
Africa.
The
production processes of the Company’s Agro businesses are largely vertically
integrated. They manufacture some Pesticides Intermediates which are used in
the manufacture of our Pesticides Technical. Such vertical integration allows
us to effectively manage our raw materials costs and assures us of a constant
supply of such raw materials at a consistent quality and consequently, has
reduced our reliance on third party suppliers for such raw materials. Past
three years have shown highly inconsistent raw material supplies with
production sites in both India and China getting afflicted by environmental
issues, thereby adversely affecting the production within the Company.
Therefore, the future focus for the Company would be further backward
integration.
STRATEGY
OF THE COMPANY
To
offer a complementary set of products and to expand the product basket, the
Agrochemicals Division has started production of one of the most widely used
herbicide – 2,4–D at its Dahej site. The site is backward integrated to
manufacture the intermediates MCAA and TCAC. The site is strategically located
adjacent to our Chlor–alkali plant. With the shift in the product mix towards
herbicides in India, this new project is expected to yield good results for the
Division in coming years. The formulation plant at GIDC Panoli, Ankleshwar is
also performing at its peak capacity.
At
the domestic front they have our own sales force in Andhra Pradesh,
Maharashtra, Madhya Pradesh, Rajasthan and Gujarat.
They
have consciously developed our intellectual property rights in the form of
trademarks for our products, as well as our logo and corporate name. Our logo
and name, viz. “MOL” and “Meghmani” have been registered as trademarks. The
Company has 25 registered Trade Marks.
They
believe that our trademarks have significant value and are important to our
brand building efforts and aid in the marketing of our products.
In
recent years, they have focused on increasing the number of product
registrations in countries such as United States of America, Australia, Brazil,
Bangladesh, China, Mexico, Malaysia, Turkey, Taiwan, etc. Being a manufacturer
and distributor of existing molecules with expired patents, they consider
registration as crucial and considerable investments are focused on
registrations. Our focus on research and development has also led to an
increase in the number of products developed, which has translated, into
numerous applications for registrations for our products. To date, 85 exports
registrations have been received and applications for 587 registrations have
been made in different parts of the world. The Company has 173 registration of
Central Insecticides Board (CIB), Faridabad.
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Other Equipments
- Intangible Assets
- Licenses
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT TAX APPEAL No. 110 of 2010 |
|||||||||||||
|
Status: PENDING (Converted
from: ST/2295/2009)
CCIN No:
001092201000110 Last Listing Date: 20/03/2012 Coram: HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR
BHATTACHARYA HONOURABLE
MR.JUSTICE J.B.PARDIWALA |
|||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
|||||||||||
|
1 |
COMMISIONER OF INCOME TAX |
MRS MAUNA M BHATT for:
PETITIONER(s) 1 |
|||||||||||
|
S.No. |
Name of the
Respondant |
Advocate On
Record |
|||||||||||
|
1 |
MEGHMANI ORGANICS LTD |
MRS SWATI SOPARKAR for
:RESPONDENT(s) 1 |
|||||||||||
|
Presented On : 19/11/2009 Registered
On : 19/11/2009 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 13 times Stage Name : FOR ADMISSION COMPANY MATTERS BOARD NO.I Classification: DB - BANKING MATTERS - BAKING REGULATION ACT,
1949 - RELATING TO RESERVE BANK OF INDIA
& OTHER BANKS UNDER THE BANKING REGULATIONS ACT AND OTHER BANKING
LAWS.
Act
INCOME – TAX ACT, 1961 Office Details |
|||||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
||||||||
|
1 |
13/02/2010 |
CERTIFIED COPY |
MRS. MAUNA M BHATT ADVOCATE for PETITIONER
(s) 1 |
4 |
- |
||||||||
|
2 |
20/07/2011 |
VAKALATNAMA |
MRS SWATI SOPARKAR ADVOCATE for
RESPONDENTS(s) |
5 |
- |
||||||||
|
Court
Proceedings |
|||||||||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|||||||
|
1 |
19/10/2011 |
1 |
- |
FOR ADMISSION COMPANY MATTERS BOARD NO.I |
NEXT DATE |
·
HONOURABLE MR.JUSTICE
AKIL KURESHI ·
HONOURABLE MS. JUSTICE
SONIA GOKANI |
|||||||
|
2 |
21/02/2012 |
1 |
- |
FOR URGENT ADMISSION COMPANY MATTERS BOARD
NO.I |
NEXT DATE |
·
HONOURABLE THE ACTING
CHIEF JUSTICE MR.BHASKAR BHATTACHARYA ·
HONOURABLE MR.JUSTICE
J.B.PARDIWALA |
|||||||
|
3 |
27/02/2012 |
1 |
- |
BOARD NO. I-A |
NEXT DATE |
·
HONOURABLE THE ACTING
CHIEF JUSTICE MR.BHASKAR BHATTACHARYA ·
HONOURABLE MR.JUSTICE
J.B.PARDIWALA |
|||||||
|
4 |
20/03/2012 |
1 |
- |
BOARD NO. I-A |
NEXT DATE |
·
HONOURABLE THE ACTING CHIEF
JUSTICE MR.BHASKAR BHATTACHARYA ·
HONOURABLE MR.JUSTICE
J.B.PARDIWALA |
|||||||
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.54.17 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.