MIRA
INFORM REPORT
|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAVIN FLUORINE INTERNATIONAL LIMITED |
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Registered
Office : |
2nd Floor, Sunteck Centre, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
25.06.1998 |
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Com. Reg. No.: |
11-115499 |
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Capital
Investment / Paid-up Capital : |
Rs. 97.568
Millions |
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|
CIN No.: [Company Identification
No.] |
L24110MH1998PLC115499 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP14428B |
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PAN No.: [Permanent Account No.] |
AABCP0464B |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturing and Selling of Chemicals. |
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No. of Employees
: |
571 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 19330000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track record.
Financials performance of the company is good. Trade relations are reported
as fair. Business is active. Payments are reported to be regular 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
06.09.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
AA- (Long Term Bank) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
06.09.2012 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Lalit Soni |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-66509946 |
|
Date : |
22.04.2013 |
LOCATIONS
|
Registered Office : |
2nd Floor, Sunteck Centre, |
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Tel. No.: |
91-22-66509999/ 24043300 |
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Fax No.: |
91-22-66509800 |
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E-Mail : |
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Website : |
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Factory 1 : |
P. O. Bhestan, Udhana – Navsari Road, Surat–395023, Gujarat, India |
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Tel. No.: |
91-261-2890325 |
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Fax No.: |
91-261-2890288 |
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E-Mail : |
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Factory 2 : |
New Industrial Area, |
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E-Mail : |
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International Office : |
Global Head of Business Development – Crams |
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Tel. No.: |
1908-243-0159 |
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Fax No.: |
1908-704-9150 |
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E-mail : |
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|
Sales Office : |
Located At:
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DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Hrishikesh A. Mafatlal |
|
Designation : |
Chairman |
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|
Name : |
Mr. T. M.M. Nambiar |
|
Designation : |
Director |
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|
Name : |
Mr. Pradip N. Kapadia |
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Designation : |
Director |
|
Qualification : |
B.A, LLB |
|
Date of Appointment : |
21.01.2003 |
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|
|
|
Name : |
Mr. Sunil S. Lalbhai |
|
Designation : |
Director |
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Qualification |
Masters in Chemistry, Economy, Planning and Policy |
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|
|
|
Name : |
Mr. S.M. Kulkarni |
|
Designation : |
Director |
|
Qualification : |
B.E. |
|
Date of Appointment : |
19.10.2006 |
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|
|
|
Name : |
Mr. R. Sankaran |
|
Designation : |
Director |
|
Qualification : |
Masters in Economics |
|
Date of Appointment : |
30.03.2007 |
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|
|
|
Name : |
Mr. V. P. Mafatlal |
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Designation : |
Director |
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|
Name : |
Mr. S.G. Mankad |
|
Designation : |
Director |
|
Date of Appointment : |
29.04.2011 |
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|
Name : |
Mr. S.S. Khanolkar |
|
Designation : |
Managing Director |
|
Date of Appointment : |
01.01.2011 |
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|
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|
Name : |
Mr. Atul Kumar Srivastava |
|
Designation : |
Finance Director |
KEY EXECUTIVES
|
Name : |
Mr. N.B. Mankad |
|
Designation : |
Secretary |
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|
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|
Name : |
Mr. Vigil Juris |
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Designation : |
Solicitors |
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|
Name : |
Mr. Lalit Soni |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
484841 |
4.97 |
|
|
Bodies Corporate |
3240508 |
33.2 |
|
|
|
65145 |
0.67 |
|
|
|
65145 |
0.67 |
|
|
Sub Total |
3790494 |
38.83 |
|
|
(2) Foreign |
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3790494 |
38.83 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
Mutual Funds / UTI |
295919 |
3.03 |
|
|
|
14849 |
0.15 |
|
|
|
461642 |
4.73 |
|
|
Sub Total |
772410 |
7.91 |
|
|
(2) Non-Institutions |
|
|
|
|
|
634115 |
6.5 |
|
|
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
3649239 |
37.39 |
|
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
796882 |
8.16 |
|
|
|
117957 |
1.21 |
|
|
|
117864 |
1.21 |
|
|
Trusts |
93 |
0 |
|
|
Sub Total |
5198193 |
53.25 |
|
|
Total Public shareholding (B) |
5970603 |
61.17 |
|
|
Total (A)+(B) |
9761097 |
100 |
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
|
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
9761097 |
0 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
||
|
No. of Shares held |
As a % of grand total |
|||
|
|
Total |
37,90,494 |
38.83 |
|
|
|
Total |
37,90,494 |
38.83 |
|
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Atyant Capital Management Limited Aatyant |
405751 |
4.16 |
4.16 |
|
|
2 |
Reliance Capital Trustee Company Limited A/c |
283291 |
2.9 |
2.9 |
|
|
3 |
Ajay Shivnarain Upadhyaya |
225000 |
2.31 |
2.31 |
|
|
4 |
Bluebell Clothing Private Limited |
154070 |
1.58 |
1.58 |
|
|
|
Total |
1068112 |
10.94 |
10.94 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Chemicals. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Synthetic Cryolite, Aluminium Flooride and Fluorocarbon
Gases |
MT |
8823 |
|
Miscellaneous Fluorides |
MT |
20244 |
|
Total |
|
29067 |
GENERAL INFORMATION
|
No. of Employees : |
571 (Approximately) |
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Bankers : |
v
State Bank of v
Axis Bank Limited v
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Messrs Deloitte Haskins and Sells Chartered Accountant |
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Associates : |
Ø
Mafatlal Denim Limited |
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|
|
|
Subsidiaries : |
Ø
Sulakshna Securities Limited Ø
Manchester Organics Limited (w.e.f.04.05.2011) Ø
Urvija Associates (A Partnership firm where the
company is a majority partner) |
|
|
|
|
Enterprises over which key management personnel and their relatives
are able to exercise significant influence: |
Ø
Mafatlal Industries Limited Ø
Mafatlal Fabrics Private Limited Ø
NOCIL Limited Ø
Sananda Industrial Machinery Limited Ø
Seth Navinchandra Mafatlal Foundation Trust |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9752790 |
Equity Shares |
Rs.10/- each |
Rs. 97.528
Millions |
|
8307 |
Equity Shares |
Rs.10/- each |
Rs. 0.083
Million |
|
|
Less: Call in arrears |
|
Rs. 0.042
Million |
|
|
TOTAL |
|
Rs. 97.569 Millions |
NOTE
a.
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
Opening Balance |
Buy Back |
Closing Balance |
|
Equity shares with voting
rights |
|
|
|
|
Year ended 31st
March, 2012 |
|
|
|
|
– Number of
shares |
9761097 |
-- |
9761097 |
|
– Amount (Rs. in
Millions) |
97.611 |
-- |
97.611 |
b.
Terms / rights
attached to equity shares
The Company has only
one class of equity shares having a par value of Rs.10/- per share. Each equity
shareholder is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31st March 2012, the amount of dividend, per share, recognized as
distributions to equity shareholders is Rs. 75/- (year ended 31st March, 2011,
Rs. 15/-).
c.
Details of
shareholders holding more than 5% shares in the Company
|
Equity shares of
Rs. 10/- each fully paid |
31st March 2012 |
|
|
Name |
Nos. |
% Holding |
|
Mafatlal Impex
Private Limited |
1,085,193 |
11.12 |
|
Suremi Trading
Private Limited |
976,619 |
10.01 |
|
NOCIL Limited |
566,340 |
5.80 |
d.
For details of
shares reserved for issue under the employee stock option (ESOP) plan of the
Company
e.
During the period
of five years immediately preceding the reporting date
|
|
As At 31.03.2012 |
As At 31.03.2011 |
|
|
|
|
|
Equity shares
bought back by the Company |
-- |
338,792 |
Pursuant to the
decision of the Board of Directors of the Company taken in its meeting dated 24th
September, 2010, the Company bought back 338,792 equity shares of nominal value
of Rs.10/- each at a price of Rs. 400/- per share for an aggregate value of
Rs.135.517 millions during the previous year under Section 77A of the Companies
Act, 1956 through tender offer by utilising the Securities premium account to
the extent of Rs.132.129 millions. The Capital redemption reserve was created
out of General reserve for Rs.3.388 millions being the nominal value of shares
thus bought back. All the equity shares bought back were extinguished by 5th
March, 2011.
f.
Calls unpaid (by
other than officers and directors)
|
|
As At 31.03.2012 (Rs. In
Millions) |
|
|
|
|
8,307 (previous
year 8,609) equity shares of Rs.10/- each, Rs. 5/- called up but unpaid |
0.042 |
g.
Out of the rights
issue made in 2004-05, 109 equity shares could not be offered on rights basis
due to the non-availability of details of beneficial holders from depositories.
The same are kept in abeyance.
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 |
97.569 |
97.568 |
100.955 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4736.151 |
3220.468 |
2808.843 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4833.720 |
3318.036 |
2909.798 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
933.439 |
490.740 |
113.564 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
933.439 |
490.740 |
113.564 |
|
|
DEFERRED TAX LIABILITIES |
286.392 |
191.397 |
209.983 |
|
|
|
|
|
|
|
|
TOTAL |
6053.551 |
4000.173 |
3233.345 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2364.511 |
1726.752 |
1517.857 |
|
|
Capital work-in-progress |
52.304 |
322.369 |
261.488 |
|
|
|
|
|
|
|
|
INVESTMENT |
2049.420 |
477.606 |
8.456 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
840.161
|
551.020 |
471.781 |
|
|
Sundry Debtors |
623.935
|
577.950 |
389.625 |
|
|
Cash & Bank Balances |
1050.218
|
174.117 |
804.657 |
|
|
Other Current Assets |
50.148
|
15.651 |
0.000 |
|
|
Loans & Advances |
571.308
|
1291.237 |
1139.260 |
|
Total
Current Assets |
3135.770
|
2609.975 |
2805.323 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
451.537
|
552.364
|
1099.798
|
|
|
Other Current Liabilities |
303.237
|
406.825 |
142.108 |
|
|
Provisions |
793.680
|
177.340 |
117.873 |
|
Total
Current Liabilities |
1548.454
|
1136.529 |
1359.779 |
|
|
Net Current Assets |
1587.316
|
1473.446 |
1445.544 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6053.551 |
4000.173 |
3233.345 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7038.585 |
4307.404 |
4293.251 |
|
|
|
Other Income |
910.053 |
103.874 |
79.031 |
|
|
|
TOTAL (A) |
7948.638 |
4411.278 |
4372.282 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-trade |
55.709 |
32.182 |
26.178 |
|
|
|
Cost of Material Consumed |
2519.651 |
1703.284 |
0.000 |
|
|
|
Employee benefits expense |
408.757 |
297.891 |
0.000 |
|
|
|
Other Expenses |
1664.788 |
1165.992 |
2932.811 |
|
|
|
Excise Duty |
0.000 |
0.000 |
2.205 |
|
|
|
Changes in inventories of finished goods, work in progress and
stock-in-trade |
(107.379) |
(19.326) |
52.181 |
|
|
|
TOTAL (B) |
4541.526 |
3180.023 |
3013.375 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3407.112 |
1231.255 |
1358.907 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35.419 |
35.958 |
24.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3371.693 |
1195.297 |
1333.970 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
177.342 |
135.445 |
110.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3194.351 |
1059.852 |
1223.286 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
881.995 |
343.414 |
479.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2312.356 |
716.438 |
743.615 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1322.309 |
850.210 |
354.474 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
232.000 |
71.650 |
74.400 |
|
|
|
Interim Dividend |
83.000 |
65.649 |
65.649 |
|
|
|
Proposed Final Dividend |
63.400 |
82.969 |
75.749 |
|
|
|
Proposed Special Dividend |
585.700 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
118.800 |
24.071 |
24.031 |
|
|
|
Transferred to debenture redemption reserve |
0.000 |
0.000 |
8.050 |
|
|
BALANCE CARRIED
TO THE B/S |
2551.765 |
1322.309 |
850.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1634.878 |
1305.103 |
2452.150 |
|
|
|
Carbon Credits |
2519.001 |
783.289 |
0.000 |
|
|
|
Contract Research Income |
8.633 |
2.128 |
1.512 |
|
|
TOTAL EARNINGS |
4162.512 |
2090.520 |
2453.662 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1879.698 |
1072.059 |
953.709 |
|
|
|
Stores & Spares |
7.788 |
1.530 |
0.064 |
|
|
|
Capital Goods |
31.698 |
9.466 |
6.869 |
|
|
TOTAL IMPORTS |
1919.184 |
1083.055 |
960.642 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
236.90 |
71.11 |
73.63 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1568.900 |
1378.800 |
1249.200 |
|
Total Expenditure |
1261.900 |
1069.200 |
1033.600 |
|
PBIDT (Excl OI) |
306.900 |
309.600 |
215.600 |
|
Other Income |
35.900 |
33.700 |
26.900 |
|
Operating Profit |
342.800 |
343.300 |
242.500 |
|
Interest |
11.400 |
16.200 |
13.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
331.400 |
327.100 |
229.500 |
|
Depreciation |
48.100 |
49.300 |
49.600 |
|
Profit Before Tax |
283.300 |
277.800 |
180.000 |
|
Tax |
90.000 |
88.000 |
55.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
193.300 |
189.900 |
124.500 |
|
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 |
193.300 |
189.900 |
124.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
29.09
|
16.24 |
17.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
45.38
|
24.60 |
28.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
78.50
|
34.18 |
41.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
0.32 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19
|
0.15 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.30 |
2.06 |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
|
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 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
451.537
|
552.364
|
1099.798
|
|
|
|
|
|
|
TOTAL |
451.537
|
552.364
|
1099.798
|
CORPORATE
INFORMATION
The company is a
public limited company domiciled in
YEAR IN RETROSPECT
Revenue from
operations increased by 63% from Rs.4307.400 millions to Rs.7038.600 millions
during the year Income from sale of carbon credits increased from Rs.783.300
millions to Rs.2519.000 millions and the revenue from rest of the business
increased from Rs.3524.100 millions to Rs.4519.600 millions. Profit before tax
increased by 307% from Rs.1059.900 millions to Rs.3246.700 millions and profit
after tax grew by 328% from Rs.716.400 millions to Rs.2312.400 millions.
Fiscal 2012 has
been significant in many ways;
Ø The Company
achieved its highest ever sales and profits during the year.
Ø Money advanced to
Mafatlal Industries Limited (MIL) and/or the group companies to support MIL’s
restructuring have been received back by the Company, including interest
wherever applicable, except Rs.300.000 millions which remained invested as on
31st March 2012 in the fully redeemable noncumulative preference shares of MIL
and which is expected to be redeemed soon.
As reported
earlier, the Company invested in fully redeemable non-cumulative preference
shares of Mafatlal Industries Limited in the year 2004-05 pursuant to the order
of the BIFR in the matter of Mafatlal Industries Limited’s financial
restructuring. During the year 2010-11, Mafatlal Industries Limited’s net worth
turned positive and it was out of the purview of BIFR. During the year,
Mafatlal Industries Limited redeemed such preference shares worth Rs.300.000
millions (face value) as they could leverage the idle assets and improve
liquidity. A provision of Rs.594.000 millions made in an earlier year towards
diminution in the value of investments in Mafatlal Industries Limited
preference shares has been written back as no longer required. Similarly,
provisions made for Rs.155.200 millions towards diminution in value of
investments made in Mafatlal Denim Limited has also been written back as no
longer required. On these two counts, the aggregate amounts of Rs.749.300
millions have been written back to the Profit and Loss Account of the Company.
2011-12 started on
a high with strong demand pull from the FMCG, pharma, agro and chemical
industries, both in and outside of
In India, the
weakening of the rupee put enormous inflationary pressures on the economy in the
second half of the current year forcing the government to take fiscal measures
which stagnated public spending, reduced capital and consumer spending which
eventually resulted into weakening of overall market demand for the final
products of the Company’s customers. This in turn adversely impacted the
Company’s volumes and prices in the second half of the year.
The Indian rupee
vis-à-vis the
Since December
2010, the issuance of carbon credits by the United Nations Framework Convention
on Climate Change (UNFCCC) got regularised and no inordinate delays have been
faced by the Company in the issuance of its carbon credits. However, as the
financial crisis deepened and prolonged in the European Union, the primary
market for carbon credits, the Certified Emission Reduction (CER) prices took a
sharp hit coming down from Euro 12 per CER to a level of Euro 4 by December. No
near term price correction is expected though the Company will be able to sell
its full quantity of carbon credits generated till December 2012. It is now
certain that the carbon credits generated by the Company, classified as CERs
from industrial gases, will not be accepted as a carbon off-set instrument
beyond May 2013 by the European Union Emission Trading Scheme, thereby severely
restricting their marketability and value proposition.
The Company took
several long-term, futuristic steps in the past three years by making sizable
investments in:
Ø Research and
Development and pilot plant
Ø Multi-product
plant at Surat Contract Research Organisation at
Ø Contract Research
and Manufacturing Services (CRAMS) facility at Dewas
Following these
significant investments and commissioning of the facilities, the Company is now
ready to meet changing customer needs and provide flexible product mix from the
enhanced process capabilities. This will also enhance the product pipeline for
future growth of the Company.
On the 3rd May
2011, the Company made a strategic investment by taking a 51% stake in a
research company called Manchester Organics Limited (MOL), in the United
Kingdom to derive value from their fluorine Research and Development which can eventually lead to scale-up
operations in India. This will enhance presence of the Company among the
Research and Development fraternities and customers in Europe and the
The company is
alert to its responsibilities in health, safety and environmental management.
The Company makes sizable investments in HSE year on year.
The rating of the
company has now been upgraded to ‘CARE AA-‘(indicating high degree of safety
regarding timely servicing of financial obligations and very low credit risk)
for borrowings with a tenure of more than one year and fund-based facilities.
The rating for short-term facilities (less than one year) has been maintained
at ‘CARE A+’ (indicating very strong degree of safety regarding timely
servicing of financial obligations and lowest credit risk) for its non-fund
based facilities.
During the year the
Company acquired land from the Gujarat Industrial Development Corporation at
Dahej for a consideration of Rs.259.600 millions which also includes some basic
land development costs. This land will be used for the future expansion plans
of the Company which are currently under various stages of consideration.
During the year,
the Company signed a Memorandum of Understanding (MOU) with Gujarat Mineral
Development
Corporation (GMDC)
and Gujarat Fluorochemicals Limited (GFL) to enter into a Joint Venture for the
beneficiation of fluorspar ore to be supplied by GMDC to ensure long term
supply of fluorspar, which is a key raw material for the Company. It is
expected to come on stream during the later part of 2012-13.
The strong cash
flows during the year have been preserved and deployed in high yield, low risk
financial instruments and bank fixed deposits.
During the year,
residual debentures worth Rs.14.000 millions were repaid and as on 31st March
2012 the Company has no long-term borrowing.
MANAGEMENT
DISCUSSION AND ANALYSIS:
ECONOMIC OVERVIEW
In 2011, the
global economy grew 3.8% (5.2% in 2010), while emerging economies grew 6.2%
(7.3% in 2010) and advanced economies grew 1.6% (3.2% in 2010). The Indian
economy growth is estimated at 6.9% in 2011-12 compared with 8.4% in the
preceding two years on account of a weakening global economy, lower industrial
growth and reforms slowdown. In
INDUSTRY OVERVIEW
The
hindered growth.
The HFC market, which grew considerably in the decade 2001- 2011, will continue
its strong advances as HFCs replace HCFCs in the developing world. However,
concerns over the global warming potential of HFCs will limit demand
particularly in
OUTLOOK
Global annual
demand for fluorine-containing chemicals is forecast to rise 3.9% to 3.5 mn MT
in 2016, valued at USD 19.7 bn. Gains will be fuelled by an increasing
production of refrigeration and cooling equipment as well as an acceleration in
primary aluminium output. In the fluorocarbon segment, demand will rise
slightly below the overall fluorochemicals average through 2016. Due to the
Montreal Protocol requirements, restrictions for developing countries will
begin to take effect in 2015. The Asia Pacific region will continue to be the
largest market for fluorochemicals, accounting for over half of the worldwide
demand in 2016 and will also grow at a fast pace. The US, Western Europe and
Japan will account for a shrinking share of the world fluorochemicals market
through 2016, although they witnessed an increase in demand following the
decline of the 2006-2011 period.
GROWTH DRIVERS
PHARMACEUTICALS MARKET
The Indian
pharmaceuticals market continued to grow at around 15%, registering a turnover of
Rs.596210.000 millions in 2011-12. Pharma exports grew to USD 10.5 bn in
2011-12 compared with USD 6 bn in 2006-07, recording a 16% CAGR. IMS Health
estimates that pharmerging markets will grow 14-17% through 2014, while major
developed markets will grow only 3-6%. Although the
AGROCHEMICALS MARKET
Agriculture
accounted for 13.9% of the countries GDP in 2011- 12. Crop protection chemicals
account for around 2% of the total chemicals market in
AUTOMOBILES, AIR-CONDITIONER AND REFRIGERATOR
MARKET
The Automotive
sector sales have been rising at an impressive 17% CAGR over the last five
years and is slated to grow by 10 to 12% in 2012-13 on the expanded base.
CONTINGENT
LIABILITIES
|
PARTICULARS |
31.03.2012 Rs. In Millions |
|
a.) Excise matters disputed in appeal |
|
|
These relate to MODVAT on capital purchases (pending before the
Assistant Commissioner) and permit fee on purchase of alcohol (pending before
the High Court) |
15.820 |
|
b) Claims against the Company not acknowledged as debts |
|
|
Labour matters involving issues like regularization of employment,
termination of employment, compensation against severance, etc. |
2.265 |
|
c) Sales-tax matters disputed in appeal |
|
|
These relate to classification of goods and consequent dispute on the
rates of sales-tax (pending at various stages from Assistant Commissioner to
High Court) |
20.196 |
|
d) Income tax matters disputed in appeal |
|
|
In all the above matters, the Company is hopeful of succeeding and as
such does not expect any significant liability to crystallize. |
62.917 |
FIXED ASSETS
Ø
Ø
Ø
Buildings
Ø
Plant and Machinery
Ø
Furniture and Fixtures
Ø
Vehicles
Ø
Office Equipments
STATEMENT OF UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31ST DECEMBER, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months
Ended |
Year to Date Figures for current period ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
1245.379 |
1373.366 |
4183.837 |
|
|
Other Operating Income |
3.830 |
5.414 |
13.012 |
|
|
Net Sales/Income
from Operations |
1249.209 |
1378.780 |
4196.849 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
559.675 |
673.076 |
1950.541 |
|
|
Purchase of Stock In Trade |
10.138 |
4.981 |
44.984 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
34.495 |
(43.485) |
(6.905) |
|
|
Employee Benefits Expenses |
97.624 |
95.408 |
294.722 |
|
|
Depreciation and Amortization Expenses |
49.564 |
49.259 |
146.902 |
|
|
Net loss on foreign currency transaction and translations |
4.272 |
6.408 |
70.621 |
|
|
Other Expenses |
327.364 |
332.790 |
1008.171 |
|
|
f) Total |
1083.132 |
1118.437 |
3509.036 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
166.077 |
260.343 |
687.813 |
|
|
|
|
|
|
|
4. |
Other Income |
26.856 |
33.708 |
93.902 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
192.933 |
294.051 |
781.715 |
|
|
|
|
|
|
|
6. |
Interest |
12.989 |
16.213 |
40.615 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
179.944 |
277.838 |
741.100 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
179.944 |
277.838 |
741.100 |
|
|
|
|
|
|
|
10. |
Tax Expense |
55.448 |
87.973 |
233.422 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
124.496 |
189.865 |
507.678 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
124.496 |
189.865 |
507.678 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
97.571 |
97.571 |
97.571 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
Basic and diluted EPS before extraordinary items |
12.75 |
19.45 |
52.01 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
59,70,603 |
59,70,603 |
59,70,603 |
|
|
- Percentage of Shareholding |
61.17% |
61.17% |
61.17% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
9,47,728 |
9,47,728 |
9,47,728 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
25.00% |
25.00% |
25.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
9.71% |
9.71% |
9.71% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
28,42,766 |
28,42,766 |
28,42,766 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
75.00% |
75.00% |
75.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
29.12% |
29.12% |
29.12% |
|
Particulars
|
3
Months ended on 31.12.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1.
The results of the quarter/ period ended 31st
December, 2012 were reviewed by the Audit Committee and approved by the Board
of Directors at its meeting held on 23rd January, 2013. They have been
subjected to limited review by the statutory auditors.
2.
Net Sales / Income from Operations include income
from sale of Certified Emissions Reductions (Carbon Credits) as under:
a.
For the nine months ended 31st December, 2012 Rs.
541.739 Millions (previous year corresponding period Rs. 1952.157 Millions)
b.
For the quarter ended 31st December,
2012 Rs. 112.722 Millions (preceding quarter ended 30th September
2012 Rs. 226.206 Millions and previous year corresponding quarter Rs. 544.114
Millions).
3.
The Company paid interim dividend of Rs. 7.50 per
share on 97,61,097 equity shares of nominal value of Rs.10/- each, aggregating
to Rs. 73.208 Millions (corresponding quarter previous year; Rs 82.969 Millions
on 97,61,097 equity shares of nominal value of Rs.10/- each) during the quarter
ended 31st December, 2012.
4.
The Company operates solely in the chemical
business segment.
5.
The Board of Directors at its meeting held on 17th
December, 2012 consented to the Scheme of Arrangement and Amalgamation inter-alia,
of Mafatlal Denim Limited (an Associate of the Company) with Mafatlal
Industries Limited. On the said Scheme becoming effective Mafatlal Denim
Limited will cease to be an Associate.
6.
Previous period’s/ year’s figures have been
regrouped, wherever necessary, to correspond with those of the current period.
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 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. 54.29 |
|
|
1 |
Rs. 82.87 |
|
Euro |
1 |
Rs. 70.80 |
INFORMATION DETAILS
|
Report Prepared by
: |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.