MIRA INFORM REPORT

 

 

Report Date :

12.08.2013

 

IDENTIFICATION DETAILS

 

Name :

MEGHMANI ORGANICS LIMITED

 

 

Registered Office :

184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.01.1995

 

 

Com. Reg. No.:

04-024052

 

 

Capital Investment / Paid-up Capital :

Rs. 254.314 Millions

 

 

CIN No.:

[Company Identification No.]

L24110GJ1995PLC024052

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMM00341F

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacture and Distribute Phthalocynine Green 7, Copper Phthalocynine Blue (Cpc), Alpha Blue, Beta Blue and Technical, Intermediates and Formulations of Insecticides.

 

 

No. of Employees :

Information denied by management.

 

 

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

 

Maximum Credit Limit :

USD 21375000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well established company having fine track record. Financial position of the company appears to be strong.

 

There appears slight dip in sale and profit of the company in 2013.

 

However, trade relations are fair. 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.

 

 

INDIAN ECONOMIC OVERVIEW

 

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

 

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

 

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Non-Convertible Debenture issue = A

Rating Explanation

Adequate degree of safety and low credit risk

Date

07.01.2013

 

Rating Agency Name

CARE

Rating

Commercial paper Issue = A1

Rating Explanation

Very strong degree of safety and lowest credit risk

Date

07.01.2013

 

 

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 DENIED

 

Management Non-Co-operative. (Tel No.: 91-79-26640668)

 

 

LOCATIONS

 

Registered Office :

184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat, India

Tel. No.:

91-79-25831210

Fax No.:

91-79-25833403

E-Mail :

accounts@meghmani.com

kamlesh.mehta@meghmani.com

helpdesk@meghmani.com

exports@meghmani.com

 

 

Corporate Office :

“Meghmani House”, Shree Nivas Society, Off Vakas Gruh Road, Paldi, Ahmedabad - 380007, Gujarat, India

Tel. No.:

91-79-26640668 / 669

Fax No.:

91-79-26640670

 

 

Mumbai Office :

3/24, AC Market, Tardeo Road, Mumbai – 400034, Maharashtra, India

 

 

Permanent Office –  Building Under Reconstruction :

Flat No. 22/23, Vellard View Co.op. Housing Society, Tardeo Road, Mumbai, Maharashtra, India

 

 

 

 

World Head Quarters :

 

Europe Office :

Meghmani Europe Bvba, Grote Steen Weg 42-44, 2600 Berchem, Belgium

Tel. No.:

+ 32-3-3375357

Fax No.:

+ 32-3-2973082

 

 

China Office :

Meghmani Organics Limited – Shanghai,

Representative Office, Room No.: 0906, Building “B”, No.: 527, Huahai Zhong Road, Shanghai – Pin Code. 200020, P.R. China

 

 

U.S.A Office :

Meghmani Organics USA, Inc., 8215, Vinoy Blvd, Apartment No. 403, Charlotte, NC 28262, U.S.A

Tel  No.:

+ 1-704- 5101464

 

 

Singapore Depository Shares (“SDSs”) Registrar and SDSs Office :

Tricor Barbinder Share Registration Services

80 Robinson Road, #02–00, Singapore 068898

Tel. No.:

(65) 6236 3552

Fax No.:

(65) 6236 3405

E-Mail :

helpdesk@meghmani.com

 

 

Singapore Secretarial Agent :

Tricor Evatthouse Corporate Services

80 Robinson Road, #02–00, Singapore 068898

Tel. No.:

(65) 6236 3510

Fax No.:

(65) 6236 4399

E-Mail :

helpdesk@meghmani.com

 

 

Pigment – Green – Division :

Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad - 382445, Gujarat, India

Tel. No.:

91-79-25833403/ 25831210

Fax No.:

91-79-25833403

E-Mail :

helpdesk@meghmani.com

 

 

Pigment Blue – Division :

Plot No. 21, 21/1, G.I.D.C, Panoli, District Bharuch, Gujarat, India

Tel. No.:

91-2646-276352

Fax No.:

91-2646-276374

E-Mail :

helpdesk@meghmani.com

 

 

Pigment – Division – Dahej SEZ :

Plot No. Z-31, Z-32, Dahej SEZ Limited – Dahej, Taluka Varga, District Bharuch, Gujarat, India

Tel. No.:

91-2646-276352

Fax No.:

91-2646-276374

 

 

Agro Division- I :

Plot No. 402, 403, 404 and 452, Village Chharodi, Taluka Sanand, District- Ahmedabad - 382445, Gujarat, India

Tel. No.:

91-2717-273251

Fax No.:

91-2717-273254

E-Mail :

helpdesk@meghmani.com

 

 

Agro Division- II :

5001/B, G.I.D.C. Ankleshwar, District Bharuch, Gujarat, India

Tel. No.:

91-2646-222971

Fax No.:

91-2646-222965

E-Mail :

helpdesk@meghmani.com

 

 

Agro Division- III :

Plot No.CH-1+2/A, GIDC Dahej Taluka – Vagra, District Bharuch – 392 130, Gujarat, India

Tel. No.:

91-2641-256677/ 88

E-Mail :

helpdesk@meghmani.com

 

 

Agro Division- IV :

Plot No. 22/2, G.I.D.C. Panoli, District – Bharuch, Gujarat, India

Tel No.:

91-2646-276577

E-Mail :

helpdesk@meghmani.com

 

 

DIRECTORS

 

As on 31.03.2013

 

Name :

Mr. Jayanti M. Patel

Designation :

Executive Chairman

Date of Birth/Age :

60 Years

Qualification :

B.E. (Chemical)

Experience :

37 Years

 

 

Name :

Mr. Ashish N. Soparkar

Designation :

Managing Director

Date of Birth/Age :

60 Years

Qualification :

B.E. (Chemical)

Experience :

37 Years

 

 

Name :

Mr. Natwarlal M. Patel

Designation :

Managing Director

Date of Birth/Age :

58 Years

Qualification :

M.Sc. (Chemical)

Experience :

37 Years

 

 

Name :

Mr. Ramesh M. Patel

Designation :

Executive Director

Date of Birth/Age :

57 Years

Qualification :

B.A.

Experience :

33 Years

 

 

Name :

Mr. Anand I. Patel

Designation :

Director

Date of Birth/Age :

51 Years

Qualification :

B.Sc. (Chemical)

Experience :

27 Years

 

 

Name :

Mr. Balkrishna T. Thakkar

Designation :

Director

 

 

Name :

Mr. Chinubhai R. Shah

Designation :

Director

 

 

Name :

Jayaram Vishwanathan

Designation :

Director

 

 

Name :

Mr. K.H. Patel

Designation :

Independent Director (Resigned on 11.02.2013)

 

 

Name :

Mr. Akthar Hassen G Shaik

Designation :

Director

 

 

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

 

 

The shareholders’ /

Investors’ grievance,

Share allotment and

Share transfer committee :

·         Mr. Balkrishna T. Thakkar

·         Mr. Chinubhai R. Shah

·         Mr. Ashish N. Soparkar

 

 

Name :

Kamlesh D Mehta

Designation :

Company Secretary

 

 

SHAREHOLDING PATTERN

 

As on 30.06.2013

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

93954963

46.26

Any Others (Specify)

33720053

16.60

Directors/Promoters & their Relatives & Friends

33720053

16.60

Sub Total

127675016

62.87

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

127675016

62.87

(B) Public Shareholding

 

 

(1) Institutions

 

 

Foreign Institutional Investors

3082629

1.52

Sub Total

3082629

1.52

(2) Non-Institutions

 

 

Bodies Corporate

6353607

3.13

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

50281524

24.76

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

11451181

5.64

Any Others (Specify)

4242104

2.09

Clearing Members

1130048

0.56

Non Resident Indians

1264553

0.62

Foreign Corporate Bodies

1837500

0.90

Trusts

10003

0.00

Sub Total

72328416

35.61

Total Public shareholding (B)

75411045

37.13

Total (A)+(B)

203086061

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

(1) Promoter and Promoter Group

0

0.00

(2) Public

51228150

0.00

Sub Total

51228150

0.00

Total (A)+(B)+(C)

254314211

0.00

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Names of Shareholders

No. of Shares

Percentage of Holding

Alpa Praful Patel

358801

0.14

Anand I Patel

380000

0.15

Anandbhai Ishwarbhai Patel

7750200

3.05

Anil Popatbhai Patel

270000

0.11

Ankit Natubhai Patel

295238

0.12

Ankit Natubhai Patel

2500000

0.98

Ashishbhai Soparkar - Huf

127320

0.05

Ashishbhai Natawarlal Soparkar

24158090

9.50

Ashishbhai Natwarlal Soparkar

32538

0.01

Ashishbhai Natwarlal Soparkar

300000

0.12

Bhartiben Natubhai Patel

2000000

0.79

Chandrika Balwantbhai Patel

50000

0.02

Deval A Soparkar

410710

0.16

Disha Natubhai Patel

1500000

0.59

Gauriben Haribhai Patel

420000

0.17

Haribhai Meghjibhai Patel

435000

0.17

Hemlataben Mansukhbhai Patel

81982

0.03

Hemlataben Mansukhbhai Patel

300000

0.12

Heta Kiranbhai Patel

100000

0.04

Heta Kirankumar Patel

200000

0.08

Heta Kiran Patel

82500

0.03

Ishwarbhai Meghjibhai Patel

300000

0.12

Jagrutiben Lalitbhai Patel

550000

0.22

Jayantibhai Meghjibhai Patel

313556

0.12

Jayantibhai Meghjibhai Patel

17824390

7.01

Kanti Bhai Meghjibhai Patel

700000

0.28

Kantibhai M Patel

700000

0.28

Kaushal Ashishbhai Soparkar

8300

0.00

Kavita Gaurang Patel

270000

0.11

Kiran M Patel

450000

0.18

Kiran Mansukhbhai Patel

3000

0.00

Kiran Mansukhbhai Patel

521495

0.21

Kiran Mansukhbhai Patel (Huf)

256000

0.10

Kruti Adesh Patel

380000

0.15

Kunverben Ishwarbhai Patel

200000

0.08

Lalit K Patel - Karta(Lalit K Patel-Huf)

79378

0.03

Lalitbhai Kantibhai Patel

700000

0.28

Lilaben Ganpatbhai Patel

300000

0.12

Lilaben Ganpatbhai Patel

30101

0.01

Maulik Jayantibhai Patel

1270000

0.50

Nikunj Haribhai Patel

200000

0.08

Patel Natubhai Meghjibhai

378347

0.15

Patel Natubhai Meghjibhai

20359850

8.01

Patel Amitaben Kantibhai

500000

0.20

Patel Hansaben Amrutbhai

100000

0.04

Patel Darshan Anandbhai

150000

0.06

Patel Ganpatbhai Meghjibhai

350000

0.14

Patel Damini Narendra

100000

0.04

Hansaben Amrutbhai Patel

100

0.00

Patel Jayantibhai Meghjibhai

736000

0.29

Patel Kalpana Rameshbhai

1000000

0.39

Patel Karana Rameshbhai

1050000

0.41

Patel Karana Rameshbhai

930000

0.37

Karana Rameshbhai Patel

20000

0.01

Karana Rameshbhai Patel

82168

0.03

Patel Natwarlal Meghjibhai

5172280

2.03

Patel Naynaben Anandbhai

2300000

0.90

Patel Rameshbhai Meghjibhai

1020000

0.40

Pinal Anilbhai Patel

270000

0.11

Popatbhai Meghjibhai Patel

720000

0.28

Praful G Patel

90355

0.04

Praful Ganpatbhai Patel

350000

0.14

Prashant Popatbhai Patel

270000

0.11

Rameshbhai Meghjibhai Patel

15334120

6.03

Rameshbhai Meghjibhai Patel

68272

0.03

Ravi Haribhai Patel

200000

0.08

Ruchi Ashishbhai Soparkar

410710

0.16

Sandhya Maulik Patel

229215

0.09

Sandhya Maulik Patel

45000

0.02

Shardaben Popatbhai Patel

270000

0.11

Taraben Jayantilal Patel

7360000

2.89

Vaishakhi Rameshbhai Patel

1000000

0.39

Total

127675016

50.20

 

 

Details of Depository Receipts (DRs)

 

Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)

No. of Outstanding DRs

No. of Shares Underlying
Outstanding DRs

Shares Underlying Outstanding DRs as % of Total No. of Shares

Singapore Depository Receipts

102456300

51228150

20.14

Total

102456300

51228150

20.14

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Distribute Phthalocynine Green 7, Copper Phthalocynine Blue (Cpc), Alpha Blue, Beta Blue and Technical, Intermediates and Formulations of Insecticides.

 

 

Products :

Product Description

ITC Code

Pigment Green

32041751

Cypermethrin

380810

Acepthate

38081023

 

 

GENERAL INFORMATION

 

No. of Employees :

Information denied by management.

 

 

Bankers :

·         State Bank of India, CAG Branch, 58 Shreemali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India

·         HDFC Bank Limited, Mithakhali, Ahmedabad - 380009, Gujarat, India

·         ICICI Bank Limited, JMC House, Opposite Parimal Garden, Ambawadi, Ahmedabad - 380009, Gujarat, India

·         Standard Chartered Bank, Ground Floor, Abhijeet II, Mithakhali Six Roads, Ahmedabad - 380009, Gujarat, India

 

 

Facilities :

 

Rs. in Millions

Secured Loans :

 

As on 31.03.2013

 

As on 31.03.2012

LONG TERM BORROWINGS

 

 

Privately Placed Non - Convertible Debentures :

 

 

10.40% Non - Convertible Debenture redeemable at par In Indian currency

1000.000

1000.000

Term Loan Facilities from Banks :

 

 

In Foreign currency

128.145

293.700

SHORT TERM BORROWINGS

 

 

Working Capital Facilities from Banks

 

 

In Indian currency

1824.815

1348.657

Total

2952.960

2642.357

 

Long Term Borrowings:

 

Details of Security and Repayment Terms

  1. Secured Non-Convertible Debentures of Rs. 1000.000 Millions are secured by way of pari passu charge on Mortgage of immovable and movable properties situated at GIDC Vatva, GIDC Panoli, GIDC Ankleshwar and Village Chharodi, Taluka Sanand, District - Ahmedabad.
  2. Redemption Detail of 10.40 % Non Convertible Debenture Rs. 1000.000 Millions.

 

Amount OF Redemption

Date of Redemption

Rs. 500.000

12th October, 2014

Rs. 500.000

12th October, 2015

 

3.       External Commercial Borrowing of US$ 1,10,00,000 equivalent to 51,13,90,000 from Standard Chartered Bank, Ahmedabad. The facility is secured by First charge on all the present and Future Movable Fixed assets financed under term loan including movable fixed assets held at CH-1-2/A. GIDC Dahej,Taluka Vagra, Bharuch and repayable in 13 Installment amount of US$ 7,85,400 of Each and last instalment of US$ 7,89,800 and interest @3 Month LIBOR + 2.5%.

 

Short Term Borrowings:

The interest rate on working capital facilities from State Bank of India, HDFC Bank Limited, Standard Chartered Bank and ICICI Bank Limited (Collectively known as Consortium Bankers) varies within the range of 9.65% to 13.75% (both inclusive) and are secured by :-

(a)     First Pari Passu charge created on 25th May, 2005 to State Bank of India (with HDFC Bank Limited and ICICI Bank Limited) by way of hypothecation of the entire stock of raw materials, work in process, finished goods, stores and spares and receivables.

(b)     First Pari Passu charge on immovable properties to State Bank of India (with HDFC Bank Limited and ICICI Bank Limited) as collateral security for the working capital facilities.

(c)     The indenture of the mortgage created on immovable properties are located at :

 

(i)                   Plot No. 168,180,183 and 184 of GIDC Industrial Estate Vatva, Ahmedabad.

(ii)                 Block No. 402,403,404 and 452 at Village Chharodi, Taluka Sanand, District Ahmedabad.

(iii)                Plot No. 21 and 21/1 of GIDC Industrial Estate Panoli, Taluka Ankleshwar.

(iv)                Plot No. 5001/B of GIDC Industrial Estate, Ankleshwar.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Patel and Khandwala

Chartered Accountants

Address :

204, Akik, Opposite Lions Hall, Mithakhali, Ahmedabad - 380 009, Gujarat, India

 

 

Joint Auditor :

 

Name :

KPMG

Chartered Accountants

Address :

Safal Profitaire, B4, Third Floor, Corporate Road, Opposite Auda Garden, Prahladnagar, Ahmedabad – 380 015, Gujarat, India

 

 

Subsidiaries :
  • Meghmani Organics USA, Inc.(MOL-USA)
  • Meghmani Europe BVBA (MOL-EUROPE)
  • PT Meghmani Organics Indonesia (MOL-INDONESIA)
  • Meghmani Overseas FZE-Dubai (MOL-DUBAI)
  • Meghmani Energy Limited (MEL)
  • Meghmani Finechem Limited (MFL)
  • Meghmani Chemtech Limited (MCTL)

 

 

Enterprises in which Key Managerial Personnel [KMP] and their relatives have significant influence :
  • Meghmani Pigments
  • Ashish Chemicals
  • Tapsheel Enterprise
  • Meghmani Dyes and Intermediates Private Limited
  • Meghmani Industries Limited
  • Meghmani Chemicals Limited
  • Fidelity Exports Private Limited
  • Vanguard Overseas Limited
  • Panchratna Corporation
  • Meghmani Unichem LLP

 

 

Joint Venture :
  • Trience Speciality Chemicals Private Limited

 

CAPITAL STRUCTURE

 

As on 31.03.2013

 

Authorised 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

 

Reconciliation of the number of shares

 

Equity Shares

Number of Shares

Rs. In Millions

At the beginning of the period

254314211

254314211

Add : Issued During the year

-

-

Less : Shares bought back / Redemption etc.

-

-

As at closing of the year

254314211

254314211

 

 

Details of Shareholding (Number of Shares held by Shareholders holding more than 5% Shares)

 

Name of Shareholder

Number of Shares

% holding

DBS Nominees (Private) Limited

51228150

51228150

Mr. Jayanti Patel

18873946

18873946

Mr. Ashish Soparkar

24585410

24585410

Mr. Natwarlal Patel

25910477

25910477

Mr. Ramesh Patel

16354120

16354120

TOTAL

136952103

136952103

 

The Company has only one class of Equity Shares having a par value of 1/- per share. Each equity shareholder has 1 voting right. All equity shareholders have equal dividend rights in proportion to the holding. The Company has declared dividend of 25431421 (Previous Year 25431421 representing 10% (Previous Year 10%) Paid up Capital and 0.10 per share (Previous year 0.10 per share) out of accumulated profit of the previous years.

 

Particulars of NRI Shareholders to whom dividend is remitted.

 

Equity Shares

Number of Shares

Amount of Final Dividend Remitted

5311665

No. of Shareholders

1

No. of Shares held

53116650

Year / Period to which dividend relates

2011-12

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

254.314

254.314

254.314

(b) Reserves & Surplus

5089.497

5016.705

5078.177

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

5343.811

5271.019

5332.491

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1128.145

1293.700

1380.039

(b) Deferred tax liabilities (Net)

233.823

210.309

131.446

(c) Other long term liabilities

0.000

0.000

10.314

(d) long-term provisions

265.034

334.773

238.716

Total Non-current Liabilities (3)

1627.002

1838.782

1760.515

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2464.325

1828.745

1746.260

(b) Trade payables

1341.840

973.435

1094.366

(c) Other current liabilities

462.928

350.498

358.962

(d) Short-term provisions

59.585

68.043

49.309

Total Current Liabilities (4)

4328.678

3220.721

3248.897

 

 

 

 

TOTAL

11299.491

10330.522

10341.903

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2512.715

2398.509

1834.545

(ii) Intangible Assets

53.753

77.810

78.840

(iii) Capital work-in-progress

849.457

526.001

462.827

(iv) Intangible assets under development

38.942

6.827

0.000

(b) Non-current Investments

1380.840

1139.306

1123.102

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

261.040

65.549

431.250

(e) Other Non-current assets

37.427

19.264

0.119

Total Non-Current Assets

5134.174

4233.266

3930.683

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

353.587

(b) Inventories

1482.311

1362.391

1292.575

(c) Trade receivables

3282.265

3217.994

3255.773

(d) Cash and cash equivalents

17.463

98.147

99.083

(e) Short-term loans and advances

1205.937

1185.428

252.272

(f) Other current assets

177.341

236.296

1157.930

Total Current Assets

6165.317

6100.256

6411.220

 

 

 

 

TOTAL

11299.491

10333.522

10341.903

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

7497.422

8220.978

8649.183

 

 

Other Income

104.851

95.116

72.059

 

 

TOTAL                                    

7602.273

8316.094

8721.242

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Materials Consumption

4615.739

4799.083

 

 

 

Trading Purchases

408.552

786.784

 

 

 

(Increase)/Decrease in Stock

(161.373)

(174.640)

 

 

 

Employees Emoluments

343.751

351.319

 

 

 

Other Expenses

1762.908

1710.071

 

 

 

TOTAL                                    

6969.577

7472.617

7742.024

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

632.696

843.477

979.218

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

272.364

277.992

173.235

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

360.332

565.485

805.983

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

263.607

260.783

203.468

 

 

 

 

 

 

PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX

96.725

304.702

602.515

 

 

 

 

 

Less

EXTRAORDINARY ITEM

8.728

0.000

2.500

 

 

 

 

 

 

PROFIT BEFORE TAX

87.997

304.702

600.015

 

 

 

 

 

Less

TAX                                                                 

30.172

138.864

128.208

 

 

 

 

 

 

PROFIT AFTER TAX

57.825

165.838

471.807

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to Debenture Redemption Reserve

56.215

82.551

0.000

 

 

Transfer to General Reserve

0.000

5.000

50.000

 

 

Proposed dividend

25.431

25.431

101.730

 

 

Dividend Tax

4.322

4.126

16.500

 

BALANCE CARRIED TO THE B/S

(28.143)

48.730

303.577

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY (Export of Goods (FOB)

5819.140

6100.630

5752.856

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

184.131

617.437

994.148

 

 

Trading Purchase

199.625

567.317

232.734

 

 

Capital Goods

0.000

1.516

86.553

 

TOTAL IMPORTS

383.756

1186.270

1313.435

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Before Extraordinary Item

0.26

0.65

1.86

 

After Extraordinary Item

0.23

0.65

1.86

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2013

(Unaudited)

 

1st Quarter

Net sales

1991.300

Total Expenditure

1717.600

Profit before interest, depreciation and tax (Excluding Other Income)

273.700

Other income

12.400

Operating Profit

286.100

Interest

77.400

Exceptional Items

0.000

Profit before depreciation and tax

208.700

Depreciation

69.900

Profit before tax

138.900

Tax

46.000

Profit after tax

92.900

Extraordinary items

0.000

Prior period expenses

0.000

Other adjustments

0.000

Net Profit

92.900

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
0.76

2.00

5.41

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
1.17

3.71

6.94

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.36

4.93

8.77

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

0.06

0.11

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
0.67

0.59

0.59

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.42

1.89

1.97

 

 

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

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

No

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

Yes

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

 

 

CASE DETAILS:

 

HIGH COURT OF GUJARAT

TAX APPEALNo. 1721 of2010

 

 

Status: PENDING                          ( Converted from : ST/2199/2010)                 CCIN No: 001092201001721

 

Next Listing Date : 27/03/2012

 

Coram

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

 

S.NO.

Name of the Respondant

Advocate On Record

1

COMMISSIONER OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) 1

 

S.NO.

Name of the Respondant

Advocate On Record

1

M/S MEGHMANI ORGANICS LIMITED

RULE SERVED for :Opponent(s) 1
MR B S SOPARKAR for :Opponent(s) 1

 

Presented On                : 29/07/2010                                      Registered On : 29/07/2010

Bench Category            : DIVISION BENCH                          District           :AHMEDABAD

Case Originated From  : THROUGH ADVOCATE                 Listed               : 37 times

Stage Name                   : ADJOURNED MATTERS

 

Act                                 :  INCOME-TAX ACT, 1961

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

13/05/2011

MEMO OF APPEAL/PETITION/SUIT

MR PS CHAMPANERI ADVOCATE for PETITIONER(s) 1

20

-

2

28/09/2011

AFFIDAVIT

M/S TRIVEDI AND GUPTA ADVOCATE
for RESPONDENT(s) 1 , 1

0

-

3

16/02/2012

AFFIDAVIT

MR PS CHAMPANERI ADVOCATE for PETITIONER(s) 1

0

-

 

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

03/10/2011

1

-

ADJOURNED MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

2

14/11/2011

1

-

TAX APPEALS - GROUP B MATTERS

NEXT DATE

HONOURABLE MR.JUSTICE AKIL KURESHI

HONOURABLE MS JUSTICE SONIA GOKANI

3

27/02/2012

1

-

BOARD NO. I-A

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

4

20/03/2012

1

-

BOARD NO. I-A

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

5

27/03/2012

1

-

ADJOURNED MATTERS

RULE/ADMIT

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

 

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

TAX APPEAL/1721/2010

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA

HONOURABLE MR.JUSTICE J.B.PARDIWALA

27/03/2012

N

N

Certified Copy

S. No.

Applicant

Name

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

28/03/2012

O/10718/2012

27/03/2012

29/03/2012

30/03/2012

Delivered

-

 

 

UNSECURED LOAN:

(Rs. In Millions)

Particulars

 

As on 31.03.2013

 

As on 31.03.2012

Short Term Borrowings

 

 

From Banks - In Indian Currency

334.319

371.317

From Banks - In Indian Currency

0.000

108.771

From Subsidiary Companies

305.191

0.000

Total

639.510

480.088

 

 

CURRENT MATURITY OF LONG TERM BORROWINGS DETAIL:

(Rs. In Millions)

Particulars

31.03.2013

31.03.2012

31.03.2011

 

Current maturities of long

170.542

146.053

110.506

Total

170.542

146.053

110.506

 

 

INDEX OF CHARGE:

 

Sr .No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10263560

12/01/2011

1,000,000,000.00

UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES

LIMITED

UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA

B04603320

2

10212092

28/06/2010 *

511,390,000.00

Standard Chartered Bank

Abhijit II, Ground Floor,, Near Mithakhali Six Roads, Ahmedabad, Gujarat - 380006, INDIA

A88392501

3

80010560

16/09/2009 *

3,430,800,000.00

State Bank of India

Overseas Branch, Amrut Jayanti Bhavan,, Navjivan Post Office,  Ahmedabad, Gujarat - 380014, INDIA

A70260773

4

80011663

19/04/2004

794,500,000.00

SBI CB ICICI BANK LIMITED

NAVJIVAN, AHMEDABAD, Gujarat - 380009, INDIA

-

5

80010561

28/08/2009 *

3,430,800,000.00

State Bank of India

Overseas Branch, Amrut Jayanti Bhavan,, Navjivan Post Office, Ahmedabad, Gujarat - 380014, INDIA

A69998276

6

80011664

09/10/2003

794,500,000.00

SBI CB ICICI BANK LIMITED

NAVJIVAN, AHMEDABAD, Gujarat - 380009, INDIA

-

 

 

OPERATING RESULTS:-

 

The Sales Turn over of the Company has decreased by Rs. 734.622 Millions i.e. from Rs. 8051.289 Millions in FY 2012 to Rs. 7316.667 Millions in FY 2013.

 

1)       DOMESTIC SALES:-

 

·         The Domestic Sales decreased by Rs. 467.494 Millions (25.22%) i.e. from Rs. 1842.669 Millions in FY 2012 to Rs. 1377.875 Millions FY 2013.

·         The Domestic Sales of Pigment Division decreased by Rs. 261.831 Millions (41.41%) i.e. from Rs. 632.217 Millions in FY 2012 to Rs. 370.386 Millions in FY 2013.

·         The Domestic sales of Agro Division decreased by Rs. 240.394 Millions (20.92%) i.e. from Rs. 1148.918 Millions in FY 2012 to Rs. 908.524 Millions in FY 2013.

 

2)       EXPORT SALES :-

 

·         The Export Sales decreased by Rs. 269.827 Millions (4.35%) i.e. from to Rs. 6208.619 Millions in FY 2012 to Rs. 5938.792 Millions in FY 2013.

·         The Export Sales of Pigment Division increased by Rs. 366.135 Millions (13.91%) i.e. from Rs. 2698.197 Millions in FY 2012 to Rs. 2998.197 Millions in FY 2013.

·         The Export Sales of Agro Division decreased by Rs. 322.378 Millions (11.35%) i.e. from Rs. 2841.169 Millions in FY 2012 to Rs. 2518.791 Millions in FY 2013.

 

3)       OTHER INCOME :-

 

Other income increased by Rs. 9.735 Millions. This is due to Mark to Market gain on Derivative.

 

 

4)       PROFITABILITY :-

 

Profit Before Tax decreased by Rs. 216.704 Millions i.e. by 71.12% while Profit After Tax decreased by Rs. 108.012 Millions i.e. by 65.13%. The main reasons for decrease in profitability are :-

 

  1. Delay in Clearance from Ministry of Environment and Forests, Delhi for Dahej SEZ Plant
  2. Technical bottleneck in setting Agro Division III at Dahej
  3. Reduction in Production affecting manufacturing sales
  4. Reduction in manufacturing sales affecting the contribution
  5. Macro level environment issues
  6. Increase in energy cost (Power and Fuel)

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVERVIEW OF THE COMPANY

 

The Company has 4 (four) Agrochemical manufacturing facilities situated at

 

  1. Agro – I:- Plot No. 402,403, 404, 452 Vill. Chharodi, Tal. Sanand - Ahmedabad,

2.   Agro – II:- Plot No. 5001 B, GIDC Ankleshwar

3.   Agro – III:- Plot No. 20, GIDC Panoli, Ankleshwar

4.   Agro – IV:- Plot No. CH-1+2/A GIDC Ind. Estate, Dahej, Ta. Vagra,: Bharuch.

 

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. We 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 two 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. The future focus for the Company would be to enter into strategic long-term tie ups with suppliers of key raw materials, as well as contract manufacturing for some important inputs.

 

 

FIXED ASSETS:

 

  • Freehold Land
  • Leasehold Land
  • Building
  • Plant and Machinery
  • Furniture and Fixtures
  • Vehicles
  • Other Equipments
  • Software Licenses
  • Product Licenses
  • ETP Usage Rights

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 61.15

UK Pound

1

Rs. 94.77

Euro

1

Rs. 81.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

VNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

7

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

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

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.