MIRA
INFORM REPORT
|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CAMLIN FINE SCIENCES LIMITED [w.e.f. 19.09.2011] |
|
|
|
|
Formerly Known
As : |
CAMLIN FINE CHEMICAL LIMITED [w.e.f. 11.08.2006] CAMLIN FINE CHEMICAL PRIVATE LIMITED [w.e.f. 01.06.2006] CAMLICON CONSULTANTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate, Central Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
30.11.1993 |
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|
|
|
Com. Reg. No.: |
11-075361 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.93.888
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74100MH1993PLC075361 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14766D |
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|
|
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PAN No.: [Permanent Account No.] |
AACCC5235E |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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|
|
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Line of Business
: |
Manufacturer of Food and Industrial Antioxidants. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2436000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. General
financial position of the company is good. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct and as
per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue before
the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c
(Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been
launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
19.08.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A2 [Short Term Bank Facilities] |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
19.08.2013 |
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.
LOCATIONS
|
Registered Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate, Central Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67001000 |
|
Fax No.: |
91-22-28324404 |
|
E-Mail : |
narayan.joshi@camlinfinechem.com |
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Website : |
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|
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Factory 1 : |
Plot No. D-2/3, MIDC, Boisar, Tarapur, District Thane – 401506,
Maharashtra, India |
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|
|
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Factory 2 : |
Plot No. N-165, MIDC, Boisar, Tarapur, District Thane-401506,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Dilip D Dandekar |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Ashish |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Sharad M Kukarni |
|
Designation : |
Director |
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|
Name : |
Mr. Pramod M Sapre |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Abeezar Established Faizullabhoy |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Bhargav A Patel |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Dattatraya R. Puranik |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Dattatraya R. Puranik |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Arpita S. Patwardhan |
|
Designation : |
Deputy Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21188045 |
45.13 |
|
|
3007410 |
6.41 |
|
|
24195455 |
51.54 |
|
|
|
|
|
|
586400 |
1.25 |
|
|
586400 |
1.25 |
|
Total shareholding of Promoter and Promoter Group (A) |
24781855 |
52.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2250 |
0.00 |
|
|
2250 |
0.00 |
|
|
|
|
|
|
3810750 |
8.12 |
|
|
|
|
|
|
12513293 |
26.66 |
|
|
5658375 |
12.05 |
|
|
177417 |
0.38 |
|
|
152417 |
0.32 |
|
|
25000 |
0.05 |
|
|
22159835 |
47.20 |
|
Total Public shareholding (B) |
22162085 |
47.21 |
|
Total (A)+(B) |
46943940 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
46943940 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food and Industrial Antioxidants. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
IDBI Bank Limited ·
Bank of India ·
Oriental Bank of Commerce ·
State Bank of India ·
Export Import Bank Limited ·
State Bank of Patiala |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B. K Khare and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
·
CFCL Mauritius Private Limited ·
CFS Europe S.P.A ·
Dulcette Technologies LLC ·
Fine Lifestyle Brands Limited ·
Fine Lifestyle Solutions Limited ·
Fine Renewable Energy Limited ·
Focussed Event Management Private Limited ·
Vibha Agencies Private Limited ·
Abana Medisys Private Limited |
CAPITAL STRUCTURE
AS ON 13.08.2013
Authorised Capital : Rs.135.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.94.119
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67050000 |
Equity Shares |
Rs.2/- each |
Rs.135.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46943940 |
Equity Shares |
Rs.2/- each |
Rs.93.888
Millions |
|
|
|
|
|
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 |
93.888 |
93.589 |
93.060 |
|
(b) Reserves & Surplus |
515.112 |
398.893 |
321.926 |
|
(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) |
609.000 |
492.482 |
414.986 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
376.698 |
329.907 |
399.992 |
|
(b) Deferred tax liabilities (Net) |
32.729 |
33.211 |
29.346 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
409.427 |
363.118 |
429.338 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
611.157 |
506.726 |
233.741 |
|
(b)
Trade payables |
787.308 |
572.096 |
366.765 |
|
(c)
Other current liabilities |
96.611 |
124.628 |
55.482 |
|
(d) Short-term
provisions |
84.338 |
50.550 |
36.638 |
|
Total Current
Liabilities (4) |
1579.414 |
1254.000 |
692.626 |
|
|
|
|
|
|
TOTAL |
2597.841 |
2109.600 |
1536.950 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
452.109 |
367.024 |
375.467 |
|
(ii)
Intangible Assets |
89.732 |
117.137 |
23.973 |
|
(iii)
Capital work-in-progress |
7.602 |
22.322 |
33.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13.331 |
13.331 |
14.786 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.851 |
13.673 |
11.855 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
572.625 |
533.487 |
459.081 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
886.769 |
484.639 |
289.762 |
|
(c)
Trade receivables |
684.818 |
627.956 |
402.510 |
|
(d) Cash
and cash equivalents |
103.738 |
70.797 |
87.237 |
|
(e)
Short-term loans and advances |
349.891 |
392.721 |
298.360 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2025.216 |
1576.113 |
1077.869 |
|
|
|
|
|
|
TOTAL |
2597.841 |
2109.600 |
1536.950 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3135.347 |
2520.623 |
1647.595 |
|
|
|
Other Income |
28.650 |
35.579 |
13.249 |
|
|
|
TOTAL (A) |
3163.997 |
2556.202 |
1660.844 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1809.179 |
1472.066 |
1118.660 |
|
|
|
Purchase of stock-in-trade |
200.666 |
233.258 |
11.587 |
|
|
|
Employee benefits expense |
112.798 |
88.756 |
81.279 |
|
|
|
Research and development expenses |
17.239 |
14.955 |
0.000 |
|
|
|
Other expenses |
546.509 |
412.531 |
312.467 |
|
|
|
Relating to Product Development Capitalized |
0.000 |
0.000 |
(21.652) |
|
|
|
Changes in Inventories of finished goods/WIP/stock-in-trade |
(8.453) |
(56.676) |
(60.343) |
|
|
|
TOTAL (B) |
2677.938 |
2164.890 |
1441.998 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
486.059 |
391.312 |
218.846 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
175.213 |
162.011 |
80.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
310.846 |
229.301 |
138.808 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.569 |
64.894 |
54.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
225.277 |
164.407 |
84.185 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
77.686 |
63.004 |
17.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
147.591 |
101.403 |
66.620 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.159 |
69.449 |
49.902 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
10.500 |
5.500 |
|
|
|
Proposed Dividend |
28.166 |
23.397 |
18.612 |
|
|
|
Corporate Dividend Tax |
4.784 |
3.796 |
3.019 |
|
|
BALANCE CARRIED
TO THE B/S |
232.800 |
133.159 |
89.391 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value (Including Trading) |
2334.088 |
2111.231 |
1425.477 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1831.487 |
1308.244 |
832.635 |
|
|
|
Purchase of Traded Goods |
200.666 |
206.944 |
4.373 |
|
|
TOTAL IMPORTS |
2032.153 |
1515.188 |
837.008 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
3.15 |
2.18 |
1.50 |
|
|
|
-
Diluted |
3.13 |
2.16 |
1.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
779.300 |
946.200 |
|
Total Expenditure |
|
646.600 |
806.100 |
|
PBIDT (Excl OI) |
|
132.700 |
140.100 |
|
Other Income |
|
08.100 |
04.600 |
|
Operating Profit |
|
140.900 |
144.700 |
|
Interest |
|
49.800 |
47.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
91.000 |
97.200 |
|
Depreciation |
|
21.000 |
21.100 |
|
Profit Before Tax |
|
70.100 |
76.100 |
|
Tax |
|
20.500 |
18.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
49.600 |
58.100 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
49.600 |
58.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.66
|
3.97 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.19
|
6.52 |
5.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.74
|
7.93 |
5.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.33 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.62
|
1.70 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.25 |
1.55 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
LITIGATION DETAILS:
|
CASE DETAILS BENCH:-BOMBAY PRESENTATION DATE:- 01/07/2013 LODGING NO.:- CPL/433/2013
FILING
DATE:- 01/07/2013 PETITIONER:- BAJAJ HEALTHCARE LIMITED RESPONDENT:- CAMLIN FINE
SCIENCE LIMITED CIN NO.: L74100MH1993PLC075361 PETN. ADV.:- SAGAR KASAR DISTRICT: THANE BENCH: SINGLE STATUS: PRE-ADMISSION LAST DATE: 11/07/2013 CATEGORY:
COMPANY PETITION U/SEC 433,434,439 LAST CORAM:- REGISTRAR(OS) / PROTHONOTARY AND SR. MASTER ACT :- COMPANIES
ACT & RULES 1956
UNDER
SECTION:- 433(E),434 AND 439 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10397631 |
06/09/2013 * |
690,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
NGN VAIDYA MARG, NEAR HORNIMAN |
B85763092 |
|
2 |
10340210 |
21/08/2012 * |
200,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA 1ST FLOOR,
JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B58040346 |
|
3 |
10308664 |
10/04/2013 * |
755,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B74087735 |
|
4 |
10299312 |
03/05/2013 * |
780,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, BOI BLD, 1ST FLOOR, |
B75990424 |
|
5 |
10276496 |
21/09/2011 * |
170,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTR |
B22759153 |
|
6 |
10155405 |
21/09/2011 * |
160,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
B22760870 |
|
7 |
10061566 |
03/05/2013 * |
890,000,000.00 |
IDBI BANK
LIMITED |
47, OPUS CENTRE,
OPPOSITE TUNGA PARADISE HOTEL, CENTRAL ROAD, MIDC, ANDHERI (EAST), MUMBAI -
400093, MAHARASHTRA, INDIA |
B75641928 |
* Date of charge modification
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Deposits from Public |
69.495 |
69.691 |
|
TOTAL
|
69.495 |
69.691 |
OPERATIONAL
PERFORMANCE:
During the year,
total income of the Company rose to Rs.3163.997 Millions from Rs.2556.202
Millions registering an impressive growth of 23.77%. The Company has registered
a high growth in this extremely volatile market and increased its market share
of food antioxidants due to its technological and markets development
initiatives. This was possible by the focussed approach on the stability of
supplies and prices to the customer’s inspite of the recessionary pressures.
The net profit after tax for the year was Rs.147.591 Millions as against
Rs.101.403 Millions in the previous year thereby registering a growth of
45.54%.
The growth of the
Company is powered by new and value added products. The Company has added 3
highly potential products from the diphenol downstream as per planned strategy.
These products are Vanillin, Tertiary Butyl Catechol (TBC) and Guaiacol which
have contributed to the growth.
The Company in
spite of low demand and severe pressure on margins achieved the targeted market
share. The Company has focussed on the emerging markets like Asia, Latin
America and India besides existing areas of business.
The operations
team managed to successfully undertake certain critical cost reduction
measures. The quantum jump that the Company has achieved in capacities of
products with marginal capital investment is due to the great work done by the
Engineering and Technology team during the current year.
The establishment
of two major business divisions, namely, Food and Industrial Products has been
successfully completed. This has resulted in positive impact as demonstrated in
the growth of sales volumes and value during the current year. These divisions
have brought about a sharper focus on developing Diphenol downstream products
which were successfully commercialized. This strategic change has resulted in
significant increase in market share of both Food and Industrial Products.
SUBSIDIARIES:
DULCETTE TECHNOLOGIES LLC
A 61% owned joint
venture of the Company engaged in market/business development of Company’s
products in U.S.A.
CFCL MAURITIUS PRIVATE LIMITED
A 100% owned
subsidiary of the Company incorporated for acquisition of CFS Europe S.p.A. in
Italy.
CFS EUROPE S.P.A.
A step down
subsidiary of the Company engaged in manufacture and sale of key raw materials
required by the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS:
MARKET OVERVIEW:
The year, was a
mixed year for the manufacturers as compared with the last year. There was
however stability in the availability of key raw material but the volatility in
pricing put severe pressures on margins.
The market
experienced a general slowdown in demand for antioxidant in key markets,
resulting in stronger competition for market share, adding pressures on the
margins.
The Company in
spite of low demand and severe pressure on margins achieved the targeted market
share. The Company has focused on the emerging markets like, Asia, Latin
America and India besides existing areas of business. The growth of the Company
is powered by new and value added products. The Company has added 3 highly
potential products from the diphenol downstream as per planned strategy. These
products were Vanillin, Tertiary Butyl Catechol (TBC) and Guaiacol which have
contributed to the growth.
The Company
continues to strengthen the management processes and has focussed on management
development. The strength in R and D, Production, Marketing & Sales and all
supporting services remain the key drivers. The operations team managed to
successfully undertake certain critical cost reduction measures. The quantum
jump that the Company has achieved in capacities of products with marginal
capital investment is due to the great work done by Engineering and Technology
team during the current year.
The Company has
registered a high growth at 24% in this extremely volatile market and increased
its market share of food antioxidants due to its technological and market
development initiatives. This was possible by the focused approach on the
stability of supplies and prices to the customer’s inspite of the recessionary
pressures. The backward integration due to acquisition of an Italian Company
Borregaard Italia S.p.A. (now CFS Europe S.p.A.) helped the Company to ensure
competitive pricing of key raw material.
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Site Development
·
Building and Shed
·
Plant, Machinery and Equipment
·
ERP Hardware/Software Cost
·
Furniture and Fittings
·
Vehicles
·
Lease Assets
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.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.