MIRA
INFORM REPORT
|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
JYOTHY CONSUMER PRODUCTS LIMITED (w.e.f. 24.09.2012) |
|
|
|
|
Formerly Known
As : |
HENKEL INDIA LIMITED |
|
|
|
|
Registered
Office : |
Ujala House, Ramakrushna Mandir Road, Kondivita, Andheri (East),
Mumbai-400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.06.2003 |
|
|
|
|
Com. Reg. No.: |
11-235007 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1844.645 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24129MH2003PLC235007 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Fast-Moving Consumer Goods |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6130000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Listing : |
Yes |
|
|
|
|
Banker’s Note : |
-- |
|
|
|
|
Comments : |
Subject is a ‘Jyothy Group Company’. It is a subsidiary of ‘Jyothy
Laboratories Limited.’ It is a well established and a reputed company having a
good track record. There appears slight dip in the turnover during 2012 and it has
incurred loss from its operations. However, it received better support from its group companies.
Directors are reported as well experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
Ujala House, Ramakrushna Mandir Road, Kondivita, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-66892800 |
|
Fax No.: |
91-22-66892805 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. M. P.
Ramachandran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K. Ullas Kamath |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. M. R.
Jyothy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bipin R.
Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. P.
Padmakumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Lakshminarayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nilesh B. Mehta |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
Bodies Corporate |
97426487 |
83.65 |
|
|
|
97426487 |
83.65 |
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
97426487 |
83.65 |
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
2200 |
0 |
|
|
Financial Institutions / Banks |
8595 |
0.01 |
|
|
Foreign Institutional Investors |
128163 |
0.11 |
|
|
|
138958 |
0.12 |
|
|
|
|
|
|
|
Bodies Corporate |
1511785 |
1.3 |
|
|
Individuals |
|
|
|
|
|
13831614 |
11.88 |
|
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
2550936 |
2.19 |
|
|
Any Others (Specify) |
1004691 |
0.86 |
|
|
Clearing Members |
9180 |
0.01 |
|
|
Hindu Undivided Families |
450575 |
0.39 |
|
|
|
518409 |
0.45 |
|
|
Trusts |
16327 |
0.01 |
|
|
Any Other |
10200 |
0.01 |
|
|
Sub Total |
18899026 |
16.23 |
|
|
Total Public shareholding (B) |
19037984 |
16.35 |
|
|
Total (A)+(B) |
116464471 |
100 |
|
|
|
0 |
0 |
|
|
(1) Promoter and Promoter Group |
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
116464471 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Fast-Moving Consumer Goods |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.12.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Detergents |
Tones |
37,800 |
37,800 |
29,727 |
|
Cleansers |
Tones |
3,540 |
3,540 |
2,905 |
|
Cosmetic, toiletries,
hair oil |
Tones |
-- |
-- |
58 |
|
Zeolite |
Tones |
10,000 |
10,000 |
3,616 |
Note: Licensed and installed
capacities are as certified by management and have not been verified by the
auditors as this is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
CNGSN and Associates Chartered Accountant |
|
Address : |
Cheenai-600017, Tamilnadu, India |
|
|
|
|
Holding Company : |
·
Jyothy Laboratories Limited (w.e.f. 01.06.2011) |
|
|
|
|
Subsidiaries : |
·
Henkel Marketing India Limited ·
Henkel AG and Company KGaA, Germany (up to
31.05.2011) ·
Tamilnadu Petro Products Limited (up to
31.05.2011) |
|
|
|
|
Related Parties : |
·
Associated Industries Consumer Products Private
Limited (w.e.f. 01.06.2011) ·
Jyothy Fabricare Services Limited
(w.e.f.01.06.2011) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
172000000 |
Equity Shares |
Rs.10/- each |
Rs. 1720.000 Millions |
|
68000000 |
Redeemable Non Cumulative Preference Shares |
Rs.10/- each |
Rs. 680.000 Millions |
|
|
TOTAL |
|
Rs. 2400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116464471 |
Equity Shares |
Rs.10/- each |
Rs. 1164.645
Millions |
|
28000000 |
9% Redeemable Non Cumulative Preference Shares |
Rs.10/- each |
Rs. 280.000 Millions |
|
40000000 |
4% Redeemable Non Cumulative Preference Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
TOTAL |
|
Rs. 1844.645 Millions |
NOTES
A.
Out of the total shares issued by Henkel SPIC India Limited during
1999 on Rights basis, 10,200 shares have been kept in abeyance pending
settlement of disputes on title. Henkel India Limited shares will be issued to
these shareholders on settlement of disputes.
B.
Details of shareholders holding more than 5% shares in the
Company
|
Name of Shareholder |
As at March 31, 2012 |
|
|
|
No. of shares |
% Holding in the class |
|
Equity Shares |
|
|
|
Jyothy Laboratories Limited |
97,426,487 |
83.66% |
|
Non-cumulative Preference Shares |
|
|
|
Jyothy Laboratories Limited |
28,000,000 |
100.00% |
|
Cumulative Preference Shares |
|
|
|
Jyothy Laboratories Limited |
40,000,000 |
100.00% |
C.
Reconciliation of the shares outstanding at the beginning and
at the end of the reporting period
|
|
As at March 31, 2012 |
|
|
Equity Shares |
No. of shares |
Rs. In Millions |
|
At the beginning of the period/year |
116,464,471 |
1164.645 |
|
Outstanding at the end of the period/year |
116,464,471 |
1164.645 |
|
Non-cumulative Preference Shares |
|
|
|
At the beginning of the period/year |
28,000,000 |
280.000 |
|
Outstanding at the end of the period/year |
28,000,000 |
280.000 |
|
Cumulative Preference Shares |
|
|
|
At the beginning of the period/year |
40,000,000 |
400.000 |
|
Outstanding at the end of the period/year |
40,000,000 |
400.000 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1844.645 |
1844.645 |
1844.645 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(312.052) |
280.603 |
269.333 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1532.593 |
2125.248 |
2113.978 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1420.440 |
1850.791 |
1993.503 |
|
|
TOTAL BORROWING |
1420.440 |
1850.791 |
1993.503 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2953.033 |
3976.039 |
4107.481 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2501.675 |
2582.814 |
2627.902 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.291 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.230 |
0.230 |
0.230 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
355.637
|
490.115 |
534.983 |
|
|
Sundry Debtors |
367.938
|
974.708 |
1687.337 |
|
|
Cash & Bank Balances |
39.816
|
3.829 |
5.802 |
|
|
Other Current Assets |
2.717
|
0.000 |
0.000 |
|
|
Loans & Advances |
260.329
|
504.727 |
342.060 |
|
Total
Current Assets |
1026.437
|
1973.379 |
2570.182 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
517.525
|
512.553 |
1006.081 |
|
|
Other Current Liabilities |
43.574
|
65.121 |
41.706 |
|
|
Provisions |
14.210
|
2.710 |
44.337 |
|
Total
Current Liabilities |
575.309
|
580.384 |
1092.124 |
|
|
Net Current Assets |
451.128
|
1392.995 |
1478.058 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2953.033 |
3976.039 |
4107.481 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.01.2011 TO
31.03.2012 [15 MONTHS] |
31.12.2010 [12 MONTHS] |
31.12.2009 [12 MONTHS] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4507.579 |
4517.486 |
4834.520 |
|
|
|
Other Operating Income |
16.305 |
38.125 |
101.689 |
|
|
|
TOTAL (A) |
4523.884 |
4555.611 |
4936.209 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
930.676 |
1384.786 |
|
|
|
|
Purchase of traded goods |
1997.045 |
1529.068 |
|
|
|
|
(Increase)/decrease in inventories of finished
goods, work-in-progress and traded goods |
56.372 |
18.615 |
|
|
|
|
Employee benefits expense |
283.398 |
169.382 |
|
|
|
|
Other expenses |
941.719 |
1212.538 |
|
|
|
|
Exceptional Items |
646.523 |
0.000 |
|
|
|
|
TOTAL (B) |
4855.733 |
4314.389 |
4806.889 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(331.849) |
241.222 |
129.320 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
195.816 |
169.614 |
192.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(527.665) |
71.608 |
(63.533) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
78.001 |
60.339 |
62.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(605.666) |
11.269 |
(126.025) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(605.666) |
11.269 |
(126.025) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
195.605 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
69.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
121.729 |
43.600 |
86.161 |
|
|
TOTAL EARNINGS |
121.729 |
43.600 |
86.161 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
150.659 |
310.224 |
336.510 |
|
|
TOTAL IMPORTS |
150.659 |
310.224 |
336.510 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.20) |
0.10 |
(1.08) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
989.800 |
724.000 |
739.700 |
|
Total Expenditure |
914.800 |
736.700 |
735.300 |
|
PBIDT (Excl OI) |
75.000 |
(12.700) |
4.400 |
|
Other Income |
0.100 |
2.100 |
1.700 |
|
Operating Profit |
75.100 |
(10.600) |
6.100 |
|
Interest |
43.400 |
46.100 |
51.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
31.700 |
(56.700) |
(45.300) |
|
Depreciation |
17.100 |
17.400 |
17.200 |
|
Profit Before Tax |
14.600 |
(74.100) |
(62.500) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
14.600 |
(74.100) |
(62.500) |
|
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 |
14.600 |
(74.100) |
(62.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
(13.39)
|
0.25 |
(2.55) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.44)
|
0.25 |
(2.61) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.17)
|
0.25 |
(2.42) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.40)
|
0.01 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.93
|
0.87 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
3.40 |
2.35 |
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) |
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 |
No |
FACILITIES
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.12.2010 |
|
Loan from Holding Company |
1420.440 |
1850.791 |
|
|
|
|
|
TOTAL |
1420.440 |
1850.791 |
FINANCIALS
The financial period commenced from 1st January, 2011 and ended on 31st March,
2012 comprised of 15 months while the financial year 2010 comprised of 12
months commencing from 1st January, 2010 to 31st December, 2010. The closure of
the financial year was deferred to match the financial year of Jyothy
Laboratories Limited (JLL), holding company of the Company. The Company sold
its Hair-Care Division SKP in the month of April, 2011 (before the take-over of
the Company by JLL). Therefore, the figures for the previous financial year
2010 included the Sales generated under Hair-Care Division whereas, except for
the period up to April, 2011, the figures for period does not include the
figures in respect of Hair-Care Division. Hence, the absolute figures for
financial performance for the year are not comparable with that of previous financial
year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
REVENUE ANALYSIS
Net Sales for the fifteen month period from 1st January, 2011 to 31st
March, 2012 was Rs. 4480.100 Millions as against Rs. 4501.700 Millions for
twelve month period from 1st January, 2010 to 31st December, 2010. Whereas on
consolidated basis, the net sales was Rs. 5273.400 Millions as against Rs.
5339.000 Millions for the previous year.
Detergents and Cleansers business was driven by Henko, Pril and Mr.
White while the Body Care business was driven mainly by Fa, Margo and Neem. At
the group level, the Detergents and Cleansers business accounted for Rs.
3637.200 Millions, while Body Care business clocked Rs. 1636.100 Millions,
contributing 69% and 31% of net sales respectively.
FINANCIAL POSITION
On consolidated basis, Trade receivables increased from Rs. 274.100
Millions to Rs. 328.300 Millions, inventory decreased from Rs. 554.700 Millions
to Rs. 424.300 Millions, cash and bank balance increased from Rs. 42.00
Millions to Rs. 90.300 Millions during the period.
FIXED ASSETS
·
Goodwill
·
Freehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicle
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON DECEMBER 31, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months
Period Ended |
Nine Months
Period Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
736.900 |
686.100 |
2361.200 |
|
|
Other Operating Income |
2.800 |
2.100 |
6.100 |
|
|
Total Income |
739.700 |
688.200 |
2367.300 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
16.700 |
46.100 |
123.400 |
|
|
Purchase of Stock In Trade |
493.600 |
453.900 |
1616.000 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
20.200 |
(8.300) |
(53.300) |
|
|
Employee Benefits Expenses |
26.200 |
43.300 |
109.700 |
|
|
Depreciation and Amortization Expenses |
17.200 |
17.400 |
51.700 |
|
|
Other Expenses |
178.600 |
163.800 |
502.800 |
|
|
f) Total |
752.500 |
716.200 |
2350.300 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and Exceptional
Items (1-2) |
(12.800) |
(28.000) |
17.000 |
|
|
|
|
|
|
|
4. |
Other Income |
1.700 |
-- |
1.700 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
(11.100) |
(28.000) |
18.700 |
|
|
|
|
|
|
|
6. |
Interest |
51.400 |
46.100 |
140.900 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
(62.500) |
(74.100) |
(122.200) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(62.500) |
(74.100) |
(122.200) |
|
|
|
|
|
|
|
10. |
Tax Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
(62.500) |
(74.100) |
(122.200) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(62.500) |
(74.100) |
(122.200) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
1164.600 |
1164.600 |
1164.600 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.54) |
(0.64) |
(1.05) |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.54) |
(0.64) |
(1.05) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
19037984 |
19037984 |
19037984 |
|
|
- Percentage of Shareholding |
16.35% |
16.35% |
16.35% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
97426487 |
97426487 |
97426487 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of
the Company) |
83.65% |
83.65% |
83.65% |
|
Particulars
|
Quarter
Ended 31.12.2012 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
-- |
NOTES
1.
The Statutory Auditors have carried
out a “Limited Review of the financial results of the Company. the same were reviewed
by the Audit Committee and approved by the Board of Directors at their meeting
held on February 7, 2013
2.
Scheme of amalgamation of the Company with Jyothy
Laboratories Limited was filed with the Honorable High Court of Mumbai in the
previous quarter and is pending approval of the Honorable High Court.
3.
During the March 2012 quarter Company has written
off balance receivable from Jyothy Consumer Products Marketing Limited
(Subsidiary Company) and same has no effect on consolidated financial statement.
4.
Previous year / quarter figures have been regrouped
/ rearranged wherever necessary.
REPORTING OF
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Three Months
Period Ended |
Nine Months Period
Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Detergents and Cleansers |
520.900 |
502.900 |
1670.500 |
|
|
|
Body Care |
216.000 |
183.200 |
690.700 |
|
|
|
|
|
|
|
|
|
|
Net Sales |
736.900 |
686.100 |
2361.200 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Detergents and Cleansers |
1.700 |
(45.100) |
(2.400) |
|
|
|
Body Care |
(17.300) |
15.000 |
13.300 |
|
|
|
|
|
|
|
|
|
|
Total |
(15.600) |
(30.100) |
10.900 |
|
|
|
|
|
|
|
|
|
|
Less :Finance Cost |
(51.400) |
(46.100) |
(140.900) |
|
|
|
Add : Unallocable Income |
4.500 |
2.100 |
7.800 |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss)
Before Tax |
(62.500) |
(74.100) |
(122.200) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Detergents and Cleansers |
2460.100 |
2429.800 |
2460.100 |
|
|
|
Body Care |
680.800 |
681.400 |
680.800 |
|
|
|
Unallocated assets / (liabilities) (net) |
(1730.300) |
(1638.100) |
(1730.300) |
|
|
|
|
|
|
|
|
|
|
Total |
1410.600 |
1473.100 |
1410.600 |
NOTES
1. Segments reported above have been identified in line with AS-17 issued by
the ICAI.
2. Detergents
and Cleansers includes Scourers.
3. Body Care includes Toilet Soaps, Personal Hygiene and Hair Care products and
others
4. Capital Employed has been derived for each of the segments on the basis
of the Assets and Liabilities identified with each segment either directly or
on a reasonable allocation basis.
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. 53.83 |
|
|
1 |
Rs. 81.24 |
|
Euro |
1 |
Rs. 70.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.