MIRA
INFORM REPORT
|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHAGERIA DYE-CHEM LIMITED |
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|
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|
Registered
Office : |
A-101, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.07.1989 |
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Com. Reg. No.: |
11-052574 |
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Capital
Investment / Paid-up Capital : |
Rs. 79.628
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1989PLC052574 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCB1751C |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Intermediates and Dyes. |
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|
No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 900000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The profit margin appears low. The company is exposed to risk related
foreign exchange fluctuations and volatility in raw material prices. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
28.06.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
28.06.2013 |
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 BY
|
Name : |
Mr. Joshi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-4043666 |
|
Date : |
03.07.2013 |
LOCATIONS
|
Registered Office : |
A-101, Virwani Industrial Estate Western Express Highway, Goregaon
(East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-40436666/ 29271198 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Factory 1 : |
Plot No. 6310, IV Phase, GIDC Industrial Estate, Vapi – 396 195,
Gujarat , India |
|
Tel. No.: |
91-260-2452366/ 24551247 |
DIRECTORS
As on: 30.03.2012
|
Name : |
Mr. Suresh Bhageria |
|
Designation : |
Chairman |
|
Date of Appointment : |
21.12.1994 |
|
Qualification : |
B. Com |
|
PAN No.: |
AABPB0527E |
|
|
|
|
Name : |
Mr. Vinod Bhageria |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
20.06.1956 |
|
Date of Appointment : |
12.07.1989 |
|
Qualification : |
B. Com |
|
PAN No.: |
AAFPB0891D |
|
|
|
|
Name : |
Mr. Omprakash Anandilal Bubna |
|
Designation : |
Director |
|
Date of Appointment : |
12.07.1989 |
|
Qualification : |
B. Com |
|
PAN No.: |
AABPB0280C |
|
|
|
|
Name : |
Mr. Shyam Chandrabhan Agarwal |
|
Designation : |
Director |
|
Date of Appointment : |
21.010.1994 |
|
Qualification : |
M.S.D.O.M.S (Bom) |
|
PAN No.: |
AALPA3137B |
|
|
|
|
Name : |
Mr. Pradipkumar Shankar Dalvi |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.08.1951 |
|
Date of Appointment : |
01.09.2000 |
|
PAN No.: |
ACIPD3458M |
|
|
|
|
Name : |
Mr. Surendra Shriram Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
31.05.1958 |
|
Date of Appointment : |
11.08.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Shrinath Tiwari |
|
Designation : |
Secretary |
|
Date of Appointment : |
26.05.2012 |
|
PAN No.: |
AACPT3138Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Names of Shareholders |
Number of Shares |
Percentage of Holding |
|
A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals/ Hindu Undivided Family |
2235587 |
28.08 |
|
|
978212 |
12.28 |
|
|
3213799 |
40.36 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
3213799 |
40.36 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1128769 |
14.18 |
|
|
|
|
|
|
878188 |
11.03 |
|
|
2571344 |
32.29 |
|
|
170650 |
2.14 |
|
|
170550 |
2.14 |
|
|
100 |
0.00 |
|
|
4748951 |
59.64 |
|
Total Public shareholding
(B) |
4748951 |
59.64 |
|
Total (A)+(B) |
7962750 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7962750 |
100.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
||
|
1 |
Sushila Bhageria |
63,372 |
0.80 |
0.80 |
|
2 |
Akashdeep International Private Limited |
93,425 |
1.17 |
1.17 |
|
3 |
Suresh Bhageria HUF |
33,631 |
0.42 |
0.42 |
|
4 |
Harshita Vikas Bhageria |
1,45,742 |
1.83 |
1.83 |
|
5 |
Vikas Suresh Bhageria |
2,55,916 |
3.21 |
3.21 |
|
6 |
Bhageria Asha Dinesh |
10,000 |
0.13 |
0.13 |
|
7 |
Rahul Niranjanlal Bhageria |
22,500 |
0.28 |
0.28 |
|
8 |
Dhwani Rahul Bhageria |
22,500 |
0.28 |
0.28 |
|
9 |
Archana D Bhageria |
31,355 |
0.39 |
0.39 |
|
10 |
Deepak Bhageria |
200 |
0.00 |
0.00 |
|
11 |
Abhishek Vinod Bhageria |
1,12,000 |
1.41 |
1.41 |
|
12 |
Aditya V Bhageria |
1,14,500 |
1.44 |
1.44 |
|
13 |
Anjushree A Bhageria |
1,18,000 |
1.48 |
1.48 |
|
14 |
Sonika Rakesh Bhageria |
22,500 |
0.28 |
0.28 |
|
15 |
Chandraprabha Sueshkumar Bhageria |
1,80,943 |
2.27 |
2.27 |
|
16 |
Asha Dinesh Bhageria |
22,500 |
0.28 |
0.28 |
|
17 |
Vishwambarlal Keshavdeo Bhageria |
48,552 |
0.61 |
0.61 |
|
18 |
Sureshkumar Keshavdeo Bhageria |
2,93,613 |
3.69 |
3.69 |
|
19 |
Rakesh Niranjanlal Bhageria |
28,700 |
0.36 |
0.36 |
|
20 |
Chandadevi Bhageria |
55,622 |
0.70 |
0.70 |
|
21 |
Niranganlal Keshadeo Bhageria |
61,657 |
0.77 |
0.77 |
|
22 |
Vinodkumar Keshadeo Bhageria |
3,62,009 |
4.55 |
4.55 |
|
23 |
Deepakkumar Vishwambharlal Bhageria |
22,500 |
0.28 |
0.28 |
|
24 |
Dinesh Vishwambharlal Bhageria |
22,500 |
0.28 |
0.28 |
|
25 |
Bimla Bhageria |
1,27,000 |
1.59 |
1.59 |
|
26 |
Nipur Chemicals Limited |
22,970 |
0.29 |
0.29 |
|
27 |
Abhishek Vinod Bhageria |
36,925 |
0.46 |
0.46 |
|
28 |
Bhageria Trade Invest Private Limited |
8,61,817 |
10.82 |
10.82 |
|
29 |
Rajendra K Bhageria |
100 |
0.00 |
0.00 |
|
30 |
Dinesh Bhageria |
20,750 |
0.26 |
0.26 |
|
|
Total |
32,13,799 |
40.36 |
40.36 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Abhilasha Money Operations Private |
100000 |
1.26 |
1.26 |
|
2 |
Alken Management And Financial Serv |
400000 |
5.02 |
5.02 |
|
3 |
Anil Chothmal Patodia |
100000 |
1.26 |
1.26 |
|
4 |
Anil Chothmal Patodia (Huf) |
100000 |
1.26 |
1.26 |
|
5 |
Archana Anil Patodia |
100000 |
1.26 |
1.26 |
|
6 |
Darshanik Valueserve Private Limite |
250000 |
3.14 |
3.14 |
|
7 |
Gaurav Modi |
150000 |
1.88 |
1.88 |
|
8 |
Govind Ram Patodia |
100000 |
1.26 |
1.26 |
|
9 |
Hemlata Kamal Poddar |
173845 |
2.18 |
2.18 |
|
10 |
Kamal Poddar |
104950 |
1.32 |
1.32 |
|
11 |
Kamal Poddar (Huf) |
100700 |
1.26 |
1.26 |
|
12 |
Karun Modi |
150000 |
1.88 |
1.88 |
|
13 |
Kirodi Mal Modi |
150000 |
1.88 |
1.88 |
|
14 |
Manasvi Consultancy Private Limited |
250000 |
3.14 |
3.14 |
|
15 |
Manjudevi Patodia |
100000 |
1.26 |
1.26 |
|
16 |
Natwarlal Patodia |
100000 |
1.26 |
1.26 |
|
17 |
Pawan Champalal Agarwal |
100000 |
1.26 |
1.26 |
|
18 |
Rajendra Prasad Upadhyaya |
100000 |
1.26 |
1.26 |
|
19 |
Satyanarayan Patodia |
100000 |
1.26 |
1.26 |
|
20 |
Sunita Modi |
150000 |
1.88 |
1.88 |
|
21 |
Vinita Sunil Patodia |
375050 |
4.71 |
4.71 |
|
|
Total |
3254545 |
40.87 |
40.87 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Alken Management And Financial Serv |
400000 |
5.02 |
5.02 |
|
|
Total |
400000 |
5.02 |
5.02 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Abhishek Vinod Bhageria |
1,12,000 |
1.41 |
|
2 |
Aditya V Bhageria |
1,12,000 |
1.41 |
|
3 |
Anjushree A Bhageria |
1,12,000 |
1.41 |
|
4 |
Archana D. Bhageria |
22,500 |
0.28 |
|
5 |
Asha Dinesh Bhageria |
22,500 |
0.28 |
|
6 |
Bimla Bhageria |
1,12,000 |
1.41 |
|
7 |
Chandadevi Bhageria |
25,000 |
0.31 |
|
8 |
Chandraprabha Sureshkumar Bhager |
1,40,000 |
1.76 |
|
9 |
Deepakkumar Vishwambharlal Bhage |
22,500 |
0.28 |
|
10 |
Dhwani Rahul Bhageria |
22,500 |
0.28 |
|
11 |
Dinesh Vishwambharlal Bhageria |
22,500 |
0.28 |
|
12 |
Harshita Vikas Bhageria |
1,40,000 |
1.76 |
|
13 |
Natwarlal Patodia |
1,00,000 |
1.26 |
|
14 |
Niranganlal Keshadeo Bhageria |
25,000 |
0.31 |
|
15 |
Rahul Niranjanlal Bhageria |
22,500 |
0.28 |
|
16 |
Rakesh Niranjanlal Bhageria |
22,500 |
0.28 |
|
17 |
Satyanarayan Patodia |
1,00,000 |
1.26 |
|
18 |
Sonika Rakesh Bhageria |
22,500 |
0.28 |
|
19 |
Sureshkumar Keshavdeo Bhageria |
1,40,000 |
1.76 |
|
20 |
Sushila Bhageria |
25,000 |
0.31 |
|
21 |
Vikas Suresh Bhageria |
1,40,000 |
1.76 |
|
22 |
Vinodkumar Keshadeo Bhageria |
1,12,000 |
1.41 |
|
23 |
Vishwambarlal Keshavdeo Bhageria |
25,000 |
0.31 |
|
|
Total |
16,00,000 |
20.09 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Intermediates and Dyes. |
||||
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Vinyl Sulphone and OAVS |
3600000 MT |
|
2802.157 |
2127.449 |
|
Acetanlide
Not Applicable |
NA |
|
1371.396 |
992.150 |
|
Acetic
Acid (Spent) Hydrocholoric |
NA |
|
359.385 |
291.060 |
|
Acid
(Spent) Not Applicable |
NA |
|
3965.045 |
2511.350 |
|
Sulphanilic
Acid Not Applicable |
NA |
|
18.800 |
1600.000 |
|
Acetamino Sulphonic Dry |
NA |
|
0.000 |
0.000 |
* Acetanalide 1362.345 M.T.(Prev. Year 994.200 M.T.) and
Acetic Acid 438.600 MT (Prev. Year 352.285 M.T.) and Spent HCL 231.970 M.T.
(Prev. Year 16.305 M.T.) used as Capitive Consumption.
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management. |
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Bankers : |
Oriental Bank of Commerce |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Sarda and Pareek Chartered Accountants |
|
Address : |
Mahavir Appartment, 3rd Floor, 598 M. G. Road, Near Suncity
Cinema, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
PAN No.: |
AACFS5674A |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7962750 |
Equity Shares |
Rs.10/- each |
Rs. 79.628
Millions |
|
|
|
|
|
i) Rights
of Equity Shareholders
The Company has only one class of Equity Shares having par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount to various stakeholders of the company.
ii) Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the reporting period
|
Particulars |
Opening Balance |
Fresh issue |
Bonus / Buy Back |
Closing Balance |
|
|
|
|
|
|
|
Equity shares with voting rights |
|
|
|
|
|
|
|
|
|
|
|
Year ended 31 March, 2012 |
|
|
|
|
|
- Number of shares |
3462750 |
4500000 |
-- |
7962750 |
|
- Amount (Rs‘ in millions) |
34.628 |
45.000 |
-- |
79.628 |
iii) Details of
shares held by each shareholder holding more than 5% shares
|
Class of shares / Name of shareholder |
As on 31.03.2012 |
|
|
Number of shares
held |
% holding in that
class of shares |
|
|
Equity shares with
voting rights |
|
|
|
Bhageria Trade Invest Private Limited |
861817 |
12.12% |
|
Vinod Kumar Keshadev Bhageria |
-- |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
79.628 |
34.628 |
|
(b) Reserves & Surplus |
|
145.646 |
64.985 |
|
(c) Money
received against share warrants |
|
0.000 |
78.750 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
225.274 |
178.363 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.844 |
0.918 |
|
(b) Deferred tax liabilities (Net) |
|
3.502 |
5.781 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
4.346 |
6.699 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
105.236 |
123.319 |
|
(b) Trade payables |
|
41.979 |
70.535 |
|
(c) Other current
liabilities |
|
11.737 |
17.361 |
|
(d) Short-term provisions |
|
0.646 |
0.997 |
|
Total Current Liabilities (4) |
|
159.598 |
212.212 |
|
|
|
|
|
|
TOTAL |
|
389.218 |
397.274 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
45.531 |
49.689 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Fixed assets held
for sale |
|
1.716 |
1.716 |
|
(iv) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(v)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2.432 |
1.746 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
49.679 |
53.151 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
78.038 |
49.816 |
|
(c) Trade receivables |
|
164.003 |
236.604 |
|
(d) Cash and cash
equivalents |
|
70.679 |
16.806 |
|
(e) Short-term loans
and advances |
|
19.937 |
32.285 |
|
(f) Other current
assets |
|
6.882 |
8.612 |
|
Total Current Assets |
|
339.539 |
344.123 |
|
|
|
|
|
|
TOTAL |
|
389.218 |
397.274 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
34.627 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
60.801 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
95.428 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
111.341 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
111.341 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3.272 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
210.041 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
41.598 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
35.184
|
|
|
Sundry Debtors |
|
|
185.383
|
|
|
Cash & Bank Balances |
|
|
27.957
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
50.610
|
|
Total
Current Assets |
|
|
299.134
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
122.841
|
|
|
Other Current Liabilities |
|
|
2.990
|
|
|
Provisions |
|
|
4.861
|
|
Total
Current Liabilities |
|
|
130.692
|
|
|
Net Current Assets |
|
|
168.443
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
210.041 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
617.963 |
616.233 |
564.351 |
|
|
|
Other Income |
12.178 |
1.565 |
0.000 |
|
|
|
TOTAL (A) |
630.141 |
617.798 |
564.351 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
412.598 |
|
|
|
|
|
Purchase of stock-in-trade |
159.799 |
189.993 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(9.549) |
(11.021) |
|
|
|
|
Employee benefit expenses |
12.542 |
12.261 |
|
|
|
|
Other expenses |
38.752 |
39.731 |
|
|
|
|
TOTAL (B) |
614.142 |
577.377 |
534.580 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.999 |
40.421 |
29.771 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.638 |
9.628 |
12.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.361 |
30.793 |
17.375 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.030 |
6.824 |
7.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(6.669) |
23.969 |
10.101 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.958) |
14.939 |
4.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(4.711) |
9.030 |
5.748 |
|
|
|
|
|
|
|
|
|
|
EXTRAORDINARY
ITEMS (GRANTS RECEIVED UNDER MONTREAL PROTOCOL) |
0.000 |
0.000 |
5.726 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.182 |
0.497 |
0.111 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.500 |
0.500 |
|
|
|
Transfer to Capital Reserve |
NA |
0.000 |
5.727 |
|
|
|
Proposed Dividend |
NA |
4.155 |
4.155 |
|
|
|
Corporate Tax on Proposed
Dividend |
NA |
0.690 |
0.706 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
4.182 |
0.497 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
344.867 |
321.557 |
357.628 |
|
|
TOTAL EARNINGS |
344.867 |
321.557 |
357.628 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
34.642 |
0.884 |
91.936 |
|
|
TOTAL IMPORTS |
34.642 |
0.884 |
91.936 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.82) |
2.61 |
1.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.012.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
227.500 |
271.800 |
381.400 |
411.600 |
|
Total Expenditure |
220.200 |
257.500 |
372.300 |
405.400 |
|
PBIDT (Excl OI) |
7.300 |
14.300 |
9.200 |
6.200 |
|
Other Income |
0.000 |
0.000 |
0.000 |
2.600 |
|
Operating Profit |
7.300 |
14.300 |
9.200 |
8.800 |
|
Interest |
4.200 |
4.100 |
2.800 |
3.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
3.100 |
10.200 |
6.400 |
5.200 |
|
Depreciation |
1.800 |
1.800 |
1.800 |
1.900 |
|
Profit Before Tax |
1.300 |
8.500 |
4.600 |
3.300 |
|
Tax |
0.200 |
2.800 |
1.800 |
0.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.100 |
5.700 |
2.800 |
3.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.100 |
5.700 |
2.800 |
3.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.75) |
1.46 |
1.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.08) |
3.89 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.71) |
6.03 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.13 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.48 |
0.70 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
1.62 |
2.98 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
41.979
|
70.535 |
122.841
|
|
|
|
|
|
|
Total |
41.979
|
70.535 |
122.841
|
OPERATIONS
During the year, the company has achieved total income of Rs. 630.141 Millions against Rs. 617.686 millions in previous year and incurred a loss of Rs. 4.711 millions as against a net profit of Rs. 9.030 millions in previous year. This was due to steep rise of input costs and bad market condition.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OVERVIEW
The main business of the Company is manufacturing and sale of Chemicals, Dyes, Dyes Intermediates required for Dye manufacturers. The company is also engaged in merchant export of related items.
INDUSTRY STRUCTURE,
OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK
The year experienced a global slow down in economic growth, which had its impact in India too .The sale of Chemicals is decreased by 9.45%.
The general outlook with respect to this Industry in India is of caution under immense competitive pressure. However the intrinsic strength of the company has helped then to effectively overcome such pressure and the sales therefore should register a modest but definite growth in the years to come.
PERFORMANCE OF THE
COMPANY
The challenges described above did restrict the sales growth to a modest rate and increase in cost of Raw Materials, resulting in net loss of Rs. 4.711 Millions during the current financial year. The Company is working towards improvement in its working and profitability.
FINANCIAL PERFORMANCE
The highlights of the financial performance of the Company for the year are as under:
a. The Company has incurred a loss of Rs. 4.711 millions.
b. The Company spent Rs.3.872 millions on Capital Expenditure during the year.
c. The Investment in Working Capital was Rs. 179.941 Millions
d. The Term Borrowings increased by Rs. 0.693 Million.
e. The company is paying dividend continuously since 1993-94.
Contingent
liabilities and commitments (to the extent not provided for)
|
Contingent
liabilities and commitments (to the extent not provided for) |
As on 31.03.2012 |
As on 31.03.2011 |
|
|
|
|
|
Commitments |
|
|
|
(a) Income Tax Disputes |
1.892 |
1.892 |
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31.03.2013
(Rs. In Millions)
|
Sr. No |
Particulars |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
Audited |
(Unaudited) |
Audited |
|
1 |
Income from
Operations |
|
|
|
|
|
Net Sales/Income From Operations |
411.561 |
381.434 |
1292.282 |
|
2 |
Expenses: |
|
|
|
|
|
(a) Consumption of raw materials |
292.188 |
275.851 |
884.637 |
|
|
(b) Purchase of traded goods |
40.915 |
22.207 |
120.487 |
|
|
(c) Changes in Inventories in finished goods, work-in-progress and stock in trade |
(30.727) |
(7.934) |
(42.774) |
|
|
(d) Employee benefit expenses |
1.609 |
4.873 |
13.755 |
|
|
(e)Depreciation and Amortisation expenses |
1.934 |
1.818 |
7.264 |
|
|
(f) Other expenditure |
101.388 |
77.274 |
279.224 |
|
|
Total Expenses |
407.307 |
374.089 |
1262.592 |
|
3 |
Profit from
Operations before Other Income, Financial costs and Exceptional Items (1 -2) |
4.254 |
7.345 |
29.689 |
|
4 |
Other Income |
2.574 |
- |
2.574 |
|
5 |
Profit from
ordinary activities before Financial costs and Exceptional Items (3+4) |
6.828 |
7.345 |
32.263 |
|
6 |
Financial Costs |
3.555 |
2.762 |
14.581 |
|
7 |
Profit from ordinary
activities after Financial costs and Exceptional Items ( 5-6 ) |
3.273 |
4.583 |
17.682 |
|
8 |
Exceptional Items |
- |
- |
|
|
9 |
Profit from
ordinary activities before tax ( 7-8 ) |
3.273 |
4.583 |
17.682 |
|
10 |
Tax Expenses |
0.246 |
1.761 |
5.057 |
|
11 |
Net Profit from
ordinary activities After tax ( 9-10 ) |
3.027 |
2.822 |
12.625 |
|
12 |
Extraordinary Items |
- |
- |
|
|
13 |
Net Profit for the
period (11-12 ) |
3.027 |
2.822 |
12.625 |
|
14 |
Paid-up Equity Share Capital |
79.628 |
79.628 |
79.628 |
|
|
Face Value of Equity Share in Rs. |
1.000 |
1.000 |
1.000 |
|
15 |
Reserves excluding Revaluation Reserves (as per balance sheet of previous accounting year) |
|
|
150.867 |
|
|
|
|
|
|
|
|
Earnings Per Share
(EPS) |
- |
|
|
|
16 |
a) Basic EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.15 |
0.35 |
1.51 |
|
|
b) Diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.15 |
0.35 |
1.51 |
|
17 |
a) Basic EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.15 |
0.35 |
1.51 |
|
|
b) Diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) |
1.15 |
0.35 |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public shareholding |
|
|
|
|
1 |
- Number of shares |
4748951 |
4748951 |
4748951 |
|
|
- Percentage of shareholding |
59.64 |
59.64 |
59.64 |
|
2 |
Promoters and promoter group |
|
|
|
|
|
Shareholding ** |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
|
- |
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
|
- |
- |
|
|
Percentage of shares (as a% of the total share capital of the company) |
|
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of Shares |
3213799 |
3213799 |
3213799 |
|
|
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) |
40.36 |
40.36 |
40.36 |
As per clause 41 of
Listing Agreement the Company informs status of investor’s complaint as under:
|
B |
Particulars |
|
As on 31.03.2013 |
|
|
INVESTORS
COMPLAINTS |
|
|
|
|
complaint
at the beginning of the quarter |
|
0 |
|
|
complaint
received during the quarter |
|
3 |
|
|
complaint
disposed off during the quarter |
|
3 |
|
|
complaint
lying unresolved at the quarter end |
|
0 |
Note:
1. The above results have been reviewed by the Audit committee and there after approved by the Board of Directors at the meeting held on 17th May, 2013.
2. The company is engaged in one segment i.e. Manufacturing and Trading in Chemicals and Dyes Intermediates.
3. Corresponding figures of previous Year / Quarter have been re-grouped where considered necessary to correspond to current Year / Quarter.
4. The Figures for the quarter ended March 31, 2013 and March 31,2012 are balancing figures between the audited figures arrived at based on the audit results of the full financial year and published year to date unaudited figures for nine month ended December 31,2012 and December 31, 2011.
5. The Board has recommended a tax free dividend of 8% i.e. Rs. 0.80 paise per share for the year ended March 31, 2013.
STATEMENT OF ASSETS AND LIABILITIES
|
|
Particulars |
As on 31.03.2013 |
|
|
|
|
|
I. |
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
1 |
Shareholder's Funds |
|
|
a |
Share Capital |
79.628 |
|
b |
Reserves and Surplus |
150.867 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
b |
Deferred tax liabilities (Net) |
4.487 |
|
|
|
|
|
4 |
Current Liabilities |
|
|
a |
Short-term borrowings |
90.937 |
|
b |
Trade payables |
186.186 |
|
c |
Other current liabilities |
20.071 |
|
|
Total |
532.175 |
|
|
|
|
|
II. |
Assets |
|
|
1 |
Non-current assets |
|
|
a |
Fixed assets |
45.936 |
|
|
(i) Tangible assets |
44.220 |
|
|
(ii) Fixed assets held for sale |
1.716 |
|
|
|
|
|
d |
Long term loans and advances |
0.070 |
|
|
|
|
|
2 |
Current assets |
|
|
b |
Inventories |
120.812 |
|
c |
Trade receivables |
240.631 |
|
d |
Cash and cash equivalents |
13.984 |
|
e |
Short-term loans and advances |
106.073 |
|
f |
Other current assets |
4.668 |
|
|
Total |
532.175 |
WEBSITE DETAILS
BHAGERIA DYE CHEM LIMITED was established in 1989 with an objective to serve the dyes and intermediates industry all over the globe. Company commenced its operations by setting up a Vinyl Sulphone Plant at Vapi (Gujarat) with capacity of 540 T.P.A. which has now expanded to 3600 T.P.A. Subsequently Company has gone for further expansion in other Dyes intermediates and Dyestuffs.
The company successfully incorporates the innovative trends,
total quality management and proficiency in work process through advanced
research and analysis.
Bhageria has made significant strides in the field of Dye Intermediates and
other related products since it's inception. True, they started in a small way.
But then it has never stopped then from thinking big.
Nearly 70% of its production is being exported worldwide to various clients
including multinationals.
Their products are being exported to Korea, Japan, Taiwan, China, Germany,
U.S.A and other European and African countries. Today Bhageria Dye Chem is one
of the largest Manufacturer & Exporter of Intermediates and Dyes.
Their team of expert chemists and highly-efficient workman have resorted to
innovations, keeping in view the constant up gradations of quality and
customer's demand, thus ensuring the product for optimal applications for a
vast sphere of fields. Constant co-ordination with their customers has earned
then the reputation of customer-friendly company.
FIXED ASSETS
· Land and Buildings
· Plant and Equipments
· Furniture and Fixture
· Vehicles
· Office Equipments
·
Computer
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited tansactions 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. 60.10 |
|
|
1 |
Rs. 91.07 |
|
Euro |
1 |
Rs. 77.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
36 |
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.