MIRA
INFORM REPORT
|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALKYL AMINES CHEMICALS LIMITED |
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Registered
Office : |
401-407, Nirman Vyapar Kendra, Plot
No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.10. 1979 |
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Com. Reg. No.: |
11-21796 |
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Capital Investment
/ Paid-up Capital : |
Rs. 102.060 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1979PLC021796 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19115F |
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PAN No.: [Permanent Account No.] |
AAACA9052B |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers and Suppliers of Amines and Amine-based Chemicals. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
s41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3555000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The profitability of the company has increased during 2012. Financial position is good. Trade relations are reported as fair. Business is active. Payments are reported as usually correct.
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
BBB+ Long Term Rating |
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Rating Explanation |
Moderate degree of safety |
|
Date |
05.04.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
A2 Short Term Rating |
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Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
401-407, Nirman Vyapar Kendra,
Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India. |
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Tel. No.: |
91-22-67946600/ 67946618 |
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Fax No.: |
91-22-67946666 |
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E-Mail : |
Export : |
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Website : |
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Head Office : |
17/ |
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Tel. No.: |
91-22-22702485/ 22641376 |
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Fax No.: |
91-22-22641349 |
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E-Mail : |
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Factory 1 : |
Plot No. A-7 and A-25, MIDC
Patalganga Industrial Area, District Raigad–410220, |
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Factory 2 : |
Plot No. D-6/1, MIDC Kurkumbh
Industrial Area. Taluka Daund, District Pune–413802, |
DIRECTORS
As on 07.08.2012
|
Name : |
Mr. Yogesh M. Kothari |
|
Designation : |
Chairman and Managing Director |
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Address : |
207 A, Kakad chambers, 132 dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
20.02.1949 |
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Date of Appointment : |
18.10.1980 |
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PAN No. : |
AADPK6727F |
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Name : |
Kirat Patel |
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Designation : |
Executive Director |
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Address : |
207 A, Kakad chambers, 132 dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
13.09.1852 |
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Date of Appointment : |
17.12.1996 |
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PAN No. : |
AABPP1526H |
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Name : |
Mr. Suneet Y Kothari |
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Designation : |
Executive Director |
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Address : |
207 A, Kakad chambers, 132 dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
17.06.1976 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Mr. Hemendra M. Kothari |
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Designation : |
Non Executive Director |
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Address : |
DSP Block Rock, Investment Managers Private Limited, Mafatlala Centre,
10th Floor, Narinal Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
24.081946 |
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Date of Appointment : |
18.10.1980 |
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PAN No. : |
ABOPK8771F |
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Name : |
Mr. Shyam B. Ghia |
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Designation : |
Non Executive Director |
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Address : |
Futura Polysters Limited, Paragon, Condominium, 3rd Floor,
( |
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Date of Birth/Age : |
22.11.1947 |
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Date of Appointment : |
18.11.1980 |
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Name : |
Mr. Shobhan M. Thakore |
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Designation : |
Non Executive Director |
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Address : |
Talwar Thakore and Associates, 3rd Floor, Kalptaru
Heritage, 127, |
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Date of Birth/Age : |
03.07.1947 |
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Date of Appointment : |
19.04.1988 |
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Non Executive Director |
|
Address : |
VIP Industries Limited, VIP House, 5th Floor, 88C, |
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Date of Birth/Age : |
02.11.1949 |
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Date of Appointment : |
18.10.1980 |
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Name : |
Mr. Premal N. Kapadia |
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Designation : |
Non Executive Director |
|
Address : |
Harshadray Private Limited, Jiji House, Damodardas Sukhdwala Marg,
Fort, Mumbai – 400001, |
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Date of Birth/Age : |
05.06.1949 |
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Date of Appointment : |
20.07.1999 |
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Name : |
Mr. K. R. V. Subrahmanian |
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Designation : |
Non Executive Director |
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Address : |
8 Rushilla, 17-C, |
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Date of Birth/Age : |
26.09.1933 |
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Date of Appointment : |
11.10.1999 |
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Name : |
Mr. Tarjani Vakil |
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Designation : |
Non Executive Director |
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Address : |
A-1, |
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Date of Birth/Age : |
30.10.1936 |
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Date of Appointment : |
11.08.2005 |
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Name : |
Mr. Rima Marphatia |
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Designation : |
Nominee Director |
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Address : |
Export –Import Bank of |
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Date of Birth/Age : |
19.05.1968 |
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Date of Appointment : |
23.10.2008 |
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Name : |
Mrs. Meena verma |
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Designation : |
Nominee Director |
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Address : |
Export –Import Bank of |
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Date of Birth/Age : |
21.11.1971 |
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Date of Appointment : |
18.04.2012 |
KEY EXECUTIVES
|
Name : |
Mr. K. P. Rajagopalan |
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Designation : |
General Manager (Secretarial and Legal) |
|
Address : |
401-407, Nirman Vyapar Kendra,
Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India. |
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Date of Birth/Age : |
15.01.1952 |
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Date of Appointment : |
07.07.1986 |
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Name : |
Mr. Sameer S. Katdare |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. R. N. Iyer |
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Designation : |
Vice President (Manufacturing) |
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Name : |
Mr. S S Khade |
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Designation : |
General Manager (P and A) |
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Name : |
Mr. S Saimani |
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Designation : |
General Manager (Technology Development) |
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Name : |
Mr. Girish Naik |
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Designation : |
General Manager (Marketing) |
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Name : |
Dr. Prasanna Somalwar |
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Designation : |
General Manager (Research and Development and Business Development) |
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Name : |
Mr. S Giridhar |
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Designation : |
General Manager (Finance and Accounts) |
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Name : |
Mr. Milind Deshmukh |
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Designation : |
General Manager (Works) |
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Name : |
Mr. Sagar Jadhav |
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Designation : |
General Manager (Works) |
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Name : |
Mr. Sameer Deshpande |
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Designation : |
General Manager (Commercial) |
SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
1) Promoter and Promoter Group |
|
|
|
|
6584876 |
64.539 |
|
(B) Non Resident Indian |
26448 |
0.259 |
|
2) Bodies
Corporate in the group |
955070 |
9.365 |
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|
7566394 |
74.193 |
|
3) Mutual Funds / UTI |
676 |
0.007 |
|
4) Venture Capital Fund |
86 |
0.001 |
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5) Private Bodies Corporate |
301448 |
2.956 |
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6)Individual holdings - up to Rs.0.100 million |
1497124 |
14.680 |
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7)Individual holding – above of Rs.0.100 million |
800482 |
7.849 |
|
8) Any Others Clearing Member |
1427 |
0.014 |
|
9) NRI’s |
30559 |
0.300 |
|
Total Share Capital |
10198196 |
100.00 |
(A) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of Amines and Amine-based Chemicals. |
PRODUCTION STATUS ( As On 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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|
Speciality Chemicals |
M.T. |
N.A. |
38115 |
36221 |
|
Industrial Gases |
M.T. |
N.A. |
4800000 |
2277240 |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
Note : i. Term loans
from EXIM and AXIS Bank are secured by: a)
Mortgage of the Company’s immovable properties
specified in the relevant loan agreements; b)
Hypothecation
of the Company’s movable properties, both, present and future, save and
except Book Debts and subject to prior charge created/or to be created in
favour of the Company’s Bankers, on stocks of raw materials, semi-finished
goods, finished goods and consumables stores for working capital
requirements. The mortgage and charges
referred to above rank pari-passu inter se. ii. The Company
has availed of a Term Loan of Rs. 80.000 Millions from Bank of Baroda to part
finance Company’s normal capital expenditure at Kurkumbh which is secured by
creation of charges on properties listed at item 1(a) above and also a second
charge by way of hypothecation of Raw Material Inventory, Book Debts, movable
Machinery etc. iii. ECB loan of
US$ 3.3 million from State bank of India, Hongkong to part finance Company’s
normal capital expenditure which is secured by creation of charges on
properties listed at item 1(a) above and also a second charge by way of
hypothecation of Raw Material Inventory, Book Debts, movable Machinery etc. iv. Vehicle
Loans are secured against specified assets. Cash Credits
including Working Capital Demand Loan and Buyers’ Credit from State Bank of
India, Standard Chartered Bank and Axis Bank are secured by hypothecation of
stocks of raw materials, semi-finished goods, finished goods, consumable
stores and book debts of the Company, both, present and future, as mentioned
in the joint deed of hypothecation dated 29.12.1989 as amended from time to
time, as well as by the second mortgage of the specified immovable properties
of the Company. |
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Banking
Relations : |
- |
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Auditors : |
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|
Name : |
Bansi S. Mehta and Company Chartered Accountants |
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Address : |
11-13 |
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PAN No.: |
AAEPC3993Q |
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Associate/Subsidiary Companies : |
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Entities on which Key Managerial Personnel has
Control: |
CIN No. : U65990MH1983PTC029553
CIN No. : U67120MH1991PTC061345
CIN No.: U65990MH1983PTC029555
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|
Entities on
which relatives of Key Managerial Personnel has control: |
CIN No.: U67120MH1985PTC037013
CIN No.:
U65990MH1983PTC029544
CIN No.: U65990MH1983PTC029547 |
CAPITAL STRUCTURE
As on 07.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
1500000 |
Cumulative
Redeemable Preference |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10198196 |
Equity Shares |
Rs.10/- each |
Rs. 101.982
Millions |
|
Add |
Shares / Warrants Forfeited |
|
Rs. 0.078
Million |
|
|
Total |
|
Rs. 102.060 Millions |
ii) Reconciliation
of the number of shares outstanding and amount of share capital:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
10198196 |
101.982 |
|
Changes during
the year |
Nil |
Nil |
|
Balance
as at the end of the year |
10198196 |
101.982 |
Rights, preferences and restrictions:
i.
The Company has only one class of shares referred
to as equity shares having par value of Rs. 10. Each holder of equity shares is
entitled to one vote per share.
ii.
The Company declares and pays dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the Shareholders in the ensuing Annual General Meeting. The Board
of Directors, in their meeting on May 22, 2012, proposed a final dividend of
Rs. 4 per equity share. The proposal is subject to the approval of shareholders
at the Annual General Meeting. The total dividend appropriation for the year
ended March 31, 2012 amounted to Rs. 47.411 Millions including corporate dividend
tax of Rs. 6.618 Millions.
iii.
During the year ended March 31, 2011, the amount of
per share dividend recognised as distribution to equity shareholders is Rs. 3.
The Dividend appropriation for the year ended March 31, 2011 amounted to Rs.
35.676 Millions including corporate dividend tax of Rs. 5.081 Millions.
iv.
In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
iii) Details of shares held by shareholders holding more than 5% of the
aggregate equity shares in the Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Yogesh M. Kothari |
6123311 |
60.04% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
102.060 |
102.062 |
102.062 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
786.786 |
662.557 |
594.184 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
888.846 |
764.619 |
696.246 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
815.001 |
738.391 |
812.881 |
|
|
2] Unsecured Loans |
290.940 |
355.341 |
322.908 |
|
|
TOTAL BORROWING |
1105.941 |
1093.732 |
1135.789 |
|
|
DEFERRED TAX LIABILITIES |
166.772 |
157.440 |
172.083 |
|
|
|
|
|
|
|
|
TOTAL |
2161.559 |
2015.791 |
2004.118 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1223.309 |
979.207 |
984.957 |
|
|
Capital work-in-progress |
56.527 |
232.809 |
135.259 |
|
|
|
|
|
|
|
|
INVESTMENT |
23.427 |
23.427 |
23.345 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
497.282
|
519.620
|
556.223 |
|
|
Sundry Debtors |
605.643
|
473.287
|
389.805 |
|
|
Cash & Bank Balances |
110.736
|
12.533
|
33.280 |
|
|
Other Current Assets |
38.290
|
89.790
|
0.000 |
|
|
Loans & Advances |
180.073
|
161.180
|
221.664 |
|
Total
Current Assets |
1432.024
|
1256.410
|
1200.972 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
253.750
|
217.827
|
222.957 |
|
|
Other Current Liabilities |
241.267
|
182.343
|
59.174 |
|
|
Provisions |
78.711
|
75.892
|
58.284 |
|
Total
Current Liabilities |
573.728
|
476.062
|
340.415 |
|
|
Net Current Assets |
858.296
|
780.348
|
860.557 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2161.559 |
2015.791 |
2004.118 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2880.097 |
2358.554 |
2137.999 |
|
|
|
Other Income |
23.190 |
18.110 |
57.444 |
|
|
|
TOTAL (A) |
2903.287 |
2376.664 |
2195.443 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1541.396 |
1307.071 |
|
|
|
|
(increase)/decrease in inventories if finished goods, work-in-progress
and traded goods |
23.638 |
(75.408) |
|
|
|
|
Employee benefit expenses |
160.746 |
120.327 |
|
|
|
|
Other expenses |
741.309 |
693.700 |
|
|
|
|
TOTAL (B) |
2467.089 |
2045.690 |
1841.141 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
436.198 |
330.974 |
354.302 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.279 |
103.228 |
120.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
325.919 |
227.746 |
233.910 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
89.094 |
91.678 |
85.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
236.825 |
136.068 |
148.638 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
65.187 |
32.019 |
48.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
171.638 |
104.049 |
100.368 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
287.212 |
229.339 |
174.866 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.200 |
10.500 |
10.100 |
|
|
|
Proposed Dividend |
40.793 |
30.595 |
30.595 |
|
|
|
Tax on Dividend |
6.618 |
5.081 |
5.200 |
|
|
BALANCE CARRIED
TO THE B/S |
394.239 |
287.212 |
229.339 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods at F.O.B. value |
636.132 |
407.326 |
407.326 |
|
|
|
Other Earnings |
1.476 |
0.774 |
0.774 |
|
|
TOTAL EARNINGS |
637.608 |
408.100 |
408.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1438.701 |
1218.151 |
180.623 |
|
|
|
Stores & Spares |
79.082 |
78.780 |
0.342 |
|
|
TOTAL IMPORTS |
1517.783 |
1296.931 |
180.965 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.83 |
10.20 |
9.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.91
|
4.38 |
4.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.22
|
5.77 |
6.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.92
|
6.09 |
6.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
1.18 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.24
|
1.43 |
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.64 |
3.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
------------- |
|
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 |
UNSECURED LOAN:
|
Particulars |
As on 31.03.2012 Rs. in Millions |
As on 31.03.2011 Rs. in Millions |
|
Sales Tax
Deferral under the Package Scheme of Incentives, 1993 |
99.140 |
99.140 |
|
Loans and advances
from related parties |
83.000 |
149.400 |
|
Deposits - Inter Corporate |
|
|
|
From Related
Parties |
59.000 |
55.501 |
|
From Others |
49.800 |
51.300 |
|
Total |
290.940 |
355.341 |
OPERATIONS:
Sales of
products registered a 21% increase in value (including excise duty) from Rs.
2487.900 Millions to Rs. 3020.300 Millions. Profit before tax (after interest
and depreciation charges) increased to Rs. 236.800 Millions compared to Rs.
136.000 Millions of the previous year. During the year 2011-2012 they have
achieved profit after tax of Rs. 171.600 Millions compared to Rs. 104.000
Millions of the previous year.
NEW PROJECTS:
They
have commissioned on March 14, 2012 the new plant to commercially produce Acetonitrile,
a chemical, which has applications in pharma and agrochemical sectors. During
the year, they have debottlenecked the capacities to produce enhanced
quantities of various amines and amine derivatives, details of which are given
in Management Discussion and Analysis Report annexed (Annexure 1).
ASSOCIATE/SUBSIDIARY COMPANIES
Diamines and Chemicals Limited,
Vadodara:
Diamines
and Chemicals Limited, Vadodara, there associate company, has achieved a total
income of Rs. 671.100 Millions as against Rs. 829.000 Millions of the previous
year and a profit after tax of Rs. 36.000 Millions as against Rs. 147.100
Millions of the previous year. The Board of Directors has recommended a
dividend of 10% the year 2011-12 compared to 60% of the last year.
Alkyl Amines (
In
2009 they had registered a wholly owned subsidiary company in the name of Alkyl
Amines (Europe) SPRL in
Alkyl Speciality Chemicals Limited:
This
company is engaged in marketing of new products of the Holding Company.
This
company achieved a total income of Rs. 2.996 Millions (Previous Year: Rs. 0.634
Millions) and a profit after tax of Rs. 2.552 Millions (Previous Year; Loss of
Rs. 0.568 Millions).
Pursuant
to Accounting Standard AS21 issued by the Institute of Chartered Accountants of
India, Consolidated Financial Statements presented by the Company include the
financial information of Diamines and Chemicals Limited, Alkyl Amines Europe
SPRL and Alkyl Speciality Chemicals Limited.
INDUSTRY STRUCTURE AND DEVELOPMENT:
They are global manufacturers
and suppliers of amines and amine-based chemicals. They have two manufacturing
sites, one at Patalganga and the other at Kurkumbh. They have an R and D Centre
located at Pune equipped with advanced equipments and analytical instruments.
They have an excellent team of technical and commercial professionals with
expertise in chemicals manufacture and marketing.
Millions
There products
have application in important industries like pharmaceuticals, agro-chemicals,
water treatment chemicals, photography chemicals, rubber chemicals, etc. They
cater to both domestic and international market. They have competition both
from local producers and international producers.
PERFORMANCE
Total Income (net of taxes) amounted to Rs. 2903.300 Millions compared to
Rs. 2376.700 Millions of the previous year.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE
The operating
profit before tax amounted to Rs. 236.800 Millions compared to Rs. 136.000
Millions reported last year.
During the year,
there domestic sales amounted to Rs. 2453.500 Millions compared to Rs. 2061.300
Millions of the previous year. Export sales increased to Rs. 636.100 Millions
(FOB) compared to Rs. 467.800 Millions of the previous year.
OUTLOOK
There focus
continues on increasing there market share of existing products, launching new
products, creating footprints in untapped growth market segments in Export
market and forging strong relationship with customers, laying thereby a robust
foundation for sustainable growth.
They expect the
trend shown in 2011-12 to continue in the year 2012-13, which, at present,
looks promising with its own sets of challenges and opportunities for us. With
the global growth of chemicals focused on
During the year
2012-13, they expect the investments, which they made in there new product
Acetonitrile, and also in debottlenecking capacities of Methylamines,
Ethylamines and DEHA add to both there topline and bottomline.
They are
continuing with there efforts on improvement in efficiencies, margins,
profitability and sales while re-looking at business strategies and models,
wherever necessary and barring, unforeseen circumstances, they expect to
achieve better results for the year 2012-13.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
L99999MH1979PLC021796 |
|
Name of the company |
ALKYL AMINES CHEMICALS LIMITED |
|
Address of the registered office or of the principal place of business in |
401-407, Nirman Vyapar Kendra, Plot No. 10, Sector 17,
DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India. |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90231675 |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge holder |
State Bank Of |
|
Nature of instrument creating charge |
Eighteenth Supplementary Joint Agreement Of Hypothecation Dated
15.04.2013 |
|
Date of instrument Creating the charge |
15.04.2013 |
|
Amount secured by the charge |
Rs. 1177.100 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest State Bank of India(SBI) - 3.50% above BR, i.e. 13.25% p.a. with
monthly rests Axis Bank(AXIS) - Base Rate(presently 13.00%)+3.00% payable at monthly
interval Standard Chartered Bank(SCB) - 12.50% Terms of Repayment SBI- On demand AXIS- On demand SCB- As per the terms of sanction As per the sanction letters of the Banks. Margin SBI- RM: 25%, WIP: 25%, Finished Goods: 25%, Stocks and spares: 30%,
Packing Material: 25%, Book debts(90 days): 30% AXIS- RM: 25%, Stock-in-process: 25%, Finished Goods and Pkg.
material: 25%, Stores and spares: 40%, Book Debts(90 days): 30% SCB: In line with SBI Extent and operation of the charge The Banks have revised Working Capital facilities as under: 1. SBI- From Rs. 69.66 Millions to Rs. 731.100 Millions 2. AXIS- From Rs. 27.20 Millions to Rs. 212.00 Millions 3. SCB- From Rs. 174.000 Millions to Rs. 234.000 Millions The total amount of charge has been revised from Rs. 1142.600
millions to Rs. 1177.100 millions Others Nil |
|
Date of instrument modifying the charge |
08.06.2012 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
The whole of current assets of the borrower namely, stock of raw
materials, semi-finished and finished goods, stores and spares not relating
to plant and machinery as indicated as per the sanction letter of the Banks. |
|
Particulars of the present modification |
By present modification SBI, AXIS and SCB have agreed to revise the
limits in respect of the same facilities from Rs. 1142.600 Millions to Rs.
1177.100 Millions as stated in the Eighteenth Supplemental Joint Agreement of
Hypothecation dated 15.04.2013 |
FIXED ASSETS:
- Land
- Building
- Plant and
Equipment
- Factory
Equipment
- Furniture and
Fixture
- Vehicles
- Office
Equipment
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. 56.49 |
|
|
1 |
Rs. 86.01 |
|
Euro |
1 |
Rs. 73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
52 |
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 |
||
s
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.