MIRA
INFORM REPORT
|
Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AARTI INDUSTRIES LIMITED |
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Formerly Known
As : |
AARTI ORGANICS LIMITED |
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Registered
Office : |
Plot No. 801/23, G.I.D.C.
Estate, Phase III, Vapi – 396 195, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.09.1984 |
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Com. Reg. No.: |
04-7301 |
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Capital
Investment / Paid-up Capital : |
Rs.395.600 Millions |
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CIN No.: [Company Identification
No.] |
L24110GJ1984PLC007301 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTA02524E |
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PAN No.: [Permanent Account No.] |
AABCA2787L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer, Importer and Exporter of Organic Chemicals. |
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No. of Employees
: |
1250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 21000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record. Financially
Company seems to be strong. Performance capability is high. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
|
Rating |
Cash Credit: A+ |
|
Rating Explanation |
Having adequate degree of safety regarding timely
servicing of financial obligation, its carry low credit risk. |
|
Date |
May, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 801/23, G.I.D.C. Estate, Phase III, Vapi – 396195, Gujarat, India |
|
Tel. No.: |
91-2638-25690411/ 2/ 3/ 25918195/ 55976666 |
|
Fax No.: |
91-2638-25904806/ 25653186-87/ 25653185 |
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E-Mail : |
secretarial@aartigroup.com |
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Website : |
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Corporate Office : |
Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – |
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Tel. No.: |
91-22-67976666/ 67976697/ 25918195/ 55976666 |
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Fax No.: |
91-22-25653234/ 25653185 |
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E-Mail : |
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Factory 2: |
Plot Nos. 902, GIDC Estate, Phase II, Vapi – 396 195,
District Valsad, |
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Factory 3: |
Plot Nos. 752-753-754 Sarigam
Industrial Area, Sarigam, Taluka Umargaon, District Valsad, |
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Factory 4: |
Plot Nos. 758/1, 758/2, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India |
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Factory 5: |
Plot No. K-17/18/19,
MIDC, Tarapur, District Thane, |
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Factory 6 : |
Plot No. E-50, MIDC,
Tarapur, District Thane, |
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Factory 7: |
Plot Nos. 62, 63 and 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur,
District Dhar, Madhya Pradesh, India |
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Factory 8: |
Plot Nos.
750-751, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, |
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Factory 9: |
Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad,
Gujarat, India |
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Factory 10: |
Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad,
Gujarat, India |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Chandrakant V. Gogri |
|
Designation : |
Chairman |
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|
Name : |
Mr. Rajendra V. Gogri |
|
Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Shantilal T. Shah |
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Designation : |
Vice Chairman |
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Name : |
Mr. Ramdas M. Gandhi |
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Designation : |
Independent Director |
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Name : |
Mr. Laxmichand K. Jain |
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Designation : |
Independent Director |
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Name : |
Mr. Vijay H. Patil |
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Designation : |
Independent Director |
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Name : |
Mr. Haresh K. Chheda |
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Designation : |
Independent Director |
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Name : |
Mr. K. V. S. Shyam Sunder |
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Designation : |
Independent Director |
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Date of Birth/Age : |
29.07.1942 |
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|
Name : |
Mr. P A Sethi |
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Designation : |
Independent Director |
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Name : |
Mr. Bhavesh R Vora |
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Designation : |
Independent Director |
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Date of Birth/Age : |
13.09.1967 |
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|
Name : |
Mr. Sunil M Dedhia |
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Designation : |
Independent Director |
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Name : |
Mr. Parimal H. Desai |
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Designation : |
Whole time Director |
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Date of Birth/Age : |
29.05.1949 |
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|
Name : |
Mr. Manoj M. Chheda |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. Rashesh C. Gogri |
|
Designation : |
Whole Time Director |
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Date of Birth/Age : |
03.06.1974 |
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|
Name : |
Ms. Hetal Gogri Gala |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. Kirit R. Mehta |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Ms. Mona Patel |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
25988222 |
32.85 |
|
|
19077903 |
24.11 |
|
|
45066125 |
56.96 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
45066125 |
56.96 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
6553687 |
8.28 |
|
|
12619 |
0.02 |
|
|
51087 |
0.06 |
|
|
6617393 |
8.36 |
|
|
|
|
|
|
|
|
|
|
1122272 |
1.42 |
|
|
|
|
|
|
|
|
|
|
11438199 |
14.46 |
|
|
14321275 |
18.10 |
|
|
554809 |
0.70 |
|
|
146821 |
0.19 |
|
|
300 |
0.00 |
|
|
407688 |
0.52 |
|
|
27436555 |
34.68 |
|
|
|
|
|
Total Public
shareholding (B) |
34053948 |
43.04 |
|
|
|
|
|
Total (A)+(B) |
79120073 |
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) |
79120073 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Organic Chemicals. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed Capacity |
|
Nitro Chloro Benzenes (NCBs) |
Mt. Per annum |
60000 |
|
Sulphuric Acid and Allied Products (equivalent) |
Mt. Per annum |
200000 |
|
Particulars |
Unit |
Actual Production |
|
Nitro Chloro Benzenes (NCBs) |
Mts. |
30857.95 |
|
Sulphuric Acid and Allied Products (equivalent) |
Mts. |
176468.96 * |
|
Ortho Phenylene Diamine (OPDA) |
Mts. |
173.64 |
|
Quinalphos |
Mts. |
662.68 |
*includes 42437.87 Mts.
of Sulphuric Acid 98%, exclusive of Captive Consumption.
GENERAL INFORMATION
|
No. of Employees : |
1250 (Approximately) |
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Bankers : |
·
Bank of ·
Union Bank of ·
State Bank of ·
DBS Bank Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
Export-Import Bank of ·
IDBI Bank Limited ·
Citi Bank N.A. ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Parikh Joshi and Kothare Chartered Accountants |
|
Address : |
49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East),
Mumbai – 400 051, |
|
|
|
|
Associates: |
·
Ganesh Polychem Limited ·
Anushakti Chemicals and Drugs Limited ·
Anushakti Holdings Limited ·
Alchemie (Europe) Limited |
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|
|
|
Subsidiaries : |
·
Aarti Corporate Services Limited ·
Nascent Chemical Industries Limited ·
Shanti Intermediates Private Limited (Through its
holding Company: Aarti Corporate Services Limited) |
|
|
|
|
Enterprises/Firms over which controlling individuals/key
Management Personnel, of the Company along with their relatives : |
·
Alchemie Pharma Chem Limited ·
Alchemie Industries ·
Gogri and Sons Investments Private Limited ·
Alchemie Leasing and Financing Private Limited ·
Alchemie Laboratories ·
Aarti Drugs Limited ·
Anushakti Specialties Limited Liability
Partnership |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.5/- each |
Rs.625.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79120073 |
Equity Shares |
Rs.5/- each |
Rs.395.600
Millions |
|
|
|
|
|
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 |
|
395.600 |
383.600 |
|
(b) Reserves & Surplus |
|
4730.967 |
4046.696 |
|
(c) Money received against share warrants |
|
0.000 |
34.800 |
|
|
|
5126.567 |
4465.096 |
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
|
1028.714 |
1360.504 |
|
(b) Deferred tax liabilities (Net) |
|
554.550 |
529.393 |
|
(c) Other long
term liabilities |
|
1.852 |
1.852 |
|
(d) long-term
provisions |
|
1721.661 |
1398.661 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
4823.304 |
3561.252 |
|
(b)
Trade payables |
|
1802.875 |
1360.924 |
|
(c)
Other current liabilities |
|
418.279 |
364.901 |
|
(d) Short-term
provisions |
|
205.631 |
174.425 |
|
TOTAL |
|
15683.433 |
13217.008 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
4300.761 |
3856.607 |
|
(ii)
Intangible Assets |
|
31.600 |
63.200 |
|
(iii) Capital
work-in-progress |
|
544.223 |
184.461 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
210.711 |
187.621 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2402.587 |
1901.898 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3258.477 |
2940.882 |
|
(c)
Trade receivables |
|
4069.481 |
3325.342 |
|
(d) Cash
and cash equivalents |
|
88.056 |
77.660 |
|
(e)
Short-term loans and advances |
|
595.128 |
549.093 |
|
(f)
Other current assets |
|
182.409 |
130.244 |
|
TOTAL |
|
15683.433 |
13217.008 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
383.600 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Equity Share Warrants |
|
|
0.000 |
|
|
4] Reserves & Surplus |
|
|
3603.039 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3986.639 |
|
|
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4010.053 |
|
|
2] Unsecured Loans |
|
|
354.783 |
|
|
TOTAL BORROWING |
|
|
4364.836 |
|
|
DEFERRED TAX LIABILITIES |
|
|
511.073 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8862.548 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3816.648 |
|
|
Capital work-in-progress |
|
|
91.450 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
152.512 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2635.375
|
|
|
Sundry Debtors |
|
|
2564.553
|
|
|
Cash & Bank Balances |
|
|
114.101
|
|
|
Other Current Assets |
|
|
1753.620
|
|
|
Loans & Advances |
|
|
468.070
|
|
Total
Current Assets |
|
|
7535.719 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1469.871 |
|
|
Other Current Liabilities |
|
|
14.247 |
|
|
Provisions |
|
|
1251.698
|
|
Total
Current Liabilities |
|
|
2735.816 |
|
|
Net Current Assets |
|
|
4799.903 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.245 |
|
|
DEFERRED REVENUE EXPENDITURE |
|
|
0.790 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8862.548 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16733.107 |
14618.980 |
12893.786 |
|
|
|
Other Income |
28.362 |
39.958 |
18.150 |
|
|
|
TOTAL (A) |
16761.469 |
14658.938 |
12911.936 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
10023.163 |
9215.891 |
|
|
|
Purchase of Goods Traded in |
1404.861 |
1821.326 |
1139.742 |
|
|
|
Office and Administrative Expenses |
0.000 |
186.493 |
149.392 |
|
|
|
Selling and Distribution Expenses |
0.000 |
808.324 |
678.479 |
|
|
|
Non Operating Expenses and loss |
0.000 |
8.086 |
17.649 |
|
|
|
Increase/ Decrease in Stock |
(235.417) |
(163.328) |
(328.525) |
|
|
|
Cost of Materials Consumed |
9787.576 |
0.000 |
0.000 |
|
|
|
Employee Benefits Expense |
455.227 |
0.000 |
0.000 |
|
|
|
Other Expenses |
2874.431 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
14286.678 |
12684.064 |
10872.628 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2474.791 |
1974.874 |
2039.308 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
715.084 |
559.550 |
517.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1759.707 |
1415.324 |
1522.177 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
539.689 |
479.239 |
447.491 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1220.018 |
936.085 |
1074.686 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
348.157 |
268.320 |
373.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
871.861 |
667.765 |
701.075 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2587.356 |
2382.534 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
YEARS ADJUSTMENT FOR OTHERS |
NA |
1.030 |
0.857 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
67.000 |
71.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
0.000 |
200.000 |
|
|
|
Dividend |
NA |
95.900 |
138.096 |
|
|
|
Proposed Dividend (Final) |
NA |
95.900 |
53.704 |
|
|
|
Tax on Dividend |
NA |
31.278 |
32.596 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2964.013 |
2587.356 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6839.823 |
5272.061 |
4899.126 |
|
|
TOTAL EARNINGS |
6839.823 |
5272.061 |
4899.1260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1263.094 |
1175.113 |
1562.970 |
|
|
|
Stores & Spares |
7.048 |
3.923 |
5.265 |
|
|
|
Capital Goods |
64.191 |
10.035 |
123.256 |
|
|
|
Fuel |
22.615 |
208.260 |
60.776 |
|
|
TOTAL IMPORTS |
1356.948 |
1397.331 |
1752.267 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.36 |
8.70 |
9.14 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
4488.900 |
4696.200 |
4593.600 |
5947.200 |
|
Total Expenditure |
3807.800 |
3957.000 |
3922.100 |
5018.600 |
|
PBIDT (Excl OI) |
681.100 |
739.200 |
671.500 |
928.600 |
|
Other Income |
17.100 |
11.300 |
9.200 |
24.100 |
|
Operating Profit |
698.200 |
750.500 |
680.700 |
952.700 |
|
Interest |
206.000 |
199.400 |
205.400 |
264.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
492.200 |
551.10 |
475.300 |
688.500 |
|
Depreciation |
147.800 |
157.50 |
167.100 |
218.000 |
|
Profit Before Tax |
344.400 |
393.60 |
308.200 |
470.500 |
|
Tax |
94.000 |
111.00 |
90.000 |
85.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
250.400 |
282.60 |
218.200 |
385.500 |
|
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 |
250.400 |
282.600 |
218.200 |
385.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.20
|
4.56
|
5.43
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.29
|
6.40
|
8.33
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.17
|
7.29
|
9.47
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.21
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14
|
1.10
|
1.78
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.29
|
2.75
|
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 |
Yes |
|
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 |
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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
Rs. In Millions |
|
|
Long Term
Borrowings |
|
|
|
Deposits |
5.984 |
9.923 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
From Banks |
1158.025 |
711.148 |
|
From Others |
5.000 |
0.003 |
|
|
|
|
|
Total |
1169.009 |
721.074 |
FINANCIALS
During the year,
the Standalone Operating Income has increased by 17% from Rs.14309.600 Millions
for FY 2010-11 to Rs.16733.100 Millions in FY 2011-12. Also the Operating Profit
before Interest, Depreciation and Tax increased to Rs.2446.400 Millions as
compared to Rs.1934.900 Millions for the last year recording a growth of over
26%. Operating Margin for the year increased to 14.6% from last year’s 13.5%.
Likewise the Profit before tax also increased by 30% to Rs.1220.000 Million for
FY 2011-12 from Rs.936.100 Millions in FY 2010-11. Further, Profit after tax
and deferred tax also grew more than 30% to Rs.871.900 Millions for FY 2011-12
from Rs.667.800 Millions for FY 2010-11.
With global scale
manufacturing units with the latest technologies high level of automation and
with adequate technical capabilities, the company is consider as global
manufacturer. The Company exports its products across the world to over 60
countries catering to the needs of over 300 global customers. Exports now,
accounts for 42% of the total revenue and have increased by over 23% to
Rs.7267.300 Millions for FY 2011-12 from Rs.5824.300 Millions for FY 2010-11.
CHEMICAL INDUSTRY - STRUCTURE AND DEVELOPMENT
The Chemical
Industry is critical for the economic development of any country, providing
products and enabling technical solutions for virtually all sectors of the
economy.
The global
chemical industry is witnessing a gradual eastward shift. The industry is
increasingly moving eastwards in line with the shift of its key consumer
industries (e.g. automotive, electronics, etc.) to leverage greater
manufacturing competitiveness of emerging Asian economies (especially India and
China) and also to serve the increasing local demand. Substantial new
capacities in the world are expected to come up in Asia and Europe. Operating
profits in the sector have increased and many companies were able to push
stronger cash flows down to the bottom line. However, the overall growth of the
chemical sector was hampered by economic slowdown across US and Europe.
With Asia’s
growing contribution to the global chemical industry, India emerges as one of
the focused destination for chemical companies worldwide. With the current size
of approximately $108 billion, the Indian chemical industry accounts for ~ 3%
of the global chemical industry. Two distinct scenarios for the future emerge,
based on how effectively the industry leverages its strengths and manages
challenges. In the base case scenario, with current initiatives of Industry and
Government, the Indian chemical industry can grow at 11% p.a. to reach size of
$224 billion by 2017. High end–use demand based on increasing per capita
consumption, improved export competitiveness and resultant growth impact for
each sub-sector of the chemical industry can also lead to an overall growth
rate of over 15% p.a. and a size of $290 billion by 2017 (~ 6% of global
industry). This has a potential for further upside in the future considering
India’s increasing competitiveness in manufacturing.
The draft
manufacturing policy recently approved by the Union Cabinet targets increasing
the share of manufacturing in GDP to at least 25% by 2025 (from current 16%).
These zones will enjoy fast track clearances from the Environment Ministry and
State Pollution Boards, Special Policy Regimes, Tax Concessions and more
favourable labour laws. Investments in manufacturing in the chemical sector are
absolutely essential to ensure growth of the Indian chemical industry.
With rising
concerns about climate change and depleting natural resources, focus on
sustainability is another key trend impacting the global chemical industry.
Chemical companies are increasingly working towards reducing energy intensity
of their operations, minimizing effluent discharge, increasing the share of
recyclable products in their portfolio and diversifying their raw material base
to include bio-feedstock.
During last 6-8
months, the Indian Rupee had depreciated by over 22% vis-ŕ-vis US Dollars. This
has added to the competitive advantage of Indian Exporters while competing in
global markets. Further the devaluation of Indian Rupee has also made imports
dearer, thus the share of Indian manufactured goods in domestic consumption is
expected to increase.
The Company is a manufacturer of
Speciality Chemicals with diversified end-uses into Agrochemicals,
Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks,
Rubber Chemicals, Additives, Surfactants, Dyes, Flavours and Fragrances, Home
and Personal Care applications, etc. The Company makes continuous efforts to
explore and innovate new products and processes in all segments. This
diversified end-user base helps the Company to derisk itself from downturn in
any individual business segment and also to capitalize on the growth
opportunities in each of the end-user segments. The Company
had made substantial Investments during last financial year into upgrading the
ETP setup of the Company including setting up additional process to minimise
the quantity and impurity profile of the effluents. With these efforts, the Company had upgraded two of its
Manufacturing Units into Zero Discharge Unit and also has put in place various processes to control/limit
generation of effluents and improve on the treatment of the same.
Manufacturing
Setup for Performance Chemicals and Agri-intermediates and Fertilizers:
The manufacturing
operations for these two segments are substantially interconnected/interlinked
at its common manufacturing units located at Vapi, Sarigam, Jhagadia in the
State of Gujarat and at Tarapur in the State of Maharashtra. A significant
portion of the Company’s production capabilities are process driven and not
based on a particular product. This gives the Company flexibility to change its
input mix and manufacture different products, thereby enabling optimum
utilization of production capabilities as well as provides flexibility to
change the product mix amongst different end-user applications based on market dynamics.
The Company
manufactures Isomers as well as their downstream products. Because of the
vertical integration, The Company enjoys natural insulation against short
supply of precursor raw-materials. Thus, consistent supply of products results in
to customer confidence and the Company to gain better market share. The Company
has also been able to convert its
by-products from various processes into commercially viable products, thereby
contributing to the profitability of the Company.
The Company has global scale of manufacturing units with a varied mix of
diversified and value added chain of products supplied to a customer base of
over 600 domestic and 300 global customers. The customized delivery solutions
have positioned the Company as “Preferred supplier” to various MNCs for past
several years. All this have helped the Company to emerge as a market leader in
India and also globally ranks at 1st – 5th position for more than 75% of its
top 50 products.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
|
|
|
|
Claims against
the Company not acknowledged as Debts |
219.828 |
121.518 |
|
Letters of
Credit, Bank Guarantees and Bills Discounted |
440.176 |
402.446 |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Furniture and Fixture
·
Vehicles
NEWS:
AARTI INDUSTRIES
UPDATES ON SCHEME OF ARRANGEMENT
MAY 07, 2013
Aarti Industries Limited has informed BSE that the Scheme
of Arrangement between Anushakti Chemicals and Drugs Limited with Aarti
Industries Limited has been approved by the High Court of Gujarat at Ahmedabad
and Bombay High Court on March 08, 2013 and February 08, 2013 respectively. The
Company has filed the Ahmedabad High Court Order with the Ministry of Company
Affairs, Ahmedabad on May 06, 2013 and the Bombay High Court Order with the
Ministry of Company Affairs, Mumbai on April 17, 2013. On filing of the said
orders the Scheme of Arrangement has become Effective from April 01, 2012
(Appointed Date).
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.58.27 |
|
|
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.