MIRA INFORM REPORT
|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK ALCO-CHEM LIMITED |
|
|
|
|
Registered
Office : |
Room No. 104, Venkatesh Chambers, 1st Floor, Ghanshyam
Talwatkar Marg, Fort, Mumbai – 400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.11.1992 |
|
|
|
|
Com. Reg. No.: |
11-069615 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 37.753 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1992PLC069615 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA07864D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 240000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The company has wiped of its losses during 2012. Financial position of
the company is improving. Trade relations are fair. Business is active. Payment terms are
reported to be slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DECLINED BY
|
Name : |
Mr. Sandeep N |
|
Designation : |
Finance Managing |
|
Contact No.: |
91-22-61446908/920 |
|
Email: |
|
|
Date : |
12.06.2013 |
LOCATIONS
|
Registered Office / Corporate Office: |
Room No. 104, Venkatesh Chambers, 1st Floor, Ghanshyam
Talwatkar Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-61446900 |
|
Fax No.: |
91-22-66104355 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Acetic Acid Unit
and Ethyl Acetate Unit Plot No. A-22/2/1 Mahad Industrial Area, Village Kamble, Mahad-402301,
Raigad, Maharashtra, |
DIRECTORS
As on 31.03.2012
|
Name : |
Dr. Anil M Kadakia |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vandravan P. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Unesh Kulkarni |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Rajendra A. Shah |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Manoj Ganatra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Subramaniam Ayyar* |
|
Designation : |
Independent Director *(Resigned w.e.f. 11Th July, 2011) |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep N |
|
Designation : |
Finance Managing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1693632 |
44.86 |
|
|
1693632 |
44.86 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1693632 |
44.86 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
500100 |
13.25 |
|
|
500200 |
13.25 |
|
|
|
|
|
|
326274 |
8.64 |
|
|
|
|
|
|
754465 |
19.98 |
|
|
486051 |
12.87 |
|
|
14721 |
0.39 |
|
|
9144 |
0.24 |
|
|
5577 |
0.15 |
|
|
1581511 |
41.89 |
|
Total Public shareholding (B) |
2081711 |
55.14 |
|
Total (A)+(B) |
3775343 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3775343 |
0.00 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"
|
No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Aura Alkalies and Chemical Private Limited |
16,93,632 |
44.86 |
|
|
Total |
16,93,632 |
44.86 |
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 |
|
|
1 |
Sicom Arc Limited |
500100 |
13.25 |
|
|
2 |
Kodai Investment and Trading Company Private Limited |
280631 |
7.43 |
|
|
3 |
Shobhna A Kadakia |
158303 |
4.19 |
|
|
4 |
Anil Manilal Kadakia |
119231 |
3.16 |
|
|
5 |
Ashok Manilal Kadakia |
114875 |
3.04 |
|
|
|
Total |
1173140 |
31.07 |
|
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 |
|
|
1 |
Sicom Arc Limited |
500100 |
13.25 |
|
|
2 |
Kodai Investment and Trading Company Private Limited |
280631 |
7.43 |
|
|
|
Total |
780731 |
20.68 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals. |
PRODUCTION STATUS (31.03.2012)
Capacities:
|
Glacial Acetic Acid |
M T |
13,000 |
13,000 |
|
Ethyl Acetate |
M T |
27,000 |
27,000 |
|
Acetaldehyde |
M T |
10,400 |
10,400 |
Production, Stocks
and Sales:
Chemical division
(Segment 1)
|
Particulars |
Unit |
Actual
Production |
|
Glacial Acetic Acid |
MT |
12 |
|
Ethyl Acetate |
MT |
14,231 |
|
Acetaldehyde |
MT |
160 |
GLOBAL TRADING DIVISION (Segment 2)
|
Particulars |
Unit |
Actual
Production |
|
Minerals |
MT |
10,36,651 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||
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|
|
||||||||||||
|
Bankers : |
Axis Bank Limited |
||||||||||||
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|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.A. Kuvadia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associate Concerns: |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
2000000 |
11% Preference Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3775343 |
Equity Shares |
Rs.10/- each |
Rs. 37.753
Millions |
|
|
|
|
|
Note:
(Of the above, 5,00,000 shares alloted to
SICOM ARC Limited are for consideration other than cash in terms of Resolution
passed by the members at the Extra-Ordinary General Meeting held on 29.01.2009)
a) The company has only one class of shares
referred to as Equity shares having a par value of Rs. 10/-. Each holder of
equity shares is entitled to one vote per share.
(b) There is no change in Issued and
Subscribed share capital during the year.
Shares held by each shareholder holding more
than five per cent shares
|
Name of Shareholder |
31.03.2012 |
|
|
|
No. of shares |
% of holding |
|
Anil M Kadakia |
1,233,558 |
32.67 |
|
SICOM ARC Limited |
500,100 |
13.25 |
|
Aura Alkalies and Chemicals Limited |
906,082 |
24.00 |
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 |
|
37.753 |
37.753 |
|
(b) Reserves & Surplus |
|
21.831 |
(13.016) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
1.969 |
16.913 |
|
|
|
|
|
|
(4) Current
liabilities |
|
|
|
|
(a) Short term
borrowings |
|
56.800 |
131.853 |
|
(b) Trade
payables |
|
806.231 |
518.618 |
|
(c) Other current
liabilities |
|
87.093 |
84.883 |
|
(d) Short-term
provisions |
|
0.567 |
0.620 |
|
TOTAL |
|
1012.244 |
777.624 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
95.489 |
91.519 |
|
(ii) Intangible
Assets |
|
0.005 |
0.006 |
|
(iii) Capital
work-in-progress |
|
2.843 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
|
23.416 |
34.313 |
|
(d) Long-term Loan and Advances |
|
91.531 |
40.402 |
|
(e) Other
Non-current assets |
|
0.727 |
0.411 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a) Current
investments |
|
2.461 |
0.000 |
|
(b) Inventories |
|
34.815 |
50.728 |
|
(c) Trade
receivables |
|
651.217 |
461.559 |
|
(d) Cash and cash
equivalents |
|
22.341 |
18.619 |
|
(e) Short-term
loans and advances |
|
87.385 |
80.053 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
TOTAL |
|
1012.244 |
777.624 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
37.753 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
157.746 |
|
|
4] (Accumulated Losses) |
|
|
(187.181) |
|
|
NETWORTH |
|
|
8.318 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
83.067 |
|
|
TOTAL BORROWING |
|
|
83.067 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
91.385 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
93.581 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.014 |
|
|
DEFERREX TAX ASSETS |
|
|
26.287 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
46.063
|
|
|
Sundry Debtors |
|
|
337.899
|
|
|
Cash & Bank Balances |
|
|
27.637
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
71.972
|
|
Total
Current Assets |
|
|
483.571
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
399.310
|
|
|
Other Current Liabilities |
|
|
100.349
|
|
|
Provisions |
|
|
12.410
|
|
Total
Current Liabilities |
|
|
512.069
|
|
|
Net Current Assets |
|
|
(28.498)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
91.385 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3188.319 |
2815.532 |
1981.815 |
|
|
|
Other Income |
27.852 |
53.624 |
9.046 |
|
|
|
TOTAL (A) |
3216.171 |
2869.156 |
1990.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
616.456 |
241.299 |
|
|
|
|
Purchases of Stock-in-Trade |
1561.929 |
1259.845 |
|
|
|
|
Changes in Inventories |
8.991 |
3.116 |
|
|
|
|
Employee Benefit Expenses |
22.756 |
15.778 |
|
|
|
|
Other Expenses |
940.196 |
1319.815 |
|
|
|
|
TOTAL (B) |
3150.328 |
2839.853 |
1984.325 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
65.843 |
29.303 |
6.536 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.426 |
9.796 |
0.874 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
55.417 |
19.507 |
5.662 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.912 |
9.920 |
11.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
45.505 |
9.587 |
(5.757) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.659 |
(7.818) |
(2.143) |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
34.846 |
17.405 |
(3.614) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(169.700) |
(187.100) |
(183.567) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(134.900) |
(169.700) |
(187.181) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1503.022 |
1623.502 |
1338.546 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of Imports on CIF Basis |
162.558 |
28.182 |
30.985 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
9.23 |
4.61 |
(0.55) |
|
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 |
488.900 |
435.500 |
662.700 |
788.300 |
|
Total Expenditure |
475.400 |
414.500 |
621.300 |
737.400 |
|
PBIDT (Excl OI) |
13.500 |
21.000 |
41.400 |
50.900 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
13.500 |
21.000 |
41.400 |
50.900 |
|
Interest |
1.900 |
1.800 |
2.000 |
1.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(12.200) |
|
PBDT |
11.600 |
19.200 |
39.400 |
3.6.800 |
|
Depreciation |
2.500 |
1.900 |
2.100 |
5.200 |
|
Profit Before Tax |
9.100 |
17.300 |
37.300 |
31.600 |
|
Tax |
2.900 |
5.400 |
11.800 |
9.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
6.200 |
11.900 |
25.500 |
22.600 |
|
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 |
6.200 |
11.900 |
25.500 |
22.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.08
|
0.61 |
(0.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.43
|
0.34 |
(0.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.62
|
1.29 |
(1.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76
|
0.39 |
(0.69) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.95
|
5.33 |
9.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.01 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Micro, Medium and Small Enterprises |
0.704 |
1.137 |
|
|
Other than Micro, Medium and Small Enterprises |
805.527 |
517.481 |
399.310 |
|
|
|
|
|
|
Total |
806.231 |
518.618 |
399.310 |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Operation in
Retrospect:
During the Year, the Company showed significant improvement in
performance by registering increased Total Income of Rs. 3188.300 Millions (
net of excise and sales tax ) as against of Rs. 2869.200 Millions of previous
year. The Company also earned Net Profit of Rs. 32.800 Millions as against Net
Profit of Rs 17.400 Millions in the previous year.
The Chemical Division has generated increased Gross Income of Rs.
843.900 Millions against Rs. 299.400 Millions of previous year. In respect of
Global trading, the company has made efforts to increase its margins. As a
result, while the sale has not grown, profits have increased to Rs. 38.200
Millions in respect of trading division.
The overall profit for the year is of Rs. 34.800 Millions, as against
profit of Rs. 17.400 Millions, of the previous year.
In spite of the odds faced by Chemical division, such as adverse and
unfavorable conditions due to dumping of imported products at cheaper price,
increase in cost of other inputs, non availability of Working Capital
facilities, etc. suppressing available margins, the division has registered a
growth of Rs 544.500 Millions in turnover and a reduction in loss to Rs 5.500
Millions. This was possible because of continuous and conscious efforts to
exploit its increased installed capacity and generate higher Turnover and
reduce its fixed and overhead cost with increase in volume of production,
correspondingly The Company has been as in past continuing to put thrust upon
increasing productivity with utilization of its Optimum capacity in Chemical
Division and promotion of its Trading divisions. With effective penetration of
market and undertaking of systematic and planned approach, the Company hopes to
bring improved results in coming years.
Management
Discussion and Analysis:
Industry Structure
and Development:
The overall growth of the Indian Economy and higher industrial growth
augur well for the future. The industrial climate is also positive for an enhanced
role in the global economy. In this scenario, market for the Company’s products
has improved substantially and this development is expected to continue in the
future.
Outlook:
Organic Chemical Industry in India continues to face competition within
itself from petro-route vis-ŕ-vis the alcohol route. Again the pricing of
petro-route had direct relation with the movements in crude prices
internationally whereas the pricing of alcohol route had effects of government
policies of using alcohol in automobile fuel, portable uses.
Trading Division continues to see volatility in commodity prices and a
reduced demand globally. The availability of natural resources is also proving
to be a constraint for growth. The Company seeks to improve operating margin by
better sourcing.
Segment-wise
Performance:
The Company’s Chemicals division has shown significant working
improvement during the last quarter of the year 2011-12 due to enhanced
manufacturing capacity of Ethyl Acetate.
The trading division posted better operating margins and higher
profitability. The volatility in foreign exchange however is getting difficult
to manage. But the Company has maintained its profitability by better forex and
freight management.
Financial Performance:
Financial Performance achieved by the Company during the year, are shown
in the Directors’ Report to the Shareholders.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loan from Directors |
0.184 |
0.184 |
|
Loan from Others |
2.247 |
81.642 |
|
Total |
2.431 |
81.826 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Income Tax matters |
0.000 |
14.958 |
|
Sales Tax |
1.397 |
8.064 |
|
Excise/Service tax matters |
0.585 |
0.585 |
|
Bank Guarantee |
0.722 |
0.000 |
FIXED ASSETS
- Land
- Land under
Lease
- Buildings
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
- Air
conditioners
- Computers
- Computer
Software
AS PER WEBSITE DETAILS
PRESS RELEASES
Ashok Alco-chem
issues "Open Offer" press release on BSE
January 24 2012
Aura Alkalies and Chemicals Private Limited has informed BSE about the following:
Pioneer Money Management Limited ("Manager to the Offer") has issued
this Open Offer on behalf Aura Alkalies and Chemicals Private Limited (
Acquirer) and Dr Anil Kadakia (Person Acting in Concert)("PAC") to
the Shareholders of Ashok Alco Chem Limited ("Target Company") to
acquire 9,81,590 Equity shares of Rs. 10/- each at a price of Rs. 19.15/-
(Rupees Nineteen Paise Fifteen Only) per fully paid shares of the Target
Company representing 26% and the voting Capital of Target Company , under
Regulation 15 (1) of SEBI (SAST) Regulations 2011, pursuant to and in
compliance with Regulation 3(1) and 3(4) of the SEBI (SAST) Regulations, 2011.
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 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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.