MIRA
INFORM REPORT
|
Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA PETROCHEM LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3303, GIDC Estate, Ankleshwar – 393002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.03.1982 |
|
|
|
|
Com. Reg. No.: |
04-005062 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.193 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23209GJ1982PLC005062 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturers and Exporters of Specialty Petroleum Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8970000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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Comments : |
Subject is an established company having a good track record. There appears a tremendous increase in the sales turnover of the
company during 2012. Financial and liquidity position appears to be good. Trade relations are fair. Business is active. Payments terms are
reported to be regular and as per commitment. The company can be considered good 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities A+ |
|
Rating Explanation |
Adequate degree of safety and law credit
risk |
|
Date |
January 4, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 4, 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 : |
Plot No. 3303, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat,
India |
|
Tel. No.: |
91-2646-221068, 250281 |
|
Fax No.: |
91-2646-250281 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
401, Aza House, 24, Turner Road, Next to Andhra Bank, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Tel. No.: |
91-22-42177777 |
|
Fax No.: |
91-22-42177788 |
|
E-Mail : |
|
|
|
|
|
Plants : |
·
Ankleshwar ·
Daman ·
Taloja ·
Dahej |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Amirali E. Rayani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Amin A. Rayani |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Mr. Hussein V. Rayani |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Samir A. Rayani |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Mr. Dilip S. Phatarphekar |
|
Designation : |
Independent Director |
|
Address: |
B/502,Surya
Apartments, 53, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth : |
24.01.1938 |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Independent Director |
|
Address: |
422, Shivkala Apartments,
Plot No. D-19, Sector 51, Noida, Uttar Pradesh, India |
|
Date of Birth : |
01.03.1944 |
|
Qualification : |
B.A. ,LL.B. |
|
|
|
|
Name : |
Mr. Mukesh T. Mehta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Moiz H. Motiwala |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri Sharma |
|
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 |
|
|
|
|
|
|
|
|
574300 |
9.32 |
|
|
288346 |
4.68 |
|
|
2921179 |
47.43 |
|
|
2921179 |
47.43 |
|
|
3783825 |
61.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3783825 |
61.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13800 |
0.22 |
|
|
300 |
0.00 |
|
|
14100 |
0.23 |
|
|
|
|
|
|
212345 |
3.45 |
|
|
|
|
|
|
1063872 |
17.27 |
|
|
988078 |
16.04 |
|
|
96570 |
1.57 |
|
|
17819 |
0.29 |
|
|
78751 |
1.28 |
|
|
2360865 |
38.33 |
|
Total Public shareholding (B) |
2374965 |
38.56 |
|
Total (A)+(B) |
6158790 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2457345 |
0.00 |
|
|
2457345 |
0.00 |
|
Total (A)+(B)+(C) |
8616135 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Petroleum Specialty Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Indian Bank ·
D C B Limited ·
IDBI Bank ·
YES Bank ·
HSBC Bank ·
Standard Chartered Bank ·
HDFC Bank ·
Citi Bank ·
DBS Bank Limited |
|
|
|
|
Facilities : |
NOTE: Cash credit from banks is secured against the hypothecation of Stocks, Book debts and Plant and Machineries (both present and future), Pledge of Fixed Deposit Receipts, Further secured by Equitable Mortgages of Company’s present Immoveable Property situated at Daman, Marol industrial estate, property of group companies situated at Navi Mumbai, and property belonging to the Directors. The cash credit is repayable on demand and carried an interest rate of 12% to 16% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi
and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives: |
·
Anirudh Distributors Private Limited ·
Ittefaq Ice and Cold Storage Company Private
Limited ·
Panama Petroleum Products (Partnership Firm) ·
Panama Builders and Developers Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25550000 |
Equity Shares |
Rs.10/- each |
Rs.255.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8619335 |
Equity Shares |
Rs.10/- each |
Rs.86.193 Millions |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the reporting
year
|
Equity Shares |
March 31, 2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
At the beginning of the year Period |
5840240 |
58.402 |
|
Issued during the Year :- In pursuant to the
scheme of amalgamation of Monaco Petroleum Private Limited |
321750 |
3.218 |
|
Issued during the year by way of Global Depository Receipt |
2457345 |
24.573 |
|
|
|
|
|
Outstanding at the end of the Period |
8619335 |
86.193 |
Terms/rights
attached to equity shares
The company has
only one class of equity shares having a par value of Rs. 10 per share. Each
holder of equity shares is entitled to one vote per share, however the holders of
global depository receipts (GDR’s) do not have any voting rights in respect of
shares represented by the GDR’s till the shares are held by the custodian bank.
The company declares and pays dividends 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 amount of per
share dividend recognized as distributions to equity shareholders is Rs. 5/-
(31 March 2011: Rs. 5/-)
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive assets in proportion to the number of equity shares held by the
shareholders.
Details of share holding more than 5% shares in the company
|
Name of the
shareholder |
No. of Shares |
% of holding in the class |
|
Ms. Shelina
Arifali Rayani |
557655 |
6.47 |
|
Mr. Madhukar
Seth |
459003 |
5.33 |
|
Mr. Vazirali E
Rayani |
343000 |
3.98 |
|
Ms. Nabatbanu A
Rayani |
295950 |
3.43 |
|
Shares held by Custodian
as against which global depository receipts have been issued (Citi Bank N.A.) |
2457345 |
28.51 |
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 |
|
86.193 |
58.402 |
|
(b) Share Capital Suspense |
|
-- |
3.218 |
|
(c) Reserves & Surplus |
|
2156.541 |
1324.208 |
|
(d) 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 |
|
-- |
-- |
|
(b) Deferred tax liabilities (Net) |
|
5.525 |
9.176 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
104.871 |
71.217 |
|
(b) Trade payables |
|
2482.041 |
1770.940 |
|
(c) Other current
liabilities |
|
60.789 |
139.267 |
|
(d) Short-term provisions |
|
20.381 |
44.248 |
|
TOTAL |
|
4916.341 |
3420.676 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
577.703 |
573.796 |
|
(ii) Intangible Assets |
|
0.000 |
0.010 |
|
(iii) Capital
work-in-progress |
|
34.453 |
8.401 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.334 |
0.334 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
100.659 |
78.905 |
|
(e) Other Non-current assets |
|
8.811 |
8.817 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1482.800 |
1505.376 |
|
(c) Trade receivables |
|
1038.892 |
906.971 |
|
(d) Cash and cash
equivalents |
|
1544.875 |
197.502 |
|
(e) Short-term loans
and advances |
|
116.966 |
137.039 |
|
(f) Other current
assets |
|
10.848 |
3.525 |
|
TOTAL |
|
4916.341 |
3420.676 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
58.402 |
|
|
2] Share Application Money |
|
|
0.217 |
|
|
3] Reserves & Surplus |
|
|
951.343 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1009.962 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
131.803 |
|
|
2] Unsecured Loans |
|
|
40.452 |
|
|
TOTAL BORROWING |
|
|
172.255 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1182.217 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
384.342 |
|
|
Capital work-in-progress |
|
|
88.607 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
6.861 |
|
|
DEFERREX TAX ASSETS |
|
|
2.398 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
977.164 |
|
|
Sundry Debtors |
|
|
768.958 |
|
|
Cash & Bank Balances |
|
|
308.529 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
166.005 |
|
Total
Current Assets |
|
|
2220.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1354.632 |
|
|
Other Current Liabilities |
|
|
108.069 |
|
|
Provisions |
|
|
57.946 |
|
Total
Current Liabilities |
|
|
1520.647 |
|
|
Net Current Assets |
|
|
700.009 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1182.217 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5842.222 |
4643.734 |
3192.561 |
|
|
|
Other Income |
47.107 |
39.826 |
68.765 |
|
|
|
TOTAL (A) |
5889.329 |
4683.560 |
3261.326 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
consumed |
4937.535 |
3663.475 |
|
|
|
|
Purchase of Traded Goods |
166.968 |
166.864 |
|
|
|
|
Changes in inventories of
Finished goods,
Traded goods |
17.178 |
13.961 |
|
|
|
|
Employee benefits expense |
31.886 |
22.607 |
|
|
|
|
Other Expenditure |
252.868 |
237.253 |
|
|
|
|
TOTAL (B) |
5406.435 |
4104.160 |
2874.115 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
482.894 |
579.400 |
387.211 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
78.979 |
53.363 |
50.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
403.915 |
526.037 |
336.582 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.665 |
23.364 |
13.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
393.250 |
502.673 |
323.323 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
86.943 |
134.618 |
84.123 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
306.307 |
368.055 |
239.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
856.578 |
558.915 |
377.799 |
|
|
|
|
|
|
|
|
|
Add |
BALANCE TRANSFERRED PURSUANT TO SCHEME OF
AMALGAMATION |
Nil |
2.222 |
Nil |
|
|
|
|
|
|
|
|
|
Less |
DIVIDEND PAID FOR
THE PREVIOUS YEAR INCLUDING DIVIDEND DISTRIBUTION TAX |
14.280 |
Nil |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
25.858 |
Nil |
0.000 |
|
|
|
Transfer to General Reserve |
30.631 |
36.806 |
23.920 |
|
|
|
Dividend |
17.239 |
30.810 |
29.201 |
|
|
|
Tax on Dividend |
6.992 |
4.998 |
4.963 |
|
|
BALANCE CARRIED
TO THE B/S |
1067.885 |
856.578 |
558.915 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
2339.784 |
1597.071 |
927.609 |
|
|
TOTAL EARNINGS |
2339.784 |
1597.071 |
927.609 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Includes Goods in Transit) |
3996.721 |
3554.008 |
2754.929 |
|
|
|
Finished Goods |
114.992 |
103.201 |
226.099 |
|
|
|
Capital Goods |
1.858 |
2.207 |
0.000 |
|
|
TOTAL IMPORTS |
4113.571 |
3659.416 |
2981.028 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
38.87 |
63.02 |
40.96 |
|
|
|
Diluted |
38.87 |
59.73 |
40.96 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
s31.03.2013 |
|
|
(UnAudited) |
(UnAudited) |
(UnAudited) |
(UnAudited) |
|
Net Sales |
1559.900 |
1833.100 |
1537.600 |
1416.900 |
|
Total Expenditure |
1514.400 |
1801.600 |
1512.900 |
1381.500 |
|
PBIDT (Excl OI) |
45.500 |
31.500 |
24.700 |
35.500 |
|
Other Income |
11.100 |
64.200 |
2.600 |
21.300 |
|
Operating Profit |
56.600 |
95.700 |
27.300 |
56.700 |
|
Interest |
20.600 |
31.600 |
9.500 |
22.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
36.000 |
64.100 |
17.800 |
33.800 |
|
Depreciation |
05.100 |
5.100 |
6.000 |
06.100 |
|
Profit Before Tax |
31.000 |
58.900 |
11.800 |
27.700 |
|
Tax |
8.900 |
(1.700) |
1.000 |
2.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
22.100 |
60.600 |
10.800 |
25.400 |
|
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 |
22.100 |
60.600 |
10.800 |
25.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.20
|
7.86 |
7.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.73
|
10.82 |
9.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.53
|
14.73 |
12.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.26 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05
|
0.06 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.45 |
1.46 |
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 |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Interest free loan from related parties |
|
|
|
repayable on demand |
-- |
0.275 |
|
|
|
|
|
Total |
-- |
0.275 |
OPERATIONS:
The Company had
revenue from operations of Rs.5842.222 millions during the financial year
2011-12 as against Rs.4643.734 millions in the financial year 2010-11 showing a
growth of 25% as compared to last year. Earnings before Interest, Depreciation,
tax and amortization were Rs.482.894 millions as against Rs.579.400 millions
during the previous year. The Company posted a Net Profit of Rs.306.307
millions as against Rs.368.055 millions in the previous year.
BUSINESS AND
INDUSTRY OVERVIEW:
Subject is one of
the leading manufacturers and exporters for various kinds of Petroleum
Specialties since 1982. The Company has an International presence for its
products including Mineral Oils, Liquid Paraffins, Transformer Oils, Petroleum
Jellies, Ink Oils and other Petroleum Specialty Products. At present the
company has four manufacturing units in India located in Ankleshwar (Gujarat),
Daman (UnionTerritory), Taloja (Dist. Raigadh) and Dahej (Gujarat). The Company
exports its products to more than 40 countries worldwide.
The Company has
adequate manufacturing capacity to cater to the domestic as well as
International requirements. The Company develops customized products as per
client specifications in the field of petroleum and feeds to various Industries
like Printing Ink and Resin Industries, Cosmetic Industries, Rubber Industries,
Pharmaceutical Industries, Engineering Industries, Textile Industries,
Machinery Manufacturing Industries, Chemical Industries as well as Petro
Chemical Industries. The Company has a fully equipped Research and Development
Center too at its Ankleshwar unit where it endeavors to continuously put its
efforts to formulate new and value-added products.
The Company has
captured a significant share in the market for the various grade of petroleum
specialty.
The Company
manufactures more than 80 product variants used across 6 to 7 broad industry
segments. These products are manufactured in state-of-the-art manufacturing
facilities located at Ankleshwar, Daman, Taloja and Dahej Plant (SEZ) in Gujarat.
Over the years, the Company has nurtured strong relationships with the leaders
in their respective segments. The products are usually manufactured according
to the client’s individual specifications, thus enhancing the probability of
repeat orders from the clients.
Pan oil is the key
product of the Company; it has various variants depending upon its end use
application.
FUTURE OUTLOOK:
The aggregate
demand of all the key segments in the petrochemical industry is likely to
regain a sharp positive trajectory over the next 12 months, with key players
aiming to ramp up scale.
The Company is
planning to expand its operations to withstand against the negative market
forces. There are considerable profits from all the four plants of the company
and the Company is hopeful to override the adverse effects of the price
fluctuations in the petroleum industry by resorting to bulk purchases and cost
control measures.
It is management’s
view that the Company will continue to strengthen its financial position with stable
production volumes and positive improvements in Commodity prices.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Claims against the Company not acknowledged as debts: |
|
|
|
i.
Income Tax Matter in appeal with tribunal (AY
06-07) (Amount paid Rs. 2.461) (Dispute
relating the provisions of Section 145 A of the Income Tax Act, 1961 relating
to the AY 06-07 pending in the Income Tax Appellate Tribunal.)” |
-- |
2.496 |
|
ii.
Service tax Matter disputed with the Deputy
Commissioner of Service Tax (Dispute
regarding demand raised on service tax payable on interest on Usance charges
for the period September 2008 to November 2009) |
1.088 |
-- |
|
Total |
1.088 |
2.496 |
The contingent
liabilities, if materialized, shall entirely be borne by the company, as there
is no likely reimbursement from any other party.
AMALGAMATION OF MONACO
PETROLEUM PRIVATE LIMITED WITH THE COMPANY
a)
In previous year ended March 31, 2011 pursuant to
the scheme of amalgamation (the Scheme) of the erstwhile Monaco Petroleum
Private Limited (MPPL) (hereinafter referred to as transferor company) with
Panama Petrochem Limited (PPL) ( hereinafter referred as transferee company),
as approved by the members at a court convened meeting approved by the
shareholders of the Company and MPPL and subsequently sanctioned by the Hon’ble
High Courts of Gujarat vide its order dated 23rd March 2011, the assets and
liabilities of MPPL have been transferred to and vested in the Company with
retrospective effect from April 01, 2010 (the Appointed date). The Scheme has
accordingly been given effect to in the accounts in the previous year.
THE ASSETS AND
LIABILITIES OF MPPL AS ON THE ‘APPOINTED DATE’ ARE AS SET OUT BELOW:
|
Particulars |
31.03.2012 Rs. In Millions |
31.03.2011 Rs. In Millions |
|
Assets Taken
Over |
|
|
|
Fixed Assets |
|
|
|
Capital Work in
Progress |
41.792 |
|
|
Deferred Tax
Assets |
4.723 |
|
|
Cash & Bank
Balance |
0.153 |
|
|
Trade
Receivables |
0.858 |
|
|
Loans and
advance |
4.485 |
|
|
|
0.482 |
52.493 |
|
Particulars |
|
|
|
|
|
|
|
Liabilities
& Reserves taken over |
|
|
|
Accumulated Depreciation |
0.695 |
|
|
Provision for
Tax |
0.813 |
|
|
Trade Payables |
7.021 |
|
|
Other Current
Liabilities |
0.128 |
|
|
Profit &
Loss A/c |
2.222 |
|
|
Security Premium |
37.323 |
48.202 |
|
Net Assets taken
over |
|
4.291 |
|
|
|
|
|
Consideration of 321,750 shares of Rs 10 each as per scheme |
|
3.218 |
|
Surplus Adjusted in General Reserve |
|
1.073 |
In accordance with
the scheme of amalgamation, the difference between the share capital issued and
the net assets taken over is adjusted in general reserve.
Had the treatment
based on Accounting Standard 14 - “Accounting for Amalgamation” been followed,
Security Premium would have been higher by Rs.102.271 millions and General
Reserve would have been lower by Rs. 102.271 millions.
b)
Monaco Petroleum Private Limited (MPPL), (the
amalgamating company) engaged in manufacturing of Petrochemicals, having plant
in Taloja.
c)
The arrangement has been accounted for under the “pooling
of interest” method as prescribed by Accounting Standard (AS 14), “Accounting
for Amalgamation”. Accordingly the assets, liabilities and other reserve of
MPPL as on April 1, 2010 have been aggregated at their book value as specified
in the Scheme. The difference between the amount recorded as share capital
issued by the Company as consideration for the merger and the amount of share
capital of the MPPL has been adjusted in the General Reserve Account of the
Company in accordance with the scheme.
d)
321,750 Equity Shares of ` 10/- each fully paid up
are to be issued to the equity share holder of the MPPL whose names are
registered in the register of members on record date, without payment being
received in cash. Pending allotment, the face value of such shares has been
shown as “Share Capital Suspense Account” which has been allotted in the
current year.
AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
|
Particulars |
Unaudited For Quarter Ended |
Year
Ended |
|
|
|
31.03.2013 |
30.12.2012 |
31.03.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
Sales / Income from
Operations Less: Excise Duty |
1541.113
|
1666.925 |
6936.552 |
|
Net Sales / Income from
Operations Other Operating Income |
124.186 |
129.327 |
589.056 |
|
Total Income |
1416.927 |
1537.598 |
6347.496 |
|
Expenditure |
|
|
|
|
a) Cost of Materials
consumed |
1275.253 |
1294.790 |
5567.476
|
|
b) Purchase of Traded
Goods |
52.848 |
72.696 |
207.264 |
|
c) Changes in inventories
of Finished goods,
Traded goods |
(13.826) |
16.525 |
8.745 |
|
d) Employee benefits
expense |
7.094 |
7.850 |
31.867 |
|
e) Depreciation and
amortisation expense |
6.087 |
6.026 |
22.311 |
|
f) Exchange gain / loss |
(14.690) |
40.568 |
47.547 |
|
g) Other Expenditure |
60.120 |
80.463 |
271.528 |
|
Total Expenditure |
1372.886 |
1518.918 |
6156.738 |
|
Profit from Operations
before Other Income, Interest & Finance Charges |
44.041 |
18.680 |
190.758 |
|
Other Income |
6.600 |
2.558 |
23.264 |
|
Profit from Operations
before Interest & Finance Charges |
50.641 |
21.238 |
214.022 |
|
Interest and Finance
Charges |
22.931 |
9.476 |
84.632 |
|
Profit / (Loss) from
Ordinary Activities Before Tax |
27.710 |
11.762 |
129.390 |
|
Tax Expense |
2.348 |
0.979 |
10.579 |
|
Profit / (Loss) from
Ordinary Activities After Tax |
25.362 |
10.783 |
118.811 |
|
Extraordinary Items |
|
|
|
|
Net Profit / (loss) for
the period |
25.362 |
10.783 |
118.811 |
|
Paid up Equity Share
Capital (Face value of share of 7 10/-
each) |
86.076 |
86.193 |
86.076 |
|
Reserves excluding
Revaluation Reserve |
|
|
2233.867 |
|
Earnings per share EPS -
(Basic) |
2.94 |
1.25 |
13.78 |
|
Earnings per share EPS -
(Diluted) |
2.94 |
1.25 |
13.78 |
|
|
|
|
|
|
PART II |
|
|
|
|
|
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
2366400 |
2378165 |
2366400 |
|
- Percentage of
Shareholding Promoters and promoter group Shareholding |
27.49 |
27.59 |
27.49 |
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares
(as a% of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
3783825 |
3783825 |
3783825 |
|
- Percentage of shares
(as a% of the total share capital of the company) |
100.00 |
100.00 |
100.00 |
INVESTOR COMPLAINTS FOR 3 MONTHS ENDED 31.03.2012
|
Pending at the beginning
of the quarter |
NIL |
|
Received during the
quarter |
3 |
|
Disposed off during the
quarter |
3 |
|
Remaining unresolved at
the end of the quarter |
NIL |
Excludes 2,457,345 equity
shares represented by Global Depository Receipts
NOTES:
1.
The
results of the quarter / year ended 31st March, 2013 were reviewed by
the Audit Committee and approved by the Board of Directors at its meeting held
on May, 2013 and the statutory auditors have carried out the audit for the year
ended 31st March, 2013.
2.
The
company operates only in one segment i.e. petroleum products.
3.
Pursuant
to the approval of the board of directors at its meeting held on February 14,
2013, the Company has bought back through open market transactions 11765 equity
shares of Rs.10/-
each, upto March 31, 2013. All the equity shares have been extinguished as of
date. Further, 60,992 equity shares were bought back from 1st April,
2013 to 28th May, 2013.
4.
The
Board of Directors has recommended a final dividend of Rs. 4/- per share, subject to the approval of the members
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Audited) |
(Audited) |
|
|
|
|
|
Equity and liabilities |
|
|
|
Shareholders' funds |
|
|
|
Share Capital |
86.075 |
86.193 |
|
Reserves and Surplus |
2233.867 |
2156.541 |
|
Sub-total-Shareholders'
funds |
2319.942 |
2242.734 |
|
Non-current liabilities |
|
|
|
Deferred tax liabilities
(Net) |
22.084 |
5.525 |
|
Sub-total-Non-current
liabilities |
22.084 |
5.525 |
|
Current liabilities |
|
|
|
Short-term borrowings |
218.989 |
104.871 |
|
Trade payables |
1607.664 |
2482.041 |
|
Other Current liabilities |
10.612 |
60.789 |
|
Short-term provisions |
40.910 |
20.381 |
|
Sub-total-Current
liabilities |
1878.176 |
2668.082 |
|
TOTAL - EQUITY AND
LIABILITIES |
4220.201 |
4916.341 |
|
ASSETS |
|
|
|
Non-current assets |
|
|
|
a) Fixed assets |
729.702 |
612.156 |
|
b) Non-current
investments |
270.709 |
0.334 |
|
c) Long-term loans and
advances |
3.048 |
100.659 |
|
d) Other non-current
assets |
8.818 |
8.811 |
|
Sub-total-Non-current assets |
1012.276 |
721.960 |
|
Current assets |
|
|
|
a) Inventories |
1278.646 |
1482.800 |
|
b) Trade receivables |
1190.266 |
1038.892 |
|
c) Cash and bank balances |
543.461 |
1544.875 |
|
d) Short-term loans and
advances |
190.456 |
116.966 |
|
e) Other current assets |
5.096 |
10.848 |
|
Sub-total-Current assets |
3207.925 |
4194.381 |
|
TOTAL - ASSETS |
4220.201 |
4916.341 |
5. The Company has unutilized balance of ` 372.491 millions as on 31st March, 2013 against GDR proceeds (net of Exchange gain/loss).
6. The figures of the quarter ended 31st March, 2013 and 31st March 2012, are balancing figures between audited figures in respect of the full financial year ended 31st March, 2013 and 31st March, 2012, respectively and the unaudited published year to date figure up to 31st December, 2012 and31st December, 2011, respectively. Being the end of the third quarter of the respective financial year, which were subjected to a limited review.
7. The Company has made investment in subsidiary company i.e. Panol Industries RMC FZE in UAE on 01/01/2013. There is no revenue transaction during the reporting period, in the subsidiary company. Hence, standalone figures pertaining to quarter ended 31st March, 2013 is same as consolidated figures.
8. Previous period’s / year’s figures have been regrouped/reclassified wherever necessary
FIXED ASSETS:
·
Freehold land
·
Leasehold Land
·
Factory Building
·
Non Factory Building
·
Plant and Equipment
·
Office Equipment
·
Computers
·
Furniture and fixtures
·
Vehicles
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.58.74 |
|
|
1 |
Rs.91.99 |
|
Euro |
1 |
Rs.78.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.