MIRA INFORM REPORT
|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEGHMANI ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
02.01.1995 |
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|
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Com. Reg. No.: |
04-024052 |
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Capital
Investment / Paid-up Capital : |
Rs. 254.314 millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L24110GJ1995PLC024052 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00341F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 21084000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established company having fine track record. Financial
position of the company appears to be sound, There appears slight dip in the revenue earned and profits during
2012. However, trade relations are reported as trustworthy. Business is
active. Payments 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
17.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
17.12.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
184, Phase-II, G.I.D.C. Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Corporate Office : |
“Meghmani House”, Shree Nivas Society, Off Vakas Gruh Road, Paldi,
Ahmedabad - 380007, Gujarat, India |
|
Tel. No.: |
91-79-26640668 / 669 |
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Fax No.: |
91-79-26640670 |
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Mumbai Office : |
3/24, AC Market, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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World Head
Quarters : |
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|
Meghmani Europe Bvba, Grote Steen Weg 42-44, 2600 Berchem,
Belgium |
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Tel. No.: |
+ 32-3-3375357 |
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Fax No.: |
+ 32-3-2973082 |
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Meghmani Organics Limited – Representative Office, Room No.: 0906, Building “B”, No.: 527, |
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Mobile No.: |
+86-13916981655 |
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U.S.A Office : |
Meghmani Organics USA, Inc., 8215, Vinoy Blvd, Apartment No. 403, |
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Mobile No.: |
+ 1-704-4256226 |
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Tel No.: |
+ 1-704- 5101464 |
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Singapore Depository Shares (“SDSs”) Registrar and SDSs Office : |
Tricor Barbinder Share Registration Services 80 Robinson Road, #02–00, Singapore 068898 |
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Tel. No.: |
(65) 6236 3552 |
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Fax No.: |
(65) 6236 3405 |
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E-Mail : |
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Tricor Evatthouse Corporate Services 80 Robinson Road, #02–00, Singapore 068898 |
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Tel. No.: |
(65) 6236 3510 |
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Fax No.: |
(65) 6236 4399 |
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E-Mail : |
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Pigment – Green
– Division : |
Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad - 382445, Gujarat,
India |
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Tel. No.: |
91-79-25833403/ 25831210 |
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Fax No.: |
91-79-25833403 |
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E-Mail : |
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Agro Division- I
: |
Plot No. 402, 403, 404 and 452, Village Chharodi, Taluka Sanand,
District- Ahmedabad - 382445, Gujarat, India |
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Tel. No.: |
91-2717-273251 |
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Fax No.: |
91-2717-273254 |
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E-Mail : |
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Pigment Blue –
Division : |
Plot No. 21, 21/1, G.I.D.C, Panoli, District Bharuch, |
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Tel. No.: |
91-2646-276352 |
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Fax No.: |
91-2646-276374 |
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E-Mail : |
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Agro Division-
II : |
5001/B, G.I.D.C. Ankleshwar, District Bharuch, |
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Tel. No.: |
91-2646-222971 |
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Fax No.: |
91-2646-222965 |
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E-Mail : |
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Agro Division-
III : |
Plot No.CH-1+2/A, GIDC Dahej Taluka – Vagra, District Bharuch – 392
130, |
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Tel. No.: |
91-2641-256677/ 88 |
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E-Mail : |
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Agro Division-
IV : |
Plot No. 22/2, G.I.D.C. Panoli, District – Bharuch, Gujarat, India |
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Tel No.: |
91-2646-276577 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Jayanti M. Patel |
|
Designation : |
Executive Chairman |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Ashish N. Soparkar |
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Designation : |
Managing Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Natwarlal M. Patel |
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Designation : |
Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
M.Sc. (Chemical) |
|
Experience : |
36 Years |
|
|
|
|
Name : |
Mr. Ramesh M. Patel |
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Designation : |
Executive Director |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B.A. |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Mr. Anand I. Patel |
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Designation : |
Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Sc. (Chemical) |
|
Experience : |
26 Years |
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|
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|
Name : |
Mr. Balkrishna T. Thakkar |
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Designation : |
Director |
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|
Name : |
Mr. Chinubhai R. Shah |
|
Designation : |
Director |
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|
Name : |
Jayaram Vishwanathan |
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Designation : |
Director |
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|
Name : |
Mr. K.H. Patel |
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Designation : |
Independent Director (Appointed on 24.10.2008) |
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|
Name : |
Mr. Akthar Hassen G Shaik |
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Designation : |
Director |
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KEY EXECUTIVES
|
Audit Committee : |
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Nominating Committee : |
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Remuneration Committee : |
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Shareholders/ Investors Grievance Committee : |
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|
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|
Name : |
Kamlesh D Mehta |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
93954963 |
46.26 |
|
|
33454987 |
16.47 |
|
|
33454987 |
16.47 |
|
|
127409950 |
62.74 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
127409950 |
62.74 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3082629 |
1.52 |
|
|
3082629 |
1.52 |
|
|
|
|
|
|
6280026 |
3.09 |
|
|
|
|
|
|
50299808 |
24.77 |
|
|
10821363 |
5.33 |
|
|
5192285 |
2.56 |
|
|
779386 |
0.38 |
|
|
1164873 |
0.57 |
|
|
3238023 |
1.59 |
|
|
10003 |
0.00 |
|
|
72593482 |
35.75 |
|
Total Public
shareholding (B) |
75676111 |
37.26 |
|
Total (A)+(B) |
203086061 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
51228150 |
0.00 |
|
|
51228150 |
0.00 |
|
Total (A)+(B)+(C) |
254314211 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Patel and Khandwala Chartered Accountants |
|
Address : |
204, Akik, Opposite Lions Hall, Mithakhali, Ahmedabad - 380 009,
Gujarat, India |
|
|
|
|
Cost Auditors: |
Kiran J. Mehta and Company Cost Accountants |
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Subsidiaries : |
|
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|
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|
Enterprises
in which Directors and Key Managerial Personnel [KMP] have significant
influence : |
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|
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|
Joint
Venture : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
370000000 |
Equity Shares |
Rs. 1/- each |
Rs. 370.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254314211 |
Equity Shares |
Rs. 1/- each |
Rs. 254.314
millions |
|
|
|
|
|
NOTES:
RECONCILIATION OF NUMBER OF SHARES
|
PARTICULARS |
No.
of Shares |
Amount
in millions |
|
As at beginning of the year |
254,314,211 |
254.314 |
|
Add : |
|
|
|
Issued During the year |
– |
– |
|
Less : |
|
|
|
Shares bought back / Redemption etc. |
– |
– |
|
As at closing of the year |
254,314,211 |
254.314 |
DETAILS OF
SHAREHOLDING
|
PARTICULARS |
No.
of Shares |
Amount
in millions |
|
Number of Shares
held by Shareholders holding more than 5% Shares |
|
|
|
DBS Nominees (Private) Limited |
53116650 |
53.117 |
|
Mr. Jayanti Patel |
18873946 |
18.874 |
|
Mr. Ashish Soparkar |
24458090 |
24.458 |
|
Mr. Natwarlal Patel |
20359850 |
20.360 |
|
Mr. Ramesh Patel |
16354120 |
16.354 |
|
TOTAL |
133162656 |
133.163 |
Each equity shareholder
has 1 voting right. All equity shareholders have equal dividend rights in
proportion to the Holding.
The
Company has declared dividend Rs. 25.431 Millions (Previous Year Rs. 101.725
Millions representing 10% (Previous Year 40%) Paid up Capital and ` 0.10 per
share (Previous year Rs. 0.40 per share)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
254.314 |
254.314 |
254.314 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5016.705 |
5078.177 |
4724.598 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5271.019 |
5332.491 |
4978.912 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2410.926 |
2084.540 |
1357.245 |
|
|
2] Unsecured Loans |
711.519 |
1041.758 |
1127.978 |
|
|
TOTAL BORROWING |
3122.445 |
3126.298 |
2485.223 |
|
|
DEFERRED TAX LIABILITIES |
210.309 |
131.446 |
117.831 |
|
|
|
|
|
|
|
|
TOTAL |
8603.773 |
8590.235 |
7581.966 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2476.319 |
1913.385 |
1457.338 |
|
|
Capital work-in-progress |
532.828 |
462.827 |
433.319 |
|
|
|
|
|
|
|
|
INVESTMENT |
1139.306 |
1476.689 |
1303.559 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1362.391
|
1292.575 |
1209.156 |
|
|
Sundry Debtors |
3217.994
|
3255.773 |
3236.969 |
|
|
Cash & Bank Balances |
95.468
|
99.083 |
153.831 |
|
|
Other Current Assets |
927.696
|
1158.047 |
0.000 |
|
|
Loans & Advances |
580.163
|
683.522 |
1297.770 |
|
Total
Current Assets |
6183.712
|
6489.000 |
5897.726 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1041.990
|
1094.366 |
962.810 |
|
|
Other Current Liabilities |
281.942
|
369.275 |
352.816 |
|
|
Provisions |
404.460
|
288.025 |
194.349 |
|
Total
Current Liabilities |
1728.392
|
1751.666 |
1509.975 |
|
|
Net Current Assets |
4455.320
|
4737.334 |
4387.750 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8603.773 |
8590.235 |
7581.966 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8220.829 |
8649.183 |
7292.184 |
|
|
|
Other Income |
95.116 |
72.059 |
229.064 |
|
|
|
TOTAL |
8315.945 |
8721.242 |
7521.248 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4799.083 |
5150.221 |
4445.592 |
|
|
|
Purchases of Stock–in–Trade |
786.784 |
461.723 |
0.000 |
|
|
|
Changes in inventories of finished goods, work–in–progress and Stock–in–Trade |
(174.639) |
116.305 |
87.614 |
|
|
|
Employee benefits expense |
351.319 |
328.415 |
211.926 |
|
|
|
Other expenses |
1728.628 |
1685.360 |
0.000 |
|
|
|
Trading Purchases |
0.000 |
0.000 |
324.687 |
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
752.864 |
|
|
|
Administration Expenses |
0.000 |
0.000 |
39.742 |
|
|
|
Selling and Distribution Expenses |
0.000 |
0.000 |
504.175 |
|
|
|
TOTAL |
7491.175 |
7742.024 |
6366.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
824.770 |
979.218 |
1154.648 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
259.286 |
173.235 |
136.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
565.484 |
805.983 |
1018.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
260.783 |
203.468 |
170.157 |
|
|
|
|
|
|
|
|
|
Less |
Extra Ordinary
Items |
0.000 |
2.500 |
11.196 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
304.701 |
600.015 |
837.284 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
138.864 |
128.208 |
221.482 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
165.837 |
471.807 |
615.802 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
50.000 |
65.000 |
|
|
|
Dividend |
25.430 |
101.730 |
101.726 |
|
|
|
Tax on Dividend |
4.130 |
16.500 |
16.895 |
|
|
|
Transfer to Debenture Redemption Reserve |
82.550 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
48.727 |
303.577 |
432.181 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6100.630 |
5752.856 |
5041.531 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
617.437 |
994.148 |
NA |
|
|
|
Trading Purchase |
567.317 |
232.734 |
NA |
|
|
|
Capital Goods |
1.516 |
86.553 |
NA |
|
|
TOTAL IMPORTS |
1186.270 |
1313.435 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.65 |
1.86 |
2.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
1893.300 |
1832.900 |
1788.300 |
|
Total Expenditure |
1662.800 |
1812.900 |
1632.700 |
|
PBIDT (Excl OI) |
230.500 |
20.000 |
155.600 |
|
Other Income |
25.900 |
58.100 |
28.300 |
|
Operating Profit |
256.400 |
78.100 |
183.900 |
|
Interest |
69.100 |
59.000 |
67.000 |
|
Exceptional Items |
000 |
000 |
000 |
|
PBDT |
187.300 |
19.100 |
116.900 |
|
Depreciation |
68.200 |
69.600 |
69.700 |
|
Profit Before Tax |
119.100 |
(50.500) |
47.200 |
|
Tax |
21.500 |
(5.000) |
13.800 |
|
Provisions and contingencies |
000 |
000 |
000 |
|
Profit After Tax |
97.600 |
(45.500) |
33.400 |
|
Extraordinary Items |
000 |
000 |
000 |
|
Prior Period Expenses |
000 |
000 |
000 |
|
Other Adjustments |
000 |
000 |
000 |
|
Net Profit |
97.600 |
(45.500) |
33.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.99
|
5.41 |
8.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.70
|
6.93 |
11.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
7.14 |
11.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.59
|
0.58 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.57
|
3.70 |
3.90 |
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 |
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 |
Yes |
|
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
GUJARAT TAX APPEAL No. 110 of 2010 |
||||||||||||||||||||||||||||||||||
|
Status: PENDING (Converted
from: ST/4168/2009) CCIN No: 001092201000110 Last Listing Date: 20.03.2012 Coram: HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR
BHATTACHARYA HONOURABLE
MR.JUSTICE J.B.PARDIWALA |
||||||||||||||||||||||||||||||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On
Record |
||||||||||||||||||||||||||||||||
|
1 |
COMMISIONER OF INCOME TAX |
MRS MAUNA M BHATT for:
APPELANT(s) 1 |
||||||||||||||||||||||||||||||||
|
S.No. |
Name of the
Respondant |
Advocate On
Record |
||||||||||||||||||||||||||||||||
|
1 |
MEGHMANI ORGANICS LIMITED |
MRS SWATI SOPARKAR for
:OPPONENT(s) 1 |
||||||||||||||||||||||||||||||||
|
Presented On :
19.11.2009 Registered
On : 19.11.2009 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 13 times Stage Name : FOR ADMISSION COMPANY MATTERS BOARD NO.I Classification: DB
- BANKING MATTERS - BAKING REGULATION ACT, 1949 - RELATING TO RESERVE BANK OF INDIA
AND OTHER BANKS UNDER THE BANKING REGULATIONS ACT AND OTHER BANKING
LAWS. Act
INCOME – TAX ACT, 1961 Office Details |
||||||||||||||||||||||||||||||||||
|
S. No |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|||||||||||||||||||||||||||||
|
1 |
13.02.2010 |
CERTIFIED COPY |
MRS. MAUNA M BHATT ADVOCATE for PETITIONER
(s) 1 |
4 |
MRS. MAUNA M. BHATT :1 |
|||||||||||||||||||||||||||||
|
2 |
15.08.2010 |
VAKALATNAMA |
MRS. MAUNA M BHATT ADVOCATE for PETITIONER
(s) 1 |
- |
MRS. MAUNA M. BHATT :1 |
|||||||||||||||||||||||||||||
|
3 |
15.08.2010 |
VAKALATNAMA |
MRS SWATI SOPARKAR ADVOCATE for
RESPONDENTS(s) |
- |
MRS SWATI SOPARKAR: 1 |
|||||||||||||||||||||||||||||
|
2 |
20.07.2011 |
VAKALATNAMA |
MRS SWATI SOPARKAR ADVOCATE for
RESPONDENTS(s) |
5 |
MRS SWATI SOPARKAR: 1 |
|||||||||||||||||||||||||||||
|
LINKED MATTERS
COURT
PROCEEDINGS |
||||||||||||||||||||||||||||||||||
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
||||||||||||||||||||||||||||
|
1 |
19.10.2011 |
1 |
- |
FOR ADMISSION COMPANY MATTERS BOARD NO.I |
NEXT DATE |
|
||||||||||||||||||||||||||||
|
2 |
21.02.2012 |
1 |
- |
FOR URGENT ADMISSION COMPANY MATTERS BOARD
NO.I |
NEXT DATE |
|
||||||||||||||||||||||||||||
|
3 |
27.02.2012 |
1 |
- |
BOARD NO. I-A |
NEXT DATE |
|
||||||||||||||||||||||||||||
|
4 |
20.03.2012 |
1 |
- |
FOR URGENT ADMISSION COMPANY MATTERS BOARD NO.I |
NEXT DATE |
|
||||||||||||||||||||||||||||
|
AVAILABLE ORDERS |
||||||||||||||||||||||||||||||||||
|
No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
|||||||||||||||||||||||||||||
|
1 |
TAX APPEAL/110/2010 |
|
20.03.2012 |
N |
N |
|||||||||||||||||||||||||||||
|
2 |
TAX APPEAL/109/2010 |
|
14.06.2011 |
N |
N |
|||||||||||||||||||||||||||||
|
CERTIFIED COPY |
||||||||||||||||||||||||||||||||||
|
No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
Nature Of Document |
|||||||||||||||||||||||||
|
1 |
MRS MAUNA M BHATT |
ORDINARY |
15.06.2011 |
O/20839/2011 |
14.06.2011 |
28.09.2011 |
29.09.2011 |
Delivered |
- |
|||||||||||||||||||||||||
|
2 |
MRS MAUNA M BHATT |
ORDINARY |
21.03.2012 |
O/9479/2012 |
20.03.2012 |
22.03.2012 |
23.03.2012 |
Delivered |
- |
|||||||||||||||||||||||||
OPERATIONS:
Despite the
difficult year, the company could maintain the Sales Turn over largely due to increase
in trading sales which increased from Rs. 491.950 Millions in financial year
2011 to Rs. 796.920 Millions in financial year 2012, while manufacturing sales
decreased from Rs. 7953.790 Millions in financial year 2011 to Rs. 7254.370
Millions in financial year 2012.
DOMESTIC SALES:
The Domestic Sales
decreased by Rs. 713.910 Millions ( 27.92%) i.e. from Rs. 2556.580 Millions in
financial year 2011 to Rs. 1842.670 Millions in FINANCIAL YEAR 2012 mainly due
to relocation of its Agro Division–1, Chharodi.
The Domestic Sales
of Pigment Division decreased by Rs. 276.87 Millions (30.46%) i.e. from Rs.
909.090 Millions in financial year 2011 to Rs. 632.220 millions in financial
year 2012. This was mainly due to lower sales of key products CPC Blue and Bela
Blue.
The Domestic sales
of Agro Division decreased by Rs. 449.540 Millions (28.12%) i.e. from Rs.
1598.460 Millions in financial year 2011 to Rs.1148.920 Millions in financial
year 2012.This was due to lower Production of Cypermethrin and Chlorpyriphos
(CPP).
EXPORT SALES:
The Export Sales
increased by Rs. 319.460 Millions (5.42%) i.e from to Rs. 5889.160 Millions in
financial year 2011 to Rs. 6208.620 Millions in financial year 2012.
The Export Sales of
Pigment Division decreased marginally by Rs. 8.350 Millions (0.32%) i.e. from
Rs. 2640.410 Millions in financial year 2011 to Rs. 2632.060 Millions in
financial year 2012.
The Export Sales of
Agro Division increased marginally by Rs. 35.330 Millions (1.26%) i.e. from Rs.
2805.840 Millions in financial year 2011 to Rs. 2841.170 Millions in financial
year 2012.
OTHER INCOME:
Other income
increased by Rs. 23.060 Million.
PROFITABILITY:
Profit before tax
decreased by Rs. 295.310 Million i.e. by 49.22% while Profit after tax
decreased by Rs. 305.970 Million i.e. by 64.85%. The main reasons for decrease
in Profitability are:–
- Macro level environmental issues affecting
production
- Relocation of Agro Division situated at
Village Chharodi, Sanand, Ahmedabad
- Re–installation of New Beta Blue Pigment
production facility affected due to fire
- Reduction in manufacturing sales affecting the
contribution
- Volatility in Rupee Dollar Exchange rate
- Higher Interest cost
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRYSTRUCTURE
AND DEVELOPMENTS: AGROCHEMICALS
Following
a period of decline in overall market values, the global pesticides industry –
as expected has recovered in 2011 and has registered a modest growth. Although
high cereal stocks in Europe, high energy costs, over supply of pesticides
globally and concerns over re–registration in various important markets has
limited gains, this small rise represents an improvement over the past few
years. At a time of rising food prices, population growth, increased demand for
bio–fuels and concerns over global food security, there is a growing need for
using every available technology – including pesticides, to meet future food
needs and tackle the emerging challenges of climate change and resource
conservation.
The
Indian crop protection chemicals market has seen a sustained increase from 2005
onwards, resulting in India being ranked third in best global market
performance – after Argentina and Brazil, with a compound annual growth rate of
10 percent. This is mainly due to the consistent monsoon seasons, over–supply
resulting in pesticides being more financially feasible for usage by farmers
and growth seen in the export market. India has raised the level of its export
competency with a consistent quality and supply record and possession of a vast
unexplored market. Chemicals manufacturers have targeted product awareness
campaigns at Indian farmers, as the country’s affordability has increased with
the cultivation of high–value crops. 'The per capita consumption of pesticides in
India is still very low compared to the developed countries and manufacturers
need a smart ‘get to market’ strategy to achieve better reach and acceptance of
products. The demand will also be driven by the rising food grain demand and
increasing awareness about pesticide usage among the farmer community. However,
threat of illegal, cheap imports from China is ever present and becoming a big
factor in performance of local Indian producers.
With
the global pesticides market expected to grow at an average annual rate of 2.2%
till 2014 and with favourable market factors – lead by sustained demand for
food grains and bio–fuels and government’s focus on development of agriculture,
the outlook for Meghmani is improving. The year saw an average performance in exports
mainly because of the imposition of international embargo on Iran – one of our
main export markets, low off–take from Argentina, re–registration requirements
in some of the Latin American countries and a general malaise seen within the
existing customer base.
UNSECURED LOAN
|
Particular |
As
on 31.03.2012 (Rs.
in Millions) |
As
on 31.03.2011 (Rs.
in Millions) |
|
From Banks :– Loans Repayable on Demand |
711.519 |
1041.758 |
|
Total |
711.519 |
1041.758 |
CONTINGENT
LIABILITY
NOT PROVIDED FOR IN
THE ACCOUNTS
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
In respect of Bank Guarantee |
114.259 |
|
In respect of Letter of Credit |
9.417 |
|
In respect of Corporate Guarantee |
1782.081 |
|
Name of Statute |
Nature of Dues |
31.03.2012 |
Forum where Dispute
is pending |
|
Income Tax Act. |
Income Tax / Penalty for Various Financial Years. 1999–2000 to 2006–2007 |
80242733 |
Commissioner of Income Tax (Appeal) / Income tax
Appellate Tribunal / High Court |
|
|
|
|
|
|
Central Excise Tariff Act. |
Excise Duty (Financial Year 2007–2008 to 2010–2011) |
63939585 |
Commissioner of Central Excise / Director General of
Central Excise /Audit team of Central Excise / Central Excise Service tax
Appellate Tribunal |
|
|
|
|
|
|
Labour Laws |
Compensation Claims |
10196217 |
Labour Court |
|
|
|
|
|
|
Value Added Tax |
Input Tax Credit |
4582628 |
The Joint Commercial Tax Commissioner Appeal 1 |
|
|
|
|
|
|
Professional Tax |
Employees Professional Tax |
0 |
Disputed between Local Authority ands Sales Tax Department |
The estimated amount of contracts remaining to be executed
on capital accounts of Rs. 34.663 Millions (Previous
Year: Rs. 36.002 Millions) is not provided for.
FIXED ASSETS:
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Other Equipments
- Intangible Assets
- Licenses
THIRD QUARTER
FINANCIAL STATEMENTS ENDED 31.12.2012
(Rs in Millions)
|
Particular |
As at 31.12.2012 |
|
Current assets |
|
|
Cash and bank balances |
24.964 |
|
Available for sale investments |
0.000 |
|
Trade receivables |
3231.780 |
|
Other receivables and prepayments |
1516.718 |
|
Inventories |
1433.845 |
|
Income tax recoverable |
39.647 |
|
Total current
assets |
6246.954 |
|
Non - current
assets |
|
|
Property, plant and equipments |
3155.335 |
|
Interest in subsidiaries |
1300.302 |
|
Available for sale investments |
5.593 |
|
Total non - current
assets |
4461.230 |
|
Total assets |
10708.184 |
|
|
|
|
LIABILITIES AND
EOUITY |
|
|
Current liabilities |
|
|
Bank borrowings |
1941.767 |
|
Other borrowings |
211.874 |
|
Trade payables |
1245.970 |
|
Other payables |
538.942 |
|
Total current
Liabilities |
3938.553 |
|
Non - current
liabilities |
|
|
Long Term Loan |
1172.015 |
|
Deferred tax liabilities |
208.744 |
|
Total non - current
liabilities |
1381.759 |
|
Capital and
reserves |
|
|
Issued capital |
254.314 |
|
Share premium |
1565.048 |
|
General reserve |
609.270 |
|
Capital reserve |
3.122 |
|
Capital redemption reserve |
18.433 |
|
Dividend reserve |
1.778 |
|
Currency translation reserve |
0.000 |
|
Debenture redemption reserve |
124.905 |
|
Hedge reserve |
(168.172) |
|
Accumulated profits |
2979.174 |
|
Minority Interest |
0.000 |
|
Total equity |
5387.872 |
|
Total Liabilities
and equity |
10708.184 |
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited 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. 54.22 |
|
|
1 |
Rs. 84.00 |
|
Euro |
1 |
Rs. 70.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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.