MIRA INFORM REPORT
|
Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ORGANIC CHEMICALS LIMITED |
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Registered
Office : |
Post Rasayani, District Raigad, Raigad - 410 207, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
12.12.1960 |
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Com. Reg. No.: |
11-011895 |
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Capital
Investment / Paid-up Capital : |
Rs.3372.696
millions |
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CIN No.: [Company Identification
No.] |
L99999MH1960GOI011895 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNH00307G PNEH04505E |
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PAN No.: [Permanent Account No.] |
AAACH2663P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Chemicals. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is a Government of India company. It is a old and well established company having a satisfactory track
record. There appears some accumulated losses recorded by the company. However, the subject gets strong financial and managerial support from
Government. Fundamental seems to be healthy. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Radhakrishna |
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Designation : |
Accounts Department |
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Contact No.: |
91-484-2720911 |
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Date : |
21.05.2013 |
LOCATIONS
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Registered Office / Rasayani Unit : |
Post Rasayani, District Raigad, Raigad - 410 207, |
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Tel. No.: |
91-2192-250041-47 / 258500-502 |
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Fax No.: |
91-2192-250050 / 258503 |
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E-Mail : |
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Website : |
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Corporate Office : |
Harchandrai House, 81, |
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Tel. No.: |
91-22-22014269-71 |
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Fax No.: |
91-22-220595333 |
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E-Mail : |
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Factory ( |
Ambalamugal, District Ernakulam, Cochin - 682 302, Kerala, India |
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Tel. No.: |
91-484-2720911/ 2720912/ 13 |
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Fax No.: |
91-484-2720893 |
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E-Mail : |
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Marketing Office : |
Located At · Vadodara ·
Delhi ·
Hyderabad ·
Chennai |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ravindra Narayanrao Madangeri |
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Designation : |
Chairman cum Managing Director |
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Address : |
709-710, Nestle 1, Wing - C, Pandurang Budhkar Marg, Parel, Mumbai – 400 013, Maharashtra, India |
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Date of Birth/Age : |
20.04.1953 |
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Qualification : |
BE (Mech.) - Karnataka University, DMS (Post graduate Diploma in Management Studies from Mumbai University) |
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Date of Appointment : |
20.06.2007 |
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DIN No.: |
00252894 |
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Name : |
Mr. Suresh Kumar R. |
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Designation : |
Director (Finance) (w.e.f.11-05-2012) |
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Name : |
Mr. J. N. Suryawanshi |
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Designation : |
Director (Marketing) (w.e.f.30-04-2011 ) |
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Qualification : |
Science Graduate and Post Graduation in Management |
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Date of Appointment : |
30.04.2011 |
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DIN No.: |
03558347 |
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Name : |
Mr. S.B. Bhide |
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Designation : |
Director (Technical) (w.e.f.14.06.2012) |
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Name : |
Dr. V. Rajagopalan, SS and FA |
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Designation : |
Director (Government Nominee) |
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Address : |
D-36, First Floor, Sector 30, |
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Date of Birth/Age : |
01.09.1954 |
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Date of Appointment : |
04.05.2010 |
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DIN No.: |
03098988 |
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Name : |
Dr. A.J. Vara Prasad, JS |
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Designation : |
Director (Government Nominee) (W.E.F.14-12-2011) |
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Name : |
Dr. N.J. Gaikwad |
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Designation : |
Director (w.e.f.22-05-2012) |
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Address : |
A-2/104, Mhada Colony, Samarudhi Sankul, |
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Date of Birth/Age : |
22.12.1954 |
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Date of Appointment : |
16.05.2008 |
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DIN No.: |
02185462 |
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Name : |
Mr. M.K. Mittal |
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Designation : |
Director (Finance) (Up To 28-07-2011) |
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Name : |
Mrs. Neelkamal Darbari,J.S. |
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Designation : |
Director (Government Nominee) (from 04-8-2011 to 14-12-2011) |
KEY EXECUTIVES
|
Name : |
Mr. Radhakrishna |
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Designation : |
Accounts Department |
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Name : |
Mrs. Susheela Sangameshwar Kulkarni |
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Designation : |
Secretary |
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Address : |
Sumukha Krupa, Plot-B-8A, Row House, Sector – 16, New Panvel, Near National Complex Building, New Panvel (East), Raigad – 410 206, Maharashtra, India |
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Date of Birth/Age : |
12.02.1964 |
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Date of Appointment : |
25.10.2001 |
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AGYPK9880E |
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AUDIT
COMMITTEE[A.C.] OF THE BOARD (Re-constituted on 30-5-2011) |
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Name : |
Dr. V. Rajagopalan, SS and FA |
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Designation : |
Govt. Director and Chairman A.C. |
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Name : |
Mr. J. N. Suryawanshi |
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Designation : |
Dm , Member A.C. |
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Name : |
Mr. M.K. Mittal |
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Designation : |
DF, Member, A.C. (Upto28-07-2011) |
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Name : |
Mrs. Susheela S. Kulkarni,C.S |
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Designation : |
Secretary To A.C. |
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AUDIT COMMITTEE
[A.C.] OF THE BOARD (Re-constituted on 29.05.2012) |
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Name : |
Dr. V. Rajagopalan, SS and FA |
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Designation : |
Director, Chairman A.C. |
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Name : |
Dr. A.J. Varaprasad, JS |
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Designation : |
Director, Member A.C |
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Name : |
Mr. Suresh Kumar R. |
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Designation : |
Director (Finance), Invitee Of A.C. |
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Name : |
Mr. J. N. Suryawanshi |
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Designation : |
Director (Marketing) Invitee Of A.C. |
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Name : |
Dr. N.J. GAIKWAD |
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Designation : |
Director, Member A.C. |
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Name : |
Mrs. Neelkamal Darbari, J.S. |
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Designation : |
Director, Member, A.C.(From04-11-2011 To14-12-2011) |
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Name : |
Mr. R.N. Madangeri |
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Designation : |
CMD, Invitee Of A.C. |
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Name : |
Mrs. Susheela S. Kulkarni, C.S. |
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Designation : |
Secretary To A.C. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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39481500 |
58.78 |
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|
39481500 |
58.78 |
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Total shareholding of Promoter and Promoter Group (A) |
39481500 |
58.78 |
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(B) Public Shareholding |
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|
11600 |
0.02 |
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|
9900 |
0.01 |
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|
1800 |
0.00 |
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|
23300 |
0.03 |
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|
4140709 |
6.16 |
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|
18702355 |
27.84 |
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|
3853625 |
5.74 |
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|
971611 |
1.45 |
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|
828231 |
1.23 |
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|
142280 |
0.21 |
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|
1100 |
0.00 |
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|
27668300 |
41.19 |
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Total Public shareholding (B) |
27691600 |
41.22 |
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Total (A)+(B) |
67173100 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
67173100 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Chemicals. |
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Products : |
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Terms : |
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Selling : |
L/C/ Cash / Credit |
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Purchasing : |
L/C/ Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Licensed Capacity TPA |
Installed Capacity TPA |
Production (MT) |
|
Nitroproducts |
37380 |
55430 |
9855 |
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Hydrogen |
1200 |
1600 |
130 |
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Aniline |
12000 |
25100 |
1833 |
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Acetanilide |
4000 |
3000 |
0 |
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Acids |
73800 |
63000 |
23942 |
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Formaldehyde |
15000 |
33000 |
32038 |
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Chlorobenzene |
4400 |
15650 |
0 |
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Acetyl Products |
10500 |
6330 |
0 |
|
Caustic Soda |
62700 |
36000 |
0 |
|
Phenol |
40000 |
40000 |
42933 |
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Acetone |
24640 |
24640 |
26959 |
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Hydro. Peroxide |
5225 |
5225 |
5372 |
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Propylene |
29000 |
29000 |
30001 |
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Cumene |
0.00 |
54000 |
61621 |
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Other Chemicals |
1800 |
10750 |
0 |
GENERAL INFORMATION
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Customers : |
Manufacturing Company |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · HDFC Bank Limited · ICICI Bank Limited · Central Bank of India · Axis Bank Limited, Central Office, Capital Markets Department, 11th Floor, "F" Wing, Maker Towers, Cuffe Parade, Mumbai – 400 005, Maharashtra, India · Canara Bank, Kolkhe Branch, Palaspe Phata, Kolkhe, Panvel, Raigad – 410 221, Maharashtra, India Tel. No.: 91-2143-220767 |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Statutory Auditors |
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Name : |
Ford Rhodes Parks and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Branch Auditors –
Kochi Unit |
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Name : |
Sasi Vijayan and Rajan Chartered Accountants |
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Address : |
Kochi, Kerala, India |
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COST AUDITORS |
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Name : |
V.J. Talati and Company |
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Address : |
Mumbai, Maharashtra, India |
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Name : |
Panicker and Company |
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Address : |
Kochi, Kerala, India |
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Subsidiaries : |
Hindustan
Fluorocarbons Limited Address: 1402, Babukhan Estate, Bashir Bagh, Hyderabad - 500 001, Andhra Pradesh, India Tel No.: 91-40-23241051 / 23237125 Fax No.: 91-40-23296455 E-Mail : hiflonptfe@yahoo.co.in |
CAPITAL STRUCTURE
As on 28.09.2012
Authorised Capital : Rs.3700.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.3373.661 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
270000000 |
8% Non-cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.2700.000 millions |
|
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Total |
|
Rs.3700.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67173100 |
Equity Shares |
Rs.10/- each |
Rs.671.731
millions |
|
270000000 |
8% Non-cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.2700.000 millions |
|
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Add: Forfeited shares reissued |
|
Rs.0.965 million |
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Total |
|
Rs.3372.696 millions |
A During the previous year, the Company has forfeited 1,93,000 shares of Rs. 10 each (Rs. 5 paid up) for non payment of allotment and call monies and the amount paid towards application money in respect of these forfeited shares has been transferred to .Share.s Forfeiture Account.
B The Government of India had released Rs. 2700.000 Millions (for financial restructuring Rs. 2500.000 Millions and Caustic Soda Plant recommissioning Rs. 200.000 Millions) against allotment of 8% Non- Cumulative Redeemable Preference Shares, thereby broadening the capital base as per the revival scheme. The 8% Preference Shares were allotted to Government of India by the Board on 28th January, 2008, redeemable @ 20% commencing from 4th year with last redemption in the 8th year. The first installment of 20% i.e. Rs. 540.000 Millions was due for redemption in financial year 2011-12. The Company has requested the Government of India to extend the commencement of redemption starting in financial year 2014-15 @ 25% each year.
C The particulars of shareholders holding more than 5% equity shares.
|
Particular |
Number of shares held |
Percentage of holding |
|
The Government of India |
39481500 |
58.78% |
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 |
3372.696 |
3372.696 |
3372.696 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
647.851 |
|
|
4] (Accumulated Losses) |
(3283.328) |
(2491.164) |
(3384.921) |
|
|
NETWORTH |
89.368 |
881.532 |
635.626 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
671.538 |
305.904 |
702.815 |
|
|
2] Unsecured Loans |
115.741 |
1190.067 |
1833.384 |
|
|
TOTAL BORROWING |
787.279 |
1495.971 |
2536.199 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Deferred government grants |
50.601 |
21.152 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
927.248 |
2398.655 |
3171.825 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1596.515 |
1767.074 |
1920.064 |
|
|
Capital work-in-progress |
360.224 |
329.888 |
306.737 |
|
|
|
|
|
|
|
|
INVESTMENT |
111.507 |
111.340 |
110.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1072.926
|
1101.675 |
762.619
|
|
|
Sundry Debtors |
414.694
|
514.103 |
472.371
|
|
|
Cash & Bank Balances |
345.247
|
309.859 |
289.484
|
|
|
Other Current Assets |
46.159
|
54.835 |
62.242
|
|
|
Loans & Advances |
719.968
|
744.045 |
728.154
|
|
Total
Current Assets |
2598.994
|
2724.517 |
2314.870 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
563.914
|
612.024 |
349.121 |
|
|
Other Current Liabilities |
2319.786
|
1200.449 |
616.238
|
|
|
Provisions |
856.292
|
721.691 |
515.087
|
|
Total
Current Liabilities |
3739.992
|
2534.164 |
1480.446 |
|
|
Net Current Assets |
(1140.998)
|
190.353 |
834.424
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
927.248 |
2398.655 |
3171.825 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5482.754 |
6683.251 |
4786.341 |
|
|
|
Other Income |
86.591 |
91.329 |
143.168 |
|
|
|
TOTAL (A) |
5569.345 |
6774.580 |
4929.509 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3391.011 |
3795.524 |
|
|
|
|
Purchases - Stock-in-Trade |
15.573 |
0.000 |
|
|
|
|
Changes in Inventories of finished goods and work in progress |
(25.214) |
(304.177) |
|
|
|
|
Variation in Excise Duty on Finished Goods Inventory |
7.035 |
16.797 |
4929.509 |
|
|
|
Employee Benefits Expenses |
1180.978 |
1200.286 |
|
|
|
|
Provision for Impairment Loss on Fixed Assets |
3.147 |
5.673 |
|
|
|
|
Other Expenses |
1298.067 |
1331.886 |
|
|
|
|
Prior Year Adjustment |
(10.555) |
5.772 |
|
|
|
|
Exceptional items |
22.159 |
0.000 |
|
|
|
|
TOTAL (B) |
5882.201 |
6051.761 |
5262.750 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(312.856) |
722.819 |
(333.241) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
237.378 |
213.886 |
232.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(550.234) |
508.933 |
(565.551) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
230.451 |
251.774 |
265.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
(780.685) |
257.159 |
(830.779) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(780.685) |
257.159 |
(830.779) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3127.762) |
(3384.921) |
(2449.142) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
NA |
0.000 |
105.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(3127.762) |
(3384.921) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
2.508 |
3.643 |
1.269 |
|
|
TOTAL EARNINGS |
2.508 |
3.643 |
1.269 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Component & Spare Parts |
23.964 |
26.631 |
11.544 |
|
|
|
Raw Materials & Trading Goods |
0.000 |
0.000 |
268.837 |
|
|
|
Capital Goods |
1.419 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
25.383 |
26.631 |
280.381 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(11.62) |
3.83 |
(12.35) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1521.700 |
1605.600 |
1376.500 |
|
Total Expenditure |
1756.500 |
1769.000 |
1608.900 |
|
PBIDT (Excl OI) |
(234.800) |
(163.400) |
(232.400) |
|
Other Income |
19.200 |
21.400 |
14.700 |
|
Operating Profit |
(215.600) |
(142.000) |
(217.700) |
|
Interest |
64.100 |
66.700 |
69.400 |
|
Exceptional Items |
(9.900) |
0.000 |
0.000 |
|
PBDT |
(289.600) |
(208.700) |
(287.100) |
|
Depreciation |
55.700 |
55.100 |
55.200 |
|
Profit Before Tax |
(345.300) |
(263.800) |
(342.300) |
|
Tax |
0.000 |
0.000 |
1.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(345.300) |
(263.800) |
(344.100) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
5.600 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(345.300) |
(263.800) |
(344.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
(14.02)
|
3.80 |
(16.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.24)
|
3.85 |
(17.36) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.61)
|
5.73 |
(19.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(8.74)
|
0.29 |
(1.31) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
8.81
|
1.69 |
3.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69
|
1.08 |
1.56 |
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 |
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 |
Yes |
|
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 |
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 |
DETAILS OF LITIGATIONS
HIGH COURT OF BOMBAY
Case Details
Bench:-Bombay
Stamp No.:- CPST/3383/2011 Filing Date:- 05/02/2011 Reg. No.:- CP/59/2011 Reg. Date:- 17/02/2011
Petitioner:- HINDUSTAN ORGANIC CHEMICALS LIMITED
Respondent:- HINDUSTAN ORGANIC CHEMICALS LIMITED
Petn.Adv.:- Mr. S.K. More
Resp.Adv.:- Mr. Rajesh Gehani
District:- MUMBAI
Bench:- SINGLE
Status:- Pre-Admission
Next Date:- 08/07/2013 Stage:- APPEALS FOR ADMISSION - AFTER NOTICE [CIVIL SIDE MATTERS]
Coram:- ACCORDING TO SITTING LIST
Last Date:- 16/04/2013 Stage:- APPEALS FOR ADMISSION - AFTER NOTICE [CIVIL SIDE MATTERS]
Last Coram:- HON'BLE SHRI JUSTICE RAJESH G. KETKAR
Act :- Contempt of Court Act 1971
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS : |
|
|
|
Nil (Previous year 1000) Non-convertible 8.80% Taxable Bonds of Rs. 1000000 each redeemble at the end of two years - due on 28.08.2012. |
0.000 |
1000.000 |
|
Loans from Government of India |
92.800 |
164.050 |
|
Other Loans |
22.941 |
26.017 |
|
Total |
115.741 |
1190.067 |
|
The Bonds are guaranteed by Government of India for repayment of principal and interest thereupon. The Government of India guarantee for Rs. 1000.000 Millions is for total Bond issue created by way of Registered Bond Trust Deed and the guarantee is effective for a period of two years from 28.08.2010 i.e.date of allotment. These Bonds have been shown in the current year under Other Current Liabilities as .current maturity of Long-term Borrowings. i) There is a continuing default in repayment of loan from Government of India since the year 2002-03 and the overdue amount towards principal is Rs. 410.350 Millions and for interest accrued is Rs. 373.345 Millions. These amounts are shown under Other Current Liabilities. Further an amount of Rs. 71.250 Millions maturing in next 12 months is shown under Other Current Liabilities as .Current maturity of Long-term Borrowings.. ii) The Company has not made provision for penal interest payable amounting to Rs. 67.256 Millions on overdue Government Loan upto 31st March, 2012 since the same is leviable at the discretion of Government of India. The Company has not received any demand from the Government of India for the same. The other loans shown above are loans taken from HDFC Limited and Canara Bank towards housing finance for employees. The loans from HDFC Rs.1.230 Millions is secured by an equitable charge on the housing properties. The loans from Canara Bank Rs. 21.711 Millions are secured by way of mortgage assignment of rights available to the Company on the housing properties. |
||
RESULTS OF OPERATIONS
During the year the Company was under Net loss of Rs. 780.700 Millions, while the Net profit during the previous year was Rs. 257.200 Millions.
As regards the unit wise performance, the Net Profit of Kochi Unit was Rs.260.200 Millions which was much lesser as compared to the previous year’s profit of Rs.1300.800 Millions. The Rasayani Unit recorded a Net Loss of Rs. 1041.000 Millions as compared with the previous year’s loss of Rs. 1043.700 Millions.
Reporting to BIFR
under SIC(SP)Act, 1985.
In view of the fact that as on 31-03-2012 as the Company’s Accumulated Losses have resulted into erosion of more than 50% of the Peak net worth (of the immediately preceding 4 years), Company is taking necessary steps under Section 23(c) of SIC (SP)Act,1985.
OPERATIONS :
During the year the company’s Kochi unit achieved a sales turnover of 64298 MTs valuing 43200 Lacs as against 84082 MTs valuing 58120 Lacs of the previous year.
With the production of 178792 MTs during the year 2011-12 as against the production of 251007 MTs in 2010-11, the company could achieve an overall capacity utilization of 42% during the year. The company has recorded the sale of 115566 MTs during the year (previous year 145173 MTs) valuing Rs.5482.700 Millions (previous year Rs. 6673.600 Millions).
The high labour cost and high incidence of cost on closed plants at Rasayani Unit are the major concerns . Company decided to operate those plants which are giving contribution. The company has continued its cost cutting measures to counter these problems and in order to be competitive and improve performance and profitability.
PRODUCTION :
Kochi Unit:
During the year the company’s Kochi unit could achieve 126076 MTs of production as against the previous year’s production of 167886 MTs. The capacity utilization for the year was 82 %.
Rasayani Unit:
During the year the company’s Rasayani unit could achieve 52716 MTs of production as against the previous year’s production of 66798 MTs. The capacity utilization for the year was 27 %.
MARKETING :
In the highly volatile chemical market, sluggish demand and stiff competition from import of HOC’s main products, during the Year 2011-12, Company has achieved the sales turnover of Rs. 5482.700 Millions (net of excise duty) as against Rs.6673.600 Millions (net of excise duty) of the previous year (2010-11) . The sale value achieved because of continued support from its valuable customers and due to excellent quality products produced at Kochi and Rasayani Units. The sales volume during year 2011-12 was 1,15,566 MTs against 1,45,173.65 MTs for the year 2010-11.
STATUS OF OPERATIONS
AND FUTURE PLANS
Refurbishment of CNA/N2O4 Plant – Ph. II is in progress with implementation of new DCS and will be completed during F.Y.2012-13.
Hydrogen Peroxide Plant capacity will be enhanced to the targeted capacity of 14,000MT/p.a. from installed capacity of 10450MT/p.a. by carrying out in house de-bottlenecking.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The petroleum feed stock prices in India are significantly higher as compared to major exporting countries. The capability of manufacturing units to earn a reasonable return has been largely affected by global competition and tightening of parameters like rationalized duty structure and strict quality controls. Moreover, the capacity in the Indian Industry is small as compared to the competitors abroad, in effect the Indian Industry is in a disadvantageous position with regard to overhead costs.
In order to prevent dumping and to reform the sector to enable it to meet global competition, active follow up is made with the Government for continuation of/levy of anti-dumping duties as per WTO Guidelines.
KEY OPPORTUNITIES
INCLUDE
- Growth in certain sectors such as phenolic resins, laminates, plastics, rubber chemicals etc. in the overall markets of the country.
- High quality standard and wide spread marketing network to remain preferred supplier to large consumer all over the country.
- Growth in production/promotion of chemical industry
KEY THREATS INCLUDE
- Highly volatile Chemical Market
- Availability of cheaper imported chemicals
- Increasing input prices of feed-stock i.e. Benzene, Toluene, LPG, LSHS, CNG, Fuel oil etc.
OUTLOOK AND
INITIATIVES FOR THE CURRENT YEAR
Both the units of the company have taken initiatives to improve the efficiency of the operating plants by implementing certain schemes like;
The completion of laying of natural gas pipe line up to subject battery limit for the supply of natural gas.
Retrofitting of hydrogen plant and steam boilers to consume natural gas as feed stock/fuel.
Both the above schemes have been implemented successfully and are operational and giving satisfactory performance as expected. Refurbishment of concentrated nitric acid plant along with capacity enhancement of di-nitrogen tetra oxide section is taken up and first phase has been completed in the year 2011-12 and second phase will be completed in 2012-13.
De bottlenecking of Formaldehyde, Sulphuric Acid and Hydrogen Peroxide is being taken up.
Viability study of world scale grass root phenol/acetone plant is carried out. The report submitted by the consultant is being studied by the company for its possible implimentation.
REVIEW OF FINANCIAL
PERFORMANCE :
The financial statements have been prepared in accordance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles.
The financial
performance highlights are as follows:-
The sales turnover was of the order of Rs. 5482.754 Millions against Rs. 6673.600 Millions for the previous year showing a decrease of 17.84%. There was an Operating Loss before interest and depreciation of Rs. 280.100 Millions against the Operating Profit of Rs 729.200 Millions for the previous year. Company incurred an Interest expenditure of Rs. 237.400 Millions against Rs. 213.800 Millions of the previous year.
The outlook for the future appears to be good with the revival of economic growth. The Accumulated losses are likely to go down substantially during the year in view of proposed implementation of several improvement plans for Rasayani and Kochi Units and with the continued efforts on improved operations and marketing.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a) Claims against the Company not Acknowledged as debts : |
|
|
|
i) Differential tax on account of concessional forms in respect of
concessional sales |
45.758 |
80.851 |
|
ii) Income Tax Claims |
89.222 |
76.158 |
|
iii) Sales Tax
Claim |
0.570 |
0.570 |
|
iv) Excise
Claims |
21.201 |
21.201 |
|
v) Customs claim |
1.080 |
1.080 |
|
vi) JNPT claim |
253.180 |
200.799 |
|
vii) Rental
claim Harchandrai House |
292.165 |
245.775 |
|
viii) Wage
revision employees |
283.335 |
293.195 |
|
ix) Other Claims |
74.040 |
70.137 |
|
b) Letters of Credit opened, cheques and bills of exchange discounted with the bankers and remaining outstanding |
19.832 |
9.819 |
|
c) Guarantees given on behalf of the Subsidiary Company, Hindustan Fluoro-carbons Limited to Financial Institutions and Commercial Banks for securing loans and cash credit facilities. |
125.300 |
125.300 |
|
d) Security Bond given to Commercial Taxes Dept., Govt. of Kerala |
429.074 |
249.830 |
FIXED ASSETS:
v Land and Land Development
v
v Buildings
v Drainage, Effluent and Pollution Control System
v Water Supply System
v Chemical and Utility Plant
v R and D Plants
v Electrical Instruments, AC and Electrical Equipments
v Furniture, Fixtures and Equipments
v Railway Sidings
v Vehicles
v Library Books
v Plant held for disposal
WEBSITE DETAILS:
Company Profile
Subject was set up by the Government of India in 1960 with the objective of attaining self-reliance in basic organic chemicals needs. In fact this was the first endeavor to indigenise manufacture of basic chemicals and to reduce country’s dependence on import of vital organic chemicals. Subject started as small chemical unit, has today acquired the status of a multiunit company with two fast growing units and one subsidiary unit.
It was expected that indigenous manufacture of these
chemical intermediates will give impetus to downstream industries resulting in
setting up of chemical units and achieving self-sufficiency for the country in
this area. This objective of setting up company has been achieved and at
present more than 500 units based on the company’s products have been set up
all over the country which have not only succeeded in meeting the goal of
self-sufficiency but also entered the international markets earning precious
foreign exchange by exporting chemicals, dyes and drugs.
Business
The company has two manufacturing units at Rasayani,
District Raigad in Maharashtra and at
The main products manufactured by subject are Phenol, Acetone, Nitrobenzene, Aniline, Nitrotoluenes, Chlorobenzenes and Nitrochlorobenzenes. The raw materials used by subject are Benzene, Toluene, LPG, Methanol, Naphtha and Sulfur, majority of which come from petroleum refineries.
Subject provides the basic organic chemicals essential for vital industries like resins and laminates, dyes and dyes intermediates, drugs and pharmaceuticals, rubber chemicals, paints, pesticides and others, touching virtually facet of everyday life.
Subject provides the basic organic chemicals essential for vital industries like resins and laminates, dyes and dyes intermediates, drugs and pharmaceuticals, rubber chemicals, paints, pesticides and others, touching virtually facet of everyday life.
It also produces the versatile engineering plastic polytetrafluoroethylene (PTFE) through its subsidiary.
Achievements and Awards
|
Year |
Description |
|
|
|
|
1976-77 to1980-81 |
Export Award from CHEMEXCIL for five consecutive years. |
|
1977 |
Dujodhwala
Endowment Award by All India Manufacturers Organisation (AIMO for Recovery of
Resorcinol from Waste Stream of MAP plant. |
|
1979 |
First Prize for
HOC's Annual Report (1978-79) in the 21st National Award for
Excellence in Printing and Designing by DAVP, Ministry of Information and
Broadcasting, Government of India. |
|
1980-81 |
"Award in
the “Public Services Advertisement Category” for HOC's Advertisement
captioned “Eye Appeal” for its Community Vision Project, by DAVP. |
|
1982 |
Indian Chemical
Manufacturers Association Award for Process Design and Process Engineering
for developing know-how and installing a Detoxification plant for Solvent
Extraction. |
|
1982-83 |
|
|
1983-84 |
"National
Society for equal opportunity of handicapped (NASEOH)'s Award for being an
ideal Employer. |
|
1984 |
Grocery Markets
and Shops Board for Greater Bombay (Mathadi) Board's Award for being an ideal
Employer. |
|
1987-88 |
Indira Gandhi
Memorial National Award for Excellence in Public Sector Enterprises. |
|
1988 |
First Prize for
HOC's Annual Report 1986-87 from Association of Business Communicators of |
|
1989 |
Certificate of
Commendation for HOC Annual Report 1987-88 from the Association of Business
Communicators of |
|
1989 |
Second Prize in
suggestion scheme by the Indian National Suggestion schemes Association. |
|
1989-92 |
Productivity Award from Kerala Productivity Council. |
|
1989-91 |
Industrial
Safety Award Kerala Chapter (1998-1991) and consequently thereafter from the
year. |
|
1993-98 |
1993 till 1998. |
|
1991-92 |
First Prize in
the Chemical sector for Energy Conservation for the year 1991-92 by
Government of India, Ministry of Energy, Department of Power. |
|
1995 |
Dyestuff
Manufacturer's Industries' Association – Industrial Pollution Control Award –
1995. |
|
1995 |
Certificate of
Merit by the |
|
1995 |
Wisitex
Foundation International Award Life 2000 (1994) for National Excellence in
Industrial Pollution Abatement. |
|
1996 |
The Dyestuff
Manufacturers Association of India's Award (DMAI) for successful development
of indigenous technology for product by a large scale unit for the year
1995-96. |
|
1996-98 |
First prize
award from Kerala State Pollution Control Board among large scale industries
in making substantial and sustained efforts in pollution control. |
|
1996-98 |
Prize for Energy
Conservation in Chemical Industry by Ministry of Energy, Government of India
successively for two years (1996-97, 1997-98). |
|
1997-98 |
First Prize for
Indira Gandhi Official Language Puraskar for the year 1997-98 for Best
Implementation of Rajbhasha Hindi. |
|
1998 |
Kerala State
Productivity Council's Productivity Award among large Industries in Kerala –
1998. |
|
1998 |
ICICI Technology
Award by National Chemical Laboratory Research Foundation jointly with the
Process Development and Chemical Engineering Division Team Members of
National Chemical Laboratory for the Mono Chloro Benzene Expansion Project. |
|
1999 |
National Energy
Conservation Award, 1999 – First Prize in Chemical Sector by Government of |
|
2000 |
National Energy
Conservation Award, 2000 – First Prize in Chemical Sector by Government of |
|
2001 |
National Energy
Conservation Award, 2001 – Second Prize in Chemical Sector by Government of |
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 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.55.04 |
|
|
1 |
Rs.83.95 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.