MIRA
INFORM REPORT
|
Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
OMKAR SPECIALITY CHEMICALS LIMITED |
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Registered
Office : |
B-34, MIDC, Badlapur (East), Thane-421503, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation
: |
24.02.2005 |
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Com. Reg. No.: |
11-151589 |
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Capital
Investment / Paid-up Capital : |
Rs.196.280
Millions |
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CIN No.: [Company Identification
No.] |
L24110MH2005PLC151589 |
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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
: |
Manufacturing and |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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 5100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Financially company is doing well. Trade relations are reported as fair. Business
is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for normal business dealings on a 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) |
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|
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 |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in place
to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. |
|
Date |
September 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 / Corporate Office : |
B-34, MIDC, Badlapur (East), Thane-421503, |
|
Tel. No.: |
91-251-2697340/48/49/2690651 |
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Fax No.: |
91-251-2691572/2697347 |
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E-Mail : |
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Website: |
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Factory 1 : |
Plot No. W-92(A), MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2698840 |
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Fax No.: |
91-251-2691662 |
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Factory 2 : |
Plot No. F-24, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2691852 |
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Fax No.: |
91-251-2697673 |
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Factory 3 : |
Plot No. B-34, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2697340/2690651 |
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Fax No.: |
91-251-2697347/2691572 |
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Factory 4 : |
Plot No. F-10/1, MIDC, Badlapur, Thane-421503, |
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Tel. No.: |
91-251-2696434/2696432 |
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Factory 5 : |
D27/5, MIDC Lote Parshuram Chiplun, Ratnagiri, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Pravin S. Herlekar |
|
Designation : |
Chairman cum Managing Director |
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Name : |
Mr. Omkar P. Herlekar |
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Designation : |
Whole Time Director |
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Name : |
Prof. Suhas M. Rane |
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Designation : |
Non Executive - Independent Director |
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Date of Birth: |
03.12.1951 |
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Date of appointment: |
25.03.2010 |
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Name : |
Mr. Subhash P. Mali |
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Designation : |
Non Executive - Independent Director |
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Name : |
Dr. Vikas N. Telvekar |
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Designation : |
Non Executive - Independent Director |
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Name : |
Mr. Siddharth S Sinkar |
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Designation : |
Non Executive - Non Independent Director (Appointed w.e.f. 5th April, 2012) |
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|
Name : |
Mr. Amit A. Pandit |
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Designation : |
Non Executive - Independent Director |
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Date of Birth: |
30.03.1971 |
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Date of appointment: |
25.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Nirav K. Momaya |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
11858816 |
60.42 |
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|
11858816 |
60.42 |
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Total shareholding of Promoter and Promoter Group (A) |
11858816 |
60.42 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
702301 |
3.58 |
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|
323569 |
1.65 |
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|
1025870 |
5.23 |
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|
|
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|
2901690 |
14.78 |
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|
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|
|
1250024 |
6.37 |
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|
2553648 |
13.01 |
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|
37956 |
0.19 |
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|
2078 |
0.01 |
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|
35878 |
0.18 |
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|
6743318 |
34.36 |
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Total Public shareholding (B) |
7769188 |
39.58 |
|
Total (A)+(B) |
19628004 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
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Total (A)+(B)+(C) |
19628004 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Iodine Compounds |
Kgs/Lakhs |
435000 |
379509 |
|
Selenium Compounds |
Kgs/Lakhs |
75000 |
71728 |
|
Molybdenum Compounds |
Kgs/Lakhs |
70000 |
68536 |
|
Others |
Kgs/Lakhs |
170000 |
168526 |
|
Total |
Kgs/Lakhs |
750000 |
688299 |
NOTE:
a) Installed capacities are interchangeable for different compounds.
b) Licensed capacities is not applicable.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda ·
Axis Bank Limited ·
Citi Bank N.A. |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
J.P.J Associates Chartered Accountants |
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Address : |
46, Shrikrishna Nagar, Borivali (East), Mumbai, Maharashtra, India |
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Tel No.: |
91-22-28975829 |
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Email: |
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Subsidiary
- Common Control Exists: |
·
Rishichem
Research Limited ·
Desh
Chemicals Private Limited ·
Lasa
Laboratory Private Limited ·
Urdhwa
Chemicals Company Private Limited |
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|
|
|
Other
Related: |
·
Svaks
Biotech India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19628004 |
Equity Shares |
Rs.10/- each |
Rs. 196.280
Millions |
|
|
|
|
|
NOTES
The Movements of Share capital is set out
below:
|
|
As At March 31,
2013 |
|
|
Authorized |
No. of Shares |
Rs. In Millions |
|
Authorised Share Capital at the beginning of the Year |
25,000,000 |
250.000 |
|
Authorised Share
Capital at the end of the year |
25,000,000 |
250.000 |
|
|
|
|
|
Issued,
Subscribed and Paid up capital |
|
|
|
At the beginning of the Year |
19,628,004 |
196.280 |
|
At the end of
the Year |
19,628,004 |
196.280 |
Details of
shareholders holding more than 5% shares in the company
|
|
As At March 31,
2013 |
|
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Pravin Herlekar* |
9351810 |
93.518 |
|
Anjali Herlekar |
1208240 |
12.082 |
|
Rohinton Soli Screwvala |
1000000 |
10.000 |
|
TAIB Securities Mauritius Limited |
-- |
-- |
|
Axis Bank Limited** |
-- |
-- |
|
TOTAL |
11560050 |
115.600 |
Note:
Of the above equity
shares:-
Nominal value of Rs 100/-
per Equity Share sub-divided into Rs 10/- per Equity Share, during the
Financial Year 2010-2011.
During the financial year 2009-2010,
1126600 Equity shares of Rs. 100/- each have been alloted as fully paid-up by
way of bonus shares by way of capitalization of Profits & Security Premium
A/c.
During the financial year
2010-2011, 8100004 Equity shares of Rs. 10/- each were issued at premium of Rs.
88/- each by public offer.
*4) Mr. Pravin S. Herlekar
has acquired 2276 equity shares on 22nd March, 2013. However, the same is not
reflected in the beneficial position received from the depositories as on 30th
March, 2013.
**5) Shares held less than
5% as on 31st March, 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
196.280 |
196.280 |
196.280 |
|
(b) Reserves & Surplus |
1035.861 |
862.069 |
726.117 |
|
(c) Money
received against share warrants |
35.625 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1267.766 |
1058.349 |
922.397 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
299.005 |
46.766 |
82.729 |
|
(b) Deferred tax liabilities (Net) |
11.267 |
12.276 |
6.499 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
11.323 |
10.259 |
4.141 |
|
Total Non-current Liabilities (3) |
321.595 |
69.301 |
93.369 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
864.891 |
691.670 |
328.988 |
|
(b) Trade payables |
276.593 |
252.630 |
215.934 |
|
(c) Other current
liabilities |
39.197 |
65.811 |
59.903 |
|
(d) Short-term provisions |
55.418 |
28.901 |
104.425 |
|
Total Current Liabilities (4) |
1236.099 |
1039.012 |
709.250 |
|
|
|
|
|
|
TOTAL |
2825.460 |
2166.662 |
1725.016 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
439.334 |
362.538 |
205.524 |
|
(ii) Intangible Assets |
5.311 |
0.349 |
0.000 |
|
(iii) Capital
work-in-progress |
401.797 |
304.755 |
175.555 |
|
(iv) Intangible
assets under development |
0.150 |
1.771 |
0.378 |
|
(b) Non-current Investments |
108.639 |
21.208 |
13.908 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
274.067 |
99.829 |
10.201 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1229.298 |
790.450 |
405.566 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
635.605 |
526.625 |
300.775 |
|
(c) Trade receivables |
614.711 |
384.852 |
272.144 |
|
(d) Cash and cash
equivalents |
215.747 |
314.036 |
412.141 |
|
(e) Short-term loans and
advances |
4.310 |
40.801 |
232.756 |
|
(f) Other current assets |
125.789 |
109.898 |
101.634 |
|
Total Current Assets |
1596.162 |
1376.212 |
1319.450 |
|
|
|
|
|
|
TOTAL |
2825.460 |
2166.662 |
1725.016 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2015.312 |
1669.480 |
1067.600 |
|
|
|
Other Income |
57.940 |
36.986 |
5.346 |
|
|
|
TOTAL (A) |
2073.252 |
1706.466 |
1072.946 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1193.571 |
1077.333 |
716.890 |
|
|
|
Purchase of stock in trade |
350.926 |
181.796 |
98.873 |
|
|
|
Changes in inventories of Finished Goods, Work in progress and Stock
in Trade |
(180.851) |
(115.710) |
(69.827) |
|
|
|
Employee benefits expense |
80.054 |
63.834 |
32.071 |
|
|
|
Other Expenses |
208.345 |
130.293 |
75.985 |
|
|
|
TOTAL (B) |
1652.045 |
1337.546 |
853.992 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
421.207 |
368.920 |
218.954 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
74.316 |
80.953 |
52.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
346.891 |
287.967 |
166.192 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.843 |
56.209 |
19.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
290.048 |
231.758 |
147.106 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.038 |
67.291 |
45.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
208.010 |
164.467 |
101.404 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
214.960 |
94.008 |
30.492 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
29.442 |
24.535 |
19.628 |
|
|
|
Tax on Dividend |
4.776 |
3.980 |
3.260 |
|
|
|
Transfer to General Reserve |
15.000 |
15.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
373.752 |
214.960 |
94.008 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
581.597 |
257.576 |
122.657 |
|
|
TOTAL EARNINGS |
581.597 |
257.576 |
122.657 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
651.318 |
741.004 |
268.596 |
|
|
|
Capital Goods |
4.329 |
2.419 |
2.158 |
|
|
TOTAL IMPORTS |
655.647 |
743.423 |
270.754 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
10.60 |
8.38 |
|
|
|
|
Diluted |
10.59 |
8.38 |
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarter |
|
Audited / UnAudited |
|
|
Net Sales |
184.700 |
|
Total Expenditure |
172.200 |
|
PBIDT (Excl OI) |
12.500 |
|
Other Income |
2.400 |
|
Operating Profit |
14.800 |
|
Interest |
6.200 |
|
Exceptional Items |
0.000 |
|
PBDT |
8.600 |
|
Depreciation |
4.000 |
|
Profit Before Tax |
4.600 |
|
Tax |
0.200 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
4.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
4.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.03
|
9.64 |
9.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.39
|
13.88 |
13.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.53
|
12.60 |
9.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.22 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.92
|
0.70 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.32 |
1.86 |
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 |
PERFORMANCE REVIEW:
The Revenue from Operations
for the financial year has gone up to Rs. 2015.312 Millions as against Rs.
1669.480 Millions in previous year, registering a growth of 21%. The Profit
after tax has also gone up to Rs. 208.010 Millions in current year from Rs. 164.467
Millions in previous year, registering a growth of 26%.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Scenario:
Global and Indian Chemical
Industry
The chemical industry has traditionally
grown in developed countries of the West and Japan. However, changing market
dynamics over the last ten years have resulted in global chemical production,
moving to Asia, particularly in China and India. Speciality chemicals, which
are consumed by the diverse end product markets, are the key contributors to
this changing landscape. It is because the rise in the use of speciality
chemicals has led to a higher level of commoditization, thereby compelling
manufacturers to focus more on cost reduction.
The production levels in
Asia have surpassed those in Europe, with China becoming the world's second
largest chemical producer, replacing Germany. In terms of volume of production
of chemicals, India ranks the third-largest producers in Asia after China and
Japan and eighth-largest across the globe. With the current size of
approximately USD 108 billion, the Indian chemical industry accounts for about
7 percent of the Indian GDP and 14 percent in the overall index of industrial
production. Despite its large size, the Indian chemical industry represents
only about 3 percent of the global chemical industry.
Speciality Chemical Segment
Speciality chemicals are
synthetic products used as intermediates to manufacture various products
ranging from pharmaceuticals to flavours and essences, and from agrochemicals
to detergents.
Unlike other chemical
products, the speciality chemical segment has greater flexibility, small
production volume and vast product categories.
Speciality chemicals are
high-value added chemicals used to manufacture a wide range of products,
including pharmaceuticals, fine chemicals, additives, advanced polymers,
adhesives, sealants, paints, pigments and coatings.
The demand from end-user
industries has improved the growth prospects of several speciality chemicals
segments in Asia. Currently, the Indian speciality chemicals industry is still
at a nascent stage and is expected to grow rapidly over next couple of years as
it moves toward higher-quality products and applications, in both industrial
and consumer segments.
The demand for environment
friendly solutions and stringent emission control legislations has opened up
new frontiers especially for the speciality chemical industry. The greater
emphasis on energy efficiency and curbing greenhouse emissions has also
contributed to demand for speciality chemical products, such as photovoltaic
solar cells, electrode materials, insulating materials and chemicals.
Indian chemical industry -
Growth Scenario
The global economic
environment has remained sluggish as growth in the major advanced economies
decelerated due to a significant negative short-run effect of fiscal
consolidation on domestic output, thereby resulting in subdued trade and
languid labour markets, restraining the overall demand. Persistent recessionary
conditions in the United States and Europe, and the fragility in some global
key end markets have led to sinking demand for chemical products. Chemical
companies located in the Asia-Pacific geographies faced the brunt of the economic
conundrum mainly due to weaker demands in the West.
Amidst low levels of growth
in the developed economies, global demand for chemicals is likely to remain
downcast. However, with manufacturers shifting their focus on emerging economies,
Indian chemical industry is poised to increase its share of global chemical
industry pie.
Primarily being regarded as
producer of basic chemicals, Indian chemical industry has forged ahead to earn
a global repute as a manufacturer of speciality and high value-added chemicals
on the back of strong R&D.
With significant labor cost
advantages, rising domestic demand in end-user segments, expanding exports
fueled by improved export competitiveness, new market opportunities,
infrastructure investments along with regulatory reforms and the federal
government's fiscal incentives— the growth of the Indian chemical industry is
expected to continue.
According to estimates, the
India's chemical industry is slated to grow at 11 percent year-on-year, to USD
134 billion by 2015 and USD 244 billion by 2017. India is also expected to
evolve as a global chemical manufacturing hub.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Short term loan from financial institutions |
6.879 |
0.000 |
|
Loans from banks |
147.144 |
0.000 |
|
Total |
154.023 |
0.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10437165 |
12/07/2013 |
150,000,000.00 |
CITIBANK N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, |
B79749206 |
|
2 |
10388704 |
24/06/2013 * |
630,000,000.00 |
BANK OF BARODA |
RAS AL KHAIMAH
BRANCH, SH RASHID BUILDING, ALI BIN ABI TALIB ROAD, BUR DUBAI, - 0, UNITED ARAB
EMIRATES |
B80350721 |
|
3 |
10277060 |
24/06/2013 * |
57,300,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B80350317 |
|
4 |
10172462 |
23/08/2011 * |
934,600,000.00 |
BANK OF BARODA |
FORT, UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B22886436 |
|
5 |
10143580 |
24/06/2013 * |
1,060,000,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349921 |
|
6 |
10143573 |
24/06/2013 * |
6,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349194 |
|
7 |
10143576 |
24/06/2013 * |
13,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY BRANCH,
MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349509 |
Note: * Date of
charge modification
STANDALONE
FINANCIAL RESULT FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs.
In Millions)
|
Particulars |
Quarter Ended 30
June 2013 (Unaudited) |
|
(a) Net Sales/ Income from
operation |
451.942 |
|
(b) Other Operating Income |
-- |
|
Total Income |
451.942 |
|
2. Expenditure |
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
66.893 |
|
b. Consumption of Raw-Materials |
188.126 |
|
c. Purchase of Traded Goods |
48.459 |
|
d. Employees Cost |
24.618 |
|
e. Depreciation |
14.895 |
|
f. Other Expenditure |
46.164 |
|
g. Total |
389.155 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
62.787 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
6.462 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
69.249 |
|
6. Interest |
22.579 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
46.670 |
|
8. Exceptional Items |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
46.670 |
|
10. Tax Expenses |
11.627 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
35.043 |
|
12. Extraordinary Items (Net of Tax Expense) |
--- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
35.043 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
196.280 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
--- |
|
16. Earning per
Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
1.79 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
1.70 |
|
17. Public
Shareholding |
|
|
Number of Shares |
7782679 |
|
% of Share holding |
39.65% |
|
18. Promoters
and promoter group Shareholding |
|
|
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 |
|
|
- Number of shares |
11845325 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of shares (as a %
of the total share capital of the company) |
60.35% |
Note:
1.
The
above unaudited financial results have been reviewed by the Audit Committee and
approved by the Board of Directors at its meeting held on 13th August 2013, and
have been subjected to limited Review by the Statutory Auditors.
2.
The
Company operated in one segment i.e. Sale of Chemicals. All other activities of
the company revolve around its main business. Hence, there is only one primary
reportable business segment as defined by Accounting Standard-17 as notified by
the companies (Accounting Standards) Rules, 2006.
3.
During
the quarter, the company has acquired interest in 6(six) Equity Shares of M/s
Rishichem Research Limited so as to make it 100 % subsidiary company.
4.
The
Previous quarter's/year's figures have been regrouped/rearranged wherever
necessary to make it comparable with the current quarter/year.
5.
There
were no investor complaints pending to be resolved at the beginning of the
quarter. During the quarter no complaint was received. Accordingly there were
no investor complaints pending to be resolvedt* the end of the quarter.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
Claims against the Company
not acknowledged as debt: Rs Nil (Previous year: Rs Nil)
The Company has given
guarantee to the bank on behalf of its Wholly Owned Subsidiary, Urdhwa
Chemicals Company Private Limited of Rs 270.000 Millions (Previous year Rs
210.000 Millions) and Lasa Laboratory Private Limited of Rs 233.500 Millions
(Previous Year Rs Nil)
FIXED ASSETS
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipments
·
Motor Car and Cycle
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. 61.49 |
|
|
1 |
Rs. 98.71 |
|
Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
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 |
|
50 |
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.