MIRA
INFORM REPORT
|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL PEROXIDE LIMITED |
|
|
|
|
Registered
Office : |
Neville House, J N Herdia Road, Ballard Estate, Mumbai –
400001, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.03.1954 |
|
|
|
|
Com. Reg. No.: |
11-09254 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.57.470 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299MH1954PLC009254 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The Subject engaged in Manufacturing of Peroxygens. |
|
|
|
|
No. of Employees
: |
121 (Approximately) |
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 7100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company having fine track record. Company is performing well. Liquidity position seems to strong. Trade relations are reported to be fair. Business is active. Payment
terms are regular and as per commitment. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth continues
to be muted with factory output plunging to 0.6 % in August. Onion prices
have risen nearly 300 % from last September. Vegetables cost nearly 90 % more
than they did last year. Wake up to the economic contribution of slum dwellers.
They contribute more than 7.5 % to the country’s gross domestic product,
according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
National Long Term Rating : FITCH A (IND) |
|
Rating Explanation |
This rating denote expectations of low default risk |
|
Date |
December, 2011 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-251-2270676)
LOCATIONS
|
Registered Office / Head Office : |
Neville House, J N Herdia Road, Ballard Estate, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22618071 |
|
Fax No.: |
91-22-22665966 / 22613519 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
N.R.C. Road, P. O. Atali, Via Mohone, District Thane, Kalyan - 421 102, Maharashtra, India |
|
Tel. No.: |
91-251-2270094/2270670/2270673 |
|
Fax No.: |
91-251-2270669/2270671 |
|
E-Mail : |
DIRECTORS
As on 20.05.2013
|
Name : |
Ness N. Wadia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
S. R. Lohokare |
|
Designation : |
Managing Director |
|
Qualification : |
B. Tech. (Hons.) (Chemical Engg.); P. G.D.I.M.; M.F. M. (Bombay
University) |
|
|
|
|
Name : |
P. V. Kuppuswamy (upto 18th
January, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
K. N. Suntook |
|
Designation : |
Director |
|
|
|
|
Name : |
R. Batra |
|
Designation : |
Director |
|
|
|
|
Name : |
J. S. Bilimoria (Deceased on
3rd May, 2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
D. N. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
N. P. Ghanekar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
S. A. Gaikwad |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category
of Shareholder |
No.
of Share |
%
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6325 |
0.11 |
|
|
2522440 |
43.89 |
|
|
2528765 |
44.00 |
|
|
|
|
|
|
5250 |
0.09 |
|
|
1494000 |
26.00 |
|
|
1499250 |
26.09 |
|
Total shareholding of Promoter and Promoter Group (A) |
4028015 |
70.09 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
825 |
0.01 |
|
|
825 |
0.01 |
|
|
|
|
|
|
269449 |
4.69 |
|
|
|
|
|
|
1336743 |
23.26 |
|
|
89870 |
1.56 |
|
|
22098 |
0.38 |
|
|
821 |
0.01 |
|
|
21277 |
0.37 |
|
|
1718160 |
29.90 |
|
Total Public shareholding (B) |
1718985 |
29.91 |
|
Total (A)+(B) |
5747000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5747000 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Name of the Shareholder |
No.
of Share |
%
of Holding |
|
Archway Investment Company Limited |
2,85,000 |
4.96 |
|
Jehreen Investments Private Limited |
8,500 |
0.15 |
|
N W Exports Limited |
1,07,300 |
1.87 |
|
Nowrosjee Wadia and Sons Limited |
2,20,825 |
3.84 |
|
Macrofil Investments Limited |
18,84,065 |
32.78 |
|
Varnilam Investment and Trading |
16,750 |
0.29 |
|
Dina Neville Wadia |
5,250 |
0.09 |
|
Nusli Neville Wadia |
6,325 |
0.11 |
|
Ben Nevis Investments Limited |
51,500 |
0.90 |
|
Solvay S A |
3,64,950 |
6.35 |
|
Solvay S A |
10,77,550 |
18.75 |
|
Total |
40,28,015 |
70.09 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Name of the
Shareholder |
No.
of Share |
%
of Holding |
|
Sudarshan Securities Private Limited |
100000 |
1.74 |
|
Total |
100000 |
1.74 |
BUSINESS DETAILS
|
Line of Business : |
The Subject engaged in Manufacturing of Peroxygens. |
GENERAL INFORMATION
|
No. of Employees : |
121 (Approximately) |
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Bankers : |
· State Bank of India · Canara Bank · Corporation Bank ·
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Facilities : |
Note: Secured by a first charge by way of hypothecation of stocks and book debts and second mortgage of all the Company’s immovable properties. |
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Banking
Relations : |
-- |
|
|
|
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Auditors : |
|
|
Name : |
S. B. Billimoria and Company Chartered Accountants |
|
|
|
|
Solicitors and
Advocates |
Crawford Bayley and Company |
|
|
|
|
Wholly owned
Subsidiary : |
Naperol Investments 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 |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5747000 |
Equity Shares |
Rs.10/- each |
Rs.57.470
Millions |
(Equity shares of
Rs.10 each, fully paid up with voting rights, outstanding at the beginning and
at the end of the year) The Company has only one class of shares referred to as
equity shares having a par value of Rs.10 each holder of equity shares is
entitled to one vote per share.
The Company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts. However, no such preferential amounts
exist currently. The distribution will be in proportion to the number of equity
shares held by the shareholders.
In last 5 years,
no classes of shares has been issued either by payment being received in cash
or brought back nor bonus issues made by the Company.
Following are the
names of the shareholders with numbers of Equity Shares holding more than 5
percent of the total Equity Shares:
|
Name of the
Equity Shareholders |
Numbers of
shares |
Percentage |
|
Macrofil Investments Limited |
1884065 |
32.78 |
|
Solvay S A |
1442500 |
25.10 |
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 |
57.470 |
57.470 |
57.470 |
|
(b) Reserves & Surplus |
1723.044 |
1425.214 |
1230.129 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1780.514 |
1482.684 |
1287.599 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
170.669 |
157.535 |
123.850 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.501 |
5.401 |
0.000 |
|
Total Non-current Liabilities (3) |
176.170 |
162.936 |
123.850 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10.265 |
52.643 |
88.517 |
|
(b) Trade payables |
254.833 |
200.789 |
229.235 |
|
(c) Other current
liabilities |
29.015 |
20.347 |
47.899 |
|
(d) Short-term provisions |
112.257 |
89.756 |
89.555 |
|
Total Current Liabilities (4) |
406.370 |
363.535 |
455.206 |
|
|
|
|
|
|
TOTAL |
2363.054 |
2009.155 |
1866.655 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1104.176 |
1178.195 |
745.941 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
31.457 |
25.834 |
218.808 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.733 |
12.733 |
12.733 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
84.044 |
35.745 |
80.481 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.207 |
|
Total Non-Current Assets |
1232.410 |
1252.507 |
1058.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
573.354 |
227.068 |
205.009 |
|
(b) Inventories |
81.883 |
109.627 |
183.949 |
|
(c) Trade receivables |
316.678 |
243.634 |
270.743 |
|
27(d) Cash and cash
equivalents |
12.029 |
10.199 |
10.153 |
|
(e) Short-term loans and
advances |
145.339 |
164.524 |
137.876 |
|
(f) Other current assets |
1.361 |
1.596 |
0.755 |
|
Total Current Assets |
1130.644 |
756.648 |
808.485 |
|
|
|
|
|
|
TOTAL |
2363.054 |
2009.155 |
1866.655 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2122.751 |
1540.000 |
1819.154 |
|
|
|
|
Other Income |
50.395 |
21.672 |
29.616 |
|
|
|
|
TOTAL (A) |
2173.146 |
1561.672 |
1848.770 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Raw Material Consumed |
513.685 |
336.060 |
292.104 |
|
|
|
|
Changes in inventories of finished goods |
18.527 |
58.710 |
(84.903) |
|
|
|
|
Employee benefits expenses |
139.487 |
106.864 |
112.640 |
|
|
|
|
Other expenses |
783.552 |
566.910 |
577.822 |
|
|
|
|
TOTAL (B) |
1455.251 |
1068.544 |
897.663 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
717.895 |
493.128 |
951.107 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
3.472 |
4.075 |
7.584 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
714.423 |
489.053 |
943.523 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
110.023 |
100.219 |
84.096 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
604.400 |
388.844 |
859.427 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
206.334 |
114.022 |
280.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
398.066 |
274.822 |
579.227 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1175.364 |
1007.779 |
564.645 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
39.900 |
27.500 |
57.950 |
|
|
|
|
Dividend |
86.205 |
68.964 |
68.964 |
|
|
|
|
Tax on Dividend |
14.030 |
10.763 |
11.454 |
|
|
|
|
Additional Tax on Dividend |
0.000 |
0.000 |
(2.275) |
|
|
|
BALANCE CARRIED
TO THE B/S |
1433.295 |
1175.364 |
1007.779 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
0.416 |
0.484 |
3.585 |
|
|
|
TOTAL EARNINGS |
0.416 |
0.484 |
3.585 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
50.490 |
70.859 |
58.854 |
|
|
|
|
Stores & Spares |
0.609 |
2.921 |
0.587 |
|
|
|
|
Capital Goods |
2.746 |
15.363 |
33.728 |
|
|
|
TOTAL IMPORTS |
53.845 |
89.143 |
93.169 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
69.26 |
47.82 |
100.79 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
18.32 |
17.60 |
31.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.47 |
25.25 |
47.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.04 |
20.10 |
55.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.26 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.04 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78 |
2.08 |
1.78 |
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 |
Yes |
|
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 |
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 |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay Stamp
No.:-
SSL/1261/2012 Filing Date: - 08/05/2012 Petitioner:- BEACH TOWERS CONDOMINIUM - Respondent:-
NATIONAL PEROXIDE LIMITED – Petn.Adv.:- SAGAR R. MADAN (0) District:- MUMBAI Bench:-SINGLE Status:- Pre-Admission
Category:-MONETARY SUITS Last Date:- 04/09/2012
Stage:-FOR REJECTION [ORIGINAL SIDE MATTERS) Last Coram:- REGISTRAR(OS)/PROTHONOTARY AND
SR.MASTER Act :-Code of Civil Procedure 1908 |
YEAR IN RETROSPECT
The gross sales
and other income for the year were Rs.2173.100 lac as against Rs.1561.700
Millions for the previous year, registering an increase of 39%. The profit
before tax was Rs.604.400 Millions (after interest and depreciation charges of
Rs.113.500 Millions) and the profit after tax was Rs.398.100 Millions for the
year as against Rs.388.800 Millions and Rs.274.800 Millions respectively, for
the previous year, registering an increase of 55% and 45% respectively.
The increase in sales and profit was due to a significant increase in
the sales volume of Hydrogen Peroxide and Hydrogen Gas.
OPERATIONS
The Company
produced 79,127 MT of Hydrogen Peroxide, during the year, as compared to 57,624
MT during the previous year.
The Company sold
80,334 MT of Hydrogen Peroxide during the year, as against 61,240 MT during the
previous year. The increase in the sales volume during the year as compared to
the previous year was due to the additional capacity which became operational
during the year and the shutdown taken in the previous year to bring the
additional capacity on stream. The Company continues to maintain its prime
position in the market and held 43% market share during the year.
4.28 Million Cubic
Meters (MCM) of Hydrogen Gas were also sold during the year as against 3.29 MCM
during the previous year. As per the contract with GAIL Limited, price of Natural
Gas continued to rise during the year, resulting in increased cost of
production. During the year, the Company received Rs.3.825 Millions by way of
dividend from its wholly owned subsidiary, Naperol Investments Limited. Since
the Company became debt free, the cash surplus has been invested in financial
instruments. The interest & dividend income on account of such investments
amounts to Rs.48.000 Millions. As a result, the other income of the Company was
Rs.52.700 Millions as against Rs.28.600 Millions in previous year.
During the year,
the Company has commenced its expansion project which will increase the
capacity of the Hydrogen Peroxide Plant from 84,000 MTPA to 95,000 MTPA. This
project is expected be completed by May 2014.
OUTLOOK
The outlook for
the industry in the near term can only be viewed with cautious optimism. During
the year significant imports took place from Thailand. These were from both the
producers from Thailand as that country has a limited domestic demand. On the other
hand, the domestic availability has improved as a result of the increased
capacity of the Company and a new plant set-up by a competitor. The imports
from Thailand are likely to continue during the coming year.
The subsidized
supply of Natural Gas in the neighboring countries has created distortions in
the cost structure of the industry. This coupled with lower logistics costs,
due to the proximity to the customers, makes imports feasible particularly in
the North and East from Pakistan and Bangladesh respectively. This will impact
the demand for domestic producers.
The situation in
the Tirupur belt which is a large producer of textile had undergone improvement
due to setting up of Common Effluent Treatment Plants (CETPs) as well as other
actions by the Indian producers of textiles. This is expected to improve the
demand for Hydrogen Peroxide.
It is not certain when the implementation of Goods and Service Tax (GST)
is likely to take place. Maharashtra has now switched over to Local Body Tax
(LBT) in place of Octroi. Although this has improved the operational issues, it
has not resulted in any savings. In the near future the implementation of GST
looks unlikely.
NOTE: CURRENT
MATURITIES OF LONG TERM DEBT NOT AVAILABLE
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER
2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
583.636 |
596.859 |
1180.495 |
|
b) Other operating income |
0.491 |
0.436 |
0.927 |
|
Total
income from Operations(net) |
584.127 |
597.295 |
1181.422 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
177.850 |
168.264 |
346.114 |
|
b) Purchases of stock in trade |
8.605 |
15.407 |
24.012 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(37.094) |
(16.006) |
(53.100) |
|
d) Employees benefit expenses |
42.160 |
35.321 |
77.481 |
|
e) Power |
54.414 |
47.781 |
102.195 |
|
f) Packing and Containers |
46.988 |
39.993 |
86.981 |
|
g) Consumption of Stores and Spares |
9.113 |
6.243 |
15.356 |
|
h) Freight Outward |
47.994 |
43.592 |
91.586 |
|
i) Depreciation and Amortisation Expense |
24.326 |
24.222 |
48.548 |
|
j) Other Expenditure |
68.823 |
67.325 |
136.148 |
|
Total expenses |
443.179 |
432.142 |
875.321 |
|
3. Profit from operations before other income and financial
costs |
140.948 |
165.153 |
306.101 |
|
4. Other income |
20.688 |
14.619 |
35.307 |
|
5. Profit from ordinary activities before finance costs |
161.636 |
179.772 |
341.408 |
|
6. Finance costs |
0.359 |
0.451 |
0.810 |
|
7. Net profit/(loss) from ordinary activities after finance costs but
before exceptional items |
161.277 |
179.321 |
340.598 |
|
8. Exceptional item |
11.956 |
0.000 |
11.956 |
|
9. Profit from ordinary activities before tax Expense: |
173.233 |
179.321 |
352.554 |
|
10.Tax expenses |
58.670 |
60.040 |
118.710 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
114.563 |
119.281 |
233.844 |
|
12. Paid-up Equity Share Capital (Face value per equity share of Rs.10
each) |
57.470 |
57.470 |
57.470 |
|
13. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
14 Basic and Diluted Earnings per Share (EPS)(Rs.) (Not Annualised)(For
year end - Annualised) |
19.93 |
20.76 |
40.69 |
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1718985 |
1718985 |
1718985 |
|
- Percentage of shareholding |
29.91 |
29.91 |
29.91 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
799000 |
919000 |
799000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
19.84 |
22.82 |
19.84 |
|
Percentage of shares (as a % of total share capital of the
company) |
13.90 |
15.99 |
13.90 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3229015 |
3109015 |
3229015 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
80.16 |
77.18 |
80.16 |
|
Percentage of shares (as a % of total share capital of the
company) |
56.19 |
54.10 |
56.19 |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
2 |
||
|
Disposed of during the quarter |
2 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1.
Statement of Assets and Liabilities
|
SOURCES OF FUNDS |
|
|
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
57.470 |
|
(b) Reserves & Surplus |
|
|
1956.890 |
|
Sub-total -
Shareholders' Funds |
|
|
2014.360 |
|
|
|
|
|
|
(2)
Non-Current Liabilities |
|
|
|
|
(a) Deferred tax liabilities (Net) |
|
|
174.479 |
|
(b) long-term provisions |
|
|
5.474 |
|
Sub-total - Non-Current Liabilities |
|
|
179.953 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
15.575 |
|
(b) Trade payables |
|
|
344.604 |
|
(c) Other current
liabilities |
|
|
48.791 |
|
(d) Short-term provisions |
|
|
12.280 |
|
Sub-total - Current Liabilities |
|
|
421.250 |
|
|
|
|
|
|
TOTAL |
|
|
2615.563 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1062.679 |
|
(ii) Capital work-in-progress |
|
|
135.765 |
|
(b) Non-current Investments |
|
|
12.733 |
|
(c) Long-term Loan and Advances |
|
|
76.989 |
|
Sub-total - Non-Current Assets |
|
|
1288.166 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current Investments |
|
|
52.573 |
|
(b) ) Inventories |
|
|
146.440 |
|
(c) Trade receivables |
|
|
334.420 |
|
(d) Cash and cash
equivalents |
|
|
61.072 |
|
(e) Short-term loans and
advances |
|
|
718.724 |
|
(f) Other current assets |
|
|
14.168 |
|
|
|
|
1327.397 |
|
|
|
|
|
|
TOTAL |
|
|
2615.563 |
2.
Exceptional Income for the quarter and six months
ended 30th September, 2013 is on account of refund received as per the order of
the Consumer Grievance Redressal Forum of Rs.11.956 Millions charged by
Maharashtra State Electricity Distribution Company Limited during the period
April 2010 to March 2013 towards Voltage Surcharge.
3.
In the context of the Accounting Standard on Segment
Reporting (AS-17), Peroxygen business is the only reportable business segment.
4.
The above results were reviewed by the Audit
Committee of the Board and were thereafter approved and taken on record by the
Board of Directors at its meeting held on 8th November, 2013 and have been
subjected to a "Limited Review" by the Auditors.
5.
The figures for the previous periods/year have been
regrouped, wherever necessary, to conform to the classifications of the current
period
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90229804 |
26/03/2003 * |
100,000,000.00 |
UTI
Bank Limited |
FORT BRANCH; SIR P M ROAD, MUMBAI,
Maharashtra - 400001, INDIA |
- |
|
2 |
90229766 |
28/03/2002 |
12,500,000.00 |
HOUSING
DEVLOPMENT FINANCE CORPORTION LIMITED |
RAMAN HOUSE, 169; BACK
RECLMATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
3 |
90229668 |
03/04/2001 * |
100,000,000.00 |
UTI
Bank Limited |
SAKAR-1; GROUND FLOOR; OPP;
GANDHI GRAM RAILWAY ST, AHEMADABAD, Maharashtra - 380009, INDIA |
- |
|
4 |
90229424 |
16/05/2008 * |
245,000,000.00 |
State
Bank of India(SBI) |
Commercial Branch, N.G.N. Vaidya
marg, Mumbai, Maharashtra - 400023, INDIA |
A40769689 |
|
5 |
90229035 |
22/01/1996 |
50,000,000.00 |
ING
BANK N V |
7 TH FLOOR; HOECHST HOUSE;
193; BACKBAY RECLATIO, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
6 |
90229005 |
01/02/1996 * |
130,000,000.00 |
State
Bank of India |
COMMERCIAL BRANCH; JUSTICE G N
ROAD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
7 |
80010112 |
16/05/2008 * |
245,000,000.00 |
State
Bank of India(SBI) |
Commercial Branch, N.G.N. Vaidya
marg, Mumbai, Maharashtra - 400023, INDIA |
A40769556 |
|
8 |
90229002 |
27/07/2001 * |
212,000,000.00 |
CANARA
BANK |
65; SONAWALE; MUMBAI SAMACHAR
MARG, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
9 |
90228964 |
16/05/2000 * |
105,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACK BAY RECLATION,
MUMBAI, Maharashtra - 400020, INDIA |
- |
|
10 |
90228911 |
20/04/1995 * |
49,500,000.00 |
State
Bank of India |
JUSTICE G N VAIDYA MARG, COMMERCIAL
BRANC H, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
11 |
90228896 |
01/02/1996 * |
200,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163.BACK BAY RECLATION,
MUMBAI, Maharashtra - 4000 |
- |
|
12 |
90228873 |
30/01/1995 |
150,000,000.00 |
Housing
Devlopment Finance Corportion Limited |
RAMAN HOUSE ; BACKBAY
RECLATION, MUMBAI, Maharashtra - 400020, INDIA |
- |
|
13 |
90228862 |
15/05/2000 * |
100,000,000.00 |
CORPORTION
BANK |
INDUSTRIAL FINANCE BRANCH;
SAMACHAR MARG, MUMBAI, |
- |
|
14 |
90228793 |
14/06/1994 |
25,000,000.00 |
Canara
Bank |
B S MARG, MUMBAI, Maharashtra
- 400023, INDIA |
- |
|
15 |
90228676 |
14/06/1994 * |
11,500,000.00 |
Canara
Bank |
B S MARG, MUMBAI, Maharashtra
- 400023, INDIA |
- |
|
16 |
90228549 |
23/03/1993 * |
8,500,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACKBAY RECLATION,
MUMBAI, Maharashtra - 40 |
- |
|
17 |
90228545 |
23/03/1993 * |
20,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACKBAY RECLATION,
MUMBAI, Maharashtra - 40 |
- |
|
18 |
90228539 |
15/04/1992 * |
5,000,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
FORT, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
19 |
90230684 |
20/12/1991 |
10,000,000.00 |
CANARA
BANK |
B S MARG, MUMBAI, Maharashtra
- 400023, INDIA |
- |
|
20 |
90228481 |
14/06/1994 * |
20,000,000.00 |
CANARA
BANK |
B S MARG, MUMBAI, Maharashtra
- 400023, INDIA |
- |
|
21 |
90228384 |
16/05/1991 * |
20,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACK BAY RECLAMATION, MUMBAI,
Maharashtra - 400020, INDIA |
- |
|
22 |
90228359 |
04/02/1991 * |
12,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACK BAY RECLMATION,
MUMBAI, Maharashtra - 40 |
- |
|
23 |
90228336 |
01/11/1990 |
26,000,000.00 |
State
Bank of India |
COMMERCIAL BRANCH; JUSTICE G N
VAIDYA MARG, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
24 |
90228332 |
20/04/1995 * |
10,000,000.00 |
State
Bank of India |
JUSTICE G N VAIDYA MARG, COMMERCIAL
BRANC H, MUMB |
- |
|
25 |
90228247 |
12/07/1989 * |
3,000,000.00 |
Industrial
Credit and Investment Corportion of India Limited |
163; BACKBAY RECLAMATION,
MUMBAI, Maharashtra - 400020, INDIA |
- |
|
26 |
90228174 |
03/04/2001 * |
4,000,000.00 |
State
Bank of India |
Y N ROAD BRANCH, INDORE,
Madhya Pradesh - 452003, |
- |
|
27 |
90228094 |
19/06/1991 * |
13,600,000.00 |
State
Bank of India |
COMMERCIAL BRANCH ; JUSTICE G N
MARG, MUMBAI, Maharashtra - 400023, INDIA |
- |
FIXED ASSETS:
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
·
Computer
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.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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.