MIRA INFORM REPORT
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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALKYL AMINES CHEMICALS LIMITED |
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Registered
Office : |
401-407, Nirman Vyapar Kendra, Plot
No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400 703, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
17.10. 1979 |
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Com. Reg. No.: |
11-021796 |
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Capital Investment
/ Paid-up Capital : |
Rs. 102.060 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1979PLC021796 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA19115F |
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PAN No.: [Permanent Account No.] |
AAACA9052B |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers and Suppliers of Amines and Amine-based Chemicals. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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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 4200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a good track record. Profitability of the company appears to be good. Also financial
performance of the company appears to be sound and health. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular. 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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A– (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
03.07.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
A2+ (Short Term Rating) |
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Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
03.07.2013 |
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.
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
401-407, Nirman Vyapar Kendra,
Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India. |
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Tel. No.: |
91-22-67946600/ 67946618 |
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Fax No.: |
91-22-67946666 |
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E-Mail : |
Export : |
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Website : |
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Factory 1 : |
Plot No. A-7 and A-25, MIDC Patalganga
Industrial Area, District Raigad–410220, |
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Factory 2 : |
Plot No. D-6/1, and D-6/2, MIDC
Kurkumbh Industrial Area. Taluka Daund, District Pune–413802, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Yogesh M. Kothari |
|
Designation : |
Chairman and Managing Director |
|
Address : |
207 A, Kakad chambers, 132 dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
20.02.1949 |
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Date of Appointment : |
18.10.1980 |
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PAN No. : |
AADPK6727F |
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|
Name : |
Kirat Patel |
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Designation : |
Executive Director |
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Address : |
207 A, Kakad chambers, 132 Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
13.09.1852 |
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Date of Appointment : |
17.12.1996 |
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PAN No. : |
AABPP1526H |
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Name : |
Mr. Suneet Y Kothari |
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Designation : |
Executive Director |
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Address : |
207 A, Kakad chambers, 132 Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
17.06.1976 |
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Date of Appointment : |
24.01.2007 |
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Name : |
Mr. Hemendra M. Kothari |
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Designation : |
Non Executive Director |
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Address : |
DSP Block Rock, Investment Managers Private Limited, Mafatlala Centre,
10th Floor, Narinal Point, Mumbai – 400021, Maharashtra, India |
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Date of Birth/Age : |
24.081946 |
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Date of Appointment : |
18.10.1980 |
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PAN No. : |
ABOPK8771F |
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Name : |
Mr. Shyam B. Ghia |
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Designation : |
Non Executive Director |
|
Address : |
Futura Polysters Limited, Paragon, Condominium, 3rd Floor,
( |
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Date of Birth/Age : |
22.11.1947 |
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Date of Appointment : |
18.11.1980 |
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Name : |
Mr. Shobhan M. Thakore |
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Designation : |
Non Executive Director |
|
Address : |
Talwar Thakore and Associates, 3rd Floor, Kalptaru
Heritage, 127, |
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Date of Birth/Age : |
03.07.1947 |
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Date of Appointment : |
19.04.1988 |
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Name : |
Mr. Dilip G. Piramal |
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Designation : |
Non Executive Director |
|
Address : |
VIP Industries Limited, VIP House, 5th Floor, 88C, |
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Date of Birth/Age : |
02.11.1949 |
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Date of Appointment : |
18.10.1980 |
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Name : |
Mr. Premal N. Kapadia |
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Designation : |
Non Executive Director |
|
Address : |
Harshadray Private Limited, Jiji House, Damodardas Sukhdwala Marg,
Fort, Mumbai – 400001, |
|
Date of Birth/Age : |
05.06.1949 |
|
Date of Appointment : |
20.07.1999 |
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|
Name : |
Mr. K. R. V. Subrahmanian |
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Designation : |
Non Executive Director |
|
Address : |
8 Rushilla, 17-C, |
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Date of Birth/Age : |
26.09.1933 |
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Date of Appointment : |
11.10.1999 |
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|
Name : |
Mr. Tarjani Vakil |
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Designation : |
Non Executive Director |
|
Address : |
A-1, Ishwardas Mansion, Nana Chowk, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
30.10.1936 |
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Date of Appointment : |
11.08.2005 |
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|
Name : |
Mrs. Meena Verma |
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Designation : |
Nominee Director |
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Address : |
Export –Import Bank of |
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Date of Birth/Age : |
21.11.1971 |
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Date of Appointment : |
18.04.2012 |
KEY EXECUTIVES
|
Name : |
Mr. K. P. Rajagopalan |
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Designation : |
General Manager (Secretarial and Legal) |
|
Address : |
401-407, Nirman Vyapar Kendra,
Plot No. 10, Sector 17, DBC, Vashi, Navi Mumbai – 400703, Maharashtra, India. |
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Date of Birth/Age : |
15.01.1952 |
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Date of Appointment : |
07.07.1986 |
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Name : |
Mr. Sameer S. Katdare |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. R. N. Iyer |
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Designation : |
Vice President (Manufacturing) |
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Name : |
Mr. S S Khade |
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Designation : |
General Manager (P and A) |
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Name : |
Mr. S Saimani |
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Designation : |
General Manager (Technology Development) |
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Name : |
Mr. Girish Naik |
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Designation : |
General Manager (Marketing) |
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Name : |
Dr. Prasanna Somalwar |
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Designation : |
General Manager (Research and Development and Business Development) |
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Name : |
Mr. S Giridhar |
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Designation : |
General Manager (Finance and Accounts) |
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Name : |
Mr. Milind Deshmukh |
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Designation : |
General Manager (Works) |
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Name : |
Mr. Sagar Jadhav |
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Designation : |
General Manager (Works) |
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Name : |
Mr. Sameer Deshpande |
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Designation : |
General Manager (Commercial) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
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|
6584876 |
64.57 |
|
|
955070 |
9.37 |
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|
7539946 |
73.93 |
|
|
|
|
|
|
26448 |
0.26 |
|
|
26448 |
0.26 |
|
Total shareholding of Promoter and Promoter Group (A) |
7566394 |
74.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
676 |
0.01 |
|
|
86 |
0.00 |
|
|
762 |
0.01 |
|
|
|
|
|
|
223870 |
2.20 |
|
|
|
|
|
|
1485326 |
14.56 |
|
|
802708 |
7.87 |
|
|
119136 |
1.17 |
|
|
43346 |
0.43 |
|
|
75790 |
0.74 |
|
|
2631040 |
25.80 |
|
Total Public shareholding (B) |
2631802 |
25.81 |
|
Total (A)+(B) |
10198196 |
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) |
10198196 |
0.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to the
category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Kunjlata N Shah |
5,001 |
0.05 |
0.05 |
|
2 |
Aditi Hemendra Kothari |
14,168 |
0.14 |
0.14 |
|
3 |
Nini Yogesh Kothari |
2,53,574 |
2.49 |
0.14 |
|
4 |
Suchi Hemendra Kothari |
14,072 |
0.14 |
1.05 |
|
5 |
Hemendra Mathradas Kothari |
1,06,700 |
1.05 |
60.04 |
|
6 |
Yogesh Mathradas Kothari |
61,23,311 |
60.04 |
0.25 |
|
7 |
Anjyko Investments Private Limited |
25,850 |
0.25 |
2.49 |
|
8 |
Suneet Yogesh Kothari |
76,662 |
0.75 |
0.75 |
|
9 |
Devangana Jayant Desai |
5,460 |
0.05 |
0.05 |
|
10 |
Anjali Y Kothari |
12,376 |
0.12 |
0.12 |
|
11 |
SYK Trading and Consultancy Private Limited |
1,56,654 |
1.54 |
1.54 |
|
12 |
YMK Trading and Consultancy Private Limited |
3,82,466 |
3.75 |
3.75 |
|
13 |
Niyoko Trading and Consultancy Private Limited |
3,90,100 |
3.83 |
3.83 |
|
|
Total |
75,66,394 |
74.19 |
74.19 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Sanjiv Dhireshbhai Shah |
175353 |
1.72 |
1.72 |
|
|
|
Total |
175353 |
1.72 |
1.72 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of Amines and Amine-based Chemicals. |
PRODUCTION STATUS ( As On 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
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|
Speciality Chemicals |
M.T. |
38115 |
36221 |
|
Industrial Gases |
M.T. |
4800000 |
2277240 |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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Bankers : |
·
State Bank of India · Axis Bank Limited
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Facilities : |
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NOTES
LONG TERM
BORROWINGS
Nature of Security
and Terms of Repayment of Long-term Borrowings
|
|
Rate of Interest |
As At March 31, 2013 (Rs. In Millions) |
As
At March 31, 2012 (Rs. In Millions) |
|
|
a. I. i. |
Nature
of security Term
Loan from Banks Term
Loans of Rs. 112.500 Millions repayable in 60 monthly installments from
November 30, 2009 and of Rs. 87.000 Millions repayable in 48 monthly
installments from July 4, 2008 are secured by: a.
Mortgage of the Company’s immovable properties specified in the relevant loan
agreements; b.
Hypothecation of the Company’s movable properties, both, present and future,
save and except Book Debts and subject to prior charge created/or to be
created in favour of the Company’s Bankers, on stocks of raw materials,
semi-finished goods, finished goods and consumables stores for working
capital requirements. The
mortgage and charges referred to above rank pari-passu inter se. |
Ranging
from 13.50% p.a. to 15.25% p.a. |
14.063 |
48.188
|
|
ii.
|
Term
Loan of Rs. 80.000 Millions repayable in 60 monthly installments from October
31, 2009 to part finance Company's normal capital expenditure at Kurkumbh is
secured by creation of charges on properties listed at item i.a. above and
also a second charge by way of hypothecation of Raw Material Inventory, Book
Debts, Movable Machinery, etc. |
Ranging
from 13.35% p.a. to 15% p.a. |
20.120 |
37.450
|
|
iii.
|
Foreign
Currency Term Loans of US$ 3.3 million repayable in 16 quarterly installments
beginning from September 30, 2012 and of US$ 3 million repayable in 16
quarterly installments beginning from June 14, 2014 to part finance Company's
normal capital expenditure are secured by creation of charges on properties
listed at item i.a. above and also a second charge by way of hypothecation of
Raw Material Inventory, Book Debts, Movable Machinery, etc. |
LIBOR
plus 3% p.a. |
312.753 |
170.379
|
|
iv.
|
Vehicle
Loans are secured against specified assets repayable in equated monthly
installments ranging from 36 to 60 months |
Ranging
from 8.86% to 10.95% p.a. |
4.302 |
5.282
|
|
|
|
|
351.238
|
261.299 |
|
|
Less
: Current Maturities of Long-term Debt |
|
77.569 |
85.316
|
|
|
|
|
273.669 |
175.983 |
|
II.
Term Loan from Other Parties - Financial Institutions |
||||
|
i.
|
Term
Loan of Rs. 170.000 Millions repayable in 16 installments from July 25, 2011
is secured by: a.
Mortgage of the Company’s immovable properties specified in the relevant loan
agreements; b.
Hypothecation of the Company’s movable properties, both, present and future,
save and except Book Debts and subject to prior charge created/or to be
created in favour of the Company’s Bankers, on stocks of raw materials,
semi-finished goods, finished goods and consumables stores for working
capital requirements. The
mortgage and charges referred to above rank pari-passu inter se. |
12.00%
p.a. |
95.625 |
138.125
|
|
ii.
|
Vehicle
Loans are secured against specified assets repayable in equated monthly
installments of 36 months |
8.70%
p.a. |
0.264 |
0.422
|
|
|
|
|
95.889
|
138.547 |
|
|
Less
: Current Maturities of Long-term Debt |
|
42.534 |
42.888
|
|
|
|
|
53.355 |
95.659 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bansi S. Mehta and Company Chartered Accountants |
|
Address : |
11-13 |
|
PAN No.: |
AAEPC3993Q |
|
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Subsidiaries : |
|
|
|
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Associates : |
|
|
|
|
|
Entities on
which Key Managerial Personnel has Control : |
|
|
|
|
|
Entities on
which relatives of Key Managerial Personnel has control: |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
1500000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 150.000 Millions |
|
|
TOTAL |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10198196 |
Equity Shares |
Rs.10/- each |
Rs. 101.982
Millions |
|
|
Shares Forfeited |
|
Rs. 0.078 Million |
|
|
TOTAL |
|
Rs. 102.060 Millions |
NOTES
Reconciliation of the
number of shares outstanding and amount of share capital
|
Equity shares of Rs. 10 par value |
As At March 31,
2013 |
|
|
No. of shares |
Rs. In Millions |
|
|
At the beginning |
10,198,196 |
101.982 |
|
|
|
|
|
At the end |
10,198,196 |
101.982 |
Rights, preferences and restrictions
i.
The Company has only one class of shares referred
to as equity shares having par value of Rs. 10. Each holder of equity shares is
entitled to one vote per share.
ii.
The Company declares and pays dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the Shareholders in the ensuing Annual General Meeting. The Board
of Directors, in their meeting on May 16, 2013, proposed a final dividend of
Rs. 5 per equity share. The proposal is subject to the approval of shareholders
at the Annual General Meeting. The total dividend appropriation for the year
ended March 31, 2013 amounted to Rs. 59.657 Millions including corporate
dividend tax of Rs. 8.666 Millions.
During the year ended March 31, 2012, the
amount of per share dividend recognised as distribution to equity shareholders
is Rs. 4. The Dividend appropriation for the year ended March 31, 2012 amounted
to Rs. 47.411 Millions including corporate dividend tax of Rs. 6.618 Millions.
iii.
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. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
Details of shares
held by shareholders holding more than 5% of the aggregate equity shares in the
Company
|
Name of the
Shareholder |
As At March 31,
2013 |
|
|
No. of shares |
% Held |
|
|
Yogesh M. Kothari |
61,23,311 |
60.04 |
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 |
102.060 |
102.060 |
102.062 |
|
(b) Reserves & Surplus |
966.450 |
786.786 |
662.557 |
|
(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) |
1068.510 |
888.846 |
764.619 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
599.667 |
519.736 |
543.763 |
|
(b) Deferred tax liabilities (Net) |
182.770 |
166.772 |
157.440 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
20.398 |
20.776 |
33.357 |
|
Total Non-current
Liabilities (3) |
802.835 |
707.284 |
734.560 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
734.723 |
582.909 |
549.969 |
|
(b) Trade
payables |
379.307 |
253.750 |
217.827 |
|
(c) Other
current liabilities |
255.477 |
242.499 |
182.343 |
|
(d) Short-term
provisions |
77.572 |
57.935 |
42.535 |
|
Total Current
Liabilities (4) |
1447.079 |
1137.093 |
992.674 |
|
|
|
|
|
|
TOTAL |
3318.424 |
2733.223 |
2491.853 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1259.959 |
1221.571 |
977.654 |
|
(ii)
Intangible Assets |
1.066 |
1.738 |
1.553 |
|
(iii)
Capital work-in-progress |
73.216 |
42.136 |
219.553 |
|
(iv)
Intangible assets under development |
16.060 |
14.391 |
13.256 |
|
(b) Non-current Investments |
23.427 |
23.427 |
23.427 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
147.681 |
80.559 |
69.749 |
|
(e) Other
Non-current assets |
0.000 |
32.568 |
87.197 |
|
Total Non-Current
Assets |
1521.409 |
1416.390 |
1392.389 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
726.866 |
497.282 |
519.620 |
|
(c) Trade
receivables |
759.652 |
603.580 |
473.287 |
|
(d) Cash
and cash equivalents |
154.370 |
110.736 |
12.533 |
|
(e)
Short-term loans and advances |
153.156 |
99.513 |
91.431 |
|
(f) Other
current assets |
2.971 |
5.722 |
2.593 |
|
Total
Current Assets |
1797.015 |
1316.833 |
1099.464 |
|
|
|
|
|
|
TOTAL |
3318.424 |
2733.223 |
2491.853 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3658.602 |
2877.994 |
2358.554 |
|
|
|
Other Income |
13.379 |
25.118 |
18.110 |
|
|
|
TOTAL (A) |
3671.981 |
2903.112 |
2376.664 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
2052.939 |
1541.396 |
1307.071 |
|
|
|
Employee benefits expenses |
208.762 |
160.415 |
120.327 |
|
|
|
Other Expenses |
871.383 |
730.352 |
693.700 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(50.106) |
23.638 |
(75.408) |
|
|
|
TOTAL (B) |
3082.978 |
2455.801 |
2045.690 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
589.003 |
447.311 |
330.974 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.383 |
121.392 |
103.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
459.620 |
325.919 |
227.746 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
100.338 |
89.094 |
91.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
359.282 |
236.825 |
136.068 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
119.962 |
65.187 |
32.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
239.320 |
171.638 |
104.049 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods at F.O.B. value |
772.510 |
636.132 |
407.326 |
|
|
|
Other Earnings |
0.000 |
1.476 |
0.774 |
|
|
TOTAL EARNINGS |
772.510 |
637.608 |
408.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
198.469 |
211.072 |
1218.151 |
|
|
|
Stores & Spares |
1.985 |
13.452 |
78.780 |
|
|
TOTAL IMPORTS |
200.454 |
224.524 |
1296.931 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
23.47 |
16.83 |
10.20 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
1st
Quarter |
|
Net Sales |
1040.400 |
|
Total Expenditure |
861.400 |
|
PBIDT (Excl OI) |
178.900 |
|
Other Income |
7.100 |
|
Operating Profit |
186.100 |
|
Interest |
29.300 |
|
Exceptional Items |
0.000 |
|
PBDT |
156.700 |
|
Depreciation |
26.000 |
|
Profit Before Tax |
130.700 |
|
Tax |
42.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
88.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
88.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.52
|
5.91 |
4.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.82
|
8.23 |
5.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.21
|
8.93 |
6.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.27 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.25
|
1.24 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.16 |
1.11 |
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
||||||||||||||||||||||||||||||||||||||||
|
Long-term
Borrowings |
|
|
||||||||||||||||||||||||||||||||||||||||
|
Deferred Payment Liability |
|
|
||||||||||||||||||||||||||||||||||||||||
|
Sales Tax Deferral
under the Package Scheme of Incentives, 1993 |
90.293 |
95.844 |
||||||||||||||||||||||||||||||||||||||||
|
Loans and advances from related parties |
|
|
||||||||||||||||||||||||||||||||||||||||
|
Deposits - Inter
Corporate |
83.000 |
80.000 |
||||||||||||||||||||||||||||||||||||||||
|
From Related
Parties |
47.450 |
22.450 |
||||||||||||||||||||||||||||||||||||||||
|
From Others |
51.900 |
49.800 |
||||||||||||||||||||||||||||||||||||||||
|
Short-term
Borrowings |
|
|
||||||||||||||||||||||||||||||||||||||||
|
Loans and Advances from Related Parties |
|
|
||||||||||||||||||||||||||||||||||||||||
|
Deposits - Inter
Corporate |
69.300 |
3.000 |
||||||||||||||||||||||||||||||||||||||||
|
From Related
Parties |
26.050 |
36.550 |
||||||||||||||||||||||||||||||||||||||||
|
From Others |
4.000 |
0.000 |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
|
TOTAL |
371.993 |
287.644 |
||||||||||||||||||||||||||||||||||||||||
|
NOTE LONG TERM
BORROWINGS
|
||||||||||||||||||||||||||||||||||||||||||
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities Of Long Term Debt |
|
|
|
|
Term Loans |
|
|
|
|
From Banks |
77.569 |
85.316 |
74.500 |
|
From Other Parties
- Financial Institutions |
42.534 |
42.888 |
32.474 |
|
Deferred
payment liabilities |
|
|
|
|
Sales
Tax Deferral under the Package Scheme of
Incentives, 1993 |
5.562 |
3.296 |
0.000 |
|
TOTAL |
125.665 |
131.500 |
106.974 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10407563 |
01/03/2013 |
165,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, HORNIMAN CIRCLE, N. G.
N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B69399954 |
|
2 |
10329982 |
30/12/2011 |
148,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, HORNIMAN CIRCLE, N G N
VAIDYA MARG FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B29960200 |
|
3 |
10188234 |
22/04/2010 * |
170,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE
CENTRE COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 40 |
A85025252 |
|
4 |
10153748 |
12/08/2009 * |
80,000,000.00 |
BANK OF BARODA |
CFS BRANCH, BOMBAY SAMACHAR MARG, FORT,
MUMBAI, |
A68890656 |
|
5 |
10133011 |
16/02/2009 * |
112,500,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR
TEMPLE, LAW G |
A57599573 |
|
6 |
90231675 |
08/06/2012 * |
1,177,100,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH(ADVANCES), HORNIMAN
CIRCLE, N.G.N. VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B73862328 |
|
* Date of charge modification |
||||||
OPERATIONS
Total Income (Gross) registered a 27.74% increase from Rs. 3183.700
Millions to Rs. 4066.700 Millions. Profit before tax (after interest and
depreciation charges) increased to Rs. 359.300 Millions compared to Rs. 236.800
Millions of the previous year. During the year 2012-2013 they have achieved
profit after tax of Rs. 239.300 Millions compared to Rs. 171.600 Millions of
the previous year.
NEW PROJECTS
During the year 2012-13, they commissioned a new Boiler at Kurkumbh at a
cost of around Rs. 60.000 Millions which will help the company by reducing its
utility costs.
They had reported last year commissioning of their new plant to produce
Acetonitrile, a chemical, which has applications in pharma and agrochemical
sectors. During the year 2012-13, they have added some balancing equipments to
the said plant, which have helped them to cater to the demands of some of the
specific customers who wanted higher quality of the material and will further
boost their sales. During the year 2013-14, they expect to invest up to Rs.
180.000 Millions approx. to enhance the production capacity of this plant. This
investment and other normal capital expenditure of Rs. 130.000 Millions,
aggregating Rs. 310.000 Millions, will be financed by borrowings and internal
cash generation.
Keeping in view their future expansion plans, they have recently
acquired land at the cost of approx. Rs. 120.000 Millions at Dahej, Gujarat
EXPORTS
During the year 2012-13, they achieved an export turnover of Rs. 772.500
Millions (FOB) compared to Rs. 636.100 Millions (FOB) of the previous year,
i.e. an increase of 21 %.
ASSOCIATE/SUBSIDIARY
COMPANIES
- DIAMINES AND
CHEMICALS LIMITED, VADODARA
Diamines and Chemicals Limited, Vadodara, their associate company, has
achieved a total income (Gross) of Rs. 641.100 Millions as against Rs. 729.000
Millions of the previous year and a profit after tax of Rs. 17.000 Millions as
against Rs. 36.000 Millions of the previous year. The Board of Directors of
Diamines and Chemicals Limited has recommended a dividend of 5% for the year
2012-13.
- ALKYL AMINES
(EUROPE) SPRL
In 2009, they had registered a wholly owned subsidiary company in the
name of Alkyl Amines (Europe) SPRL in Belgium with an initial share capital of Euro
12400 with a view of expanding and consolidating the company’s export business
in Europe. As on March 31, 2013 this company has an accumulated loss of Euro
6702.22.
- ALKYL
SPECIALITY CHEMICALS LIMITED
This company is engaged in marketing of their new products.
This company achieved a total income of Rs. 2.282 Millions (Previous
Year: Rs. 2.996 Millions) and a profit after tax of Rs. 1.306 Millions as
against Rs. 2.552 Millions of the previous year.
Pursuant to Accounting Standard AS21 issued by the Institute of
Chartered Accountants of India, Consolidated Financial Statements presented by
the Company include the financial information of Diamines and Chemicals
Limited, Alkyl Amines Europe SPRL and Alkyl Speciality Chemicals Limited.
The Annual Accounts of the Subsidiary companies Alkyl Amines Europe SPRL
and Alkyl Speciality Chemicals Limited are available for inspection by any
member at the registered office during business hours. The Company will send
copies thereof to the shareholders who may, if required, write to the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
They are a global manufacturer and supplier of amines and amine-based
chemicals. They have two manufacturing sites, one at Patalganga and the other
at Kurkumbh. They have an R and D Centre located at Pune equipped with advanced
equipments and analytical instruments. They have an excellent team of technical
and commercial professionals with expertise in chemicals manufacture and
marketing.
Their products have application in important industries like
pharmaceuticals, agro-chemicals, water treatment chemicals, photography
chemicals, rubber chemicals, etc. They cater to both domestic and international
market. They have competition both from local producers and international
producers.
PERFORMANCE
Total Income (net of taxes) amounted to Rs. 3672.000 Millions compared
to Rs. 2903.100 Millions of the previous year.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The operating profit before tax amounted to Rs. 359.300 Millions
compared to Rs. 236.800 Millions reported last year.
During the year, their gross domestic sales amounted to Rs. 3211.400
Millions compared to Rs. 2453.500 Millions of the previous year. Export sales
increased to Rs. 772.500 Millions (FOB) compared to Rs. 636.100 Millions of the
previous year.
OUTLOOK
For the year 2013-14, their focus will continue on sustainable growth by
taking measures for increasing their market share of existing products,
launching new products and creating new business in untapped growth market
segments in Export market.
Though there is sluggish demand in certain sectors and also increased
competition from global and domestic players, they expect the trend shown in 2012-13
to continue in the year 2013-14. With the global growth of chemicals focused
more on Asia, it is expected that there will be further growth in chemical
industry.
During the year 2013-14, they expect the investments, which they made in
their new product Acetonitrile, and also in debottlenecking capacities of other
products, add to both their topline and bottomline.
They are continuing with their
efforts on improvement in efficiencies, margins and profitability while
re-looking at business strategies and models, wherever necessary and barring,
unforeseen circumstances, they expect to achieve better results for the year
2013-14.
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Factory Equipment
- Furniture and Fixture
- Vehicles
- Office Equipment
STATEMENT OF UNAUDITED RESULTS FOR THE
QUARTER ENDED JUNE 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter ended
June 30,2013 (Unaudited)* |
|
1. Income from Operations: |
|
|
(a) Net Sales/Income from Operations (Net of Excise duty) |
1027.926 |
|
(b) Other Operating Income |
12.424 |
|
Total Income from Operations (net) |
1040.350 |
|
2. Expenses: |
|
|
a. Cost of Materials Consumed |
629.838 |
|
b. Changes in Inventories of Finished Goods and Work-in-progress |
(54.690) |
|
c. Employee Benefits Expense |
64.269 |
|
d. Depreciation and Amortisation Expense |
26.001 |
|
e. Other Expenses |
|
|
- Power and Fuel |
130.034 |
|
- Others |
91.978 |
|
Total Expenses |
887.430 |
|
3. Profit/(Loss) from Operations before Other Income, Finance costs
and Exceptional Items (1-2) |
152.920 |
|
4.Other Income |
7.139 |
|
5.Profit/(Loss) before Finance Costs and Exceptional Items (3+4) |
160.059 |
|
6.Finance Costs |
29.325 |
|
7.Profit/(Loss) after Finance Costs and Exceptional Items (5-6) |
130.734 |
|
8. Exceptional Items |
- |
|
9.Profit/Loss
before tax (7-8) |
130.734 |
|
10.Tax Expense |
42.000 |
|
11.Net Profit (+) / Loss (-) after tax (9-10) |
88.734 |
|
12.Paid up equity share capital (Face Value of Rs.10 per share) |
102.060 |
|
13.Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
- |
|
14. Earnings per share (EPS) (in Rs.) a. Basic and diluted EPS before Extraordinary items for the period
(not annualized) b. Basic and diluted EPS after Extraordinary items for the period (not
annualized) |
8.70 8.70 |
|
A. PARTICULARS OF SHAREHOLDING |
|
|
1. Public Shareholding -No. of Shares -Percentage of shareholding |
2,631,802.00 25.81% |
|
2. 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 -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) |
7,566,394 100.00% 74.19% |
|
B.
INVESTOR COMPLAINTS Pending
at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
0 1 1 0 |
NOTES
1. The Company is engaged in only one primary business segment i.e.
"Speciality Chemicals".
2. The above
results have been subjected to limited review by the Statutory Auditors of the Company,
reviewed by the Audit Committee and approved by the Board Directors at its
meeting held on August 7, 2013.
* 3. The figures
for the quarter ended March 31, 2013 are the balancing figures between the
audited figures in respect of full financial year and the published year to
date figures up to the third quarter ended December 31, 2012 which were
subjected to Limited Review by the Statutory Auditors.
4. Figures for the
previous periods have been regrouped and reclassified, wherever necessary.
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. 62.77 |
|
UK Pound |
1 |
Rs. 101.41 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.