MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHILLIPS CARBON BLACK LIMITED |
|
|
|
|
Registered
Office : |
31, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
|
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|
Date of
Incorporation : |
30.03.1960 |
|
|
|
|
Com. Reg. No.: |
21-24602 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.344.672 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23109WB1960PLC024602 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALP00035A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturer
and Supplier of Carbon Black in the Country Catering to the needs of
Elastomer, Plastic, Paints and Ink Manufacturing Industries. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having a satisfactory track
record. Company has incurred loss from its operations in the year 2013. However, overall financial position of the company appears to be
decent. Directors are reported to be experienced and respectable businessmen.
Rating also taken into consideration leadership position in domestic
carbon black industry and internationally accepted products with reputed
clients. Trade relations are fair. Business sis active. Payment terms are
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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
CARE |
|
Rating |
Long Term Bank Facilities: A+ |
|
Rating Explanation |
Adequate Credit Quality and Average Credit
risk. |
|
Date |
15.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest cret |
|
Date |
15.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-33-66251500.
LOCATIONS
|
Registered/ Head Office : |
31, |
|
Tel. No.: |
91-33-22208515/ 22209281/ 22206840/ 66251000/ 66251500/ 66251461-64 |
|
Fax No.: |
91-33-22480140/ 22206844 |
|
E-Mail : |
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|
Website : |
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Regional Offices : |
Located at: · Mumbai · Chennai · New Delhi · Kolkata |
|
|
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Factory 1 : |
Karimugal, Brahmapuram P.O., |
|
Tel. No.: |
91-484-2720833, 2720947, 2720331/ 383 |
|
Fax No.: |
91-484-2720649 |
|
E-Mail : |
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|
Factory 2 : |
27, R. N. Mukherjee Road, Dist. Burdwan, |
|
Tel. No.: |
91-343-2556693-94 |
|
Fax No.: |
91-343-2556392 |
|
E-Mail : |
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|
|
|
Factory 3 : |
National Highway No. 8, Palej, Bharuch Dist. – 392220, |
|
Tel. No.: |
91-2642-277159, 277160, 277902 |
|
Fax No.: |
91-2642-278134 |
|
E-Mail : |
|
|
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Factory 4: |
Survey No. 47, SH – 46, Vill
Mokha ( Near Vadala), Mundra, District Kutch - 370 421, Gujarat , India |
|
Tel. No.: |
91-2838-283635/ 6/ 7 |
|
Fax No.: |
91-2838-283636 |
|
E-Mail : |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Sanjiv Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ashok Goyal |
|
Designation : |
Managing Director |
|
Date of Birth : |
16.12.1950 |
|
Qualification : |
B. Tech from IIT Kharagpur, PGDBM from IIM, Kolkata, Executive
Development Program from London Business School. |
|
|
|
|
Name : |
Mr. Kaushik Roy |
|
Designation : |
Managing Director - Carbon Black Business |
|
Date of Birth : |
28.03.1965 |
|
Qualification : |
Mechanical
Engineer with a Post Graduate Degree from IIT Kharagpur, Business
Administration from the University of Tokyo. |
|
|
|
|
Name : |
Mr. C R Paul |
|
Designation : |
Director |
|
Date of Birth : |
01.06.1927 |
|
Qualification : |
M Sc., F I E E |
|
|
|
|
Name : |
Mr. O. P. Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Ram S Tarneja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Paras K Chowdhary |
|
Designation : |
Director |
|
Date of Birth : |
01.10.1951 |
|
Qualification : |
B.Sc. Physics (Hons.) |
|
|
|
|
Name : |
Mr. Pradip Ro |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kaushik Mukherjee |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ashok Goyal |
|
Designation : |
Managing Director and Chief Executive Office |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18014057 |
52.26 |
|
|
18014057 |
52.26 |
|
|
|
|
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
18014057 |
52.26 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1518191 |
4.40 |
|
|
7436 |
0.02 |
|
|
467900 |
1.36 |
|
|
3439999 |
9.98 |
|
|
5433526 |
15.76 |
|
|
|
|
|
|
|
|
|
|
4659373 |
13.52 |
|
|
|
|
|
|
|
|
|
|
5283343 |
15.33 |
|
|
698564 |
2.03 |
|
|
378709 |
1.10 |
|
|
32870 |
0.10 |
|
|
58 |
0.00 |
|
|
345781 |
1.00 |
|
|
11019989 |
31.97 |
|
|
|
|
|
Total Public
shareholding (B) |
16453515 |
47.74 |
|
|
|
|
|
Total (A)+(B) |
34467572 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
34467572 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Carbon Black in the Country Catering to the needs of
Elastomer, Plastic, Paints and Ink Manufacturing Industries. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda · Allahabad Bank · State Bank of India · State Bank of Bikaner and Jaipur · IDBI Bank Limited · State Bank of Travancore · Export Import Bank of India · ICICI Bank Limited · Syndicate Bank · Citibank, N. A. |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
31, Netaji Subhas Road, Kolkata
– 700001, West Bengal, India |
|
|
|
|
Solicitors : |
Khaitan and Company |
|
|
|
|
Wholly owned
Subsidiary Company: |
· Phillips Carbon Black Cyprus Holding Limited · Goodluck Dealcom Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34467572 |
Equity Shares |
Rs.10/- each |
Rs.344.677
Millions |
|
|
Less : Allotment Money receivable |
|
Rs.0.005
Million |
|
|
|
|
|
|
|
Total |
|
Rs.344.672 Millions |
NOTE:
Reconciliation of Shares outstanding at the beginning and at the end of
the reporting year
|
Particulars |
Number |
Value (Rs. in Millions) |
|
|
|
|
|
Shares at the beginning of the year |
34,467,572 |
344.670 |
|
Add: Shares issued during the year* |
-- |
-- |
|
Add: Arrear Allotment Money received |
-- |
0.002 |
|
Outstanding at the end of the year |
34,467,572 |
344.672 |
* Conversion of
1,250,000 share warrants into equity share of Rs.10/- each at a premium of Rs.186/-
per share in the previous year.
No additional
shares were allotted as fully paid up by way of bonus shares or pursuant to
contract(s) without payment being received in cash during the last five years.
Further, none of the shares were bought back by the company during the last
five years.
Detail of shareholders holding more than 5% of the aggregate shares in the
Company
|
Equity Shares of Rs.10/- each |
31.03.2013 |
|
|
|
Number |
Holding |
|
Universal Industrial Fund Limited |
5,856,762 |
16.99% |
|
Adorn Investments Limited |
4,163,749 |
12.08% |
|
Ujala Agency Private Limited |
2,736,019 |
7.94% |
|
Offshore India Limited |
2,699,655 |
7.83% |
|
Adapt Investments Limited |
2,296,039 |
6.66% |
Terms/ Rights
attached to Equity Shares
The Company has
one class of equity shares having a par value of Rs.10/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General
Meeting except in
case of interim dividend. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
Allotment of 1823 shares is pending against Rights Issue made during
1993-94
48 Shares have not been issued to the concerned non-resident shareholders
pending approval of the Reserve Bank of India
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 |
344.672 |
344.670 |
332.170 |
|
(b) Reserves & Surplus |
5546.392 |
5773.044 |
4829.564 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
61.250 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
5891.064 |
6117.714 |
5222.984 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1964.261 |
1702.402 |
2141.940 |
|
(b) Deferred tax liabilities (Net) |
526.502 |
728.656 |
568.954 |
|
(c) Other long
term liabilities |
5.890 |
5.890 |
5.800 |
|
(d) long-term
provisions |
30.281 |
29.202 |
36.316 |
|
Total Non-current
Liabilities (3) |
2526.934 |
2466.150 |
2753.010 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6219.405 |
4845.610 |
2297.371 |
|
(b)
Trade payables |
7149.236 |
6103.563 |
5572.855 |
|
(c)
Other current liabilities |
1140.457 |
1195.324 |
1177.479 |
|
(d) Short-term
provisions |
29.511 |
173.330 |
197.031 |
|
Total Current Liabilities
(4) |
14538.609 |
12317.827 |
9244.736 |
|
|
|
|
|
|
TOTAL |
22956.607 |
20901.691 |
17220.730 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
7527.770 |
7143.745 |
5782.965 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1590.385 |
979.828 |
1792.601 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
723.683 |
723.667 |
576.172 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
473.249 |
444.090 |
382.952 |
|
(e) Other
Non-current assets |
753.790 |
762.000 |
550.000 |
|
Total Non-Current
Assets |
11068.877 |
10053.330 |
9084.690 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4993.890 |
3603.408 |
2553.276 |
|
(c)
Trade receivables |
5181.588 |
5473.388 |
3625.466 |
|
(d) Cash
and cash equivalents |
667.235 |
134.836 |
652.534 |
|
(e)
Short-term loans and advances |
964.797 |
1456.840 |
1009.884 |
|
(f)
Other current assets |
80.220 |
179.889 |
294.880 |
|
Total
Current Assets |
11887.730 |
10848.361 |
8136.040 |
|
|
|
|
|
|
TOTAL |
22956.607 |
20901.691 |
17220.730 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
22849.136 |
21867.809 |
16957.157 |
|
|
|
Other Income |
92.726 |
104.428 |
209.084 |
|
|
|
TOTAL (A) |
22941.862 |
21972.237 |
17166.241 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18896.328 |
17018.033 |
12281.696 |
|
|
|
Changes in inventories of finished goods |
(260.265) |
(435.730) |
112.442 |
|
|
|
Employee benefits expense |
584.305 |
523.540 |
477.024 |
|
|
|
Other expenses |
2892.686 |
2670.058 |
1828.279 |
|
|
|
TOTAL (B) |
22113.054 |
19775.901 |
14699.441 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
828.808 |
2196.336 |
2466.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
721.327 |
676.251 |
437.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
107.481 |
1520.085 |
2029.290 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
507.924 |
485.898 |
385.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(400.443) |
1034.187 |
1643.518 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(193.944) |
162.971 |
480.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(206.499) |
871.216 |
1162.840 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2782.300 |
2158.500 |
1334.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
87.100 |
116.500 |
|
|
|
Proposed Dividend |
17.200 |
137.900 |
166.100 |
|
|
|
Tax on aforesaid Dividend |
2.900 |
22.400 |
55.800 |
|
|
BALANCE CARRIED
TO THE B/S |
2555.701 |
2782.316 |
2158.540 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5852.772 |
6429.895 |
3245.571 |
|
|
TOTAL EARNINGS |
5852.772 |
6429.895 |
3245.571 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14795.655 |
14481.215 |
10264.942 |
|
|
|
Stores & Spares |
6.523 |
66.412 |
20.689 |
|
|
|
Capital Goods |
191.825 |
64.182 |
69.553 |
|
|
TOTAL IMPORTS |
14994.003 |
14611.809 |
10355.184 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-Basic |
(5.99) |
(25.82) |
35.43 |
|
|
|
-Diluted |
(5.99) |
(25.82) |
35.43 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
5263.500 |
|
Total Expenditure |
|
|
5480.500 |
|
PBIDT (Excl OI) |
|
|
(217.000) |
|
Other Income |
|
|
34.900 |
|
Operating Profit |
|
|
(182.100) |
|
Interest |
|
|
168.000 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(350.100) |
|
Depreciation |
|
|
132.400 |
|
Profit Before Tax |
|
|
(482.500) |
|
Tax |
|
|
35.400 |
|
Provision and Contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(517.900) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(517.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.90)
|
3.97 |
6.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.75)
|
4.73 |
9.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.94)
|
5.39 |
11.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.17 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.39
|
1.07 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.88 |
0.88 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
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 |
INDUSTRY STRUCTURE & DEVELOPMENT
While global demand
for carbon black remained stable during 2012 at 11.3 million MT, global
capacity stood as 14.8 million MT - capacity utilization was 76%.
In India,
consumption of carbon black increased 3.9% from 6,70,000 MT in 2011 to 6,95,000
MT in 2012. Total production during 2012 was 6,76,000 MT. Total capacity of the
Indian carbon black industry stood at 10,27,000 MT during 2012, with a capacity
utilization of 66%.
The domestic
carbon black industry was impacted by a slowdown within the automobile sector
as well as by increased dumping of carbon black into India by China and other
countries. Total imports of carbon black in India rose to 1,28,000 MT during
FY13 from 1,17,000 MT in the earlier year, the major chunk of imports was from
China, at 88,000 MT. As a result, domestic sales of carbon black were impacted
and all carbon black companies had to undertake production cuts during the
second half of the year.
The company
completed expansion of its 8 MW co-generation power plant at Mundra within the scheduled
time and expects to commission shortly the second line of 50,000 MT capacity at
Kochi.
PERFORMANCE
Carbon Black
The Company, made operating profit (PBDIT) of Rs. 749.700 Millions in FY
13 vis-ŕ-vis Rs. 2102.900 Millions in the previous year. Amongst the major
reasons for this swing in operating profit are –
1. Drop in
domestic contribution per MT due to dumping by China, coupled with the
inability to pass on the cost increase.
2. Drop in export volume and contribution due to slowdown in Europe, as
well as dumping by China in South East Asia.
Power
Revenue from sale
of power was higher in FY13 - Rs.885.800 Millions vis-ŕ-vis Rs.836.900 Millions
in FY12.The Company’s overall power generation capacity rose to 76 MW with the
commissioning of the 8 MW co-generation power plant at Mundra.
Manufacturing
The Company
improved its global ranking to No. 6 (based on year end capacity) during
the year. The strategic location of its four plants in different parts
of India should facilitate the Company and optimize logistics costs
within India and outside.
FUTURE OUTLOOK
Carbon Black
Demand growth for
carbon black continues to be robust with the global demand expected to grow at
a CAGR of 4.8 % from 2011 to 2015. Expansion plans of all tyre manufacturers in
India as well as a few global majors are on track and are expected to be
completed within FY14-FY15. Domestic demand for carbon black is expected to
grow at a CAGR of 6.6% during FY 11 to FY 15. With the expansion plans as
detailed in this respect, the Company is well poised to meet the increasing
demand in the domestic market.
Overseas demand
for carbon black is expected to grow further during FY14. The Company has made
significant forays into overseas markets such as Europe, South East Asia and
US. The company will continue to place emphasis on exports during FY14 to
mitigate any possible situation of excess supply in domestic markets.
Power
The Company’s
initiative to create additional revenue from power is likely to grow further in
the coming years. With the commissioning of 8 MW CPP at Palej, the total
installed capacity will reach 84 MW.
CONTINGENT LIABILITIES: (Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
(a) Claims against the Company not acknowledged as debts : |
|
|
|
|
Income-tax matters under dispute |
17.509 |
23.260 |
|
|
Excise Duty matters under dispute |
9.103 |
9.103 |
|
|
|
|
|
|
|
(b) Outstanding Bank Guarantees etc. |
142.064 |
109.794 |
|
|
|
|
|
|
|
(c) Guarantees or Counter Guarantees or Counter Indemnity given by the
Company : |
|
|
|
|
On behalf of bodies corporate and others |
|
|
|
|
- Limit |
0.900 |
0.900 |
|
|
- Outstanding |
0.900 |
0.900 |
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2013
PART – I
(RS. IN MILLIONS)
|
Particular* |
Three Months Ended 30.06.2013 |
|
|
Unaudited |
|
1. Income from Operations |
|
|
Gross Sales |
5887.300 |
|
Less : Excise Duty |
625.500 |
|
(a) Net Sales/ Income from Operations (Net of Excise Duty) |
5261.800 |
|
(b) Other Operating Income |
1.700 |
|
Total Income from Operations (Net) |
5263.500 |
|
|
|
|
2. Expenses |
|
|
(a) Cost of Materials Consumed |
4504.800 |
|
(b) Purchases of Stock in Trade |
-- |
|
(c) Changes In inventories of finished goods |
(234.100) |
|
(d) Employee benefits expense |
163.500 |
|
(e) Foreign Exchange Fluctuation Loss (net) |
307.000 |
|
(f) Depreciation and amortisation expense |
132.400 |
|
(g) Selling Expenditure |
151.900 |
|
(h) Other Expenditure |
587.400 |
|
Total Expenses |
5612.900 |
|
|
|
|
3. Profit/(Loss) from operations before other Income, finance cost and
exceptional items (1-2) |
(349.400) |
|
4. Other Income |
34.900 |
|
5. Profi1/(Loss) from ordinary activities before finance costs and
exceptional Items (3+4) |
(314.500) |
|
6. Finance Costs |
168.000 |
|
7, Profit/(Loss) from ordinary activities after finance costs but |
(482.500) |
|
8. Exceptional Items |
-- |
|
9. Profit/(Loss) from ordinary activities Before Tax (7+/-8) |
(482.500) |
|
10. Tax Expense |
|
|
Current Tax |
-- |
|
Less: MAT Credit |
-- |
|
MAT Credit reversal |
-- |
|
Deferred Tax Charge/(Credit) |
35.400 |
|
11. Net Profit/(Loss) from ordinary activities After Tax (9-10) |
(517.900) |
|
12. Extraordinary items (net of tax expense) |
-- |
|
13. Net Profit/(Loss) for the period (11+/-12) |
(517.900) |
|
14. Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
344.700 |
|
15. Reserves excluding Revaluation Reserve as per Balance sheet of
previous accounting year |
|
|
16. Earnings /(Loss) per share (before extraordinary items) (of Rs.10/-
each) (not annualized): |
|
|
(a) Basic |
(15.02) |
|
(b) Diluted |
(15.02) |
|
|
|
|
16i) Earning/[Loss) per share (After
Extraordinary Items) (of Rs 10/- each) (not annualized): |
|
|
(a) Basic |
(15.02) |
|
(a) Diluted |
(15.02) |
|
|
|
|
PART II: SELECT INFORMATION FOR THE QUARTER ENDED 30TH
JUNE 2013 |
|
|
Particulars |
Three Months Ended 30.06.2013 |
|
|
|
|
A
PARTICULARS OF SHAREHOLDING |
|
|
1. Pubic Shareholding |
|
|
- Number of shares |
16453515 |
|
- Percentage of shareholding |
47.74 |
|
|
|
|
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 |
18014057 |
|
- Percentage of shares (as a % of me total shareholding of the promoter
and promoter group) |
100.00 |
|
- Percentage of shares (as a % of the total share capital of Die
Company) |
52.26 |
|
Particulars |
Three Months Ended 30.06.2013 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
|
Particulars |
Three Months Ended 30.06.2013 |
|
|
Unaudited |
|
1. Segment Revenue: |
|
|
(a) Carbon Black |
5105.400 |
|
(b) Power |
265.300 |
|
Total |
5370.700 |
|
|
|
|
Less : Inter Segment Revenue |
107.200 |
|
Net Sales /Income from Operations |
5263.500 |
|
2. Segment Profit/(Loss) Before Interest and Tax : |
|
|
(a) Carbon Black |
(380.300) |
|
(b) Power |
170.300 |
|
Total |
(210.000) |
|
Less: (i) Interest |
146.700 |
|
(ii) Other Un-allocable Expenditure net of Un-allocable Income |
125.800 |
|
Total Profit/(Loss) Before Tax |
(482.500) |
|
3. Segment Capital Employed : (Segment Assets - Segment Liabilities) |
|
|
(a) Carbon Black (b) Power |
8612.900 3676.300 |
Notes:
1. Previous period's figures (lave bean regrouped/
rearranged wherever necessary to conform to current period's classification
2. The above results were reviewed by the Audit
Committee and approved by the Board of Directors a! their meeting held on 26th
July. 2013 The Statutory Auditor's of the Company has carried out a
"Limited review" of the above unaudited financial results (or the
quarter ended 30 June 2013 in terms of clause 41 of the Listing Agreement with
Sock Exchanges
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10447498 |
14/08/2013 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA |
B84256395 |
|
2 |
10442584 |
12/07/2013 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP, 2ND FLOOR, RELIANCE HOUSE, 34, JAWAHARLAL NEHRU ROAD, KOLKATA,
WEST BENGAL - 700071, INDIA |
B81124778 |
|
3 |
10402211 |
01/02/2013 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B67660233 |
|
4 |
10385922 |
17/10/2012 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B61887956 |
|
5 |
10292404 |
01/06/2011 |
3,400,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, RELIANCE HOUSE,
2ND FLOOR, 34, JAWAHARLAL NEHRU ROAD, KOLKATA, WEST BENGAL - 700071,
INDIA |
B15064124 |
|
6 |
10292402 |
06/05/2011 |
500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B15063951 |
|
7 |
10239330 |
18/09/2012 * |
3,350,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B59867598 |
|
8 |
10192597 |
11/12/2009 |
80,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH,
4, INDIA EXCHANGE PLACE, |
A76016781 |
|
9 |
10178527 |
15/09/2009 |
750,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKTA, WEST BENGAL - 700001, INDIA |
A70858022 |
|
10 |
10130030 |
27/10/2008 |
890,000,000.00 |
IDBI BANK
LIMITED |
44, SHAKESPEARE
SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
A50345057 |
|
11 |
10129571 |
24/10/2008 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A50601749 |
|
12 |
10128724 |
29/12/2009 * |
1,800,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, R. N. MUKHERJEE RO |
A77315562 |
|
13 |
10123736 |
25/09/2008 |
2,250,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A46224127 |
|
14 |
10124066 |
15/09/2008 |
450,000,000.00 |
STATE BANK OF
TRAVANCORE |
MG ROAD, ERNAKULAM,
KOCHI, KERALA - 682035, INDIA |
A46975215 |
|
15 |
10126112 |
02/08/2008 |
750,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A44009868 |
|
16 |
10118069 |
30/07/2008 |
950,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, ERNAKULAM. EXPRESS HOUSE, KALLOR, KOCHI, KERALA - 682017, INDIA |
A43980218 |
|
17 |
10095782 |
24/12/2009 * |
1,500,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
BALLYGUNGE BRANCH,
204, RASHBEHARI AVENUE, KOLKATA, WEST BENGAL - 700029, INDIA |
A76462357 |
|
18 |
10041744 |
29/04/2008 * |
135,000,000.00 |
EXPORT - IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING , FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
A38290995 |
|
19 |
10039831 |
06/02/2007 |
500,500,000.00 |
STATE BANK OF
INDIA |
COMERCIAL
CRANCH, ERNAKULAM, EXPRESS HOUSE, KALOOR, ERNAKULAM, KOCHI- 682017, KOCHI,
KERALA - 682017, INDIA |
A11215738 |
|
20 |
10036632 |
29/01/2007 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A10290674 |
|
21 |
10034130 |
05/01/2007 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A09620188 |
|
22 |
10034134 |
05/01/2007 |
150,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A09620725 |
|
23 |
10031963 |
20/12/2006 |
500,000,000.00 |
ALLAHABAD BANJK |
INDUSTRIAL
FINANCE BRANCH, KISHORE BHAVAN, 4TH FLOOR, 17, R.N.MUKHERJEE ROAD, KOLKATA,
WEST BENGAL |
A08924227 |
|
24 |
10028195 |
28/11/2006 |
862,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, KISHORE BHAWAN, 17, R. N.MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, KOLKATA,
WEST BENGAL - 700001, INDIA |
A07668577 |
|
25 |
10024653 |
27/12/2007 * |
690,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR -21, WORLD TRADE CENTRE COMPLEX, MUMBAI, MAHARASHTRA - 400005, INDIA |
A30596209 |
|
26 |
80020875 |
21/06/2012 * |
18,500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE, 4 , INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B42821850 |
|
27 |
80014667 |
26/03/2012 * |
18,500,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B36184398 |
* Date of charge modification
FIXED ASSETS:
·
Freehold
Land
·
Leasehold
Land Acquisition and Development Expenses
·
Buildings
·
Non-Factory
Building and Flats
·
Plant
and Machinery
·
Electrical
Installations
·
Vehicles
·
Furniture
and Fixture
·
Office
Equipments
·
Railway
Sidings
·
Computer
Software
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
|
51 |
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.