MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAVITA OIL TECHNOLOGIES LIMITED (w.e.f.24.08.2009) |
|
|
|
|
Formerly Known
As : |
SAVITA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
66/67, Nariman Bhavan, Nariman
Point, Mumbai – 400021, |
|
|
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.1961 |
|
|
|
|
Com. Reg. No.: |
11-012066 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 146.056 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1961PLC012066 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37352A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7934A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Distributer of varied range of
Petrochemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20000000 |
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|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having good track record. Financial position of the company appears to be sound and healthy. Liquidity position of the company is strong. Trade relation are fair. Business is active. Payment terms are regular
and as per commitment. The company can be considered good for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Long term rating : “AA” |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
10.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
|
Rating Explanation |
High credit quality and lowest credit risk. |
|
Date |
10.07.2013 |
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 av ailable EPF
(Employee Provident Fund) Defaulters’ list as of 31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-66246200)
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No. : |
91-22-66246200 / 66246228 |
|
Fax No. : |
91-22-22029364 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
17/17A, Thane Belapur Road, Turbhe, Navi Mumbai – 400703,
Maharashtra, India |
|
Tel. No. : |
91- 22-27681521 / 67683500 |
|
Fax No. : |
91- 22-27682024 |
|
|
|
|
Factory 2 : |
Survey No. 10/2, Kharadpada, Post Naroli, Silvassa – 396230, Dadra and Nagar Haveli, India |
|
Tel. No. : |
91- 260-3204003 |
|
Fax No. : |
91- 260-2650182 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautam N. Mehra |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.E. (Chem), M.B.A., Univ. of California (Berkeley) |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1983 |
|
|
|
|
Name : |
Mr. C. V. Alexander |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
29.5.1935 |
|
Qualification : |
M.A., LL.B. |
|
Experience : |
Over 49 years in service |
|
Other Directorship
: |
· Savita Polymers Limited Kurla Investment and Trading Company Private Limited |
|
|
|
|
Name : |
Mr. N. B. Karpe |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.03.1961 |
|
Qualification : |
B. Com., LL.B. (Gen.)., F. C. A. |
|
|
|
|
Name : |
Mr. S. R. Pandit |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.09.1957 |
|
Qualification : |
B. Com., F. C. A. |
|
|
|
|
Name : |
Mr. H. A. Nagpal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.11.1961 |
|
Qualification : |
B.E., M.B.A. |
|
Experience : |
Over 28 years in service |
|
Other Directorship
: |
· Tata Sky Limited OnMobile Global Limited Vox Mobili, France OnMobile SA, France OnMobile Global for Tele-communication Services, Egypt |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Dixit |
|
Designation : |
Group Chief Financial Officer |
|
|
|
|
Name : |
Mr. U. C. Rege |
|
Designation : |
Company Secretary
& Executive VP – Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9582570 |
65.62 |
|
|
867895 |
5.94 |
|
|
10450465 |
71.57 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10450465 |
71.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1329732 |
9.11 |
|
|
499 |
0.00 |
|
|
660972 |
4.53 |
|
|
1991203 |
13.64 |
|
|
|
|
|
|
261157 |
1.79 |
|
|
|
|
|
|
1558825 |
10.68 |
|
|
339267 |
2.32 |
|
|
1166 |
0.01 |
|
|
1166 |
0.01 |
|
|
2160415 |
14.80 |
|
Total Public shareholding (B) |
4151618 |
28.43 |
|
Total (A)+(B) |
14602083 |
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) |
14602083 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributer of varied range of
Petrochemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
œ State Bank of India œ
Corporation Bank œ
DBS Bank Limited œ
ICICI Bank Limited œ
IDBI Bank Limited œ
Standard Chartered Bank œ
Union Bank of India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Enterprises where key management
personnel or relatives of key management personnel have control or
significant influence: |
œ Basant Lok Trading Company œ Chemi Pharmex
Private Limited œ D.C.Mehra
Public Charitable Trust œ Khatri
Investments Private Limited œ Kurla
Investment and Trading Company Private Limited œ Madhu Trust œ Mansukhmal
Investment Private Limited œ Mehra
Syndicate N. K. Mehra Trust œ Naved
Investment and Trading Company Private Limited œ NKM Grand
Children’s Trust œ Savita
Petro-Additives Limited œ Savita
Polymers Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,46,09,183 |
Equity Shares |
Rs.10/- each |
Rs. 146.092 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,46,02,083 |
Equity Shares |
Rs.10/- each |
Rs. 146.021 Millions |
|
7,100 |
Add: Forfeited Shares |
|
Rs. 0.035 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 146.056
Millions |
NOTE:
a) Reconciliation of
number of shares
|
Particulars |
As at 31.03.2013 |
|
|
Nos. |
Rs. In millions |
|
|
At the beginning of the year |
1,46,02,083 |
146.021 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
1,46,02,083 |
146.021 |
b) Rights, preferences
and restrictions attached to equity shares (except forfeited shares)
The Company has only one class of equity shares having par value of ` 10 each. Each holder of equity shares is entitled to one vote per share.There are no restrictions on the distribution of dividend or repayment of capital.The Company declares 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, 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.
c) Details of
shareholder holding more than 5% of equity shares
|
Particulars |
As at 31.03.2013 |
|
|
Nos. |
% of holding |
|
|
Gautam N. Mehra |
88,86,743 |
60.86 |
|
HDFC Trustees Company Limited |
13,29,732 |
9.11 |
d) Forfeited equity
shares
|
Particulars |
As at 31.03.2013 |
|
Nos. |
|
|
No. of Shares forfeited |
7,100 |
|
Amount of share capital forfeited (Rs. In millions) |
0.035 |
|
Amount of share premium forfeited (Rs. In millions) |
0.249 |
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 |
146.056 |
146.056 |
146.056 |
|
(b) Reserves & Surplus |
4965.521 |
4231.274 |
3805.534 |
|
(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) |
5111.577 |
4377.330 |
3951.590 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
526.389 |
459.463 |
493.253 |
|
(b) Deferred tax liabilities (Net) |
345.172 |
184.432 |
349.716 |
|
(c) Other long term liabilities |
37.005 |
34.131 |
33.927 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
908.566 |
678.026 |
876.896 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
57.162 |
0.000 |
0.000 |
|
(b) Trade payables |
4288.496 |
5591.892 |
3895.135 |
|
(c) Other current
liabilities |
552.535 |
906.095 |
550.689 |
|
(d) Short-term provisions |
376.439 |
392.734 |
454.184 |
|
Total Current Liabilities (4) |
5274.632 |
6890.721 |
4900.008 |
|
|
|
|
|
|
TOTAL |
11294.775 |
11946.077 |
9728.494 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2108.088 |
2071.002 |
1969.052 |
|
(ii) Intangible Assets |
3.308 |
2.047 |
3.169 |
|
(iii) Capital
work-in-progress |
214.558 |
16.619 |
50.609 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
107.310 |
61.504 |
169.742 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
178.029 |
136.160 |
122.275 |
|
(e) Other Non-current assets |
3.861 |
3.259 |
1.482 |
|
(f) Trade
Receivables |
37.715 |
31.483 |
16.064 |
|
Total Non-Current Assets |
2652.869 |
2322.074 |
2332.393 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
216.705 |
166.211 |
320.970 |
|
(b) Inventories |
3207.234 |
4341.256 |
2991.523 |
|
(c) Trade receivables |
4503.482 |
4402.783 |
3474.763 |
|
(d) Cash and cash
equivalents |
295.738 |
291.139 |
304.614 |
|
(e) Short-term loans and
advances |
418.217 |
422.525 |
303.544 |
|
(f) Other current assets |
0.530 |
0.089 |
0.687 |
|
Total Current Assets |
8641.906 |
9624.003 |
7396.101 |
|
|
|
|
|
|
TOTAL |
11294.775 |
11946.077 |
9728.494 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19990.456 |
19105.230 |
15480.503 |
|
|
|
Other Income |
134.340 |
108.414 |
164.374 |
|
|
|
TOTAL (A) |
20124.796 |
19213.644 |
15644.877 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16214.833 |
15404.420 |
11636.251 |
|
|
|
Purchase of Traded Goods |
140.868 |
202.425 |
222.514 |
|
|
|
Employee Benefits Expense |
284.435 |
245.189 |
229.606 |
|
|
|
Other Expenses |
2197.937 |
2307.616 |
1710.822 |
|
|
|
Exceptional Income |
(565.028) |
0.000 |
0.000 |
|
|
|
(Increase)/Decrease in Inventories |
(9.861) |
(328.074) |
(128.430) |
|
|
|
TOTAL (B) |
18263.184 |
17831.576 |
13670.763 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1861.612 |
1382.068 |
1974.114 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.740 |
127.499 |
117.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1756.872 |
1254.569 |
1856.794 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
251.421 |
252.050 |
252.958 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1505.451 |
1002.519 |
1603.836 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
472.240 |
322.216 |
510.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1033.211 |
680.303 |
1093.335 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2905.527 |
2548.787 |
1904.870 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
255.536 |
219.031 |
292.042 |
|
|
|
Tax on Dividend |
43.428 |
35.532 |
47.376 |
|
|
|
Transfer to General Reserve |
105.000 |
69.000 |
110.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3534.774 |
2905.527 |
2548.787 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB value) |
3425.711 |
3118.805 |
2103.017 |
|
|
|
Freight and insurance |
122.463 |
96.617 |
87.306 |
|
|
|
Claims received and commision earned |
3.956 |
0.000 |
0.000 |
|
|
|
Carbon Credit |
0.000 |
19.913 |
0.000 |
|
|
TOTAL EARNINGS |
3552.130 |
3235.335 |
2190.323 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11674.376 |
13040.563 |
9067.370 |
|
|
|
Capital goods |
4.275 |
4.232 |
3.120 |
|
|
TOTAL IMPORTS |
11678.651 |
13044.795 |
9070.490 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
70.76 |
46.59 |
74.88 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
4850.800 |
|
Total Expenditure |
|
|
4679.600 |
|
PBIDT (Excl OI) |
|
|
171.200 |
|
Other Income |
|
|
13.000 |
|
Operating Profit |
|
|
184.200 |
|
Interest |
|
|
27.300 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
156.900 |
|
Depreciation |
|
|
56.000 |
|
Profit Before Tax |
|
|
100.900 |
|
Tax |
|
|
26.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
74.700 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
74.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.13
|
3.54 |
6.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.53
|
5.25 |
0.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.95
|
8.55 |
17.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.23 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.10 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.40 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNCESURED LOAN:
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liability - Unsecured |
|
|
|
Sales Tax Deferment |
133.988 |
149.046 |
|
Total |
133.988 |
149.046 |
OPERATIONS
The Company’s sales turnover during the year 2012-13 touched a new high of Rs.22178.900 millions against Rs.21175.700 millions in the year 2011-12 resulting in a growth of about 5%. The sales volume also increased to 2,71,521 KLS/MTs during 2012-13 as against 254,799 KLs/MTs achieved in 2011-12 showing an increase of 6.5% in line with the increase in sales turnover. The net profit of the Company increased to Rs.1033.200 millions as against Rs.680.300 millions for the previous year, recording an increase of 52%. This profit included the compensation received from Idemitsu Lube India Private Limited (ILIN) on account of premature termination of the Technical Collaboration Agreement for Idemitsu Products during the year.
During the Financial Year 2012-13, the Company’s Wind Power Plants situated in the states of Maharashtra, Karnataka and Tamil Nadu generated a total of 94.81 MU against 85.61 MU generated in the previous year. During the year, the Company did not find any suitable sites for installing any additional wind mills. As a result, the total installed capacity in Wind Power sector of the Company continues to stand 48.15 MW.
On 2nd May 2013 the Company’s Technical Collaboration Agreement for Genuine Products with ILIN was also terminated. This termination will take effect after 180 days from the date of the notice of termination. The Company has to further inform that termination of this agreement would marginally impact the sales volume of the Company. This impact would be around 6% (six percent) of the total sales volume of the Company for the Financial Year 2012-13.
NEW PLANT IN SILLI, SILVASSA
The Company is in the process of setting up a new green field manufacturing facility at Silli in Silvassa, in the Union Territory of Dadra and Nagar Haveli. This ultra modern facility will be amongst the most sophisticated plants of its kind for the manufacture of petroleum specialty oils in India. This project has been initiated to meet the rising demand for the Company’s products. The said plant with an annual licensed production capacity of 1,50,000 MT for manufacture of petroleum specialty products shall serve to augment the overall manufacturing capacity of the Company. The said facility is expected to be operational from August, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement, Management Discussion and Analysis covering segment-wise performance and outlook is given below:
INDUSTRY STRUCTURE
AND DEVELOPMENT
PETROLEUM PRODUCTS:
Three product groups, namely - Transformer Oils, Liquid Paraffins / White Oils and Lubricating Oils form this segment for the Company. The main raw material is Base Oils for all of these product groups which are imported from various parts of the world and are also sourced domestically to some extent. These Base Oils are basically refined fractions derived from Crude Oils.
The development, growth and expansion of the power generation and transmission infrastructure in the country generally decide the demand for Transformer Oils, whereas the demand for cosmetics, pharmaceuticals and personal care products decides the prospects for Liquid Paraffins and White Oils.
Three sectors constitute the Lubricant Products market which are Automotive, Industrial and Marine sectors. The general industrial and economic conditions in the country decide the demand for this sector. The personal and commercial transportation and agricultural equipment categories of the automobile sector decide the demand for the automotive lubricants. The scope for industrial and marine lubricants is decided by the extent of industrial activity and general economic environment.
The Petroleum Products segment is fiercely competitive because of the presence of both domestic and multinational companies therein.
WIND POWER:
Indian power sector is facing challenges and despite significant growth in generation over the years, it continues to suffer from shortages and supply constraints. In 2012, despite a slowing global economy, India’s electricity demand continued to rise. India’s electricity demand is projected to triple between 2005 and 2030.
Power generation is the harbinger of economic growth and industrial development of any country. India is a major
consumer of energy due to the rapid economic growth and large population. India’s energy basket has a mix of all the resources available including renewables. The dominance of coal in the energy mix is likely to continue in foreseeable future. Wide spread use of coal and other fossil fuels have led to accumulation of the enormous amount of carbon dioxide and a resultant global warming in the earth’s atmosphere. Renewable energy technologies based on the inexhaustible resources of sunlight, wind, water and biomass are considered to offer sustainable energy alternatives to a world beset by serious environmental problems and volatile fossil fuel prices.
During the year India has added wind power installed capacity of 1.7 GW against 3.2 GW capacity additions during the previous year. This reduction was due to withdrawal of accelerated depreciation benefit and GBI (Generation Based Incentive) scheme on 31.03.2012 by Government of India (GoI). The cumulative installed capacity as on 31.03.2013 for wind energy in India stands at 19 GW out of the total renewable energy installed capacity of 28 GW.
SEGMENT-WISE
PERFORMANCE
PETROLEUM PRODUCTS:
The sales volume of the products in this sector grew by 6.5% during the year 2012-13 to 2,71,521 KLs/MTs as against 2,54,799 KLs/MTs in the previous year resulting in sales turnover of Rs.2,21,789 lacs during the year under review as against Rs.2,11,757 lacs in the previous year recording a growth of 5%. This sector could not show significant growth primarily due to the weakening economy and sharp depreciation of the Rupee against the US Dollar coupled with the volatile crude oil prices during the year.
WIND POWER:
The Company did not add any Wind Power Project during the year. The total installed capacity in Wind Power Division of the Company stands at 48.15 MW. During the Year 2012-13, the Company’s Wind Power Plants situated in the states of Maharashtra, Karnataka and Tamil Nadu generated 94.81 MU against 85.61 MU generated in the previous year with an average PLF of 22%.
During the year, National Load Dispatch Centre (NLDC), the central nodal agency for the Renewable Energy Certificate (REC) scheme issued 10,117 RECs to the Company’s 8 MW capacity Wind Power Projects in Maharashtra and Tamil Nadu. The RECs are traded on the IEX (Indian Energy Exchange) Power Exchange.
Also during the year, the Company’s 5 MW Wind Power Project situated in the state of Tamil Nadu has been registered with UNFCCC (United Nations Framework Convention on Climate Change) under CDM. This project is expected to generate approximately 8,200 CERs annually for a period of 10 years. The Company’s total wind power capacity registered with UNFCCC under CDM now stands at 22.70 MW.
FUTURE OUTLOOK
PETROLEUM PRODUCTS:
Inspite of a somewhat gloomy economic scenario, demand for Transformer Oil in the year 2013-14 will continue to grow considering the fact that the power sector continues to show growing demand. However, the volatile crude oil prices, slowing automotive sector and the rapidly depreciating rupee could dampen the demand for the Lubricant Products. The discretionary spending capacity of the general masses may be curtailed considering the overall economic scenario, which in turn may affect the growth potential for Liquid Paraffins and White Oils.
WIND POWER:
As the economy moves to a higher growth trajectory, India’s success in resolving energy bottlenecks therefore remains one of the key challenges in achieving the projected growth targets. By 2030, the total installed power generation capacity from various sources is likely to increase to 400 GW from present 200 GW. Clean and sustainable renewable energy is expected to play a vital role in this increase in the installed capacity.
Some of the key developments for the future are scheduling and forecasting of wind power as per IEGC (Indian Electricity Grid Code) 2010 in order to integrate renewable energy with the national grid, repowering of old wind turbines with latest MW series WTG (Wind Turbine Generator) and development of Offshore wind technology.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
a) Letters of Credit |
242.908 |
226.947 |
|
b) Guarantees/Bonds |
224.295 |
195.187 |
|
c) Corporate guarantee * |
0.000 |
480.000 |
|
d) Disputed demands |
|
|
|
i) Excise and Customs |
192.124 |
250.688 |
|
ii) Sales Tax |
136.406 |
103.209 |
|
iii) Income Tax |
78.402 |
74.118 |
|
iv) Others |
14.914 |
11.565 |
* Represents corporate guarantee given to banks for credit facilities of Savita Polymers Limited
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In millions)
|
|
Particulars |
Quarter ended
30.06.2013 (Unaudited) |
|
1 |
PART I Income from
operations a) Net Sales / Income from Operations (Net of excise duty) b) Other Operating Income Total Income from
operations (Net) |
4803.333 47.493 4850.826 |
|
2 |
Expenses a) Cost of materials consumed b) Purchases of stock-in- trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade d) Employee benefits expense e) Depreciation and amortisation expense f) Foreign Exchange Fluctuation (gain) / loss g) Other Expenses Total Expenses |
3615.490 52.776 157.808 78.168 56.044 274.221 501.147 4735.654 |
|
3 |
Profit from
operations before Other Income, finance Costs and exceptional items (1-2) |
115.172 |
|
4 |
Other Income |
12.967 |
|
5 |
Profit before
finance costs and exceptional items (3+4) |
128.139 |
|
6 |
Finance Costs |
27.256 |
|
7 8 |
Profit from
ordinary activities after finance Costs but before exceptional items (5-6) Exceptional Items |
100.883 -- |
|
9 |
Profit from
ordinary activities before tax (7+8) |
100.883 |
|
10 |
Tax expense |
26.141 |
|
11 |
Net profit from
ordinary activities after tax (9-10) |
74.742 |
|
12 |
Paid-up equity
share capital (Face value of * 10 each) |
146.021 |
|
13 |
Reserves Excluding Revaluation Reserves |
|
|
14 |
Earning per share (Basic and Diluted) |
5.12 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
|
Particulars |
Quarter ended 30.6.2013 (Unaudited) |
|
PART II ss Public Shareholding Number of Shares Percentage of Shareholding |
4,152,570 28.44 |
|
Promoters and promoter Group Shareholding (a) Pledged / Encumbered Number of Shares |
Nil |
|
(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) |
10,449,513 100.00 71.56 |
|
Particulars |
Quarter ended 30.06.2013 |
|
Investor Complaints (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1. Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter/year classification.
2. Loss on account of foreign exchange fluctuation amounting to Rs. 274.221 millions has been recognised in the statement of profit and loss for the quarter ended 30th June, 2013 in accordance with the accounting policy consistently followed by the company.
3. The statutory auditors have carried out a limited review of the financial result for the quarter ended 30th June, 2013.
4. The above unaudited financial results (provisional) were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on Friday, 26th July, 2013.
5. The figures for the quarter ended 31st March, 2013 are balancing figures between the audited figures in respect of the the full financial year and the year to date figures upto the third quarter ended 31st December, 2012.
UNAUDITED SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE
QUARTER ENDED 30TH JUNE, 2013
(Rs. In millions)
|
Particulars |
Quarter ended 30.6.2013 (Unaudited) |
|
Segment Revenues |
|
|
Petroleum Products Wind Power Other Unallocated |
4743.532 114.421 5.840 |
|
Net Sales / Income from Operations |
4863.793 |
|
Segment Results |
|
|
Profit before taxation and Finance Costs for each segment |
|
|
Petroleum Products Wind Power |
99.686 62.806 |
|
TOTAL |
162.492 |
|
Less: i) Finance Costs ii) Other un-allocable expenditure Net off un-allocable revenue |
27.256 34.353 |
|
|
61.609 |
|
Total Profit before tax |
100.883 |
|
Capital Employed : (Segment Assets- Segment Liabilities) |
|
|
Petroleum Products Wind Power Unallocated capital employed TOTAL |
4190.671 891.067 104.581 5186.319 |
FIXED ASSETS
Ř
Tangible
Assets
Freehold
Land
Leasehold
Land
Buildings
Wind
Power Plants
Plant
& Equipment
Furniture
and Fixtures
Office
Equipments
Vehicles
Ř Intangible Assets
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.