MIRA INFORM REPORT
|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEGHMANI FINECHEM LIMITED |
|
|
|
|
Registered
Office : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.09.2007 |
|
|
|
|
Com. Reg. No.: |
04-051717 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 707.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24100GJ2007PLC051717 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDM02927B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM2288N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Basic Chemicals (Caustic
Soda Lye). |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7440000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Meghmani Organics Limited”. It is an
established company having satisfactory track record. The company possesses a healthy financial profile marked by decent
networth base along with favourable capital structure. Management has seen an improvement in its business profile
characterized by growth in its total income as well as net profitability
during 2013. The ratings also take into consideration the infusion of funds from
the part of promoters during the current year. Moreover, the subject enjoys on equity contribution from international
finance corporation, washington which is a reputed member of world bank
group. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong parentage and extensive experience of the promoters,
the subject can be considered for business dealings 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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
13.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3+” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
13.12.2013 |
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 PARTED BY
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
GM Finance |
|
Contact No.: |
91-9909949448 |
|
Date : |
11.04.2014 |
LOCATIONS
|
Registered Office/ Factory : |
CH/1, CH/2, GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch
- 392130 Gujarat, India |
|
Tel. No.: |
91-2642-256677/ 88/ 99 |
|
Mobile No.: |
91-9909949448 (Mr. Sanjay Jain) 91-9099939275 (Mr. R S Rajan) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
“Meghmani House”, Shree Nivas Society, Paldi, Ahmedabad – 38007,
Gujarat, India |
|
Tel. No.: |
91-79-26640668/ 69 |
|
Fax No.: |
91-792664-0670 |
|
|
|
|
Factory : |
GIDC Industrial Estate, Dahej, Taluka Vagra, Bharuch – 392130,
Gujarat, India |
|
Tel. No.: |
91-2641-256677/ 256688 |
|
Fax No.: |
91-2641-256666 |
DIRECTORS
As on 29.06.2013
|
Name : |
Mr. Jayantibhai Meghji Patel |
|
Designation : |
Director |
|
Address : |
“Kruti”, L-18/359, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.03.1952 |
|
Qualification: |
B. E. Chemical |
|
Date of Appointment : |
11.09.2007 |
|
00027224 |
|
|
|
|
|
Name : |
Mr. Ashish Natawarlal Soparkar |
|
Designation : |
Director |
|
Address : |
L-13/246, Satygrah Chhavani, Society, Satelite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.12.1952 |
|
Qualification: |
B. E. Chemical |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027480 |
|
|
|
|
Name : |
Mr. Natwarlal Meghji Patel |
|
Designation : |
Director |
|
Address : |
6 B ashok Vatika No.1 Opposite Ekta Farm, Bodkdev, Ahmedabad – 380058, Gujarat, India |
|
Date of Birth/Age : |
01.06.1953 |
|
|
M. Sc |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027540 |
|
|
|
|
Name : |
Mr. Ramesh Meghji Patel |
|
Designation : |
Director |
|
Address : |
54, Shrinath Society B/h Manekbaug, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
01.06.1956 |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027637 |
|
|
|
|
Name : |
Mr. Anand Ishwar Patel |
|
Designation : |
Director |
|
Address : |
54, Shrinath Society B/h Manekbaug, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
07.09.1962 |
|
Date of Appointment : |
11.09.2007 |
|
DIN No.: |
00027836 |
|
|
|
|
Name : |
Mr. Chinu Ramanlal Shah |
|
Designation : |
Director |
|
Address : |
402, Heritage Residency, B/h Prahladnagar Garden, S.G. Highway, Ahemdabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
00558310 |
|
|
|
|
Name : |
Mr. Balkrishna Tulsidas Thakkar |
|
Designation : |
Director |
|
Address : |
L-14/265, Satygrah Chhavani, Society, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
13.10.1946 |
|
Date of Appointment : |
28.07.2009 |
|
DIN No.: |
00430220 |
|
|
|
|
Name : |
Mr. Arvindbhai Kanubhai Patel |
|
Designation : |
Additional Director |
|
Address : |
Patel Cergical Hospital, ST Road, Ankkleshwar, Bharuch – 393001, Gujarat, India |
|
Date of Birth/Age : |
30.11.1951 |
|
Date of Appointment : |
18.01.2014 |
|
DIN No. : |
06756000 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Jain |
|
Designation : |
GM Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.06.2013
|
Names of Shareholders |
|
No. of Shares |
|
Meghmani Organics Limited, |
|
40446820 |
|
Jayantibhai Meghjibhai Patel |
|
632414 |
|
Ashish Natawarlal Soparkar |
|
948563 |
|
Natwarlal Meghjibhai Patel |
|
977305 |
|
Rameshbhai Meghjibhai Patel |
|
632414 |
|
Anandbhai Ishwarbhai Patel |
|
980178 |
|
Maulik Jayantibhai Patel |
|
1897011 |
|
Deval Ashish Soparkar |
|
158190 |
|
Ankit Natwarlal Patel |
|
1609603 |
|
Karana Rameshbhai Patel |
|
505954 |
|
Darshan Anandbhai Patel |
|
94960 |
|
Taraben Jayantibhai Patel |
|
316150 |
|
Kruti Jayantibhai Patel |
|
316150 |
|
Nayana Ashish Soparkar |
|
316150 |
|
Ruchi Ashish Soparkar |
|
158075 |
|
Kaushal Ashish Soparkar |
|
1580747 |
|
Bhartiben Natwarlal Patel |
|
229927 |
|
Disha Natwarlal Patel |
|
344890 |
|
Kalpanaben Rameshbhai Patel |
|
442609 |
|
Vaishakhi Rameshbhai Patel |
|
316149 |
|
Nayana Anandbhai Patel |
|
94845 |
|
Chintan Anandbhai Patel |
|
94845 |
|
International Finance Corporation, |
|
17666050 |
|
Total |
|
70759999 |
As on 29.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
24.97 |
|
Bodies corporate |
57.16 |
|
Directors or relatives of Directors |
17.87 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Basic Chemicals (Caustic
Soda Lye). |
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Products : |
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Imports : |
|
||||
|
Products : |
Raw Materials/ Machinery |
||||
|
Countries : |
Swaziland |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Caustic Soda |
MT |
201,600 |
119,000 |
89,265 |
|
Chlorine Gas |
MT |
178,620 |
105,435 |
79,089 |
|
Hydrogen Gas |
‘000 NM |
56,448 |
33,320 |
24,994 |
|
Hydrochloric Acid |
MT |
69,120 |
40,800 |
16,423 |
|
Sodium Hypochlorite |
MT |
16,200 |
9,563 |
1,807 |
|
Captive Power Plant |
MW |
378,000 |
336,000 |
263,363 |
GENERAL INFORMATION
|
Suppliers : |
B S Salt |
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|
Customers : |
Crescent Chemical |
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|
No. of Employees : |
300 (Approximately) |
|||||||||||||||||||||||||||
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|
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|
Bankers : |
· ICICI Bank Limited, J.M.C. House, Opposite Parimal Garden, Ambawadi, Ahmedabad – 380009, Gujarat, India ·
Standard
Chartered Bank, Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad
– 380006 Gujarat, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · State Bank of India (As Security Trustee Of International Finance Corporation), Mid Corporate Group, 3rd Floor, Amrut Jayanti Bhavan, Overseas Branch, Ahmedabad - 380014, Gujarat, India |
|||||||||||||||||||||||||||
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|
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|
Facilities : |
NOTE LONG TERM
BORROWINGS ICICI Bank Limited has refinanced term loan of Rs. 2200.000 Millions. The entire facility of Rs. 2200.000 Millions has been secured by Deed of Hypothecation dated 30th January 2012 the whole of movable properties of the Company, including its movable plant AND machinery, machinery spares, tools and accessories other movables both present and future where ever situate including Raw Material, Stock in process, Finished Goods, Book Debts , Bills situated anywhere. The Company has availed US $ 15,000,000 (Rs. 690.975 Millions) ECB from Standard Chartered Bank, United Kingdom by executing Memorandum of Hypothecation dated 16.02.2012.The entire facility has been secured by (1) First pari passu charge on all present and future movable fixed assets of the company including movable plant and machinery etc. (2) the Second Pari passu charge on all present and future stock in trade consisting of Raw Material, Stock in process of manufacturing etc. (3) Second pari passu charge on all present and future book debts, outstanding moneys, receivables claims and bills etc. The Company has availed a Foreign Exchange Term Loan by way of External Commercial Borrowing of US $ 20,000,000 (Rs. 864.549 Millions) from International Finance Corporation (IFC), Washington, USA. The Company has executed Unattested Memorandum of Hypothecation on 11.12.2008 in favour of International Finance Corporation (IFC), Washington, USA represented by State Bank of India in its capacity as Security Trustee to secure Foreign Exchange Term Loan of External Commercial Borrowing of US $ 20,000,000 by way of creating First Pari Passu charge on movable fixed assets and Second Pari Passu Charge on all Current Assets of the Company along with other term lenders. SHORT TERM
BORROWINGS The Company has availed working capital facility of Rs.
310.000 Millions from State Bank of India and Rs. 140.000 Millions from Bank
of India aggregating to Rs. 450.000 Millions. The entire facility of Rs.
450.000 Millions has been secured by primary security of first pari passu charge
on entire current assets of the Company including Raw Material, Stock in
process, Finished Goods, Book Debts and Receivables. The collateral security
has been given by execution of Indenture of Mortgage to extend Second Pari
passu charge on the immovable property of the Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Patel and Khandwala Chartered Accountants |
|
Address : |
204, Akik Opposite, Lions Hall Mithakhali Six Road, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP0241L |
|
|
|
|
Holding company: |
Meghmani Organics Limited CIN No.: L24110GJ1995PLC024052 |
|
|
|
|
Fellow Subsidiary Company: |
Meghmani Energy Limited CIN No.: U40105GJ2006PLC048974 |
|
|
|
|
Enterprises which
are owned, or have significant
influence of or are partners with Key management
personnel and their relatives: |
· Meghmani Dyes and Intermediates Limited CIN No.: U24110GJ1999PLC036306 · Meghmani Industries Limited CIN No.: U29199GJ1993PLC019013 · Vidhi Global Chemicals Limited CIN No.: U24100GJ2008PLC054660 · Meghmani Pigments · Matangi Industries · Meghmani Unichem LLP · MeghmanI Infrastructure |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 750.000 Millions |
|
2,500,000 |
Preference Shares |
Rs. 100/- each |
Rs. 250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,759,999 |
Equity Shares |
Rs.10/- each |
Rs. 707.600 Millions |
|
|
|
|
|
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 |
707.600 |
615.500 |
615.500 |
|
(b) Reserves & Surplus |
1152.338 |
709.578 |
708.693 |
|
(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) |
1859.938 |
1325.078 |
1324.193 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3051.908 |
3639.750 |
3185.759 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.366 |
0.516 |
0.780 |
|
Total Non-current
Liabilities (3) |
3052.274 |
3640.266 |
3186.539 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
148.598 |
208.408 |
|
(b) Trade
payables |
159.911 |
172.184 |
211.321 |
|
(c) Other
current liabilities |
732.782 |
572.777 |
528.223 |
|
(d) Short-term
provisions |
1.038 |
0.802 |
0.185 |
|
Total Current
Liabilities (4) |
893.731 |
894.361 |
948.137 |
|
|
|
|
|
|
TOTAL |
5805.943 |
5859.705 |
5458.869 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3611.405 |
3932.490 |
4282.522 |
|
(ii)
Intangible Assets |
41.553 |
75.386 |
109.219 |
|
(iii)
Capital work-in-progress |
822.676 |
368.652 |
19.127 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax assets (net) |
18.582 |
197.192 |
254.382 |
|
(d) Long-term Loan and Advances |
118.021 |
172.511 |
93.728 |
|
(e) Other
Non-current assets |
72.368 |
59.102 |
9.386 |
|
Total Non-Current
Assets |
4684.615 |
4805.343 |
4768.374 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
240.431 |
190.125 |
0.000 |
|
(b)
Inventories |
129.059 |
145.222 |
111.923 |
|
(c) Trade
receivables |
356.379 |
285.228 |
226.707 |
|
(d) Cash
and cash equivalents |
32.996 |
139.113 |
41.601 |
|
(e)
Short-term loans and advances |
310.777 |
7.615 |
3.549 |
|
(f) Other
current assets |
51.686 |
287.059 |
306.715 |
|
Total
Current Assets |
1121.328 |
1054.362 |
690.495 |
|
|
|
|
|
|
TOTAL |
5805.943 |
5859.705 |
5458.869 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3051.877 |
2504.277 |
1738.091 |
|
|
|
Other Income |
18.422 |
27.927 |
7.14 |
|
|
|
TOTAL (A) |
3070.299 |
2532.204 |
1745.231 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1354.876 |
1297.016 |
955.576 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.026) |
0.303 |
(6.779) |
|
|
|
Employees benefits expense |
73.257 |
66.529 |
60.213 |
|
|
|
Other expenses |
307.390 |
207.942 |
214.539 |
|
|
|
TOTAL (B) |
1732.497 |
1571.790 |
1223.549 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1337.802 |
960.414 |
521.682 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
327.096 |
429.671 |
378.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1010.706 |
530.743 |
143.678 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
481.836 |
472.568 |
461.051 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
528.870 |
58.175 |
(317.373) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
270.310 |
57.290 |
(98.514) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
258.560 |
0.885 |
(218.859) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
22.046 |
52.581 |
27.990 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.82 |
0.01 |
(3.56) |
|
Expected Sales (2013-2014) : Rs. 2850.000 Millions (Due to less
Production)
The above information has been parted by Mr. Sanjay Jain (GM Finance).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.42 |
0.03 |
-12.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.33 |
2.32 |
-18.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.65 |
1.10 |
-6.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.04 |
-0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.64 |
2.86 |
2.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.18 |
0.73 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
615.500 |
615.500 |
707.600 |
|
Reserves & Surplus |
708.693 |
709.578 |
1152.338 |
|
Net
worth |
1324.193 |
1325.078 |
1859.938 |
|
|
|
|
|
|
long-term borrowings |
3185.759 |
3639.750 |
3051.908 |
|
Short term borrowings |
208.408 |
148.598 |
0.000 |
|
Total
borrowings |
3394.167 |
3788.348 |
3051.908 |
|
Debt/Equity
ratio |
2.563 |
2.859 |
1.641 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1738.091 |
2504.277 |
3051.877 |
|
|
|
44.082 |
21.867 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1738.091 |
2504.277 |
3051.877 |
|
Profit |
(218.859) |
0.885 |
258.560 |
|
|
(12.59%) |
0.04% |
8.47% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
602.578 |
489.625 |
421.545 |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10435255 |
17/06/2013 |
340,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B78914983 |
|
2 |
10383700 |
18/10/2012 |
2,965,000,000.00 |
ICICI BANK LIMITED |
J M C HOUSE,, OPPOSITE PARIMAL GARDEN, AMBAWADI, |
B60996139 |
|
3 |
10342649 |
16/02/2012 |
765,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD - 380006, GUJARAT, INDIA |
B35205129 |
|
4 |
10335346 |
30/01/2012 |
2,200,000,000.00 |
ICICI BANK LIMITED |
J M C HOUSE,, OPPOSITE PARIMAL GARDEN, AMBAWADI, |
B32023814 |
|
5 |
10133813 |
19/12/2012 * |
1,000,000,000.00 |
STATE BANK OF INDIA AS SECURITY TRUSTEE OF INTERNA |
MID CORPORATE GROUP, 3RD FLOOR, AMRUT JAYANTI BHA |
B65188005 |
|
6 |
10133814 |
11/12/2008 |
1,000,000,000.00 |
INTERNATIONAL FINANCE CORPORATION REPRESENTED BY S |
BRANCH OFFICE AT IFC A SOUTH ASIA DEPARTMENT, GATE NO. 3, NITI MARG, 50-M, SHANTIPATH, CHANAKYA, NEW DELHI - 110021, INDIA |
A52912912 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
90.000 |
|
Total |
0.000 |
90.000 |
FINANCIAL REVIEW:
The sales turnover of the Company increased by Rs. 547.670 Millions, (i.e. 22%) i.e. from Rs. 2504.210 Millions in Fy 2012 to Rs. 3051.880 Millions in Fy 2013. The increase in revenue is attributable to higher production, which is resultant of consistent Power supply, supported by improved sales realization.
As a result, the Company has earned the profit of Rs. 258.560 Millions during the year (Rs. 0.880 Millions in previous year).
This is mainly due to:-
1) better capacity utilization increased production
2) Increase in production helped in distribution of overheads ideally
3) better ECU realization gave more contribution
4) efficient working capital and inventory management
The directors expect that if the price of Caustic Chlorine is maintained at this level the Company will be in a position to earn more revenue and profit next year.
PRODUCTION REVIEW:
During the period, the Company could operate the plant at 90% capacity utilization. Because of the higher production they were able to run the flaking unit at the desired capacity level and this has also improved the overall contribution.
EXPANSION:- CAPTIVE
POWER PLANT
The Company has received the necessary No objection Certificate from Ministry of Environment and Forest, New Delhi to set up additional 20 MW Power Plant and balancing equipment of the Caustic Plant.
The objective to increase the capacity of power plant by 20 MW power plants is to scale up operation of the Caustic plant from 340 TPD to 476 TPD.
They expect to complete commissioning of Power Plant by the end of July, 2013.
FINANCE:
The Finance cost has decreased from Rs. 432.62 Mn to Rs. 327.10 Mn in the year under review. The decrease in cost is due to (a) restructuring of higher interest rate term loan (b) repayment of the term borrowing and (c) working capital facility not being utilized is at zero level.
AWARDS:
During the year, International Finance Corporation (IFC), a member of the World Bank Group, honored the Company, a subsidiary with the annual IFC CEO Gender Award, noting the company's pioneering work in opening up India's chemical sector to women employees.
The IFC CEO Gender Award recognizes their efforts and their partnership with IFC who, as an investor and advisor, helped in implementing policies and measures necessary to encourage hiring women into their workforce. Traditionally, women are not hired in chemical plants due to perception of these jobs involving hard physical labor. Modern chemical plants need little physical labor and are safer compared with many other industries due to technology advances.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· Copyrights, Patents and Other Operating Rights
PRESS RELEASE
MEGHMANI FINECHEM EXPANDS CAUSTIC CHLORINE CAPACITY IN DAHEJ
The company increases capacity of caustic chlorine from 340 TPD to 476 TPD
Mumbai January
6, 2014
Meghmani Finechem Limited, subsidiary of Meghmani Organics Limited, has completed the expansion project to increase the capacity of caustic chlorine and captive power plant at its facility located in GIDC Dahej, Bharuch (Gujarat). While caustic chlorine capacity was increased to 476 tonne per day (TPD) from 340 TPD, captive power plant capacity was raised from 40 MW to 60 MW. For this purpose, Meghmani Finechem raised the finance of Rs 967.300 Millions.
“Meghmani Finechem’s capacity expansion project has been now completed and the
caustic production capacity will reach to 476 TPD by mid-January 2014. The
company has received the necessary environment clearance for the purpose,” said
the company in a BSE filing.
Jayantibhai Patel, Chairman, Meghmani Organics Limited, said
that Meghmani Finechem does not envisage any difficulty for marketing of
caustic chlorine at increased production level. “Caustic and chlorine gas are
an inseparable part of everyday lives and given their wide ranging applications
in major end-consumer markets, demand for these two basic chemicals is steadily
on the rise,” he added.
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 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.