MIRA INFORM REPORT
|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PANAMA PETROCHEM LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3303, GIDC Estate, Ankleshwar – 393002, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.03.1982 |
|
|
|
|
Com. Reg. No.: |
04-005062 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.86.075 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23209GJ1982PLC005062 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The company is engaged
in the manufacture of specialty petroleum products for diverse user
industries like printing, textiles, rubber, pharmaceuticals, cosmetics, power
and other industrial oil. |
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|
|
|
No. of Employees
: |
Information denied by the management |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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
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 A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 08, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 08, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-42177777)
LOCATIONS
|
Registered Office : |
Plot No. 3303, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat,
India |
|
Tel. No.: |
91-2646-221068, 250281 |
|
Fax No.: |
91-2646-250281 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
401, Aza House, 24, Turner Road, Next to Andhra Bank, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Tel. No.: |
91-22-42177777 |
|
Fax No.: |
91-22-42177788 |
|
E-Mail : |
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|
|
|
Plants : |
Located At:
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Amirali E. Rayani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Amin A. Rayani |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Mr. Samir A. Rayani |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Mr. Dilip S. Phatarphekar |
|
Designation : |
Independent Director |
|
Address: |
B/502,Surya
Apartments, 53, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth : |
24.01.1938 |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Independent Director |
|
Address: |
422, Shivkala
Apartments, Plot No. D-19, Sector 51, Noida, Uttar Pradesh, India |
|
Date of Birth : |
01.03.1944 |
|
Qualification : |
B.A. ,LL.B. |
|
|
|
|
Name : |
Mr. Mukesh T. Mehta |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.02.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
574300 |
10.24 |
|
|
288346 |
5.14 |
|
|
2921179 |
52.09 |
|
|
2921179 |
52.09 |
|
|
3783825 |
67.47 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3783825 |
67.47 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
13800 |
0.25 |
|
|
300 |
0.01 |
|
|
14100 |
0.25 |
|
|
|
|
|
|
|
|
|
|
110153 |
1.96 |
|
|
|
|
|
|
934328 |
16.66 |
|
|
688538 |
12.28 |
|
|
77524 |
1.38 |
|
|
77116 |
1.37 |
|
|
408 |
0.01 |
|
|
1810543 |
32.28 |
|
|
|
|
|
Total Public shareholding (B) |
1824643 |
32.53 |
|
|
|
|
|
Total (A)+(B) |
5608468 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
2457345 |
0.00 |
|
|
2457345 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
8065813 |
0.00 |
%2012-Apr-2014_files/image016.gif){kind=small}
%2012-Apr-2014_files/image017.gif){kind=small}
%2012-Apr-2014_files/image018.gif){kind=small}
%2012-Apr-2014_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in the manufacture of specialty petroleum products for diverse user industries
like printing, textiles, rubber, pharmaceuticals, cosmetics, power and other
industrial oil. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|||||||||||||||
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|||||||||||||||
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Bankers : |
¨ Indian Bank ¨ D C B Limited ¨ IDBI Bank ¨ YES Bank ¨ HSBC Bank ¨ Standard
Chartered Bank ¨ HDFC Bank ¨ Citi Bank ¨ DBS Bank Limited |
|||||||||||||||
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|||||||||||||||
|
Facilities : |
NOTE: SHORT TERM
BORROWINGS Cash credit from
banks is secured against the hypothecation of Stocks, Book debts and Plant
and Machineries (both present and future), Pledge of Fixed Deposit Receipts, Further
secured by Equitable Mortgages of Company’s present Immoveable Property
situated at Daman, Marol industrial estate, property of group companies
situated at Navi Mumbai, and property belonging to the Directors. The cash
credit is repayable on demand and carried an interest rate of 12% to 16% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
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|
|
|
Enterprises owned or significantly influenced
by key management personnel or their relatives |
v Anirudh
Distributors Private Limited v Ittefaq Ice and
Cold Storage Company Private Limited v Panama Builders
and Developers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25550000 |
Equity Shares |
Rs.10/- each |
Rs.255.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8607570 |
Equity Shares |
Rs.10/- each |
Rs.86.075 Millions |
|
|
|
|
|
After 27.09.2013
Authorised Capital : Rs.255.500
Millions
Issued, Subscribed & Paid-up Capital : Rs. 84.493
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 |
86.075 |
86.193 |
58.402 |
|
(b) Reserves & Surplus |
2233.867 |
2156.541 |
1324.208 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share capital suspense |
0.000 |
0.000 |
3.218 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2319.942 |
2242.734 |
1385.828 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
22.084 |
5.525 |
9.176 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
22.084 |
5.525 |
9.176 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
218.989 |
104.871 |
71.217 |
|
(b) Trade
payables |
1607.664 |
2482.041 |
1770.940 |
|
(c) Other
current liabilities |
10.612 |
60.789 |
139.267 |
|
(d) Short-term
provisions |
40.910 |
20.381 |
44.248 |
|
Total Current Liabilities
(4) |
1878.175 |
2668.082 |
2025.672 |
|
|
|
|
|
|
TOTAL |
4220.201 |
4916.341 |
3420.676 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
729.702 |
577.703 |
573.796 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.010 |
|
(iii)
Capital work-in-progress |
0.000 |
34.453 |
8.401 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
270.709 |
0.334 |
0.334 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.048 |
100.659 |
78.905 |
|
(e) Other
Non-current assets |
8.818 |
8.811 |
8.817 |
|
Total Non-Current
Assets |
1012.277 |
721.960 |
670.263 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1278.646 |
1482.800 |
1505.376 |
|
(c) Trade
receivables |
1190.266 |
1038.892 |
906.971 |
|
(d) Cash
and cash equivalents |
543.461 |
1544.875 |
197.502 |
|
(e)
Short-term loans and advances |
190.456 |
116.966 |
137.039 |
|
(f) Other
current assets |
5.095 |
10.848 |
3.525 |
|
Total
Current Assets |
3207.924 |
4194.381 |
2750.413 |
|
|
|
|
|
|
TOTAL |
4220.201 |
4916.341 |
3420.676 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6347.496 |
5842.222 |
4643.734 |
|
|
|
Other Income |
23.264 |
47.107 |
39.826 |
|
|
|
TOTAL |
6370.760 |
5889.329 |
4683.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5567.476 |
4937.535 |
3663.475 |
|
|
|
Purchase of traded goods |
207.264 |
166.968 |
166.864 |
|
|
|
(Increase)/decrease in inventories of finished goods and Traded goods |
8.745 |
17.178 |
13.961 |
|
|
|
Employee benefits expense |
31.867 |
31.886 |
22.607 |
|
|
|
Other expenses |
319.074 |
252.868 |
237.253 |
|
|
|
TOTAL |
6134.426 |
5406.435 |
4104.160 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
236.334 |
482.894 |
579.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
84.632 |
78.979 |
53.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
151.702 |
403.915 |
526.037 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.311 |
10.665 |
23.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
129.391 |
393.250 |
502.673 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.580 |
86.943 |
134.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
118.811 |
306.307 |
368.055 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1067.885 |
856.578 |
558.915 |
|
|
|
|
|
|
|
|
|
Add |
BALANCE
TRANSFERRED PURSUANT TO SCHEME OF AMALGAMATION |
0.000 |
0.000 |
2.222 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend of previous year |
0.000 |
12.287 |
0.000 |
|
|
|
Tax on dividend
of previous year |
0.000 |
1.993 |
0.000 |
|
|
|
Interim equity dividend |
0.000 |
25.858 |
0.000 |
|
|
|
Tax on interim equity dividend |
0.000 |
4.195 |
0.000 |
|
|
|
Proposed final equity dividend |
34.430 |
17.239 |
30.810 |
|
|
|
Tax on proposed
final equity dividend |
5.585 |
2.797 |
4.998 |
|
|
|
Transfer to
capital redemption reserve on buy back of shares |
0.118 |
0.000 |
0.000 |
|
|
|
Transfer to general
reserve |
11.881 |
30.631 |
36.806 |
|
|
BALANCE CARRIED
TO THE B/S |
1134.682 |
1067.885 |
856.578 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
2214.960 |
2339.784 |
1597.071 |
|
|
TOTAL EARNINGS |
2214.960 |
2339.784 |
1597.071 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Includes Goods in Transit) |
4168.631 |
3996.721 |
3554.08 |
|
|
|
Finished Goods |
159.098 |
114.992 |
103.201 |
|
|
|
Capital Goods |
0.000 |
1.858 |
2.207 |
|
|
TOTAL IMPORTS |
4327.729 |
4113.571 |
3659.488 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.78 |
38.87 |
63.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.87
|
5.20 |
7.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
6.73 |
10.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.27
|
8.05 |
14.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.17 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.09
|
0.05 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.57 |
1.36 |
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 |
58.402 |
86.193 |
86.075 |
|
Reserves & Surplus |
1324.208 |
2156.541 |
2233.867 |
|
Net
worth |
1382.610 |
2242.734 |
2319.942 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
71.217 |
104.871 |
218.989 |
|
Total
borrowings |
71.217 |
104.871 |
218.989 |
|
Debt/Equity
ratio |
0.052 |
0.047 |
0.094 |
%2012-Apr-2014_files/image022.gif)
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 |
4643.734 |
5842.222 |
6347.496 |
|
|
|
25.809 |
8.649 |
%2012-Apr-2014_files/image024.gif)
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 |
4643.734 |
5842.222 |
6347.496 |
|
Profit |
368.055 |
306.307 |
118.811 |
|
|
7.93% |
5.24% |
1.87% |
%2012-Apr-2014_files/image026.gif)
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 fir |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10315056 |
17/10/2011 |
1,300,000,000.00 |
Indian Bank |
Mandvi Branch, 1st Floor, Kanmoor House, 281/287, |
B24287997 |
|
2 |
10315058 |
17/10/2011 |
3,740,000,000.00 |
Indian Bank & 8 Others |
Mandvi Branch, 1st Floor, Kanmoor House, 281/287, |
B24289894 |
|
3 |
10310395 |
07/04/2012 * |
400,000,000.00 |
DBS BANK LIMITED |
221, Fort House, 3rd Floor, D.N. Road, Fort, Mumbai, Maharashtra -
400001, INDIA |
B38363321 |
|
4 |
10277662 |
11/03/2011 |
350,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
B09389685 |
|
5 |
10215379 |
23/04/2010 |
190,000,000.00 |
CITIBANK N.A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX,
BANDRA (E), MUMBAI, Maharashtra |
A83781997 |
|
6 |
10177511 |
12/04/2011 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD,
WORLI, MUMBAI, Maharashtra - 400018,
INDIA |
B13470794 |
|
7 |
10091560 |
27/12/2007 |
262,500,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301,TRADE PLAZA, 414,VEER SAVARKAR MARG, PRABHADEVI , BR.8, RAJA
BAHADUR MANSION,AMBALAL DOSHI MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA |
A29237120 |
|
8 |
10091578 |
30/06/2009 * |
250,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, Mahatma Gandhi Road,, Fort, Mumbai, Maharashtra - 400001, INDIA
|
A65830259 |
|
9 |
10031489 |
12/12/2007 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
A32330011 |
|
10 |
10012479 |
29/08/2011 * |
520,000,000.00 |
STANDARD CHARTERED BANK |
Abhijeet II Ground Floor, Near Mithakali Six Roads, Ahmedabad, Gujarat
- 380006, INDIA |
B20948915 |
* Date of charge modification
CORPORATE
INFORMATION
Subject is a
public limited company domiciled in India and incorporated under the provisions
of the Companies Act, 1956. The company is engaged in the manufacture of specialty
petroleum products for diverse user industries like printing, textiles, rubber,
pharmaceuticals, cosmetics, power and other industrial oil.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW
The petroleum
specialty product industry in India has been one of the fastest growing
industries in the country. Since the beginning, the industry has shown an
enviable rate of growth. The sector has a significant growth potential.
However, for last couple of years, global oil sector was affected by high
feedstock Prices and slower growth in demand. Although the current per capita
consumption of petroleum products is low, the demand for the same is growing.
India is at a
threshold of growth in consumption of petrochemicals due to increased domestic demand,
booming middle class, still nascent retail sector, and focus on infrastructure.
The demand for Automobiles, Packaging and Medicare is likely to remain strong.
Combining all the petrochemical sectors, demand in India is expected to be
robust in coming years. This industry also has immense importance in the growth
of economy of the country and the growth and development of manufacturing
industry as well. It provides the foundation for manufacturing industries like
cosmetic, packaging, pharmaceuticals, agriculture, textiles etc.
BUSINESS OVERVIEW
Established in
1982, Subject today is one of the leading manufacturers and exporters for
various kinds of Petroleum specialties. Company’s diverse range of products
includes Mineral Oils, Liquid Paraffins, Transformer Oils, Petroleum Jellies,
Ink Oils, and other Petroleum Specialty Products.
MANUFACTURING
FACILITIES
The Company has
adequate manufacturing capacity to cater the domestic as well as International
requirements. Its four manufacturing units, all located in western India,
namely in Ankleshwar (Gujarat), Daman (Union Territory), Taloja Raigadh,
Maharashtra) and Dahej (Bharuch, Gujarat). The Company’s products are exported
to more than 40 countries globally. The Company has a fully equipped state-of-the-art
Research and Development Center at its Ankleshwar unit where it formulates new
and value-added products. The Company manufactures more than 80 product
variants used across 6-7 broad industry segments.
The Company
develops customised products as per client specification in the field of
petroleum and feeds to various industries like Printing Ink, Resin, Cosmetics,
and Rubber products, Pharmaceuticals, Engineering, Texturising and Chemicals
including Petro Chemicals.
Over the years,
the Company has forged strong relations with its clientele, comprising of
leading names across sectors. Its ability to offer customised products
complying with global quality standards has enabled to generate not only repeat
business from existing clients, but also general referral business from new
clients.
FUTURE OUTLOOK
Though the outlook
for the Indian economy at present looks somewhat gloomy in line with the world
economies, the future may not be as bleak as it is made out to be. This is
because the Indian economy has certain inherent strengths and resilience to
withstand these downturns. The power sector as in the past continues to show
growing demand. However, the volatile base oil prices, slowing automotive
sector and depreciating rupee could dampen the demand for the petroleum
products. With slowing down of the economy, the spending of the general masses
may not increase much, which in turn may affect the growth potential for other
petroleum specialty products.
The Company is
planning to expand its operations to withstand against the negative market
forces. In view of that, the company has opened a wholly owned subsidiary in
UAE. The Company is hopeful to override the adverse effects of the price
fluctuations in the petroleum industry by resorting to bulk purchases and cost
control measures.
It is management’s
view that the Company will continue to strengthen its financial position with
stable production volumes and positive improvements in Commodity prices.
FIXED ASSETS
- Freehold land
- Leasehold Land
- Factory Building
- Non Factory Building
- Plant and Equipment
- Office Equipment
- Computers
- Furniture and fixtures
- Vehicles
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
SIX MONTHS ENDED 31st DECEMBER, 2013
(Rs. In Millions)
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2013 |
30.9.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Sales /
Income from Operations Less:
Excise Duty |
1531.645 125.808 |
1472.840 113.999 |
4481.923 374.560 |
|
Net Sales
/ Income from Operations Other
Operating Income |
1405.837 -- |
1358.841 -- |
4107.363 -- |
|
Total Income |
1405.837 |
1358.841 |
4107.363 |
|
Expenditure |
|
|
|
|
a) Cost of
Materials consumed |
181.534 |
1108.027 |
3446.531 |
|
b) Purchase
of Traded Goods |
38.143 |
34.821 |
109.817 |
|
c) Changes
in inventories of Finished goods, Traded goods |
11.417 |
35.036 |
41.514 |
|
d)
Employee benefits expense |
11.354 |
8.049 |
26.702 |
|
e) Depreciation
and amortisation expense |
6.087 |
6.270 |
18.495 |
|
f)
Exchange gain / loss |
(5.194) |
10.479 |
66.983 |
|
g) Other
Expenditure |
78.597 |
89.336 |
224.810 |
|
Total Expenditure |
1321.928 |
1292.018 |
3934.852 |
|
Profit from
Operations before Other Income, Interest & Finance Charges |
83.899 |
66.823 |
172.511 |
|
Other
Income |
4.452 |
2.586 |
10.051 |
|
Profit
from Operations before Interest & Finance Charges |
88.351 |
69.409 |
182.562 |
|
Interest
and Finance Charges |
15.494 |
17.520 |
44.634 |
|
Profit /
(Loss) from Ordinary Activities Before Tax |
72.857 |
51.889 |
137.928 |
|
Tax
Expense |
25.873 |
0.422 |
27.315 |
|
Profit /
(Loss) from Ordinary Activities After Tax |
46.984 |
51.467 |
110.613 |
|
Prior
Period Items |
-- |
-- |
-- |
|
Net Profit
/ (loss) for the period |
46.984 |
51.467 |
110.613 |
|
Paid up
Equity Share Capital (Face value of share of Rs. 10/-
each) |
83.948 |
84.481 |
83.948 |
|
Reserves
excluding Revaluation Reserve |
|
|
|
|
Earnings per
share EPS - (Basic) |
5.57 |
60.06 |
12.90 |
|
Earnings
per share EPS - (Diluted) |
5.57 |
60.06 |
12.90 |
|
|
|
|
|
|
PART II |
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
Shareholding* |
|
|
|
|
- Number
of shares |
2153669 |
2208159 |
2153669 |
|
-
Percentage of Shareholding Promoters and promoter group Shareholding |
25.65 |
26.13 |
25.65 |
|
a) Pledged
/ Encumbered |
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
-
Percentage of shares (as a% of the total share capital of the company) |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
- Number
of shares |
|
|
|
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
-
Percentage of shares (as a% of the total share capital of the company) |
45.07 |
44.78 |
43.90 |
*Excludes 2,457,345
equity shares represented by Global Depository Receipts
INVESTOR COMPLAINTS FOR 3 MONTHS ENDED 31.12.2012
|
Pending at
the beginning of the quarter |
NIL |
|
Received
during the quarter |
1 |
|
Disposed
of during the quarter |
1 |
|
Remaining unresolved
at the end of the quarter |
NIL |
NOTES:
- Limited Review of the Unaudited
Financial Results for the Quarter and Nine months ended 31st December,
2013 have been carried out by the Statutory Auditors of the Company.
- The above unaudited results were
reviewed by the Audit Committee and approved by the Board of Directors of
the company at their meeting held on 13th February, 2014.
- The Company has unutilised balance of
Rs. 958.21 Lakhs as on 31St December, 2013 against GDR proceeds (net of
Exchange gain/loss).
- The company operates only in one
segment i.e. petroleum products.
- Pursuant to the approval of the board
of directors at its meeting held on February 14, 2013, the total number of
equity shares bought back under the buyback offer of the Company closed
today i.e. 13th February, 2014 through open market transactions
is 5,53,522 equity shares of Rs. 10/- each. Out of the above, 53,213
equity shares were bought back during the quarter ended on 31st
December, 2013, and the same have been fully extinguished till the date of
board of meeting.
- Previous year/period figures have been
regrouped and rearranged, wherever considered necessary, to conform to the
classification adopted in the current period
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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.