MIRA INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAIKAFFIL CHEMICALS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No.E-4, M.I.D.C.,
Tarapur, Boisar, District: Thane – 401 506, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.06.1992 |
|
|
|
|
Com. Reg. No.: |
11-067309 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.60.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24114MH1992PLC067309 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04122G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD0555A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Dyes / Intermediates
comprising Optical Brighteners / Naphthols. |
|
|
|
|
No. of Employees
: |
Approximately 75 (In Office: 15, In Factory: 60) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 382000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. Reserves of the
company is low. However, rating takes
into consideration company’s improved financial risk profile and fair
profitability levels of the company. Trade relations
are fair. Business is active. Payment terms are reported to be slow but
correct. The company can
be considered 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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. Mohan |
|
Designation : |
Export Manager |
|
Contact No.: |
91-22-49215577 |
|
Date : |
22.04.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No.E-4, M.I.D.C.,
Tarapur, Boisar, District: Thane – 401 506, Maharashtra, India |
|
Tel. No.: |
91-2525-272674 |
|
Fax No.: |
91-2525-273660 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Corporate Office : |
D-13, 5th
Floor, “Everest”, 156, Tardeo Main Road, Tardeo, Mumbai – 400 034,
Maharashtra, India |
|
Tel. No.: |
91-22-49215555/ 49215544/ 49215577 |
|
Fax No.: |
91-22-49215599 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Amit J. Patel |
|
Designation : |
Executive
Chairman |
|
|
|
|
Name : |
Mr.
Sishir R. Amin |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr.
Aditya A. Patel |
|
Designation : |
Joint
Managing Director |
|
|
|
|
Name : |
Mr.
Hiroshige Tanaka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Sudhir M. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Jagdish J. Vasa |
|
Designation : |
Director |
|
Expertise in specific Functional Areas : |
Industrialist
having business experience in Chemical Industry. |
|
Date of Appointment : |
29.03.2003 |
|
List of other Directorship : |
|
|
|
|
|
Name : |
Dr.
Giuseppe Seccomandi |
|
Designation : |
Director |
|
Expertise in specific Functional Areas : |
Industrialist
having experience in Chemical Industry in Italy. |
|
Date of Appointment : |
31.05.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan |
|
Designation : |
Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
958300 |
15.97 |
|
|
503300 |
8.39 |
|
|
475549 |
7.93 |
|
|
475549 |
7.93 |
|
|
1937149 |
32.29 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1937149 |
32.29 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1500 |
0.03 |
|
|
7900 |
0.13 |
|
|
9400 |
0.16 |
|
|
|
|
|
|
449801 |
7.50 |
|
|
|
|
|
|
1352683 |
22.54 |
|
|
1173321 |
19.56 |
|
|
1077646 |
17.96 |
|
|
3397 |
0.06 |
|
|
76958 |
1.28 |
|
|
994700 |
16.58 |
|
|
2591 |
0.04 |
|
|
4053451 |
67.56 |
|
Total
Public shareholding (B) |
4062851 |
67.71 |
|
Total
(A)+(B) |
6000000 |
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) |
6000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Dyes / Intermediates
comprising Optical Brighteners / Naphthols. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]:
|
Class
of Goods |
Installed
Capacity |
Production (MT)* |
|
Organic
Intermediates |
900 MT |
151 |
|
Optical
Whitening Agents |
|
|
|
-
Powder |
300 MT |
231 |
|
-
Liquid |
1500 MT |
1082 |
*
Excludes Quantity manufactured for captive consumption.
GENERAL INFORMATION
|
Customers : |
End Users
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Approximately 75 (In Office: 15, In Factory: 60) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Karnataka
Bank Limited, Overseas Branch, Nariman Point, Mumbai, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
# Secured against
hypothecation of Stock in Trade, Book Debts, Plant and Machinery, Other Fixed
Assets and Mortgage by Deposit of Title Deeds of Leasehold Land. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gaurang
Merchant and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associate
Enterprises : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each
|
Rs.60.000
millions |
|
|
|
|
|
Reconciliation
of number of Equity Shares:
|
Particulars |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Balance
at the beginning of the year |
6000000 |
60.000 |
|
Add:
Shares Issued during the year |
-- |
-- |
|
Balance at the end of the year |
6000000 |
60.000 |
Terms/ Rights attached to
the Shares:
The Company has only one
class of equity shares having a par value of Rs.10 per share. Each holder of
equity share is entitled to one vote per share. The company declares and pays
dividends in Indian Rupees.
In the event of Liquidation
of the Company, the holder of equity shares will be entitled to receive
remaining assets of the company, after distribution of all preferred amounts.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
Details
of Shares held by Shareholders holding more than 5% of the Aggregate Shares in
the Company:
|
Name
of the Shareholders |
As at 31st
March, 2013 |
|
|
No. of Shares |
Shares
as % of Total No. of Shares |
|
|
Amit
Patel |
927450 |
15.46% |
|
Caffil
Private Limited |
503300 |
8.39% |
|
H.G.E.
Chemical Company S.A. (Luxembourg) |
749700 |
12.50% |
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 |
60.000 |
60.000 |
60.000 |
|
(b) Reserves & Surplus |
35.578 |
29.360 |
31.734 |
|
(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) |
95.578 |
89.360 |
91.734 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.319 |
1.668 |
0.748 |
|
(b) Deferred tax liabilities (Net) |
3.230 |
3.293 |
2.297 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.583 |
0.536 |
1.297 |
|
Total
Non-current Liabilities (3) |
4.132 |
5.497 |
4.342 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
26.402 |
18.488 |
16.414 |
|
(b)
Trade payables |
48.449 |
50.503 |
28.918 |
|
(c)
Other current liabilities |
7.779 |
6.084 |
6.592 |
|
(d)
Short-term provisions |
3.607 |
3.464 |
5.597 |
|
Total
Current Liabilities (4) |
86.237 |
78.539 |
57.521 |
|
|
|
|
|
|
TOTAL |
185.947 |
173.396 |
153.597 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
55.340 |
53.567 |
44.859 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.815 |
4.218 |
6.258 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.829 |
0.829 |
2.251 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
2.314 |
2.008 |
2.390 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
60.298 |
60.622 |
55.758 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
43.934 |
45.102 |
42.111 |
|
(c)
Trade receivables |
66.252 |
49.285 |
42.174 |
|
(d)
Cash and cash equivalents |
3.757 |
5.576 |
4.461 |
|
(e)
Short-term loans and advances |
9.005 |
8.083 |
7.772 |
|
(f)
Other current assets |
2.701 |
4.728 |
1.321 |
|
Total
Current Assets |
125.649 |
112.774 |
97.839 |
|
|
|
|
|
|
TOTAL |
185.947 |
173.396 |
153.597 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations (net) |
299.686 |
210.927 |
193.535 |
|
|
|
Other Income |
4.363 |
3.192 |
2.821 |
|
|
|
TOTAL (A) |
304.049 |
214.119 |
196.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
176.750 |
135.326 |
120.864 |
|
|
|
Purchase
of stock-in-trade |
21.486 |
5.336 |
5.222 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(2.237) |
(3.268) |
(8.975) |
|
|
|
Employee benefit expense |
19.894 |
15.915 |
15.707 |
|
|
|
Other expenses |
64.757 |
50.107 |
45.840 |
|
|
|
Exceptional items :- |
|
|
|
|
|
|
Provision for Diminution
in value of investment |
0.000 |
1.818 |
0.000 |
|
|
|
Prior-Period Income /
(Expenses) |
0.000 |
(0.118) |
0.017 |
|
|
|
Excess Depreciation
charged in previous years |
(0.097) |
0.000 |
(0.542) |
|
|
|
TOTAL (B) |
280.553 |
205.116 |
178.133 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.496 |
9.003 |
18.223 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.000 |
2.508 |
1.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.496 |
6.495 |
16.746 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.618 |
4.802 |
3.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
14.878 |
1.693 |
12.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.127 |
0.603 |
3.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
9.751 |
1.090 |
9.641 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
15.228 |
17.802 |
16.258 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.500 |
0.200 |
2.500 |
|
|
|
Short Provision of Dividend distribution tax of
previous year |
0.023 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
3.000 |
3.000 |
4.800 |
|
|
|
Corporate Dividend Tax Thereon |
0.510 |
0.464 |
0.797 |
|
|
BALANCE CARRIED
TO THE B/S |
19.946 |
15.228 |
17.802 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
Value of Exports |
211.855 |
149.897 |
111.461 |
|
|
TOTAL EARNINGS |
211.855 |
149.897 |
111.461 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
83.157 |
70.462 |
59.384 |
|
|
TOTAL IMPORTS |
83.157 |
70.462 |
59.384 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.63 |
0.18 |
1.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.21
|
0.51 |
4.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.96
|
0.80 |
6.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.12
|
1.01 |
8.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.02 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28
|
0.23 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.44 |
1.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
60.000 |
60.000 |
60.000 |
|
Reserves & Surplus |
31.734 |
29.360 |
35.578 |
|
Net worth |
91.734 |
89.360 |
95.578 |
|
|
|
|
|
|
Long-term borrowings |
0.748 |
1.668 |
0.319 |
|
Short term borrowings |
16.414 |
18.488 |
26.402 |
|
Total borrowings |
17.162 |
20.156 |
26.721 |
|
Debt/Equity ratio |
0.187 |
0.226 |
0.280 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (net) |
193.535 |
210.927 |
299.686 |
|
|
|
8.986 |
42.080 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (net) |
193.535 |
210.927 |
299.686 |
|
Profit |
9.641 |
1.090 |
9.751 |
|
|
4.98% |
0.52% |
3.25% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
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 |
No |
|
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 |
No |
PERFORMANCE:
The Global Economic Scenario
in F.Y .2012-13 continued to be fought on challenges. Major economies witnessed
slow growth and the Eurozone which is their Companies prime market was full of
uncertainty due to unemployment, banking fragility, fiscal tightening coupled
with sluggish growth. As the year progressed business environment remained
difficult and operating in such a testing environment proved challenging.
Despite these constraints, the Company performed reasonably well and the
highlights of the performance are as under:-
Revenue from operations
increased by 42% i.e. from Rs.214.100 millions in previous year to Rs.304.000
millions in current year.
Exports increased by 39%
i.e. from Rs.152.800 millions in previous year to Rs.212.500 millions in current year.
Profit
before tax increased by 335% i.e. from Rs.3.400 millions in previous year to
14.800 millions in current year
MANAGEMENT
DISCUSSION AND ANALYSIS
FINANCIAL PERFORMANCE AND
ANALYSIS:
There was an all around
increase in the input costs including raw materials and overheads. All these
costs could not be passed on to the customers which had an impact on profit
margin.
Total Revenue for the Year
aggregated to Rs.304.049 millions as against the previous year turnover of
Rs.214.119 millions.
Profit before Depreciation,
Interest and Taxes for the year is higher at Rs.23.246 millions as compared to
Rs.10.262 millions of previous year.
Depreciation for the year
is higher at 5.618 millions as compared to Rs.4.802 millions of previous year.
Profit
before tax is higher at Rs.14.878 millions as compared to Rs.1.693 millions of
previous year.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2013
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
|
Year to date for period ended |
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a) Net Sales/Income from Operations |
58.695 |
86.056 |
220.113 |
|
|
b) Other Operating Income |
0.999 |
0.696 |
2.435 |
|
|
Total Income
From Operations (Net) |
59.694 |
86.752 |
222.548 |
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of Materials Consumed |
35.683 |
56.773 |
135.996 |
|
|
b) Purchases of stock-in-trade |
1.799 |
2.550 |
6.920 |
|
|
c) Changes in Inventories of Finished Goods, Work in Progress and
Stock in Trade |
0.916 |
(7.573) |
(1.393) |
|
|
d) Employee Benefits Expense |
4.690 |
5.309 |
15.769 |
|
|
e) Depreciation & Amortization Expense |
1.535 |
1.515 |
4.509 |
|
|
f) Other Expenses |
13.478 |
19.287 |
49.678 |
|
|
Total Expenses |
58.101 |
77.861 |
211.479 |
|
3. |
Profit/(Loss) from Operations
before Other Income, Finance Costs and Exceptional Items |
1.593 |
8.891 |
11.069 |
|
4. |
Other Income |
1.633 |
(0.157) |
4.183 |
|
5. |
Profit/(Loss) from
Ordinary Activities before Finance Costs and Exceptional Items |
3.226 |
8.734 |
15.252 |
|
6. |
Finance Costs |
0.669 |
0.798 |
2.173 |
|
7. |
Profit/(Loss) from
Ordinary Activities after Finance Costs but before Exceptional items |
2.557 |
7.936 |
13.079 |
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
9. |
Profit (+) / Loss (-) from
Ordinary Activities Before Tax |
2.557 |
7.936 |
13.079 |
|
10. |
Tax Expense (Excluding Deferred Tax) |
0.830 |
2.610 |
4.240 |
|
11. |
Net Profit (+) / Loss (-)
from Ordinary Activities After Tax - PAT |
1.727 |
5.326 |
8.839 |
|
12. |
Extraordinary Items (net of tax expenses) |
-- |
-- |
-- |
|
13. |
Net Profit (+) / Loss (-)
for the period |
1.727 |
5.326 |
8.839 |
|
14. |
Share of profit of associates |
-- |
-- |
-- |
|
15. |
Minority Interest |
-- |
-- |
-- |
|
16. |
Net Profit (+) / Loss (-)
after Taxes, Minority Interest |
1.727 |
5.326 |
8.839 |
|
17. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
60.000 |
60.000 |
60.000 |
|
18. |
Reserves (excluding
Revaluation Reserve) |
-- |
-- |
-- |
|
19.i |
Earnings per Share (before
extraordinary items) (of Rs.10/-each) (not annualized) |
0.29 |
0.89 |
1.47 |
|
19.ii |
Earnings per Share (after
extraordinary items) (of Rs.10/-each) (not annualized) |
-- |
-- |
-- |
|
|
|
|
|
|
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
4062851 |
4062851 |
4062851 |
|
|
- Percentage of Shareholding |
67.71% |
67.71% |
67.71% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
Nil |
Nil |
Nil |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
1937149 |
1937149 |
1937149 |
|
|
- 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) |
32.29% |
32.29% |
32.29% |
|
PARTICULARS |
Three Months Ended 31st December,
2013 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above unaudited financial Results for the quarter ended December 31, 2013 were reviewed by the Audit committee and subsequently have been taken on record by the Board of Director at its meeting held on February 13, 2014. The statutory Auditors of the company has carried out the limited review of the above financial results.
2. Due to shutdown in manufacturing operations from October 19, 2013 till November 08, 2013 on account of closure notice issued by M.P.C.B. to the majority of industries in Tarapur on account of implementation of strict pollution treatment norm the company's performance was severely affected resulting in drop in turnover as well as an impact on profitability, normal operation have subsequently commenced.
3. Figures of the previous periods have been regrouped and / or recast, wherever considered necessary to confirm to the grouping of the current periods.
4. Segment Reporting as defined in Accounting standard 17, is not applicable.
5. Provision for tax includes current tax.
6. Provision for Deferred tax will be ascertain held at the end of financial year.
FIXED ASSETS:
·
Land (Leasehold)
·
Factory Building
·
Flat
·
Plant and Machinery
·
Electrical Installations
·
Laboratory Equipment
·
Office Equipments
·
Furniture and Fixtures
·
Computer
· Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is a chemical
manufacturing Company established in 1992. They have come a long way since and
established a name in the chemical industry. Other than the production of
chemicals, which after processing becomes a part of everyone's day to day life,
Subject entered the consumer arena in 1995 by converting into a Public Limited
Company. Today, it has a subscribed capital of Rs.52.000 millions having more
than 4000 shareholders, including Foreign Collaborators, Financial
Institutions, Body Corporates, Non - Resident Indians and Indian public.
Subject has a production
facility in Tarapur. The unit was established in 1992 and from a small turnover
of about 10.000 millions that year, the unit has achieved higher sales in the
range of Rs.100.000 millions, with reasonable profits and reserves in the last
ten years.
In the year 1993, they at subject came
across the Japanese Technology. They realised the benefits of using it which
resulted in low input costs as well as manual labour in the area of production
and automation respectively. Hence, they decided to venture into collaboration
with them, on terms of transparency, trust and full co-operation from both
sides.
They are staunch believers of hard work and morality, which is why they
have been able to incorporate goodwill amongst all their audience, be it
clients, consumers, suppliers, shareholders, bankers or their very own
employees. They believe that "All successful business stands on foundation
of morality, and the price of greatness is responsibility."
Their quality and consistency as a reliable source of supply is the key
differentiator between them and the others, hence they are fully conscious that
at any costs they have to maintain their credibility. It is only because of
such reasons that their clients value their work to the extent that they export
their products under their names and trademarks claiming full responsibility!
Their clientele includes established names in the industry like
Clariant, KIWA, ERCA spa, DAIKA (Japan) and many more.
With an established clientele and a production setup of international
standards, subject applied for the ISO 9001:2000 Certification, which has been
approved thus adding a hallmark to the subject team's hard work and success.
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.61.07 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.