MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
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Registered
Office : |
Regent Chambers, 7th Floor, 208, Nariman Point Mumbai –
400021, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.07.1969 |
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Com. Reg. No.: |
11-014336 |
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Capital
Investment / Paid-up Capital : |
Rs.512.600 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1969PLC014336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06924B MUMP12411A |
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Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange. |
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Line of Business
: |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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No. of Employees
: |
4223 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 82000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an
established company having fine track. Financial position
of the company is sound and healthy. Net worth of the company is strong. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitment. The company can
be considered good for normal 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 %! Equities came in second with annualized
return of 15.5 %! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
28.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
28.04.2014 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-22822708/
LOCATIONS
|
Registered
Office : |
Regent Chambers,
7th Floor, 208, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22822708 /
28367085 / 7089 |
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Fax No.: |
91-22-22043969 |
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E-Mail : |
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Website : |
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Administrative
Office: |
6th Floor, Vikas Deep, Laxmi Nagar, District Centre, Vikas
Marg, |
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Corporate /
Head office: |
Ramkrishna Mandir
Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059,
Maharashtra, India |
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Tel. No.: |
91-22-28357000 / 3083
1000, 91-22-67697000/7949 |
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Fax No.: |
91-22-28357008 / 2835
7700, 91-22-28216007 |
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E-Mail : |
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Factory : |
·
Plot No.
A-22, M. I. D. C. Mahad - 402309, District Raigad, Maharashtra, India Tel. No. 91-2145-232043/44/45/46 Fax. No. 91-2145-232054/232048 ·
Plot
No. 78-79, G. I. D. C. Industrial Estate, Vapi - 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230215/230521 Fax. No. 91-2638-230199 ·
Plot
No. 23, G. I. D. C. Industrial Estate, Vapi 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230520/231517 Fax. No. 91-2638-231085 ·
Plot
No. 25,26,39,40 Jawahar Co-operative Industrial Estate, Kamothe, Panvel -
410206, District Raigad, Maharashtra, India Tel. No. 91-22-27421021/27421856 Fax. No. 91-22-2742332 ·
Plot
No. 19, Taloja Industrial Estate, Taloja, District Raigad, Maharashtra, India Tel. No. 91-22-27410376/77 Fax. No. 91-22-27410376 ·
Daman,
Union Territory |
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Branch Office
: |
Located
At: ·
Ahmedabad ·
Bangalore ·
Chandigarh ·
Chennai ·
New Delhi ·
Kanpur ·
Kolkata ·
Nagpur ·
Kochi ·
Hyderabad |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. K. Parekh |
|
Designation : |
Chairman |
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|
Name : |
Mr. S. K. Parekh |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. M. B. Parekh |
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Designation : |
Chairman cum Managing Director |
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|
Name : |
Mr. N. K. Parekh |
|
Designation : |
Joint Managing Director |
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|
Name : |
Mr. R. M. Gandhi |
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Designation : |
Director |
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|
Name : |
Mr. N. J. Jhaveri |
|
Designation : |
Director |
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|
Name : |
Mr. Bansi S.
Mehta |
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Designation : |
Director |
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|
Name : |
Mr. Ranjan Kapur |
|
Designation : |
Director |
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|
Name : |
Mr. Yash Mahajan |
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Designation : |
Director |
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Name : |
Mr. A. B. Parekh |
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Designation : |
Whole Time Director |
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|
Name : |
Mr. A N Parekh |
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Designation : |
Whole Time Director |
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Name : |
Mr. Bharat puri |
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Designation : |
Director |
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Date of Appointment : |
28.05.2008 |
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Name : |
Mr. D. Bhattacharya |
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Designation : |
Director |
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Name : |
J.L. Shah |
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Designation : |
Whole Time Director [up to 08.11.2011] |
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Name : |
Mr. Sanjeev Aga |
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Designation : |
Director [w.e.f.29.07.2011] |
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Name : |
Mr. R Sreeram |
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Designation : |
Whole Time Director [up to 08.11.2011] |
KEY EXECUTIVES
|
Name : |
Ms. Savithri Parekh |
|
Designation : |
Company Secretary |
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|
Name : |
Ms. Rashmi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
270364262 |
52.74 |
|
|
85907932 |
16.76 |
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|
356272194 |
69.50 |
|
|
|
|
|
|
|
|
|
|
2901606 |
0.57 |
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|
2901606 |
0.57 |
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|
Total shareholding of Promoter and Promoter
Group (A) |
359173800 |
70.06 |
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|
(B) Public Shareholding |
|
|
|
|
|
|
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|
11923010 |
2.33 |
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|
268140 |
0.05 |
|
|
5626264 |
1.10 |
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|
80692960 |
15.74 |
|
|
98510374 |
19.22 |
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|
|
|
|
|
|
|
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|
7967384 |
1.55 |
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|
|
|
|
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|
38572379 |
7.52 |
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|
8418393 |
1.64 |
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|
54958156 |
10.72 |
|
Total Public shareholding (B) |
153468530 |
29.94 |
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|
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|
Total (A)+(B) |
512642330 |
100.00 |
|
|
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|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
|
|
|
Total (A)+(B)+(C) |
512642330 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
4223 [Approximately] |
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|
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|
Bankers : |
·
Indian Overseas Bank ·
Corporation Bank ·
ICICI Bank ·
The Royal Bank of Scotland N.V. ·
HDFC Bank |
|
|
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|
Facilities : |
-- |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
·
Haribhakti
and Company Chartered
Accountants ·
Wadia
Ghandy and Company Solicitors and
Advocates |
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|
|
|
Internal
Auditors : |
|
|
Name: |
Mahajan and
Aibara Chartered
Accountants |
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|
Significant
Influence: |
·
Parekh Marketing Limited ·
Kalva Marketing and Services Limited |
|
|
|
|
Substantial
Interest in Voting Power (Associate): |
Vinyl Chemicals (India) Limited |
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|
Partnership firm
of which 100% holding by wholly owned Subsidiaries: |
Nitin Enterprises |
|
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|
100% Subsidiary: |
·
Fevicol Company Limited ·
Bhimad Commercial Co Private Limited ·
Madhumala Traders Private Limited ·
Pidilite International Pte Limited ·
Pidilite Middle East Limited ·
Pulvitec do Brasil Industria e Comercio de Colas
e Adesivos Ltda ·
Pidilite USA Inc ·
Building Envelope Systems India Limited |
|
|
|
|
100% Subsidiary
of wholly owned Subsidiary: |
·
Jupiter Chemicals (LLC) ·
P.T. Pidilite Indonesia ·
Pidilite Speciality Chemicals Bangladesh Private
Limited ·
Pidilite Innovation Centre Pte Limited ·
Pidilite Industries Egypt – SAE ·
Pidilite Bamco Limited ·
Pidilite South East Asia Limited ·
PIL Trading Egypt (LLC) ·
Pidilite Industries Trading (Shanghai) Company
Limited |
|
|
|
|
49% Subsidiary
of wholly owned Subsidiary and having significant influence: |
Bamco Supply Services Limited |
|
|
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|
60% Subsidiary: |
· Building Envelope Systems India Limited |
|
|
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|
75% Subsidiary: |
· Pagel Concrete Technologies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital: NOT AVAILABLE
Issued, Subscribed & Paid-up Capital: Rs.512.600
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000000 |
Equity Shares |
Re.1/- each |
Rs.700.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512642330 |
Equity Shares |
Re.1/- each |
Rs.512.640
Millions |
|
|
|
|
|
NOTES:
RECONCILIATION OF
THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
507648626 |
507.650 |
|
Shares issued
during the year upon conversion of Foreign Currency Convertible Bonds |
4993704 |
4.990 |
|
Shares
outstanding at the end of the year |
512642330 |
512.640 |
TERMS /RIGHTS
ATTACHED TO EQUITY SHARES
The Company has
only one class of equity shares having a par value of 1 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company after distribution of all
preferential amounts, in the proportion of their shareholding. During the year
ended 31st March 2013, the amount of per share dividend recognized as
distributions to equity shareholders is 2.60
(1.90).
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Madhukar Balvantray Parekh |
56958614 |
11.11 |
|
Narendrakumar
Kalyanji Parekh |
54332178 |
10.59 |
|
Ajay Balvantray
Parekh |
49134386 |
9.58 |
|
Sushilkumar
Kalyanji Parekh |
45969560 |
8.97 |
|
Devkalyan Sales
Private Limited |
26074280 |
5.09 |
|
Genesis Indian Investment
Company Limited - General Sub fund |
40675686 |
7.93 |
AGGREGATE NUMBER OF BONUS SHARES ISSUED, SHARE
ISSUED FOR CONSIDERATION OTHER THAN CASH AND SHARES BOUGHT BACK DURING THE PERIOD
OF FIVE YEARS, IMMEDIATELY PRECEDING THE REPORTING DATE:
|
PARTICULAR |
AS ON 31.03.2013 |
|
Equity Shares |
|
|
Fully paid up
pursuant to contract(s) without payment being received
in cash |
-- |
|
Allotted as
fully paid bonus shares |
-- |
|
Allotted on
Conversion of FCCB |
4993704 |
The Company had
issued on 6th December 2007, 400 Foreign Currency Convertible Bonds (FCCB) of
US$100,000 each, which were convertible into Equity shares at any time upto 1st
December 2012. The due date for redemption of FCCBs was 7th December 2012. As
on 7th December 2012, the balance outstanding FCCBs aggregating 205 Bonds were
redeemed by the Company.
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
512.600 |
512.640 |
507.650 |
|
(b) Reserves & Surplus |
19882.600 |
16811.730 |
13208.990 |
|
(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) |
20395.200 |
17324.370 |
13716.640 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
922.970 |
|
(b) Deferred tax liabilities (Net) |
508.300 |
483.620 |
454.270 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
196.700 |
142.870 |
101.380 |
|
Total Non-current Liabilities (3) |
705.000 |
626.490 |
1478.620 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
76.800 |
0.000 |
0.000 |
|
(b) Trade payables |
3011.400 |
2071.370 |
1702.280 |
|
(c) Other current
liabilities |
2859.600 |
3727.730 |
4928.640 |
|
(d) Short-term provisions |
1844.200 |
1634.300 |
1179.460 |
|
Total Current Liabilities (4) |
7792.000 |
7433.400 |
7810.380 |
|
|
|
|
|
|
TOTAL |
28892.200 |
25384.260 |
23005.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10423.900 |
5119.940 |
4717.130 |
|
(ii) Intangible Assets |
0.000 |
217.130 |
242.090 |
|
(iii) Capital
work-in-progress |
0.000 |
4087.090 |
3713.350 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3396.600 |
2623.170 |
2418.830 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
641.100 |
242.280 |
249.510 |
|
(e) Other Non-current assets |
59.400 |
0.000 |
1.370 |
|
Total Non-Current Assets |
14521.000 |
12289.610 |
11342.280 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2341.300 |
2846.290 |
909.160 |
|
(b) Inventories |
5082.000 |
4511.640 |
3963.040 |
|
(c) Trade receivables |
4536.000 |
3667.630 |
3261.180 |
|
(d) Cash and cash
equivalents |
1451.800 |
1368.240 |
2577.190 |
|
(e) Short-term loans and
advances |
851.500 |
594.080 |
859.870 |
|
(f) Other current assets |
108.600 |
106.770 |
92.920 |
|
Total Current Assets |
14371.200 |
13094.650 |
11663.360 |
|
|
|
|
|
|
TOTAL |
28892.200 |
25384.260 |
23005.640 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from Operations |
38782.400 |
33316.910 |
28163.200 |
|
|
|
Other Income |
429.400 |
658.970 |
427.670 |
|
|
|
TOTAL (A) |
39211.800 |
33975.880 |
28590.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
20022.800 |
16966.670 |
14637.410 |
|
|
|
Purchase of Stock in Trade |
1800.500 |
1561.210 |
1316.060 |
|
|
|
Employee Benefits Expense |
3582.600 |
3010.290 |
2611.560 |
|
|
|
Other Expenses |
7019.000 |
6039.760 |
5013.240 |
|
|
|
Exceptional Items (net) |
65.000 |
(59.440) |
126.290 |
|
|
|
Change in
inventories of Finished Goods, Work-in-Progress and Stock in Trade |
(422.600) |
(392.450) |
(279.160) |
|
|
|
Foreign Exchange Difference Expenses |
513.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
32118.600 |
27126.040 |
23425.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7093.200 |
6849.840 |
5165.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.900 |
121.740 |
245.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6996.300 |
6728.100 |
4920.430 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
686.300 |
532.410 |
479.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6310.000 |
6195.690 |
4441.170 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1623.900 |
1588.090 |
1096.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4686.100 |
4607.600 |
3345.060 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1303.000 |
1073.490 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Equity Dividend |
NA |
1333.000 |
965.140 |
|
|
|
Tax on Proposed Equity Dividend |
NA |
226.000 |
156.570 |
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
60.000 |
243.400 |
|
|
|
Transfer to General Reserve |
NA |
2500.000 |
1750.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1791.600 |
1303.440 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
3201.730 |
2643.160 |
|
|
|
Other Earnings |
NA |
5.480 |
18.610 |
|
|
TOTAL EARNINGS |
NA |
3207.210 |
2661.770 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
3999.210 |
3519.650 |
|
|
|
Capital Goods |
NA |
103.710 |
119.340 |
|
|
|
Others |
NA |
665.740 |
639.570 |
|
|
TOTAL IMPORTS |
NA |
4768.660 |
4278.560 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
9.14 |
9.04 |
6.59 |
|
|
|
- Diluted |
9.14 |
9.04 |
6.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.95 |
13.56 |
11.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.27 |
18.60 |
15.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.75 |
33.18 |
26.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.36 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84 |
1.76 |
1.49 |
FINANCIAL
ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
507.650 |
512.640 |
512.600 |
|
Reserves & Surplus |
13208.990 |
16811.730 |
19882.600 |
|
Net worth |
13716.640 |
17324.370 |
20395.200 |
|
|
|
|
|
|
long-term borrowings |
922.970 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
76.800 |
|
Total borrowings |
922.970 |
0.000 |
76.800 |
|
Debt/Equity ratio |
0.067 |
0.000 |
0.004 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from Operations |
28,163.200 |
33,316.910 |
38,782.400 |
|
|
|
18.299 |
16.405 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from Operations |
28,163.200 |
33,316.910 |
38,782.400 |
|
Profit |
3,345.060 |
4,607.600 |
4,686.100 |
|
|
11.88% |
13.83% |
12.08% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
------------------------------------------------------------------------------------------------------------------------------
LITIGATION DETAILS
CASE DETAILS
BENCH:-BOMBAY
PRESENTATION DATE:
12.02.2014
|
Lodging No.:- |
NMAL/313/2014 |
Filing Date:- |
12.02.2014 |
|
Lodging No.: |
APPL/69/2014 |
Main Matter |
-- |
|
Petitioner:- |
Jubilant Agri
And Consumer Products |
Respondent:- |
PIDILITE
INDUSTRIES LIMITED |
|
Petn. Adv.:- |
MAG LEGAL
(I1295) |
Resp. Adv.:- |
Messers Legasis
Partners For Resp. |
|
District:- |
Outside
Maharashtra |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
Category:- |
Notice of Notion
(Appeal) |
|
Last Date:- |
18.06.2014 |
Stage:- |
Notice of Motion
for Hearing |
|
Last Coram:- |
HON'BLE SHRI
JUSTICE S. J. VAZIFDAR HON'BLE SHRI
JUSTICE B. P. COLABAWALLA |
|
|
|
|
Act :- |
Code of civil
Procedure 1908 |
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL PERFORMANCE:
The Operating
Profit and Net Profit for the year at Rs.6752.000 millions and Rs.4608.000
millions increased by 26% and 38% respectively. Income Tax for the current year
at Rs.1559.000 millions is higher by 48%, due to completion of the first five
year tax holiday period for one manufacturing unit located in Himachal Pradesh.
With this all units have completed their first five year tax holiday period.
Slow down in
industrial growth in India combined with a weak global economy, impacted sales
of industrial products. As a result, sales of industrial products grew by
10.6%, below the historical trends.
Sales of Consumer
and Bazaar products grew by 20.7%. Volume growth, however, was lower than past
trends. The Indian Rupee was at Rs.54.28 to a US $ as on 31st March 2013 as
compared to Rs.50.87 to a US $ as on 31st March 2012. Moreover the Rupee saw
high volatility during the year and at times quoted above Rs.57 to a US $. This
made imports costlier and impacted margins. This movement adversely impacted
the liability on account of outstanding Foreign Currency Convertible Bonds
(FCCBs). However, this impact was partly offset by conversion of 128 FCCBs
which resulted in write back of the earlier exchange fluctuations.
Consequently, exchange loss for the year was only Rs.5 million as compared to
Rs.85 million in the previous year.
SUBSIDIARIES:
DOMESTIC:
During the year, a
Joint Venture Company, Building Envelope Systems India Limited was incorporated
for manufacture of a select range of construction chemicals for application in
waterproofing and thermal insulation. All these products will be sold through the
Company. These products will address demand for high end waterproofing
solutions. The Company holds 60% of the capital in the Joint Venture Company.
OVERSEAS SUBSIDIARIES:
Total revenue grew
by 6.6% in constant currency terms. The business in US reported sales growth of
10.2%. EBIDTA for the year declined by 21.6% due to higher material costs and
item as detailed later.
The subsidiary in
Brazil continued to perform below expectations. Sales declined by 0.9%. However
due to actions taken to improve performance, sales growth in the second half
was 6.7% as compared to a decline of 7.9% in the first half. Actions taken to
improve performance include strengthening the management as well as to reduce
cost and improve margin. The subsidiary in Bangladesh reported sales growth of
34%. The business scope was extended to include trading operations which
started in December 2012. Sales growth after including the revenue from trading
operations was 42%. The manufacturing facility was expanded to produce a wider
range of adhesives. Full benefit of these initiatives will be reflected in the
current year.
The subsidiaries
in Thailand reported sales growth of 22%. The manufacturing operations in
Thailand were rationalized by shutting down one manufacturing facility to
reduce operating costs. The subsidiary in Egypt had a sales growth of 25%.
Losses were significantly reduced. The subsidiary in Dubai reported sales
decline of 42%. With measures taken to reduce costs, losses were lower than
last year. Due to the reasons mentioned above, the overseas operations continue
to report losses.
Full year losses
incurred by overseas subsidiaries were Rs.440 million as compared to a loss of
Rs.254.000 millions last year. This was mainly due to the following items:
|
Provision for receivables due from a customer who has filed for bankruptcy in US |
Rs.25.000
millions |
|
Provision for goodwill impairment in Brazil |
Rs.94.000
millions |
|
Provision for disputed tax liabilities of previous years and other disputed items in Brazil |
Rs.46.000
millions |
|
One off expenses for closure of factory in Thailand |
Rs.12.000
millions |
|
Total |
Rs.177.000 millions |
CURRENT YEAR OUTLOOK:
The demand for the
Company’s products is linked to the market demand both in India and globally. The
current year’s outlook is uncertain due to the present weakness in the
underlying economic scenario. With the Indian Rupee likely to remain weak
versus the US $ due to the high fiscal deficit, margins are not likely to
improve as higher cost of imports could offset gains from lower commodity
prices. The Company’s major subsidiaries are in USA, Brazil, Thailand, Egypt
and Bangladesh. All these units are making efforts to improve performance
through demand generation and cost reduction initiatives.
MANAGEMENT DISCUSSION AND ANALYSIS:
Net sales of the
Company grew by 18.3%, marginally lower than that recorded in the previous
year. Sales of Consumer and Bazaar products grew by 20.7% while growth in
Industrial Products was slower at 10.6%. Increase in commodity costs led by
crude oil prices and a depreciating currency impacted margins in the first half
of the year and price increases were implemented. With cost inflation easing in
the second half, margins were better than the corresponding period of the previous
year. The subsidiary in Brazil continued to incur losses. While the subsidiary
has taken a series of measures to improve performance, the continued losses
require the Company to review the value of its investments in that subsidiary.
Accordingly, a provision for diminution in value of Rs.53.100 millions has been
made, which is in addition to Rs.96.900 millions provided last year. This
provision has no impact on the consolidated results of the Company. Earnings
before interest, taxes, exceptional items and foreign exchange differences,
increased by 28%, profit before tax (PBT) increased by 40% and profit after tax
(PAT) increased by 38%. The Company’s sales have grown at a CAGR of 17.1% over
the last 5 years.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Guarantees given by Banks in favour of Government and others |
278.520 |
75.790 |
|
Guarantees given by Company |
1004.210 |
899.200 |
|
Unexpired Letter of Credit |
212.960 |
0.000 |
|
Disputed
liabilities in respect of Income Tax, Sales Tax, Central Excise and Customs
(under appeal) |
399.530 |
363.530 |
|
Claims against the Company not acknowledged as debts |
5.260 |
62.680 |
|
|
|
|
|
TOTAL |
1900.480 |
1401.200 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90218500 |
06/08/2008 * |
1,519,900,000.00 |
INDIAN OVERSEAS
BANK |
BAKHTAWAR,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A44106425 |
|
2 |
90242415 |
09/03/2005 * |
954,900,000.00 |
INDIAN OVERSAES
BANK |
BHAKTAWAR,
GROUND FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90216221 |
05/12/1995 |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWERS,
CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
4 |
90362717 |
05/09/1984 |
150,000.00 |
THE MAHARASHTRA
STATE FINANCIAL CORPORATION |
A.K. NAYAK MARG,
FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Goodwill
·
·
·
Buildings
·
Plant
and Machinery
·
Trademark
·
Copyrights
·
Furniture
and Fixtures
·
Vehicles
·
Office Equipment
NEWS:
ACCUMULATE
PIDILITE INDUSTRIES; TGT OF RS 313: PLILLADHER
Prabhudas
Lilladher is bullish on Pidilite Industries and has recommended accumulate
rating on the stock with a target of Rs.313 in its May 29, 2014 research
report.
“We are cutting FY15 and FY16 EPS estimates of
Pidilite Industries (PIDI) by 4-7 percent to factor in 1) sharp spike in VAM
prices and 2) lower financial other income and tax rate. PIDI has reported ~14
percent volume growth in a tough operating environment which reinforces our
view of growth potential in Adhesives, Construction chemicals and Industrial
chemical business. 5-6 percent price increase indicates the strength of brands
like Fevicol, Dr. Fixit and M-Seal and shows PIDI’s ability to increase margins
from the current depressed levels. We believe that PIDI is a compelling play on
any potential recovery in economy as higher construction, interior work and
industrial activity will boost demand for its products. We estimate a
standalone EPS of Rs11.1 and Rs13.9 for FY15 and FY16, respectively, which
shows PAT CAGR of 22 percent over FY14-16. We value PIDI at Rs313 (SOTP,
domestic business valued at Rs307 at 22xMarch 16 EPS) versus Rs327 earlier. We
retain ‘Accumulate’.”
“Volumes grew 14 percent during Q4FY14. Gross margin at
42.6 percent declined 530bps on account of higher input cost. EBITDA margin
declined 350bps to 12.9 percent. EBITDA declined 6.4 percent to Rs1.17bn. 65
percent increase in interest burden, 32 percent increase in depreciation and
32.6 percent decline in other income resulted in 13.3 percent decline in PBT.
Adj. PAT declined 5.4 percent to Rs888m as tax rate declined by 670bps to 20.6
percent. A sharp spike in VAM prices has impacted margins. PIDI has undertaken
5‐6 percent price increase in
products with VAM as feed stock and another price increase is likely in Q2. We
expect meaningful margin recovery only after Q2 as VAM prices are expected to
remain firm for 1‐2 quarters more. IBD Sales
increased 8 percent sales growth, while losses increased due to higher legal,
tax and restructuring expenses in North and South America. Egypt market
recovery boosted performance of the Middle East, while South Asia continued to
sustain strong performance, led by Bangladesh.”
“Q4 volumes in Consumer and Bazaar products increased in
double digits (11 percent in Q3). There is no change in demand scenario as of
now. Economic recovery will aid higher demand for adhesives, construction
chemicals and industrial chemicals. VAM prices have zoomed from a level of
US$1100/ton to US$1500/ton. Maintenance shutdown of 2 units in USA and closure
of 2 units in Europe and USA led to demand supply mismatch and consequent spike
in prices. Prices are likely to remain firm for 1‐2
quarters even as 2 units in USA are back into production. New capacity additions
are also likely. PIDI is yet to decide on using its own VAM unit as it requires
a couple of quarters to put it back to production; it will keep a watch on
prices to take a call on in‐house
production of VAM. PIDI has undertaken 5‐6
percent price increase in products which have VAM as a major feedstock. PIDI is
indicating another round of price increase in Q2 to pass on the full impact of
input cost inflation depending upon the trends in prices. Accumulate Pidilite
Industries with a target of Rs.313,” says Prabhudas Lilladher research report.
HOLD PIDILITE
INDUSTRIES; TARGET OF RS 304: ICICIDIRECT
May 30, 2014
“Pidilite Industries reported disappointing results with EBITDA margins
witnessing a 375 bps YoY dip on account of ~40 percent increase in vinyl
acetate monomer (VAM) prices due to the shutdown of two plants in the US and
lag impact of currency depreciation. This resulted in a 10.1 percent YoY
decline in earnings. However, revenues witnessed an 18 percent YoY jump mainly
due to consistent double digit volume growth and additional 4-6 percent price
hike taken in Fevicol due to a steep rise in raw material cost. With sustained
VAM prices, the company partially passed on the increase. It is likely to take
another round of price increases in the second quarter of FY15 to protect its
margins. Overseas subsidiary saw sales growth of 13.5 percent to Rs.4040.000
Millions while net loss reduced from Rs.380.000 Millions to Rs.210.000 Millions
during FY14.”
“Pidilite Industries (Pidilite), is a dominant play in India’s growing
adhesive and industrial chemical market with a market share of ~70 percent in
its leading brand categories in the organised segment. The company’s two major
segments, consumer and bazaar (C and B) and specialty industrial chemical have
grown at a CAGR of ~21 percent and ~15 percent (standalone), respectively, in
FY10-13. The consumer and bazaar segment contributes ~79 percent of Pidilite’s
standalone revenue. This segment has grown mainly driven by adhesive and
sealants segments, which contribute ~63 percent to the company’s consumer and
bazaar segment revenue (FY13) and recorded ~21 percent CAGR during FY10-13. We
believe since the segment growth is largely driven by construction, repair and
maintenance, sales growth in the consumer and bazaar will be at 18 percent CAGR
in FY14-16E on the back of an increase in penetration in smaller towns
(population below 50,000). Pidilite Industries is one of the well-known
adhesive companies in India for the quality and reach to end users.
Fevicol, the legacy brand of the company, is a generic name in the
adhesive category in India. In spite of the strong brand, the company has kept
its marketing and selling expenses to the tune of ~4 percent of sales to gain
market share.”
“At the CMP, the stock is trading at a PE multiple of 30.3x FY15E
earnings and 25.9x FY16E earnings. The company has recorded revenue, earning
CAGR of 16.5 percent, 32.1 percent, respectively, in FY09-14E on the back of
sustained demand from craft and interior designing. We estimate revenues,
earnings CAGR of 17 percent, 16.3 percent, respectively, in FY14-16E on the
back of demand from tier II, –tier III cities. In the last two years, the stock
has traded at an average one year forward earnings multiple of 25x. We believe
the stock is fairly valued at the current price and maintain our target price
of Rs.304 valuing at 25x FY16E earnings with a HOLD rating,” says
ICICIdirect.com research report.
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 records 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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.