MIRA
INFORM REPORT
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Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
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Name : |
PANAMA PETROCHEM LIMITED |
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Registered
Office : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393 002, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
04-005062 |
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Capital Investment
/ Paid-up Capital : |
Rs.80.657 millions |
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CIN No.: [Company Identification
No.] |
L23209GJ1982PLC005062 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject 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 declined by the Management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having fine track record. Financial
position of the company seems to be decent. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
regular and as per commitments. 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.
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 |
CARE |
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Rating |
Long Term Bank Facilities: A |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
January 08, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities: A1 |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Ms. Sweta |
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Designation : |
Finance Officer |
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Contact No.: |
91-2646-221068 |
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Date : |
06.08.2014 |
LOCATIONS
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Registered Office/ Plant 1 : |
Plot No.3303, G.I.D.C. Industrial Estate, Ankleshwar – 393 002,
Gujarat, India |
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Tel. No.: |
91-2646-221068/ 250281 |
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Fax No.: |
91-2646-250281/ 225907 |
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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
– 400 050, Maharashtra, India |
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Tel. No.: |
91-22-42177777 |
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Fax No.: |
91-22-42177788 |
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E-Mail : |
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Plant 2 : |
Survey
No.78/2, Daman Industrial Estate, Unit III, Poly Cab Road, Village Kadaiya,
District Daman – 396 210, Daman (UT), India |
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Tel. No.: |
91-260-3091311 |
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E-Mail : |
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Plant 3 : |
Plot
No. H-12, M.I.D.C., Taloja, Navi Mumbai – 410 208, Maharashtra, India |
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Tel. No.: |
91-22-27411456 |
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E-Mail : |
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Plant 4 : |
Plot
No.23 and 24, SEZ, Dahej, Bharuch District – 392 110, Gujarat, India |
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Tel. No.: |
91-2641-320980 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Amirali E. Rayani |
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Designation : |
Chairman |
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Date of Birth/ Age : |
26.02.1944 |
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Qualification : |
SSC |
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Expertise in specific functional area : |
Mr. Amirali E. Rayani is the
main promoter of the Company and has been actively associated with the
Company since its inception and has played a key role in bringing the Company
to its present heights. He has an experience of over 40 years in Petroleum
industry. He oversees the entire operations. |
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Date of Appointment : |
09.03.1982 |
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Name : |
Mr. Amin A. Rayani |
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Designation : |
Managing Director and Chief Executive Officer |
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Date of Birth/ Age : |
17.05.1972 |
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Qualification : |
Bachelor’s
degree in commerce |
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Expertise in specific functional area : |
Mr. Amin A. Rayani holds
a bachelor’s degree in Commerce and is associated with the Company for over
15years. He is currently Managing Director & CEO of the Company. He has
vast experience and expertise in finance, production and marketing and thus
oversees the same with respect of the Company. |
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Date of Appointment : |
01.12.2000 |
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Name : |
Mr. Samir A. Rayani |
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Designation : |
Whole-Time Director |
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Date of Birth/ Age : |
19.12.1975 |
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Qualification : |
Bachelor’s
degree in engineering (chemical) |
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Expertise in specific functional area : |
Mr. Samir Rayani holds a
bachelor’s degree in engineering (Chemical) from Mumbai University. He has
been associated as a Whole-time Director overseeing the administrative
aspects of the Company. He has a wide knowledge of production and marketing
of Petroleum Products. |
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Date of Appointment : |
01.12.2000 |
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Name : |
Mr. Dilip S. Phatarphekar |
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Designation : |
Independent Director |
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Address: |
B/502, Surya
Apartments, 53, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth : |
24.01.1938 |
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Qualification : |
Bachelor’s
degree in Arts, LL.B. |
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Expertise in specific functional area : |
Mr. Dilip S. Phatarphekar
is a practing Advocate and Arbitrator and has experience of over 40 years. He
has worked as a Head of Legal Department of Companies such as Pfizer Limited
and Essar group of Companies. |
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Date of Appointment : |
30.12.2005 |
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Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
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Name : |
Mr. Madan Mohan Jain |
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Designation : |
Independent Director |
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Address: |
422, Shivkala Apartments,
Plot No. D-19, Sector 51, Noida, Uttar Pradesh, India |
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Date of Birth : |
01.03.1944 |
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Qualification : |
Bachelor’s
degree in science |
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Expertise in specific functional area : |
Mr. Madan Mohan Jain holds
a bachelor’s degree in science. He was earlier associated with ONGC as a
Chief Geologist. He has an experience of over 35 years in field geological
operations and petroleum exploration. |
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Date of Appointment : |
30.12.2005 |
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Directorship held in other Indian public limited Companies : |
Ess
Dee Aluminum Limited |
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Name : |
Mr. Mukesh T. Mehta |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
20.07.1958 |
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Qualification : |
Bachelor’s
degree in commerce |
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Expertise in specific functional area : |
Mr. Mukesh Mehta holds a
Bachelor’s degree in Commerce from Mumbai University. He has vast experience
of 25 years in the field of exports. He is an expert in business planning and
for export strategy and guides the Company in this regard |
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Date of Appointment : |
22.03.2003 |
KEY EXECUTIVES
|
Name : |
Ms. Gayatri Sharma |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
574300 |
10.24 |
|
|
288346 |
5.14 |
|
|
2942946 |
52.47 |
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|
2942946 |
52.47 |
|
|
3805592 |
67.85 |
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|
Total
shareholding of Promoter and Promoter Group (A) |
3805592 |
67.85 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
13800 |
0.25 |
|
|
300 |
0.01 |
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|
14100 |
0.25 |
|
|
|
|
|
|
148137 |
2.64 |
|
|
|
|
|
|
876757 |
15.63 |
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|
687273 |
12.25 |
|
|
76609 |
1.37 |
|
|
75062 |
1.34 |
|
|
1547 |
0.03 |
|
|
1788776 |
31.89 |
|
Total
Public shareholding (B) |
1802876 |
32.15 |
|
Total
(A)+(B) |
5608468 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2457345 |
0.00 |
|
|
2457345 |
0.00 |
|
Total
(A)+(B)+(C) |
8065813 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& Friends
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total |
||
|
1 |
Shelina
Arifali Rayani |
557655 |
6.91 |
|
2 |
Nabat
Amirali Rayani |
295950 |
3.67 |
|
3 |
Ittefaq
Ice And Cold Storage Co. Pvt. Ltd |
288346 |
3.57 |
|
4 |
Begumbanu
Akberali Rayani |
285950 |
3.55 |
|
5 |
Arif
Amirali Rayani |
231650 |
2.87 |
|
6 |
Iqbal
Vazirali Rayani |
222356 |
2.76 |
|
7 |
Samir
Akbarali Rayani |
218500 |
2.71 |
|
8 |
Chemine
Amin Rayani |
214014 |
2.65 |
|
9 |
Sapna
Samir Rayani |
202961 |
2.52 |
|
10 |
Akbarali
Essabhai Rayani |
193450 |
2.40 |
|
11 |
Amin
Amirali Rayani |
191000 |
2.37 |
|
12 |
Amirali
Essabhai Rayani |
164800 |
2.04 |
|
13 |
Salimali
Essabhai Rayani |
149453 |
1.85 |
|
14 |
Vazir
Essabai Rayani |
143000 |
1.77 |
|
15 |
Munira
Hussein Rayani |
118500 |
1.47 |
|
16 |
Malika Vazirali Rayani |
106100 |
1.32 |
|
17 |
Serena Iqbal Rayani |
96000 |
1.19 |
|
18 |
Hussein Vazirali Rayani |
40740 |
0.51 |
|
19 |
Salim Essabai Rayani |
36800 |
0.46 |
|
20 |
Gulshan S. Rayani |
19000 |
0.24 |
|
21 |
Iqbal Vazirali Rayani |
11700 |
0.15 |
|
22 |
Salim E Rayani |
10067 |
0.12 |
|
23 |
Akbarali Essabhai Rayani |
7000 |
0.09 |
|
24 |
Salim E Rayani |
500 |
0.01 |
|
25 |
Akbarali Essabhai Rayani |
100 |
0.00 |
|
|
Total |
3805592 |
47.18 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Madhukar Sheth |
253017 |
3.14 |
|
|
2 |
Anil Kumar Goel |
126666 |
1.57 |
|
|
3 |
Seema Goel |
85000 |
1.05 |
|
|
|
Total |
464683 |
5.76 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of Total No. of Shares |
|
1 |
GDRs |
491469 |
2457345 |
30.47 |
|
|
Total |
491469 |
2457345 |
30.47 |
BUSINESS DETAILS
|
Line of Business : |
Subject 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 declined by the Management. |
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Bankers : |
·
Indian Bank ·
D C B Limited ·
IDBI Bank Limited ·
YES Bank Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
Citi Bank ·
DBS Bank Limited |
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Facilities : |
Notes: 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
: |
-- |
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Auditors : |
|
|
Name : |
Bhuta Shah and Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
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Subsidiary
Company : |
Panol
Industries RMC FZE, UAE |
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Enterprises owned
or significantly influenced by key management personnel or their relatives : |
Anirudh
Distributors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
|
8065813 |
Equity Shares |
Rs.10/- each |
Rs.80.657 millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
year:
|
Equity
shares |
As at 31st March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At
the beginning of the year |
8607570 |
86.075 |
|
Buy-back
of shares during the year (Note b) |
(541757) |
(5.418) |
|
Outstanding at the end of the year |
8065813 |
80.657 |
Terms/rights
attached to equity shares:
The company has only one class
of equity shares having a par value of Rs.10 per share. Each holder of equity
shares is entitled to one vote per share, however the holders of global
depository receipts (GDR’s) do not have any voting rights in respect of shares
represented by the GDR’s till the shares are held by the custodian bank (Note
a). The company declares and pays dividends 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.
The amount of per share
dividend recognized as distributions to equity shareholders is Rs.6/-
In the event of liquidation
of the company, the holders of equity shares will be entitled to receive assets
in proportion to the number of equity shares held by the shareholders.
Aggregate number of shares
issued for consideration other than cash during the period of five years
immediately preceding the reporting date:
|
Particulars |
As at 31.03.2014 No. of Shares |
|
Equity
shares allotted in pursuant to the scheme of amalgamation of Monaco Petroleum
Private Limited |
321750 |
|
Equity
shares allotted in pursuant to the scheme of amalgamation of Mobil Petrochem
Private Limited |
1078240 |
|
Equity
shares bought back by the Company |
553522 |
Details
of shareholders holding more than 5% shares in the company:
|
Particulars
|
As at 31st March, 2014 |
|
|
No. of Shares |
% holding in the class |
|
|
Equity Shares of Rs.10 each fully paid up |
|
|
|
Ms.
Shelina Arifali Rayani |
557655 |
6.91% |
|
Shares
held by Custodian as against which global depository receipts have been
issued (Citi Bank N.A.) |
2457345 |
30.47% |
Notes:
a. Global Depository
Receipts (‘GDRs’) issue
On July 20, 2011, the
Company raised USD 13,999,985 (Rs.623.379 millions) through issuance of 491469
GDRs representing 2,457,345 equity shares of Rs.10 each at a price of Rs.253.68
per equity share of Rs.10 each. The issue price of each GDR is USD 28.486 and
the GDRs are listed on the Luxembourg Stock Exchange. The holders of GDR do not
have voting rights with respect to the shares represented by the GDRs, but rank
pari passu with the existing shareholders in all respect including entitlement
of dividend declared. The Company has paid Rs.11.49 (31 March 2013: Rs. Nil) on
account of issue expenses towards the issue of Global Depository Receipts ,
which has been incurred for issue of GDR, and same has been adjusted against
Securities Premium during the year.
Given below are the details of utilization of
proceeds from issue of Global Depository Receipts
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
I. Sources of Funds |
|
|
|
Opening
Balance in banks in Current Account outside India |
372.491 |
703.352 |
|
Proceeds
from issue of GDR’s |
-- |
-- |
|
Issue
expenses |
1.149 |
-- |
|
Net
Proceeds |
371.342 |
703.352 |
|
II. Utilization of funds |
371.342 |
330.861 |
|
III. Unutilized funds |
(0.000) |
372.491 |
|
IV. Interim Utilization of Balance Funds |
|
|
|
Balance
in banks in Current Account outside India # |
Nil |
372.491 |
|
#
After adjustment of exchange gain |
|
|
b. In accordance with section
77A, 77AA and 77B of the Companies Act, 1956 and pursuant to the buyback
announcement made by the Company on 1st March 2013, the Company has
bought back from open market through stock exchanges 541757 (31 March 2013:
11765) equity shares of Rs.10 each during the year for a total consideration of
Rs.77.208 millions (31 March 2013: Rs.1.588 millions) of this, the Company has
extinguished 550322 (31 March 2013: 3200) equity shares have been extinguished.
Consequently, an amount of Rs.3.290 millions (31 March 2013: Rs.0.118 million)
being the nominal value of equity shares bought back has been transferred to
Capital Redemption Reserve from profit and loss account. An amount of Rs.71.791
millions (31 March 2013: Rs.1.470 millions) being the premium on buyback has
been appropriated from General Reserve.
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 |
80.657 |
86.075 |
86.193 |
|
(b) Reserves & Surplus |
2259.078 |
2233.867 |
2156.541 |
|
(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) |
2339.735 |
2319.942 |
2242.734 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
25.146 |
22.084 |
5.525 |
|
(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) |
25.146 |
22.084 |
5.525 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
167.804 |
218.989 |
104.871 |
|
(b)
Trade payables |
1734.823 |
1607.664 |
2482.041 |
|
(c)
Other current liabilities |
45.589 |
10.612 |
60.789 |
|
(d) Short-term
provisions |
80.337 |
40.910 |
20.381 |
|
Total Current
Liabilities (4) |
2028.553 |
1878.175 |
2668.082 |
|
|
|
|
|
|
TOTAL |
4393.434 |
4220.201 |
4916.341 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
766.189 |
729.700 |
577.703 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
34.453 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
518.897 |
270.710 |
0.334 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.173 |
3.048 |
100.659 |
|
(e) Other Non-current
assets |
1.934 |
11.009 |
8.811 |
|
Total Non-Current
Assets |
1290.193 |
1014.467 |
721.960 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1309.875 |
1278.646 |
1482.800 |
|
(c)
Trade receivables |
1330.922 |
1190.266 |
1038.892 |
|
(d) Cash
and cash equivalents |
241.356 |
543.461 |
1544.875 |
|
(e)
Short-term loans and advances |
218.447 |
190.456 |
116.966 |
|
(f) Other
current assets |
2.641 |
2.905 |
10.848 |
|
Total
Current Assets |
3103.241 |
3205.734 |
4194.381 |
|
|
|
|
|
|
TOTAL |
4393.434 |
4220.201 |
4916.341 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
5913.706 |
6347.496 |
5842.222 |
|
|
|
Other Income |
12.122 |
33.593 |
47.107 |
|
|
|
TOTAL (A) |
5925.828 |
6381.089 |
5889.329 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
5111.351 |
5567.476 |
4937.535 |
|
|
|
Purchase of traded goods |
198.714 |
207.264 |
166.968 |
|
|
|
(Increase)/ decrease in inventories of traded goods and finished goods |
(49.532) |
8.745 |
17.178 |
|
|
|
Employee benefits expense |
35.967 |
31.867 |
31.886 |
|
|
|
Other expenses |
342.984 |
329.404 |
252.868 |
|
|
|
TOTAL (B) |
5639.484 |
6144.756 |
5406.435 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
286.344 |
236.333 |
482.894 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
56.902 |
84.632 |
78.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
229.442 |
151.701 |
403.915 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.956 |
22.311 |
10.665 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
204.486 |
129.390 |
393.250 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
50.448 |
10.579 |
86.943 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
154.038 |
118.811 |
306.307 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1134.682 |
1067.885 |
856.578 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend
of previous year written back of shares bought back |
(0.734) |
0.000 |
0.000 |
|
|
|
Proposed
final equity dividend [amount per share Rs.6 (March 13 Rs.4)] |
48.395 |
34.430 |
17.239 |
|
|
|
Tax on proposed final
equity dividend |
8.225 |
5.585 |
2.797 |
|
|
|
Transfer to capital redemption
reserve on buy back of shares |
5.418 |
0.118 |
0.000 |
|
|
|
Transfer to general
reserve |
15.404 |
11.881 |
30.631 |
|
|
|
Dividend of previous year |
0.000 |
0.000 |
12.287 |
|
|
|
Tax on dividend of
previous year |
0.000 |
0.000 |
1.993 |
|
|
|
Interim equity dividend |
0.000 |
0.000 |
25.858 |
|
|
|
Tax on interim equity dividend |
0.000 |
0.000 |
4.195 |
|
|
BALANCE CARRIED
TO THE B/S |
1212.012 |
1134.682 |
1067.885 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B Value |
2022.382 |
2142.466 |
2339.784 |
|
|
TOTAL EARNINGS |
2022.382 |
2142.466 |
2339.784 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Includes Goods in Transit) |
3572.971 |
4168.631 |
3996.721 |
|
|
|
Finished Goods |
158.079 |
159.098 |
114.992 |
|
|
|
Capital Goods |
0.000 |
0.000 |
1.858 |
|
|
TOTAL IMPORTS |
3731.050 |
4327.729 |
4113.571 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
18.32 |
13.78 |
38.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.60 |
1.86 |
5.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.46 |
2.04 |
6.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.28 |
3.28 |
8.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.06 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.71 |
1.57 |
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 |
86.193 |
86.075 |
80.657 |
|
Reserves & Surplus |
2156.541 |
2233.867 |
2259.078 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2242.734 |
2319.942 |
2339.735 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
104.871 |
218.989 |
167.804 |
|
Total borrowings |
104.871 |
218.989 |
167.804 |
|
Debt/Equity ratio |
0.047 |
0.094 |
0.072 |
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) |
|
Revenue from operations (Net) |
5842.222 |
6347.496 |
5913.706 |
|
|
|
8.649 |
(6.834) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
5842.222 |
6347.496 |
5913.706 |
|
Profit |
306.307 |
118.811 |
154.038 |
|
|
5.24% |
1.87% |
2.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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, NARSI NATHA STREET, MANDVI, MUMBAI,
MAHARASHTRA - 400009, INDIA |
B24287997 |
|
2 |
10315058 |
17/10/2011 |
3,740,000,000.00 |
INDIAN BANK AND 8 OTHERS |
MANDVI BRANCH, 1ST FLOOR,
KANMOOR HOUSE, 281/287, NARSI NATHA STREET, MANDVI, MUMBAI, MAHARASHTRA -
400009, INDIA |
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 (EAST), 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 |
10031489 |
12/12/2007 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
A32330011 |
|
9 |
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:
The company 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.
OPERATIONAL PERFORMANCE
·
Revenue
from operations on a standalone basis decreases by 7% to Rs.5913.706 millions.
·
Earnings
before Interest, Depreciation, Tax and Amortization on a standalone basis
increased by 21% to Rs.286.344 millions.
·
Net
Profit on a standalone basis increased by 30% to Rs.154.038 millions.
BUY BACK OF EQUITY SHARES
The Buy-back offer
announced by the Company on 14th February 2013 was closed on 13th
February 2014. Pursuant to the said buy-back, the Company bought back and
extinguished 553522 equity shares of Rs.10 each and the total amount utilized
in buyback is Rs.78.662 millions (excluding brokerage, transactional Charges
and taxes) which represents 44.02% of the Maximum Buyback Size.
Consequent
to the buy -back, the paid up share capital of the Company as on March 31, 2014
stood as Rs.80.658 millions.
SUB-DIVISION OF EQUITY
SHARES
In order to facilitate
affordability of the Company’s shares for investors at large and to enhance the
liquidity of the Company’s equity shares in the stock market, the Board of
Directors at its meeting held on 28th July, 2014 has considered and
approved the sub-division of one equity share of the Company having a face
value of Rs.10 each into five equity shares of face value of Rs.2 each. The
sub-division of shares is subject to approval of the shareholders.
SUBSIDIARY
Panol Industries RMC FZE, UAE
a wholly owned subsidiary of the Company has started its business operation
during the year. The Company has built a brand new manufacturing facility in
Ras Al Khaimah. The plant is having a total production capacity of 30,000 MT/
year. At this new facility the Company will manufacture petroleum specialty
products to cater to the GCC and MENA regions.
The plant enjoys logistic
advantage since it is situated on the port and has direct dedicated pipelines
to receive and discharge raw material and finished products directly to bulk
vessels.
Panol
Industries posted a net profit of Rs.29.924 millions during the financial year
ended 31st March, 2014.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
ECONOMIC REVIEW
The economic activity in the
country was at a low key during the year, as GDP growth slowed down to around
5% for the year. Crude oil prices as in the past few years, continue to remain
at high levels. India being dependant on large imports of crude oil,
experienced an adverse impact in case of both, economic growth as well as
currency management. Rupee experienced huge depreciation vis-a-vis US Dollar
and other major currencies in the first half of the financial year, some
correction did take place in the last quarter on account of high forex inflows
into the country on the back of the upswing in the equity markets.
The global economy began
its recovery in the Financial Year 2013-2014 with improve demand of petroleum
products. Economic recovery in the US and Europe had a positive impact on oil
demand, which increased by 1.3 million barrels per day (MMBPD) in 2013. Crude
oil prices fluctuated extensively, driven by supply concerns in Libya, South
Sudan, West Africa and Iraq.
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.
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
customized products as per client specification in the field of petroleum and
feeds to various industries like Printing Ink, Resin, Cosmetics, Rubber
products, Pharmaceuticals, Engineering, and Chemicals including Petro
Chemicals.
Over the years, the Company
has formed strong relations with its clientele, comprising of leading names
across sectors. Its ability to offer customized 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
The aggregate demand of all
the key segments in the petrochemical industry is likely to regain a sharp
positive trajectory over the next few months, with key players aiming to ramp up
scale.
The Company is planning to
expand its operations to withstand against the negative market forces. 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.
PERFORMANCE
The Company has performed
consistently well during the financial year 1st April 2013 to 31st
March 2014. The standalone profit after tax increased by 30% to Rs.154.038
millions against Rs.118.811 millions during the previous year.
The input cost during the
year remained high on account of rising oil prices. However, the Company’s
focus on niche specialty products resulted in better realisations that enabled
it to pass the incidence of higher input prices to its customers. The Company’s
EBIDTA on standalone basis (Earnings before interest, depreciation and taxation
allowance) improved by 21% to Rs.286.344 millions in 2013-14 from Rs.236.333
millions in 2012-13.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
i) Service tax Matter disputed
with the Deputy Commissioner of Service Tax (Dispute regarding demand
raised on service tax payable on interest on usance charges for the period
September 2008 to March 2014) |
5.825 |
1.088 |
|
ii)
Bank Guarantees |
33.960 |
25.986 |
(The contingent
liabilities, if materialized, shall entirely be borne by the company, as there
is no likely reimbursement from any other party.)
FIXED ASSETS:
Tangible
Assets
·
Freehold land
·
Leasehold Land
·
Factory Building
·
Non Factory Building
·
Plant and Equipment
·
Office Equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.