MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
Post Rasayani, District Raigad, Raigad - 410 207, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.12.1960 |
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Com. Reg. No.: |
11-011895 |
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Capital
Investment / Paid-up Capital : |
Rs.3372.696 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1960GOI011895 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNH00307G PNEH04505E |
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PAN No.: [Permanent Account No.] |
AAACH2663P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Chemicals. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 good track record. There are accumulated losses recorded by the company. However, rating
is based on unconditional and irrevocable guarantee from Government of India
for repayment mechanism. Trade relation reported to be fair. Business is active. Payment terms are
reported to be regular and as per commitment. In view of government support, the company can be considered normal
for business dealing 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Redeemable non-convertible unsecured taxable bonds = AAA (SO) |
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Rating Explanation |
Highest degree of safety and lowest credit risk |
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Date |
September 17, 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 DENIED BY
|
Name : |
Mr. Radhakrishna |
|
Designation : |
Accountant |
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Contact No.: |
91-484-2720911 |
|
Date : |
17.12.2014 |
LOCATIONS
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Registered Office : |
Post Rasayani, District Raigad, Raigad - 410 207, |
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Tel. No.: |
91-2192-250041-47 / 258500-502 |
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Fax No.: |
91-2192-250050 / 258503 |
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E-Mail : |
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Website : |
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Corporate Office : |
2nd Floor, Neco Chambers, Plot No. 48, Sector 11, CBD
Belapur, Navi Mumbai – 400614, Maharashtra, India |
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Factory ( |
Ambalamugal, District Ernakulam, |
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Tel. No.: |
91-484-2720911/ 2720912/ 13 |
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Fax No.: |
91-484-2720893 |
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E-Mail : |
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Marketing Office : |
303, Babukhan Estate, Bashir Bagh, Also Located at:
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DIRECTORS
As on 27.09.2013
|
Name : |
V.B. Ramachandran Nair |
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Designation : |
Chairman & Managing Director |
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Name : |
R.N. Madangeri |
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Designation : |
Chairman & Managing Director |
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Name : |
J. N. Suryawanshi |
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Designation : |
Acting Cmd And Director (Marketing) |
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Name : |
Suresh Kumar R |
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Designation : |
Director (Finance) |
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Name : |
S.B. Bhide |
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Designation : |
Director (Technical) |
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Name : |
Rajiv Yadav, As&Fa |
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Designation : |
Director (Govt. Nominee) |
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Name : |
Shri V. K. Subburaj, SSandFa |
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Designation : |
Director (Govt. Nominee) |
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Name : |
A.J.V. Prasad |
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Designation : |
Director |
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Name : |
N.J. Gaikwad |
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Designation : |
Non-Official Independent Director |
KEY EXECUTIVES
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Name : |
Susheela S. Kulkarni |
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Designation : |
Company Secretary |
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Name : |
Mr. Radhakrishna |
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Designation : |
Accounts Department |
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AUDIT
COMMITTEE[A.C.] OF THE BOARD (w.e.f. 02.07.2014) |
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Name : |
Shri Rajiv Yadav, As&Fa |
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Designation : |
Govt. Director & Chairman A.C. |
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Name : |
Dr. N.J. Gaikwad |
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Designation : |
Noid, Member, A.C. |
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Name : |
Shri J.N. Suryawanshi |
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Designation : |
Director (Mktg.), Invitee Of A.C. |
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Name : |
Shri S.B. Bhide |
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Designation : |
Director (Tech.), Invitee Of A.C |
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Name : |
Dr. A.J.V. PRASAD, JS |
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Designation : |
Govt. Nominee Director, Member A.C. |
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Name : |
Shri V.B. Ramachandran Nair |
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Designation : |
Cmd, Invitee Of A.C. |
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Name : |
Shri Suresh Kumar R. |
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Designation : |
Director(Fin.), Invitee Of A.C |
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Name : |
Smt. Susheela S. Kulkarni, C.S. |
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Designation : |
Secretary To A.C. |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a
% of Total No. of Shares |
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|
As a % of (A+B+C) |
|
(A) Shareholding of Promoter
and Promoter Group |
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|
39481500 |
58.78 |
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|
39481500 |
58.78 |
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Total shareholding of Promoter
and Promoter Group (A) |
39481500 |
58.78 |
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(B) Public Shareholding |
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|
11600 |
0.02 |
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|
9900 |
0.01 |
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|
1800 |
0.00 |
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|
23300 |
0.03 |
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|
4927472 |
7.34 |
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|
17296019 |
25.75 |
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|
4468145 |
6.65 |
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|
976664 |
1.45 |
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|
810344 |
1.21 |
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|
165220 |
0.25 |
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|
1100 |
0.00 |
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|
27668300 |
41.19 |
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Total Public shareholding (B) |
27691600 |
41.22 |
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Total (A)+(B) |
67173100 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
67173100 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Chemicals. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Note :
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Auditors : |
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Statutory Auditors |
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Name : |
Ford Rhodes Parks and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Branch Auditors –
Kochi Unit |
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Name : |
Sasi Vijayan and Rajan Chartered Accountants |
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Address : |
Kochi, Kerala, India |
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COST AUDITORS |
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Name : |
V.J. Talati and Company |
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Address : |
Mumbai, Maharashtra, India |
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Name : |
Panicker and Company |
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Address : |
Kochi, Kerala, India |
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Memberships : |
--- |
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Collaborators : |
--- |
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Subsidiaries : |
Hindustan
Fluorocarbons Limited Address: 1402, Babukhan Estate, Bashir Bagh, Hyderabad - 500 001, Andhra Pradesh, India Tel No.: 91-40-23241051 / 23237125 Fax No.: 91-40-23296455 E-Mail : hiflonptfe@yahoo.co.in |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 millions |
|
270000000 |
8% Non-cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.2700.000 millions |
|
|
Total |
|
Rs.3700.000 millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67173100 |
Equity Shares |
Rs.10/- each |
Rs.671.731
millions |
|
270000000 |
8% Non-cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.2700.000 millions |
|
|
Add: Forfeited shares reissued |
|
Rs.0.965 million |
|
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Total |
|
Rs.3372.696 millions |
1.During the year 2010-11, the Company forfeited 193000 shares of ` 10 each (Rs.5 paid up) for non-payment of allotment and call monies and the amount paid towards application money in respect of these forfeited shares has been transferred to “Share’s Forfeiture Account”.
2.The Government of India had released in earlier year Rs.2700.000 Million (for financial restructuring Rs.2500.000 Million and Caustic Soda Plant recommissioning Rs. 200.000 Million) against allotment of 8% Non-Cumulative Redeemable Preference Shares, thereby broadening the capital base as per the revival scheme. The 8% Preference Shares were allotted to Government of India by the Board on 28th January, 2008, redeemable ‘@ 20% commencing from 4th year with last redemption in the 8th year. The first, second & third installments of 20% i.e. Rs.540.000 Million each was due for redemption in financial year 2011-12, 2012-13 and 2013-14 respectively. At the request of the Company, Government of India has extended the commencement of redemption from financial year 2011-12 to financial year 2015-16 @ 25% each year.
3. The particulars of shareholders holding more than 5% equity shares.
|
Particular |
Number of shares held |
Percentage of holding |
|
The Government of India |
39481500 |
58.78% |
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 |
3372.696 |
3372.696 |
3372.696 |
|
(b) Reserves &
Surplus |
(6472.836) |
(4684.202) |
(3283.328) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Deferred government
grants |
169.207 |
162.429 |
50.601 |
|
Total Shareholders’ Funds
(1) + (2) |
(2930.933) |
(1149.077) |
139.969 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1375.201 |
206.498 |
118.241 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.462 |
0.000 |
63.046 |
|
(d) long-term provisions |
761.882 |
738.175 |
645.462 |
|
Total Non-current
Liabilities (3) |
2140.545 |
944.673 |
826.749 |
|
|
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|
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|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
724.156 |
1758.026 |
669.808 |
|
(b) Trade payables |
1293.803 |
947.328 |
507.672 |
|
(c) Other current
liabilities |
2041.543 |
1419.548 |
2291.901 |
|
(d) Short-term provisions |
158.836 |
150.872 |
210.830 |
|
Total Current Liabilities
(4) |
4218.338 |
4275.774 |
3680.211 |
|
|
|
|
|
|
TOTAL |
3427.950 |
4071.370 |
4646.929 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1314.342 |
1541.099 |
1563.653 |
|
(ii) Intangible Assets |
17.068 |
25.203 |
32.862 |
|
(iii) Capital
work-in-progress |
369.834 |
387.502 |
360.224 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
111.100 |
111.100 |
110.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
293.753 |
299.683 |
298.961 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2106.097 |
2364.587 |
2366.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
516.834 |
592.473 |
1072.926 |
|
(c) Trade receivables |
90.997 |
293.233 |
394.382 |
|
(d) Cash and cash
equivalents |
244.560 |
250.240 |
346.153 |
|
(e) Short-term loans and
advances |
438.061 |
533.943 |
421.007 |
|
(f) Other current assets |
31.401 |
36.894 |
46.161 |
|
Total Current Assets |
1321.853 |
1706.783 |
2280.629 |
|
|
|
|
|
|
TOTAL |
3427.950 |
4071.370 |
4646.929 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2111.603 |
5550.159 |
5482.636 |
|
|
Other Income |
93.177 |
89.138 |
86.709 |
|
|
TOTAL |
2204.780 |
5639.297 |
5569.345 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1340.262 |
3656.299 |
3391.011 |
|
|
Purchases of
Stock-in-Trade |
0.826 |
13.684 |
15.573 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
51.756 |
419.794 |
(25.214) |
|
|
Variation in excise duty
on finished goods inventory |
(10.183) |
(36.646) |
7.035 |
|
|
Provision for impairment
loss on fixed assets |
10.477 |
4.049 |
3.147 |
|
|
Employees benefits
expense |
1120.475 |
1164.868 |
1180.978 |
|
|
Other expenses |
851.458 |
1262.496 |
1288.012 |
|
|
TOTAL |
3365.071 |
6484.544 |
5860.542 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(1160.291) |
(845.247) |
(291.197) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
426.194 |
282.415 |
247.433 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(1586.485) |
(1127.662) |
(538.630) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
173.656 |
219.245 |
230.451 |
|
|
|
|
|
|
|
Less |
Prior Year Adjustment |
(3.026) |
19.978 |
(10.555) |
|
|
|
|
|
|
|
Less |
Exceptional items |
11.413 |
13.006 |
22.159 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1768.528) |
(1379.891) |
(780.685) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(1768.528) |
(1379.891) |
(780.685) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
4.224 |
2.508 |
|
|
TOTAL
EARNINGS |
0.000 |
4.224 |
2.508 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
11.012 |
6.268 |
23.964 |
|
|
Capital Goods |
2.057 |
0.000 |
1.419 |
|
|
TOTAL
IMPORTS |
13.069 |
6.268 |
25.383 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(26.33) |
(20.54) |
(11.62) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(0.83)
|
(24.86) |
(14.23) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(54.94)
|
(15.22) |
(5.31) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(60.01) |
(38.62) |
(18.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60 |
1.20 |
(5.58) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(0.72) |
(1.71) |
5.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.31 |
0.40 |
0.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
3372.696 |
3372.696 |
3372.696 |
|
Reserves & Surplus |
(3283.328) |
(4684.202) |
(6472.836) |
|
Net worth |
89.368 |
(1311.506) |
(3100.140) |
|
|
|
|
|
|
long-term borrowings |
118.241 |
206.498 |
1375.201 |
|
Short term borrowings |
669.808 |
1758.026 |
724.156 |
|
Total borrowings |
788.049 |
1964.524 |
2099.357 |
|
Debt/Equity ratio |
8.818 |
(1.498) |
(0.677) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5482.636 |
5550.159 |
2111.603 |
|
|
|
1.232 |
(61.954) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5482.636 |
5550.159 |
2111.603 |
|
Profit |
(780.685) |
(1379.891) |
(1768.528) |
|
|
(14.24%) |
(24.86%) |
(83.75%) |
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 |
---------------------- |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
LITIGATION
DETAILS:
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 12.12.2014 |
|
|
|
CHEMICALS LIMITED Petn. Adv : PADMA DIVAKAR (I3287) District: MUMBAI |
|
Bench: DIVISION
Category: TAX APPEALS Status: PRE-ADMISSION
Stage: Next Date: 19.12.2014
Coram: REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10459827 |
23/10/2013 * |
300,000,000.00 |
State Bank of India |
Corporate Accounts Group Branch - Mumbai, Neville, House,3rd Floor,J N Heredia Marg, Bellard Estate, Mumbai, Maharashtra 400001, INDIA |
B89638779 |
|
2 |
10464594 |
03/07/2014 * |
1,200,000,000.00 |
BHARAT PETROLEUM CORPORATION LIMITED |
BHARAT BHAWAN, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA |
C12401428 |
|
3 |
10273775 |
22/02/2011 |
28,000,000.00 |
CANARA BANK |
Kolkhe Branch, Palaspe Phata,, Kolkhe, Panvel,, Raigad, Maharashtra - 410221, INDIA |
B08098394 |
|
4 |
10209325 |
04/03/2010 |
1,000,000,000.00 |
Axis Bank Limited |
Central Office,
Capital Markets Department, 13th, |
A81500126 |
|
5 |
10278996 |
17/08/2009 |
1,000,000,000.00 |
Axis Bank Limited |
Central Office, Capital Markets Department, 11th Floor, "F" Wing, Maker Towers, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
A74564451 |
|
6 |
80066252 |
28/12/2005 |
131,900,000.00 |
Pay & Accounts Office |
Dept.of Chemicals and Petrochemicals, Govt of India, New Delhi, Delhi - 110001, INDIA |
- |
|
7 |
90152212 |
28/04/2004 |
20,000,000.00 |
CANARA BANK |
KOLKHE BRANCH; JANAL BUILDING, MUMBAI PUNE HIGHWAY; PALASPE PHATA, PANVEL, Maharashtra - 410221,INDIA |
- |
|
8 |
80065771 |
10/04/1996 |
999,500,000.00 |
State Bank of India |
Securities and Servloes Division, Mumbai Main , Branch, State Bank Building, Mumbai Samachar Marg, Mumbai, Maharashtra - 400023, INDIA |
- |
|
9 |
90151797 |
23/10/2013 * |
1,001,000,000.00 |
State Bank of India |
Corporate Accounts
Group Branch - Mumbai, Neville, House,3rd Floor, J N Heredia Marg,
Bellard Estate, |
B89637664 |
|
10 |
90151784 |
08/11/1991 * |
30,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE GN VAIDAYA MARG, BOMBAY, Maharashtra - 400023, INDIA |
- |
OPERATIONS:
During the year under report your company’s Rasayani unit achieved a sales turnover of 3142MTs valuing Rs. 125.400 Million as against 55562 MTs valuing Rs. 1616.400 Million registering a 94 % decrease in sales. During the year under report the company’s Kochi unit achieved a sales turnover of 29042 MTs valuing Rs. 1986.200 Million as against 55242 MTs valuing Rs. 3933.700 Million of the previous year. With the production of 53817 MTs during the year 2013-14 as against the production of 150979 MTs in 2012-13, the company could achieve an overall capacity utilization of 18.13% during the year. The company has recorded the sale of 32184 MTs during the year (previous year 110804 MTs) valuing Rs. 2111.600 Million (previous year Rs. 5550.100 Million). The high labour cost and high incidence of cost on closed plants at Rasayani Unit are the major concerns. Company decided to operate those plants, which were giving contribution. The company has continued its cost cutting measures to counter these problems and in order to be competitive and improve performance and profitability. Due to cash losses, the Company was not able to make payments to raw material suppliers of both the units which resulted in stoppage of raw material supplies and therefore the operations were affected.
REVIEW OF FINANCIAL
PERFORMANCE
The financial statements have been prepared in accordance with the requirements of the Companies Act, 2013 and Generally Accepted Accounting Principles. The financial performance highlights are as follows:-
The sales turnover was of the order of Rs. 2367.900 Million against Rs. 6241.900 Million for the previous year showing a decrease of 62.06%. There was an Operating Loss before interest and depreciation of Rs. 1149.800 Million against the Operating loss of Rs 841.100 Million for the previous year. Company incurred an Interest expenditure of Rs. 426.100 Million against Rs. 282.400 Million of the previous year. The outlook for the future appears to be good with the revival of economic growth and with the implementation of revival plan for the company for turnaround. The Accumulated losses are likely to go down substantially during the year in view of proposed implementation of several improvement plans for Rasayani and Kochi Units and with the continued efforts on improved operations and marketing.
PRODUCTION:
Kochi Unit:
During the year your company’s Kochi unit could achieve 51253 MTs of production as against the previous year production of 100003 MTs. The capacity utilization for the year was 32.42 %
Rasayani Unit:
During the year your company’s Rasayani unit could achieve 2564 MTs of production as against the previous year production of 50976 MTs. The capacity utilization for the year was 1.85 %. Capacity utilization is affected due to high fixed cost & finance constrains.
IMPLEMENTATION OF
OFFICIAL LANGUAGE POLICY
Rasayani Unit:
During the year under report, your Company continued its intensive and extensive efforts for progressive use of the official language. To promote Hindi as official language in day to day working in line with the Government policies. In Compliance with Section 3(3) of the Official Language Act, 1963 and Official Language Rules 1976 framed there under, Company has implemented various measures effectively given in annual programme for 2013-14. All documents coming under Section 3(3) like Resolutions, General Orders, Rules, Notifications, Reports Press Communiques, Contracts, Agreements, Licences Permits, Tender Notices, Forms of Tender, Reports/ Papers submitted to the Parliament & Company letters like Part-I Orders, Part-II Orders, Circulars, transfer etc. were issued bilingually. The all Hindi Letters received are being replied in Hindi to comply with Rule 5 of Official Language Rule 1976. All name plates, sign-boards, visiting cards, Demi Official letter heads etc. are prepared in bilingual form. Our Company participated in all the programme organized by Mumbai town Official Language Implementation Committee. Hindi Workshop were conducted in every quarter to impart training in the working knowledge of Hindi to Officers as well as employees.
The Official Language implementation Committee Meetings were held at both the Units to review the progressive use of Hindi for the Official purpose. Hindi Fortnight was organized at both Rasayani and Kochi Units and in the Corporate Office in Mumbai from 14th September, 2013 to 28th September, 2013. Hindi Day celebrated on 14th September, 2013. During this period 11 various competitions were organized & large number of Employees participated in this competitions. To fulfill the target set in the Annual Programme issued by Department of Official Language, Ministry of Home Affairs CMD has himself participated in the Hindi Salahkar Committee Meeting of Chemical & Fertilizers Ministry in the year 2013. The other activities of the Company which was organized through the medium of Official Language was Vigilance Week, Security Week and Environment Day during the year. For the progressive use of Information Technology through medium of Hindi all the Computers are being loaded with Unicode.
Kochi Unit:
Kochi Unit received Second prize for the best implementation of Official Language from Kochi Town Official Language Implementation Committee.
1) All documents coming Under Sec. 3(3) of the Official Language Act, 1963 are issued in bilingual form.
2) The Hindi letters received are being replied in Hindi to comply with the rule 5 of Official Language Rules 1976. All nameplates, Sign Board, Visiting Cards, Demi-Official letters heads are prepared is bilingual form.
3) Web site of the Company is prepared in Hindi also www.hocl.hindi.gov.in
4) To improve the Hindi word power of the employees, every day one bilingual word being exhibited in the presto Board kept in the reception and the list of the same is being circulated in the end of the month.
5) Cash Incentive Scheme for doing original work in Hindi is existing in the unit and during September 2012 to August 2013, 15 employees have received the incentive.
6) To comply with the Official Language Policy of the Government, Workshops on Official Language are regularly conducted for the employees who possesses working knowledge in Hindi so as to encourage them to use Hindi in their day to day office work. 7 Nos. Workshops were conducted during the period under the report.
7) Out of the total amount spent for purchase of books for library, nearly 50% of the amount was spent for the purchase of Hindi Books. Hindi Newspaper and magazines are also subscribed in the Unit.
8) The Official Language implementation Committee has been constituted for review of the OL implementation work in the Unit and the OLIC meets regularly. Every year effort are made to fulfill the targets set in the Annual programme issued by Department of Official Language Ministry of Home Affairs.
ISO CERTIFICATION:
HOCL, Rasayani Unit, has been awarded ISO-9001:2008 certificate on 11.01.2011. This certificate has been awarded by M/s Bureau Veritas Certification (India) Pvt. Ltd. and is valid till 9/02/2017.
HOCL Kochi unit is having ISO 9001: 2008 (Quality Management System) and ISO 14001: 2004 (Environmental Management System) Certification. The existing certificate for ISO 9001 & ISO 14001 is valid up to 2017.
BVCI Conducted routine surveillance and recertification audits periodically for both the systems.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2014
(Rs.
In Million)
|
Particulars |
Quarter Ended |
|
30.06.2014 |
|
|
Unaudited |
|
|
|
|
|
Income from
Operations |
|
|
Net Sales / Income from Operations |
242.900 |
|
Other Operating Income |
1.700 |
|
Total Income from
Operations (net) |
244.600 |
|
Expenditure |
|
|
a) Cost of materials consumed |
104.500 |
|
c) Purchases of stock-in-trade |
--- |
|
d) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
63.100 |
|
e) Employee benefits expense |
262.000 |
|
f) Depreciation and amortization expense |
26.800 |
|
g) Utilities (Power, Fuel and water) |
73.300 |
|
h) Other expenses |
39.500 |
|
Total Expenses |
569.200 |
|
Profit from
Operations before Other Income and Finance Costs |
(324.600) |
|
Other Income |
16.500 |
|
Profit before
finance costs |
(308.100) |
|
Finance Costs |
98.900 |
|
Profit before
exceptional items |
(407.000) |
|
Exceptional Items |
3.200 |
|
Profit Before Tax |
(410.200) |
|
Tax Expenses |
--- |
|
Net Profit after
Tax |
(410.200) |
|
Extraordinary Items |
--- |
|
Net Profit / (Loss)
for the period |
(410.200) |
|
Share of profit /
(loss) of associates |
--- |
|
Minority Interest |
--- |
|
Net Profit / (Loss)
after taxes and minority interest |
(410.200) |
|
Paid up Equity Share Capital [Face Value - Rs.10 per share] |
672.700 |
|
Reserves excluding Revaluation Reserves |
(6947.500) |
|
Earnings per share (before extraordinary items) (of Rs.10/-each) (not annualized) |
|
|
Basic and Diluted |
(6.11) |
|
Earnings per share (after extraordinary items) (of Rs.10/-each) (not annualized) |
|
|
Basic and Diluted |
(6.11) |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number of Shares |
27691600 |
|
- Percentage of Shareholding |
41.22% |
|
Promoters and
Promoter Group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
--- |
|
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group) |
--- |
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
--- |
|
b) Non Encumbered |
|
|
- Number of Shares |
39481500 |
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00% |
|
- Percentage of Shares (as a % of the Total Share Capital of the Company) |
58.78% |
|
PARTICULARS |
For the quarter ended 30th June 2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
NIL |
|
Disposed during the quarter |
NIL |
|
Remaining unresolved at the end of the quarter |
NIL |
Note:
1. As the Company has
only one segment i.e. Chemicals, segment break-up is not required.
2. Impact of deferred taxation has not been considered
in the above results.
3. The depreciation for the current quarter has
been provided taking into account the useful lives of fixed assets in
accordance with Schedule II to the
Companies Act, 2013. As a result, the depreciation charge is lower by Rs.
16.500 Million for the quarter ended June 30, 2014. An amount of Rs. 61.000
Million has been charged to opening reserves towards the assets whose life has
been completed, net of residual value, as at the beginning of the quarter.
4. Previous period's/year's figures have been
regrouped, wherever necessary, to correspond with those of the current period.
5. The above results are recommended by the
Audit Committee and approved by the Board of Directors at its meeting held on
August 13, 2014.
6. Limited Review of the financial Results has
been carried out by the Statutory Auditors of the company.
7. Even though the net worth of the company has
been fully eroded and reference has been made to BIFR, the results have been
prepared as going concern basis since the preparation of the revival plan is in
progress.
8. In view of the MCA Circular dated April 21,
2011, the Shareholders, who wish to have the service of document by the
company, can be made through electronic mode by registering their email ID's
with
Corporate.cs@hocl.gov.in,
rasayani.cs@hocl.gov.in and sharepro@shareproservices.com
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
1000 Non-convertible 10.57% taxable bonds of Rs. 1000000 each, redeemable on 28.08.2017 |
1000.000 |
0.000 |
|
Loans from Government of India |
111.600 |
188.450 |
|
Other Loans |
13.601 |
18.048 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Central Bank of India |
197.500 |
197.500 |
|
Cash credit from State Bank of India |
526.656 |
560.526 |
|
Total |
1849.357 |
964.524 |
Note:
- There is a continuing default in repayment of loan from Government of India since the year 2002-03 and the overdue amount towards principal is Rs. 561.950 Million (previous year Rs. 479.100 Million) and for interest accrued is Rs. 542.907 Million (previous year Rs. 448.006 Million). These amounts are shown under ‘Other Current Liabilities’. Further an amount of Rs. 76.850 Million (previous year Rs. 82.850 Million) maturing in next 12 months is shown under Other Current Liabilities as ‘Current maturity of long-term borrowings’.
- The Company has not made provision for penal interest payable amounting to Rs. 106.251 Million (previous year Rs. 83.030 Million) on overdue Government Loans up to 31st March, 2014 since the same is leviable at the discretion of Government of India. The Company has not received any demand from the Government of India for the same. The same has been disclosed under Contingent Liabilities.
- The Other Loans shown above are loans taken from HDFC Ltd. and Canara Bank towards housing finance for employees. The loans from HDFC Rs. 0.722 Million (previous year Rs. 1.144 Million) is secured by an equitable charge on the employee’s housing properties. The loans from Canara Bank Rs. 19.216 Million (previous year Rs. 21.069 Million) are secured by way of mortgage assignment of rights available to the Company on the housing properties.
- There is a continuing default in repayment of Other Loans from Canara Bank since Jan 2014 and the overdue amount towards principal is Rs. 0.934 Million (previous year Nil) and for interest accrued is Rs. 0.737 Million (previous year Nil) and from HDFC since Nov 2013 and the overdue amount towards principal is Rs. 0.241 Million (previous year Nil) and for interest accrued is Rs. 0.038 Million (previous year Nil). These amounts are shown under ‘Other Current Liabilities’. Further for Canara Bank an amount of Rs. 4.068 Million (previous year Rs. 3.528 Million) and for HDFC an amount of Rs.0.318 Million (previous year Rs.0.637 Million) maturing in next 12 months is shown under Other Current Liabilities as ‘Current maturity of long-term borrowings’.
- Loan from Central Bank of India is secured against pledge of Bank term deposit receipts of Rs.222.877 Million (previous year Rs. 219.776 Million).
FIXED ASSETS
- Land and Land Development
- Leasehold Land
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Library Books
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.63.06 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
|
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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
unfavorable 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.