MIRA INFORM REPORT
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Report Date : |
22.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
PENTOKEY ORGANY ( |
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Registered
Office : |
Somaiya Bhavan, 45-47, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.11.1986 |
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Com. Reg. No.: |
11-041681 |
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Capital
Investment / Paid-up Capital : |
Rs.62.726 millions |
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CIN No.: [Company Identification
No.] |
L24116MH1986PLC041681 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 manufacture of Organic Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl Acetate. |
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No. of Employees
: |
Information declined by the Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record The rating reflects company’s moderate financial risk profile marked
by loss that company has incurred from its operational activities and intense
competition in the chemical industry. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
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 |
|
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
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
07.10.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: A3 |
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Rating Explanation |
Moderate degree of safety and high credit risk. |
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Date |
07.10.2013 |
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
Management non-cooperative
(Tel. No.: 91-22-61702100)
LOCATIONS
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Registered Office/ Head Office : |
Somaiya Bhavan, 45-47, |
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Tel. No.: |
91-22-61702100 |
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Fax No.: |
91-22-22047297 |
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E-Mail : |
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Website : |
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Factory : |
D-1/1, MIDC, Lote Parshuram, Taluka Khed, District
Ratnagiri, |
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Tel. No.: |
91-2356-273078 |
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Fax No.: |
91-2356-272119 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Rajendra V. Shah |
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Designation : |
Chairman (upto 29.05.2014) |
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Name : |
Mr. Devendra J. Shrimanker |
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Designation : |
Non - Executive Independent Director |
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Name : |
Mr. S. Mohan |
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Designation : |
Whole-time Director |
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Name : |
Dr. Sampatraj B. Chandalia |
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Designation : |
Non – Executive |
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Name : |
Mr. Girish M. Kajaria |
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Designation : |
Non - Executive Director |
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Name : |
Mr. Shyam C. Balsekar |
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Designation : |
Non - Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Swarna Gunware |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
115717 |
1.84 |
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|
4570573 |
72.87 |
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|
4686290 |
74.71 |
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Total
shareholding of Promoter and Promoter Group (A) |
4686290 |
74.71 |
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(B)
Public Shareholding |
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|
4000 |
0.06 |
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|
140817 |
2.24 |
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144817 |
2.31 |
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|
25698 |
0.41 |
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1191829 |
19.00 |
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|
223795 |
3.57 |
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|
200 |
0.00 |
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|
200 |
0.00 |
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|
1441522 |
22.98 |
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Total
Public shareholding (B) |
1586339 |
25.29 |
|
Total
(A)+(B) |
6272629 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
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) |
6272629 |
0.00 |
%20LIMITED%20-%20299594%2022-Dec-2014_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20299594%2022-Dec-2014_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20299594%2022-Dec-2014_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 million%20LIMITED%20-%20299594%2022-Dec-2014_files/image006.gif)
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacture of Organic Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl Acetate. |
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Products : |
· Acetic Acid · Ethyl Acetate · Acetaldehyde ·
Butyl Acetate |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
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 : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Desai Saksena and Associates Chartered Accountants |
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Cost Auditors: |
B. J. D. Nanabhoy and Company Cost Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associate Concerns: |
· Sakarwadi Trading Company Private Limited · Lakshmiwadi Mines and Minerals Private Limited · Somaiya Agencies Private Limited · Jasmine Trading Company Private Limited · Godavari Biorefineries Limited. · K. J. Somaiya and Sons Private Limited · Somaiya Properties and Investments Private Limited (Formerly The Godavari Sugar Mills Private Limited.) ·
The Book Centre Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6272629 |
Equity Shares |
Rs.10/- each |
Rs.62.726
millions |
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NOTES:
Reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
31.03.2014 |
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Equity Shares of
10/- each fully paid up : |
No. of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
62,72,629 |
62.726 |
|
Shares issued during the year |
-- |
-- |
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Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
62,72,629 |
62.726 |
Terms / Rights attached to Equity Shares :
The Company has only one class of shares referred to as Equity Shares having a par value of 10/-. Each holder of Equity Shares is entitled to one vote per share.
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.
During the year ended 31st March 2014, the amount of per share proposed final dividend recognised as distributions to equity shareholders was Re. NIL per share. In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts.
The distribution will be in proportion to the number of Equity Shares held by the shareholders.
Shareholders holding more than 5% of Equity Shares in the Company
|
Particulars |
31.03.2014 |
|
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|
No. of Shares |
% Holding |
|
Sakarwadi Trading Company Private Limited |
29,45,573 |
46.96 |
|
Somaiya Agencies Private Limited |
10,00,000 |
15.94 |
|
Jasmine Trading Company Private Limited |
6,00,000 |
9.57 |
As per of the Company, including its register of shareholders/members and other declaration received from shareholders, regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
The Company has issued Bonus Shares NIL by capitalisation of the reserves.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1) Shareholders' Funds |
|
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(a) Share Capital |
62.726 |
62.726 |
56.343 |
|
(b) Reserves & Surplus |
32.267 |
53.508 |
28.041 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
94.993 |
116.234 |
84.384 |
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(3) Non-Current Liabilities |
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(a) Long-term borrowings |
100.182 |
120.340 |
59.542 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1.711 |
|
(d) Long-term provisions |
3.575 |
3.033 |
2.957 |
|
Total
Non-current Liabilities (3) |
103.757 |
123.373 |
64.210 |
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(4) Current Liabilities |
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(a) Short term borrowings |
138.382 |
102.904 |
66.377 |
|
(b) Trade payables |
131.037 |
142.846 |
59.108 |
|
(c) Other current liabilities |
44.250 |
35.695 |
27.823 |
|
(d) Short-term provisions |
0.444 |
7.350 |
6.609 |
|
Total
Current Liabilities (4) |
314.113 |
288.795 |
159.917 |
|
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TOTAL |
512.863 |
528.402 |
308.511 |
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II.
ASSETS |
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|
(1) Non-current assets |
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(a) Fixed Assets |
|
|
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|
(i) Tangible assets |
99.258 |
104.672 |
109.116 |
|
(ii) Intangible Assets |
0.008 |
0.015 |
0.022 |
|
(iii) Capital work-in-progress |
0.851 |
0.360 |
3.573 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.006 |
0.006 |
0.006 |
|
(c) Deferred tax assets (net) |
16.385 |
16.385 |
16.385 |
|
(d) Long-term Loan and Advances |
72.921 |
53.807 |
42.407 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
189.429 |
175.245 |
171.509 |
|
|
|
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|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
129.629 |
118.725 |
67.854 |
|
(c) Trade receivables |
100.504 |
73.358 |
16.731 |
|
(d) Cash and cash equivalents |
27.045 |
9.658 |
9.900 |
|
(e) Short-term loans and
advances |
66.104 |
151.327 |
42.454 |
|
(f) Other current assets |
0.152 |
0.089 |
0.063 |
|
Total
Current Assets |
323.434 |
353.157 |
137.002 |
|
|
|
|
|
|
TOTAL |
512.863 |
528.402 |
308.511 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1233.712 |
1151.532 |
971.501 |
|
|
Other Income |
5.202 |
2.275 |
1.522 |
|
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TOTAL
(A) |
1238.914 |
1153.807 |
973.023 |
|
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|
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|
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|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1018.673 |
935.355 |
794.421 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(27.108) |
(25.051) |
(6.116) |
|
|
Employees benefits expense |
26.418 |
22.814 |
19.324 |
|
|
Other expenses |
202.738 |
143.282 |
113.614 |
|
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TOTAL
(B) |
1220.721 |
1076.400 |
921.243 |
|
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Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
18.193 |
77.407 |
51.780 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES |
31.495 |
26.439 |
13.868 |
|
|
|
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|
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|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(13.302) |
50.968 |
37.912 |
|
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|
|
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|
Less/
Add |
DEPRECIATION/
AMORTISATION |
7.939 |
11.827 |
13.417 |
|
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|
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|
PROFIT/
(LOSS) BEFORE TAX |
(21.241) |
39.141 |
24.495 |
|
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|
Less |
TAX |
0.000 |
0.000 |
(4.056) |
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|
PROFIT/
(LOSS) AFTER TAX |
(21.241) |
39.141 |
28.551 |
|
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|
|
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IMPORTS |
|
|
|
|
|
Import of Goods on Carriage
Insurance Freight(CIF) basis |
141.418 |
93.991 |
102.675 |
|
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|
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Earnings
/ (Loss) Per Share (Rs.) |
(3.39) |
6.73 |
5.07 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(1.72) |
3.40 |
2.94 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
1.47 |
6.72 |
5.33 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.29) |
7.65 |
8.49 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.22) |
0.34 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.51 |
1.92 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.22 |
0.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
56.343 |
62.726 |
62.726 |
|
Reserves & Surplus |
28.041 |
53.508 |
32.267 |
|
Net
worth |
84.384 |
116.234 |
94.993 |
|
|
|
|
|
|
long-term borrowings |
59.542 |
120.340 |
100.182 |
|
Short term borrowings |
66.377 |
102.904 |
138.382 |
|
Total
borrowings |
125.919 |
223.244 |
238.564 |
|
Debt/Equity
ratio |
1.492 |
1.921 |
2.511 |
%20LIMITED%20-%20299594%2022-Dec-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
971.501 |
1151.532 |
1233.712 |
|
|
|
18.531 |
7.137 |
%20LIMITED%20-%20299594%2022-Dec-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
971.501 |
1151.532 |
1233.712 |
|
Profit |
28.551 |
39.141 |
(21.241) |
|
|
2.94% |
3.40% |
(1.72%) |
%20LIMITED%20-%20299594%2022-Dec-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the 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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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 |
Yes |
FINANCIAL
PERFORMANCE:
The Company's Gross income has been increased by 7.38% to 1238.914 Millions as against the Gross income of 1153.807 Millions in the corresponding previous year. The Company has posted a profit of 18.193 Millions before Interest and Depreciation as compared to 77.407 Millions in the corresponding previous year. The Company incurred Net Loss of 21.241 Millions during the year as against profit of 39.141 Millions. The reason for the loss is mainly the increase in raw material cost and poor realisation of the finished Product Ethyl Acetate. The Company is looking out for avenues to increase the production capacity and exploring opportunities to obtain the raw material at cheaper rates.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
From Related Party |
79.000 |
90.000 |
|
From Other Parties |
15.000 |
15.000 |
|
Short-term
borrowings |
|
|
|
From Other Party |
20.000 |
11.100 |
|
Total |
114.000 |
116.100 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10291393 |
01/07/2014 * |
292,500,000.00 |
INDIAN OVERSEAS BANK |
FORT BRANCH, TAMARIND HOUSE, 30 AND 32, TAMARIND LANE, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
C11532355 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH SEPTEMBER, 2014
(Rs. in millions)
|
Particulars |
Quarter Ended |
Quarter Ended |
Half Year Ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1.
Income from operations |
|
|
|
|
Net sales/ Income from operation (Net of excise duty) |
294.049 |
369.367 |
663.316 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
246.120 |
283.950 |
530.070 |
|
b) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
3.861 |
26.004 |
29.865 |
|
c) Employees benefit expenses |
7.927 |
5.779 |
13.706 |
|
d) Depreciation and amortization expenses |
2.038 |
1.953 |
3.991 |
|
e) Power and Fuel |
16.836 |
19.888 |
36.724 |
|
f) Operating and Others Expenses |
26.253 |
24.434 |
50.687 |
|
Total expenses |
303.035 |
362.008 |
665.043 |
|
3. Profit / (Loss) from Operations before Other Income and
Finance costs (1-2) |
(8.936) |
7.359 |
(1.627) |
|
4. Other income |
0.441 |
1.027 |
1.468 |
|
5. Profit / (Loss) from ordinary activities before Finance
costs (3+4) |
(8.545) |
8.386 |
(0.159) |
|
6. Finance costs |
9.042 |
7.492 |
16.534 |
|
7. Profit / (Loss) from ordinary activities before
tax (5-6) |
(17.587) |
0.894 |
(16.693) |
|
8. Deferred / Current Tax (Expense) / Income |
-- |
-- |
-- |
|
9. Profit / (Loss) from ordinary activities after
tax (7+8) |
(17.587) |
0.894 |
(16.693) |
|
10. Extraordinary items (net of tax expense) |
-- |
-- |
-- |
|
11. Net
Profit / (Loss) for the period (9+10) |
(17.587) |
0.894 |
(16.693) |
|
12.
Paid-up Equity Share Capital (Face Value of Rs.10/- each) |
62.726 |
62.726 |
62.726 |
|
13.
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
-- |
|
14.
Earnings Per Share (before extraordinary items) (of
Rs.10/- each ) (not annualised): |
(2.80) |
0.14 |
(2.66) |
|
a)
Basic |
(2.80) |
0.14 |
(2.66) |
|
b)
Diluted |
|
|
|
|
15. Earnings Per Share (after
extraordinary items) (of Rs.10/- each ) (not
annualised) : |
|
|
|
|
a)
Basic |
(2.80) |
0.14 |
(2.66) |
|
b) Diluted |
(2.80) |
0.14 |
(2.66) |
|
A.
Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1586339 |
1586339 |
1586339 |
|
- Percentage of shareholding |
25.29% |
25.29% |
25.29% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares (as a % of total shareholding of
the promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a % of total share capital of
the company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
4686290 |
4686290 |
4686290 |
|
- Percentage of shares (as a % of total shareholding of
the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of total share capital of
the company) |
74.71% |
74.71% |
74.71% |
B INVESTOR
COMPLAINTS
|
Pending at the
beginning of the quarter |
1 |
|
Received during
the quarter |
67 |
|
Disposed off
during the quarter |
67 |
|
Remaining
unresolved at the end of the quarter (The same have been
resolved subsequently) |
1 |
NOTES:
1. The above results have been reviewed and recommended by the Audit
Committee and subsequently approved by the Board of Directors in their meeting
held on 12th November, 2014.
2. The Statutory Auditor have conducted Limited Review of the above
financial results.
3. The above results pertained to "Chemicals" which is the
only business segment of the Company as per AS 17 of ICAI.
4. Depreciation has been computed on the basis of existing policy of the
company being followed up to 31st March, 2014 in accordance with schedule XIV
of the Companies Act, 1956. The Companies Act, 2013 requires estimation of
remaining Useful Life of all as
5. The provision for Taxation (MAT) if any, will be made at the end of
the year
6. The figures for the previous year and corresponding period have been
regrouped, rearranged or recasted wherever necessary
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2014
(Rs.
in millions)
|
SOURCES OF FUNDS |
|
|
Half Year Ended 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
62.726 |
|
(b) Reserves & Surplus |
|
|
15.575 |
|
Sub-total-
Shareholders' Fund |
|
|
78.301 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
95.807 |
|
(b) Long-term provisions |
|
|
3.915 |
|
Sub-total- non-current Liabilities |
|
|
99.722 |
|
|
|
|
|
|
(3) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
189.279 |
|
(b) Trade payables |
|
|
76.387 |
|
(c) Other current
liabilities |
|
|
32.087 |
|
(d) Short-term provisions |
|
|
0.494 |
|
Sub-total- Current Liabilities |
|
|
298.247 |
|
|
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
|
|
476.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
97.137 |
|
(b) Non-current Investments |
|
|
0.005 |
|
(c) Deferred tax assets (net) |
|
|
16.385 |
|
(d) Long-term Loan and Advances |
|
|
42.043 |
|
Sub-total- non-current Assets |
|
|
155.570 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Inventories |
|
|
95.753 |
|
(b) Trade receivables |
|
|
105.927 |
|
(c) Cash and cash
equivalents |
|
|
20.529 |
|
(d) Short-term loans and
advances |
|
|
98.303 |
|
(e) Other current assets |
|
|
0.188 |
|
Sub-total- Current Assets |
|
|
320.700 |
|
|
|
|
|
|
TOTAL
- ASSETS |
|
|
476.270 |
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
i. The State Excise Department, Government of Maharashtra has demanded 10.324 Millions for Transportation fees / administration charges for purchase of Special Denatured Spirit (S.D.S.) for the period 1st April, 2002 to 31st March, 2007. The Company has along with other manufacturers using industrial alcohol jointly contested the said demand in Hon'ble Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of export obligation as on 31st March, 2014 13.744 Millions
iii. Sales Tax Demand of 3.937 Millions under BST Act and 15.459 Millions under CST Act for the year 2003-04 against which the Company has preferred appeals before Maharashtra Sales Tax Tribunal.
iv. Sales Tax Demand of 0.781 Million under BST Act for the year 1994-95, 3.384 Millions under BST Act and 5.164 Millions under CST Act for the year 2004-05 against which the Company has preferred appeals before Joint Commissioner of Sales Tax (Appeals) Kolhapur.
v. Disputed amount of Penalty U/S 11AC of Central Excise Act,1944 for the period 2008-09 to 2010-11 0.425 Million.
FIXED ASSETS:
Tangible Assets
· Land (Leasehold)
· Factory Building
· Plant and Machinery
· Electrical Installation
· Office Equipments
· Computers
· Furniture and Fixtures
· Vehicles
Intangible Assets
· Computer Software
· Patents and Trade Mark
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
32 |
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.