MIRA INFORM REPORT
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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
VINATI ORGANICS LIMITED |
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Registered
Office : |
B-12 and B-13, MIDC, Areamahad, District Raigad - 402309, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.06.1989 |
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Com. Reg. No.: |
11-052224 |
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Capital Investment
/ Paid-up Capital : |
Rs.98.745 Millions |
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CIN No.: [Company Identification
No.] |
L24116MH1989PLC052224 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMV10590G |
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PAN No.: [Permanent Account No.] |
AAACV6538K |
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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
: |
Subject is engaged in Manufacturing of Chemicals. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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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 : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s sound financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
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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 |
Long Term Bank Facilities = A |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
12.08.2014 |
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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 |
12.08.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-2145-232012)
LOCATIONS
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Registered Office/ Factory 1 : |
B-12 and B-13, MIDC, Areamahad, District Raigad - 402309, |
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Tel. No.: |
91-2145-232012/13/14 |
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Fax No.: |
91-2145-232010 |
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E-Mail : |
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Website : |
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Corporate Office : |
Parinee Crecenzo, 102, 11th Floor, Plot No. C-38 and C-39, G Block,
Behind MCA, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
91-22-39484444 |
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Fax No.: |
91-22-39484438 |
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E-Mail : |
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Factory 2 : |
A-20, MIDC, Lote Parashuram, Taluka-Khed, District Ratnagiri - 415722,
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Tel. No.: |
91-2356-273032/ 33 |
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E -Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Vinod Saraf |
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Designation : |
Managing
Director |
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Name : |
Mr. Girish M. Dave |
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Designation : |
Non-Executive
Chairman and Director |
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Qualification : |
M.Com, LLB,
CAIIB Graduate |
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Name : |
Ms. Vinati Saraf Mutreja |
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Designation : |
Executive
Director |
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Name : |
Ms. Viral Saraf Mittal |
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Designation : |
Director - Corporate Strategy |
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Name : |
Mr. Chintaman Bhaskar Gokhale |
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Designation : |
Director |
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Name : |
Mr. Ayliur Akileswaraiyer Krishnan |
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Designation : |
Director |
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Qualification : |
Chemical Engineer |
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Name : |
Mr. R K Saraswat |
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Designation : |
Director |
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Date of Birth : |
17.04.1938 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
24.01.2011 |
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Name : |
Mr. Mohit Rajesh Mutreja |
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Designation : |
Director |
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Date of Birth : |
09.08.1982 |
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Date of Appointment : |
19.05.2009 |
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Name : |
Mr. Sunil Banwarilal Saraf |
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Designation : |
Director |
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Qualification : |
Graduate |
KEY EXECUTIVES
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Name : |
Mr. Gunvant S. Singhi |
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Designation : |
Company Secretary
Cum Finance Controller |
SHAREHOLDING PATTERN
As on 30.09.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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14295512 |
27.71 |
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22733835 |
44.07 |
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37029347 |
71.77 |
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Total shareholding of Promoter and Promoter Group (A) |
37029347 |
71.77 |
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(B) Public Shareholding |
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1680692 |
3.26 |
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6960 |
0.01 |
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1151 |
0.00 |
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2404363 |
4.66 |
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4093166 |
7.93 |
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553336 |
1.07 |
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8158629 |
15.81 |
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1581193 |
3.06 |
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175354 |
0.34 |
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153329 |
0.30 |
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22025 |
0.04 |
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10468512 |
20.29 |
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Total Public shareholding (B) |
14561678 |
28.23 |
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Total (A)+(B) |
51591025 |
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) |
51591025 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Manufacturing of Chemicals. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: a)
Nature of
Security for Secured Loan from:
i. IFC (ECB): ECB
carries interest of 240 bps + six months libor
ii. SBI (ECB): ECB
carries interest of 280 bps + six months libor
iii. SBI (FCNR):
Foreign Currency loan carried interest of 450 bps + six months libor
iv. Citi Bank
(FCNR): Foreign Currency loan carries interest of 445 bps.
v. FCCB: Fixed
Coupon Rate of @.55% per annum and accumulated arrears of interest @ 3.5%
compounded half-yearly, if the bonds are redeemed on the redemption date and
option of conversion into equity shares is not exercised.
i. IFC ECB:
Repayable in 10 half yearly equal installments from December 2012 to June
2017
ii. SBI ECB:
Repayable in 9 half yearly equal installments from September 2013 to March
2017
iii. SBI FCNR:
Repayable in 19 quarterly equal installments from November 2012 to August
2017.
iv. Citibank FCNR:
Repayable in 9 quarterly equal installments from June 2013 to June 2015
v. FCCB:
Convertible at the option of the lender into equity shares at Rs.100 (Rs. 2
paid up) each during any time starting from the date of subscription i.e.
28th July 2011 and ending 5 years. If the option is not exercised , then it
is to be redeemed on the final redemption date along with accumulated arrears
of interest on pro-rata basis @ 3.5% per annum compounded semi annually Short Term
Borrowings : a)
Nature of
Security for Secured Loan from: Banks: Hypothecation of
inventories, all the present and future book debts and other receivables,
first charge on all present and future fixed assets situated at Mahad works
and residential building at Mahad and second charge on all fixed assets
situated at Lote works and personal guarantee of Managing Director, Mr. Vinod
Saraf. b)
Rate of interest:
i. Working Capital Advances From Banks: Foreign
Currency loan carries interest ranging from 175 bps to 225 bps + 3/6 months
libor. Rupee Loan carries interest ranging from 9.75% to 11.35%.
ii. Unsecured Loan: Foreign Currency loan carries interest
ranging from 175 bps to 225 bps + 3/6 months libor. Terms of
repayment: Repayable on demand. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Karnavat and Company Chartered Accountant |
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Address : |
Mumbai, |
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Memberships : |
-- |
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Collaborators : |
-- |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
49372500 |
Equity Shares |
Rs.2/- each |
Rs.98.745 Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
49372500 |
98.745 |
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Outstanding at
the end of the period |
49372500 |
98.745 |
Terms/Rights
attached to equity shares:
The company has
only one class of equity share having a par value of Rs.2 per share. Each holder
of equity shares is entitled to one vote per share. The company declares and
pays dividends in Indian Rupees. The dividend except interim dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During the year, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 3.00
(Previous year: Rs. 2.50)
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.
Details of equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vinod Saraf |
7937250 |
16.08% |
|
Kavita Saraf |
6228000 |
12.61% |
|
Suchir Chemicals Private Limited |
21733835 |
44.02% |
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 |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
98.745 |
98.745 |
98.745 |
|
(b) Reserves & Surplus |
3001.992 |
2313.736 |
1771.517 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
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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) |
3100.737 |
2412.481 |
1870.262 |
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(3)
Non-Current Liabilities |
|
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|
|
(a) long-term borrowings |
1099.669 |
1355.345 |
913.007 |
|
(b) Deferred tax liabilities (Net) |
331.462 |
261.019 |
149.005 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
1431.131 |
1616.364 |
1062.012 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
122.689 |
653.033 |
619.227 |
|
(b) Trade
payables |
141.733 |
156.297 |
88.784 |
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(c) Other
current liabilities |
518.665 |
444.759 |
265.660 |
|
(d) Short-term
provisions |
206.151 |
173.434 |
139.728 |
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Total Current
Liabilities (4) |
989.238 |
1427.523 |
1113.399 |
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TOTAL |
5521.106 |
5456.368 |
4045.673 |
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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 |
2984.505 |
2868.246 |
1405.467 |
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(ii)
Intangible Assets |
57.373 |
33.096 |
37.719 |
|
(iii)
Capital work-in-progress |
100.876 |
140.486 |
567.439 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3142.754 |
3041.828 |
2010.625 |
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
27.386 |
127.727 |
78.980 |
|
(b)
Inventories |
466.344 |
546.429 |
430.222 |
|
(c) Trade
receivables |
1150.542 |
1131.946 |
856.799 |
|
(d) Cash
and cash equivalents |
453.284 |
337.700 |
319.531 |
|
(e)
Short-term loans and advances |
278.301 |
269.528 |
349.021 |
|
(f) Other
current assets |
2.495 |
1.210 |
0.495 |
|
Total
Current Assets |
2378.352 |
2414.540 |
2035.048 |
|
|
|
|
|
|
TOTAL |
5521.106 |
5456.368 |
4045.673 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
|
|
|
|
|
|
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Income |
6961.335 |
5528.593 |
4474.606 |
|
|
|
Other Income |
91.681 |
37.637 |
28.319 |
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|
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TOTAL (A) |
7053.016 |
5566.230 |
4502.925 |
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4174.424 |
3398.523 |
2738.054 |
|
|
|
Merchandise Purchases |
5.171 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
8.481 |
(47.342) |
(61.386) |
|
|
|
Employees benefits expense |
274.288 |
225.877 |
183.259 |
|
|
|
Other expenses |
970.088 |
748.231 |
664.799 |
|
|
|
TOTAL (B) |
5432.452 |
4325.289 |
3524.726 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1620.564 |
1240.941 |
978.199 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
181.464 |
115.387 |
91.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1439.100 |
1125.554 |
886.393 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.172 |
99.495 |
70.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1285.928 |
1026.059 |
816.022 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
424.383 |
339.431 |
267.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
861.545 |
686.628 |
548.054 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2056.497 |
1584.277 |
1205.987 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
90.000 |
70.000 |
55.000 |
|
|
|
Dividend |
25.172 |
20.977 |
16.019 |
|
|
|
Tax on Dividend |
148.118 |
123.431 |
98.745 |
|
|
BALANCE CARRIED
TO THE B/S |
2654.752 |
2056.497 |
1584.277 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods calculated on
F.O.B. Value |
4516.534 |
3596.797 |
3295.158 |
|
|
|
Other Income |
0.000 |
0.000 |
1.309 |
|
|
TOTAL EARNINGS |
4516.534 |
3596.797 |
3296.467 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
307.545 |
121.269 |
481.032 |
|
|
|
Stores & Spares |
0.818 |
0.011 |
5.998 |
|
|
|
Capital Goods |
16.599 |
43.224 |
72.157 |
|
|
TOTAL IMPORTS |
324.962 |
164.504 |
559.187 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.45 |
13.91 |
11.10 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st Quarter
|
2nd
Quarter |
|
Net Sales |
|
1982.900 |
1963.900 |
|
Total Expenditure |
|
1584.200 |
1497.600 |
|
PBIDT (Excl OI) |
|
398.800 |
466.300 |
|
Other Income |
|
21.600 |
21.000 |
|
Operating Profit |
|
420.400 |
487.300 |
|
Interest |
|
19.400 |
16.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
401.000 |
470.400 |
|
Depreciation |
|
43.100 |
44.500 |
|
Profit Before Tax |
|
357.800 |
425.900 |
|
Tax |
|
116.700 |
141.600 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
241.100 |
284.300 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
241.100 |
284.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
12.38 |
12.42 |
12.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.28 |
22.45 |
21.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.72 |
19.30 |
23.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.43 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.83 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40 |
1.69 |
1.83 |
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 |
98.745 |
98.745 |
98.745 |
|
Reserves & Surplus |
1771.517 |
2313.736 |
3001.992 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1870.262 |
2412.481 |
3100.737 |
|
|
|
|
|
|
long-term borrowings |
913.007 |
1355.345 |
1099.669 |
|
Short term borrowings |
619.227 |
653.033 |
122.689 |
|
Total
borrowings |
1532.234 |
2008.378 |
1222.358 |
|
Debt/Equity
ratio |
0.819 |
0.832 |
0.394 |
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 |
4,474.606 |
5,528.593 |
6,961.335 |
|
|
|
23.555 |
25.915 |
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
|
4,474.606 |
5,528.593 |
6,961.335 |
|
Profit |
548.054 |
686.628 |
861.545 |
|
|
12.25% |
12.42% |
12.38% |
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 |
Yes |
|
32] |
PAN 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 |
Note: The registered office of the company has been shifted from 1174, Jalalpura Gandhi Baug, Nagpur- 440 002 Maharashtra, India to present address w.e.f. 01.06.2006
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign Currency convertible bonds from IFC |
299.550 |
271.697 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Bank (discounting of trade receivables) |
38.279 |
111.406 |
|
Total |
337.829 |
383.103 |
REVIEW OF OPERATIONS
The Company’s
operations have shown impressive growth during the year. The net sales/Income
from operations during the year has gone up to Rs.6961.335 Millions from
Rs.5528.593 Millions, registering a growth of 27% over the previous year.
The Company’s
profit before tax has also gone up from Rs.1026.059 Millions in previous year
to Rs. 1285.928 Millions in current year registering a robust growth of 25%.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
REVIEW
Although the global economy underwent a gradual recovery during FY 2013-14, the pace of growth has been largely uneven and prone to uncertainties. The year also witnessed a marked change in the pattern of recovery, with the advanced economies providing the actual impetus to growth, instead of the developing markets and emerging economies as in earlier years. Developed economies like the US recorded an improved performance, although growth tended to be subdued in the Eurozone. Emerging economies like India, however, witnessed a distinct slowdown in economic growth, even as China held out hope by focusing on a more balanced growth strategy. At the same time, with the growth in advanced economies likely to lead to more export opportunities for the developing ones, the overall economic scenario should be more balanced, going forward.
INDIAN ECONOMIC
REVIEW
After recording robust growth till a few years ago, the pace of the Indian economic juggernaut has slowed down considerably in recent years. In fact, the 4.7% growth in the country’s GDP in FY 2013-14 has served as a painful reminder of the sub-5% growth rates witnessed over the last two years. Several factors have contributed to this decline, including low corporate and infrastructure investments, persistent inflation, weak consumer sentiments and policy inertia. However, the formation of a stable government at the Centre should augur well for the future, as a host of fiscal measures and industrial reforms are expected to be implemented to strengthen the economic fundamentals. Combined with a favourable monsoon, these policy initiatives should result in the GDP growth rate crossing the 5%-mark during FY 2014-15.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1926.431 |
1961.057 |
3887.488 |
|
b) Other operating income |
37.500 |
21.871 |
59.371 |
|
Total
income from Operations(net) |
1963.931 |
1982.928 |
3946.859 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1219.238 |
1287.999 |
2507.237 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(22.755) |
(7.111) |
(29.866) |
|
d) Employees benefit expenses |
80.629 |
79.740 |
160.369 |
|
e) Depreciation and amortization expenses |
44.483 |
43.137 |
87.620 |
|
f) Other expenditure |
200.481 |
217.656 |
418.137 |
|
Total expenses |
1522.076 |
1621.421 |
3143.497 |
|
3. Profit from operations before other income and
financial costs |
441.855 |
361.507 |
803.362 |
|
4. Other income |
20.964 |
21.610 |
42.574 |
|
5. Profit from ordinary activities before finance costs |
462.819 |
383.117 |
845.936 |
|
6. Finance costs |
36.901 |
25.288 |
62.189 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
425.918 |
357.829 |
783.747 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
425.918 |
357.829 |
783.747 |
|
10.Tax expenses |
141.612 |
116.702 |
258.314 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
284.306 |
241.127 |
525.433 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
284.306 |
241.127 |
525.433 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
103.182 |
98.745 |
103.182 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
5.71 |
4.88 |
10.59 |
|
(b) Diluted |
5.71 |
4.88 |
10.59 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
14561678 |
12343153 |
14561678 |
|
- Percentage of shareholding |
28.23 |
25.00 |
28.23 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
37029347 |
37029347 |
37029347 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
71.77 |
75.00 |
71.77 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
5 |
|
|
Disposed of during the quarter |
|
5 |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
103.182 |
|
(b) Reserves & Surplus |
|
|
3,822.097 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3,925.279 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
487.786 |
|
(b) Deferred tax liabilities (Net) |
|
|
346.464 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
834.250 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
747.484 |
|
(b) Trade
payables |
|
|
80.867 |
|
(c) Other
current liabilities |
|
|
570.056 |
|
(d) Short-term
provisions |
|
|
127.051 |
|
Total Current
Liabilities (4) |
|
|
1,525.458 |
|
|
|
|
|
|
TOTAL |
|
|
6,284.987 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
2,939.653 |
|
(ii)
Intangible Assets |
|
|
68.998 |
|
(iii)
Capital work-in-progress |
|
|
261.735 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
3,270.386 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
641.551 |
|
(b)
Inventories |
|
|
537.665 |
|
(c) Trade
receivables |
|
|
1,356.877 |
|
(d) Cash
and cash equivalents |
|
|
39.585 |
|
(e)
Short-term loans and advances |
|
|
435.674 |
|
(f) Other
current assets |
|
|
3.249 |
|
Total
Current Assets |
|
|
3,014.601 |
|
|
|
|
|
|
TOTAL |
|
|
6,284.987 |
Note:
1.
The above results were reviewed by the Audit
Committee and taken on record by the Board of Directors at their meeting held on
May 10, 2014.
2.
The company has provided for gratuity expenses in
respect of the full financial year as per the actuarial report under AS
15(Revised), 2005 and leave encashment expenses on estimated basis.
3.
The figures for the quarter ended March 31, 2014
are the balancing figures between the Audited figures in respect of the
full financial year and the year to date figures up to the third
quarter which was subjected to limited Review by the Auditors.
4.
During the year finance costs includes net exchange
loss of Rs. 94.075 Millions (Previous Year Rs. 31.499 Millions) arising from
foreign Currency borrowing to the extent they are regarded as
adjustment to interest cost as defined in paragraph of 4(e) of the AS 16
"Borrowing Costs" issued by ICAI.
5.
During the year other expenditure includes net
exchange loss of Rs. 50.343 Millions as against net exchange gain of Rs. 49.161
Millions included in other operating income in Previous year.
6.
The Company has undertaken Implementation of new
projects involving a capex of about Rs.1000.000 Millions.
7. As the Company’s
business activity falls writh in a single primary business segment viz.
"Manufacturing of Chemicals" the disclosure requirement of Accounting
Standard (AS-17) "Segment Reporting" is not applicable.
8. The Board of
Directors has recommended a dividend of 150% on the Share capital of
the company i.e. Rs. 3.00 per equity share of face value of Rs. 2/-each for the
year ended March 31, 2014.
9. Previous period's
/ Year's figures have been regrouped / rearranged wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10412967 |
27/09/2013 * |
260,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg,
Lower Parel W, Mumbai, Maharashtra - 400013, India |
B88705629 |
|
2 |
90229859 |
28/03/2014 * |
230,000,000.00 |
State Bank Of India |
State Bank Of India, Bharat Nagar,
Amravati Road, Nagpur, Maharashtra - 440010, India |
C02766277 |
|
3 |
90232464 |
01/02/1990 |
3,000,000.00 |
Maharashtra State Financial
Corporation |
New Excelsior Bldg; 5; 7; 8 & 9th
Fls, A.K. Nayak |
- |
FIXED ASSETS:
·
Land
·
Building
·
Office Buildings
·
Machinery
·
Electrical Equipments
·
Storage and Handling
Equipment
·
Laboratory Equipment
·
Office Equipments
·
Effluent Treatment Plant
·
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.18 |
|
UK Pound |
1 |
Rs.98.85 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.