MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AARTI INDUSTRIES LIMITED (w.e.f. 24.02.1995)

 

 

Formerly Known As :

AARTI ORGANICS LIMITED

 

 

Registered Office :

Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.09.1984

 

 

Com. Reg. No.:

04-007301

 

 

Capital Investment / Paid-up Capital :

Rs.442.958 Millions

 

 

CIN No.:

[Company Identification No.]

L24110GJ1984PLC007301

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTA02524E

 

 

PAN No.:

[Permanent Account No.]

AABCA2787L

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :                    

A (62)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 22000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects company’s healthy 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 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

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long term rating: “A+”

Rating Explanation

Adequate credit quality and average credit risk.

Date

17.07.2014

 

Rating Agency Name

CRISIL

Rating

Short term rating: “A1”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

17.07.2014

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

INFORMATION DECLINED

 

MANAGEMENT NON – COOPERATIVE (91-22-67976666)

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot No.801/23, GIDC Estate, Phase III, Vapi - 396195, District Valsad, Gujarat, India

Tel. No.:

91-2638-25690411/ 2/ 3/ 25918195/ 55976666

Fax No.:

91-2638-25904806/ 25653186-87/ 25653185

E-Mail :

ail@bom2.vsnl.net.in

secretarial@aartigroup.com

info@aartigroup.com

investorrelations@aartigroup.com

Website :

www.aartigroup.com

 

 

Corporate Office :

Udyog Kshetra, II Floor, L.B.S. Marg, Mulund – Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Tel. No.:

91-22-67976666/ 67976697/ 25918195/ 55976666

Fax No.:

91-22-25653234/ 25653185

E-Mail :

info@aartigroup.com

 

 

Factory 2:

Plot No. 902, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 3:

Plot No. 286/1, 285, GIDC Estate, Phase II, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 4:

Plot No. 22 / C / 1 & 2, GIDC Estate, Phase I, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 5:

Shed No. A1-6&9, GIDC Estate, Phase I, District Valssad, Vapi – 396195, Gujarat, India

 

 

Factory 6 :

Plot No. 609 & 610, GIDC Estate, 100 Shed, District Valsad, Vapi – 396195, Gujarat, India

 

 

Factory 7:

Plot Nos. 750-754, Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 8:

Plot Nos. 2701, 2703 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 9:

Plot Nos. 2604, 2605 Sarigam Industrial Area, Sarigam, Taluka Umargaon, District Valsad, Gujarat, India

 

 

Factory 10:

Plot Nos. 758/1, 2 & 3, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

 

 

Factory 11:

Plot Nos. 756/2 A&B, 756/3 A&B, 756/4 A&B, 756/5 A&B, 756/6 A&B, 756/7, 779, Jhagadia Mega Estate, Village Kapalsadi, Taluka Jhagadia, District Bharuch, Gujarat, India

 

 

Factory 12:

Survey No. 1430/1, NH-8, Bhachau, Kutch, Gujarat, India

 

 

Factory 13:

Plot No. D-18, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 14:

Plot No. E-50, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 15:

Plot No. K - 17/18/19, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 16:

Plot No. L – 5, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 17:

Plot No. L – 8, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

Factory 18:

Survey No. 193/1/4, 193/1/5, 193/1/6, Silvassa, Union Territory of Silvassa, India

 

 

Factory 19:

Plot No. D – 53/54/60, MIDC, Phase II, Dombivali (East), District Thane, Maharashtra, India

 

 

Factory 20:

Plot Nos. 62, 63 & 64, Sagore, Pithampur Industrial Area, Sector-3, Pithampur, DistrictDhar, Madhya Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Chandrakant V. Gogri

Designation :

Chairman

 

 

Name :

Mr. Rajendra V. Gogri

Designation :

Chairman and Managing Director

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Shantilal T. Shah

Designation :

Vice Chairman

Date of Birth/Age :

28.12.1938

Qualification :

B.Com.

Date of Appointment :

25.04.1990

 

 

Name :

Mr. Rashesh C. Gogri

Designation :

Vice Chairman and Managing Director

Date of Birth/Age :

03.06.1974

Qualification :

Industrial Engineer and holds Diploma in Business

Management

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Ramdas M. Gandhi

Designation :

Independent Director

Date of Birth/Age :

14.03.1933

Qualification :

L.L.M, Solicitor.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Laxmichand K. Jain

Designation :

Independent Director

Date of Birth/Age :

02.03.1941

Qualification :

MS (Chem.) US

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Vijay H. Patil

Designation :

Independent Director

Date of Birth/Age :

15.07.1937

Qualification :

L.L.M.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Haresh K. Chheda

Designation :

Independent Director

 

 

Name :

Mr. K. V. S. Shyam Sunder

Designation :

Independent Director

Date of Birth/Age :

29.07.1942

 

 

Name :

Mr. P A Sethi

Designation :

Independent Director

 

 

Name :

Mr. Bhavesh R Vora

Designation :

Independent Director

Date of Birth/Age :

13.09.1967

 

 

Name :

Mr. Sunil M Dedhia

Designation :

Independent Director

Date of Birth/Age :

20.06.1965

Qualification :

B. Com., A.C.A., F.C.S.

Date of Appointment :

30.07.2009

 

 

Name :

Mr. Parimal H. Desai

Designation :

Whole time Director

Date of Birth/Age :

29.05.1949

 

 

Name :

Mr. Manoj M. Chheda

Designation :

Whole Time Director

Date of Birth/Age :

23.10.1962

Qualification :

B. Com

Date of Appointment :

25.11.1993

 

 

Name :

Ms. Hetal Gogri Gala

Designation :

Whole Time Director

Date of Birth/Age :

10.07.1975

Qualification :

B. E (Electronics) and MEP degree

from IIM Ahmedabad.

Date of Appointment :

01.11.2001

 

 

Name :

Mr. Kirit R. Mehta

Designation :

Whole Time Director

Date of Birth/Age :

02.08.1948

Qualification :

B. Com.

Date of Appointment :

18.09.2000

 

 

Name :

Renil R. Gogri

Designation :

Whole Time Director

Date of Birth/Age :

14.04.1987

Qualification :

B.E. (IIT MUMBAI), 2008

Date of Appointment :

16.08.2012

 

 

KEY EXECUTIVES

 

Name :

Ms. Mona Patel

Designation :

Company Secretary

 

 

Name :

Mr. Chetan Gandhi

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

30583148

34.52

http://www.bseindia.com/include/images/clear.gifBodies Corporate

22328579

25.20

http://www.bseindia.com/include/images/clear.gifSub Total

52911727

59.73

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

86148

0.10

http://www.bseindia.com/include/images/clear.gifSub Total

86148

0.10

Total shareholding of Promoter and Promoter Group (A)

52997875

59.82

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

10372369

11.71

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

10928

0.01

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

417014

0.47

http://www.bseindia.com/include/images/clear.gifSub Total

10800311

12.19

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1211224

1.37

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

9894313

11.17

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

13044525

14.72

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

643439

0.73

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

242721

0.27

http://www.bseindia.com/include/images/clear.gifTrusts

230

0.00

http://www.bseindia.com/include/images/clear.gifUnclaimed Suspense A/c

400488

0.45

http://www.bseindia.com/include/images/clear.gifSub Total

24793501

27.99

Total Public shareholding (B)

35593812

40.18

Total (A)+(B)

88591687

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

88591687

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

Products :

Item Code No. (ITC Code)

Product Description

29049005

Para Nitro Chloro Benzene

29049004

Ortho Nitro Chloro Benzene

28070001

Sulphuric Acid

38081021

Quinalphos

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

--

--

--

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

--

--

--

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Axis Bank Limited
  • Bank of Baroda
  • Citi Bank N.A.
  • DBS Bank Limited
  • Export-Import Bank of India
  • First Rand Bank
  • HDFC Bank Limited
  • IDBI Bank Limited
  • IndusInd Bank Limited
  • ING Vysya Bank Limited
  • Kotak Mahindra Bank Limited
  • Societe Generale
  • Standard Chartered Bank
  • State Bank of India
  • Union Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWING

 

 

ECB/Term Loans from Banks/Financial Institutions

2544.346

1157.993

Vehicle Loans from Banks/Financial Institution

5.935

5.124

SHORT TERM BORROWING

 

 

Working Capital Loan From Bank

6700.405

5872.914

Total

9250.686

7036.031

 

NOTE

 

LONG TERM BORROWING

 

(a) Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs.34,94.419 Millions;

 

(i) Outstanding Term Loans/ECBs to the extent of Rs.2256.075 Millions, are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi and Jhagadia, in the State of Gujarat, Pithampur in the State of Madhya Pradesh, Silvassa in the Union Teritorry of Silvassa and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

 

(ii) Term Loan from Citibank to the extent of Rs.295.250 Millions is secured by way of Exclusive Charge on the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia Unit II.

 

(iii) ECB from DBS Bank to the extent of Rs.149.750 Millions is secured by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit.

 

(iv) Term Loan from IndusInd Bank to the extent of Rs.15.000 Millions is secured by way of Joint Equitable Mortgage of the one of Company’s Immovable Property situated at Tarapur, in the State of Maharashtra and further by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit.

 

(v) Term Loan of Rs.750.000 Millions from Societe Generale is secured by way of Pari Passu Hypothecation of the Moveable Plant and Machinery, Machinery Spares, Tools and Accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated, excluding those charged exclusively to other Term Lenders.

 

(vi) Term Loan of Rs.28.344 Millions from Financial Institution is secured by way of exclusive charge on specific ISO-Tanks used for Company’s operations.

 

(b) Vehicle loans from banks/Financial Institutions are secured by way of hypothecation of respective vehicles.

 

SHORT TERM BORROWING

 

Working Capital Loans availed from Scheduled Banks, are secured/to be secured by way of Pari Passu first charge by hypothecation of Raw Materials, Stock-In-Process, Semi-Finished Goods, Finished Goods, Packing Materials and Stores and Spares, Bills Receivables and Book Debts and all other moveable, both present and future. Also by way of Joint Equitable Mortgage of the Company’s immovable properties situated at Sarigam, Vapi, Jhagadia and Bhachau in the State of Gujarat and at Tarapur in the State of Maharashtra and further by way of hypothecation of all moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts and inventories) wherever situated, ranking second to the charge held by ECB/Term Lenders.

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Parikh Joshi and Kothare

Chartered Accountants

Address :

49/2341, M. H. B. Colony, Gandhi Nagar, Bandra (East), Mumbai – 400 051, Maharashtra, India

 

 

Subsidiaries :
  • Aarti Corporate Services Limited
  • Nascent Chemical Industries Limited (Through its holding Company: Aarti Corporate Services Limited.)
  • Shanti Intermediates Private Limited. (Through its holding Company: Aarti Corporate Services Limited)
  • Anushakti Specialities Limited Liability Partnership (LLP)
  • Alchemie (Europe) Limited
  • Innovative Envirocare Jhagadia Limited

 

 

Associates :

·         Ganesh Polychem Limited

·         Anushakti Chemicals and Drugs Limited

·         Anushakti Holdings Limited

 

 

Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence :
  • Alchemie Pharma Chem Limited
  • Alchemie Industries
  • Gogri and Sons Investments Private Limited
  • Alchemie Leasing and Financing Private Limited
  • Alchemie Laboratories
  • Aarti Drugs Limited
  • Alchemie Dye Chem Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12,50,00,000

Equity Shares

Rs.5/- each

Rs.625.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8,85,91,687

Equity Shares

Rs.5/- each

Rs.442.958 Millions

 

 

 

 

 

Reconciliation of the number of shares outstanding as on 31st March, 2013:

 

Particulars

No. of Shares outstanding

As at

31st March, 2014

Equity shares at the beginning of the year

79,120,073

Add: Shares Issued during the year

9,471,614

Less: Shares buy back during the year

NIL

Equity shares at the end of the year

88,591,687

 

Details of Shareholders holding more than 5% shares:

 

Name of Shareholder

As at 31st March, 2014

No. of

Shares held

%

held

Anushakti Holdings Limited

7,022,301

7.93

HDFC Trustee Company Limited – HDFC Prudence Fund

6,181,510

6.98

Gogri and Sons Investments Private Limited

5,833,773

6.59

Alchemie Leasing and Financing Private Limited

5,184,098

5.85

 

The details of Equity shares outstanding during last 5 Years:

 

Particulars

Financial Year

2012-13

2011-12

2010-11

2009-10

2008-09

No. of Equity Shares outstanding:

88,591,687

79,120,073

79,120,073

76,720,073

76,720,073

 

Note on issued, Subscribed and Paid up Equity Share Capital:

 

[a] 8,43,649 (previous year – 8,43,649) were issued to Shareholders of Surfactant Specialities Limited pursuant to its Merger with the Company.

[b] 42,000 (previous year – 42,000) were issued to Shareholders of Avinash Drugs Limited pursuant to its Merger with the Company.

[c] 30,25,000 (previous year – 30,25,000) were issued towards Preferential allotment at a premium of Rs. 30.65 paise to Warrantholders.

[d] 24,00,000 (previous year – 24,00,000) have been issued towards Preferential allotment at a premium of Rs. 53/- to Warrantholders.

[e] 94,71,614 (previous year Nil) were issued to Shareholders of Anushakti Chemicals & Drugs Ltd. pursuant to its Scheme of

arrangement with the Company.

 

SHARE CAPITAL PENDING ALLOTMENT UPON SCHEME OF ARRANGEMENT

 

(Rs. In Millions)

Particulars

As at

31st March, 2014

94,71,614 Shares are to be issued and allotted to Shareholders of Anushakti Chemicals

& Drugs Ltd. pursuant to the Scheme of Arrangement approved by the Honorable High

Courts at Ahmedabad and Bombay vide their order dated 8th March, 2013 & 8th February,

2013 respectively.

NIL

Total

NIL

 

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

442.958

395.600

395.600

(b) Reserves & Surplus

7343.988

6323.452

4730.967

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

47.358

0.000

Total Shareholders’ Funds (1) + (2)

7786.946

6766.410

5126.567

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

2550.281

1167.407

1028.714

(b) Deferred tax liabilities (Net)

844.592

707.092

554.550

(c) Other long term liabilities

73.197

2.037

1.852

(d) long-term provisions

2556.661

2171.661

1721.661

Total Non-current Liabilities (3)

6024.731

4048.197

3306.777

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6858.376

6850.084

4823.304

(b) Trade payables

3678.359

2158.461

1746.102

(c) Other current liabilities

1010.355

637.629

475.052

(d) Short-term provisions

289.819

268.034

205.631

Total Current Liabilities (4)

11836.909

9914.208

7250.089

 

 

 

 

TOTAL

25648.586

20728.815

15683.433

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7932.017

6640.988

4300.761

(ii) Intangible Assets

0.855

1.273

31.600

(iii) Capital work-in-progress

1126.112

620.083

544.223

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

322.496

185.952

210.711

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3861.617

3126.240

2402.587

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

13243.097

10574.536

7489.882

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6033.321

4621.230

3258.477

(c) Trade receivables

4657.732

4286.528

4069.481

(d) Cash and cash equivalents

123.542

97.106

88.056

(e) Short-term loans and advances

1295.918

896.438

595.128

(f) Other current assets

294.976

252.977

182.409

Total Current Assets

12405.489

10154.279

8193.551

 

 

 

 

TOTAL

25648.586

20728.815

15683.433

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

26327.772

20961.176

16733.107

 

Other Income

104.246

43.961

28.362

 

TOTAL (A)

26432.018

21005.137

16761.469

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed (Incl. Packing, Fuel, Stores & Spares)

16307.884

12622.725

9787.576

 

Purchases of Stock-in-Trade

1168.589

931.178

1404.861

 

Employee Benefits Expenses

757.274

636.137

455.227

 

Other Expenses

4759.645

3919.368

2874.431

 

Changes in inventories of Finished Goods Work-in-Progress and Stock-in-Trade

(620.514)

(710.689)

(235.417)

 

TOTAL (B)

22372.878

17398.719

14286.678

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

4059.140

3606.418

2474.791

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

1175.335

949.980

715.084

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

2883.805

2656.438

1759.707

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

874.355

818.004

539.689

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

2009.450

1838.434

1220.018

 

 

 

 

 

Less

TAX (I)

522.500

525.000

348.157

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

1486.950

1313.434

871.861

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

4202.106

3433.084

2964.013

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Proposed Dividend

132.887

110.740

118.680

 

Interim Dividend

265.774

243.628

153.440

 

Tax on Dividend

67.753

58.544

42.670

 

Transfer to General Reserve

149.000

131.500

88.000

 

Balance Carried to the B/S

5073.642

4202.106

3433.084

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Export Sales

12143.712

9923.781

6839.823

 

TOTAL EARNINGS

12143.712

9923.781

6839.823

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods

60.780

129.759

64.191

 

Raw Materials

3769.924

2648.259

1263.094

 

Stores and Spares

6.928

2.085

7.048

 

Fuel

246.850

155.232

22.615

 

TOTAL IMPORTS

4084.482

2935.335

1334.333

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

16.78

14.83

11.36

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

5.65

6.27

5.21

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

15.42

17.21

14.79

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

8.30

9.23

8.17

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.26

0.27

0.24

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.21

1.18

1.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.02

1.13

 

 

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

395.600

395.600

442.958

Reserves & Surplus

4730.967

6323.452

7343.988

 Share Application money pending allotment

0.000

47.358

0.000

Net worth

5126.567

6766.410

7786.946

 

 

 

 

long-term borrowings

1028.714

1167.407

2550.281

Short term borrowings

4823.304

6850.084

6858.376

Total borrowings

5852.018

8017.491

9408.657

Debt/Equity ratio

1.142

1.185

1.208

 

 

 

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

16733.107

20961.176

26327.772

 

 

25.268

25.603

 

 

 

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

16733.107

20961.176

26327.772

Profit

871.861

1313.434

1486.950

 

5.21%

6.27%

5.65%

 

 

 

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

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

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

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 296 of 2013 To TAX APPEAL No. 299 of 2013

 

Status : PENDING

 

CCIN No : 001092201300296

 

Last Listing Date:

22/12/2014

 

Coram

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

·          

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX (TDS)

MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

AARTI INDUSTRIES LTD

MR B S SOPARKAR for :Opponent(s) 1

Presented On

: 02/04/2013

Registered On

: 04/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 2 times

StageName

: WARNED LIST - TAX APPEAL

 

Classification
  • DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act
  • INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3020/AHD/2010

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH

JUDICIAL MEMBER AND ACCOUNTANT MEMBER

25/10/2012

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

02/04/2013

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT:1

2

02/04/2013

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT:1

3

04/04/2013

DOCUMENT

RULE NOT RECD BACK
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

RULE NOT RECD BACK:1

4

02/07/2013

VAKALATNAMA

MR B S SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MR B S SOPARKAR(6851), for R:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

08/04/2013

7

43

FOR FINAL HEARING

RULE/ADMIT

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

22/12/2014

51

91

WARNED LIST - TAX APPEAL

 

·         HONOURABLE MR.JUSTICE KS JHAVERI

·         HONOURABLE MR.JUSTICE K.J.THAKER

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/296/2013

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MS JUSTICE SONIA GOKANI

08/04/2013

N

ORDER

-

Y

 

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

09/04/2013

O/11987/2013

08/04/2013

10/04/2013

12/04/2013

Delivered

ORDER

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10478126

29/01/2014

750,000,000.00

SOCIETE GENERALE

6TH FLOOR, MOHAN DEV, 13, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA

B96612064

2

10475423

24/04/2014 *

13,775,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

C05478441

3

10469995

11/12/2013

750,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, MUMBAI, NGN VAIDYA MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA

B93436699

4

10459225

21/03/2014 *

950,000,000.00

INDUSIND BANK LTD.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA

C05258702

5

10465719

14/11/2013

300,000,000.00

ING VYSYA BANK LIMITED

PLOT NO. C-12, G BLOCK, BANDRA-KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA

B91775379

6

10459809

21/03/2014 *

450,000,000.00

KOTAK MAHINDRA BANK LIMITED

27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA

C12146601

7

10452990

18/09/2013

631,400,000.00

IDBI TRUSTEESHIP SERVICES LTD.

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, I
NDIA

B86628591

8

10424578

26/04/2013

541,200,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA

B74713702

9

10406918

23/01/2013

275,000,000.00

CITIBANK N. A.

KALAPURNAM, 1ST FLOOR, NEAR MUNICIPAL MARKET, C. G. ROAD, NAVRANGPURA, AHMEDABAD, GUJARAT - 380009, INDIA

B69134021

10

10356963

31/03/2012

75,000,000.00

SIEMENS FINANCIAL SERVICES PRIVATE LIMITED

130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, MAHA
RASHTRA - 400018, INDIA

B40081291

 

* Date of charge modification

 

UNSECURED LOANS

 

UNSECURED LOANS

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG TERM BORROWING

 

 

Deposits

0.000

4.290

SHORT TERM BORROWING

 

 

From Banks

157.971

947.345

From Others

0.000

29.825

Total

157.971

981.460

 

FINANCIALS

 

The Company has presented yet another year of consistent and stable growth. During the year, the Standalone Net Revenues of the Company grew by over 25% at Rs.26330.000 Millions (previous year Rs.20960.000 Millions). Exports revenues also grew to Rs.12810.000 Millions, a growth of over 20% (previous year Rs.10600.000 Millions).

 

Operating profit before Interest, Depreciation and Tax for FY 2013-14 increased by 11% to Rs.3950.000 Millions (previous year Rs.3560.000 Millions). EBIDTA margins for the Company were at 15.3% for FY 2013-14 from 16.6% in FY 2012-13, on account of higher input costs.

 

Profit before Tax for FY 2013-14 also increased to Rs.2010.000 Millions (previous year Rs.1840.000 Millions). Profit after Tax and Deferred Tax grew to Rs.1490.000 Millions for FY 2013-14 from Rs.131 Crores for FY 2012-13.

 

The Company’s Consolidated Income increased by about 26% to Rs.26320.000 Millions as compared to Rs.20960.000 Millions for last year. Consolidated EBIDTA also grew by 13% to Rs.4120.000 Millions from Rs.3650.000 Crores last year. Net Profit after Consolidation surged by 21 % at Rs.1620.000 Millions vis-à-vis Rs.134 Crores for last year. Consolidated EPS for the FY 2013-14 was at Rs.18.34 as against Rs.15.17 for the FY 2012-13.

 

During last few years, with scale up of capacities andintroduction of various high growth and high margin export

oriented products, the share of Exports Revenue to Total Revenue has been increasing. Exports represent about

50% of the total revenues. Also a bulk of products sold in domestic markets are converted and ultimately exported. Hence considering this, about 70% of their output would be exported either directly or indirectly. The recovery of Global Markets from the recessionary environment coupled with their strong Global position and Strategic arrangements with key global customers, has helped us to increase their volumes both present and incremental on account of higher production capacities. Their delivery and service commitment helps us to gain loyalty from their customers, which results into increase in their exports operations.

 

CHEMICAL INDUSTRY – STRUCTURE AND DEVELOPMENT

 

The Global Speciality Chemical Industry size is pegged at around $740bn (FICCI Speciality Chemical report and 12th Five-Year Plan document) accounting for roughly 22% of the global chemical industry. This industry has grown at a CAGR of 3.7% during 2006-11, despite contracting by around 7% in 2009, due to the global financial crisis. Going forward, the industry is expected to grow at a CAGR of about 5.4% annually to reach $970bn by FY 16, based on Industry estimates. Asia-Pacific and the Middle Eastern countries are expected to contribute to the bulk of the future growth for the sector.

 

Indian Speciality Chemical sector has demonstrated strong growth of around 13%, and is expected to accelerate further, higher than the average global growth rate. (Source – FICCI). The high rate of growth for the segment is driven by faster growth in end-user industries such as paints and coatings, speciality polymers, and home care surfactants, among others.

 

This is supported by both domestic and export opportunities. Derisking of business concentration from China by various global customers coupled with appreciation of Chinese Yuan v/s Indian Rupee and the rising operating costs in China, shall further increase the opportunities for Indian Companies to expand the business in global markets. The Company expects the encouraging growth opportunity in sectors like Pigments, Speciality Polymers, Pharmaceuticals, Agrochemicals, Construction chemicals and Water Chemicals to support the higher industry growth.

 

 

The emergence of a stable Government at Centre has improved the business sentiment and consumer confidence across Pan India and improving the future macro outlook. This new and renewed hope of growth, if supported by positive and proactive steps from the Government, would restart the revival of Indian Economy and would result into increase in demand at various sectors. Government Initiatives in the form of Port based Chemical Parks in SEZ, Improvement in Infrastructure, Tax concessions, rationalization of Duty Structure, FDI relaxation, etc. would facilitate further growth of the Indian Chemical Industry into a major Chemical hub.

 

The Company is a leading manufacturer of Speciality Chemicals with diversified end-uses into Agrochemicals, Pharmaceuticals, High Performance Polymers, Paints, Pigments, Printing Inks, Rubber Chemicals, Additives, Surfactants, Dyes, Oil and Gas additives, Flavours and Fragrances, etc. The Company’s derisking by diversification has helped it withstand the volatilities and downturns of a specific end-user segment and also helps to capitalize on the growth opportunities in other end-user segments.

 

With the rationales of Long term sustainability for both growth and profitability, the Company continued in last year the efforts to adopt a sustainable framework considering the elements of Safety, Health, Environment Impact and Energy Efficiency initiatives. The Company has made significant investments by installing various Bioreactors, Chemical Reverse Osmosis, Multiple Effect Evaporator, Incineration, Electrostatic Filters, Solvent Recovery Systems, Waste Heat Recovery Systems, etc. The Company had also been continuously working towards improvement of process safety as well as increasing the levels of automation. These would provide long term benefits of Consistency in Quality, Yield Improvements, Saving in utilities cost, minimization of human error, etc. The Company has been constantly improving the manufacturing process and adoption of greener processes. These efforts have been appreciated by various MNC customers. The Company plans to invest further in these areas to ensure providing greener and safer manufacturing environment.

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

Claims against the Company not acknowledged as Debts

390.853

387.011

Letters of Credit, Bank Guarantees and Bills Discounted

753.989

805.243

Total

1144.842

1192.254

 

UNAUDITED STANDLONE FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER, 2014

 

PARTICULARS

Quarter   ended

Half Year Ended

 

30.09.2014

30.06.2014

30.09.2014

 

 (Unaudited)

 (Unaudited)

 (Unaudited)

Income from Operations

 

 

 

Net Sales/Income from Operations

7502.500

7250.100

14752.600

Other Operating Income

109.100

147.600

256.700

Total Income from operations (net)

7611.600

7397.700

15009.300

 

 

 

 

Expenses

 

 

 

(a) Cost of materials consumed

4810.100

4470.400

9280.500

(b) Purchase of stock in trade

295.500

252.500

548.000

(c) Changes in inventories of finished goods, work in progress and stock in trade

(229.200)

103.600

(125.600)

(d) Employee benefit expenses

223.400

201.100

424.500

(e) Depreciation and amortization expenses

190.900

187.3000

378.200

(f) Other Expenses

1292.000

1240.400

2532.400

Total Expenses

6582.700

6455.300

13038.000

Profit from Operations before Other Income, Finance costs and Exceptional item

1028.900

942.400

1917.300

Other Income

2.700

1.200

3.900

Profit/ Loss from Ordinary Activities before Finance costs and Exceptional item

1031.600

943.600

1975.200

Finance costs

359.400

379.300

738.700

Profit/ Loss from Ordinary Activities after Finance costs but Exceptional item

672.200

564.300

1236.500

Exceptional item

0.000

0.000

0.000

Profit/ Loss from Ordinary Activities before tax

672.200

564.300

1236.500

Provision for taxation –current / Minimum  Alter Tax

140.000

118.500

258.500

MAT Credit Entitlement

(17.500)

(11.000)

(28.500)

Provision for Deferred Tax

42.500

42.500

85.000

Total Tax Expenses

165.000

150.000

315.000

Net Profit/ Loss from Ordinary Activities after tax

507.200

414.300

912.500

Paid- up Equity Share Capital

(Face value of the share – Rs. 5)

443.000

443.000

444.300

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

 

 

 

Earnings per share (of Rs. 5/- each) (not annualised) *

 

 

 

Basic

5.72

4.68

10.40

Diluted

5.72

4.68

10.40

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

35593812

34668737

35593812

Percentage of Shareholding

40.18

39.13

40.18

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

NIL

NIL

NIL

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

NIL

NIL

NIL

- Percentage of Shares (as a % of the Total Share Capital of the Company)

NIL

NIL

NIL

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

52997875

53922950

52997875

- Percentage of Shares

(as a % of the total shareholding of promoter

and promoter group)

100.00

100.00

100.00

- Percentage of Shares

(as a % of the total share capital of the

company)

59.82

60.87

59.82

 

 

 

PARTICULARS

Quarter 30.09.2014

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

NIL

 

Received during the quarter

13

 

Disposed of during the quarter

13

 

Remaining unresolved 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

443.000

(b) Reserves & Surplus

8024.900

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

8467.900

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

4401.900

(b) Deferred tax liabilities (Net)

929.600

(c) Other long term liabilities

7.200

(d) long-term provisions

2815.200

Total Non-current Liabilities (3)

8153.900

 

 

(4) Current Liabilities

 

(a) Short term borrowings

6361.900

(b) Trade payables

3190.300

(c) Other current liabilities

1213.200

(d) Short-term provisions

346.500

Total Current Liabilities (4)

11111.900

 

 

TOTAL

27733.700

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

 10024.700

(b) Non-current Investments

553.600

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

4088.300

(e) Other Non-current assets

0.000

Total Non-Current Assets

14666.600

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

5821.100

(c) Trade receivables

5451.400

(d) Cash and cash equivalents

219.800

(e) Short-term loans and advances

1336.400

(f) Other current assets

238.400

Total Current Assets

13067.100

 

 

TOTAL

27733.700

 

NOTE:

 

The above results for the quarter ended September 30, 2014 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on November 08, 2014.


The Board of Directors have declared Interim Dividend of Rs. 2.25 paise Equity Shares of Rs. 5/- each (45%) amounting to Rs. 19,93,31,295.75 paise and November 14, 2014 has been fixed as record date for the payment of the said Interim Dividend.


Formulae for computation of ratios are as follows:


Debt Services coverage Ratio = Earnings before Interest and Tax/(Interest Expenses + Principal Repayment for Term loans during the period)


Interest Services coverage Ratio = Earnings before Interest and Tax/Interest Expenses of the period


Figures for the previous period have been regrouped or rearranged wherever

 

FIXED ASSETS

 

v  Tangible Assets

·         Free hold Land

·         Lease Hold Land

·         Buildings

·         Plant and Equipment

·         Furniture and Fixtures

·         Vehicles

v  Intangible Assets

·         Process Development

·         Technical Knowhow

·         Goodwill

·         Computer Software

·         Copyrights and Patents

 

 

 

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.6.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

KVT

 

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

--PROFITABILIRY

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

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

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

 

--

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.