MIRA
INFORM REPORT
|
Report Date : |
29.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BODAL
CHEMICALS LIMITED |
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|
|
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Registered
Office : |
Plot
No.123 and 124, Phase-I, G.I.D.C. Estates, Vatva, Ahmedabad – 382 445, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.09.1986 |
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Com. Reg. No.: |
04-009003 |
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Capital
Investment / Paid-up Capital : |
Rs. 468.215
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1986PLC009003 |
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|
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Dyes and Dyes Intermediates. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s healthy growth in operating
income supported by substantial improvement in its profitability during
Financial Year 2014 and improved liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and condition. |
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) |
|
|
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 |
CARE |
|
Rating |
Long Term Bank facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 14. 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk |
|
Date |
August 14. 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 co-operative (91-79-25831684)
LOCATIONS
|
Registered Office : |
Plot No.123 and 124, Phase-I, G.I.D.C. Estates, Vatva, Ahmedabad
– 382 445, |
|
Tel. No.: |
91-79-25831684 / 25834223 / 25835437 / 25836051 |
|
Mobile No.: |
91-9925034567 (Mr. Ankit Patel) 91-9925215566 (Mr. Manoj Pandhya) |
|
Fax No.: |
91-79-25835245 / 25836052 |
|
E-Mail : |
Dyestuff
Division: bodal@bodal.com, bcpl@bodal.com Dye
Intermediates Division: rameshpatel@bodal.com Other
Chemicals Division: ankitpatel@bodal.com |
|
Website : |
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|
Area : |
2851 sq. ft. |
|
Location : |
Leased |
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|
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Factory 1 : |
Plot No.110, Phase-II, G.I.D.C., Vatva, Ahmedabad – 382 445, |
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Factory 2 : |
Plot No.123 and 124 and C-1-B/111-114, Phase-I, G.I.D.C. Estates,
Vatva, Ahmedabad – 382 445, |
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Factory 3 : |
Plot No.2102, Phase-III, G.I.D.C., Vatva, Ahmedabad – 382 445, |
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Factory 4: |
Plot No.252, 253 and C-1/254, Phase-II, G.I.D.C., Vatva, Ahmedabad –
382 445, |
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Factory 5 : |
Plot No.6002/2B, G.I.D.C., Ankleshwar, District Bharuch, |
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Factory 6 : |
Plot No.606-607, G.I.D.C., Panoli, Near Ankleshwar, District Bharuch, |
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Factory 7 : |
Block No.804, Village-Dudhwada, Taluka Padra, District Vadodara, |
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Factory 8 : |
Block No.106-108, |
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Branch Office : |
Godown No.2, P-21, |
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Marketing Office : |
1011, Venus Atlantis, |
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Tel. No.: |
91-79-40503456 |
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Fax No.: |
91-79-40503457 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Suresh Jayanti Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, |
|
Date of
Birth/Age : |
15.04.1956 |
|
Date of
Appointment : |
31.12.1993 |
|
Din No.: |
00007400 |
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|
|
|
Name : |
Mr. Bhavin Suresh Patel |
|
Designation : |
Executive Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, |
|
Date of
Birth/Age : |
05.01.1981 |
|
Date of
Appointment : |
12.07.2002 |
|
Din No.: |
00030464 |
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|
|
|
Name : |
Mr. Ankit S. Patel |
|
Designation : |
Executive Director |
|
Date
of Birth/ Age : |
01.11.1982 |
|
Qualification
: |
Bachelor in Economics, MBA (Finance) |
|
Other
Directorship : |
·
Bodal Agrotech Limited ·
Sun Agrigenetics Private Limited. |
|
Date
of Appointment : |
24.05.2008 |
|
Din No.: |
02173231 |
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|
|
|
Specific Functional Areas /Experience : |
He has been giving his valuable services as Executive Director of
the
company. He has contributed significantly in development of Sulphuric Acid
Plant of the dynamic Personality. |
|
|
|
|
Name : |
Mr. Surendra N. Shah |
|
Designation : |
Independent Director |
|
Date
of Birth/ Age : |
02.01.1960 |
|
Qualification
: |
B.Com, LL.B, FCA, D.I.S.A.(ICAI) |
|
Specific
Functional Areas/ Experience : |
He is Chartered Accountant. He has more than 27 years’ experience in
Chartered Accountant profession. He has sound knowledge of Accounting,
Finance and Taxation matters. |
|
Other
Directorship : |
·
Bodal Agrotech Limited ·
Miller Iron Private Limited ·
Insightrics Software Private Limited |
|
Date
of Appointment : |
02.01.2006 |
|
Din No.: |
00160401 |
|
|
|
|
Name : |
Mr. Bipin R. Patel |
|
Designation : |
Independent Director |
|
Date of Birth/
Age : |
01.03.1945 |
|
Qualification : |
B.A., LL.B. |
|
Specific
Functional Areas/ Experience : |
He is an industrialist for more than 35 years standing in chemical
industry and has held/is holding offices in several Industry Association and
such other bodies. |
|
Date of
Appointment : |
14.08.2007 |
|
Din No.: |
01186974 |
|
Other
Directorship : |
·
Jay Chemicals Industries Limited ·
Ami Pigment Private Limited ·
Confederation Indian Clubs* |
|
|
|
|
Name : |
Mr. Sunil K. Mehta |
|
Designation : |
Independent Director |
|
Date of Birth/
Age : |
23.12.1960 |
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Qualification : |
B.Com, M.Com, LL.B, FCA. |
|
Date of
Appointment : |
14.08.2007 |
|
Din No.: |
01736527 |
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Other
Directorship : |
He is Chartered Accountant. He has more than 24 years’ experience in Chartered
Accountant profession. He has sound knowledge of Accounting, Finance and
Taxation matters. |
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Audit Committee
: |
Mr. Surendra N. Shah (Chairman) Mr. Bipin R. Patel (Member) Mr. Bhavin S. Patel (Member) |
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Remuneration
Committee : |
Mr. Surendra N. Shah (Chairman Mr. Bipin R. Patel (Member Mr. Sunil K. Mehta (Member) |
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|
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Shareholder
Grievances Committee : |
Mr. Surendra N. Shah (Chairman) Mr. Bipin R. Patel (Member) Mr. Bhavin S. Patel (Member) |
KEY EXECUTIVES
|
Name : |
Mr. Ashutosh B. Bhatt |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholders |
No. of shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
77380386 |
70.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24000 |
0.02 |
|
|
11000 |
0.01 |
|
|
4000 |
0.00 |
|
|
500000 |
0.46 |
|
|
539000 |
0.49 |
|
|
|
|
|
|
9308928 |
8.53 |
|
|
|
|
|
|
19486214 |
17.86 |
|
|
0 |
0.00 |
|
Independent Director and Their Relatives |
517105 |
0.47 |
|
|
|
|
|
|
1454365 |
1.33 |
|
|
421372 |
0.39 |
|
|
31187984 |
28.58 |
|
Total Public shareholding (B) |
31726984 |
29.08 |
|
Total (A)+(B) |
109107370 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
109107370 |
0.00 |
(1) Institutions
Mutual Funds / UTI
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dyes and Dyes Intermediates. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged (Approximately) |
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Bankers : |
·
Union Bank of ·
Standard Chartered Grindlays Bank Limited ·
ICICI Bank ·
Bank of |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
Auditors : |
|
|
Name : |
Mayank
Shah and Associates Chartered
Accountants |
|
Address : |
706-708-A,
Mahakant, |
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|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
|
·
Shanti Inorgo Chem (Guj.) Private Limited ·
Siskaa Chemicals Limited |
|
|
|
|
Wholly-owned Subsidiary Company (WOS) : |
Bodal Agrotech Limited |
|
|
|
|
Fellow Subsidiary Company : |
Sun Agri Genetics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.2/- each |
Rs. 240.000 Millions |
|
25000000 |
Preferences Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 490.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109107370 |
Equity Shares |
Rs.2/- each |
Rs. 218.215
Millions |
|
25000000 |
Preferences Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 468.215
Millions |
Reconciliation of the number of Shares
|
|
As at 31.03.2014 No. of Shares |
|
Equity Shares |
|
|
Opening balance |
109107370 |
|
Issued during the Year |
Nil |
|
Closing balance |
109107370 |
|
|
|
|
Preference Shares |
|
|
Opening balance |
15500000 |
|
Issued during the Year |
9500000 |
|
Closing balance |
25000000 |
Rights, preferences and restrictions attached to shares
Equity shares
The Company has only one class of equity
shares having a par value of Rs. 2/- per share. Each shareholder is eligible
for one vote per share. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the company, after distribution
of all preferential amounts, in proportion of their shareholding.
Preference shares
The Company has only one class of
non-convertible, non-cumulative redeemable preference shares having a par value
of Rs. 10/- per share. Each shareholder shall have a right to attend general
meeting of the company and vote on resolutions directly affecting their
interest. In the event of liquidation, the preference shareholders shall be
entitled to a preferential right of return of the amount paid up on the shares,
but shall not have any further right or claim over the surplus asset of the
company. The holder of these shares shall be entitled to receive dividend at
fixed rate i.e. @ 9% on paid up value of shares subject to declaration of
dividend by the company but do not have right to participate in surplus profit.
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company
|
Name of Shareholder |
No.
of Shares |
%
held |
|
Equity Shares : |
|
|
|
Suresh J. Patel |
33345151 |
30.57 |
|
Bhavin S. Patel |
7810050 |
7.16 |
|
Ramesh P. Patel |
6635299 |
6.08 |
|
Jayanti D. Patel |
7472845 |
6.85 |
|
Ramesh P. Patel |
6635299 |
6.08 |
|
|
|
|
|
Preference
shares : |
|
|
|
Mayur Dyechem Intermediates Limited |
9500000 |
38.00 |
|
Shaunak S. Parikh |
3000000 |
12.00 |
|
H & H Exports (Guj.) Private Limited |
2000000 |
8.00 |
|
Ashok G. Bansal |
2000000 |
8.00 |
|
Karna A. Surti |
1500000 |
6.00 |
|
Suresh J. Patel |
1150000 |
4.60 |
|
Vasudev M. Shah |
1100000 |
4.40 |
|
Centenary Polytex Private Limited |
1000000 |
4.00 |
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 |
468.215 |
373.215 |
218.215 |
|
(b) Reserves & Surplus |
470.993 |
164.460 |
375.687 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
939.208 |
537.675 |
593.902 |
|
|
|
|
|
|
(3)
Deferred Grant |
0.740 |
2.237 |
2.765 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2158.488 |
2457.480 |
1333.21 |
|
(b) Deferred tax liabilities (Net) |
6.484 |
0.000 |
85.839 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (4) |
2164.972 |
2457.480 |
1419.049 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1273.708 |
901.905 |
1886.065 |
|
(b) Trade payables |
1121.610 |
681.300 |
1184.005 |
|
(c) Other current
liabilities |
470.537 |
134.400 |
598.381 |
|
(d) Short-term provisions |
2.497 |
1.770 |
9.04 |
|
Total Current Liabilities (5) |
2868.352 |
1719.375 |
3677.491 |
|
|
|
|
|
|
TOTAL |
5973.272 |
4716.767 |
5693.207 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1674.325 |
2639.968 |
2755.368 |
|
(ii) Intangible Assets |
8.436 |
8.344 |
9.869 |
|
(iii) Capital
work-in-progress |
84.494 |
1.765 |
13.395 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
18.786 |
19.095 |
19.075 |
|
(c) Deferred tax assets (net) |
0.000 |
12.116 |
0.000 |
|
(d) Long-term Loan and Advances |
210.054 |
61.837 |
67.141 |
|
(e) Other Non-current assets |
7.467 |
79.204 |
73.291 |
|
Total Non-Current Assets |
2003.562 |
2822.329 |
2938.139 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1221.293 |
616.901 |
765.509 |
|
(c) Trade receivables |
2263.063 |
883.589 |
1522.489 |
|
(d) Cash and cash
equivalents |
34.158 |
37.745 |
45.933 |
|
(e) Short-term loans and
advances |
420.738 |
354.701 |
420.098 |
|
(f) Other current assets |
30.458 |
1.502 |
1.039 |
|
Total Current Assets |
3969.710 |
1894.438 |
2755.068 |
|
|
|
|
|
|
TOTAL |
5973.272 |
4716.767 |
5693.207 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9594.970 |
5238.341 |
6033.462 |
|
|
|
Other Income |
37.071 |
38.914 |
14.814 |
|
|
|
TOTAL |
9632.041 |
5277.255 |
6048.276 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6215.746 |
3372.668 |
4009.748 |
|
|
|
Purchases of Stock-in-Trade |
237.830 |
165.021 |
461.906 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(279.369) |
159.847 |
12.509 |
|
|
|
Employees benefits expense |
380.301 |
316.958 |
319.243 |
|
|
|
Other expenses |
1150.414 |
1015.198 |
1183.853 |
|
|
|
Exceptional
Items |
737.358 |
0.000 |
(50.500) |
|
|
|
TOTAL
(B) |
8442.280 |
5029.692 |
5936.759 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1189.761 |
247.563 |
111.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
466.382 |
391.896 |
338.077 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
723.379 |
(144.333) |
(226.560) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
252.543 |
164.282 |
160.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
470.836 |
(308.615) |
(386.598) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
164.303 |
(97.388) |
(103.437) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
306.533 |
(211.227) |
(283.161) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
3265.764 |
1921.616 |
2247.104 |
|
|
TOTAL EARNINGS |
3265.764 |
1921.616 |
2247.104 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
645.454 |
181.340 |
387.838 |
|
|
TOTAL IMPORTS |
645.454 |
181.340 |
387.838 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
9.57 |
(1.94) |
(2.74) |
|
|
|
- Diluted |
2.81 |
(1.94) |
(2.74) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.19 |
(4.03) |
(4.69) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
12.40 |
4.73 |
1.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.02 |
(6.59) |
(6.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50 |
(0.57) |
(0.65) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.65 |
6.25 |
5.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.10 |
0.75 |
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 |
218.215 |
373.215 |
468.215 |
|
Reserves & Surplus |
375.687 |
164.460 |
470.993 |
|
Net
worth |
593.902 |
537.675 |
939.208 |
|
|
|
|
|
|
long-term borrowings |
1333.210 |
2457.480 |
2158.488 |
|
Short term borrowings |
1886.065 |
901.905 |
1273.708 |
|
Total
borrowings |
3219.275 |
3359.385 |
3432.196 |
|
Debt/Equity
ratio |
5.421 |
6.248 |
3.654 |
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 |
6033.462 |
5238.341 |
9594.970 |
|
|
|
(13.179) |
83.168 |
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 |
6033.462 |
5238.341 |
9594.970 |
|
Profit/ (Loss) |
(283.161) |
(211.227) |
306.533 |
|
|
(4.69)% |
(4.03)% |
3.19% |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loan From Directors |
0.050 |
0.050 |
|
Public Deposits |
2.145 |
14.498 |
|
Trade Deposits |
5.687 |
4.620 |
|
Loan From Members |
0.000 |
3.772 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans from Corporate |
0.000 |
30.000 |
|
Total |
7.882 |
52.940 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10300557 |
08/07/2011 |
400,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B18184721 |
|
2 |
10260819 |
24/12/2010 |
1,800,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B03537982 |
|
3 |
10260313 |
20/12/2010 |
431,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B03175254 |
|
4 |
10250911 |
31/10/2010 |
489,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A99329831 |
|
5 |
10248972 |
20/10/2010 |
368,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A98483993 |
|
6 |
10251810 |
18/10/2010 |
310,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A99493298 |
|
7 |
10243974 |
27/08/2010 |
460,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
A94900198 |
|
8 |
10243975 |
27/08/2010 |
460,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A94901550 |
|
9 |
10243976 |
27/08/2010 |
450,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A94901808 |
|
10 |
10020355 |
08/02/2013 * |
4,145,800,000.00 |
Union Bank of
India |
Industrial Finance
Branch, C.U.Shah Chambers, AHM |
B68842830 |
|
11 |
10011724 |
29/12/2012 * |
4,145,800,000.00 |
UNION BANK OF
INDIA |
Industrial
Finance Branch, C.U.Shah Chambers, Ahm |
B68828136 |
* Date of charge modification
PERFORMANCE OF THE COMPANY
The Year 2013-14
The financial year 2013-2014 is the marvelous
year for the company and it has posted excellent and outstanding performance has
been as compared to earlier years. The directors are proud to present the
historical performance of the company for the year. During the year, the
company has achieved another historical milestone by reaching Total Income from
the operations of Rs. 9594.900 millions. This is the highest ever Total Income
from Operations of the company for any single financial year in the history.
The achievement indicates itself that your company is committed towards the
expansion of market share in domestic market as well as in overseas market. The
major highlights of financial performance of the company for the financial year
2013-14, are as follows:
·
Total Income from
operations increased from Rs.5238.300 millions
to Rs.9594.900 millions - Increase by 83.17%.
·
Cash profit for the year
stood at Rs. 1315.000 millions and EBIDTA increased from Rs.247.500 millions to
Rs.1927.100 millions.
·
Profit before tax stood
at Rs.470.800 millions for the year.
·
Net profit stood at
Rs.306.500 millions compared to net loss of Rs.211.200 millions of previous
year.
·
The Company has recouped its entire loss of
previous year and also performed well during the current financial year. Its
Company’s ability to reduce the cost and at the same time get better margin
together with purchasing efficiencies and also improvement in manufacturing
yield and control over the expenses helped in increasing profitability of the
company.
Current Year-2014-15
During the current financial year 2014-15, the
management is aiming the total income from operations of more than Rs.12000.000
millions and at the same time management is convinced that the company will
deliver another fabulous and marvelous financial year as the year started
equally promisingly. The company has declared its result for the first quarter
of current financial year i.e. 2014-15 on 30-07-2014. The year on year growth
for June quarter of current year compared to June quarter of previous year, are
as under and it shows that the growth has continued.
·
Total Revenue from the
operations increased from Rs.1788.700 millions to Rs.3852.800 millions –
increase by 113.06%
·
EBIDTA increased from
Rs.168.900 millions to Rs. 939.100 millions – increase by 456.01%
·
Net profit increased from
Rs.18.600 millions to Rs.520.100 millions – increase by 2696.24%
·
Cash Profit increased
from Rs.68.200 millions to Rs.593.200 millions – increase by 769.79%
·
EPS for the quarter is
Rs. 4.77.
·
The Directors are confident that the company
will achieve continuous growth in the overseas market during the year by
exploring newer international markets. The market share of the Company in
domestic market has also been increased and company is also taking steps for
the further expansion in the domestic market for its products. The management
has innovative approach and focus on cost management and it has made your
company much more competitive compared to other players in the same industry.
The company is confident that profit and profit margin of the company will
increase in current financial year without compromise of quality of products
and customer services.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW-DYES AND DYE INTERMEDIATES
The Dyestuff industry in India is playing an
important role for the development of economy of the country. Today, in India a
self-sufficient dyestuff industry with a majority of its inputs manufactured
locally to outfit to the needs of domestic textile industry by providing more
than 90% requirement of the domestic textile industry for the raw materials.
The Indian Dyestuff industry based on chemical
and comprises mainly three sub divisions as key constituents, namely,
dyestuffs, pigments and intermediates along with other ranges of dyes such as
disperse, reactive, vat and leather dyes. Both dyestuffs and pigments are
critical inputs to several industries such as Textile, Paper and Packaging,
Leather, Food, Polymer, Coating, printing ink etc. Dyes are soluble and
essentially used in textile industry. Pigments, on other hand, are insoluble
and are important imputes to the products such as paints.
The Indian dyestuff industry is made up of
about 900 unites in the small scale segment and about 50 large organized units,
who produce 1,50,000 tons of dyestuff. Gujarat and Maharashtra account for 90%
dyestuff production in India due to dominance of textile industry and easy
availability of raw material in this region. The main drivers for consolidation
are the stringent environmental norms and awareness among players about
increasing the cost of operations for small-scale players.
The important Dyes are acid and direct dyes;
disperse dyes, reactive dyes, sulphur dyes, vat dyes, organic pigments,
naphthols and optical brighteners.
The main drivers for Dyes are Reactive Blacks,
Acid Blacks, Reactive Blues, Reactive yellows and Reactive reds. The main
drivers for Dye Intermediates are Vinyl Sulphone, H Acid, F C Acid, 6 Nitro,
DASA and Gamma Acid.
There is huge potential of domestic demand due
to low consumption of dyestuff, which leads to strong potential for Indian
Dyestuff industry. The Indian Dyestuff industry is a potential powerhouse
benefiting from comparative low labour cost, talented technical manpower,
capabilities for research and development etc. However, Safety, Health and
Environment protection issues have become the major issues for Indian Dyestuff
Industry. The Indian dyestuff industry has also created very good impression in
the Global Market by exporting the dyestuff products. The Indian Dyestuff
industry is showing, with time, an upward trend in the export of dyes in last
several years. India Dyestuff industry is exporting most of its production to
the developed countries.
OVERVIEW OF BODAL CHEMICAL’S BUSINESS AND BODAL’S POSITION IN DYES AND
DYE INTERMEDIATES INDUSTRY
The production of high quality dyes depends on
use of high quality of intermediates, which are the basic and essential
ingredients of our Industry. High quality of intermediates also facilitates the
research, development and quality control of dyes.
• Bodal is the only company in India having
in-house manufacturing facility starting from Basic Chemicals to Wide range of
Dye Intermediates to Dyestuffs.
• Bodal is one of the leading producers of Dye
intermediates & Dyestuff in the world.
• Export to more than 35 Countries.
• Well reputed for Consistency, Reliability,
Quality and Timely Delivery among Global Dyestuffs Market.
• Bodal has total 8 manufacturing Units at
different locations in Gujarat, India.
• Bodal has identified three Strategic
Business Units :
§
Dyes (more than 150
products)
§
Dye Intermediates (more
than 25 products)
§
Basic & Other
Chemicals (more than 10 products)
• Bodal produces more than 150 dyes suitable
for Textile, Leather & Paper industries.
• Bodal also produces Basic chemicals like
Beta Napthol, Sulphuric Acid, Padra Nitro Aniline & Acetanilide etc. for
captive consumption as well as direct sale.
Bodal enjoy an abundant supply of basic/other
chemicals for production of Dye Intermediates and Dye Intermediates for Dyes.
Bodal has build up on technical services, marketing capabilities and production
in bulk quantities to face competition from domestic as well as global. In this
way, Bodal enjoy a position of one of the leader in Dyes and Dye Intermediates
Industry.
FINANCIAL PERFORMANCE AND OUTLOOK
The Financial year 2013-2014 is remarkable
year for the Dyes and Dye Intermediates industries in the history. The Demand
in the overseas marker as well as in the domestic market is higher than the
supply of the product and due to this gap of Demand and supply, the margin of the
profit has been increased. Further, Company’s considerable area of its business
is overseas market and to control over the fluctuation of the Foreign exchange,
the company has started booking the foreign exchange immediately on booking of
order and not keeping the foreign exchange open applicable to both area i.e.
Export and Import
Bodal Chem has achieved outstanding and
fabulous Total Income from operation of Rs.9594.900 millions for the financial
year 2013- 14 compared to Rs. 5238.300 millions for the financial year 2012-13.
EBIDTA of Rs.1927.000 millions for the year 2013-14 compared to Rs.247.500 in
2012-13. Financial charges (Interest) of Rs.46.64 crore for the year 2013-14
compared to Rs.391.900 millions for the previous year. Depreciation and Amortization
Rs.252.500 millions for the 2013-14 compared to Rs.164.300 millions for the
previous year
Bodal Chem has achieved Cash profit of Rs.
1315.000 millions for the financial year 2013-14 and Net profit of Rs.306.500
millions for the year 2013-14 compared
to Net loss of Rs.211.200 millions in 2012-13.
The Cash EPS is Rs.12.05 and EPS before the
exceptional items is Rs.9.57 and after the exceptional items is Rs.2.81 for the
financial year 2013-14.
FIXED ASSETS
Tangible Assets
· Land
· Factory Building
· Office Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
· E.T.P.
· Laboratory Equipments
Intangible Assets
· Goodwill
· Computer Software
· Membership Fees
· Website
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.63.46 |
|
|
1 |
Rs.98.51 |
|
Euro |
1 |
Rs.77.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.