MIRA INFORM REPORT
|
Report Date : |
30.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIRMA LIMITED |
|
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Registered
Office : |
Nirma House, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.02.1980 |
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Com. Reg. No.: |
04-003670 |
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Capital
Investment / Paid-up Capital : |
Rs.1005.600 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24240GJ1980PLC003670 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMN00409D |
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PAN No.: [Permanent Account No.] |
AAACN5350K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of Synthetic
Detergents, Soaps, Chemicals and Allied Products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed Fast Moving Consumer Goods
(FMCG) company having excellent track record. The rating takes into consideration the company established market position
in the domestic soda ash and soaps and detergent (S&D) businesses. The rating also reflects company strong financial risk profile marked
by healthy net worth and sound profitability of the company Director are reported to be experienced and respectable businessmen. Business is active. Trade relations are reported as praiseworthy.
Payments are regular and as per commitments. The company can be considered good for 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
25.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
25.07.2014 |
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 co-operative (91-80-42902633)
LOCATIONS
|
Registered/ Corporate Office : |
Nirma House, |
|
Tel. No.: |
91-79-27546565 - 74/ 26442187 |
|
Fax No.: |
91-79-27546603/ 05/ 01 |
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E-Mail : |
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Website : |
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Factory: |
· Block No. 16/B, Ahmedabad Mehsana Highway, P.O. Mandali, District Mehsana - 382732, Gujarat, India ·
Village Moraiya, Post Chacharwadi Vasna, Near
Modern ·
Alindra Detergent Complex, P. O. Alindra,
Taluka Savli, District ·
·
Wind Farm Project at Survey No. 691, Village
Dhank, Taluka Upleta, District ·
Nirlife Pharma Complex, Survey No. 358-369,
Village Sachana, Taluka Viramgam, District Ahmedabad - 382150, |
DIRECTORS
As on 26.06.2014
|
Name : |
Mr.
Karsanbhai K. Patel |
|
Designation : |
Chairman
|
|
Address : |
Nima
Farm Opposite YMCA Club Sarkhej – |
|
Date of Birth/Age : |
07.01.1944 |
|
Date of Appointment : |
25.02.1980 |
|
DIN No.: |
00401099 |
|
Voter ID No.: |
LPZ4110078 |
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|
|
|
Name : |
Mr.
Rakesh K. Patel |
|
Designation : |
Vice
Chairman |
|
Address : |
Nima Farm
Opposite YMCA Club Sarkhej – Gandi Nagar Road, She\Medabad-380054, Gujarat,
India |
|
Date of Birth/Age : |
18.07.1972 |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
00760023 |
|
Voter ID No.: |
GJ\11\064\0603732 |
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|
|
|
Name : |
Mr. Pankaj R. Patel |
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Designation : |
Director |
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Address : |
16
Azad Society Ambawadi, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
16.03.1953 |
|
Date of Appointment : |
28.10.2006 |
|
DIN No.: |
00131852 |
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Name : |
Mr. Shailesh V. Sonara |
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Designation : |
Directors |
|
Address : |
F/1 Shivani Flats Opposite Azad society road B/H Sahjanand Road, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
18.10.1946 |
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Date of Appointment : |
10.06.2013 |
|
DIN No.: |
06592025 |
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|
|
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Name : |
Mr.
Chinubhai R. Shah |
|
Designation : |
Director |
|
Address : |
402 Heritage Cresent B/H Prahlad Nagar
Garden S G Highway Ahmedabad – 380051, Gujarat, India |
|
Date of Birth/Age : |
04.06.1937 |
|
Date of Appointment : |
06.06.2002 |
|
DIN No.: |
00558310 |
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|
|
|
Name : |
Mr.
Rajendra D. Shah |
|
Designation : |
Director |
|
Address : |
15 Nilima Park, Society Navarangpura,
Ahmedabad – 380009, Gujarat, India |
|
Date of Birth/Age : |
29.04.1934 |
|
Date of Appointment : |
22.12.1994 |
|
DIN No.: |
00386161 |
|
Voter ID No.: |
GJ\11\068\090145 |
|
|
|
|
Name : |
Mr. Hiren K. Patel |
|
Designation : |
Director |
|
Address : |
Nima
Farm Opposite YMCA Club Sarkhej – Gandi Nagar Road, She\Medabad-380054,
Gujarat, India |
|
Date of Birth/Age : |
29.07.1973 |
|
Date of Appointment : |
04.02.1997 |
|
DIN No.: |
0014519 |
|
Voter ID No.: |
LPZ4117149 |
|
|
|
|
Name : |
Mr.
Kaushikbhai N. Patel |
|
Designation : |
Director |
|
Address : |
B No.5 Tapas Bunglow Vijay Bapunagar Society
Near Setu Bunglow Opposite Tivera –II, Vejalpur, Ahmedabad -380051, Gujarat,
India |
|
Date of Birth/Age : |
02.12.1955 |
|
Date of Appointment : |
06.06.2002 |
|
DIN No.: |
00145086 |
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|
|
|
Name : |
Mr.
Kalpesh A. Patel |
|
Designation : |
Director |
|
Address : |
Radheshyam B/H Karnavati Club Gandhi Nagar
Sarkhej Highway, Ahmedabad – 380054, Gujarat, India |
|
Date of Birth/Age : |
30.08.1967 |
|
Date of Appointment : |
01.04.1994 |
|
DIN No.: |
00322811 |
KEY EXECUTIVES
|
Name : |
Mr. Paresh Sheth |
|
Designation : |
Company Secretary |
|
Address : |
48 Lad Society Vastrapur Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.10.1962 |
|
Date of Appointment : |
06.09.2006 |
|
PAN No.: |
AEAPS2375C |
|
Voter ID No.: |
GJ\11\064\0351075 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.06.2014
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
13.20 |
|
Directors or relatives of Directors |
86.80 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of
Synthetic Detergents, Soaps, Chemicals and Allied Products. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of India · HDFC Bank Limited · Credit Lyonnais · ANZ Grindlays Bank Limited · Axis Bank Limited ·
The Kalupur Commercial Cooperative Bank
Limited
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Facilities : |
Short Term
Borrowings
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Auditors : |
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|
Name : |
Hemanshu Shah and Company Chartered Accountants |
|
Address : |
A/46, 3rd Floor,
Nobles, Opposite Nehru Bridge, Ashram Road, Ahmedabad - 380009, Gujarat,
India |
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Tel No.: |
91-79-26584250 |
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Fax No.: |
91-79-26589463 |
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Email : |
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Subsidiaries of the
Company: (wholly owned) : |
Direct Holding · Karnavati Holdings Inc. USA · Nirlife Mexico, SA DE C.V · Siddhi Vinayak Cement Private Limited Indirect Holding · Searles Valley Minerals Inc. (SVM), USA (Wholly owned subsidiaries of Karnavati Holding Inc. USA). · Searles Domestic Water Company LLC · Trona Railway Company LLC · Searles Valley Minerals Europe ( Wholly owned by SVM) |
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Associates
Entities: |
· Kargil Holdings Private Limited · Uri Holdings Private Limited · Leh Holdings Private Limited · Banihal Holdings Private Limited · Kulgam Holdings Private Limited · Nirma Credit and Capital Private Limited · Nirma Industries Private Limited · Nirma Chemical Works Private Limited · Baeurer Infotech Limited · Mahuva Port and Infrastructure Private Limited · Kanak Castor Products Private Limited · Navin Detergent Private Limited · Navin Overseas FZC · Nirma Education and Research Foundation · Nirma University, Nirma Labs · Trona Export Terminals LLC, USA · FRM Trona Fuels LLC, USA. |
CAPITAL STRUCTURE
As on 26.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
231000000 |
Equity Shares |
Rs.5/- each |
Rs.1155.000 Millions |
|
1000000 |
6% Redeemable Non-Cumulative Non-Convertible Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
250000000 |
6% Redeemable non-Cumulative Non-Convertible Preference Shares |
Re.1/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1505.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151702578 |
Equity Shares |
Rs.5/- each |
Rs.758.512
millions |
|
247080232 |
6% Redeemable non-Cumulative Non-Convertible Preference Shares |
Rs.1/- each |
Rs.247.080
millions |
|
|
Total |
|
Rs.1005.600
Millions |
Notes:
I)
The
Company has reduced its Equity Share Capital held by the non promoter
shareholders after obtaining the requisite approval of the members and
subsequent confirmation and approval by the Honble High Court of Gujarat.
Accordingly, 7,472,288 issued and subscribed equity shares and 7,439,704
paid-up equity shares of the Company, held by Non Promoter Shareholders, have
been cancelled and extinguished.
Pursuant to the order passed by the Hon?ble High Court of Gujarat, a sum
of ` 225/- (Rupees Two Hundred Twenty Five) per share was paid to the Non
promoter shareholders, which includes a premium of ` 220/- over the face value
per equity share of ` 5/-, in lieu of and on cancellation and extinguishment of
their equity shares. In relation to payment for extinguishment and cancellation
of 32,584 equity shares kept in abeyance, due to court order, the company would
abide by the decision of court on attainment of its finality.
II) The Company had issued 247,080,232 6% Redeemable non cumulative non
convertible preference shares of ` 1 each fully paid up against 1 equity share
of ` 1 each fully paid up held by the shareholders of erstwhile Saurashtra
Chemicals Limited on 31.03.2013 consequent upon the amalgamation. Pursuant to
the scheme and the terms of issue, "the preference shares shall be
redeemed at par at the end of 5th year from the date of allotment.
Preference Shares
The preference shares carry dividend @ 6 % p.a. The holders of
preference shares shall in respect of such capital have rights to vote only on
the resolution placed before the Company which directly affects the rights
attached to the preference shares. The preference shares carry preferential
rights in case of dividend. In the event of liquidation, preference
shareholders have a preferential right over equity shareholders to be repaid to
the extent of capital of paid up and dividend on such shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1005.600 |
1042.800 |
1042.800 |
|
(b) Reserves & Surplus |
30705.900 |
28488.100 |
26666.300 |
|
(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) |
31711.500 |
29530.900 |
27709.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7607.000 |
8605.200 |
9091.300 |
|
(b) Deferred tax liabilities (Net) |
3265.400 |
3685.200 |
3458.600 |
|
(c) Other long term liabilities |
1206.900 |
1316.300 |
1159.500 |
|
(d) long-term provisions |
312.800 |
288.900 |
276.900 |
|
Total Non-current
Liabilities (3) |
12392.100 |
13895.600 |
13986.300 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
10304.000 |
6783.100 |
4278.200 |
|
(b) Trade payables |
2191.500 |
2470.300 |
2909.500 |
|
(c) Other current liabilities |
5538.100 |
4579.700 |
4770.200 |
|
(d) Short-term provisions |
84.400 |
73.200 |
68.600 |
|
Total Current
Liabilities (4) |
18118.000 |
13906.300 |
12026.500 |
|
|
|
|
|
|
TOTAL |
62221.600 |
57332.800 |
53721.900 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20020.400 |
20274.500 |
21134.600 |
|
(ii) Intangible Assets |
40.900 |
356.900 |
503.300 |
|
(iii) Capital work-in-progress |
1717.300 |
2723.600 |
2051.100 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
55.800 |
|
(b) Non-current Investments |
9552.100 |
9537.300 |
9537.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9526.600 |
4291.300 |
453.300 |
|
(e) Other Non-current assets |
44.500 |
69.600 |
28.200 |
|
Total Non-Current
Assets |
40901.800 |
37253.200 |
33763.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
220.000 |
|
(b) Inventories |
10506.800 |
10452.300 |
10191.100 |
|
(c) Trade receivables |
4876.200 |
5611.300 |
4881.100 |
|
(d) Cash and cash equivalents |
406.800 |
219.500 |
327.800 |
|
(e) Short-term loans and advances |
5424.200 |
3697.300 |
4179.500 |
|
(f) Other current assets |
105.800 |
99.200 |
158.800 |
|
Total Current
Assets |
21319.800 |
20079.600 |
19958.300 |
|
|
|
|
|
|
TOTAL |
62221.600 |
57332.800 |
53721.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42831.300 |
22234.300 |
62315.800 |
|
|
|
Other Income |
1588.000 |
708.600 |
584.900 |
|
|
|
TOTAL (A) |
44419.300 |
22942.900 |
62900.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
16847.000 |
8629.000 |
26826.600 |
|
|
|
Purchases of stock-in-trade |
279.000 |
230.700 |
1039.500 |
|
|
|
Employee benefits expense |
2465.400 |
1214.200 |
3215.100 |
|
|
|
Other expenses |
17186.100 |
8659.500 |
23057.400 |
|
|
|
Exceptional items |
0.000 |
0.000 |
(20.300) |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(684.100) |
(386.800) |
(883.200) |
|
|
|
TOTAL (B) |
36093.400 |
18346.600 |
53235.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8325.900 |
4596.300 |
9665.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1717.700 |
737.100 |
1902.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6608.200 |
3859.200 |
7763.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2752.600 |
1396.300 |
4258.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
3855.600 |
2462.900 |
3504.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(156.400) |
724.200 |
4115.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
4012.000 |
1738.700 |
(611.200) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2015.200 |
692.100 |
1585.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
945.500 |
385.600 |
281.900 |
|
|
BALANCE CARRIED
TO THE B/S |
5081.700 |
2045.200 |
692.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2062.800 |
1307.100 |
5330.100 |
|
|
|
Interest |
0.300 |
0.100 |
4.300 |
|
|
|
Commission |
0.900 |
5.100 |
37.800 |
|
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2064.000 |
1312.300 |
5372.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2532.500 |
998.800 |
3768.800 |
|
|
|
Stores & Spares |
0.000 |
273.100 |
203.200 |
|
|
|
Capital Goods |
588.400 |
66.000 |
638.600 |
|
|
TOTAL IMPORTS |
3120.900 |
1337.900 |
4610.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
25.27 |
10.93 |
(3.84) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
30.09.2012 (18 Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.37 |
7.82 |
(0.98) |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
19.44 |
20.67 |
15.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.57 |
5.46 |
8.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.08 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56 |
0.52 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.44 |
1.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 (18 Months) |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1042.800 |
1042.800 |
1005.600 |
|
Reserves & Surplus |
26666.300 |
28488.100 |
30705.900 |
|
Net
worth |
27709.100 |
29530.900 |
31711.500 |
|
|
|
|
|
|
long-term borrowings |
9091.300 |
8605.200 |
7607.000 |
|
Short term borrowings |
4278.200 |
6783.100 |
10304.000 |
|
Total
borrowings |
13369.500 |
15388.300 |
17911.000 |
|
Debt/Equity
ratio |
0.482 |
0.521 |
0.565 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2012 (18 Months) |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
62315.800 |
22234.300 |
42831.300 |
|
|
|
(64.320) |
92.636 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2012 (18 Months) |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
62315.800 |
22234.300 |
42831.300 |
|
Profit |
(611.200) |
1738.700 |
4012.000 |
|
|
(0.98%) |
7.82% |
9.37% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
No |
|
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 LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Debentures |
0.000 |
1528.900 |
|
Deferred sales tax liability |
0.400 |
0.400 |
|
Inter Corporate Deposit from Related Parties |
4606.000 |
5538.000 |
|
Short Term Borrowings |
0 |
|
|
Loan from Directors |
2713.300 |
543.500 |
|
Commercial Paper |
0.000 |
383.200 |
|
Inter corporate deposits from related parties |
938.100 |
479.200 |
|
Total |
8257.800 |
8473.200 |
FINANCE
The business environment
continued to remain challenging during the year. Despite this, the Company has
comfortably placed itself to capitalize on the growth which was funded through
accruals as well as short term and long term borrowings. The Company continues
to focus in maintaining adequate liquid position to meet its strategic
objectives. The Company has successfully reached the stage for completion of
the Cement project through its subsidiary. Further, the entire External
Commercial Borrowings and Unsecured Debentures have been fully repaid post
completion of FY. As on March 31, 2014, Company’s total debt was at Rs.
21730.000 millions
BUSINESS OVERVIEW
The financial year
was for the period of 12 months commencing from April 1, 2013 to March 31, 2014
as against 6 months of the previous year. Consequently the figures for current
financial period are not comparable with those of the previous period.
OVERVIEW
In the financial
year 2013-14, the Company continued its strong growth momentum on all key
parameters.
On consolidated
basis, the Company achieved Gross Revenue from Operations of Rs. 69700.000
Millions for the financial year ended March 31, 2014.
The consolidated
revenue mainly derives from Soaps & Surfactants, Process Minerals and
Pharma. The earning before finance cost, taxes, depreciation and amortization
(EBITDA) for the year stood at Rs. 10380.000 Millions. The Company registered a
net profit after tax of Rs. 5140.000 Millions registering an impressive growth
over the previous period despite the major cost elements of the Company
continued their upward movement in the line with relatively stagnant economy
and volatile foreign exchange rates.
On standalone
basis, the Company recorded Gross Revenue from Operations of Rs. 47470.000
Millions for the financial year ended on March 31, 2014 registering a moderate
increase over the previous period on annualized basis. The earning before
finance cost, depreciation and amortization expense (EBITDA) was at Rs.
8330.000 Millions. The total operating expenses including finance cost was at
Rs.37810.000 Millions as a percentage of gross sale, it was 80%.
The Company
registered net profit of Rs. 4010.000 Millions for the financial year. The
networth of the Company stood at Rs. 27830.000 Millions as of March 31, 2014.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10451080 |
23/08/2013 |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate,,
MUMBAI, Maharashtra - 400001, INDIA |
B84188416 |
|
2 |
90103337 |
30/01/2004 |
60,000,000.00 |
UCO BANK |
MG ROAD, PORBANDAR, Gujarat - 360575, INDIA |
- |
|
3 |
80018848 |
14/05/2013 * |
14,000,000,000.00 |
BANK OF BARODA |
Corporate Financial Services Branch, First Floor, BOB Towers, Near Law
Garden, Ellisbridge,, AHMED |
B76230440 |
*Date of modification Charges
FIXED ASSETS:
· Freehold Land
· Leasehold Land (Permanent)
· Building
· Plant and Equipment’s
· Furniture and fittings
· Office Equipment’s
· Vehicles
· Goodwill
· Goodwill on Amalgamation
· Trademarks
· Licence Fees
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
74 |
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.