MIRA
INFORM REPORT
|
Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
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Registered
Office : |
Regent Chambers, 7th Floor, 208, Nariman Point Mumbai –
400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.07.1969 |
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Com. Reg. No.: |
11-014336 |
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Capital
Investment / Paid-up Capital : |
Rs. 512.640 Millions |
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CIN No.: [Company Identification
No.] |
L24100MH1969PLC014336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06924B MUMP12411A |
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Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange. |
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Line of Business
: |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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No. of Employees
: |
4223 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 |
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Maximum Credit Limit : |
USD 69200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a
well-established and a reputed company having good track record. Financial
position of the company appears to be sound. Directors are reported to be
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Cash Credit) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
01 February 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
AI+ (Short term loans) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
01 February 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
Regent Chambers,
7th Floor, 208, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22822708 /
28367085 / 7089 |
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Fax No.: |
91-22-22043969 |
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E-Mail : |
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Website : |
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Administrative
Office: |
6th Floor, Vikas Deep, Laxmi Nagar, District Centre, Vikas
Marg, |
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Corporate /
Head office: |
Ramkrishna Mandir
Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059,
Maharashtra, India |
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Tel. No.: |
91-22-28357000 / 3083
1000, 91-22-67697000/7949 |
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Fax No.: |
91-22-28357008 / 2835
7700, 91-22-28216007 |
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E-Mail : |
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Factory : |
·
Plot No.
A-22, M. I. D. C. Mahad - 402309, District Raigad, Maharashtra, India Tel. No. 91-2145-232043/44/45/46 Fax. No. 91-2145-232054/232048 ·
Plot
No. 78-79, G. I. D. C. Industrial Estate, Vapi - 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230215/230521 Fax. No. 91-2638-230199 ·
Plot
No. 23, G. I. D. C. Industrial Estate, Vapi 396 195, District Valsad,
Gujarat, India Tel. No. 91-2638-230520/231517 Fax. No. 91-2638-231085 ·
Plot
No. 25,26,39,40 Jawahar Co-operative Industrial Estate, Kamothe, Panvel -
410206, District Raigad, Maharashtra, India Tel. No. 91-22-27421021/27421856 Fax. No. 91-22-2742332 ·
Plot
No. 19, Taloja Industrial Estate, Taloja, District Raigad, Maharashtra, India Tel. No. 91-22-27410376/77 Fax. No. 91-22-27410376 ·
Daman,
Union Territory |
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Branch Office
: |
Located
At: ·
Ahmedabad ·
Bangalore ·
Chandigarh ·
Chennai ·
New Delhi ·
Kanpur ·
Kolkata ·
Nagpur ·
Kochi ·
Hyderabad |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. K. Parekh |
|
Designation : |
Chairman |
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Name : |
Mr. S. K. Parekh |
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Designation : |
Vice Chairman |
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Name : |
Mr. M. B. Parekh |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. N. K. Parekh |
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Designation : |
Joint Managing Director |
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Name : |
Mr. R. M. Gandhi |
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Designation : |
Director |
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Name : |
Mr. N. J. Jhaveri |
|
Designation : |
Director |
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Name : |
Mr. Bansi S.
Mehta |
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Designation : |
Director |
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Name : |
Mr. Ranjan Kapur |
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Designation : |
Director |
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Name : |
Mr. Yash Mahajan |
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Designation : |
Director |
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Name : |
Mr. A. B. Parekh |
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Designation : |
Whole Time Director |
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Name : |
Mr. A N Parekh |
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Designation : |
Whole Time Director |
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Name : |
Mr. Bharat puri |
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Designation : |
Director |
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Date of Appointment : |
28.05.2008 |
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Name : |
Mr. D. Bhattacharya |
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Designation : |
Director |
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Name : |
J.L. Shah |
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Designation : |
Whole Time Director [up to 08.11.2011] |
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Name : |
Mr. Sanjeev Aga |
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Designation : |
Director [w.e.f.29.07.2011] |
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Name : |
Mr. R Sreeram |
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Designation : |
Whole Time Director [up to 08.11.2011] |
KEY EXECUTIVES
|
Name : |
Ms. Savithri Parekh |
|
Designation : |
Company Secretary |
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|
Name : |
Ms. Rashmi |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
270364008 |
52.74 |
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|
85907932 |
16.76 |
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|
356271940 |
69.50 |
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|
|
|
|
|
2901606 |
0.57 |
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|
2901606 |
0.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
359173546 |
70.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13375869 |
2.61 |
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|
75133 |
0.01 |
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|
6010892 |
1.17 |
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|
78054575 |
15.23 |
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|
97516469 |
19.02 |
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|
|
|
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|
8066701 |
1.57 |
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|
|
|
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|
38839733 |
7.58 |
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|
9045881 |
1.76 |
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|
55952315 |
10.91 |
|
Total Public shareholding (B) |
153468784 |
29.94 |
|
Total (A)+(B) |
512642330 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
512642330 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Adhesives, Sealants, Art Material and Construction Paint and Chemical
Products. |
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Products : |
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PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Dyestuffs |
M.T. |
3900 |
3144 |
20577C |
|
|
K.L. |
-- |
-- |
6380D |
|
Chemicals |
M.T. |
372109 |
260449 |
164138E |
|
|
K.L. |
37780 |
32260 |
42695F |
|
Others Nos. Lac |
-- |
-- |
-- |
1176G |
NOTES:
* This being technical
matter, is as certified by the Management and relied upon by Auditors.
A Class of Goods
is based on main classification given in the Industries (Development and
Regulation) Act, 1951.
B Excluding Resale
of Raw Materials / Packing Materials Rs. 95.53 million (Rs.210.41 million)
C Includes 17228
Tones (17721 Tones) produced in the factory of third party.
D Includes 5165 KL
(5315 KL) produced in the factory of third party.
E Includes 51755
Tones (38423 Tones) produced in the factory of third party.
F Includes 6970 KL
(5380 KL) produced in the factory of the third party. .
G Includes 1175 Nos. Lac (2332 Nos. Lac) produced in the factory of the
third party.
GENERAL INFORMATION
|
No. of Employees : |
4223 [Approximately] |
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Bankers : |
·
Indian Overseas Bank ·
Corporation Bank ·
ICICI Bank ·
The Royal Bank of Scotland N.V. ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
·
Haribhakti
and Company Chartered Accountants ·
Wadia
Ghandy and Company Solicitors and Advocates |
|
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Internal
Auditors : |
|
|
Name: |
Mahajan and
Aibara Chartered
Accountants |
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|
Significant
Influence: |
·
Parekh Marketing Limited ·
Kalva Marketing and Services Limited |
|
|
|
|
Substantial
Interest in Voting Power (Associate): |
Vinyl Chemicals (India) Limited |
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|
Partnership firm of which 100% holding by wholly
owned Subsidiaries: |
Nitin Enterprises |
|
|
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|
100% Subsidiary: |
·
Fevicol Company Limited ·
Bhimad Commercial Co Private Limited ·
Madhumala Traders Private Limited ·
Pidilite International Pte Limited ·
Pidilite Middle East Limited ·
Pulvitec do Brasil Industria e Comercio de Colas
e Adesivos Ltda ·
Pidilite USA Inc ·
Building Envelope Systems India Limited |
|
|
|
|
100% Subsidiary of wholly owned Subsidiary: |
·
Jupiter Chemicals (LLC) ·
P.T. Pidilite Indonesia ·
Pidilite Speciality Chemicals Bangladesh Private
Limited ·
Pidilite Innovation Centre Pte Limited ·
Pidilite Industries Egypt – SAE ·
Pidilite Bamco Limited ·
Pidilite South East Asia Limited ·
PIL Trading Egypt (LLC) ·
Pidilite Industries Trading (Shanghai) Company
Limited |
|
|
|
|
49% Subsidiary of wholly owned Subsidiary and having significant influence: |
Bamco Supply Services Limited |
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|
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|
60% Subsidiary: |
Building Envelope Systems India Limited |
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|
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|
75% Subsidiary: |
Pagel Concrete Technologies Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000000 |
Equity Shares |
Re.1/- each |
Rs.700.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
512642330 |
Equity Shares |
Re.1/- each |
Rs.512.640 Millions
|
NOTES:
RECONCILIATION OF
THE SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
507648626 |
507.650 |
|
Shares issued
during the year upon conversion of Foreign Currency Convertible Bonds |
4993704 |
4.990 |
|
Shares
outstanding at the end of the year |
512642330 |
512.640 |
TERMS /RIGHTS
ATTACHED TO EQUITY SHARES
The Company has
only one class of equity shares having a par value of 1 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividend in Indian rupees. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting. 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 the proportion of their shareholding. During the year
ended 31st March 2013, the amount of per share dividend recognized as
distributions to equity shareholders is 2.60
(1.90).
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Madhukar Balvantray Parekh |
56958614 |
11.11 |
|
Narendrakumar
Kalyanji Parekh |
54332178 |
10.59 |
|
Ajay Balvantray
Parekh |
49134386 |
9.58 |
|
Sushilkumar
Kalyanji Parekh |
45969560 |
8.97 |
|
Devkalyan Sales
Private Limited |
26074280 |
5.09 |
|
Genesis Indian
Investment Company Limited - General Sub fund |
40675686 |
7.93 |
AGGREGATE NUMBER OF BONUS SHARES ISSUED, SHARE ISSUED
FOR CONSIDERATION OTHER THAN CASH AND SHARES BOUGHT BACK DURING THE PERIOD OF
FIVE YEARS, IMMEDIATELY PRECEDING THE REPORTING DATE:
|
PARTICULAR |
AS ON 31.03.2013 |
|
Equity Shares |
|
|
Fully paid up
pursuant to contract(s) without payment being received
in cash |
-- |
|
Allotted as
fully paid bonus shares |
-- |
|
Allotted on
Conversion of FCCB |
4993704 |
The Company had
issued on 6th December 2007, 400 Foreign Currency Convertible Bonds (FCCB) of US$100,000
each, which were convertible into Equity shares at any time upto 1st December
2012. The due date for redemption of FCCBs was 7th December 2012. As on 7th
December 2012, the balance outstanding FCCBs aggregating 205 Bonds were
redeemed by the Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
512.640 |
507.650 |
506.130 |
|
(b) Reserves & Surplus |
16811.730 |
13208.990 |
10889.130 |
|
(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) |
17324.370 |
13716.640 |
11395.260 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
922.970 |
2598.910 |
|
(b) Deferred tax liabilities (Net) |
483.620 |
454.270 |
409.660 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
142.870 |
101.380 |
86.720 |
|
Total Non-current Liabilities (3) |
626.490 |
1478.620 |
3095.290 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
27.700 |
|
(b) Trade payables |
2071.370 |
1702.280 |
1428.900 |
|
(c) Other current
liabilities |
3727.730 |
4928.640 |
2853.6200 |
|
(d) Short-term provisions |
1634.300 |
1179.460 |
1193.490 |
|
Total Current Liabilities (4) |
7433.400 |
7810.380 |
5503.710 |
|
|
|
|
|
|
TOTAL |
25384.260 |
23005.640 |
19994.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5119.940 |
4717.130 |
4127.970 |
|
(ii) Intangible Assets |
217.130 |
242.090 |
281.740 |
|
(iii) Capital
work-in-progress |
4087.090 |
3713.350 |
3267.720 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2623.170 |
2418.830 |
2355.910 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
242.280 |
249.510 |
179.400 |
|
(e) Other Non-current assets |
0.000 |
1.370 |
8.840 |
|
Total Non-Current Assets |
12289.610 |
11342.280 |
10221.580 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2846.290 |
909.160 |
1641.4900 |
|
(b) Inventories |
4511.640 |
3963.040 |
3544.400 |
|
(c) Trade receivables |
3667.630 |
3261.180 |
2865.910 |
|
(d) Cash and cash
equivalents |
1368.240 |
2577.190 |
923.240 |
|
(e) Short-term loans and
advances |
594.080 |
859.870 |
756.840 |
|
(f) Other current assets |
106.770 |
92.920 |
40.800 |
|
Total Current Assets |
13094.650 |
11663.360 |
9772.680 |
|
|
|
|
|
|
TOTAL |
25384.260 |
23005.640 |
19994.260 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33316.910 |
28163.200 |
23537.510 |
|
|
|
Other Income |
658.970 |
427.670 |
418.470 |
|
|
|
TOTAL (A) |
33975.880 |
28590.870 |
23955.980 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
16966.670 |
|
|
|
|
|
Purchase of Stock in Trade |
1561.210 |
1316.060 |
|
|
|
|
Employee Benefits Expense |
3010.290 |
2611.560 |
|
|
|
|
Other Expenses |
6039.760 |
5013.240 |
19536.960 |
|
|
|
Exceptional Items (net) |
(59.440) |
126.290 |
|
|
|
|
Change in inventories
of Finished Goods, Work-in-Progress and Stock in Trade |
(392.450) |
(279.160) |
|
|
|
|
TOTAL (B) |
27126.040 |
23425.400 |
19536.960 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6849.840 |
5165.470 |
4419.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.740 |
245.040 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6728.100 |
4920.430 |
4419.020 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
532.410 |
479.260 |
443.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6195.690 |
4441.170 |
3975.150 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1588.090 |
1096.110 |
936.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4607.600 |
3345.060 |
3038.910 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1303.000 |
1073.490 |
1006.320 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Equity Dividend |
1333.000 |
965.140 |
885.740 |
|
|
|
Tax on Proposed Equity Dividend |
226.000 |
156.570 |
143.690 |
|
|
|
Transfer to Debenture Redemption Reserve |
60.000 |
243.400 |
42.310 |
|
|
|
Transfer to General Reserve |
2500.000 |
1750.000 |
1900.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1791.600 |
1303.440 |
1073.490 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3201.730 |
2643.160 |
2392.920 |
|
|
|
Other Earnings |
5.480 |
18.610 |
5.440 |
|
|
TOTAL EARNINGS |
3207.210 |
2661.770 |
2398.360 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3999.210 |
3519.650 |
2912.450 |
|
|
|
Capital Goods |
103.710 |
119.340 |
105.200 |
|
|
|
Others |
665.740 |
639.570 |
582.200 |
|
|
TOTAL IMPORTS |
4768.660 |
4278.560 |
3599.850 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
9.04 |
6.59 |
6.00 |
|
|
|
- Diluted |
9.04 |
6.43 |
5.84 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
|
Type |
1st
Quarter |
|
Net Sales |
10148.400 |
|
Total Expenditure |
7908.700 |
|
PBIDT (Excl OI) |
2239.700 |
|
Other Income |
166.500 |
|
Operating Profit |
2406.200 |
|
Interest |
35.900 |
|
Exceptional Items |
0.000 |
|
PBDT |
2370.300 |
|
Depreciation |
153.100 |
|
Profit Before Tax |
2217.200 |
|
Tax |
594.500 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
1622.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1622.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.56
|
11.70 |
12.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.60
|
15.77 |
16.89
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
33.17
|
26.32 |
27.66
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.32 |
0.41
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.07 |
0.23
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.49 |
1.78
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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
CASE DETAILS
|
|
BENCH:-BOMBAY |
|
|
|
Lodging No.:- |
ITXAL/2099/2012 |
Filing Date:- |
28/12/2012 |
Reg. No.:- |
ITXA/623/2013 |
Reg. Date:- |
22/03/2013 |
|
|
|
Petitioner:- |
COMMISSIONER OF
INCOME TAX - 3 |
Respondent:- |
M/S. PIDILITE
INDUSTRIES LIMITED |
|
||||
|
|
Petn.Adv.:- |
Padma Divakar |
Resp.Adv.:- |
PDS Legal (826) |
|
||||
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
|
|
Status:- |
Admitted(Unready) |
Category:- |
TAX APPEALS |
|
|
|
Last Date:- |
06/03/2013 |
Stage:- |
FOR DIRECTION |
|
|
|
Last Coram:- |
HON'BLE SHRI
JUSTICE J.P. DEVADHAR |
|
|
|
|
HON'BLE SHRI
JUSTICE M.S. SANKLECHA |
|
|
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260 A |
|
|
|
B.T. & A.L.
Act |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Other loans and
advances |
|
|
|
Interest free Sales Tax loan from Government of Maharashtra Sales Tax loan
was interest free and payable in 16 yearly installments, starting from 30th
April 2007. The same has been prepaid during the year except 2.43 million |
0.000 |
322.970 |
|
TOTAL
|
0.000 |
322.970 |
FINANCIAL PERFORMANCE:
The Operating
Profit and Net Profit for the year at Rs. 6752.000 millions and Rs. 4608.000
millions increased by 26% and 38% respectively. Income Tax for the current year
at Rs. 1559.000 millions is higher by 48%, due to completion of the first five
year tax holiday period for one manufacturing unit located in Himachal Pradesh.
With this all units have completed their first five year tax holiday period.
Slow down in industrial
growth in India combined with a weak global economy, impacted sales of
industrial products. As a result, sales of industrial products grew by 10.6%,
below the historical trends.
Sales of Consumer
and Bazaar products grew by 20.7%. Volume growth, however, was lower than past
trends. The Indian Rupee was at Rs. 54.28 to a US $ as on 31st March 2013 as
compared to Rs. 50.87 to a US $ as on 31st March 2012. Moreover the Rupee saw
high volatility during the year and at times quoted above Rs. 57 to a US $.
This made imports costlier and impacted margins. This movement adversely
impacted the liability on account of outstanding Foreign Currency Convertible
Bonds (FCCBs). However, this impact was partly offset by conversion of 128
FCCBs which resulted in write back of the earlier exchange fluctuations.
Consequently, exchange loss for the year was only Rs. 5 million as compared to
Rs. 85 million in the previous year.
SUBSIDIARIES:
DOMESTIC:
During the year, a
Joint Venture Company, Building Envelope Systems India Limited was incorporated
for manufacture of a select range of construction chemicals for application in
waterproofing and thermal insulation. All these products will be sold through
the Company. These products will address demand for high end waterproofing
solutions. The Company holds 60% of the capital in the Joint Venture Company.
OVERSEAS SUBSIDIARIES:
Total revenue grew
by 6.6% in constant currency terms. The business in US reported sales growth of
10.2%. EBIDTA for the year declined by 21.6% due to higher material costs and
item as detailed later.
The subsidiary in
Brazil continued to perform below expectations. Sales declined by 0.9%. However
due to actions taken to improve performance, sales growth in the second half
was 6.7% as compared to a decline of 7.9% in the first half. Actions taken to
improve performance include strengthening the management as well as to reduce
cost and improve margin. The subsidiary in Bangladesh reported sales growth of
34%. The business scope was extended to include trading operations which
started in December 2012. Sales growth after including the revenue from trading
operations was 42%. The manufacturing facility was expanded to produce a wider
range of adhesives. Full benefit of these initiatives will be reflected in the
current year.
The subsidiaries
in Thailand reported sales growth of 22%. The manufacturing operations in
Thailand were rationalized by shutting down one manufacturing facility to
reduce operating costs. The subsidiary in Egypt had a sales growth of 25%.
Losses were significantly reduced. The subsidiary in Dubai reported sales
decline of 42%. With measures taken to reduce costs, losses were lower than
last year. Due to the reasons mentioned above, the overseas operations continue
to report losses.
Full year losses
incurred by overseas subsidiaries were Rs. 440 million as compared to a loss of
Rs. 254.000 millions last year. This was mainly due to the following items:
|
Provision for receivables due from a customer who has filed for bankruptcy in US |
Rs. 25.000
millions |
|
Provision for goodwill impairment in Brazil |
Rs. 94.000
millions |
|
Provision for disputed tax liabilities of previous years and other disputed items in Brazil |
Rs. 46.000
millions |
|
One off expenses for closure of factory in Thailand |
Rs. 12.000
millions |
|
Total |
Rs. 177.000 millions |
CURRENT YEAR OUTLOOK:
The demand for the
Company’s products is linked to the market demand both in India and globally. The
current year’s outlook is uncertain due to the present weakness in the
underlying economic scenario. With the Indian Rupee likely to remain weak
versus the US $ due to the high fiscal deficit, margins are not likely to
improve as higher cost of imports could offset gains from lower commodity
prices. The Company’s major subsidiaries are in USA, Brazil, Thailand, Egypt
and Bangladesh. All these units are making efforts to improve performance
through demand generation and cost reduction initiatives.
MANAGEMENT DISCUSSION AND ANALYSIS:
Net sales of the
Company grew by 18.3%, marginally lower than that recorded in the previous
year. Sales of Consumer and Bazaar products grew by 20.7% while growth in
Industrial Products was slower at 10.6%. Increase in commodity costs led by
crude oil prices and a depreciating currency impacted margins in the first half
of the year and price increases were implemented. With cost inflation easing in
the second half, margins were better than the corresponding period of the previous
year. The subsidiary in Brazil continued to incur losses. While the subsidiary
has taken a series of measures to improve performance, the continued losses
require the Company to review the value of its investments in that subsidiary.
Accordingly, a provision for diminution in value of Rs. 53.100 millions has
been made, which is in addition to Rs. 96.900 millions provided last year. This
provision has no impact on the consolidated results of the Company. Earnings
before interest, taxes, exceptional items and foreign exchange differences,
increased by 28%, profit before tax (PBT) increased by 40% and profit after tax
(PAT) increased by 38%. The Company’s sales have grown at a CAGR of 17.1% over
the last 5 years.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
Guarantees given by Banks in favour of Government and others |
278.520 |
75.790 |
|
Guarantees given by Company |
1004.210 |
899.200 |
|
Unexpired Letter of Credit |
212.960 |
0.000 |
|
Disputed
liabilities in respect of Income Tax, Sales Tax, Central Excise and Customs
(under appeal) |
399.530 |
363.530 |
|
Claims against the Company not acknowledged as debts |
5.260 |
62.680 |
|
TOTAL
|
1900.480 |
1401.200 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90218500 |
06/08/2008 * |
1,519,900,000.00 |
INDIAN OVERSEAS BANK |
BAKHTAWAR,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A44106425 |
|
2 |
90242415 |
09/03/2005 * |
954,900,000.00 |
INDIAN OVERSAES BANK |
BHAKTAWAR,
GROUND FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
3 |
90216221 |
05/12/1995 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWERS,
CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
4 |
90362717 |
05/09/1984 |
150,000.00 |
THE MAHARASHTRA STATE FINANCIAL
CORPORATION |
A.K. NAYAK MARG,
FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER
ENDED 30.06.2013
(Rs. In Millions)
|
Particulars |
For the Quarter ended 30.06.2013 Unaudited |
|
Income from Operations |
|
|
a)Net sales / Income from Operations (Net of excise duty) |
10099.300 |
|
b)Other Operating Income |
49.100 |
|
Total Income from Operations (net) |
10148.400 |
|
Expenses |
|
|
a)Cost of materials consumed |
4522.400 |
|
b)Purchases of stock-in-trade |
549.300 |
|
c)Changes in inventories of finished goods, work-in-progress and stock-in-trade |
395.800 |
|
d)Employee benefits expense |
909.400 |
|
e)Depreciation and amortisation expense |
153.100 |
|
f)Other expenses |
1531.800 |
|
Total Expenses |
8061.800 |
|
Profit from operations before other Income, finance costs & exceptional items |
2086.600 |
|
Other Income |
89.700 |
|
Profit from ordinary activities before finance costs and exceptional Items |
2176.300 |
|
Finance Costs |
35.900 |
|
Profit from ordinary activities after finance costs but before exceptional items |
2140.400 |
|
Exceptional items |
-- |
|
Profit from ordinary activities before Foreign Exchange Difference Expense/ (Income) |
2140.400 |
|
Foreign Exchange Difference Expense/ (Income) |
(76.800) |
|
Profit from ordinary activities before tax |
2217.200 |
|
Tax Expense |
594.500 |
|
Net Profit from ordinary activities after tax |
1622.700 |
|
Extraordinary Items |
-- |
|
Net Profit for the period |
1622.700 |
|
Share of Profit/(Loss) of associates |
-- |
|
Minority Interest |
-- |
|
Net Profit after taxes, minority interest and share of profit in associates |
1622.700 |
|
Paid-up Equity Share Capital (Face value of share : Re. 1/-) |
512.600 |
|
Reserves excluding Revaluation Reserves as at balance sheet date |
|
|
Earnings per share (before extraordinary item)(of Re.1/- each) : |
|
|
a)Basic |
3.17 |
|
b)Diluted |
3.17 |
|
Earnings Per Share (after extraordinary items) (of Re.1/- each) : |
|
|
a)Basic |
3.17 |
|
b)Diluted |
3.17 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
Public Shareholding |
|
|
|
Number of Shares |
153468784 |
|
|
Percentage of Shareholding |
29.94 |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
Pledged / Encumbered |
|
|
|
Number of Shares |
-- |
|
|
Percentage of shares (as a % of the total shareholding of promoter and of promoter group) |
-- |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
b. Non-encumbered |
|
|
|
Number of Shares |
359173546 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter and of promoter group) |
100 |
|
|
-Percentage of Shares (as a % of the total share capital of the Company) |
70.06 |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 30.06.2013 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
5 |
|
|
Disposed of during the quarter |
5 |
|
|
Remaining unresolved at the end of the quarter |
0 |
REPORTING OF SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
For the Quarter ended 30.06.2013 |
|
|
Unaudited |
|
Segment Revenue |
|
|
a)Consumer & Bazaar Products |
8416.500 |
|
b)Industrial Products |
1863.200 |
|
c)Others |
67.700 |
|
Total |
10347.400 |
|
Less : Inter Segment Revenue |
248.100 |
|
Sales/ Income from Operations |
10099.300 |
|
Segment Results |
|
|
a)Consumer & Bazaar Products |
2415.300 |
|
b)Industrial Products |
191.500 |
|
c)Others |
2.700 |
|
Total |
2609.500 |
|
Less : i) Interest |
29.300 |
|
ii) Other unallocable expenditure net of unallocable income |
36300 |
|
Total Segment Results |
2217.200 |
|
Capital Employed |
|
|
a)Consumer & Bazaar Products |
5968.300 |
|
b)Industrial Products |
2531.500 |
|
c)Others |
429.700 |
|
d)Unallocated |
10017.700 |
|
Total Capital Employed |
18947.200 |
NOTE:
1. The above results have been reviewed by the Audit Committee on 12th August, 2013 and approved by the Board of Directors at their meeting held on 13th August, 2013.
2. The Statutory Auditors have carried out a "Limited Review" of the standalone financial results for the quarter ended 30th June, 2013.
3. Unallocated Capital Employed as at 30th June, 2013 includes a) Capital Work in Progress of Rs. 3652.400 Millions (30th June, 2012 Rs.3681.800 Millions) of Synthetic Elastomer Project b) Investments in units of mutual funds/ term deposit with banks Rs. 5150.100 Millions (30th June 2012 Rs.4080.000 Millions).
4. During the quarter, the Company received a letter from the authorities in Thailand confirming that Pidilite South East Asia Limited, a step down subsidiary which was under liquidation, has been closed w.e.f 7th June 2013.
5. The figures for the quarter ended 31st March, 2013 are the balancing figures between the audited figures in respect of the full financial year and the published year to date unaudited figures upto the third quarter of the financial year ended 31st March, 2013.
6. Previous period's figures are regrouped/ reclassified wherever necessary to confirm to the current period's classification.
FIXED ASSETS:
- Goodwill
- Buildings
- Plant and Machinery
- Trademark
- Copyrights
- Furniture and Fixtures
- Vehicles
- Office
Equipment
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.62.45 |
|
|
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.