MIRA INFORM REPORT
|
Report Date : |
26.02.2014 |
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,
Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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.373.215
millions |
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|
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CIN No.: [Company Identification
No.] |
L24110GJ1986PLC009003 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMB00692G |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of Dyes, Dyes Intermediates and
Basic Chemicals. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2151000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The rating constrained on account of its highly leveraged capital
structure, modest debt protection indicators and working capital intensive
operations. The ratings are further constrained by its recent history of
Corporate Debt Restructuring (CDR) due to heavy losses from its operations. However, trade relations are fair. Business is active. Payment terms
are slow. The company can be considered for business dealings with great
caution. |
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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities: BB- |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
December 16, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
December 16, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
Plot No.123 and 124, Phase-I, G.I.D.C. Estates, Vatva,
Ahmedabad – 382 445, Gujarat, India |
|
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 |
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Website : |
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Area : |
2851 sq. ft. |
|
Location : |
Leased |
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Factory 1 : |
Plot No.110, Phase-II, G.I.D.C., Vatva, Ahmedabad – 382 445, Gujarat, India
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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, Gujarat, India |
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Factory 3 : |
Plot No.2102, Phase-III, G.I.D.C., Vatva, Ahmedabad – 382 445,
Gujarat, India |
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Factory 4: |
Plot No.252, 253 and C-1/254, Phase-II, G.I.D.C., Vatva, Ahmedabad –
382 445, Gujarat, India |
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Factory 5 : |
Plot No.6002/2B, G.I.D.C., Ankleshwar, District Bharuch, Gujarat,
India |
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Factory 6 : |
Plot No.606-607, G.I.D.C., Panoli, Near Ankleshwar, District Bharuch,
Gujarat, India |
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Factory 7 : |
Block No.804, Village-Dudhwada, Taluka Padra, District Vadodara,
Gujarat, India |
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Factory 8 : |
Block No.106-108, Ekalbara Village, Taluka Padra, District Vadodara,
Gujarat, India |
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Branch Office : |
Godown No.2, P-21, Transport Depot Road, Kolkata – 700 088, West
Bengal, India |
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Marketing Office : |
1011, Venus Atlantis, Prahlad Nagar Road, Satellite, Ahmedabad – 382
210, Gujarat, India |
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Tel. No.: |
91-79-40503456 |
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Fax No.: |
91-79-40503457 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Suresh Jayanti Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, Gujarat, India |
|
Date of
Birth/Age : |
15.04.1956 |
|
Date of
Appointment : |
31.12.1993 |
|
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|
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Name : |
Mr. Bhavin Suresh Patel |
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Designation : |
Executive Director |
|
Address : |
32, Basant Bahar, Bopal Near Sterling Club, Ahmedabad, Gujarat, India |
|
Date of
Birth/Age : |
05.01.1981 |
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Date of
Appointment : |
12.07.2002 |
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|
Name : |
Mr. Ankit S. Patel |
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Designation : |
Executive Director |
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Name : |
Mr. Surendra N. Shah |
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Designation : |
Independent Director |
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Name : |
Mr. Bipin R. Patel |
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Designation : |
Independent Director |
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Date of Birth/
Age : |
01.03.1945 |
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Qualification : |
B.A., LL.B. |
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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 |
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Other
Directorship : |
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|
|
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Name : |
Mr. Sunil K. Mehta |
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Designation : |
Independent Director |
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Date of Birth/
Age : |
23.12.1960 |
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Qualification : |
B.Com, M.Com, LL.B, FCA. |
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Date of
Appointment : |
14.08.2007 |
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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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Shareholder Grievances Committee : |
Mr. Surendra N. Shah (Chairman) Mr. Bipin R. Patel (Member) Mr.
Bhavin S. Patel (Member) |
* This number of Companies also includes the directorships held in a
company registered u/s 25 of Companies Act, 1956.
KEY EXECUTIVES
|
Name : |
Mr. Ashutosh B. Bhatt |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category
of Shareholders |
No. of shares |
Percentage of holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
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|
65643760 |
60.16 |
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|
65643760 |
60.16 |
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|
13262306 |
12.16 |
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|
13262306 |
12.16 |
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Total shareholding of Promoter and Promoter Group (A) |
78906066 |
72.32 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
24000 |
0.02 |
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|
11000 |
0.01 |
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|
4000 |
0.00 |
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|
4416526 |
4.05 |
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|
4455526 |
4.08 |
|
|
|
|
|
|
7624112 |
6.99 |
|
|
|
|
|
|
9208375 |
8.44 |
|
|
8155788 |
7.48 |
|
|
757503 |
0.69 |
|
|
105729 |
0.10 |
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|
134669 |
0.12 |
|
|
517105 |
0.47 |
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|
25745778 |
23.60 |
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Total Public shareholding (B) |
30201304 |
27.68 |
|
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
109107370 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Dyes, Dyes Intermediates and
Basic Chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit (Figures in MT P.A.) |
Installed
Capacity |
|
Dyes and Dyes Intermediates |
MT P.A |
198835 |
|
Product wise
Break Up |
|
|
|
Vinyl Sulphone |
MT P.A |
12800 |
|
Reactive / Direct / Acid Dyes # |
MT P.A |
17000 |
|
Other Chemicals ## |
MT P.A |
8400 |
|
Basic Chemicals# |
MT P.A |
145000 |
|
Other Intermediates |
MT P.A |
15635 |
Notes:
# 145000 MT P.A Installed capacity of Basic Chemicals is operative from August 2010.
As certified by the management and relied upon by the Auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS Nature of Security
and terms of repayment for Long Term secured borrowings:
Term Loans are
collaterally further secured by equitable mortgage on Immovable property and
Hypothecation Of P&M of the company. It is further secured by personal
guarantees of the Chairman and Managing Director, Executive directors and an
ex-Executive Director. It is further secured by pledge of equity shares of
the company held by the promoters (excluding 2 NRI promoters). Maturity profile and Rate of interest of Public Deposit are as set out
below (Rs.
in millions)
Installments falling
due in respect of all the above Loans upto 31/03/2014 have been grouped under
“Current maturities of long-term debt”. CDR Empowered
Group (CDR EG) vide their letter dated December 17, 2012 (‘CDR Letter’)
approved the Company’s financial restructuring package under the corporate
debt restructuring mechanism (CDR) effective from April 1, 2012. As per the
above mentioned restructuring package, Preference Share contribution received
from promoters, relatives and friends, aggregating to Rs.155.000 millions has
been disclosed as Preference Share Capital. On approval of the CDR, various
bank limits are restructured including repayment schedule for the same and
accordingly, Rs.222.996 millions related to previous year has been regrouped
from “Current Maturities of Long Term Debt” to “Long Term Borrowings.” SHORT TERM
BORROWINGS: Cash Credit
Facility and Packing Credit Facility are primarily secured by Hypothecation
Of Stock of Raw material, Work in Process, Finished Goods and Book Debts of
the company. Bills discounting facility is primarily secured by Hypothecation of
bills drawn under letter of credit. Buyers’ Credit facility is primarily secured by Hypothecation Of
stocks received under letter of credit. Cash Credit,
Packing Credit, Bill Discounting and Buyers Credit facility are collaterally
secured by equitable mortgage on Immovable property and Hypothecation Of
P&M of the company and personal guarantees of the Chairman and Managing
Director, Executive directors and an ex-executive Director. It is further
secured by pledge of equity shares of the company held by the promoters
(excluding 2 NRI promoters). |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Mayank
Shah and Associates Chartered
Accountants |
|
Address : |
706-708-A,
Mahakant, Opposite V.S. Hospital, Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
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Enterprise under
significant influence of key management personnel (Enterprise) : |
|
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Wholly-owned Subsidiary Company (WOS) : |
Bodal Agrotech Limited |
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Fellow Subsidiary
Company : |
Sun Agri Genetics Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital : Rs.490.000
millions
Issued, Subscribed & Paid-up Capital : Rs.438.215 millions
AS ON 31.03.2013
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 |
|
15500000 |
Preferences Shares |
Rs.10/- each |
Rs.155.000
millions |
|
|
Total
|
|
Rs.373.215 millions |
|
|
|
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|
Authorised Share
Capital of Rs.340.000 millions comprising of Rs.300.000 millions divided into 150000000
Equity shares of Rs.2/- each and Rs.40.000 millions divided into 4000000
Preference Shares of Rs.10/- each have been reclassified into 120000000 Equity
Shares of Rs.2/- each and 10000000 Preference Shares of Rs.10/- each
aggregating to Rs.340.000 millions.
Authorised Share
Capital of Rs.340.000 millions comprising of Rs.240.000 millions divided into
120000000 Equity shares of Rs.2/- each and Rs.100.000 millions divided into
10000000 Preference Shares of Rs.10/- each have been increased to Rs.490.000
millions divided into 120000000 Equity Shares of Rs.2/- each and 25000000
Preference Shares of Rs.10/- each aggregating to Rs.490.000 millions.
Out of total
shares outstanding 338060 Equity shares had been allotted as fully paid on
amalgamation of Milestone Organics Limited with the company as per High Court
Order.
The details of
shareholders holding more than 5% Equity shares:
|
Name of
Shareholder |
No.
of Shares |
%
held |
|
Suresh J. Patel |
33345151 |
30.57 |
|
Bhavin S. Patel |
7810050 |
7.16 |
|
Ramesh P. Patel |
6635299 |
6.08 |
|
Jayanti D. Patel |
7472845 |
6.85 |
The details of
shareholders holding more than 5% Preference shares:
|
Name of
Shareholder |
No.
of Shares |
%
held |
|
Shaunak S. Parikh |
3000000 |
19.35 |
|
H & H Exports (Guj.) Private Limited |
2000000 |
12.90 |
|
Ashok G. Bansal |
2000000 |
12.90 |
|
Karna A. Surti |
1500000 |
9.68 |
|
Suresh J. Patel |
1150000 |
7.42 |
|
Vasudev M. Shah |
1100000 |
7.10 |
|
Centenary Polytex Private Limited |
1000000 |
6.45 |
The reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
No.
of Shares |
|
Equity Shares at the beginning of the year |
109107370 |
|
Add : Shares issued on conversion of 1919172 share warrants |
Nil |
|
Equity Shares at
the end of the year |
109107370 |
|
Particulars |
No.
of Shares |
|
Preference Shares at the beginning of the year |
Nil |
|
Add : Preference shares issued during the year |
15500000 |
|
Preference Shares at the end of the year |
15500000 |
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.
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.
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 |
373.215 |
218.215 |
199.023 |
|
(b) Reserves & Surplus |
164.460 |
375.687 |
481.046 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
106.313 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
537.675 |
593.902 |
786.382 |
|
|
|
|
|
|
(3)
Deferred Grant |
2.237 |
2.765 |
3.293 |
|
|
|
|
|
|
(4)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2457.480 |
1333.210 |
1319.103 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
85.839 |
189.276 |
|
(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 (3) |
2457.480 |
1419.049 |
1508.379 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
901.905 |
1886.065 |
1256.127 |
|
(b)
Trade payables |
681.300 |
1184.005 |
1110.524 |
|
(c)
Other current liabilities |
134.400 |
598.381 |
695.502 |
|
(d)
Short-term provisions |
1.770 |
9.040 |
92.030 |
|
Total
Current Liabilities (4) |
1719.375 |
3677.491 |
3154.183 |
|
|
|
|
|
|
TOTAL |
4716.767 |
5693.207 |
5452.237 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2639.968 |
2755.368 |
2705.580 |
|
(ii)
Intangible Assets |
8.344 |
9.869 |
7.305 |
|
(iii)
Capital work-in-progress |
1.765 |
13.395 |
5.947 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
19.095 |
19.075 |
23.993 |
|
(c) Deferred tax assets
(net) |
12.116 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
61.837 |
67.141 |
64.672 |
|
(e)
Other Non-current assets |
79.204 |
73.291 |
72.260 |
|
(f)
Foreign Currency Monetary Item Difference Account (Net of Amortisation) |
0.000 |
0.000 |
0.054 |
|
Total
Non-Current Assets |
2822.329 |
2938.139 |
2879.811 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
616.901 |
765.509 |
893.047 |
|
(c)
Trade receivables |
883.589 |
1522.489 |
1246.161 |
|
(d)
Cash and cash equivalents |
37.745 |
45.933 |
47.765 |
|
(e)
Short-term loans and advances |
354.701 |
420.098 |
384.172 |
|
(f)
Other current assets |
1.502 |
1.039 |
1.281 |
|
Total
Current Assets |
1894.438 |
2755.068 |
2572.426 |
|
|
|
|
|
|
TOTAL |
4716.767 |
5693.207 |
5452.237 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5238.341 |
6033.462 |
5713.210 |
|
|
|
Other Income |
38.914 |
14.814 |
10.953 |
|
|
|
TOTAL (A) |
5277.255 |
6048.276 |
5724.163 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3372.668 |
4009.748 |
3824.238 |
|
|
|
Purchases of Stock-in Trade |
165.021 |
461.906 |
190.159 |
|
|
|
Changes in Inventories of Finished Goods, Stock in Process and stock
in Trade |
159.847 |
12.509 |
(243.950) |
|
|
|
Employee Benefits Expenses |
316.958 |
319.243 |
298.993 |
|
|
|
Other Expenses |
1015.198 |
1183.853 |
1038.985 |
|
|
|
Exceptional Items |
0.000 |
-50.500 |
0.000 |
|
|
|
TOTAL (B) |
5029.692 |
5936.759 |
5108.425 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
247.563 |
111.517 |
615.738 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
391.896 |
338.077 |
226.302 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(144.333) |
(226.560) |
389.436 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
164.282 |
160.038 |
137.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(308.615) |
(386.598) |
251.446 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(97.388) |
(103.437) |
83.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(211.227) |
(283.161) |
167.570 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
1921.616 |
2247.104 |
2339.081 |
|
|
TOTAL EXPORTS |
1921.616 |
2247.104 |
2339.081 |
|
|
|
|
|
|
|
|
|
|
VALUE OF IMPORTS
ON CIF BASIS |
181.340 |
387.838 |
445.639 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(1.94) |
(2.74) |
1.68 |
|
|
|
- Diluted |
(1.94) |
(2.74) |
1.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(4.00) |
(4.68)
|
2.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.89) |
(6.41)
|
4.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.59)
|
(6.83)
|
4.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.57)
|
(0.65)
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.25
|
5.42
|
3.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
0.75
|
0.82 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
199.023 |
218.215 |
373.215 |
|
Reserves & Surplus |
481.046 |
375.687 |
164.460 |
|
Net
worth |
680.069 |
593.902 |
537.675 |
|
|
|
|
|
|
long-term borrowings |
1319.103 |
1333.210 |
2457.480 |
|
Short term borrowings |
1256.127 |
1886.065 |
901.905 |
|
Total
borrowings |
2575.230 |
3219.275 |
3359.385 |
|
Debt/Equity
ratio |
3.787 |
5.421 |
6.248 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5713.210 |
6033.462 |
5238.341 |
|
|
|
5.605 |
(13.179) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5713.210 |
6033.462 |
5238.341 |
|
Profit |
167.570 |
-283.161 |
-211.227 |
|
|
2.93% |
-4.69% |
-4.03% |
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 |
Yes |
|
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 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10311707 |
28/09/2011 |
210,000,000.00 |
UNION BANK OF
INDIA LIMITED |
INDUSTRIAL FINANCIAL
BRANCH, NEAR INCOMETAX FOUR ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
B23139348 |
|
2 |
10300557 |
08/07/2011 |
400,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B18184721 |
|
3 |
10294407 |
12/05/2011 |
1,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B15899990 |
|
4 |
10260819 |
24/12/2010 |
1,800,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B03537982 |
|
5 |
10260313 |
20/12/2010 |
431,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B03175254 |
|
6 |
10250911 |
31/10/2010 |
489,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A99329831 |
|
7 |
10248972 |
20/10/2010 |
368,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A98483993 |
|
8 |
10251810 |
18/10/2010 |
310,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A99493298 |
|
9 |
10243974 |
27/08/2010 |
460,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A94900198 |
|
10 |
10243975 |
27/08/2010 |
460,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A94901550 |
|
11 |
10243976 |
27/08/2010 |
450,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A94901808 |
|
12 |
10227837 |
22/06/2010 |
100,000,000.00 |
UNION BANK OF
INDIA LIMITED |
INDUSTRIAL
FINANCE BRANCH, NEAR INCOME TAX FOUR ROADS, AHMEDABAD, MAHARASHTRA - 380009, INDIA |
A89194807 |
|
13 |
10187574 |
04/11/2009 |
5,500,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A73663064 |
|
14 |
10117087 |
29/07/2008 |
50,000,000.00 |
UNION BANK OF INDIA
LIMITED |
INDUSTRIAL
FINANCE BRANCH, INCOME TAX FOUR ROADS, |
A43464650 |
|
15 |
10110143 |
21/06/2008 |
200,000,000.00 |
UNION BANK OF
INDIA LIMITED |
INDUSTRIAL FINANCE
BRANCH, INCOME TAX FOUR ROADS, AHMEDABAD, GUJARAT - 380009, INDIA |
A41078106 |
|
16 |
10056832 |
07/06/2007 |
100,000,000.00 |
UNION BANK OF
INDIA LIMITED |
INDUSTRIAL
FINANCE BRANCH, NR. INCOME TAX FOUR RO |
A17056284 |
|
17 |
10052811 |
05/05/2007 |
50,000,000.00 |
UNION BANK OF
INDIA LIMITED |
INDUSTRIAL
FINANCE BRANCH, NEAR INCOME TAX FOUR ROADS, AHMEDABAD, GUJARAT - 380009,
INDIA |
A15672835 |
|
18 |
10020355 |
08/02/2013 * |
4,145,800,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, C.U. SHAH CHAMBERS, AHMEDABAD, GUJARAT - 380009, INDIA |
B68842830 |
|
19 |
10011724 |
29/12/2012 * |
4,145,800,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, C.U. SHAH CHAMBERS, AHMEDABAD, GUJARAT - 380009, INDIA |
B68828136 |
|
20 |
90099610 |
15/05/2004 * |
25,000,000.00 |
UNION BANK OF
INDIA |
VASTRAPUR
BRANCH, AHEMDABAD, GUJARAT, INDIA |
- |
|
21 |
90098512 |
20/11/1996 |
17,500,000.00 |
UNION BANK OF
INDIA |
VASTRAPUR
BRANCH, AHEMDABAD, GUJARAT, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
Rs.
In Millions
|
Particular |
As
On 31.03.2013 |
As
On 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Loan From Directors |
0.050 |
0.000 |
|
Public Deposits |
14.498 |
23.942 |
|
Trade Deposits |
4.620 |
4.046 |
|
Loan From Members |
3.772 |
3.772 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans From Corporates |
30.000 |
25.000 |
|
Trade Deposits |
0.000 |
0.914 |
|
Total
|
52.940 |
57.674 |
COMPANY
INFORMATION:
The Company is a
public limited company listed on the Bombay Stock Exchange (BSE) and the
National Stock Exchange (NSE). The company is engaged in manufacturing of Dyes,
Dyes Intermediates and Basic Chemicals.
The Company has a
wholly owned subsidiary Bodal Agrotech Limited, which is in the business of
trading of vegetables, fruits and food grains.
PERFORMANCE OF THE
COMPANY
The Year -2012-13
The Company has
successfully achieved several milestones in the past. Total turnover of the
Company is Rs.5238.300 millions in the Financial Year 2012-13. The year has
been another very tough year for the Dyes and Dyes Intermediates Industries
which was passing through recessionary phase in the recent time. In same way, the
company’s performance has adversely impacted due to external headwinds like
uncertainty in global market, higher inflation and volatility in crude prices,
fluctuation in currency and high interest rate and many more. In spite of this,
the company has achieved decent Turnover of Rs.5238.300 millions during the
year 2012-13. This indicates itself that the company’s management has proved
its ability to retain business, infact added new customers, in tough times of
industry.
However,
achievement of decent turnover by the Company did not reflect in bottom line
and the company has incurred net loss of Rs.211.200 millions for the financial
year 2012-13.
Current
Year-2013-14
The problems faced
by the entire Chemicals Industry have become moderate. The company is making
all efforts to cope up with the said challenges and situation of Chemical
industry through continuous cost cutting at all levels of operations while
ensuring that efficiency and operations are not been hampered. The Company is
also taking steps for the process improvements, imparting training to the
workforce on the continued basis, developing and improved customer services to
mitigate the growing cost pressure. In addition, Bodal has traditionally put
its customers above everything and has striven to offer maximum values to its
customers through price advantage, quality of goods, delivery of goods in time.
In this way Bodal has confidence and ability to outperform in the Dyestuff
industry in the current year.
The Directors are
hopeful of better performance of the Company in the current financial year
2013-14.
The Broad area of
operation for Bodal group i.e. subject, and its subsidiary companies i.e. Bodal
Agrotech Limited (BAL) and sun Agrigenetics Private Limited (SAPL) are as
under:
Bodal Chem (BCL)
Bodal Chem is
well-known in the field of manufacturing Dyestuffs, Dyes Intermediates and
other Chemicals falling under the broad category of Chemicals. Dyestuff is
further used in Textile, Leather and Paper Industry. The Company has total 8
separate units having manufacturing facilities located in Gujarat. Due to
Forward and Backward – both Integration from dye Intermediates division, they
use about 60% of their own raw materials when they produce intermediates and
they use about 80% of their own raw materials when they produce dyestuffs. This
is their Strength. Out of the total sales about 42% is export and balance is
domestic. The company is listed on Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Limited (NSE).
The broader area
of operation of the company is as under:
Dyes
The Company is a
leading manufacturer of Reactive, Acid and Direct Dyes. Bodal has more than 150
different products of Dyes to cater to Textile, Leather and Paper Industry.
Dye Intermediates
Bodal is amongst
the leading manufacturers of Dye Intermediates globally. The Company
manufactures more than 25 Dyes Intermediates. These Dye Intermediates are
directly sold as well as consumed captively for manufacturing different kinds
of Dyes.
Other/Basic
Chemicals
Bodal is also a
manufacturer of other Chemicals like Sulphuric Acid, CSA, Oleums, Beta Napthol,
Acetanilide, Para Nitro Aniline etc. These Chemicals are used as key raw
materials for production of Dye Intermediates, which is highly beneficial in
terms of improving profitability of the company.
Bodal Agro (BAL)
The company has
incorporated BAL as wholly owned subsidiary company in the year 2010 and had
forayed into Agriculture and its technologies business through BAL. By
reviewing losses and comparatively small turnover, the company has, at present,
discontinued all the activities of Bodal Agrotech limited for the time being.
This will also enable the management to concentrate more on the main company
i.e. Bodal
Chemicals Limited
Sun Agrigenetics
(SAPL)
SAPL is fellow
subsidiary of subject. SAPL is in business of production of Tissue Culture
plants, Microbial bio-fertilizers, Genetic Improvement of crops, contract
research etc. SAPL has tissue culture laboratory with production capacity of 2
million plants p.a. Green House and Nursery complex spread over an area of
70,000 sq.ft. R&D centre recognized by Department of Science and Industrial
Research (DSIR), Gov. of India, New Delhi. SAPL plans to launch new products
through R&D.
AUTHORISED SHARE
CAPITAL
During the year,
Company has reclassified its Authorised Share Capital between Equity Share
Capital and Preference Share Capital and subsequently increased its Authorised
Share Capital from Rs.340.000 millions to Rs.490.000 millions comprising of
Rs.240.000 millions divided into 120000000 Equity Shares of Rs.2/- each and
Rs.250.000 millions divided into 25000000 Preference Shares of Rs.10/- each,
pursuant to the approval accorded by shareholders of the Company in the Extra
Ordinary General Meeting held on 23rd March, 2013.
ALLOTMENT OF 9%
NON CUMULATIVE REDEEMABLE PREFERENCE SHARES
The Board of
Directors has allotted 15500000 9% Non Cumulative Redeemable Preference shares
at a face value of Rs.10/- each per share as per requirement of approved Corporate
debt restructuring package to the promoters/ promoter group, non promoter
including various authorities/ entities on 30th day of March, 2013,
as per terms approved by shareholders vide EGM dated 23rd March,
2013.
PAID UP SHARE
CAPITAL
Consequent upon
the allotment of 9% Non Cumulative Redeemable Preference Shares, the paid up
share capital of the company has been increased to Rs.373.215 millions,
Comprising of Rs.218.215 millions divided into 109107370 Equity Shares of
Rs.2/- each fully paid and Rs.155.000 millions divided into 15500000 9% Non
Cumulative Redeemable Preference Shares of Rs.10/- each fully paid.
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, vats 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 main end use segments for these products are textiles, paper and leather
industries which together account for more then 85% of the total demand.
The Indian dye stuff
industry is made up about 900 unites in the small scale unit and about 50 large
organized units, who produce 1,50,000 tones 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 customers increasing the cost of operations for small-scale players.
The important Dyes
are basic dyes, azo 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 Xylidine, Vinyl
Sulphone, Para Dichlorobenzene, Dichloroaniline and H-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 Chemicals 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 and 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 and Other Chemicals (more than 10 products)
• Bodal produces
more than 150 dyes suitable for Textile, Leather and Paper industries.
• Bodal also
produces Basic chemicals like Beta Napthol, Sulphuric Acid, Padra Nitro Aniline
and 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
Another toughest
year in the history of Dyes and Dye Intermediates industry, where demand of the
product was sluggish and uncertainty prevailing in the international market. In
spite of this, the company has achieved decent Total Income from operation of
Rs.5238.300 millions for the financial year 2012-13 compared to Rs.6033.500
millions for the financial year 2011-12. EBIDTA of Rs.247.600 millions for the
year 2012-13 compared to Rs.61.000 millions in 2011-12. Financial charges
(Interest) of Rs.391.900 millions for the year 2012-13 compared to Rs.338.100
millions for the previous year. Depreciation and Amortization Rs.164.200
millions for the 2012-13 compared to Rs.160.000 millions for the previous year.
Net Loss of Rs.211.200 millions for the year 2012-13 compared to Net loss of
Rs.283.100 millions in 2011-12.
The company has
been taking several measures to improve margin and to get maximum productivity.
On that basis Company is confident that bottom line of it will improve in
current as well as coming years.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
|
Nature of
Liabilities |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
a. Disputed matters in appeals/contested in respect of: |
|
|
|
I) Income Tax |
24.805 |
24.805 |
|
II) Excise |
1.738 |
2.021 |
|
III) Service Tax |
9.644 |
9.667 |
|
IV) Customs Department |
1.171 |
1.011 |
|
b. Letter of credit |
78.094 |
26.415 |
|
c. Estimated amount of Contracts, remaining to be executed on capital account (net of advances) |
0.041 |
0.354 |
|
d. Bank Guarantee |
36.701 |
42.363 |
STATEMENT OF STANDALONE UN-AUDITED FINANCIAL RESULTS (PROVISIONAL) FOR
THE QUARTER ENDED ON 31.12.2013
(Rs. in millions)
|
Sr. No. |
PARTICULARS |
3 months ended on 31.12.2013 |
Preceding 3 months ended on 30.09.2013 |
Nine months ended on 31.12.2013 |
|
|
|
Un-audited |
Un-audited |
Un-audited |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net Sales/Income From Operations (Net of excise duty) |
2523.162 |
1923.241 |
6211.056 |
|
|
(b) Other Operating Income |
13.501 |
22.420 |
59.948 |
|
|
Total income from
operations (net) |
2536.663 |
1945.661 |
6271.004 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1563.830 |
1361.709 |
4190.274 |
|
|
(b) Purchase of stock-in-trade |
13.187 |
0.000 |
13.665 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(62.562) |
(12.778) |
(100.004) |
|
|
(d) Manufacturing Expenditure |
195.440 |
179.434 |
554.543 |
|
|
(e) Employees benefits expense |
90.557 |
91.415 |
263.062 |
|
|
(f) Depreciation and amortisation expense |
111.748 |
40.223 |
192.495 |
|
|
(g) Other expenses |
89.234 |
114.200 |
324.419 |
|
|
Total expenses |
2001.434 |
1774.203 |
5438.454 |
|
3 |
Profit/(Loss) from
Operations before other income, finance costs and exceptional items (1-2) |
535.229 |
171.458 |
832.550 |
|
4 |
Other Income |
8.406 |
11.998 |
22.956 |
|
5 |
Profit/(Loss) from ordinary
activities before finance costs and exceptional items (3±4) |
543.635 |
183.456 |
855.506 |
|
6 |
Finance costs |
131.992 |
93.391 |
326.088 |
|
7 |
Profit/(Loss) from
ordinary activities after finance costs but before exceptional items (5±6) |
411.643 |
90.065 |
529.418 |
|
8 |
Exceptional Items |
736.012 |
0.000 |
736.012 |
|
9 |
Profit/(Loss) from
ordinary activities before tax (7±8) |
(324.396) |
90.065 |
(206.594) |
|
10 |
Tax expense |
|
|
|
|
|
-Deferred Tax-Liability/(Assets) |
(105.488) |
28.566 |
(67.821) |
|
|
-Income Tax |
0.000 |
0.000 |
0.000 |
|
|
-MAT Credit |
0.000 |
0.000 |
0.000 |
|
|
-Taxes of earlier years |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit/(Loss)
from ordinary activities after Tax (9±10) |
(218.881) |
61.499 |
(138.773) |
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit(Loss)
for the period (11+12) |
(218.881) |
61.499 |
(138.773) |
|
14 |
Paid-up equity share capital (Face Value Rs.2/- each share) |
218.215 |
218.215 |
218.215 |
|
15 |
Reserve excluding Revaluation Reserves |
|
-- |
-- |
|
16.i |
Earnings per share
(before extraordinary items)(of Rs.2/-each) |
|
|
|
|
|
(a) Basic |
(2.00) |
0.56 |
(1.27) |
|
|
(b) Diluted |
(2.00) |
0.56 |
(1.27) |
|
16.ii |
Earnings per share (after
extraordinary items)(of Rs.2/-each): |
|
|
|
|
|
(a) Basic |
(2.00) |
0.56 |
(1.27) |
|
|
(b) Diluted |
(2.00) |
0.56 |
(1.27) |
|
|
|
|
|
|
|
|
Part II |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Equity Shares |
30201304 |
30201304 |
30201304 |
|
|
- Percentage of shareholding |
27.68 |
27.68 |
27.68 |
|
2 |
Promoters &
Promoters group shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
61269370 |
61269370 |
61269370 |
|
|
-Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
77.65 |
77.65 |
77.65 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
56.16 |
56.16 |
56.16 |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of Shares |
17636696 |
17636696 |
17636696 |
|
|
-Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
22.35 |
22.35 |
22.35 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
16.16 |
16.16 |
16.16 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
|
|
Received during the Quarter |
Nil |
|
|
|
|
Disposed of during the Quarter |
Nil |
|
|
|
|
Remaining unresolved at the end of the Quarter |
Nil |
|
|
Notes:
- The above result has been considered and approved by Audit Committee and subsequently by the Board of Directors at the meeting held on 12th February 2014
- Limited Review has been carried out by the statutory auditor of the company as per clause 41 of the listing agreement for the quarter ended 31'' December, 201 3.
- During the quarter ended 31st December, 2013, the management has reassessed the method of providing the depreciation on its fixed assets after taking into consideration the types of assets, nature of their use etc. Based on the reassessment, the Company has changed the method of providing depreciation from Straight Line Method (SLM) to Written Down Value Method (WDV) and it is considered that it would result in more appropriate preparation and presentation financial statement of the Company. Accordingly, depreciation has been recalculated under WDV method for the period from the date on which the assets were put to use after its acquisition upto 31st December, 2013 in accordance with applicable accounting standards under Companies (Accounting Standards) Rule, 2006.
Hence, the incremental depreciation of Rs.736.012 Millions upto 31st March, 2013 has been recognized as an exceptional item and the incremental depreciation of Rs. 70.930 Millions for 3 quarters of current year have been recognized and included in depreciation of quarter ended 31U December, 2013. Due to this change in method of providing depreciation, amount of Depreciation has been increased from Rs.40.818 Millions to Rs.111.748 Millions during the quarter ended on 31st December, 2013, and amount of depreciation has been increased from Rs.121.565 Millions to Rs.192.495 Millions for the 9 months ended 31st December, 201 3.
If the Company would have continued to provide depreciation on earlier method (SLM) on its assets, the profit before tax would have been Rs.482.573 Millions instead of loss before tax of Rs. 324.369 Millions and deferred tax liability would have been Rs. 159.417 Millions instead of deferred tax asset of Rs. 105.488 Millions and profit after tax would have been Rs. 323.156 Millions instead of loss after tax of Rs. 218.881 Millions for the quarter ended on 31st December, 2013.
- During the quarter ended 31st December, 2013, The Company has allotted 3000000, 9% Non-Cumulative Redeemable Preference Shares (Non-Convertible) at face value of Rs.10/- each, aggregating Rs.3,00,00,000/-, to Non-Promoters, as per the requirement of approved Corporate Debt Restructuring (CDR) package.
- Subject has only one segment of activity named 'Chemicals' i.e. Dyes, Dye Intermediates and Basic Chemicals.
- To facilitate comparison, re-grouping has been made, wherever necessary.
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 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.61.98 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.