MIRA INFORM REPORT

 

 

Report Date :

28.02.2014

 

IDENTIFICATION DETAILS

 

Name :

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

 

 

Formerly Known As :

AARTI ORGANICS LIMITED

 

 

Registered Office :

Plot No. 801/23, G.I.D.C. Estate, Phase III, Vapi – 396195, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

28.09.1984

 

 

Com. Reg. No.:

04-007301

 

 

Capital Investment / Paid-up Capital :

Rs.395.600 Millions

 

 

CIN No.:

[Company Identification No.]

L24110GJ1984PLC007301

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTA02524E

 

 

PAN No.:

[Permanent Account No.]

AABCA2787L

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :                    

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 27000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

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

 

The rating reflects healthy financial risk profile supported by diversified revenue profile and sound operating efficiencies on the back of a high level of integration.

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

CRISIL

Rating

Long term rating: “A+”

Rating Explanation

Adequate credit quality and average credit risk.

Date

16.08.2013

 

Rating Agency Name

CRISIL

Rating

Short term rating: “A1”

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

16.08.2013

 

 

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.

 

INFORMATION DECLINED

 

MANAGEMENT NON – COOPERATIVE (91-22-67976666)

 

LOCATIONS

 

Registered Office/ Factory 1 :

Plot Nos. 801, 801/23, 802, 803, 804/1-2-3, 801/15 to 19, 21 & 22, GIDC Estate, Phase III, District Valsad, Vapi – 396195, , Gujarat, India

Tel. No.:

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

Fax No.:

91-2638-25904806/ 25653186-87/ 25653185

E-Mail :

ail@bom2.vsnl.net.in

secretarial@aartigroup.com

info@aartigroup.com

investorrelations@aartigroup.com

Website :

www.aartigroup.com

 

 

Corporate Office :

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

Tel. No.:

91-22-67976666/ 67976697/ 25918195/ 55976666

Fax No.:

91-22-25653234/ 25653185

E-Mail :

info@aartigroup.com

 

 

Factory 2:

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

 

 

Factory 3:

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

 

 

Factory 4:

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

 

 

Factory 5:

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

 

 

Factory 6 :

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

 

 

Factory 7:

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

 

 

Factory 8:

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

 

 

Factory 9:

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

 

 

Factory 10:

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

 

 

Factory 11:

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

 

 

Factory 12:

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

 

 

Factory 13:

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

 

 

Factory 14:

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

 

 

Factory 15:

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

 

 

Factory 16:

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

 

 

Factory 17:

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

 

 

Factory 18:

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

 

 

Factory 19:

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

 

 

Factory 20:

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

 

 

DIRECTORS

 

As on 31.03.2013

 

Name :

Mr. Chandrakant V. Gogri

Designation :

Chairman

 

 

Name :

Mr. Rajendra V. Gogri

Designation :

Chairman and Managing Director

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Shantilal T. Shah

Designation :

Vice Chairman

Date of Birth/Age :

28.12.1938

Qualification :

B.Com.

Date of Appointment :

25.04.1990

 

 

Name :

Mr. Rashesh C. Gogri

Designation :

Vice Chairman and Managing Director

Date of Birth/Age :

03.06.1974

Qualification :

Industrial Engineer and holds Diploma in Business

Management

Date of Appointment :

16.08.2012

 

 

Name :

Mr. Ramdas M. Gandhi

Designation :

Independent Director

Date of Birth/Age :

14.03.1933

Qualification :

L.L.M, Solicitor.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Laxmichand K. Jain

Designation :

Independent Director

Date of Birth/Age :

02.03.1941

Qualification :

MS (Chem.) US

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Vijay H. Patil

Designation :

Independent Director

Date of Birth/Age :

15.07.1937

Qualification :

L.L.M.

Date of Appointment :

29.01.1990

 

 

Name :

Mr. Haresh K. Chheda

Designation :

Independent Director

 

 

Name :

Mr. K. V. S. Shyam Sunder

Designation :

Independent Director

Date of Birth/Age :

29.07.1942

 

 

Name :

Mr. P A Sethi

Designation :

Independent Director

 

 

Name :

Mr. Bhavesh R Vora

Designation :

Independent Director

Date of Birth/Age :

13.09.1967

 

 

Name :

Mr. Sunil M Dedhia

Designation :

Independent Director

Date of Birth/Age :

20.06.1965

Qualification :

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

Date of Appointment :

30.07.2009

 

 

Name :

Mr. Parimal H. Desai

Designation :

Whole time Director

Date of Birth/Age :

29.05.1949

 

 

Name :

Mr. Manoj M. Chheda

Designation :

Whole Time Director

Date of Birth/Age :

23.10.1962

Qualification :

B. Com

Date of Appointment :

25.11.1993

 

 

Name :

Ms. Hetal Gogri Gala

Designation :

Whole Time Director

Date of Birth/Age :

10.07.1975

Qualification :

B. E (Electronics) and MEP degree

from IIM Ahmedabad.

Date of Appointment :

01.11.2001

 

 

Name :

Mr. Kirit R. Mehta

Designation :

Whole Time Director

Date of Birth/Age :

02.08.1948

Qualification :

B. Com.

Date of Appointment :

18.09.2000

 

 

Name :

Renil R. Gogri

Designation :

Whole Time Director

Date of Birth/Age :

14.04.1987

Qualification :

B.E. (IIT MUMBAI), 2008

Date of Appointment :

16.08.2012

 

 

KEY EXECUTIVES

 

Name :

Ms. Mona Patel

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2013

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

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

 

 

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

31612885

35.68

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

22189576

25.05

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

53802461

60.73

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

 

 

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

86148

0.10

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

86148

0.10

Total shareholding of Promoter and Promoter Group (A)

53888609

60.83

(B) Public Shareholding

 

 

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

 

 

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

6906140

7.80

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

51087

0.06

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

6957227

7.85

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

 

 

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

1043390

1.18

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

 

 

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

11158141

12.60

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

15005655

16.94

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

538665

0.61

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

136377

0.15

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

300

0.00

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

401988

0.45

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

27745851

31.32

Total Public shareholding (B)

34703078

39.17

Total (A)+(B)

88591687

100.00

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

 

 

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

0

0.00

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

0

0.00

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

0

0.00

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

88591687

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Various Agrochemicals Intermediates.

 

 

Products :

Item Code No. (ITC Code)

Product Description

29049005

Para Nitro Chloro Benzene

29049004

Ortho Nitro Chloro Benzene

28070001

Sulphuric Acid

38081021

Quinalphos

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

·         Bank of Baroda

Union Bank of India

State Bank of India

DBS Bank Limited

Standard Chartered Bank

HDFC Bank Limited

Export-Import Bank of India

IDBI Bank Limited

Citi Bank N.A.

Axis Bank Limited

Vysya Bank Limited

ING Vysya Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

LONG TERM BORROWING

 

 

ECB/Term Loans from Banks/Financial Institutions

1157.993

1013.308

Vehicle Loans from Banks/Financial Institution

5.124

9.422

 

 

 

SHORT TERM BORROWING

 

 

Working Capital Loan From Bank

5872.914

3660.279

Total

7036.031

4683.009

 

NOTE

 

LONG TERM BORROWING

 

Out of the total ECB/Term Loans from Banks/Financial Institutions to Rs. 1588.777 Millions, outstanding Term Loan/ECB to the extent of Rs. 1040.916 Millions, are secured/to be secured by way of Pari Passu Joint Equitable Mortgage of the Company's immovable properties situated at Sarigam, Vapi and Jhagadia in the State of Gujarat and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) wherever situated. Term Loan from Citibank to the extent of Rs. 271.500 Millions is secured by way of exclusive charge on the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the new hydrogenation unit at Jhagadia. ECB from DBS Bank to the extent of Rs. 203.625 Millions is secured by way of Joint Equitable Mortgage of the Company's immovable properties situated at Bhachau, in the State of Gujarat and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. Term Loan from IndusInd Bank to the extent of Rs. 25.000 Millions is secured by way of Joint Equitable Mortgage of the one of Company's immovable properties situated at Tarapur, in the State of Maharashtra and further by way of Pari Passu hypothecation of the moveable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (except book debts, inventories and other current assets) situated at the same unit. Term Loan of Rs. 47.736 Millions from Financial Institution is secured by way of exclusive charge on specific ISO-Tanks used for company's operations.

 

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

 

SHORT TERM BORROWING

 

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

 

Banking Relations :

--

 

 

Financial Institution :

·         IDBI Trusteeship Services Limited

Siemens Financial Services Private Limited

 

 

Auditors :

 

Name :

Parikh Joshi and Kothare

Chartered Accountants

Address :

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

 

 

Subsidiaries :

·         Aarti Corporate Services Limited

Nascent Chemical Industries Limited(Through its holding

Company: Aarti Corporate Services Limited)

Shanti Intermediates Private Limited(Through its holding Company: Aarti Corporate Services Limited)

Anushakti Specialties Limited Liability Partnership

 

 

Associates :

·         Ganesh Polychem Limited

Anushakti Chemicals and Drugs Limited

Anushakti Holdings Limited

Alchemie (Europe) Limited

 

 

Enterprises/Firms over which controlling individuals/Key Management Personnel, of the Company along with their relatives, have significant influence :

·         Alchemie Pharma Chem Limited

Alchemie Industries

Gogri and Sons Investments Private Limited

Alchemie Leasing and Financing Private Limited

Alchemie Laboratories

Aarti Drugs Limited

Alchemie Dye Chem Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 23.09.2013

 

Authorised Capital : Rs. 625.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs. 442.958 Millions

 

 

As on 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

125000000

Equity Shares

Rs.5/- each

Rs.625.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

79120073

Equity Shares

Rs.5/- each

Rs.395.600 Millions

 

 

 

 

 

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

 

Particulars

No. of Shares outstanding

As at

31st March, 2013

Equity shares at the beginning of the year

79,120,073

Add: Shares Issued during the year

NIL

Less: Shares buy back during the year

NIL

Equity shares at the end of the year

79,120,073

 

Details of Shareholders holding more than 5% shares:

 

Name of Shareholder

As at 31st March, 2013

No. of

Shares held

%

held

Anushakti Holdings Limited

6,198,600

7.83

HDFC Trustee Company Limited – HDFC Prudence Fund

6,132,810

7.75

Gogri and Sons Investments Private Limited

4,844,613

6.12

Alchemie Leasing and Financing Private Limited

4,341,655

5.49

 

The details of Equity shares outstanding during last 5 Years:

 

Particulars

Financial Year

2012-13

2011-12

2010-11

2009-10

2008-09

No. of Equity Shares outstanding:

79,120,073

79,120,073

76,720,073

76,720,073

72,809,424

 

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

 

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

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

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

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

 

 

SHARE CAPITAL PENDING ALLOTMENT UPON SCHEME OF ARRANGEMENT

 

(Rs. In Millions)

Particulars

As at

31st March, 2013

94,71,614 Shares are to be issued and allotted to shareholders of Anushakti Chemicals and Drugs Limited Pursuant to the terms of the Scheme of Arrangement approved by the Honorable High Courts at Ahmedabad and Bombay vide their order dated 8th March, 2013 and 8th February, 2013 respectively.

47.358

Total

47.358

 

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

395.600

395.600

383.600

(b) Reserves & Surplus

6323.452

4730.967

4046.696

(c) Money received against share warrants

0.000

0.000

34.800

 

 

 

 

(2) Share Application money pending allotment

47.358

0.000

0.000

Total Shareholders’ Funds (1) + (2)

6766.410

5126.567

4465.096

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1167.407

1028.714

1360.504

(b) Deferred tax liabilities (Net)

707.092

554.550

529.393

(c) Other long term liabilities

2.037

1.852

1.852

(d) long-term provisions

2171.661

1721.661

1398.661

Total Non-current Liabilities (3)

4048.197

3306.777

3290.410

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

6850.084

4823.304

3561.252

(b) Trade payables

2158.461

1746.102

1360.924

(c) Other current liabilities

637.629

475.052

364.901

(d) Short-term provisions

268.034

205.631

174.425

Total Current Liabilities (4)

9914.208

7250.089

5461.502

 

 

 

 

TOTAL

20728.815

15683.433

13217.008

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

6640.988

4300.761

3856.607

(ii) Intangible Assets

1.273

31.600

63.200

(iii) Capital work-in-progress

620.083

544.223

184.461

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

185.952

210.711

187.621

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3126.240

2402.587

1901.898

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

10574.536

7489.882

6193.787

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4621.230

3258.477

2940.882

(c) Trade receivables

4286.528

4069.481

3325.342

(d) Cash and cash equivalents

97.106

88.056

77.660

(e) Short-term loans and advances

896.438

595.128

549.093

(f) Other current assets

252.977

182.409

130.244

Total Current Assets

10154.279

8193.551

7023.221

 

 

 

 

TOTAL

20728.815

15683.433

13217.008

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from Operations

20961.176

16733.107

14309.642

 

 

Other Income

43.961

28.362

39.958

 

 

TOTAL                                     (A)

21005.137

16761.469

14349.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

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

12622.725

9787.576

7864.936

 

 

Purchases of Stock-in-Trade

931.178

1404.861

1821.326

 

 

Employee Benefits Expenses

636.137

455.227

388.680

 

 

Other Expenses

3919.368

2874.431

2463.112

 

 

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

(710.689)

(235.417)

(163.328)

 

 

TOTAL                                     (B)

17398.719

14286.678

12374.726

 

 

 

 

 

 

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

3606.418

2474.791

1974.874

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

949.980

715.084

559.550

 

 

 

 

 

 

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

2656.438

1759.707

1415.324

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

818.004

539.689

479.239

 

 

 

 

 

 

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

1838.434

1220.018

936.085

 

 

 

 

 

Less

TAX                                                                  (H)

525.000

348.157

268.320

 

 

 

 

 

 

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

1313.434

871.861

667.765

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3433.084

2964.013

2587.356

 

 

 

 

 

Less

Prior Period Expenses

--

--

1.030

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

110.740

118.680

95.900

 

 

Interim Dividend

243.628

153.440

95.900

 

 

Tax on Dividend

58.544

42.670

31.278

 

 

Transfer to General Reserve

131.500

88.000

67.000

 

BALANCE CARRIED TO THE B/S

4202.106

3433.084

2964.013

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Export Sales

9923.781

6839.823

5272.061

 

TOTAL EARNINGS

9923.781

6839.823

5272.061

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

129.759

1263.094

1175.113

 

 

Stores & Spares

2.085

7.048

3.923

 

 

Capital Goods

129.759

64.191

10.035

 

 

Fuel

155.232

22.615

208.260

 

TOTAL IMPORTS

416.835

1356.948

1397.331

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

14.83

11.36

8.70

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2013

30.09.2013

Type

 

1st Quarter

2nd Quarter

Net Sales
 

5936.400

6453.500

Total Expenditure
 

5174.000

5393.300

PBIDT (Excl OI)
 

762.400

1060.200

Other Income
 

23.600

35.400

Operating Profit
 

786.000

1095.600

Interest
 

263.600

276.100

Exceptional Items
 

0.000

0.000

PBDT
 

522.400

819.500

Depreciation
 

202.100

216.000

Profit Before Tax
 

320.300

603.500

Tax
 

95.000

180.000

Provisions and contingencies
 

0.000

0.000

Profit After Tax
 

225.300

423.500

Extraordinary Items
 

0.000

0.000

Prior Period Expenses
 

0.000

0.000

Other Adjustments
 

0.000

0.000

Net Profit
 

225.300

423.500

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
6.25
5.20
4.65

 

 
 
 
 

Net Profit Margin

(PBT/Sales)

(%)
8.77
7.29
6.54

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
9.23
8.17
7.29

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.27
0.24
0.21

 

 
 
 
 

Debt Equity Ratio

(Total Debt/Networth)

 
1.18
1.14
1.10

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.02
1.13
0.97

 

 

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

383.600

395.600

395.600

Reserves & Surplus

4046.696

4730.967

6323.452

Net worth

4,430.296

5,126.567

6,719.052

 

 

 

 

long-term borrowings

1360.504

1028.714

1167.407

Short term borrowings

3561.252

4823.304

6850.084

Total borrowings

4,921.756

5,852.018

8,017.491

Debt/Equity ratio

1.111

1.142

1.193

 

 

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

14309.642

16733.107

20961.176

 

 

16.936

25.268

 

 

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

14309.642

16733.107

20961.176

Profit

667.765

871.861

1313.434

 

4.67%

5.21%

6.27%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

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

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

 

STAMP NUMBER No. 906 of 2013 To STAMP NUMBER No. 909 of 2013

 

 

Status : PENDING

 

CCIN No : 001087201300906

 

 

Last Listing Date:

-

Coram

·                       -

 

 

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX (TDS)

MRS MAUNA M BHATT for: null 1

S.NO.

Name of the Respondant

Advocate On Record

1

AARTI INDUSTRIES LIMITED

 

Presented On

: 02/04/2013

Registered On

: 02/04/2013

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 0 times

StageName

: ADMISSION (FRESH MATTERS)

 

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

Act
  • INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA/3020/AHD/2010

INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH

JUDICIAL MEMBER AND ACCOUNTANT MEMBER

25/10/2012

AHMEDABAD

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10452990

18/09/2013

631,400,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

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

B86628591

2

10424578

26/04/2013

541,200,000.00

STANDARD CHARTERED BANK

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

B74713702

3

10406918

23/01/2013

275,000,000.00

CITIBANK N. A.

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

B69134021

4

10356963

31/03/2012

75,000,000.00

SIEMENS FINANCIAL SERVICES PRIVATE LIMITED

130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA

B40081291

5

10334511

12/12/2012 *

400,000,000.00

DBS BANK LIMITED

1ST FLOOR, FORT HOUSE, DR. DN ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

B67020537

6

10330603

23/11/2011

280,800,000.00

ING VYSYA BANK LIMITED

MITTAL TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B30163976

7

10254542

30/11/2010

1,000,000,000.00

EXPORT IMPORT BANK OF INDIA

FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

B00914739

8

10242774

03/08/2010

509,300,000.00

STANDARD CHARTERED BANK

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

A95199576

9

10156237

21/04/2009

6,450,000,000.00

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI
TED

PLOT NO. 139-140, WESTERN EXPRESS HIGHWAY,, SAHAR
ROAD JUNCTION, VILLE PARLE (EAST), MUMBAI - 400057, MAHARASHTRA, INDIA

A61626685

10

10119867

12/12/2012 *

600,000,000.00

UNION BANK OF INDIA

IND. FIN. BRANCH, 1ST FLOOR, UNION BANK BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B66660002

11

10120202

12/12/2012 *

550,000,000.00

IDBI BANK LIMITED

47 OPUS CENTER, MIDC ANDHERI EAST, MUMBAI - 400093, MAHARASHTRA, INDIA

B66957358

12

10121960

12/12/2012 *

900,000,000.00

STATE BANK OF INDIA

CORPORATE CENTRE AT STATE BANK BHAVAN, MADAM CAMA ROAD, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B67300970

13

10121961

12/12/2012 *

450,000,000.00

AXIS BANK LIMITED

KONARK DARSHAN, NEXT TO JAIN MANDIR, ZAVER ROAD, MULUND (WEST), MUMBAI - 400080, MAHARASHTRA, INDIA

B66474404

14

10121962

12/12/2012 *

250,000,000.00

HDFC BANK LIMITED

HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA

B67424267

15

10122049

12/12/2012 *

700,000,000.00

CITI BANK N.A.

CITIBANK CENTRE, 2ND FLOOR, BANDRA KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA

B66681263

16

10122387

12/12/2012 *

750,000,000.00

EXPORT-IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

B67412304

17

10108577

12/12/2012 *

700,000,000.00

STANDARD CHARTERED BANK

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

B66915125

18

10029996

29/03/2007 *

400,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, NGN VIDYA MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

A05217856

19

90102464

29/03/2007 *

300,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, NGN VIDYA MARG, FORT, MUMBAI - 400023,
MAHARASHTRA, INDIA

A13630215

20

90236400

28/02/2005 *

220,000,000.00

UTI BANK LIMITED

UNIVERSAL INSURANCE BUILDING, MP ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA

-

21

80001690

28/09/2006 *

420,000,000.00

UTI BANK LIMITED

UNIVERSAL INSURANCE BUILDING, SIR P M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

-

22

90102384

29/07/2004

1,374,680.00

ICICI BANK LIMITED

ZENITH HOUSE; KESHAVRAO KHYADE MARG, MAHALAXMI,
MUMBAI, MAHARASHTRA - 400034, INDIA

-

23

90102284

29/03/2007 *

700,000,000.00

EXPORT IMPORT BANK OF INDIA

CENTRE ONE BUILDING, FLR 21, WORLD TRADE CENTRE,
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

A15489933

24

80033012

12/12/2012 *

700,000,000.00

THE BANK OF BARODA LIMITED

FORESHORE BUILDING, GENERAL BHOSALE MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

B67297523

25

80033010

28/12/2001 *

200,000,000.00

UTI BANK LIMITED

MAKER TOWER, "F" 11TH FLOOR, CUFF PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

UNSECURED LOANS

 

PARTICULARS

31.03.2013

(Rs. in Millions)

31.03.2012

(Rs. in Millions)

LONG TERM BORROWINGS

 

 

Deposits

4.290

5.984

 

 

 

SHORT TERM BORROWING

 

 

From Banks

947.345

1158.025

From Others

29.825

5.000

Total

981.460

1169.009

 

RESTRUCTURING UPDATE

 

During the year, the Company has merged the manufacturing operations of its Associate Company, Anushakti Chemicals and Drugs Limited (ACDL) into Subject with effect from 1st April, 2012 in terms of Scheme of Arrangement duly approved by the High Courts of Bombay and Gujarat at Ahmedabad. The Company has allotted 94,71,614 equity shares of Rs. 5/- each to the shareholders of ACDL in terms of the said Scheme of Arrangement, whereby the Paid up Share Capital of the Company has increased by about 12% to Rs. 44,29,58,435 divided into 8,85,91,687 equity shares of Rs. 5/- each fully paid up.

 

Upon the Scheme of Arrangement having become effective, the merged accounts have been drawn up for FY 2012-13 w.e.f. 1st April, 2012. Hence to this extent, the financials for FY 12-13 may not be comparable with previous year. ACDL had manufacturing units at Bhachau in the State of Gujarat, Tarapur and Dombivali in the State of Maharashtra which are now merged into the Company. Apart from synergies derived in respect of common products, the said restructuring has increased the volumes of existing range of products and would also facilitate addition of newer products with diverse end usages into Fuel Additives, etc. having high growth possibilities. Restructuring has also helped spread of overall products and markets specific risks and improve operating margin as well.

 

 

FINANCIALS

 

During the year, the Company has achieved multiple milestones. Standalone Net revenues of the Company crossed Rs. 20000.000 Millions mark and ended at Rs. 20960.000 Millions (previous year Rs. 16730.000 Millions). Similarly Exports had also crossed Rs. 10000.000 Millions and closed at Rs. 10600.000 Millions. Hence with these record breaking performance, their exports now constitute over 50% of the total revenues of the Company. The EBIDTA margins for the Company also improved from 14.6% for FY 11-12 to 17% in FY 12-13.

 

Operating profit before Interest, Depreciation and Tax for FY 12-13 was at Rs. 3560.000 Millions (Previous Year Rs. 2450.000 Millions) Profit before tax for FY12-13 was at Rs. 1840.000 Millions (Previous Year Rs. 1220.000 Millions) Profit after Tax and Deferred Tax grew to Rs. 1310.000 Millions for FY 12-13 from Rs. 870.000 Millions for FY 11-12.

 

Consolidated Income increased by 25% to Rs. 20960.000 Millions as compared to Rs. 16730.000 Millions for last year. Consolidated EBIDTA also grew by about 45% to Rs. 3650.000 Millions as against Rs. 2530.000 Millions last year. Net Profit after Consolidation also recorded a growth of 30% at Rs. 1340.000 Millions as against Rs. 1030.000 Millions for last year. Consolidated EPS for FY 2012-13 was at Rs. 15.17 as against Rs. 13.45 for FY 2011-12.

 

During last year, with introduction of various high growth and high margin export oriented products, the share of Exports Revenue to Total Revenue have crossed the 50% benchmark. The ability to provide products with required specifications at desired intervals have added to the increase in volumes from Global customers over longer term period. The Company has entered into various long term supply agreement with its key customers thereby further strengthening its Global market positions. Significant volume growth is coming from their customers in Europe and America and in few of the products the demand is more than the production capabilities of the Company. Exports now, accounts for 51% of the total revenue and have increased by over 46% to Rs. 10600.000 Millions for FY 12-13 from Rs. 7270.000 Millions for FY 11-12.

 

 

CHEMICAL INDUSTRY – STRUCTURE AND DEVELOPMENT

 

Chemical Industry is one of the fastest growing industries in the Indian Economy. At the same time it is also one of the oldest domestic industry of India which started working soon after India’s Independence in 1947. It accounts for 18% of the Indian manufacturing sector output and is expected to grow by about 12% annually. It constitutes for about 15% of India’s Exports and has around 8% share in India’s Imports. From those early years, the Chemical Industry in India continued to contribute to the Economic Growth of Indian Economy. At present, the Chemical Industry accounts for almost 13% of Indian GDP.

 

A network of over 200 national laboratories and 1300 R&D Centres provide a strong base for further innovations and growth of Indian Chemical Industry. Government Initiatives in the form of Port based Chemical Parks in SEZ, Improvement in Infrastructure, Tax concessions, reduction and rationalization of Duty Structure, FDI relaxation, etc. plough the road for further growth of the Indian Chemical Industry into a major Chemical hub. End user Industries like Agro-Chemicals, Automotives, Biotechnology, Electronics, Packaging, Pharmaceuticals, Pigments, Polymers, Surfactants, etc have been witnessing good demand and are poised for faster growth.

 

Thus, Indian Chemical Industry holds potential to produce quality chemicals for global consumers because of its diversified manufacturing base, strong IPRs, availability of qualified work force, proximity to ports, availability of feedstock, etc.

 

With concerns on environmental impact, the Indian Government has been working towards ensuring stricter compliance of effluent norms, categorizing alert zone, identifying and restricting the operation of the polluting units. This has made Indian companies to scale up their units in parity with international standards. In this process, while a lot of units have been closed down, they are also witnessing the emergence of Indian Global Chemical Companies capable of competing with the other Asian players, while also adopting safer and greener processes.

 

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

 

The Company believes that the long term growth and profitability from the business cannot be sustained without a framework considering the elements of Safety, Health, Environment Impact and Energy Efficiency initiatives. With these principles, the Company have stepped up its efforts for the sustainable growth of its businesses. The Company is committed to increase the process safety and increasing the level of automation in its existing areas of operation. This will help in reducing the manual handling and shopfloor manpower. The Company has adopted the 3R Principle, i.e., Reduce – Recover – Reuse. Over last 18 months, the Company has made substantial Investments into upgrading the ETP setup and had upgraded two of its Manufacturing Units into Zero Discharge Unit and also has put in places various processes to control/limit of generation of effluents and improve on the treatment of the same. The Company plans to invest further in these areas to ensure providing greener and safer manufacturing environment.

 

 

INTERCHANGEABLE PERFORMANCE AND AGROCHEMICALS MANUFACTURING OPERATIONS.

 

The Manufacturing units for these two segments are majorly interconnected/interlinked at the common manufacturing units located at Vapi, Sarigam, Jhagadia and Bhachau in the State of Gujarat and at Dombivali and Tarapur in the State of Maharashtra. A significant portion of the Company’s production capabilities are process driven and not based on a particular product. This gives the Company the flexibility to change its input mix and manufacture different products, thereby resulting into optimum utilization of production capabilities as well as provides flexibility to change the product mix amongst different end-user applications based on market dynamics.

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

Claims against the Company not acknowledged as Debts

387.011

219.828

Letters of Credit, Bank Guarantees and Bills Discounted

805.243

440.176

 

 

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013

 

PART I

(Rs. In Millions)

Sr.

No.

Particulars

3 Months Ended

6 Months Ended

30th Sept, 2013

30th June, 2013

30th Sept, 2013

Audited

Audited

Audited

1

Income from Operations

a) Net Sales/Income from operation (Net of excise duty/VAT)

6377.000

 5858.500

 12235.500

 

b) Other Operating Income

 76.500

 77.900

 154.400

 

Total Income from Operations (Net)        

6453.500

 5936.400

 12389.900

2

Expenses

a) Cost of Material Consumed

 4010.000

 3688.400

 7698.400

 

b) Purchases of Stock-in-trade

 262.500

 262.000

 524.500

 

c) Changes in inventories of Finished Goods, Work-in-progress and Stock-in-trade

 (225.900)

 (24.100)

 (250.000)

 

d) Employee Benefits Expenses

 185.300

 165.500

 350.800

 

e) Depreciation and Amortisation Expense

 216.000

 202100

 418.100

 

f) Other Expenses

 1161.400

 1082.200

 2243.600

 

Total Expenses

 5609.300

 5376.100

 10985.400

3

Profit/(Loss) from Operations before Other Income, Finance Costs and Exceptional Items            (1-2)

 844.200

 560.300

 1404.500

4

Other Income

 35.400

 23.600

 59.000

5

Profit/(Loss) from Ordinary Activities before Finance

Costs and Exceptional Items             (3+4)

 879.600

 583.900

 1463.500

6

Finance Costs

 276.100

 263.600

 539.700

7

Profit/(Loss) from Ordinary Activities after Finance

Costs but before Exceptional Items    (5-6)

 603.500

 320.300

 923.800

8

Exceptional Items

 -

            -

            - 

9

Profit/(Loss) from Ordinary Activities before Tax (7-8)

 603.500

 320.300

 923.800

10

Tax Expenses

a) Provision for Taxation-Current

 135.000

 60.000

 195.000

 

b) Provision for Deferred Tax

 45.000

 35.000

 80.000

 

Total Tax Expenses

 180.000

 95.000

 275.000

11

Net Profit/(Loss) from Ordinary Activities after Tax (9-10)

 423.500

 225.300

 648.800

12

Extraordinary Items (Net of Tax Expense)

 -

            -

            - 

13

Net Profit/(loss) for the period         (11-12)

 423.500

 225.300

 648.800

14

Share of Profit/(Loss) of Associates

 -

            -

            - 

15

Minority Interest

 -

            -

            - 

16

Net Profit/(Loss) after Taxes, Minority Interest and

Share of Profit/(Loss) of Associates (13+14+15)

 4235

 2,253

 6488

17

18

19.i

19.ii

Paid-up Equity Share Capital (Face Value of Rs. 5/-each)   Reserve excluding Revaluation Reserves as per

Balance Sheet of previous Accounting Year 

Earnings Per Share (before Extraordinary Itmes) (of Rs. 5/- each) (not annualised)

a) Basic

b) Diluted

Earnings Per Share (after Extraordinary Itmes) (of Rs. 5/- each) (not annualised) a) Basic

b) Diluted

4430

            -

 

 

4.78

4.78

4.78

4.78

 4430

            -

 

 

2.54

2.54

2.54

2.54

 4430

            - 

 

 

7.32

7.32

7.32

7.32

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

1

Public Shareholding

- Number of Shares

35,026,753

35,347,302

35,026,753

 

- Percentage of Sharesholding

39.54

39.90

39.54

2

Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of Shares

 Nil

 Nil

 Nil

 

- Percentage of Shares (as a % of total shareholding

 Nil

 Nil

 Nil

 

of promoter and promoter group)

- Percentage of Shares (as a % of total share capital

 Nil

 Nil

 Nil

 

of the Company)

b) Non-encumbered - Number of Shares

53,564,934

53,244,385

53,564,934

 

- Percentage of Shares (as a % of total shareholding

100.00

100.00

100.00

 

of promoter and promoter group)

 - Percentage of Shares (as a % of total share capital      of the Company)

60.46

60.10

60.46

 

 

 

PARTICULARS

30th September, 2013

B

INVESTOR COMPLAINTS (Nos.)

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

11

 

Disposed of during the quarter

11

 

Remaining unresolved at the end of the quarter

Nil

 

 

SEGMENTWISE REVENUE AND RESULTS UNDER CLAUSE 41 OF LISTING AGREEMENT

 

(Rs. In Millions)

Particulars

 

 

 

3 Months Ended

6 Months Ended

30th September, 2013

30th June, 2013

30th September, 2013

Audited

Audited

Audited

Segment Revenue

a)         Performance Chemicals

b)         Agri-Intermediates and Fertiliser

c)         Pharmaceuticals

d)         Home and Personal Care Chemicals

 

4466.600

905.500

694.700

386.700

 

4026.700

901.500

633.200

375.000

 

8493.300

1807.000

1327.900

761.700

Total

6453.500

5936.400

12389.900

Segment Results Profit / (Loss)

Before Tax and Interest from each Segment

a)         Performance Chemicals

b)         Agri-Intermediates and Fertiliser

c)         Pharmaceuticals

d)         Home and Personal Care Chemicals

 

 

650.100

175.100

117.900

19.300

 

 

478.600

161.700

72.900

(2.300)

 

 

1128.700

336.800

190.700

17.000

Total

962.400

710.900

1673.200

Less: Interest

Other Unallocable Expenditure (Net)

276.100

82.800

263.600

127.000

539.700

209.700

TOTAL PROFIT BEFORE TAX

603.500

320.300

923.800

 

Segmental Capital Employed :

 

Fixed Assets used in the Company's business or liabilities contracted have not been identified to any of the reportable segments, as the Fixed Assets and services are used interchangeably between Segments. The Company believes that it is currently not practicable to provide segment disclosures relating to Capital Employed.

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 

Particular

As at 30th September, 2013

EQUITY AND LIABILITIES

 

Shareholders’ funds

 

(a) Share capital

443.000

(b) Share Capital pending allotment upon Scheme of arrangement

Nil

(c) Reserves and Surplus

6790.900

Sub-total - Shareholders' funds

7233.900

 

 

Non-current liabilities

 

(a) Long-term borrowings

2125.800

(b) Deferred Tax Liabilities (Net)

787.100

(c) Other Long-term Liabilites

2.400

(d) Long-term Provisions

2366.700

Sub-total - Non-current liabilities

5282.000

 

 

Current liabilities

 

(a) Short-term Borrowings

6270.200

(b) Trade Payables

2979.200

(c) Other Current Liabilities

546.800

(d) Short-term Provisions

300.200

Sub-total - Current liabilities

10096.400

TOTAL - EQUITY AND LIABILITIES

22612.300

 

 

ASSETS

 

Non-current assets

 

(a) Fixed assets

8175.900

(b) Non-current investments

322.000

(c) Long-term loans and advances

3480.200

Sub-total - Non-current assets Current assets

11978.100

Current assets

 

(a) Inventories

5356.800

(b) Trade receivables

669.300

(c) Cash and cash equivalents

148.500

(d) Short-term loans and advances

851.500

(e) Other current assets

308.100

Sub-total - Current assets

7334.200

TOTAL - ASSETS

22612.300

 

 

The above results for the quarter and half year ended 30th September, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 14th November, 2013.

 

The Board of Directors have declared Interim Dividend of Rs. 1.75 paise per Equity Share of Rs. 5/- each (35 %) amounting to Rs. 15,50,35,452.25 paise and 20th November, 2013 has been fixed as record date for the payment of the said Interim Dividend.

 

Figures for the quarter and half year ended 30th September, 2012 does not include figures of demerged activities of Anushakti Chemicals and Drugs Limited (Manufacturing Division) merged with the Company w.e.f. 1st April, 2012. To that extent these figures are not comparable.

 

Figures for the previous period have been regrouped or rearranged wherever necessary.

 

 

FIXED ASSETS

 

v                  Tangible Assets

Free hold Land

Lease Hold Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

v                 Intangible Assets

Process Development

Technical Knowhow

Goodwill

Computer Software

Copyrights and Patents

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records 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.61.94

UK Pound

1

Rs.103.31

Euro

1

Rs.85.11

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

54

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

 

 

 

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

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