MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAMLIN FINE SCIENCES LIMITED [w.e.f. 19.09.2011] |
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|
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Formerly Known
As : |
CAMLIN FINE CHEMICAL LIMITED [w.e.f. 11.08.2006] CAMLIN FINE CHEMICAL PRIVATE LIMITED [w.e.f. 01.06.2006] CAMLICON CONSULTANTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate, Central Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.11.1993 |
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Com. Reg. No.: |
11-075361 |
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Capital
Investment / Paid-up Capital : |
Rs.93.888
Millions |
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|
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CIN No.: [Company Identification
No.] |
L74100MH1993PLC075361 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14766D |
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PAN No.: [Permanent Account No.] |
AACCC5235E |
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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
: |
Manufacturer of Food and Industrial Antioxidants. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2436000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having satisfactory track. The company possesses a favorable financial profile marked by adequate
networth base along with working capital intensive nature of operation
leading to a highly geared capital structure. Management has witnessed a constant growth in revenue as well as
profitability achieved over the period FY 11- FY 13, while the economy
globally is experiencing a recessionary phase. The ratings also take into consideration the dominant position in the
industry and susceptibility of profitability to the volatility in raw
material prices as well as exchange rate fluctuations. However, trade relations seems to be fair. Business is active. Payment
terms are reported as usually correct. In view of professionally qualified and experienced management, the
subject can be considered for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
19.08.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A2 [Short Term Bank Facilities] |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
19.08.2013 |
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 – COOEPRATIV (91-22-67001000)
LOCATIONS
|
Registered Office : |
Plot No. F/11 and F/12, WICEL, Opposite SEEPZ Main Gate, Central Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67001000 |
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Fax No.: |
91-22-28324404 |
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E-Mail : |
narayan.joshi@camlinfinechem.com |
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Website : |
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Factory 1 : |
Plot No. D-2/3, MIDC, Boisar, Tarapur, District Thane – 401506,
Maharashtra, India |
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Factory 2 : |
Plot No. N-165, MIDC, Boisar, Tarapur, District Thane-401506,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Dilip D Dandekar |
|
Designation : |
Chairman |
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Name : |
Mr. Ashish |
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Designation : |
Managing Director |
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Name : |
Mr. Sharad M Kukarni |
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Designation : |
Director |
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Name : |
Mr. Pramod M Sapre |
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Designation : |
Director |
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Name : |
Mr. Abeezar Established Faizullabhoy |
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Designation : |
Director |
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Name : |
Mr. Bhargav A Patel |
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Designation : |
Director |
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Name : |
Mr. Dattatraya R. Puranik |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Dattatraya R. Puranik |
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Designation : |
Chief Financial Officer |
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|
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Name : |
Ms. Arpita S. Patwardhan |
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Designation : |
Deputy Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21231158 |
44.98 |
|
|
3007410 |
6.37 |
|
|
24238568 |
51.35 |
|
|
|
|
|
|
586400 |
1.24 |
|
|
586400 |
1.24 |
|
Total shareholding of Promoter and Promoter Group (A) |
24824968 |
52.59 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2250 |
0.00 |
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|
2250 |
0.00 |
|
|
|
|
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|
4121792 |
8.73 |
|
|
|
|
|
|
12612788 |
26.72 |
|
|
5474466 |
11.60 |
|
|
167901 |
0.36 |
|
|
142901 |
0.30 |
|
|
25000 |
0.05 |
|
|
22376947 |
47.40 |
|
Total Public shareholding (B) |
22379197 |
47.41 |
|
Total (A)+(B) |
47204165 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
47204165 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Food and Industrial Antioxidants. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B. K Khare and Company Chartered Accountant |
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Address : |
Mumbai, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 13.08.2013
Authorised Capital : Rs.135.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.94.810
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67050000 |
Equity Shares |
Rs.2/- each |
Rs.135.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
46943940 |
Equity Shares |
Rs.2/- each |
Rs.93.888
Millions |
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|
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|
NOTE:
Terms/Rights attached to equity shares
The Company has only one class of shares referred to as equity shares having par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian Rupees. The dividend proposed by The Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Board of Directors in their meeting held on 21st May, 2013 proposed dividend of Rs.0.60/- per equity shares of face value of Rs. 2/- (Previous Year Rs.0.50/- per equity share of face value of Rs. 2/-).
In the event of liquidation of the Company, the holders of equity shares will be entitle to receive any of the remaining assets of the company after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to number of equity shares held by the shareholders.
Reconciliation of the
number of shares
Equity Shares
|
Particulars |
31.03.2013 |
|
|
|
Number |
Rs. In Millions |
|
Face value per share (in `) |
|
2 |
|
Shares outstanding at the beginning of the year |
46,794,390 |
93.589 |
|
Add: Issued during the year |
-- |
-- |
|
Add: Additions due to issue of ESOPs |
149,550 |
0.299 |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
46,794,390 |
93.589 |
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 |
93.888 |
93.589 |
93.060 |
|
(b) Reserves & Surplus |
515.112 |
398.893 |
321.926 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
609.000 |
492.482 |
414.986 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
376.698 |
329.907 |
399.992 |
|
(b) Deferred tax liabilities (Net) |
32.729 |
33.211 |
29.346 |
|
(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) |
409.427 |
363.118 |
429.338 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
611.157 |
506.726 |
233.741 |
|
(b) Trade
payables |
787.308 |
572.096 |
366.765 |
|
(c) Other
current liabilities |
96.611 |
124.628 |
55.482 |
|
(d) Short-term
provisions |
84.338 |
50.550 |
36.638 |
|
Total Current Liabilities
(4) |
1579.414 |
1254.000 |
692.626 |
|
|
|
|
|
|
TOTAL |
2597.841 |
2109.600 |
1536.950 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
452.109 |
367.024 |
375.467 |
|
(ii)
Intangible Assets |
89.732 |
117.137 |
23.973 |
|
(iii)
Capital work-in-progress |
7.602 |
22.322 |
33.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.331 |
13.331 |
14.786 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
9.851 |
13.673 |
11.855 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
572.625 |
533.487 |
459.081 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
886.769 |
484.639 |
289.762 |
|
(c) Trade
receivables |
684.818 |
627.956 |
402.510 |
|
(d) Cash
and cash equivalents |
103.738 |
70.797 |
87.237 |
|
(e)
Short-term loans and advances |
349.891 |
392.721 |
298.360 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2025.216 |
1576.113 |
1077.869 |
|
|
|
|
|
|
TOTAL |
2597.841 |
2109.600 |
1536.950 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3135.347 |
2520.623 |
1647.595 |
|
|
|
Other Income |
28.650 |
35.579 |
13.249 |
|
|
|
TOTAL (A) |
3163.997 |
2556.202 |
1660.844 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1809.179 |
1472.066 |
1118.660 |
|
|
|
Purchase of stock-in-trade |
200.666 |
233.258 |
11.587 |
|
|
|
Employee benefits expense |
112.798 |
88.756 |
81.279 |
|
|
|
Research and development expenses |
17.239 |
14.955 |
0.000 |
|
|
|
Other expenses |
546.509 |
412.531 |
312.467 |
|
|
|
Relating to Product Development Capitalized |
0.000 |
0.000 |
(21.652) |
|
|
|
Changes in Inventories of finished goods/WIP/stock-in-trade |
(8.453) |
(56.676) |
(60.343) |
|
|
|
TOTAL (B) |
2677.938 |
2164.890 |
1441.998 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
486.059 |
391.312 |
218.846 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
175.213 |
162.011 |
80.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
310.846 |
229.301 |
138.808 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
85.569 |
64.894 |
54.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
225.277 |
164.407 |
84.185 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
77.686 |
63.004 |
17.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
147.591 |
101.403 |
66.620 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
133.159 |
69.449 |
49.902 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
10.500 |
5.500 |
|
|
|
Proposed Dividend |
28.166 |
23.397 |
18.612 |
|
|
|
Corporate Dividend Tax |
4.784 |
3.796 |
3.019 |
|
|
BALANCE CARRIED
TO THE B/S |
232.800 |
133.159 |
89.391 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value (Including Trading) |
2334.088 |
2111.231 |
1425.477 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1831.487 |
1308.244 |
832.635 |
|
|
|
Purchase of Traded Goods |
200.666 |
206.944 |
4.373 |
|
|
TOTAL IMPORTS |
2032.153 |
1515.188 |
837.008 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
3.15 |
2.18 |
1.50 |
|
|
|
-
Diluted |
3.13 |
2.16 |
1.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
779.300 |
946.200 |
|
Total Expenditure |
|
646.600 |
806.100 |
|
PBIDT (Excl OI) |
|
132.700 |
140.100 |
|
Other Income |
|
08.100 |
04.600 |
|
Operating Profit |
|
140.900 |
144.700 |
|
Interest |
|
49.800 |
47.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
91.000 |
97.200 |
|
Depreciation |
|
21.000 |
21.100 |
|
Profit Before Tax |
|
70.100 |
76.100 |
|
Tax |
|
20.500 |
18.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
49.600 |
58.100 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
49.600 |
58.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.66
|
3.97 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.19
|
6.52 |
5.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.74
|
7.93 |
5.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.33 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.62
|
1.70 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28
|
1.25 |
1.55 |
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 |
93.06 |
93.589 |
93.888 |
|
Reserves & Surplus |
321.926 |
398.893 |
515.112 |
|
Net
worth |
414.986 |
492.482 |
609.000 |
|
|
|
|
|
|
long-term borrowings |
399.992 |
329.907 |
376.698 |
|
Short term borrowings |
233.741 |
506.726 |
611.157 |
|
Total
borrowings |
633.733 |
836.633 |
987.855 |
|
Debt/Equity
ratio |
1.527 |
1.699 |
1.622 |
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 |
1647.595 |
2520.623 |
3135.347 |
|
|
|
52.988 |
24.388 |
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 |
1647.595 |
2520.623 |
3135.347 |
|
Profit |
66.620 |
101.403 |
147.591 |
|
|
4.04% |
4.02% |
4.71% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
|
CASE DETAILS BENCH:-BOMBAY PRESENTATION DATE:- 31/12/2013 LODGING NO.:- CPL/899/2013
FILING
DATE:- 01/07/2013 PETITIONER:- MEHTA FLEX PRIVATE
LIMITED RESPONDENT:-
CAMLIN FINE SCIENCE LIMITED CIN NO.: L74100MH1993PLC075361 PETN. ADV.:- S K JAIN AND ASSOCIATES (415) DISTRICT: MUMBAI BENCH: SINGLE STATUS: PRE-ADMISSION LAST DATE: 19/06/2014
CATEGORY: COMPANY PETITION U/SEC 433,434,439 LAST CORAM:- HON’BLE SHRI JUSTICS S J KATHAWALLA ACT :- COMPANIES
ACT & RULES 1956
UNDER
SECTION:- 433(E),434 AND 439 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10397631 |
06/09/2013 * |
690,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, NGN VAIDYA MARG, NEAR HORNIMAN |
B85763092 |
|
2 |
10340210 |
21/08/2012 * |
200,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA 1ST
FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA,
INDIA |
B58040346 |
|
3 |
10308664 |
10/04/2013 * |
755,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
OVERSEAS BRANCH,
DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B74087735 |
|
4 |
10299312 |
03/05/2013 * |
780,000,000.00 |
BANK OF INDIA |
ANDHERI MID
CORPORATE BRANCH, BOI BLD, 1ST FLOOR, |
B75990424 |
|
5 |
10276496 |
21/09/2011 * |
170,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTR |
B22759153 |
|
6 |
10155405 |
21/09/2011 * |
160,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
B22760870 |
|
7 |
10061566 |
03/05/2013 * |
890,000,000.00 |
IDBI BANK
LIMITED |
47, OPUS CENTRE,
OPPOSITE TUNGA PARADISE HOTEL, CENTRAL ROAD, MIDC, ANDHERI (EAST), MUMBAI -
400093, MAHARASHTRA, INDIA |
B75641928 |
* Date of charge modification
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Deposits from Public |
69.495 |
69.691 |
|
TOTAL
|
69.495 |
69.691 |
OPERATIONAL
PERFORMANCE:
During the year,
total income of the Company rose to Rs.3163.997 Millions from Rs.2556.202
Millions registering an impressive growth of 23.77%. The Company has registered
a high growth in this extremely volatile market and increased its market share
of food antioxidants due to its technological and markets development
initiatives. This was possible by the focussed approach on the stability of
supplies and prices to the customer’s inspite of the recessionary pressures. The
net profit after tax for the year was Rs.147.591 Millions as against Rs.101.403
Millions in the previous year thereby registering a growth of 45.54%.
The growth of the
Company is powered by new and value added products. The Company has added 3
highly potential products from the diphenol downstream as per planned strategy.
These products are Vanillin, Tertiary Butyl Catechol (TBC) and Guaiacol which
have contributed to the growth.
The Company in
spite of low demand and severe pressure on margins achieved the targeted market
share. The Company has focussed on the emerging markets like Asia, Latin
America and India besides existing areas of business.
The operations
team managed to successfully undertake certain critical cost reduction
measures. The quantum jump that the Company has achieved in capacities of
products with marginal capital investment is due to the great work done by the
Engineering and Technology team during the current year.
The establishment
of two major business divisions, namely, Food and Industrial Products has been
successfully completed. This has resulted in positive impact as demonstrated in
the growth of sales volumes and value during the current year. These divisions
have brought about a sharper focus on developing Diphenol downstream products
which were successfully commercialized. This strategic change has resulted in
significant increase in market share of both Food and Industrial Products.
SUBSIDIARIES:
DULCETTE TECHNOLOGIES LLC
A 61% owned joint venture
of the Company engaged in market/business development of Company’s products in
U.S.A.
CFCL MAURITIUS PRIVATE LIMITED
A 100% owned
subsidiary of the Company incorporated for acquisition of CFS Europe S.p.A. in
Italy.
CFS EUROPE S.P.A.
A step down
subsidiary of the Company engaged in manufacture and sale of key raw materials
required by the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS:
MARKET OVERVIEW:
The year, was a
mixed year for the manufacturers as compared with the last year. There was however
stability in the availability of key raw material but the volatility in pricing
put severe pressures on margins.
The market
experienced a general slowdown in demand for antioxidant in key markets,
resulting in stronger competition for market share, adding pressures on the
margins.
The Company in
spite of low demand and severe pressure on margins achieved the targeted market
share. The Company has focused on the emerging markets like, Asia, Latin
America and India besides existing areas of business. The growth of the Company
is powered by new and value added products. The Company has added 3 highly
potential products from the diphenol downstream as per planned strategy. These
products were Vanillin, Tertiary Butyl Catechol (TBC) and Guaiacol which have
contributed to the growth.
The Company
continues to strengthen the management processes and has focussed on management
development. The strength in R and D, Production, Marketing & Sales and all
supporting services remain the key drivers. The operations team managed to
successfully undertake certain critical cost reduction measures. The quantum
jump that the Company has achieved in capacities of products with marginal
capital investment is due to the great work done by Engineering and Technology
team during the current year.
The Company has
registered a high growth at 24% in this extremely volatile market and increased
its market share of food antioxidants due to its technological and market
development initiatives. This was possible by the focused approach on the
stability of supplies and prices to the customer’s inspite of the recessionary
pressures. The backward integration due to acquisition of an Italian Company
Borregaard Italia S.p.A. (now CFS Europe S.p.A.) helped the Company to ensure
competitive pricing of key raw material.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND
YEAR ENDED 31ST MARCH, 2014
Rs. in Millions
|
Sr. No. |
PARTICULAR |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
(a) Gross Sales / Income from Operations |
1129.674 |
930.720 |
3827.506 |
|
|
(b) Less: Excise Duty |
23.687 |
18.581 |
84.983 |
|
|
(c) Net Sales / Income from Operations |
1105.987 |
912.139 |
3742.523 |
|
|
(d) Other Operating Income |
0.239 |
0.145 |
1.404 |
|
|
Total Income
from Operations (net) |
1106.236 |
912.284 |
3743.927 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
(a) Changes in Inventories of Finished goods and Work-in -progress |
89.725 |
(59.297) |
62.733 |
|
|
(b) Consumption
of raw material |
563.093 |
479.463 |
2077.264 |
|
|
(c) Purchase of traded goods |
79.941 |
134.976 |
225.315 |
|
|
(d) Employee Benefits expense |
47.441 |
33.706 |
151.230 |
|
|
(e) Depreciation, Amortization and Impairment expense |
23.289 |
27.858 |
93.200 |
|
|
f) Other Expenses |
176.059 |
160.262 |
641.444 |
|
|
g) Total |
979.548 |
776.968 |
3251.186 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
126.678 |
135.316 |
492.741 |
|
|
|
|
|
|
|
4. |
Other
Income |
6.028 |
4.491 |
23.270 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
132.706 |
139.807 |
516.011 |
|
|
|
|
|
|
|
6. |
Interest |
62.141 |
64.491 |
223.953 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
70.565 |
75.315 |
292.058 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
70.565 |
75.315 |
292.058 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
36.547 |
27.352 |
102.372 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
34.018 |
47.964 |
189.686 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
34.018 |
47.964 |
189.686 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
94.408 |
94.119 |
94.408 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
670.347 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earnings Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.72 |
1.02 |
4.03 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.72 |
1.01 |
4.02 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
22379197 |
22277660 |
22379197 |
|
|
-
Percentage of Shareholding |
47.41 |
47.34 |
47.41 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
24824968 |
24781855 |
24824968 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
52.59 |
52.66 |
52.59 |
|
INVESTOR COMPLAINTS |
Quarter Ended 31.03.2014 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
-- |
NOTE:
The above audited financial results were reviewed by the Audit Committee and have been considered and approved by the Board of Directors at its meeting held on May 29, 2014.
The Board of Directors has recommended a dividend of Rs.0.70 per equity share
of Rs.2/- each for the year 2013-14.
On June 16, 2013 a fire occurred at the company’s factory at Tarapur as a
result of which there was a loss of inventory and fixed assets. The Company is
fully insured against this loss and a claim with the insurance has been lodged
which is in progress. The Company has received a partial payment of Rs.1000
lacs against the said claim in January 2014. The Company is confident of
recovery of the entire loss. However, a suitable provision on a prudential
basis has been made in the books for any part of the claim that may not be
recovered.
The Company has made an investment of Rs.203.50 lakhs ($ 330,000) by acquiring
(783738 shares) in the share capital of Solentus. SOLENTUS DO BRASIL INDOSTRIA,
COMERCIO, IMPORT ACAO E EXPORTACAO DE ADITIVOS ALI MENTICIOS LTDA., Brazil
which has become 100% subsidiary of the Company, after such investment.
The Company has made an aggregate investment of Rs.4.392 Millions ($ 70000) by
acquiring (77000 shares) in the share capital of Solentus NA. Solentus North
America Inc which has become 100% subsidiary of the Company, after such
investment.
The Company operates primarily in the segment of Fine Chemicals and hence has
only one reportable segment.
The figures of last quarter are the balancing figures between audited figures
in respect of the full financial year and the published year to date figures up
to the third quarter of current financial year.
Figures for previous periods have been regrouped/rearranged wherever necessary.
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
31.03.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
94.408 |
|
(b) Reserves & Surplus |
670.347 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
764.755 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
285.246 |
|
(b) Deferred tax liabilities
(Net) |
39.440 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
324.686 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
857.634 |
|
(b) Trade payables |
601.643 |
|
(c) Other current liabilities |
227.177 |
|
(d) Short-term provisions |
96.921 |
|
Total
Current Liabilities (4) |
1783.375 |
|
|
|
|
TOTAL |
2872.816 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
499.012 |
|
(b) Non-current Investments |
38.073 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
13.446 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
550.531 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
488.396 |
|
(c) Trade receivables |
914.925 |
|
(d) Cash and cash equivalents |
143.661 |
|
(e) Short-term loans and
advances |
694.276 |
|
(f) Other current assets |
81.027 |
|
Total
Current Assets |
2322.285 |
|
|
|
|
TOTAL |
2872.816 |
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Site Development
- Building and Shed
- Plant, Machinery and Equipment
- ERP Hardware/Software Cost
- Furniture and Fittings
- Vehicles
- Lease Assets
PRESS RELEASES
CAMLIN FINE SCIENCES FORMS SUBSIDIARY IN CANADA
FEBRUARY 10, 2014
In a move that would boost its business in North America,
Camlin Fine Sciences Limited, a manufacturer of food antioxidant and
ingredients, has set up a wholly-owned subsidiary in Canada. Camlin Fine
Sciences has informed BSE that the new subsidiary will undertake trading and
distribution of antioxidants, food ingredients, blends, formulations etc in US
and Canadian markets.
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 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.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.