MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATUL LIMITED (w.e.f. 31.07.1996) |
|
|
|
|
Formerly Known
As : |
ATUL PRODUCTS LIMITED |
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|
Registered
Office : |
Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
11.12.1975 |
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|
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Com. Reg. No.: |
04-002859 |
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Capital Investment
/ Paid-up Capital : |
Rs.296.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999GJ1975PLC002859 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AMMA00199D/ SRTA02006E/ SRTA02005D/ SRTA01637G |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCA2390M |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals,
Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol,
Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty
Break Fluid, Para Cand Panisaldehyde. |
|
|
|
|
No. of Employees
: |
2716 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 30000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facility = AA |
|
Rating Explanation |
Having high degree of safety and carry very
low credit risk |
|
Date |
16.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facility = A1+ |
|
Rating Explanation |
Having strong degree of safety and carry
lowest credit rise. |
|
Date |
16.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non – Cooperative (91-2632-233265)
LOCATIONS
|
Registered Office : |
Ashoka Chambers, Rasala Marg, Eillsbridge, Ahmedabad - 380006,
Gujarat, India |
|
Tel. No.: |
91-79-26423706/ 26427520/ 26449294/ 26460520 |
|
Fax No.: |
91-79-26404111 |
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E-Mail : |
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Website : |
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Head Office : |
Colours Division Post Atul, Valsad – 396020, |
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Tel. No.: |
91-2632-233261/ 5 |
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Fax No.: |
91-2632-233619 / 233375 / 233024 / 233619 / 233384 |
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E-Mail : |
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Mumbai Office: |
310 B, Veer Savarkar Marg, Adjacent to Prabhadevi Telephone Exchange, Opposite India United Mills, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra, India |
|
Tel. No.: |
91-22-39876000 |
|
Fax No.: |
91-22-24376061 / 24386065 |
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E-Mail : |
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Factory 1 : |
297, GIDC Industrial Estate, Ankleshwar - 393 002, |
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Factory 2 : |
Atul, District Valsad, Gujarat, India |
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Factory 3 : |
MIDC, Tarapur, Thane, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sunil Lalbhai |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth: |
15.03.1960 |
|
|
|
|
Name : |
Mr. G. S. Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Satguru. Baijal |
|
Designation : |
Director |
|
Date of Birth: |
06.09.1929 |
|
|
|
|
Name : |
Mr. Bansi S. Mehta |
|
Designation : |
Director |
|
Date of Birth: |
19.09.1935 |
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|
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|
Name : |
Mr. Hasmukh Shah |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Samveg Lalbhai |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Susim Datta |
|
Designation : |
Director |
|
Date of Birth: |
01.07.1936 |
|
|
|
|
Name : |
Mr. Rajendra Shah |
|
Designation : |
Director (Alternate Director to Dr K Aparajithan) |
|
Date of Birth: |
07.07.1931 |
|
|
|
|
Name : |
Mr. Bharathy Mohanan |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. Srinivasa Rangan |
|
Designation : |
Director |
|
Date of Birth: |
13.02.1960 |
KEY EXECUTIVES
|
Name : |
Mr. Gopi Kanna Thirukonda |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.04.2014
|
Names of
Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
854316 |
2.88 |
|
|
14159294 |
47.74 |
|
|
15013610 |
50.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15013610 |
50.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1240338 |
4.18 |
|
|
63402 |
0.21 |
|
|
336 |
0.00 |
|
|
548767 |
1.85 |
|
|
429445 |
1.45 |
|
|
609 |
0.00 |
|
|
609 |
0.00 |
|
|
2282897 |
7.70 |
|
|
|
|
|
|
3449633 |
11.63 |
|
|
|
|
|
|
5159926 |
17.40 |
|
|
3464109 |
11.68 |
|
|
291558 |
0.98 |
|
|
149220 |
0.50 |
|
|
100 |
0.00 |
|
|
142238 |
0.48 |
|
|
12365226 |
41.69 |
|
Total Public shareholding (B) |
14648123 |
49.38 |
|
Total (A)+(B) |
29661733 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
29661733 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dyestuff Chemicals, Drugs and Pharmaceuticals, Cresol, Sodium Sulphite, Sodium Sulphate, Soda Ash, Gypsum, Resorcinol, Aslurry, Spent Acid, Dinitro Diphenye, Sulfone, Metanilic Acid, Heavy Duty Break Fluid, Para Cand Panisaldehyde. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Aroma Products |
MT |
10400 |
4150 |
|
Herbicides |
MT |
12190 |
13217 |
|
Pharma Intermediates |
MT |
707 |
361 |
|
Caustic, Sulphuric, Resorcinol, Formaldehyde and Carbamite |
MT |
123436 |
98204 |
|
Cresols |
MT |
14420 |
7659 |
|
Dyes |
MT |
16343 |
14977 |
|
Resins |
MT |
18850 |
19418 |
|
Sulphones and Intermediates |
MT |
1620 |
1443 |
|
By products and miscellaneous chemicals |
MT |
NA |
28836 |
Note:
1. Licensed Capacity - Delicensed vide Gazette Notification No. S.O.
477( E ) dated July 25, 1991.
2. As certified by General Manager - Manufacturing and being a technical
matter, accepted by the Auditors, as correct.
3. Previous year figures have been recast on reclassification.
4. Figures in bracket are in respect of the previous year.
5. Gross production includes production for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
2716 (Approximately) |
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Bankers : |
· Axis Bank · Bank of Baroda · Bank of India · Export Import Bank of India ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
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|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
|
|
|
Cost Auditors |
|
|
Name : |
R. Nanabhoy and Company Chartered Accountants |
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|
|
|
Subsidiary
Companies : |
· Ameer Trading Corporation Limited · Atul Bioscience Limited · Atul Brasil Quimicos Ltda · Atul China Limited · Atul Deutschland GmbH · Atul Europe Limited · Atul Rajasthan Date Palms Limited · Atul USA Inc · DPD Limited |
|
|
|
|
Joint Venture
Company : |
· Rudolf Atul Chemicals Limited |
|
|
|
|
Associate Companies
: |
·
Amal Limited ·
Anchor Adhesives Private Limited ·
Atul Crop Care Limited ·
Atul Infotech Limited ·
Atul Seeds Limited ·
Gujarat Synthwood Limited ·
M. Dohmen S.A. |
|
|
|
|
Enterprises over
which significant influence exercised : |
·
Atul
Bio Space Limited ·
Atul
Elkay Polymers Limited · Lapox Pojymer Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs. 10/-
each |
Rs.800.000
Millions |
|
8000000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.800.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1600.000 Millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29691780 |
Equity Shares |
Rs. 10/- each |
Rs. 296.900 Millions |
|
|
|
|
|
Subscribed
and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29661733 |
Equity Shares |
Rs. 10/- each |
Rs. 296.600 Millions |
|
|
Add: Forfeited Shares (amount paid up) |
|
Rs. 0.200 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 296.800 Millions
|
Note:
The Company has two classes of
shares referred to as Equity Shares having a par value of Rs. 10 and Cumulative
Redeemable Preference Shares having a par value of Rs. 100.
In the event of liquidation of the
Company, the holders of Equity Shares will be entitled to receive any of the
remaining assets after distribution of all preferential amounts and Preference
shares. The distribution will be in proportion to the number of Equity Shares
held by the Shareholders.
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.
56 Equity shares are held in abeyance due to disputes at the
time of earlier rights issues.
Details of
Shareholders holding more than 5% of Equity Shares:
|
Name of the Shareholder |
As at March 31, 2013 |
|
|
|
Holding % |
No of shares |
|
Aeon Investments Private Limited |
5.95% |
17,64,383 |
|
Aura Securities Private Limited |
5.44% |
16,14,045 |
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 |
296.800 |
296.800 |
296.800 |
|
(b) Reserves & Surplus |
7264.100 |
6122.500 |
5374.100 |
|
(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) |
7560.900 |
6419.300 |
5670.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1544.300 |
1449.000 |
1103.600 |
|
(b) Deferred tax liabilities (Net) |
271.600 |
223.100 |
230.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
50.400 |
33.300 |
26.000 |
|
Total Non-current
Liabilities (3) |
1866.300 |
1705.400 |
1360.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1604.500 |
1935.700 |
1612.700 |
|
(b) Trade payables |
2753.200 |
2778.400 |
2234.600 |
|
(c) Other current
liabilities |
1029.100 |
1049.700 |
1060.200 |
|
(d) Short-term provisions |
459.900 |
511.400 |
520.100 |
|
Total Current Liabilities
(4) |
5846.700 |
6275.200 |
5427.600 |
|
|
|
|
|
|
TOTAL |
15273.900 |
14399.900 |
12458.700 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4804.500 |
4175.500 |
3892.600 |
|
(ii) Intangible Assets |
0.000 |
2.200 |
8.100 |
|
(iii) Capital
work-in-progress |
459.300 |
559.400 |
294.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1285.600 |
1250.000 |
833.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
315.800 |
281.100 |
266.600 |
|
(e) Other Non-current
assets |
409.900 |
347.400 |
244.600 |
|
Total Non-Current Assets |
7275.100 |
6615.600 |
5539.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3075.300 |
2945.700 |
2613.900 |
|
(c) Trade receivables |
3616.000 |
3682.200 |
2995.400 |
|
(d) Cash and cash
equivalents |
78.400 |
115.200 |
151.500 |
|
(e) Short-term loans
and advances |
1060.000 |
869.400 |
1028.200 |
|
(f) Other current
assets |
169.100 |
171.800 |
130.000 |
|
Total Current Assets |
7998.800 |
7784.300 |
6919.000 |
|
|
|
|
|
|
TOTAL |
15273.900 |
14399.900 |
12458.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20014.800 |
17776.800 |
15344.000 |
|
|
|
Other Income |
185.100 |
143.800 |
187.100 |
|
|
|
TOTAL (A) |
20199.900 |
17920.600 |
15531.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
11384.400 |
10551.300 |
8919.300 |
|
|
|
Purchase of stock-in-trade |
163.600 |
200.100 |
167.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(114.500) |
(153.300) |
-252.700 |
|
|
|
Employee benefit expenses |
1277.600 |
1172.000 |
1016.900 |
|
|
|
Exchange rate difference |
(34.600) |
120.700 |
90.900 |
|
|
|
Other expenses |
4831.100 |
4002.600 |
3651.400 |
|
|
|
Reversal of previous year finance costs |
(53.800) |
0.000 |
0.000 |
|
|
|
Long-term investment in subsidiary company |
0.000 |
(65.100) |
0.000 |
|
|
|
Gain on settlement of long – term export advance |
0.000 |
0.000 |
-82.000 |
|
|
|
Recovery of advance written off in earlier years |
0.000 |
0.000 |
-19.000 |
|
|
|
TOTAL (B) |
17453.800 |
15828.300 |
13491.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2746.100 |
2092.300 |
2039.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
331.300 |
431.000 |
262.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2414.800 |
1661.300 |
1777.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
490.600 |
436.500 |
385.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1924.200 |
1224.800 |
1391.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
569.000 |
343.700 |
491.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1355.200 |
881.100 |
900.000 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3970.000 |
3340.000 |
2650.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
140.000 |
90.000 |
50.000 |
|
|
|
Proposed Dividend |
180.000 |
140.000 |
140.000 |
|
|
|
Dividend distribution tax |
30.000 |
20.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4980.000 |
3970.000 |
3340.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9524.000 |
7775.500 |
6513.300 |
|
|
TOTAL EARNINGS |
9524.000 |
7775.500 |
6513.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3139.100 |
3095.400 |
3328.800 |
|
|
|
Trading finished goods |
109.800 |
110.300 |
28.400 |
|
|
|
Capital Goods |
44.500 |
54.700 |
21.600 |
|
|
TOTAL IMPORTS |
3293.400 |
3260.400 |
3378.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.69 |
29.70 |
30.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.71
|
4.92 |
5.79 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.61
|
6.89 |
9.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.22
|
9.73 |
12.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.19 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42
|
0.53 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.24 |
1.27 |
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 |
296.800 |
296.800 |
296.800 |
|
Reserves & Surplus |
5374.100 |
6122.500 |
7264.100 |
|
Net
worth |
5670.900 |
6419.300 |
7560.900 |
|
|
|
|
|
|
long-term borrowings |
1103.600 |
1449.000 |
1544.300 |
|
Short term borrowings |
1612.700 |
1935.700 |
1604.500 |
|
Total
borrowings |
2716.300 |
3384.700 |
3148.800 |
|
Debt/Equity
ratio |
0.479 |
0.527 |
0.416 |
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 |
15344.000 |
17776.800 |
20014.800 |
|
|
|
15.855 |
12.589 |
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 |
15344.000 |
17776.800 |
20014.800 |
|
Profit |
900.000 |
881.100 |
1355.200 |
|
|
5.87% |
4.96% |
6.77% |
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 |
-- |
|
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 |
FINANCIAL
PERFORMANCE
Net sales increased
by 12% to Rs. 19640.000 Millions. Net sales in India increased by 5% to Rs.
9860.000 Millions. Export sales increased by 21% to Rs. 9770.000 Millions. PBT
increased by 57% from Rs. 1220.000 Millions to Rs. 1920.000 Millions. During
the year, CARE upgraded credit rating to CARE AA-(from CARE A+ in the Previous
year) for long-term debts, while maintaining top notch CARE A1 + for short-term
debts.
In
September 2012, the Company was directed by Gujarat Pollution Control Board to
close down manufacturing at its Valsad Complex and take measures to dismantle
the old pipelines used for carrying liquid effluents; accordingly,
manufacturing activity at the complex remained closed for most of October 2012
with its consequential decrease in sales and profit in the second half of the
year. However, the Company does not expect significant long-term adverse
impact.
Moreover,
the Company undertook 25 projects to further enhance its performance in the
area of environment protection with an investment of Rs. 710.000 Millions and
expects to emerge stronger to face the future.
CROP PROTECTION
Crop
Protection Business mainly comprises Fungicides, Herbicides and Insecticides.
The products are used by customers belonging to Agriculture industry for the
protection of crops. The Business comprises about 14 products and 44
formulations. It is not into Seeds which is now becoming an important input for
Agriculture industry.
During the
year, sales increased by 14% to Rs. 3850.000 Millions. Sales in India decreased
by 1% to Rs. 1410.0000 Millions; bulk sales in India decreased by 20% whereas
brand sales which are currently only in India increased by 24% to Rs. 730.0000
Millions. Export sales increased by 24% to Rs. 2440.000 Millions and formed 63%
of the total. Growth on account of volume was 17%. Sales from new products and
formulations were Rs. 80.000 Millions. The Company completed 4 projects and
undertook 1 project for implementation.
World
market for crop protection chemicals is estimated at US$ 51 bn and is growing
at about 3%. Indian market for such chemicals is estimated at US$ 1 bn and is
growing at about 5%. There are about 60 major companies which dominate the
world marketplace, and there are about 10 companies in India having sales of
more than US$ 100 mn.
The main
user industry, namely. Agriculture, is growing well because of increasing
population on the one hand and improving standard of living on the other. The
Company will participate in this growth by i) building a strong sales and
marketing organisation and broadening and deepening its presence in other
countries, particularly in Africa and South America, ii) promoting its brands,
iii) increasing its manufacturing and working capital efficiencies, iv)
generating and adding capacities and v) introducing new products and
formulations.
Floods
orfamines will adversely affect the demand. Registration costs are high in
certain countries. Fluctuations in foreign exchange will impact sales
realisations. Given that some of these chemicals can be toxic, it is essential to
take utmost care in their manufacture and use.
PHARMACEUTICALS
Pharmaceuticals
Business mainly comprises API intermediates and a few APIs. The products are
used by customers belonging to Pharmaceutical industry, under five broad
therapeutic categories, namely, cardiovascular, anti-depressant, antidiabetic,
anti-infective and anti-retroviral. The Business comprises about 38 products,
relatively new to the portfolio (of products) of the Company. It is not
currently engaged in formulations of APIs.
During the
year, sales increased by 23% to Rs. 3140.000 Millions. Sales in India increased
by 27% to Rs. 1710.000 Millions. Export sales increased by 18% to Rs. 1430.000
Millions and formed 46% of the total. Growth on account of volume was 11%.
Sales from new products were Rs. 80.000 Millions. Atul Bioscience, a 100%
subsidiary company, focussed on production of advanced API intermediates, sales
of which increased from Rs. 110.000 Millions to Rs. 270.000 Millions, almost
wholly because of volume; it undertook capacity expansion in both of its
plants.
World
market for pharmaceuticals is estimated at US$ 730 bn (comprising US$ 680 bn
prescription drugs and US$ 50 bn generic drugs) and is growing at about 5%.
Indian pharmaceuticals market is estimated at US$ 22 bn (including sales out of
India) and is growing at about 8%. There are around 20 major companies which
dominate the world marketplace in prescription drugs space with share of about
67% and around 8 companies in generic drugs space with share of about 70%.
The main
user industry, namely. Healthcare, is growing well because of increasing
awareness about diseases and health. The Company along with Atul Bioscience
will participate in this growth by i) widening its market reach, ii) increasing
its manufacturing efficiencies, iii) generating and adding capacities and iv)
introducing new products. It will also form long-term alliances with other
companies.
Prices of
many products come down significantly in a short time. Fluctuations in foreign exchange
will impact sales realisations.
AROMATICS
Aromatics
Business mainly comprises p-Cresol and its downstream products. The products
are mainly used by customers belonging to Flavour and Fragrance and Personal
Care industries. The Business comprises about 29 products.
During the
year, sales increased by 55% to Rs. 3880.000 Millions. Sales in India increased
by 43% to Rs. 1130.000 Millions. Export sales increased by 60% to Rs. 2750.000
Millions and formed 71% of the total. Growth on account of volume was 31%.
Sales from new products were Rs. 70.000 Millions. The Company completed
capacity expansion of p-Cresol and undertook 4 projects for implementation.
World
market of p-Cresol is estimated at 55,000 mt and is growing at about 3%. Though
earlier the product used to be manufactured in the UK and the USA, China and
India are now the major suppliers of the product. World market of flavour and
fragrance chemicals is estimated at US$ 23 bn and is growing at about 5%.
The main
user industries, namely. Flavour and Fragrance and Personal Care, are growing
well because of increasing population on the one hand and improving standard of
living on the other. The Company will participate in this growth by i)
broadening its market reach, ii) increasing its manufacturing efficiencies,
iii) adding capacities and iv) introducing new products.
The prices
of key raw materials which are derived from crude oil fluctuate almost monthly
whereas the customers in the user industries expect the prices of the finished
products to remain firm for a quarter or even more; on such occasions, it is
possible to get affected adversely. Fluctuations in foreign exchange will
impact sales realisations.
BULK CHEMICALS
Bulk
Chemicals Business mainly comprises Sodium Hydroxide, Chlorine, Sulphuric Acid,
Oleum, Sulphur Trioxide, Chlorosulphonic Acid and Resorcinol. Barring
Chlorosulphonic Acid and Resorcinol, the rest of the products are used for
captive consumption. Resorcinol is mainly used by customers belonging to Tyre
industry. The Business comprises about 22 products.
During the
year, (external) sales increased by 12% to Rs. 770.000 Millions. Sales in India
increased by 9% to Rs. 600.000 Millions. Export sales decreased by 21 % to Rs.
170.000 Millions and formed 22% of the total. Growth on account of volume was
1%. Sales from new products were Rs.30.000 Millions. The Company completed
Anisole project and undertook RF Resins project for implementation.
World
market for bulk chemicals is growing at about 0.5% and Indian market is growing
at about 2%. World market for Resorcinol is estimated at US$ 295 mn and is
growing at about 3%; Indian market for the product is estimated at US$ 13 mn
and is growing at about 5%.
The
captive consumption of bulk chemicals is expected to grow as the Company
expands manufacturing capacities of its various products. Tyre industry is
expected to grow further because of increasing population on the one hand and
improving standard of living on the other. The Company will participate in this
growth by i) widening its market reach, ii) increasing its manufacturing
efficiencies, iii) modernising its bulk chemicals plant, iv) adding capacities
and v) introducing new and downstream products.
The demand
and prices of bulk chemicals are cyclical in nature. Fluctuations in foreign
exchange will impact sales realisations.
COLORS
Colors
Business mainly comprises dyes for natural fibres such as Vat, Sulphur Black
and Reactive and in a small way high performance pigments. The products are used
by customers belonging to Textile and Paint and Coatings industries. The
Business comprises about 500 products. M. Dohmen S. A., a JV company,
manufactures dyes for synthetic fibres such as speciality Disperse. The
products made by M. Dohmen are mainly used by customers (belonging to Textile
industry) supplying textiles to Automobile industry. Rudolf Atul Chemicals
Limited, a JV company formed in 2011-12, provides a complete range of textile
chemicals where the Business had made a beginning and has a minuscule presence
in Indian market.
During the
year, sales decreased by 4% to Rs. 3300.000 Millions. Sales in India increased
by 3% to Rs. 1870.000 Millions. Export sales decreased by 11% to Rs. 1430.000
Millions and formed 43% of the total. Decline on account of volume was 11%.
Sales from new products were Rs.360.000 Millions. Most of the plants operated
partially during the second half of the year, significantly affecting sales and
profit and neutralised the improvement in performance achieved during the first
half of the year. M. Dohmen S. A. increased sales by 4% to Rs. 3880.000
Millions and Rudolf Atul Chemicals increased sales by 137% to Rs. 210.000
Millions, mainly because of volume growth.
World
market for dyes and textile chemicals is estimated at US$ 11 bn and is growing
at about 2% and Indian market is estimated at US$ 800 mn and is growing at
about 3%. China is the largest manufacturer of dyes followed by India. World
market for high performance pigments is estimated at US$ 3.5 bn and is growing
at about 4%.
The main
user industry, namely. Textile, is showing signs of recovery in India and
abroad. Automobile industry is growing well. The Company along with M. Dohmen
and Atul Rudolf Chemicals will participate in this growth by i) broadening its
market reach, ii) increasing its manufacturing and working capital efficiencies
and iii) introducing new dyes, pigments and textile chemicals.
Fluctuations
in foreign exchange will impact sales realisations. Treatment costs are
expected to remain high given that the manufacture of dyes generates
significant pollutants.
POLYMERS
Polymers
Business mainly comprises Epoxy Resins and Hardeners and formulations thereof,
other components such as air release agents, reactive diluents, rheological
modifiers, wetting agents, etc and Sulphones. These products are used by
Aerospace, Automobile, Construction, Defence, Electronics, Footwear,
Handicraft, Marine, Paint and Coatings, Paper and Wind Energy industries. The
Business comprises about 60 products and 270 formulations.
During the
year, sales decreased by 4% to Rs. 4680.000 Millions. Sales in India decreased
by 10% to Rs. 3120.000 Millions. Brand sales which is currently only in India
decreased by 5% to Rs. 720.000 Millions. Export sales increased by 11 % to Rs.
1560.000 Millions and formed 33% of the total. Decline on account of volume was
8%. Sales from new products were Rs. 120.000 Millions. Most of the plants
operated partially during the second half of the year, significantly affecting
sales and profit and neutralised the improvement in performance achieved during
the first half of the year. The Company completed capacity expansion of BLRs.
Atul Elkay Polymers, a JV company, commenced though in a very small way,
introduction of stone care chemicals in India.
World
market for Epoxy Resins and Hardeners is estimated at US$ 6 bn and is growing
at about 2% and Indian market is estimated at US$ 210 mn and is growing at
about 10%. There are about 7 major companies which dominate the world
marketplace. The two key raw materials, namely Bisphenol-A and Epichlorohydrin,
are imported into India. World market for Sulphones is estimated at US$ 300 mn
and is growing at about 4%.
The user
industries. Automobile, Construction and Paint and Coatings, are growing well,
particularly in India. The Company will participate in this growth by i)
widening its market reach, ii) increasing its manufacturing and working capital
efficiencies, iii) generating and adding new capacities of Epoxy Resins and
Hardeners and iv) introducing new products and formulations.
Cheaper
imports of Epoxy Resins and Hardeners will keep the contribution margins under
pressure. Since the two main raw materials are imported, fluctuations in
foreign exchange will impact margins.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
||||||
|
Long-term
Borrowings |
|
|
||||||
|
Rupee term loans from banks |
0.200 |
0.900 |
||||||
|
Short-term
borrowings |
|
|
||||||
|
Loans from banks |
0.000 |
250.700 |
||||||
|
Buyers credit arrangement |
93.600 |
227.100 |
||||||
|
Total |
93.800 |
478.700 |
||||||
|
NOTE:
|
||||||||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
(i) Claims against the Company not
acknowledged as debts |
31.03.2013 |
31.03.2012 |
|
in respects of: |
|
|
|
(a) Excise |
58.400 |
62.500 |
|
(b) Income tax |
350.300 |
277.000 |
|
(c) Sales tax |
0.000 |
7.400 |
|
(d) Customs |
27.800 |
27.800 |
|
(e) Water charges |
719.200 |
686.300 |
|
(f) Others |
135.400 |
132.600 |
|
Note: Future cash outflows in respect of (a) to (f) above are determinable on receipt of judgements | decisions pending with various forums | authorities. |
|
|
|
(ii) Guarantees
given by bankers of the Company: |
|
|
|
(a) Guarantees have been given by the bankers of the Company in the normal course of business and are not expected to result in any liability on the Company |
|
- |
|
|
|
|
|
(b) Corporate guarantee to a bank on behalf of subsidiary company for facilities availed by them |
82.300 |
11.100 |
FIXED ASSETS:
Tangible assets
· Land – Freehold
· Buildings
· Roads
· Plant and Equipment
· Railway Siding
· Office Equipment and Furniture
· Vehicles
Intangible assets
· Computer software
FINANCIAL RESULTS FOR THE
YEAR ENDED MARCH 31, 2014
Rs. In
Millions
|
|
|
For the quarter ended on |
Year ended on |
|
|
|
Particulars |
March 31, 2014 |
December
31, 2013 |
March 31, 2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from operations |
|
|
|
|
|
A Net sales | income from
operations (Net of excise duty) |
6480.700 |
5757.700 |
23065.200 |
|
|
B Other operating income |
199.200 |
162.200 |
589.300 |
|
|
Total income from operations (net) |
6679.900 |
5919.900 |
23654.500 |
|
2 |
Expenses |
|
|
|
|
|
A Cost of materials consumed |
3549.000 |
3332.100 |
13246.000 |
|
|
B Purchases of stock-in-trade |
51.700 |
35.900 |
236.900 |
|
|
C Changes in inventories of finished goods, work-in-progress and stock-in-trade |
16.400 |
(178.000) |
(664.700) |
|
|
D Power, fuel and water |
790.500 |
683.100 |
2779.900 |
|
|
E Employee benefit expenses |
331.900 |
365.200 |
1397.900 |
|
|
F Depreciation and amortisation expenses |
173.000 |
119.400 |
542.300 |
|
|
G Other expenses |
941.000 |
816.400 |
3227.200 |
|
|
Total expenses |
5853.500 |
5174.100 |
20765.500 |
|
3 |
Profit from operations before other income,
finance costs and exceptional items (1-2) |
826.400 |
745.800 |
2889.000 |
|
4 |
Other income |
3.400 |
198.700 |
396.200 |
|
5 |
Profit from ordinary activities before finance
costs and exceptional items (3+4) |
829.800 |
944.500 |
3285.200 |
|
6 |
Finance costs |
92.500 |
73.800 |
314.300 |
|
7 |
Profit from ordinary activities after finance costs
but before exchange rate difference and exceptional items (5-6) |
737.300 |
870.700 |
2970.900 |
|
8 |
Exchange rate difference:
gain | (loss) |
-- |
-- |
-- |
|
9 |
Profit after finance costs and exchange rate difference
but before exceptional items (7+8) |
737.300 |
870.700 |
2970.900 |
|
10 |
Exceptional items |
|
|
|
|
|
Reversal of previous year
finance costs |
-- |
-- |
-- |
|
|
Total |
737.300 |
870.700 |
2970.900 |
|
11 |
Profit from ordinary activities before tax (9+10) |
737.300 |
870.700 |
2970.900 |
|
12 |
Tax expense |
|
|
|
|
|
a Current tax |
230.700 |
150.000 |
60.000 |
|
|
b Deferred tax |
(9.000) |
68.300 |
44.400 |
|
|
Total tax (a+b) |
221.700 |
218.300 |
104.400 |
|
13 |
Net Profit from ordinary activities after tax
(11-12) |
515.600 |
652.400 |
2127.900 |
|
14 |
Paid-up equity share capital
(face value ` 10 per share) |
296.600 |
296.600 |
296.600 |
|
15 |
Reserves excluding
revaluation reserves |
-- |
-- |
-- |
|
16 |
Earnings per share (EPS) |
|
|
|
|
|
Basic and diluted EPS (` per share) |
17.38 |
22.00 |
71.74 |
|
A |
Particulars of shareholding |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
Number of shares |
14,46,48,123 |
1,46,57,817 |
14,46,48,123 |
|
|
Percentage of shareholding |
49.38% |
49.42% |
49.38% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
a)Pledged | encumbered: |
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
Percentage of shares (as a % of
the total shareholding of promoters and promoter group) |
-- |
-- |
-- |
|
|
Percentage of shares (as a %
of the total share capital of the Company) |
-- |
-- |
-- |
|
|
b) Non-encumbered: |
|
|
|
|
|
Number of shares |
1,50,13,610 |
1,50,03,916 |
1,50,13,610 |
|
|
Percentage of shares (as a %
of the total shareholding of promoters and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of shares (as a %
of the total share capital of the Company) |
50.62% |
50.58% |
50.62% |
|
|
|
|
|
|
|
B |
Investor complaints |
|
|
|
|
|
Pending at the beginning of
the quarter |
-- |
|
|
|
|
Received during the quarter |
2 |
|
|
|
|
Disposed of during the
quarter |
2 |
|
|
|
|
Remaining unresolved at the
end of the quarter |
-- |
|
|
Notes:
1. The above results have been reviewed and recommended for adoption by the Audit Committee and have been approved by the Board of Directors at its meeting held on May 2, 2014. The report of the Statutory Auditors contains no qualification.
2. The Board of Directors has recommended a dividend of Rs.7.50 per share (75 %) subject to approval of the Shareholders.
3. The results for the quarter ended March 31, 2014 are derived figures arrived at by subtracting the results for the nine months ended on December 31, 2013 from the audited results for the year ended March 31, 2014.
4. The Annual General Meeting of the Members will be held on July 25, 2014.
5. Figures of the earlier periods have been regrouped | recast | reclassified wherever necessary including in the 'Statement of assets and liabilities' and 'Segment revenue, results and capital employed'.
6. The audited standalone and consolidated 'Statement of assets and liabilities' and 'Segment revenue, results and capital employed' are annexed.
STANDALONE STATEMENT OF
ASSETS AND LIABILITIES
Rs. In
Millions
|
|
Particulars |
March 31, 2014 |
|
|
|
Unaudited |
|
A |
Equity and Liabilities |
|
|
1 |
Shareholders' funds |
|
|
|
a Share capital |
296.800 |
|
|
b Reserves and surplus |
9119.100 |
|
|
|
9415.900 |
|
2 |
Minority interest |
|
|
3 |
Non-current liabilities |
|
|
|
a Long-term borrowings |
1133.600 |
|
|
b Deferred tax liabilities (net) |
353.900 |
|
|
c Long-term provisions |
51.900 |
|
|
d Other non-current liabilities |
-- |
|
|
|
1539.400 |
|
4 |
Current liabilities |
|
|
|
a Short-term borrowings |
1842.700 |
|
|
b Trade payables |
3168.700 |
|
|
c Other current liabilities |
1337.300 |
|
|
d Short-term provisions |
432.100 |
|
|
|
6780.800 |
|
|
Total - Equity and
Liabilities |
17736.100 |
|
B |
Assets |
|
|
1 |
Non-current assets |
|
|
|
a Fixed assets |
5725.800 |
|
|
b Non-current investments |
1364.700 |
|
|
c Long-term loans and advances |
290.600 |
|
|
d Other non-current assets |
643.100 |
|
|
|
8024.200 |
|
2 |
Current assets |
|
|
|
a Inventories |
3757.500 |
|
|
b Trade receivables |
4472.600 |
|
|
c Cash and bank balances |
88.000 |
|
|
d Short-term loans and advances |
1025.400 |
|
|
e Other current assets |
368.400 |
|
|
|
9711.900 |
|
|
Total - Assets |
17736.100 |
SEGMENT REVENUE, RESULTS
AND CAPITAL EMPLOYED
Rs. In
Millions
|
|
Particulars |
For the quarter ended on |
Year
ended on |
|
|
|
|
March
31,
2014 |
December
31, 2013 |
March
31,
2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment
revenue |
|
|
|
|
|
Life Science Chemicals |
1966.2000 |
1808.6000 |
7382.6000 |
|
|
Performance & Other Chemicals |
4924.900 |
4267.300 |
16960.800 |
|
|
Total |
6891.100 |
6075.900 |
2,43,43.400 |
|
|
Less: |
|
|
|
|
|
Inter segment revenue |
410.400 |
318.200 |
1278.200 |
|
|
|
|
|
|
|
|
Sales |
6480.700 |
5757.700 |
23065.200 |
|
2 |
Segment
results |
|
|
|
|
|
Life Science Chemicals |
395.500 |
324.200 |
1496.700 |
|
|
Performance & Other Chemicals |
539.6000 |
504.500 |
1733.800 |
|
|
|
|
|
|
|
|
Total |
935.100 |
828.700 |
3230.500 |
|
|
Less: |
|
|
|
|
|
Interest |
92.500 |
73.800 |
314.300 |
|
|
Other unallocable expenditure (net of unallocable income) |
105.300 |
(115.800) |
(54.700) |
|
|
|
|
|
|
|
|
Total
Profit Before Tax |
737.300 |
870.700 |
297090.000 |
|
3 |
Capital employed (Segment
assets - Segment liabilities) |
|
|
|
|
|
|
|
|
|
|
|
Life Science Chemicals |
3216.400 |
3269.300 |
3216.400 |
|
|
Performance & Other Chemicals |
6855.0000 |
6812.400 |
6855.000 |
|
|
Unallocable |
2852.300 |
3022.800 |
2852.3000 |
|
|
|
|
|
|
|
|
Total |
12923.700 |
13104.500 |
12923.700 |
PRESS RELEASES
Mumbai, July 26, 2012: July 26, 2012: July 26, 2012: Atul Limited, a diversified chemical company and a member of Lalbhai Group, announced its unaudited results for the first Quarter ended June 30, 2012. Net sales for the Quarter at Rs.4960.000 Millions recorded a growth of 23% compared to the same period in the previous year; Profit before tax and exceptional items for the Quarter increased from Rs.250.000 Millions to Rs.540.000 Millions. Profit after tax and EPS (not annualized) consequently increased to Rs.370.000 Millions and Rs.12.64 respectively. RoCE improved to 23% from the level of 17% achieved in 2011-12. On a sequential basis (compared to the fourth Quarter of 2011-12), net sales grew by 10% and Profit after tax by 35%.
About Atul Limited
Atul Limited is a member of Lalbhai Group, one of the oldest business houses of India. The Company provides innovative chemistry and manufacturing solutions to agriculture, automobile, construction, cosmetic, food and beverage, fragrance, marine, packaging, paper, pharmaceutical, textile and other industries.
Atul Limited, incorporated in 1947, is spread over 1400 acres of land. Its registered office is in Ahmadabad and its
corporate headquarters is located in Atul, Gujarat. It has seven businesses - Aromatics, Bulk Chemicals andIntermediates, Colors, Crop Protection, Floras, Pharmaceuticals & Intermediates, and Polymers.
The Company is listed on the bourses (NSE: ATUL, BSE Code: 500027) in India and has over 35,000 shareholders. It also has offices in the USA, the UK, Germany, and China that service its international customers.
The Group is also strongly committed to serving the society
in the fields of education, health as wel las culture.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.