MIRA
INFORM REPORT
|
Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM AND TEA LIMITED |
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Formerly Known
As : |
DHUNSERI TEA AND INDUSTRIES |
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Registered
Office : |
Dhunseri House, 4-A, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
11.05.1916 |
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Com. Reg. No.: |
21-002697 |
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Capital Investment
/ Paid-up Capital : |
Rs.350.329 Millions |
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CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALD02820G |
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PAN No.: [Permanent Account No.] |
AABCD1597K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
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No. of Employees
: |
5,610
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. The rating reflects company’s healthy financial risk profile marked by
sound liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business sis active. Payments
are reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
NEWS
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 |
A+ (Long Term Bank Facilities) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
03.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
03.02.2014 |
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 CO-OPERATIVE
Contact No.: 91-33-22801950
LOCATIONS
|
Registered Office : |
Dhunseri House, 4-A, |
|
Tel. No.: |
91-33-22821950 / 22836128 – 33 |
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Fax No.: |
91-33-22878350 / 22801956 / 22834216 / 22836056 |
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E-Mail : |
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Website : |
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PET RESIN PLANT |
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Unit I : |
JL-126, Mouza-
Basudevpur, Haldia, District Midnapore (East) - 721602, West Bengal, India |
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Unit II : |
JL-126, Mouza - Basudevpur,
PS Durgachak and JL-145 Mouza - Paranchak, PS Bhabanipur, Haldia, District:
Midnapore (East) - 721 602, West Bengal, India |
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TEA ESTATES/ FACTORIES : |
Bahadur Tea
Estate, P.O. Tinsukia-786125, Assam,
India |
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Bahipookri Tea Estate,
P.O. Mazbat-784507, Assam, India |
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Bettybari Tea
Estate, P.O. Mazbat-784507, Assam, India |
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Dhunseri Tea
Estate, P.O. Mazbat-784507, Assam, |
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Dilli Tea
Estate, P.O. Parbatpur786623, Assam, India |
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Hatijan Tea Estate,
P.O. Hoogrijan-786601, Assam, India |
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Khagorijan Tea
Estate, P.O. Sepekhati-786592, Assam, India |
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Khetojan Tea
Estate, P.O. Tinsukia-786125, Assam, India |
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Namsang Tea
Estate, P.O. Jeypore-786614, Assam, India |
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Orang Tea
Estate, P.O. Mazbat-784507, Assam, India |
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Santi Tea
Estate, P.O. Hoogrijan-786601, Assam, India |
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Primax Tea
Factory, P.O. Borhapjan-786150, Assam, India |
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Shreemoni Tea
Factory, P.O. Tingkhong-786612, Assam, India |
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Sona Assam Tea
Factory, P.O. Makum Junction-786170, Assam, India |
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Tea Blending/ Packeting Unit |
SP-534-A,
Sitapura Industrial Area, Jaipur, Rajasthan. Dhunseri
Tea Estate, P.O. Mazbat, Assam, Pin: 784507, India |
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ITSEZ |
Dhunseri
IT Park, Kolkata IT Park, SEZ, Kolkata Leather Complex Bantala, South 24
Paraganas, West Bengal, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr.
M Dhanuka |
|
Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. C. K. Dhanuka |
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Designation : |
Executive Chairman |
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Name : |
Mr.
B Chattopadhyay |
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Designation : |
Managing Director |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Director |
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Name : |
Mr. Joginder Pal Kundra |
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Designation : |
Director |
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Name : |
Mr. Basudeb Sen |
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Designation : |
Director |
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Name : |
Mr. Bharat Bajoria |
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Designation : |
Director |
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Name : |
Mr. Yvues Frank Lombard |
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Designation : |
Director |
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Name : |
Mr. R K Sharma |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. Anurag Bagaria |
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Designation : |
Director |
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Name : |
Mr. Raj Narain Bharadwaj |
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Designation : |
Director |
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Name : |
Mr. D P Jindal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K V Balan |
|
Designation : |
Company Secretary and Compliance
Officer |
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|
Name : |
Mr. V. Goel |
|
Designation : |
Chief Financial Officer |
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Name : |
Mr. P. C. Dhandhania |
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Designation : |
Senior Vice President (Coo-Tea Division) |
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Name : |
Mr. R K Sharma |
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Designation : |
Senior Vice President (Finance) and CFO |
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Name : |
Mr. K. K. Tibrewalla |
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Designation : |
Senior Vice President (IT SEZ) |
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 |
|
|
|
|
|
|
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|
907383 |
2.59 |
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|
18863245 |
53.86 |
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|
19770628 |
56.45 |
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|
|
|
|
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|
3795054 |
10.84 |
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|
3795054 |
10.84 |
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Total shareholding of Promoter and Promoter
Group (A) |
23565682 |
67.28 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
1200 |
0.00 |
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|
211912 |
0.61 |
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|
1175 |
0.00 |
|
|
2721353 |
7.77 |
|
|
2308641 |
6.59 |
|
|
2308641 |
6.59 |
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|
|
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|
5244281 |
14.97 |
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|
1706706 |
4.87 |
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|
3734011 |
10.66 |
|
|
663620 |
1.89 |
|
|
110454 |
0.32 |
|
|
102392 |
0.29 |
|
|
1348 |
0.00 |
|
|
1134 |
0.00 |
|
|
5080 |
0.01 |
|
|
500 |
0.00 |
|
|
6214791 |
17.74 |
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|
|
|
Total Public shareholding (B) |
11459072 |
32.72 |
|
|
|
|
|
Total (A)+(B) |
35024754 |
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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|
|
|
|
Total (A)+(B)+(C) |
35024754 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Bodies Corporate
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
5,610
(Approximately) |
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Bankers : |
·
Axis Bank ·
Allahabad Bank ·
Bank of Baroda ·
Canara Bank ·
Deutsche Bank ·
Development Credit Bank Limited ·
DBS Bank Limited ·
Export-Import Bank of India ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indusind Bank Limited ·
International Finance Corporation, Washington ·
Punjab National Bank ·
State Bank of India ·
State Bank of Travancore ·
Syndicate Bank ·
Standard Chartered Bank ·
United Bank of India ·
The Hongkong and Shanghai Banking Corporation
Limited |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountant |
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Cost Auditors |
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|
Name : |
Mani and Company Cost Accountant |
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Subsidiary Companies: |
·
Egyptian Indian Polyester Company
S.A.E. ·
Dowamara Tea Company Private Limited ·
Dhunseri Petrochem and Tea Pte
Limited |
|
|
|
|
Subsidiaries of Dhunseri Petrochem and Tea Pte Limited : |
·
Makandi Tea and Coffee Estates
Limited (Acquired during the year ended
31.03.2013) ·
Kawalazi Estate Company Limited (Acquired during the year ended
31.03.2013) |
|
|
|
|
Group Companies: (i.e. Companies in which Key Management Personnel is able to exercise
significant influence) : |
·
Madhuting Tea Private Limited ·
Naga Dhunseri Group Limited ·
Trimplex Investments Limited ·
Mint Investments Limited ·
Plenty Valley Intra Limited ·
Dhunseri Investments Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
Rs.10/- each |
Rs.3512.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35024754 |
Equity Shares |
Rs.10/- each |
Rs.350.200
Millions |
|
|
Add: Shares Forfeited |
|
Rs.0.100
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.350.300 Millions |
NOTE:
a)
Reconciliation of the number of shares
|
Equity Shares |
Number of Shares |
Rs. In Millions |
|
Balance as at the beginning of the year |
35024754 |
350.300 |
|
Balance as at the end of the year |
35024754 |
350.300 |
b)
The Company has one class of equity share having a
par value of Rs.10 each. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting except in
the case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding
c)
List of
shareholders holding more than 5% of Issued, Subscribed and Paid-up share.
|
Name of
Shareholder |
Number of Shares |
% holding |
|
Dhunseri Investments Limited |
12438778 |
35.51% |
|
Naga Dhunseri Group Limited |
3078759 |
8.79% |
|
Yves Lombard Asset Management A G |
3795054 |
10.84% |
|
International Finance Corporation |
2308641 |
6.59% |
d)
Shares allotted as fully paid pursuant to contracts
without payment being received in cash (during five years immediately preceding
31st March,2013)
I. During the year 2010-11- 23313859 Equity Shares of Rs.10/- each were issued as fully paid up, issued pursuant to the scheme of arrangement without payment being received in cash.
II. During the year 2008-09- 4727095 Equity Shares of Rs.10/- each were issued as fully paid up, issued pursuant to the scheme of amalgamation without payment being received in cash
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 |
350.300 |
350.300 |
350.329 |
|
(b) Reserves & Surplus |
7,545.100 |
7,115.800 |
6,804.169 |
|
(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) |
7,895.400 |
7,466.100 |
7,154.498 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4,001.500 |
3,502.800 |
960.225 |
|
(b) Deferred tax liabilities (Net) |
841.700 |
723.700 |
671.104 |
|
(c) Other long term liabilities |
5.000 |
5.000 |
223.402 |
|
(d) long-term provisions |
22.800 |
22.000 |
18.823 |
|
Total Non-current Liabilities (3) |
4,871.000 |
4,253.500 |
1,873.554 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10,992.600 |
3,927.500 |
2,644.969 |
|
(b) Trade payables |
2,530.400 |
4,411.800 |
3,213.332 |
|
(c) Other current
liabilities |
936.800 |
743.900 |
745.172 |
|
(d) Short-term provisions |
212.400 |
205.900 |
292.187 |
|
Total Current Liabilities (4) |
14,672.200 |
9,289.100 |
6,895.660 |
|
|
|
|
|
|
TOTAL |
27,438.600 |
21,008.700 |
15,923.712 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8,753.000 |
5,713.900 |
5,696.935 |
|
(ii) Intangible Assets |
14.800 |
27.500 |
48.618 |
|
(iii) Capital
work-in-progress |
1,175.900 |
3,504.100 |
467.546 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2,244.400 |
1,635.000 |
1,407.487 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
256.000 |
496.400 |
436.222 |
|
(e) Other Non-current assets |
51.500 |
16.500 |
18.707 |
|
Total Non-Current Assets |
12,495.600 |
11,393.400 |
8,075.515 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
330.000 |
590.100 |
0.000 |
|
(b) Inventories |
4,626.600 |
2,273.900 |
1,823.723 |
|
(c) Trade receivables |
5,260.000 |
2,516.800 |
1,721.830 |
|
(d) Cash and cash
equivalents |
1,874.200 |
2,763.200 |
2,603.517 |
|
(e) Short-term loans and
advances |
1,420.900 |
1,033.700 |
576.479 |
|
(f) Other current assets |
1,431.300 |
437.600 |
1,122.648 |
|
Total Current Assets |
14,943.000 |
9,615.300 |
7,848.197 |
|
|
|
|
|
|
TOTAL |
27,438.600 |
21,008.700 |
15,923.712 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24,174.300 |
19,794.500 |
15,939.482 |
|
|
|
Other Income |
354.100 |
250.800 |
1,091.113 |
|
|
|
TOTAL (A) |
24,528.400 |
20,045.300 |
17,030.595 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20,556.200 |
15,601.100 |
11,469.291 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
118.200 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1,517.000) |
(242.900) |
(101.156) |
|
|
|
Employees benefits expense |
617.000 |
543.100 |
482.998 |
|
|
|
Other expenses |
3,049.700 |
2,693.200 |
2,667.985 |
|
|
|
TOTAL (B) |
22,705.900 |
18,712.700 |
14,519.118 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,822.500 |
1,332.600 |
2,511.477 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
438.100 |
412.200 |
258.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,384.400 |
920.400 |
2,252.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
385.900 |
330.100 |
311.423 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
998.500 |
590.300 |
1,941.163 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
229.100 |
95.400 |
668.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
769.400 |
494.900 |
1,273.093 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
752.500 |
490.300 |
2031.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
77.000 |
49.500 |
2630.600 |
|
|
|
Dividend |
157.600 |
157.600 |
157.700 |
|
|
|
Tax on Dividend |
25.600 |
25.600 |
26.200 |
|
|
BALANCE CARRIED
TO THE B/S |
1261.700 |
752.500 |
490.293 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
9065.400 |
5470.000 |
4937.332 |
|
|
|
Interest Income On FD |
0.000 |
14.700 |
5.789 |
|
|
|
Service Charges Received |
0.000 |
4.300 |
40.484 |
|
|
TOTAL EARNINGS |
9065.400 |
5489.000 |
4983.605 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7128.800 |
6666.300 |
4791.952 |
|
|
|
Stores & Spares |
42.400 |
177.800 |
10.160 |
|
|
|
Capital Goods |
149.400 |
1239.400 |
9.851 |
|
|
|
Traded Goods |
0.000 |
134.100 |
0.000 |
|
|
TOTAL IMPORTS |
7320.600 |
8217.600 |
4811.963 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
21.97 |
41.13 |
36.35 |
|
|
|
Diluted |
21.70 |
13.46 |
34.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.14 |
2.47 |
7.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13 |
2.98 |
12.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.16 |
3.72 |
13.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.08 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.90 |
1.00 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.04 |
1.14 |
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 |
350.329 |
350.300 |
350.300 |
|
Reserves & Surplus |
6804.169 |
7115.800 |
7545.100 |
|
Net
worth |
7154.498 |
7466.100 |
7895.400 |
|
|
|
|
|
|
long-term borrowings |
960.225 |
3502.800 |
4001.500 |
|
Short term borrowings |
2644.969 |
3927.500 |
10992.600 |
|
Total
borrowings |
3605.194 |
7430.300 |
14994.100 |
|
Debt/Equity
ratio |
0.504 |
0.995 |
1.899 |
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 |
15,939.482 |
19,794.500 |
24,174.300 |
|
|
|
24.185 |
22.126 |
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
|
15,939.482 |
19,794.500 |
24,174.300 |
|
Profit |
1,273.093 |
494.900 |
769.400 |
|
|
7.99% |
2.50% |
3.18% |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term
Borrowings |
|
|
|
Loan Repayable on demand from Banks [includes Rs.578.600
Millions (Previous Year Rs.791.400 Millions) on account of bills discounted.] |
1272.400 |
820.900 |
|
Other Loans from Banks |
358.800 |
402.300 |
|
Bonds/Debentures |
|
|
|
Zero Percent Foreign Currency Convertible Bonds |
0.000 |
294.900 |
|
Total |
1631.200 |
1518.100 |
OVERVIEW- PETROCHEMICALS
PET (polyethylene
terephthalate) rules the packaging industry due to its distinct properties. It is
lightweight, strong, non-reactive, economical and retains freshness. The Indian
packaging industry, though variable as per the consumer demands and current
trends, is witnessing a double digit growth. As far as sector-wise growth is
concerned, flexible packaging and PET packaging have all registered commendable
growth. The domestic sales volume of the Company accounted for 55 per cent of
the total PET sales while the rest was exported to around 50 countries.
OVERVIEW –TEA
The Company has a five decade-long
presence to vouch for its dominance in the Indian tea industry. Dhunseri’s
international presence was strengthened by the acquisition of two tea estates
in Malawi through its wholly-owned subsidiary during the year. Eight of nine of
the Company’s gardens (with factories) are ISO 22000:2005-certified from DNV
Business Assurance for food safety systems. As of now, the Company produces
approximately 1% of the overall tea produced in India (it has all ten estates
in Assam). With 10 tea estates, the Company is one of the 10 largest tea
producers in India. It has six gardens located in the Upper Assam region (South
Bank) and four gardens in the Lower Assam region (North Bank). A producer of
CTC Orthodox tea (marketed in India through auctions and sold in packets under
the LAL GHORA and KALA GHORA brands); the Company continues to maintain
leadership in the Rajasthan packet tea market.
OVERVIEW- IT SEZ
The Company is engaged in
the development of an IT complex at Bantala (outskirts of Kolkata). The SEZ
status of the Bantala property provides an attractive opportunity for IT and
ITES companies. The IT Park offers developed commercial office space. Major IT
companies evinced interest in the Kolkata IT Park SEZ being developed at
Bantala as a result of which companies like Cognizant commenced operations in
the region with an employee base of 4,000. Many infrastructure developers like
Forum Projects and the Infinity Group booked spaces within the facility on
account of the optimism related to this part of the city.
MANAGEMENT DISCUSSION AND ANALYSIS
PETROCHEM DIVISION
PET (Polyethylene
Terephthalate) is a polyester resin widely used for packaging foods and
beverages, especially in convenience-sized soft drinks, juices and mineral
water bottles. Due to its varied applications, PET is preferred to other
packaging materials like aluminum, glass, paper, etc, leading to a significant
rise in the consumption of PET.
PET has become the
world’s preferred packaging material due to its unique properties of eco-friendly
attribute and 100% recyclability. The other significant properties of PET are
rigidity and transparency, hygiene, strength, lightness, durability, inertness,
cost-effectiveness, attractiveness and freshness-retention capability among
others. As a result, the global PET resin demand is expected to grow at 7.8% on
a Y-O-Y basis, driven by a growth in population, urbanisation, disposable
incomes, FMCG sector and newer applications (beverages and pharmaceuticals).
PERFORMANCE
PETROCHEM DIVISION
The PET resin
Plant I at Haldia operated at 107% capacity utilisation.
The PET resin
Plant II has achieved final acceptance as per the contract with the EPC
contractor and the Company declared commencement of Commercial Production from
15.11.2012. The Plant II at Haldia operated at full capacity utilization during
January- March 2013. The quality of PET Resin produced in Plant II is of
International standard and the product is exported to various countries.
The production of
PET resin increased from 2,08,975 MT in 2011-12 to 2,69,249 MT in 2012-13.
Although the plant
operated in excess of 100% capacity utilisation, the margins remained under
pressure throughout the year.
TEA DIVISION
The Company
suffered due to extreme soil moisture deficit in March resulting in poor first
flush crop. Rain was received in 2nd week of April after nearly 7 months of
long spell. The water table was down drastically and even all rivers and jhoras
dried up. Although some improvement in weather condition appeared in May, the
hope of harvesting better crop thereafter vanished due to adverse weather
condition in June and remained indifferent till the end of the season.
The Company
achieved the production of 109.12 lac kg tea made. Crop was marginally lower
mainly because of sale of Namsang Tea Estate and Four Bought Leaf Factories.
South Bank gardens also suffered due to adverse weather condition and crop was
13% lower than previous year.
The market was
selectively buoyant for quality teas. Teas from non-quality areas continued to
be lower priced with preference for better teas. The Company’s teas attracted
better realization over the auction averages.
OUTLOOK
The Company
undertook improvements in its existing Indian plant and commissioned its new
facility (2,10,000 TPA in November 2012). Besides, Dhunseri Group proceeded
with the commissioning of its Egyptian plant (4,20,000 TPA) in Q3 FY 2013-14.
This plant will
effectively service growing PET resin demand in Africa, the Middle East and
Europe, leaving the Indian unit to cater primarily to the robust demand coming
out from within Asia (including India) and some demand from Europe and the US.
The Company
optimised resources and appointed representatives to market the product coming
out of the expanded capacities. The outlook for this division is positive as
the global PET resin industry is expected to grow at a compounded 7 percent in
the next few years whereas Indian consumption is expected to grow considerably
during the period.
The packaging
industry in India, a major consumer of PET resins, is expected to grow at a
CAGR of 12.3% and the revenue of the industry is expected to grow to around US$
43.7 billion by 2016.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
a)
Claims against the Company not acknowledged as debts |
|
|
|
i)
Customs Demand - matter under dispute |
- @ |
14.900 |
|
ii)
Service Tax Demand - matter under dispute |
1.800 |
1.800 |
|
iii)
Income Tax-matter under dispute It
is not practicable for the Company to estimate the timings of cash outflows,
if any, in respect of the above pending resolution of the respective
proceedings. |
8.300 |
8.300 |
|
|
|
|
|
b)
Standby Letters of Credit issued in connection with loan taken by Dhunseri
Petrochem and Tea Pte Limited, a wholly owned subsidiary, from a bank. |
717.900 |
-- |
|
c)
The Company does not expect any reimbursements in respect of the above contingent
liabilities. |
-- |
-- |
@
Amount is below the rounding off norm adopted by the Company.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10497202 |
31/03/2014 |
750,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C05379490 |
|
2 |
10472419 |
01/01/2014 |
800,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W |
B94314770 |
|
3 |
10435851 |
11/06/2013 |
1,000,000,000.00 |
State Bank of India |
Corporate Accounts Group
Branch, 2nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata,
West Bengal - 700071, INDIA |
B79204616 |
|
4 |
10408215 |
01/03/2013 * |
770,000,000.00 |
Standard Chartered Bank |
19, Netaji Subhas Road,
Kolkata, West Bengal - 700001, INDIA |
B73648297 |
|
5 |
10397937 |
19/07/2013 * |
564,749,000.00 |
DBS Bank Ltd. (Acting as
an Security Agent) |
4A, LITTLE RUSSEL
STREET,, KOLKATA, West Bengal - |
B79791737 |
|
6 |
10383354 |
17/10/2012 |
275,000,000.00 |
State Bank of India |
Corporate Accounts Group Branch,
2nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata,
West Bengal - 700071, INDIA |
B60831567 |
|
7 |
10345927 |
20/12/2013 * |
3,980,000,000.00 |
BANK OF BARODA |
CAMAC STREET BRANCH, 3B
CAMAC STRRET, KOLKATA, West Bengal - 700016, INDIA |
B92340231 |
|
8 |
10306896 |
20/09/2011 * |
1,728,000,000.00 |
State Bank of India |
CAG Branch, 34, J L Nehru
Road, Reliance House, Kolkata, West Bengal - 700071, INDIA |
B20935292 |
|
9 |
10307463 |
20/09/2011 * |
720,000,000.00 |
State Bank of India |
CAG Branch, 34 J L Nehru
Road, Reliance House, Kolkata, West Bengal - 700071, INDIA |
B21175831 |
|
10 |
10308746 |
29/06/2013 * |
190,000,000.00 |
Axis Bank Limited |
CORPORATE BANKING BRANCH,
1 SHAKESPEARE SARANI, A.C. MARKET BUILDING, 3RD FLOOR, KOLKATA, West Bengal -
700071, INDIA |
B82666728 |
|
11 |
10246346 |
13/06/2012 * |
160,000,000.00 |
UNITED BANK OF INDIA |
CALCUTTA BRANCH, 4, N. C.
DUTTA SARANI, KOLKATA, |
B45124542 |
|
12 |
10143965 |
17/01/2009 * |
437,500,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
Asian Bldg., Ground
Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI- 400001, Maharashtra |
A57688863 |
|
13 |
10087278 |
29/06/2013 * |
650,000,000.00 |
State Bank of India (Lead
Bank) |
Corporate Accounts Group
Branch, 2nd Floor, Reliance House, 34 Jawaharlal Nehru Road, Kolkata,
West Bengal - 700071, INDIA |
B82663386 |
|
14 |
80019790 |
02/03/2013 * |
9,750,000,000.00 |
BANK OF BARODA (on behalf
of Consortium being Lead |
CAMAC STREET BRANCH, 3B
CAMAC STREET, KOLKATA, West Bengal - 700016, INDIA |
B73745069 |
|
15 |
80015365 |
13/08/2013 * |
9,750,000,000.00 |
BANK OF BARODA (on behalf
of Consortium being Lead |
CAMAC STREET BRANCH, 3B
CAMAC STREET, KOLKATA, West Bengal - 700016, INDIA |
B83400085 |
|
16 |
80020728 |
22/12/2006 * |
400,000,000.00 |
UNITED BANK OF INDIA
(LEAD BANK) |
4, NARENDRA CHANDRA DUTTA
SARANI, KOLKATA, West Bengal - 700001, INDIA |
- |
|
17 |
90252715 |
28/04/2009 * |
524,575,000.00 |
STATE BANK OF INDIA (LEAD
BANK) |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, West Bengal - 700016, INDIA |
A62045067 |
* Date of charge modification
FIXED ASSETS:
· Leasehold Land
· Freehold Land
· Land and Estate Development
· Building
· Plant and Equipment
· Office Equipment
· Vehicles
· Furniture and Fixtures
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 records 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] 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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.