1. Summary Information
|
|
|
Country |
|
|
Company Name |
DEEPAK NITRITE LIMITED |
Principal Name 1 |
Mr. C. K. Mehta |
|
Status |
Good |
Principal Name 2 |
Mr. D. C. Mehta |
|
|
|
Registration # |
04-001735 |
|
Street Address |
9/10, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat, India |
||
|
Established Date |
06.06.1970 |
SIC Code |
-- |
|
Telephone# |
91-265-2351013/ 2334481-82 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-265-2330994 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Chemicals |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 104,538,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and
Promoter Group – 56.56 % Public – 43.40 % |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
44 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
A
(59) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Blue Shell Investment Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,907,958,000 |
Current Liabilities |
2,345,586,000 |
|
Inventories |
1,299,506,000 |
Long-term Liabilities |
4,619,687,000 |
|
Fixed Assets |
4,612,805,000 |
Other Liabilities |
521,968,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
7,487,241,000 |
|
Invest& other Assets |
742,194,000 |
Retained Earnings |
2,970,684,000 |
|
|
|
Net Worth |
3,075,222,000 |
|
Total Assets |
10,562,463,000 |
Total Liab. & Equity |
10,562,463,000 |
|
Total Assets (Previous Year) |
8,886,830,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
12,696,287,000 |
Net Profit |
383,286,000 |
|
Sales(Previous yr) |
10,194,000,000 |
Net Profit(Prev.yr) |
378,235,000 |
MIRA
INFORM REPORT
|
Report Date : |
26.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEEPAK NITRITE LIMITED |
|
|
|
|
Registered
Office : |
9/10, Kunj Society, Alkapuri, Vadodara – 390007, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
06.06.1970 |
|
|
|
|
Com. Reg. No.: |
04-001735 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 104.538 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1970PLC001735 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03452B BRDD00655E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD7468A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 12300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
- ( Matter converted to
CA1657312013) |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects long operating track record in the chemical industry
supported by its diversified product mix and sound financial risk profile. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with 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 |
ICRA |
|
Rating |
Term Loan: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits: A1+ |
|
Rating Explanation |
Very strong degree of safety lowest credit risk. |
|
Date |
July 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Alok Kankani |
|
Designation : |
Finance Department |
|
Contact No.: |
91-265-2765200 |
LOCATIONS
|
Registered Office : |
9/10, Kunj Society, Alkapuri, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2351013/ 2334481-82 |
|
Fax No.: |
91-265-2330994 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office / Global Head Quarters : |
Aaditya-I, National Highway No. 8, Chhani Road, Vadodara - 390024, Gujarat, India |
|
Tel. No.: |
91-265-276 5200 |
|
Fax No.: |
91-265-234 0506 |
|
|
|
|
Factory 1 : |
Nitrite and
Nitroaromatics Division 4-12, GIDC Chemical Complex, Nandesari - Dist., Vadodara - 391340 Gujarat, India |
|
Tel. No.: |
91-265-2840639 / 47 |
|
|
|
|
Factory 2 : |
APL Division Plot Nos. 1, 2, 26 & 27, MIDC Dhatav, Roha, Dist. Raigad - 402116 |
|
Tel. No.: |
91-2194-263550 / 263750 / 264777 / 78 / 79 |
|
|
|
|
Factory 3 : |
Taloja Chemical
Division Plot No. K-10, MIDC, Taloja, A.V. District Raigad-410208, Maharashtra, India |
|
Tel. No.: |
91-22-27411125 / 26 / 27 |
|
|
|
|
Factory 4 : |
Hyderabad Specialties Division Plot Nos. 90-F/70-A and B, Phase II, Industrial Development Area, Jeedimetla, Taluka Quthbullapur Madal, District Ranga Reddy, Hyderabad – 500055, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23097401 |
|
|
|
|
Factory 5 : |
Project site under
development Plot No. 12/B GIDC, Dahej, Dist. Bharuch- 392130, Gujarat, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. C. K. Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. D. C. Mehta |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. A. C. Mehta |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Shri Umesh Asaikar |
|
Designation : |
Executive Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Nimesh Kampani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhin Choksey |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Richard H. Rupp |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhir Mankad |
|
Designation : |
Director |
|
Qualification : |
Master’s Degree in History |
|
|
|
|
Name : |
Mr. S. K. Anand |
|
Designation : |
Additional Director |
|
Qualification : |
· Bachelor of Engineering (Chemical) · Petrochemical Course · advance course on Management |
|
|
|
|
Name : |
Dr. Swaminathan Sivaram |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Shri Arvind Bajpai |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Committee |
·
Shri Sudhin Choksey ·
Shri Sudhir Mankad ·
Shri S. K. Anand |
|
|
|
|
Stakeholders Relationship Committee |
Shri S. K. Anand Shri A.C. Mehta Shri Umesh Asaikar |
|
|
|
|
Nomination and Remuneration Committee : |
Shri Sudhir Mankad Shri Sudhin Choksey Shri S. K. Anand |
|
|
|
|
Corporate Social Responsibility Committee : |
Shri Sudhir Mankad Dr. Swaminathan Sivaram Shri D. C. Mehta Shri Umesh Asaikar |
|
|
|
|
Chief Financial Officer : |
Shri Sanjay Upadhyay |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21901070 |
20.95 |
|
|
37228000 |
35.61 |
|
|
59129070 |
56.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
59129070 |
56.56 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
18000 |
0.02 |
|
|
3350 |
0.00 |
|
|
650000 |
0.62 |
|
|
6000000 |
5.74 |
|
|
6671350 |
6.38 |
|
|
|
|
|
|
11831839 |
11.32 |
|
|
|
|
|
|
19168015 |
18.34 |
|
|
7234590 |
6.92 |
|
|
503326 |
0.48 |
|
|
502876 |
0.48 |
|
|
450 |
0.00 |
|
|
38737770 |
37.06 |
|
Total Public
shareholding (B) |
45409120 |
43.44 |
|
Total (A)+(B) |
104538190 |
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) |
104538190 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production Qty. MTS. |
|
Inorganic Salts |
MT |
44350 |
48459 |
|
Dinitrosopentamethylene Tetramine |
MT |
1800 |
551 |
|
Dye Intermediates |
MT |
660 |
-- |
|
Nitro Aromatics |
MT |
38750 |
36072 |
|
- By Products |
MT |
-- |
29101 |
|
Aromatics Amines |
MT |
18000 |
11447 |
|
Agro Chemical Intermediates |
MT |
9900 |
9384 |
|
Colour Intermediates |
MT |
6600 |
7526 |
|
- By Products |
MT |
-- |
8756 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Bank of Baroda · Dena Bank · ICICI Bank Limited · AXIS Bank Limited · ING Vysya Bank · Standard Chartered Bank · DBS Bank Limited ·
Hongkong and Shanghai Banking Corporation |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
1. TERM LOANS The Loans from Banks includes term loan obtained from State Bank of India during the year amounting to Rs. 520.000 Millions (Rs. Nil), this is to be secured by first pari passu charge by way of mortgage of immovable properties of the Company and both present and future hypothecation of movable assets of the Company. The Company is in the process of executing the necessary charge on the assets. Foreign Currency Loan from Banks includes Loan from Bank of Baroda Rs. Nil (Rs. 49.071 Millions) while External Commercial Borrowings are obtained from (a) Standard Chartered Bank Rs.643.068 Millions (Rs. 652.672 Millions) (b) HSBC Bank (Mauritius) Limited Rs. 833.885 Millions (Rs. 815.840 Millions) and (c) DBS Bank Limited Rs. 1051.746 Millions (Rs. 979.007 Millions). These are secured by first pari passu charge by way of mortgage of immovable properties of the Company, both present and future hypothecation of movable assets of the Company and also by second pari passu charge over Current Assets of the Company. REPAYMENT SCHEDULE a) Rate of interest of loan from Banks are in the range of base rate plus 0.50% to 1.00% p.a. b) Term loan from State Bank of India is repayable on monthly basis starting from June, 2015 with last installment payable in November, 2021. c) Rate of interest of Term Loan and External Commercial Borrowings are in the range of LIBOR plus 2.50% to 3.00% p.a. d) Foreign Currency Loan from Bank of Baroda is repaid during the year. e) External Commercial Borrowing from Standard Chartered Bank is repayable on half-yearly basis which started on August 23, 2013 with a step up repayment schedule and last installment payable on February 23, 2018. f) External Commercial Borrowing from HSBC Bank (Mauritius) Limited is repayable on half yearly basis which started on March 30, 2014, with a step up repayment schedule and last installment payable on March 29, 2018. g) External Commercial Borrowing from DBS Bank Limited is repayable on quarterly basis which started on February 3, 2014, with a step up repayment schedule and last installment payable on November 1, 2018. 2. Cash Credit From Banks a) Cash Credit from Banks are secured by a prior charge over Company’s stock of Raw Materials, Semi-Finished and Finished Goods, Consumable Stores and Book Debts and by second charge on all Fixed Assets by way of hypothecation and mortgage. b) Cash Credit is repayable on demand and carries interest in the range of base rate plus 0.75% to 3.00% p.a. |
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Cost Auditors : |
B. M. Sharma and Company Chartered Accountants,
Pune |
|
|
|
|
Internal Auditors : |
Deloitte Haskins and Sells, Pune |
|
|
|
|
Associates : |
§ Blue Shell Investment Private Limited § Check Point Credits and Capital Private Limited § Crossover Advisors Private Limited § Crossover Trustees Private Limited § Deepak Asset Reconstruction Private Limited § Deepak Cleantech Limited § Deepak Fertilisers and Petrochemicals Corporation Limited § Deepak International Limited § Deepak Medical Foundation § Deepak Research and Development Foundation § Deepak Novochem Technologies Limited § Forex Leafin Private Limited § Grey Point Investments Private Limited § Hardik Leafin Private Limited § Kawant Development Corporation § Nucore Capital Management Private Limited § Pranawa Leafin Private Limited § Prolific Credits and Capital Private Limited § Skyrose Finvest Private Limited § Sofotel Software Services Private Limited § Stepup Credits and Capital Private Limited § Stiffen Credits and Capital Private Limited § Stigma Credits and Capital Private Limited § Storewell Credits and Capital Private Limited § Sundown Finvest Private Limited § Superpose Credits and Capital Private Limited § The Lakaki Works Private Limited § Yerowada Investment Limited. |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
2000000 |
Preference Shares |
Rs.100/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed & Paid-up Capital :*
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10453819 |
Equity Shares |
Rs.10/- each |
Rs. 104.538 Millions |
|
|
|
|
|
Note: Excludes 9860 (9860) Equity Shares of Rs. 10/- each, kept in abeyance.
Shares : Terms / Rights
i) Authorised Shares have been classified into Equity and Preference Shares.
ii) The Company has issued Equity Shares having par value of Rs. 10/- per Share. 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 at the ensuing Annual General Meeting.
iii) During the year ended March 31, 2014, the amount of per Share Dividend recognised as distribution to Equity Shareholders is Rs. 10/- (Rs. 8/-).
iv) In the event of liquidation of the Company, the holders of Equity Shares shall be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. No Preferential amounts exist as on Balance Sheet date. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.
Reconciliation of the Shares outstanding and the amount
of Share Capital at the beginning and at the end of the reporting period:
Company has not issued any Equity Shares or Preference Shares during the year.
|
Equity Shares |
31.03.2014 |
|
|
|
No. in millions |
Rs. In millions |
|
At the beginning of the period |
10453819 |
104.538 |
|
Issued during the period – Bonus issue |
-- |
-- |
|
Issued during the period – ESOP |
-- |
-- |
|
Outstanding at the end of the period |
10453819 |
104.538 |
Details of
Shareholders holding more than 5% Equity Shares in the Company.
|
Name of the
Shareholder |
31.03.2014 |
|
|
|
No. in millions |
% holding |
|
Equity Shares of Rs. 10/- each fully paid |
|
|
|
Shri Deepak Chimanlal Mehta |
2027004 |
19.39 |
|
Stiffen Credits & Capital Private Limited |
837994 |
8.02 |
|
Checkpoint Credits & Capital Private Limited |
720605 |
6.89 |
|
Stepup Credits & Capital Private Limited |
691558 |
6.62 |
|
Stigma Credits & Capital Private Limited |
617810 |
5.91 |
|
Fidelity Puritan Trust - Fidelity Low Priced |
650000 |
6.22 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
104.538 |
104.538 |
|
(b) Reserves & Surplus |
|
2970.684 |
2701.436 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
3075.222 |
2805.974 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
2712.526 |
2393.371 |
|
(b) Deferred tax liabilities (Net) |
|
347.713 |
21.762 |
|
(c) Other long
term liabilities |
|
24.439 |
36.185 |
|
(d) long-term
provisions |
|
41.857 |
233.549 |
|
Total Non-current
Liabilities (3) |
|
3126.535 |
2684.867 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1907.161 |
707.393 |
|
(b)
Trade payables |
|
1461.650 |
2042.052 |
|
(c)
Other current liabilities |
|
859.497 |
542.097 |
|
(d) Short-term
provisions |
|
132.398 |
104.447 |
|
Total Current
Liabilities (4) |
|
4360.706 |
3395.989 |
|
|
|
|
|
|
TOTAL |
|
10562.463 |
8886.830 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
4560.153 |
3242.812 |
|
(ii)
Intangible Assets |
|
52.652 |
11.378 |
|
(iii)
Capital work-in-progress |
|
710.972 |
1175.520 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
31.222 |
13.292 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
251.236 |
220.605 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
5606.235 |
4663.607 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1299.506 |
1043.584 |
|
(c)
Trade receivables |
|
2919.310 |
2422.517 |
|
(d) Cash
and cash equivalents |
|
64.414 |
95.005 |
|
(e)
Short-term loans and advances |
|
659.794 |
634.342 |
|
(f)
Other current assets |
|
13.204 |
27.775 |
|
Total
Current Assets |
|
4956.228 |
4223.223 |
|
|
|
|
|
|
TOTAL |
|
10562.463 |
8886.830 |
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
104.538 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2423.237 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2527.775 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2246.726 |
|
|
2] Unsecured Loans |
|
|
217.771 |
|
|
TOTAL BORROWING |
|
|
2464.497 |
|
|
DEFERRED TAX LIABILITIES |
|
|
168.029 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5160.301 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1813.207 |
|
|
Capital work-in-progress |
|
|
1016.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
13.292 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
854.363
|
|
|
Sundry Debtors |
|
|
1574.875
|
|
|
Cash & Bank Balances |
|
|
935.377
|
|
|
Other Current Assets |
|
|
12.479
|
|
|
Loans & Advances |
|
|
795.279
|
|
Total
Current Assets |
|
|
4172.373
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1321.702
|
|
|
Other Current Liabilities |
|
|
422.112
|
|
|
Provisions |
|
|
111.457
|
|
Total
Current Liabilities |
|
|
1855.271
|
|
|
Net Current Assets |
|
|
2317.102
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5160.301 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12696.287 |
10194.000 |
7898.919 |
|
|
|
Other Income |
17.674 |
107.004 |
28.413 |
|
|
|
TOTAL (A) |
12713.961 |
10301.004 |
7927.332 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials and Components Consumed |
8485.463 |
6668.373 |
5083.323 |
|
|
|
Purchase of Traded Goods |
181.431 |
467.287 |
434.907 |
|
|
|
Employee Benefits Expenses |
883.510 |
618.565 |
505.755 |
|
|
|
Power & Fuel Expenses |
1105.759 |
904.471 |
768.841 |
|
|
|
Other Expenses |
1249.518 |
803.041 |
616.960 |
|
|
|
Impairment Provision / (Reversal) |
0.000 |
0.000 |
0.000 |
|
|
|
(Increase)/ Decrease in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
(349.417) |
10.493 |
(87.416) |
|
|
|
TOTAL (B) |
11556.264 |
9472.230 |
7322.370 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1157.697 |
828.774 |
604.962 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
279.737 |
113.608 |
111.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
877.960 |
715.166 |
493.718 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
296.436 |
189.386 |
177.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
581.524 |
525.780 |
315.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
198.238 |
147.545 |
85.032 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
383.286 |
378.235 |
230.828 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1427.690 |
1197.390 |
1089.529 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
104.538 |
83.709 |
62.782 |
|
|
|
Corporate Dividend Tax |
17.766 |
14.226 |
10.185 |
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1638.672 |
1427.690 |
1197.390 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4933.109 |
4434.211 |
3463.852 |
|
|
TOTAL EARNINGS |
4933.109 |
4434.211 |
3463.852 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3051.629 |
2243.855 |
1393.715 |
|
|
|
Stores & Spares |
11.243 |
12.135 |
1.644 |
|
|
|
Capital Goods |
0.918 |
5.895 |
6.780 |
|
|
TOTAL IMPORTS |
3063.790 |
2261.885 |
1402.139 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.63 |
36.15 |
22.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.01 |
3.67
|
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.58 |
5.16
|
4.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.92 |
6.83
|
5.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.50 |
1.11
|
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.24
|
1.81 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
104.538 |
104.538 |
|
Reserves & Surplus |
2,701.44 |
2970.684 |
|
Net worth |
2,805.97 |
3075.222 |
|
|
|
|
|
long-term borrowings |
2,393.37 |
2712.526 |
|
Short term borrowings |
707.393 |
1907.161 |
|
Total borrowings |
3,100.76 |
4619.687 |
|
Debt/Equity ratio |
1.105 |
1.502 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7898.919 |
10194.000 |
12696.287 |
|
|
|
29.056 |
24.547 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7898.919 |
10194.000 |
12696.287 |
|
Profit |
230.828 |
378.235 |
383.286 |
|
|
2.92% |
3.71% |
3.02% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Deferred Sales Tax loan |
1.020 |
3.719 |
|
Deposits from Shareholders |
2.045 |
0.887 |
|
Deposits from Public |
82.963 |
51.264 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Short Term Loans from Banks |
444.951 |
255.931 |
|
|
|
|
|
Total |
530.979 |
311.801 |
|
Short Term loan from Banks represents Packing Credit in foreign currency and Buyers’ Credit against Letter of Undertaking. It is generally due within 180 days & carry interest rate in the range of LIBOR plus 0.60% to 2.00% p.a. Company has also borrowed short term export packing credit. It is generally due within 180 days & carries interest rate in the range of Base Rate plus 0.50% to 1.00% p.a. |
||
COMPANY PERFORMANCE
The Company delivered another year of robust performance demonstrating the strength of the business model. Total income increased by 23% to Rs.12714.000 Millions as a result of solid double digit growth across all business segments. The Fluorescent Whitening Agent (FWA) segment which was partly commissioned and began production in the beginning of the year contributed Rs. 519.600 Millions to the total income. The EBITDA was higher by 56% at Rs. 1135.400 Millions in FY 2013-14. Profit before Tax was up by 32% at Rs. 581.500 Millions compared to Rs. 440 .000 Millions in FY 2012-13. On a like-for-like basis, the Profit before Tax was at Rs. 936.000 Millions, higher by 109% clearly indicating strong growth of established business segments. Similarly on like-to-like basis, Profit after Tax was higher at Rs. 616.900 Millions in FY 2013-14 compared to Rs. 325.800 Millions in FY 2012-13 excluding exceptional income. Excluding the impact of the Dahej facility, Profit after Tax grew by 89%. Raw material cost stood at Rs. 8485.500 Millions compared to Rs. 6668.400 Millions, an increase of 27% over last year. Raw material cost increased mainly due to increased volumes. Raw material prices remained stable as subdued global demand during the year helped contain fluctuating prices. Depreciation increased to Rs. 296.400 Millions from Rs. 189.400 Millions in FY 2012-13 due to post commissioning cost of Dahej facility. Finance cost was also higher at Rs. 257.500 Millions due to capitalization of the Dahej and Nandesari project. The Company has delivered strong and consistent record of revenue and profit growth yet again, demonstrating resilience in the current uncertain environment. Considering all these factors, the Board of Directors recommended a dividend of Rs. 10 per Equity Share of a Face Value of Rs. 10 each.
SEGMENTAL PERFORMANCE
Organic Intermediates
Revenues for Organic Intermediates stood at Rs. 7319.700 Millions for FY 2013-14 compared to Rs. 6129.900 Millions for FY 2012- 13. This segment contributed 56% of total revenue during the current year. Expansion in margins was driven by higher efficiencies, operating leverage, consolidation in prices of some key raw materials and improved realisations. The Organic Intermediates segment demonstrated momentum in performance as several key products continued to benefit from increased demand. The agrochemicals business did very well during the year, driven by international sales and favourable monsoons in India. As a result, farmers globally and in India looked to reinvest gains from buoyant growth. Nitro Toluenes also continued to perform strongly in terms of both revenues and profits.
Inorganic
Intermediates
Revenues from the Inorganic Intermediates segment stood at Rs.1759.500 Millions for FY 2013-14 compared to Rs. 1317.200 Millions for FY 2012-13. This segment contributed 14% of total revenue during the year. Improvement in margins was led by stabilising of raw material prices during the year. The Inorganic Intermediates segment grew by 34% during the year from higher off-take, as a result of the Brownfield capacity expansion at Nandesari.
Fine & Speciality
Chemicals
Revenues from Fine & Speciality Chemicals stood at Rs. 3366.000 Millions in FY 2013-14 compared to Rs. 2835.000 Millions in FY 2012-13. This segment contributed 26% of total revenue during the year. The Company positively impacted its product mix by focussing on products with higher profitability. While volumes were stable, the average realisation and profitability improved.
OUTLOOK
The Company delivered a strong performance during FY 2013-14. Revenues for the year stood at Rs. 12696.200 Millions, growing 25% on a year-on-year basis. The Company has reported strong growth across all business segments with each one delivering double digit growth. Margins remained strong at a sustained level and the Net Profits for the year stood at Rs. 383.300 Millions, 1% higher than last year’s levels.
During the year, the established businesses continued to perform well with increased volume and off-take by customers along with stable pricing. The momentum in most of these business lines is healthy and is expected to be sustained. While there was some consolidation in the prices of raw materials, there may be some escalation going forward, given the rupee depreciation as well as a slight firming up in commodity prices.
The recently introduced business of Fluorescent Whitening Agents is expected to report good volumes. Increasing utilization at Phase I of the Dahej plant will be supported by commissioning of the remaining phases. All the streams will be fully commissioned in FY 2014-15. With realignment of offerings into three Strategic Business Units (SBUs), viz. Bulk Commodities and Chemicals (BCC), Fine & Speciality Chemicals (FSC) and Fluorescent Whitening Agent (FWA), specific growth plans are planned for each SBU. This will accelerate volume growth and profitability. Going forward, the Company foresees stronger customer relations, higher efficiencies
and robust growth in major B2B customers.
AWARDS &
ACCOLADES
The Company is committed to sustainable development and is a signatory to Global Responsible Care Core Principles. These principles inter alia govern technology, processes and products to minimize impact on overall environment and to enhance sustainability. The Company is committed to the Responsible Care Programme to achieve established goals, targets and objectives with due consideration for the environment. The Company has been awarded Certificate of Merit (2012-13) for BEST COMPLIANT COMPANY FOR THE POLLUTION PREVENTION CODE under Responsible Care.
INDEX OF CHARGES:
|
S.No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10506977 |
25/06/2014 |
1,400,000,000.00 |
STATE BANK OF INDIA |
IFB BRANCH, MARBLE
ARCH, RACE COURSE CIRCLE,, VAD |
C09866377 |
|
2 |
10134988 |
27/05/2014 |
2,842,000,000.00 |
STATE BANK OF INDIA |
IFB BRANCH, MARBLE
ARCH, RACE COURSE CIRCLE,, VAD |
C06084362 |
|
3 |
10096389 |
30/11/2011 |
100,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B28233526 |
|
4 |
10045475 |
13/05/2014 |
2,264,400,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE
C-2,WADIA INTERNATIONAL CENTRE,, PANDU |
C04983367 |
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Plant and Machinery
· Factory and Other Buildings
· Roads
· Office Equipments
· Furniture and Fixture
· Vehicles
· Goodwill
· Computer Software (Office-Equipments)
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgment 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.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
59 |
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.