MIRA INFORM REPORT
|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
THIRUMALAI CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Thirumalai House, Road No.29, Near Sion Hill, Fort, Sion (East),
Mumbai-400022, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.11.1972 |
|
|
|
|
Com. Reg. No.: |
01-016149 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.102.411 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1972PLC016149 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged
in manufacturing and selling chemicals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5517000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company appears to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of long track record and experienced management, the company
can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 facilities BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 22, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
August 22, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-24017841)
LOCATIONS
|
Registered Office : |
Thirumalai House, Road No.29, Near Sion Hill, Fort, Sion (East),
Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-24017841 / 7834 / 7853 / 7861 |
|
Fax No.: |
91-22-24011699 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
Thirumalai House, Plot No. 101-102, Road No. 29, Sion (East)
Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-2401 7841 / 53 /61 |
|
Fax No.: |
91-22-24011699 |
|
E-Mail : |
|
|
|
|
|
Factory : |
25-A Sipcot Industrial Complex Ranipet – 632403,
Tamilnadu, India |
|
Tel. No.: |
91-4172-244441 / 6 / 8 |
|
Fax No.: |
91-4172-244308 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 1 : |
New No. 60, Old No. 5, Thomas Nagar
Little Mount, Saidapet Chennai –
600015, Tamilnadu, India |
|
Tel. No.: |
91-44-22353911 / 12 / 16 |
|
Fax No.: |
91 44 2235 3914 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 2 : |
Third Floor, RR Tower 4, TVK Industrial Estate, Guindy,
Chennai – 600 032, Tamil Nadu, India |
|
Tel. No.: |
91-44-40123333 |
|
Fax No.: |
91-44-22502914 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. S. Rama Iyer |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Parthasarathy |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Atul Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. Shankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Janakiraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Sridhar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Raj Kataria |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. S. Santhanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Sampath |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dhanpat Raj Dhariwal |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. N. Nambi Rajan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. T. Rajagopalan |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1899360 |
18.55 |
|
|
2700182 |
26.37 |
|
|
4599542 |
44.92 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4599542 |
44.92 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1575 |
0.02 |
|
|
600 |
0.01 |
|
|
2175 |
0.02 |
|
|
|
|
|
|
497385 |
4.86 |
|
|
|
|
|
|
3403712 |
33.24 |
|
|
1541628 |
15.06 |
|
|
194370 |
1.90 |
|
|
50439 |
0.49 |
|
|
92931 |
0.91 |
|
|
51000 |
0.50 |
|
|
5637095 |
55.06 |
|
Total Public shareholding (B) |
5639270 |
55.08 |
|
Total (A)+(B) |
10238812 |
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) |
10238812 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is
engaged in manufacturing and selling chemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Bank of India ·
State Bank of India ·
Andhra Bank ·
Axis Bank Limited ·
Oriental Bank of Commerce ·
Indian Overseas Bank |
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Facilities : |
NOTE: LONG TERM
BORROWINGS In respect of
term loans from banks and financial institutions, terms of repayments and
nature of security are given below: a.
Term loan from Bank of India, is repayable in
equal 30 monthly instalments starting from July 2012 up to December 2014.The
loan is secured by way of second charge (on pari passu basis) over the
immovable properties of the Company. b.
Export Import Bank of India Overseas Investment
Finance loan is repayable in 16 equal quarterly instalments starting from July
2012 up to April 2016. The loan is secured by First Pari Passu charge on
Movable fixed assets and immovable assets at Ranipet, Tamilnadu. c.
Export Import Bank of India Working Capital
Demand Loan is repayable in 16 equal quarterly instalments starting from July
2012 up to April 2016. The loan is secured by First Pari Passu charge on
Movable fixed assets and immovable assets at Ranipet, Tamilnadu. d.
Export Import Bank of India EOU Loan is repayable
in 21 equal quarterly instalments starting from March 2009 upto March 2014.
The loan is secured by First Pari Passu charge on Movable fixed assets and
immovable assets at Ranipet, Tamilnadu. e.
The interest rates in case of loans vary as below a.
for foreign currency loans -Export Import
Bank of India Overseas Investment Finance Loan : LIBOR + 450 basis points b.
for rupee term loans : 11.23% to 14.5% per annum. SHORT TERM
BORROWINGS i.
Working Capital Demand Loan/Cash credit/Export
accounts and Bills purchases and discounted are secured by hypothecation of
stock of raw materials, work in progress, finished goods and book debts and
secured by a secon charge on all of
the Company’s immovable fixed assets both present and future. ii.
Export Import Bank of India Pre/post shipment is
secured by hypothecation of stock of raw materials, work in progress,
finished goods and book debts (those financed by Export Import Bank of India)
and secured by a second charge on all of the Company’s immovable fixed assets
both present and future. iii.
The interest rates in case of loans vary as below a.
for foreign currency loans - Export Import
Bank of India Pre/Post Shipment : LIBOR + 450 basis points b.
for other rupee loans : 13.5% to 14.5% per annum. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Contractor, Nayak and Kishnadwala Chartered Accountants |
|
Address : |
501-502, Narian
Chambers, M. G. Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Mr. G. Sundaresan |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Subsidiary Companies : |
·
Tarderiv International Pte Limited (subsidiary
company) (TIPL) (w.e.f 28th December 2010) ·
Cheminvest Pte Limited (Step down subsidiary)
(CPL) (w.e.f 28th December, 2010) ·
Optimistic Organic Sdn Bhd (Step down subsidiary)
(OOSB) (w.e.f 28th December, 2010) |
|
|
|
|
Entity in which the company has substantial interest (i.e. more than
20% in voting power directly or indirectly) : |
Thirumalai Charity Trust (TCT) |
|
|
|
|
Others : |
Ultramarine and Pigments Limited. (UPL) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
10000000 |
Unclassified shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 250.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10242812 |
Equity Shares |
Rs.10/- each |
Rs.102.428 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10238812 |
Equity Shares |
Rs.10/- each |
Rs.102.388 Millions |
|
|
Add: Amount paid up on forfeited shares |
|
Rs.0.023 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.102.411
Millions |
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 |
102.411 |
102.411 |
102.411 |
|
(b) Reserves & Surplus |
1277.009 |
1062.858 |
951.637 |
|
(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) |
1379.420 |
1165.269 |
1054.048 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
530.496 |
888.443 |
326.199 |
|
(b) Deferred tax liabilities (Net) |
160.792 |
184.372 |
208.739 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
37.150 |
37.460 |
32.905 |
|
Total Non-current
Liabilities (3) |
728.438 |
1110.275 |
567.843 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1616.648 |
949.734 |
990.005 |
|
(b) Trade
payables |
2328.502 |
2721.242 |
1946.608 |
|
(c) Other
current liabilities |
554.116 |
506.059 |
641.029 |
|
(d) Short-term
provisions |
55.726 |
28.492 |
25.413 |
|
Total Current
Liabilities (4) |
4554.992 |
4205.527 |
3603.055 |
|
|
|
|
|
|
TOTAL |
6662.850 |
6481.071 |
5224.946 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
922.948 |
1004.720 |
994.978 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5.374 |
27.008 |
30.516 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
325.169 |
325.169 |
279.380 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
553.233 |
748.316 |
378.793 |
|
(e) Other
Non-current assets |
2.443 |
6.358 |
204.738 |
|
Total Non-Current
Assets |
1809.167 |
2111.571 |
1888.405 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1880.508 |
1421.340 |
1114.176 |
|
(c) Trade
receivables |
2535.553 |
2560.218 |
1908.986 |
|
(d) Cash
and cash equivalents |
109.763 |
116.520 |
12.952 |
|
(e)
Short-term loans and advances |
126.684 |
147.869 |
0.685 |
|
(f) Other
current assets |
201.175 |
123.553 |
299.742 |
|
Total Current
Assets |
4853.683 |
4369.500 |
3336.541 |
|
|
|
|
|
|
TOTAL |
6662.850 |
6481.071 |
5224.946 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11477.570 |
9078.656 |
7644.429 |
|
|
|
Other Income |
81.601 |
56.301 |
67.602 |
|
|
|
TOTAL |
11559.171 |
9134.957 |
7712.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8967.472 |
6706.067 |
5434.105 |
|
|
|
Purchase of stock in trade |
415.320 |
741.214 |
565.308 |
|
|
|
Changes in stock |
(204.827) |
(144.669) |
(3.317) |
|
|
|
Employees benefits expense |
215.827 |
196.427 |
147.655 |
|
|
|
Other expenses |
1074.130 |
916.083 |
862.289 |
|
|
|
TOTAL |
10467.922 |
8415.122 |
7006.040 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1091.249 |
719.835 |
705.991 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
520.223 |
523.727 |
308.517 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
571.026 |
196.108 |
397.474 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
128.750 |
138.054 |
133.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
442.276 |
58.054 |
263.604 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
164.820 |
10.247 |
78.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
277.456 |
47.807 |
185.512 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
404.122 |
356.315 |
170.803 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
0.000 |
0.000 |
|
|
|
Dividend |
81.141 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
8.305 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
562.132 |
404.122 |
356.315 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods calculated on FOB Basis |
659.534 |
1190.906 |
866.495 |
|
|
|
Interest income |
34.722 |
4.035 |
0.000 |
|
|
|
Marketing services |
4.778 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
699.034 |
1194.941 |
866.495 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1214.561 |
834.311 |
1482.293 |
|
|
|
Stores, Spares & others |
2.141 |
2.947 |
3.230 |
|
|
|
Catalyst |
32.960 |
29.756 |
44.821 |
|
|
TOTAL IMPORTS |
1249.662 |
867.014 |
1530.344 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.10 |
4.67 |
18.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.42
|
0.52 |
2.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.85
|
0.64 |
3.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.98
|
0.95 |
5.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.05 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.56
|
1.58 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.04 |
0.93 |
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 |
102.411 |
102.411 |
102.411 |
|
Reserves & Surplus |
951.637 |
1062.858 |
1277.009 |
|
Net
worth |
1054.048 |
1165.269 |
1379.420 |
|
|
|
|
|
|
long-term borrowings |
326.199 |
888.443 |
530.496 |
|
Short term borrowings |
990.005 |
949.734 |
1616.648 |
|
Total
borrowings |
1316.204 |
1838.177 |
2147.144 |
|
Debt/Equity
ratio |
1.249 |
1.577 |
1.557 |
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 |
7,644.429 |
9,078.656 |
11,477.570 |
|
|
|
18.762 |
26.424 |
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
|
7,644.429 |
9,078.656 |
11,477.570 |
|
Profit |
185.512 |
47.807 |
277.456 |
|
|
2.43% |
0.53% |
2.42% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
|
|
|
Gujarat Industrial Development Corporation |
0.000 |
22.059 |
|
Sales tax deferment loan from the Government of Tamilnadu (interest
free) |
55.264 |
99.407 |
|
Fixed deposits |
72.495 |
89.071 |
|
|
|
|
|
Total |
127.759 |
210.537 |
NOTE:
Deferred payment
liabilities
- Amounts due to Gujarat Industrial Development Corporation
represents amount payable for acquiring lease hold land for industrial
project. This loan is repayable in 12 equal quarterly instalments
commencing from June 2011 to March 2014.
- Deferral of sales tax liabilities represent interest free deferred
sales tax loan received from Government of Tamilnadu. Repayable up to
2016-17 based on the deferment availed in the respective years. An amount
of Rs. Nil (Previous Year Rs.0.379 million) only has been guaranteed by
Shri R. Parthasarathy, Managing Director of the company. For the Deferred
Sales Tax liabilities In case of default in repayment of ‘Deferred sales
tax liabilities’ the movable and immovable properties of the company are
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification
|
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449824 |
29/07/2013 |
3,810,000,000.00 |
Bank of India (Lead Bank) |
Nariman Point Large Corporate Branch, 92-93, Free Press House, 9th
Floor, 215, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
B85304483 |
|
2 |
10333705 |
07/01/2012 |
300,000,000.00 |
Bank of India |
Nariman Point Large Corporate Branch, 92-93, Free Press House, 9th
Floor, 215, Nariman Point, Mumbai, Maharashtra - 400021, INDIA |
B31308398 |
|
3 |
10295736 |
29/07/2013 * |
177,600,000.00 |
Export Import Bank of India |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
B82724980 |
|
4 |
10295396 |
29/07/2013 * |
320,000,000.00 |
Export Import Bank of India |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
B82738758 |
|
5 |
10096838 |
12/03/2010 * |
240,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
A82369802 |
|
6 |
10062506 |
29/07/2013 * |
625,000,000.00 |
Export Import Bank of India |
Centre One Building, Floor 21, World Trade Centre, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
B83269860 |
|
7 |
90244301 |
02/03/2001 * |
50,000,000.00 |
UTIBANK LTD. |
13 FLOOR; MAKER TOER COLABA, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
8 |
90240426 |
26/04/2011 * |
3,810,000,000.00 |
Bank of India (Lead Bank) |
Nariman Point Large Corporate Branch, 92 - 93, Free Press House, 9th
floor,215, Nariman Point, Mumbai,
Maharashtra – 400021, INDIA |
B12491866 |
|
9 |
90244243 |
12/03/2010 * |
3,722,100,000.00 |
Bank of India (Lead Bank) |
Mumbai Overseas Branch, 70/80 M.G. Road, Mezzanine |
A82680372 |
|
10 |
90240078 |
19/06/1995 |
50,000,000.00 |
INDIAN BANK |
NARIMON POINT BRANCH, MUMBAI, Maharashtra - 400021 |
- |
|
11 |
90239242 |
19/06/1995 * |
7,800,000.00 |
INDIAN BANK |
NARIMON POINT, MUMBAI, Maharashtra, INDIA |
- |
|
12 |
90239241 |
14/05/1990 * |
7,800,000.00 |
INDIAN BANK |
NARIMON POINT, MUMBAI, Maharashtra, INDIA |
- |
* Date of charge modification
MANAGEMENT DISCUSSIONS AND ANALYSIS
1. Scenario
overview:
The difficult
Economic and Business scenario in India which started in 2011, has continued
and in certain areas deepened further during 2012-13. Inflation continued to be
very high, while growth remained below expectations.
Capital
Investments by Individuals, Families, and by Businesses and Industrial
organizations in the Private and Public sector dropped significantly. Many
industries have witnessed slow growth while certain sectors experienced
contraction, as retail consumer spending also slowed down.
The deepening
monetary and economic crises in Europe and the slow recovery in the US, has had
an adverse effect on growth in the ASEAN and Far Eastern economies. These
International developments in the EU and Asia further dampened the company's
growth, since these are the key export markets for India and for the Company.
2. The Business:
The Markets:
a.
The major customer segments for the company include
Construction Chemicals, Consumer products, the Auto sector, Colors for
Printing, Garments, Paints & Plastics; and the manufacture of Agrochems and
Specialty Chemicals. All these suffered from very low growth or stagnation. As
a result, Phthalic Anhydride, where their Company did well in the first quarter
of the year, saw a long period of low or nil margins thereafter.
b.
The Food Ingredients business faced severe margin pressures,
as it is heavily exposed to the European market, where competitors adopted
aggressive price and margin cutting in order to retain market shares.
c.
In PA Derivatives the Company was able to maintain
margins.
Management and
Performance:
From 2011 onwards
a complete overhaul of the organisation was commenced. This process has matured
during the year and has led to faster and focused decision making by each
business team separately.
a.
The focus in the Phthalic Anhydride business was on
reduction of total cost, plant reliability, and better management of
receivables and stocks. Their aim is to be among the lowest cost producers in
the Industry, which will help offset their disadvantage of being located away
from the raw material source and the main markets in Western India.
b.
In Food Ingredients, the Business team quickly
adapted to the evolving market conditions, changed strategy to reduce
dependence on the EU, and focused on developing the Indian market. The results
are already visible, and have partly offset the sharp decline of prices and
volumes in Europe.
The team has also partly
expanded its capacity at marginal cost; and is now developing a strategy for a
low cost expansion which will double their volumes in the next 3 years, with
more efficient manufacturing.
c.
In The Chemidye division, i.e. Phthalic
Derivatives, the performance has been good. A planned expansion has been
deferred to 2013-14 due to delays in certain approvals.
Amidst challenging
business conditions, they have seen a growth in Revenues of 38.54% in their
Phthalic Anhydride business and 14% in their Value Added products.
Across the Board
the Company has been working on tightening performance and improving
efficiencies, especially in Plant Reliability, Safety, Quality, Energy,
Logistics, Sales Collections and Distribution Management. These processes are
ongoing and will continue through the current year 2013-14.
Overseas
Subsidiary: MA Business
For the overseas
subsidiary (Optimistic Organic, Malaysia) this has been year of visible
turnaround. This company was making losses for over a decade and there was a
delay in the repayment of advances to the Company. The Company also had to
write off its Equity Investments completely in 2010-11
The erstwhile
company was a Joint Venture with local partners. During 2011-12 they acquired
the Assets of the company completely through a Subsidiary and this operation is
now completely owned by the company.
The year has been
the first full year of operations, since their acquisition of the Subsidiary
The Subsidiary has
not only turned around, but has done well. On a turnover of USD 51 Mn (Rs.
2790.000 millions), it has made a Profit before Tax of USD 3 Mn (Rs. 210.000
millions), and has had a healthy positive cash flow. The amount due from the
erstwhile entity in Malaysia, is being serviced by the subsidiary. During the
year a sum of USD 750,000 has been received along with interest of USD 509,675
(USD 458,707 net of taxes).
A further sum of
USD 500,000 has been received towards the above dues in May 2013.
Further efforts
are in progress in the Malaysian subsidiary in terms of refurbishment of the
plant and improvement of reliability, which will make it more profitable.
Awards and
Recognitions:
In its efforts to
benchmark itself and motivate employees, the Company has participated in
various important competitions and programmers. Your Company is well recognised
for its stellar performance in Energy and Water management, Ethical Business
practices, Manufacturing Excellence and for its various Community and Social
initiatives.
We have received a
number of prestigious Awards and Recognitions, a few of which are:
·
2013 - ET Now World CSR Excellence and Leadership
Awards
·
2013 - Global CSR Excellence and Leadership Awards
·
2012 - Asian Quality Leadership Award
·
2012 - Asian CSR Leadership Award
·
2012 - Asia's Best CSR Practices Award - Chief
Marketing Officer Council
·
2011 - Jamnalal Bajaj Award for Fair Business
Practices - Council for Fair Business Practices
·
2010 - Water Management Award - Indian Chemical
council
·
2010 - Social Responsibility Award - Indian
Chemical council
·
2008 - Energy Excellence Award - Confederation of
Indian Industry
·
2008 - Responsible Care Award - Indian Chemical
council
·
2007 - Water Excellence Award - Confederation of
Indian Industry
·
2006 - Manufacturing Excellence Award - Frost &
Sullivan
FIXED ASSETS
·
Freehold Land
·
Lease hold land
·
Buildings
·
Plant and machinery
·
Wind operated generators
·
Computer Equipments
·
Office Equipments
·
Furniture and fixtures
·
Vehicles
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2014
(Rs. In Millions)
|
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
30.12.2013 |
31.03.2014 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
|
1 |
a. Net Sales (Net of excise duty) |
2332.700 |
2255.700 |
10275.900 |
|
|
b. Other Operating Income |
11.600 |
22.100 |
72.200 |
|
|
Total Income from Operations (Net) |
2344.300 |
2277.800 |
10348.100 |
|
2 |
Expenditure |
|
|
|
|
a. |
Cost of Materials Consumed |
1926.500 |
2079.000 |
8512.900 |
|
b. |
Purchase of Stock-in-Trade |
14.900 |
11.500 |
67.200 |
|
c. |
Changes in Inventories of Finished Goods & Stock in trade |
93.000 |
(237.600) |
103.700 |
|
d. |
Employee Benefits Expenses |
62.900 |
58.500 |
241.500 |
|
e. |
Depreciation and amortisation Expense |
29.100 |
30.600 |
122.100 |
|
f. |
Other Expenses |
285.500 |
102.300 |
970.500 |
|
|
Total Expenses |
2411.900 |
2135.100 |
10017.900 |
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
(67.600) |
142.700 |
330.200 |
|
4 |
Other Income |
59.600 |
27.900 |
158.400 |
|
5 |
Profit Before Finance Costs & Exceptional Items (3+4) |
2.000 |
170.600 |
488.600 |
|
6 |
Finance Costs |
107.500 |
107.500 |
454.200 |
|
7 |
Profit after Finance Cost but before exceptional items (5-6) |
(105.500) |
63.100 |
34.400 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit before Tax (7+8) |
(105.500) |
63.100 |
34.400 |
|
10 |
Tax Expense |
(45.800) |
26.100 |
(1.300) |
|
11 |
Net Profit for the period (9-10) |
(59.700) |
37.000 |
35.700 |
|
12 |
Paid up Equity Share Capital (Face Value of Rs.10/- Each) |
102.400 |
102.400 |
102.400 |
|
13 |
Reserves excluding Revaluation Reserves |
|
|
|
|
14 |
Basic and Diluted Earnings Per Share (Rs.10) (Not Annualised) |
(5.83) |
3.52 |
3.48 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
5639.270 |
5581951 |
5639270 |
|
|
b. |
Percentage of shareholding |
55.06 |
54.52 |
55.08 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
NA |
NA |
NA |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
NA |
NA |
NA |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
4599542 |
4656861 |
4599542 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
44.92 |
45.48 |
44.92 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the quarter |
Nil |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
30.12.2013 |
31.03.2014 |
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
|
Segment Revenue |
|
|
|
|
Chemical products and its Intermediaries |
2343.000 |
2276.200 |
10334.400 |
|
Power generation |
1.300 |
1.600 |
13.700 |
|
|
|
|
|
|
Sales / Income
from Operation |
2344.300 |
2277.800 |
10348.100 |
|
|
|
|
|
|
Segment Result |
|
|
|
|
Chemical products and its Intermediaries |
(47.000) |
166.400 |
406.600 |
|
Power generation |
(3.500) |
(4.400) |
(6.900) |
|
|
|
|
|
|
Total |
(50.500) |
162.000 |
399.700 |
|
Less: Interest |
(107.500) |
(107.500) |
(454.200) |
|
Less: Other unallocable income net of expenditure |
52.500 |
8.600 |
88.900 |
|
|
|
|
|
|
Total profit
before tax |
(105.500) |
63.100 |
34.400 |
|
|
|
|
|
|
Capital Employed
|
|
|
|
|
Chemical products and its Intermediaries |
2509.600 |
2631.200 |
2509.600 |
|
Power generation |
71.800 |
72.100 |
71.800 |
|
Unallocated / corporate |
(1157.600) |
(1209.900) |
(1157.600) |
|
|
|
|
|
|
Total capital employed in the company |
1423.800 |
1493.400 |
1423.800 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
102.400 |
|
(b) Reserves and surplus |
1321.400 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
201.100 |
|
(b) Deferred Tax Liabilities (Net) |
133.600 |
|
(c) long-term provision |
69.100 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
1147.500 |
|
(b) Trade payables |
2291.300 |
|
(c) Other current liabilities |
650.500 |
|
(d) Short-term provision |
23.700 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
5940.500 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
770.000 |
|
31.600 |
|
(b) Non-current investments |
325.100 |
|
(c) Long-term loans and advances |
527.300 |
|
(d) other non-current liability |
1.400 |
|
|
|
|
Current assets |
|
|
(a) Inventories |
1902.300 |
|
(b) Trade receivables |
1906.500 |
|
(c) Cash and cash equivalents |
189.100 |
|
(d) Short-term loans and advances |
135.700 |
|
(e) Other current assets |
151.600 |
|
|
|
|
TOTAL
- ASSETS |
5940.500 |
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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.