MIRA INFORM REPORT
|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CAMPHOR AND ALLIED PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara –
391340, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.04.1972 |
|
|
|
|
Com. Reg. No.: |
04-011626 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.51.337 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17299GJ1972PLC011626 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Fine Chemicals. |
|
|
|
|
No. of Employees
: |
206 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track. The company possesses an acceptable financial profile marked by
adequate networth base and moderately high leverage in capital structure
along with adequate debt protection metrics. Management has witnessed an improvement in its performance marked by
increase in sales volume and net profitability during 2013. The ratings also take into consideration deterioration in its cash
reserves which are further mitigated by the continued strong market share
across key product segments during the year under review. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of being one of the largest domestic manufacturers of
chemicals and technical support from Dupont of USA, the subject can be
considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
Term Loans=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
May 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limits=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
May 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 DENIED BY
|
Name : |
Ms. Sonali |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-43214000 |
|
Date : |
12.06.2014 |
LOCATIONS
|
Registered Office/ Branch Office 1/ Factory 1 : |
Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara –
391340, Gujarat, India |
|
Tel. No.: |
91-265-2840251 |
|
Fax No.: |
91-265-2840224 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Jehangir Building, 133
M.G. Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-43214000 |
|
Fax No.: |
91-22-43214099 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2/ Factory 2 : |
Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India |
|
Tel. No.: |
91-581-2561115/ 2561128 |
|
Fax No.: |
91-581-2561112 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Anil K. Bodani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Dharmil A. Bodani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Shyamal A. Bodani |
|
Designation : |
Executive Directo |
|
|
|
|
Name : |
Mr. D. S. Raghava |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Harshvardhan Piramal |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ranjeet A. Puranik |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Amitabh Himatsingka |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Prakash Mehta |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Girish M. Dave |
|
Designation : |
Non-Executive Director (Resigned w.e.f. 08.04.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Girish M. Dave |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Vipul Kumar Singh |
|
Designation : |
Company Secretary (Upto 28.10.2012) |
|
|
|
|
Name : |
Ms. Nirmala Agarwal |
|
Designation : |
Company Secretary (From 19.11.2012) |
|
|
|
|
Name : |
Mr. Girish Khandelwal |
|
Designation : |
G. M. Accounts and Finance |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
2960280 |
57.66 |
|
|
2960280 |
57.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2960280 |
57.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2150 |
0.04 |
|
|
1154 |
0.02 |
|
|
5 |
0.00 |
|
|
2000 |
0.04 |
|
|
5309 |
0.10 |
|
|
|
|
|
|
113299 |
2.21 |
|
|
|
|
|
|
1532371 |
29.85 |
|
|
495175 |
9.65 |
|
|
27240 |
0.53 |
|
|
22200 |
0.43 |
|
|
5040 |
0.10 |
|
|
2168085 |
42.23 |
|
Total Public shareholding (B) |
2173394 |
42.34 |
|
Total (A)+(B) |
5133674 |
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) |
5133674 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fine Chemicals. |
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Camphor / Isoborneol |
M.T. |
3500 |
2745.40 |
|
Pine Oil / Terpineols |
M.T. |
1500 |
1595.09 |
|
Poly – Terpene Resin |
M.T. |
1000 |
846.85 |
|
Perfumery Chemicals |
M.T. |
1350 |
1095.25 |
|
Speciality Chemicals |
M.T. |
1300 |
999.46 |
|
Intermediate Products |
M.T. |
-- |
3124.56 |
Note: The License Capacities are De-licensed.
** As Certified by the Management and accepted by the Auditors, without verification, being a technical Matter
*** Based on yield as verified and certified by the Management.
GENERAL INFORMATION
|
No. of Employees : |
206 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· The Hongkong Shanghai Banking Corporation Limited · Standard Chartered Bank · Bank of Baroda |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
|
|
|
Holding Company : |
Oriental Aromatics Limited |
|
|
|
|
Fellow Subsidiary : |
Oriental Aromatics Inc. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5133674 |
Equity Shares |
Rs.10/- each |
Rs.51.337 Millions |
|
|
|
|
|
a)
Details
of members holding equity shares more than 5%
|
Equity Shares |
Number
of Shares |
% holding |
|
Oriental Aromatics Limited (Holding Company) |
2960280 |
57.66 |
b)
Terms & Rights attached to equity
shares
1)
The Company has only one class of equity
shares having a par value of Rs.10 each. Each holder of equity shares is
entitled to one vote per share. The Company declares and pay dividend in Indian
rupees. The dividend proposed by the Board of Directors is subject to approval
of the Shareholders in the ensuing Annual General Meeting.
2)
In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amount, in proportion to the
shareholding. However, no such preferential amount exist currently.
c)
Reconciliation of numbers of equity
shares
|
Name of
Shareholder |
Number
of Shares |
|
Shares
outstanding at the beginning of the year |
5133674 |
|
Shares
Issued during the year |
-- |
|
Shares
bought back during the year |
-- |
|
Shares outstanding at the end of the year |
5133674 |
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 |
51.337 |
51.337 |
51.337 |
|
(b) Reserves & Surplus |
920.961 |
681.580 |
660.374 |
|
(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) |
972.298 |
732.917 |
711.711 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
526.157 |
695.838 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
88.263 |
55.134 |
56.763 |
|
(c) Other long term liabilities |
0.064 |
0.002 |
0.000 |
|
(d) long-term provisions |
44.111 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
658.595 |
750.974 |
56.763 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
539.520 |
248.656 |
409.175 |
|
(b) Trade payables |
122.795 |
133.229 |
112.102 |
|
(c) Other current
liabilities |
324.255 |
124.490 |
80.084 |
|
(d) Short-term provisions |
18.644 |
18.774 |
33.837 |
|
Total Current Liabilities (4) |
1,005.214 |
525.149 |
635.198 |
|
|
|
|
|
|
TOTAL |
2,636.107 |
2,009.040 |
1,403.672 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,249.931 |
326.725 |
342.076 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
21.941 |
199.631 |
2.881 |
|
(iv)
Intangible assets under development |
1.280 |
1.280 |
0.000 |
|
(b) Non-current Investments |
0.789 |
0.767 |
0.744 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
20.106 |
48.433 |
16.502 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,294.047 |
576.836 |
362.203 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
746.500 |
444.495 |
571.897 |
|
(c) Trade receivables |
378.984 |
297.346 |
316.904 |
|
(d) Cash and cash
equivalents |
16.066 |
554.310 |
30.792 |
|
(e) Short-term loans and
advances |
199.540 |
133.895 |
121.519 |
|
(f) Other current assets |
0.970 |
2.158 |
0.357 |
|
Total Current Assets |
1,342.060 |
1,432.204 |
1,041.469 |
|
|
|
|
|
|
TOTAL |
2,636.107 |
2,009.040 |
1,403.672 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2168.151 |
2022.359 |
2168.331 |
|
|
|
Other Income |
3.761 |
5.773 |
6.987 |
|
|
|
TOTAL (A) |
2171.912 |
2028.132 |
2175.318 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1484.874 |
1422.683 |
1748.901 |
|
|
|
Manufacturing and operating costs |
275.185 |
210.186 |
214.443 |
|
|
|
Changes in inventories of finished goods and Work-in-Progress |
(124.257) |
106.434 |
(90.542) |
|
|
|
Employee benefits expense |
103.550 |
96.616 |
84.599 |
|
|
|
Other expenses |
101.046 |
76.306 |
77.738 |
|
|
|
Exceptional items |
15.122 |
31.603 |
(8.370) |
|
|
|
Foreign Exchange |
44.111 |
0.000 |
0.000 |
|
|
|
Profit on sale of surplus land |
(119.479) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1780.152 |
1943.828 |
2026.769 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
391.760 |
84.304 |
148.549 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
12.749 |
25.971 |
18.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
379.011 |
58.331 |
130.108 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
31.416 |
27.446 |
26.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
347.595 |
30.887 |
103.702 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
108.214 |
9.653 |
27.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
239.381 |
21.234 |
76.513 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
216.316 |
195.110 |
137.547 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
10.000 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
7.701 |
|
|
|
Corporate Tax on Proposed Dividend |
0.000 |
0.028 |
1.249 |
|
|
BALANCE CARRIED
TO THE B/S |
455.697 |
216.316 |
195.110 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
462.616 |
456.860 |
414.707 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1187.971 |
944.525 |
1323.744 |
|
|
TOTAL IMPORTS |
1187.971 |
944.525 |
1323.744 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
46.63 |
4.14 |
14.90 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
680.600 |
761.600 |
770.100 |
|
Total Expenditure |
607.800 |
636.300 |
610.200 |
|
PBIDT (Excluding Other Income) |
72.800 |
125.400 |
160.000 |
|
Other income |
0.200 |
2.900 |
0.200 |
|
Operating Profit |
73.000 |
128.300 |
160.200 |
|
Interest |
22.100 |
25.900 |
23.800 |
|
Exceptional Items |
(24.700) |
0.200 |
10.600 |
|
PBDT |
26.200 |
102.500 |
147.000 |
|
Depreciation |
17.500 |
18.800 |
19.400 |
|
Profit Before Tax |
8.700 |
83.700 |
127.600 |
|
Tax |
2.200 |
27.000 |
45.600 |
|
Profit after tax |
6.500 |
56.800 |
82.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.02 |
1.05 |
3.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.03 |
1.53 |
4.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.31 |
1.71 |
7.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.04 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.10 |
1.29 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
2.73 |
1.64 |
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 |
51.337 |
51.337 |
51.337 |
|
Reserves & Surplus |
660.374 |
681.580 |
920.961 |
|
Net
worth |
711.711 |
732.917 |
972.298 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
695.838 |
526.157 |
|
Short term borrowings |
409.175 |
248.656 |
539.520 |
|
Total
borrowings |
409.175 |
944.494 |
1065.677 |
|
Debt/Equity
ratio |
0.575 |
1.289 |
1.096 |
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 |
2,168.331 |
2,022.359 |
2,168.151 |
|
|
|
(6.732) |
7.209 |
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
|
2,168.331 |
2,022.359 |
2,168.151 |
|
Profit |
76.513 |
21.234 |
239.381 |
|
|
3.53% |
1.05% |
11.04% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
217.720 |
67.887 |
0.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
REVIEW
OF OPERATIONS:-
The
Company’s sales revenue has increased marginally during the year, the Company has
achieved turnover of
Rs.2168.151
Millions which is increased by 7.21% as compared to last year turnover of
Rs.2022.359 Millions.
The
Company earned a Profit after tax of Rs.239.381 Millions during the year which
is increased by 1027.35% as compared to last years’ Profit after tax of
Rs.21.234 Millions.
The
Company has performed well during the year by efficiently managing the
resources, which result into improved performance and better sales realization,
despite steep hike in price of main imported raw materials other inputs like
power, natural gas, coal etc.
Furthermore The Company has sold surplus land during the
year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OVERVIEW:
The
Company has plants at Clutterbuckganj, Bareilly, UP and at Nandesari, Vadodara in
Gujarat and is engaged in the manufacturing and selling of camphor, terpineols,
resins, aromatic and other terpene chemicals, fragrance chemicals and fragrance
chemical intermediaries.
INDUSTRY
STRUCTURE:
The
Company’s vast product range includes Synthetic Camphor, Terpineols, Pine Oils,
Resins, Astrolide, and several other chemicals finding applications in vast
array of industries ranging from Flavours and Fragrances, Pharmaceuticals,
Soaps and Cosmetics, Rubber and Tyre, Paints and Varnishes and many more.
SEGMENT-WISE
OR PRODUCT-WISE PERFORMANCE:
The
information of segment-wise or product-wise performance is included in Note No.
30 of Notes on Financial Statements.
ECONOMY
AND BUSINESS OUTLOOK:
The
overall economy of county has faced slight slowdown during the year and was
sluggish. Cost of Imported Raw Material has increased comparatively (mainly due
to devaluation of INR against USD). Energy has also been a cause of concern.
Due to extremely competitive market it is difficult to pass on the increasing
costs to full extent. However, efforts are made to increase productivity,
reduce costs by controlling wastages with most efficient use of plant and
machinery. The Company has focused on mainly to reduce the cost of production
by using wooden cheap for boiling and heating instead of highly expensive
sources.
The
Company is striving hard to reduce/ control costs at all stages to improve the
profitability.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Inter Corporate Deposits from a related party |
45.000 |
0.000 |
|
|
|
|
|
Total |
45.000 |
0.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10436301 |
09/07/2013 |
150,000,000.00 |
THE
RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,
KOLHAPUR, MAHARASHTRA - 416001, INDIA |
B79382289 |
|
2 |
10308522 |
27/09/2011 |
1,325,000,000.00 |
THE HONGKONG
AND SHANGHAI BANKING CORPORATION LIMITED |
52/60,
MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARAS |
B21701479 |
|
3 |
10300538 |
03/08/2011 |
775,000,000.00 |
THE
HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
52/60,
MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARAS |
B18180448 |
|
4 |
10278153 |
26/03/2011 |
450,000,000.00 |
STANDARD
CHARTERED BANK |
ABHIJEET
II, GROUND FLOOR,, NEAR MITHAKALI SIX RO |
B09594342 |
|
5 |
10275689 |
10/03/2011 |
250,000,000.00 |
STANDARD
CHARTERED BANK |
ABHIJEET
II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006,INDIA |
B09077199 |
|
6 |
90110935 |
30/08/2010
* |
360,000,000.00 |
THE
HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
52/60
MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A92996669 |
|
7 |
90110930 |
23/04/2005 |
70,000,000.00 |
THE
HONGKONG & SANGHAI BANKING CORPORTION LIMITED |
52/60;
MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Assets under lease-Land
· Buildings-Non-Residential
· Buildings – Residential
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer
· Computer software
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
872.321 |
765.210 |
3093.295 |
|
b) Other operating income |
8.619 |
4.929 |
10.504 |
|
Total
income from Operations(net) |
880.940 |
770.139 |
3103.799 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
581.940 |
578.793 |
2116.011 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
9.325 |
(138.088) |
(124.966) |
|
c) Power and Fuel |
64.267 |
64.786 |
265.322 |
|
d) Employees benefit expenses |
35.573 |
31.164 |
126.785 |
|
e) Depreciation and amortization expenses |
20.188 |
19.418 |
76.846 |
|
f) Other expenditure |
68.793 |
73.527 |
240.885 |
|
Total expenses |
780.086 |
629.600 |
2700.884 |
|
3. Profit from operations before other income and
financial costs |
100.854 |
140.539 |
402.915 |
|
4. Other income |
0.230 |
0.229 |
3.603 |
|
5. Profit from ordinary activities before finance costs |
101.054 |
140.768 |
406.518 |
|
6. Finance costs |
23.691 |
23.795 |
95.037 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
77.393 |
116.973 |
311.481 |
|
8. Exceptional item |
15.019 |
10.603 |
1.100 |
|
9. Profit from ordinary activities before tax
Expense: |
92.412 |
127.576 |
312.581 |
|
10.Tax expenses |
36.725 |
45.597 |
111.500 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
55.687 |
81.979 |
201.081 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
51.337 |
51.337 |
51.337 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
1110.029 |
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): Basic and diluted |
|
|
|
|
Before Exceptional Items |
7.92 |
13.90 |
38.95 |
|
After Exceptional Items |
10.85 |
15.97 |
39.17 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2173394 |
2173394 |
2173394 |
|
- Percentage of shareholding |
42.34 |
42.34 |
42.34 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
2960280 |
2960280 |
2960280 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
57.66 |
57.66 |
7.66 |
|
B.
Investor Complaints |
31.03.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unreserved at the end of the quarter |
Nil |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
51.337 |
|
(b) Reserves & Surplus |
1110.029 |
|
Total Shareholders’
Funds |
1161.366 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
340.793 |
|
(b) Deferred tax liabilities (Net) |
135.785 |
|
(c) Other long term liabilities |
0.186 |
|
(d) long-term provisions |
25.442 |
|
Total Non-current Liabilities (3) |
502.206 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term
borrowings |
607.646 |
|
(b) Trade payables |
367.237 |
|
(c) Other current
liabilities |
309.489 |
|
(d) Short-term provisions |
31.705 |
|
Total Current Liabilities (4) |
1316.077 |
|
|
|
|
TOTAL |
2979.649 |
|
|
|
|
II. ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
1311.355 |
|
(b) Long-term Loan and Advances |
22.269 |
|
Total Non-Current Assets |
1333.624 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
791.900 |
|
(c) Trade receivables |
636.008 |
|
(d) Cash and cash
equivalents |
33.201 |
|
(e) Short-term loans
and advances |
184.404 |
|
(f) Other current assets |
0.512 |
|
Total Current Assets |
1646.025 |
|
|
|
|
TOTAL |
2979.649 |
NOTES:
1.
The above financial
results have been taken on record by the Audit Committee and subsequently approved
by the Board of Directors in its meeting held on 29th May, 2014.
2.
The Company is
exclusively engaged in the business of manufacture of Fine Chemicals, which is
considered to constitute only one business segment.
3.
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
Profit on sale of surplus land |
-- |
-- |
-- |
|
Foreign Exchange Gain / (Loss) |
9.110 |
4.277 |
(17.569) |
|
MTM Loss on Interest Rate Swap Derivative - Reversal /
(Loss) |
5.909 |
6.326 |
18.669 |
|
Total |
15.019 |
10.603 |
1.100 |
4.
Final Dividend of Rs.2
per equity share of the face value of Rs. 10 each i.e. 20% on the paid-up equity
share capital of the company has been recommended by the Board
5.
a.
The figures of last
quarter are the balancing figures between audited figures in respect of the
full financial year and the published year to date figures upto the third
quarter of the current year.
b.
The Figures of the
previous periods have been regrouped and reclassified wherever necessary to
make them comparable with the figures for the current periods.
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 judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
UK Pound |
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.82.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
|
49 |
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.