MIRA INFORM REPORT
|
Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAVITA OIL TECHNOLOGIES LIMITED (w.e.f.24.08.2009) |
|
|
|
|
Formerly Known
As : |
SAVITA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
66/67, Nariman
Bhavan, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.07.1961 |
|
|
|
|
Com. Reg. No.: |
11-012066 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 146.056 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1961PLC012066 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37352A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7934A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributer of varied range of
Petrochemicals. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. The rating reflects healthy financial risk profile marked by strong
liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and condition. |
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 |
CRISIL |
|
Rating |
Long term rating : “AA” |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
10.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
|
Rating Explanation |
High credit quality and lowest credit risk. |
|
Date |
10.07.2013 |
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 NO CO-OPERATIVE (91-22-2288306)
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No. : |
91-22-66246200 / 66246228 |
|
Fax No. : |
91-22-22029364 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
17/17A, Thane Belapur Road, Turbhe, Navi Mumbai
– 400703, Maharashtra, India |
|
Tel. No. : |
91- 22-27681521 / 67683500 |
|
Fax No. : |
91- 22-27682024 |
|
|
|
|
Factory 2 : |
Survey No. 10/2, Kharadpada, Post Naroli, Silvassa – 396230, Dadra and Nagar Haveli, India |
|
Tel. No. : |
91- 260-3204003 |
|
Fax No. : |
91- 260-2650182 |
|
|
|
|
Factory 3 : |
A-2/1 and 2/2, MIDC Industrial Estate, Mahad, District –
Raigad 402 301 Maharashtra, India |
|
Tel. No. : |
91-2145-232020 / 2320312145-232020 / 232031 |
|
Fax No. : |
91-2145-232236 |
|
|
|
Branch
Offices :
|
Located At:
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautam N. Mehra |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
51 Years |
|
Qualification : |
B.E. (Chem), M.B.A., Univ. of California (Berkeley) |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1983 |
|
|
|
|
Name : |
Mr. C. V. Alexander |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
29.5.1935 |
|
Qualification : |
M.A., LL.B. |
|
Experience : |
Over 49 years in service |
|
Other Directorship
: |
· Savita Polymers Limited · Kurla Investment and Trading Company Private Limited |
|
|
|
|
Name : |
Mr. N. B. Karpe |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.03.1961 |
|
Qualification : |
B. Com., LL.B. (Gen.)., F. C. A. |
|
|
|
|
Name : |
Mr. S. R. Pandit |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.09.1957 |
|
Qualification : |
B. Com., F. C. A. |
|
|
|
|
Name : |
Mr. H. A. Nagpal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.11.1961 |
|
Qualification : |
B.E., M.B.A. |
|
Experience : |
Over 28 years in service |
|
Other Directorship
: |
· Tata Sky Limited · OnMobile Global Limited · Vox Mobili, France · OnMobile SA, France · OnMobile Global for Tele-communication Services, Egypt |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Dixit |
|
Designation : |
Group Chief Financial Officer |
|
|
|
|
Name : |
Mr. U. C. Rege |
|
Designation : |
Company
Secretary & Executive VP – Legal |
MAJOR SHAREHOLDERS / 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 |
||
|
|
|
|
|
|
9583070 |
65.63 |
|
|
867895 |
5.94 |
|
|
10450965 |
71.57 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10450965 |
71.57 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1329732 |
9.11 |
|
|
499 |
0.00 |
|
|
694332 |
4.76 |
|
|
2024563 |
13.86 |
|
|
|
|
|
|
341029 |
2.34 |
|
|
|
|
|
|
1504551 |
10.30 |
|
|
279809 |
1.92 |
|
|
1166 |
0.01 |
|
|
1166 |
0.01 |
|
|
2126555 |
14.56 |
|
Total Public shareholding (B) |
4151118 |
28.43 |
|
Total (A)+(B) |
14602083 |
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) |
14602083 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributer of varied range of
Petrochemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Corporation Bank · DBS Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Standard Chartered Bank ·
Union Bank of India |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Enterprises where key management personnel
or relatives of key management personnel have control or significant
influence: |
· Basant Lok Trading Company · Chemi Pharmex Private Limited · D.C.Mehra Public Charitable Trust · Khatri Investments Private Limited · Kurla Investment and Trading Company Private Limited · Madhu Trust · Mansukhmal Investment Private Limited · Mehra Syndicate N. K. Mehra Trust · Naved Investment and Trading Company Private Limited · NKM Grand Children’s Trust · Savita Petro-Additives Limited · Savita Polymers Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14609183 |
Equity Shares |
Rs.10/- each |
Rs. 146.092 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14602083 |
Equity Shares |
Rs.10/- each |
Rs. 146.021 Millions |
|
7100 |
Add: Forfeited Shares |
|
Rs. 0.035 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 146.056
Millions |
NOTE:
a) Reconciliation of
number of shares
|
Particulars |
As at 31.03.2013 |
|
|
Nos. |
Rs. In millions |
|
|
At the beginning of the year |
1,46,02,083 |
146.021 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
1,46,02,083 |
146.021 |
b) Rights,
preferences and restrictions attached to equity shares (except forfeited
shares)
The Company has only one class of equity shares having par value of ` 10 each. Each holder of equity shares is entitled to one vote per share. There are no restrictions on the distribution of dividend or repayment of capital. The Company declares dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Details of
shareholder holding more than 5% of equity shares
|
Particulars |
As at 31.03.2013 |
|
|
Nos. |
% of holding |
|
|
Gautam N. Mehra |
88,86,743 |
60.86 |
|
HDFC Trustees Company Limited |
13,29,732 |
9.11 |
d) Forfeited equity
shares
|
Particulars |
As at 31.03.2013 |
|
Nos. |
|
|
No. of Shares forfeited |
7,100 |
|
Amount of share capital forfeited (Rs. In millions) |
0.035 |
|
Amount of share premium forfeited (Rs. In millions) |
0.249 |
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 |
146.056 |
146.056 |
146.056 |
|
(b) Reserves & Surplus |
4965.521 |
4231.274 |
3805.534 |
|
(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) |
5111.577 |
4377.330 |
3951.590 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
526.389 |
459.463 |
493.253 |
|
(b) Deferred tax liabilities (Net) |
345.172 |
184.432 |
349.716 |
|
(c) Other long term
liabilities |
37.005 |
34.131 |
33.927 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
908.566 |
678.026 |
876.896 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
57.162 |
0.000 |
0.000 |
|
(b) Trade payables |
4288.496 |
5591.892 |
3895.135 |
|
(c) Other current
liabilities |
552.535 |
906.095 |
550.689 |
|
(d) Short-term provisions |
376.439 |
392.734 |
454.184 |
|
Total Current Liabilities
(4) |
5274.632 |
6890.721 |
4900.008 |
|
|
|
|
|
|
TOTAL |
11294.775 |
11946.077 |
9728.494 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2108.088 |
2071.002 |
1969.052 |
|
(ii) Intangible Assets |
3.308 |
2.047 |
3.169 |
|
(iii) Capital
work-in-progress |
214.558 |
16.619 |
50.609 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
107.310 |
61.504 |
169.742 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
178.029 |
136.160 |
122.275 |
|
(e) Other Non-current
assets |
3.861 |
3.259 |
1.482 |
|
(f) Trade Receivables |
37.715 |
31.483 |
16.064 |
|
Total Non-Current Assets |
2652.869 |
2322.074 |
2332.393 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
216.705 |
166.211 |
320.970 |
|
(b) Inventories |
3207.234 |
4341.256 |
2991.523 |
|
(c) Trade receivables |
4503.482 |
4402.783 |
3474.763 |
|
(d) Cash and cash
equivalents |
295.738 |
291.139 |
304.614 |
|
(e) Short-term loans
and advances |
418.217 |
422.525 |
303.544 |
|
(f) Other current
assets |
0.530 |
0.089 |
0.687 |
|
Total Current Assets |
8641.906 |
9624.003 |
7396.101 |
|
|
|
|
|
|
TOTAL |
11294.775 |
11946.077 |
9728.494 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19990.456 |
19105.230 |
15480.503 |
|
|
|
Other Income |
134.340 |
108.414 |
164.374 |
|
|
|
TOTAL (A) |
20124.796 |
19213.644 |
15644.877 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16214.833 |
15404.420 |
11636.251 |
|
|
|
Purchase of Traded Goods |
140.868 |
202.425 |
222.514 |
|
|
|
Employee Benefits Expense |
284.435 |
245.189 |
229.606 |
|
|
|
Other Expenses |
2197.937 |
2307.616 |
1710.822 |
|
|
|
Exceptional Income |
(565.028) |
0.000 |
0.000 |
|
|
|
(Increase)/Decrease in Inventories |
(9.861) |
(328.074) |
(128.430) |
|
|
|
TOTAL (B) |
18263.184 |
17831.576 |
13670.763 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
1861.612 |
1382.068 |
1974.114 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
104.740 |
127.499 |
117.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1756.872 |
1254.569 |
1856.794 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
251.421 |
252.050 |
252.958 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1505.451 |
1002.519 |
1603.836 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
472.240 |
322.216 |
510.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1033.211 |
680.303 |
1093.335 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2905.527 |
2548.787 |
1904.870 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
255.536 |
219.031 |
292.042 |
|
|
|
Tax on Dividend |
43.428 |
35.532 |
47.376 |
|
|
|
Transfer to General Reserve |
105.000 |
69.000 |
110.000 |
|
|
BALANCE CARRIED TO
THE B/S |
3534.774 |
2905.527 |
2548.787 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB value) |
3425.711 |
3118.805 |
2103.017 |
|
|
|
Freight and insurance |
122.463 |
96.617 |
87.306 |
|
|
|
Claims received and commission earned |
3.956 |
0.000 |
0.000 |
|
|
|
Carbon Credit |
0.000 |
19.913 |
0.000 |
|
|
TOTAL EARNINGS |
3552.130 |
3235.335 |
2190.323 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11674.376 |
13040.563 |
9067.370 |
|
|
|
Capital goods |
4.275 |
4.232 |
3.120 |
|
|
TOTAL IMPORTS |
11678.651 |
13044.795 |
9070.490 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
70.76 |
46.59 |
74.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.13
|
3.54 |
6.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.53
|
5.25 |
0.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.95
|
8.55 |
17.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.23 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.11
|
0.10 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.40 |
1.51 |
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 |
146.056 |
146.056 |
146.056 |
|
Reserves & Surplus |
3805.534 |
4231.274 |
4965.521 |
|
Net
worth |
3951.590 |
4377.330 |
5111.577 |
|
|
|
|
|
|
long-term borrowings |
493.253 |
459.463 |
526.389 |
|
Short term borrowings |
0.000 |
0.000 |
57.162 |
|
Total
borrowings |
493.253 |
459.463 |
583.551 |
|
Debt/Equity
ratio |
0.125 |
0.105 |
0.114 |
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 |
15480.503 |
19105.23 |
19990.456 |
|
|
|
23.415 |
4.633 |
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 |
15480.503 |
19105.230 |
19990.456 |
|
Profit |
1093.335 |
680.303 |
1033.211 |
|
|
7.06% |
3.56% |
5.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNCESURED LOAN:
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liability - Unsecured |
|
|
|
Sales Tax Deferment |
133.988 |
149.046 |
|
Total |
133.988 |
149.046 |
OPERATIONS
The Company’s sales turnover during the year 2012-13 touched a new high of Rs.22178.900 millions against Rs.21175.700 millions in the year 2011-12 resulting in a growth of about 5%. The sales volume also increased to 2,71,521 KLS/MTs during 2012-13 as against 254,799 KLs/MTs achieved in 2011-12 showing an increase of 6.5% in line with the increase in sales turnover. The net profit of the Company increased to Rs.1033.200 millions as against Rs.680.300 millions for the previous year, recording an increase of 52%. This profit included the compensation received from Idemitsu Lube India Private Limited (ILIN) on account of premature termination of the Technical Collaboration Agreement for Idemitsu Products during the year.
During the Financial Year 2012-13, the Company’s Wind Power Plants situated in the states of Maharashtra, Karnataka and Tamil Nadu generated a total of 94.81 MU against 85.61 MU generated in the previous year. During the year, the Company did not find any suitable sites for installing any additional wind mills. As a result, the total installed capacity in Wind Power sector of the Company continues to stand 48.15 MW.
On 2nd May 2013 the Company’s Technical Collaboration Agreement for Genuine Products with ILIN was also terminated. This termination will take effect after 180 days from the date of the notice of termination. The Company has to further inform that termination of this agreement would marginally impact the sales volume of the Company. This impact would be around 6% (six percent) of the total sales volume of the Company for the Financial Year 2012-13.
NEW PLANT IN SILLI, SILVASSA
The Company is in the process of setting up a new green field manufacturing facility at Silli in Silvassa, in the Union Territory of Dadra and Nagar Haveli. This ultra modern facility will be amongst the most sophisticated plants of its kind for the manufacture of petroleum specialty oils in India. This project has been initiated to meet the rising demand for the Company’s products. The said plant with an annual licensed production capacity of 1,50,000 MT for manufacture of petroleum specialty products shall serve to augment the overall manufacturing capacity of the Company. The said facility is expected to be operational from August, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement, Management Discussion and Analysis covering segment-wise performance and outlook is given below:
INDUSTRY STRUCTURE
AND DEVELOPMENT
PETROLEUM PRODUCTS:
Three product groups, namely - Transformer Oils, Liquid Paraffins / White Oils and Lubricating Oils form this segment for the Company. The main raw material is Base Oils for all of these product groups which are imported from various parts of the world and are also sourced domestically to some extent. These Base Oils are basically refined fractions derived from Crude Oils.
The development, growth and expansion of the power generation and transmission infrastructure in the country generally decide the demand for Transformer Oils, whereas the demand for cosmetics, pharmaceuticals and personal care products decides the prospects for Liquid Paraffins and White Oils.
Three sectors constitute the Lubricant Products market which are Automotive, Industrial and Marine sectors. The general industrial and economic conditions in the country decide the demand for this sector. The personal and commercial transportation and agricultural equipment categories of the automobile sector decide the demand for the automotive lubricants. The scope for industrial and marine lubricants is decided by the extent of industrial activity and general economic environment.
The Petroleum Products segment is fiercely competitive because of the presence of both domestic and multinational companies therein.
WIND POWER:
Indian power sector is facing challenges and despite significant growth in generation over the years, it continues to suffer from shortages and supply constraints. In 2012, despite a slowing global economy, India’s electricity demand continued to rise. India’s electricity demand is projected to triple between 2005 and 2030.
Power generation is the harbinger of economic growth and industrial development of any country. India is a major
consumer of energy due to the rapid economic growth and large population. India’s energy basket has a mix of all the resources available including renewables. The dominance of coal in the energy mix is likely to continue in foreseeable future. Wide spread use of coal and other fossil fuels have led to accumulation of the enormous amount of carbon dioxide and a resultant global warming in the earth’s atmosphere. Renewable energy technologies based on the inexhaustible resources of sunlight, wind, water and biomass are considered to offer sustainable energy alternatives to a world beset by serious environmental problems and volatile fossil fuel prices.
During the year India has added wind power installed capacity of 1.7 GW against 3.2 GW capacity additions during the previous year. This reduction was due to withdrawal of accelerated depreciation benefit and GBI (Generation Based Incentive) scheme on 31.03.2012 by Government of India (GoI). The cumulative installed capacity as on 31.03.2013 for wind energy in India stands at 19 GW out of the total renewable energy installed capacity of 28 GW.
SEGMENT-WISE
PERFORMANCE
PETROLEUM PRODUCTS:
The sales volume of the products in this sector grew by 6.5% during the year 2012-13 to 2,71,521 KLs/MTs as against 2,54,799 KLs/MTs in the previous year resulting in sales turnover of Rs.2,21,789 lacs during the year under review as against Rs.2,11,757 lacs in the previous year recording a growth of 5%. This sector could not show significant growth primarily due to the weakening economy and sharp depreciation of the Rupee against the US Dollar coupled with the volatile crude oil prices during the year.
WIND POWER:
The Company did not add any Wind Power Project during the year. The total installed capacity in Wind Power Division of the Company stands at 48.15 MW. During the Year 2012-13, the Company’s Wind Power Plants situated in the states of Maharashtra, Karnataka and Tamil Nadu generated 94.81 MU against 85.61 MU generated in the previous year with an average PLF of 22%.
During the year, National Load Dispatch Centre (NLDC), the central nodal agency for the Renewable Energy Certificate (REC) scheme issued 10,117 RECs to the Company’s 8 MW capacity Wind Power Projects in Maharashtra and Tamil Nadu. The RECs are traded on the IEX (Indian Energy Exchange) Power Exchange.
Also during the year, the Company’s 5 MW Wind Power Project situated in the state of Tamil Nadu has been registered with UNFCCC (United Nations Framework Convention on Climate Change) under CDM. This project is expected to generate approximately 8,200 CERs annually for a period of 10 years. The Company’s total wind power capacity registered with UNFCCC under CDM now stands at 22.70 MW.
FUTURE OUTLOOK
PETROLEUM PRODUCTS:
Inspite of a somewhat gloomy economic scenario, demand for Transformer Oil in the year 2013-14 will continue to grow considering the fact that the power sector continues to show growing demand. However, the volatile crude oil prices, slowing automotive sector and the rapidly depreciating rupee could dampen the demand for the Lubricant Products. The discretionary spending capacity of the general masses may be curtailed considering the overall economic scenario, which in turn may affect the growth potential for Liquid Paraffins and White Oils.
WIND POWER:
As the economy moves to a higher growth trajectory, India’s success in resolving energy bottlenecks therefore remains one of the key challenges in achieving the projected growth targets. By 2030, the total installed power generation capacity from various sources is likely to increase to 400 GW from present 200 GW. Clean and sustainable renewable energy is expected to play a vital role in this increase in the installed capacity.
Some of the key developments for the future are scheduling and forecasting of wind power as per IEGC (Indian Electricity Grid Code) 2010 in order to integrate renewable energy with the national grid, repowering of old wind turbines with latest MW series WTG (Wind Turbine Generator) and development of Offshore wind technology.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a) Letters of Credit |
242.908 |
226.947 |
|
b) Guarantees/Bonds |
224.295 |
195.187 |
|
c) Corporate guarantee * |
0.000 |
480.000 |
|
d) Disputed demands |
|
|
|
i) Excise and Customs |
192.124 |
250.688 |
|
ii) Sales Tax |
136.406 |
103.209 |
|
iii) Income Tax |
78.402 |
74.118 |
|
iv) Others |
14.914 |
11.565 |
* Represents corporate guarantee given to banks for credit facilities of Savita Polymers Limited
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st
DECEMBER, 2013
(Rs. In millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Net Sales / Income from Operations |
5121.595 |
5182.940 |
15107.868 |
|
Other Operating Income |
60.474 |
45.243 |
153.210 |
|
Total
Income |
5182.069 |
5228.183 |
15261.078 |
|
Expenditure |
|
|
|
|
a) Cost of Materials consumed |
4399.135 |
4101.289 |
12115.914 |
|
b) Purchase of Traded Goods |
37.130 |
20.509 |
110.415 |
|
c) Changes in inventories of Finished
goods, Traded goods |
(115.052) |
(84.073) |
(41.317) |
|
d) Employee benefits expense |
86.573 |
82.664 |
247.405 |
|
e) Depreciation and amortisation expense |
89.009 |
74.053 |
219.106 |
|
f) Exchange gain / loss |
32.006 |
266.734 |
572.961 |
|
g) Other Expenditure |
515.869 |
523.641 |
1539.136 |
|
Total Expenditure |
5044.670 |
4984.817 |
14763.620 |
|
Profit
from Operations before Other Income, Interest & Finance Charges |
137.399 |
243.366 |
497.458 |
|
Other Income |
19.749 |
34.520 |
65.715 |
|
Profit
from Operations before Interest & Finance Charges |
157.148 |
277.886 |
563.173 |
|
Finance Charges |
39.769 |
21.651 |
88.676 |
|
Profit /
(Loss) from Ordinary Activities after financial costs but before exceptional
item |
117.379 |
256.235 |
474.497 |
|
Exceptional Item |
579.065 |
-- |
579.065 |
|
Profit / (Loss)
from Ordinary Activities Before Tax |
696.444 |
256.235 |
1053.562 |
|
Tax Expense |
228.561 |
78.527 |
333.229 |
|
Net Profit
/ (loss) for the period |
467.883 |
177.708 |
720.333 |
|
Paid up
Equity Share Capital (Face value of share of Rs. 10/-
each) |
146.021 |
146.021 |
146.021 |
|
Reserves
excluding Revaluation Reserve |
|
|
|
|
Earnings per share EPS - (Basic and
Diluted) |
32.04 |
12.17 |
49.33 |
|
|
|
|
|
|
PART II |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
- Number of shares |
4151118 |
4151618 |
4151118 |
|
- Percentage of Shareholding Promoters and
promoter group Shareholding |
28.43 |
28.43 |
28.43 |
|
a) Pledged
/ Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a% of the total
share capital of the company) |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
- Number of shares |
10450965 |
10450465 |
10450965 |
|
- 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) |
71.57 |
71.57 |
71.57 |
|
Particulars |
Quarter ended 31.12.2013 |
|
Investor Complaints (Nos.) |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1. Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter/year classification.
2. The statutory auditors have carried out a limited review of the financial result for the quarter ended 31st December, 2013.
3. Exceptional income for the quyuarter and nine months ended 31st December, 2013 represents compensation on termination of technical collaboration agreement with idemitsu lube India private limited.
4. The above unaudited financial results (Provisional) were reviewed by the audit committee and taken on record by the board of directors at their meeting.
UNAUDITED SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE
QUARTER ENDED 31st DECEMBER, 2013
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment Revenues |
|
|
|
|
Petroleum Products Wind Power Other Unallocated |
5137.434 60.834 3.550 |
5086.509 148.748 27.446 |
14967.475 324.003 35.315 |
|
Net Sales / Income from Operations |
5201.818 |
5262.703 |
15326.793 |
|
Segment Results |
|
|
|
|
Profit before taxation and Finance Costs for each segment |
|
|
|
|
Petroleum Products Wind Power |
776.420 (9.067) |
198.445 91.547 |
1074.551 145.286 |
|
TOTAL |
767.353 |
289.992 |
1219.837 |
|
Less: i) Finance Costs ii) Other un-allocable expenditure Net off un-allocable revenue |
39.769 31.140 |
21.651 12.106 |
88.676 77.599 |
|
Total Profit
before tax |
696.444 |
256.235 |
1053.562 |
|
Capital Employed
: (Segment Assets- Segment Liabilities) |
|
|
|
|
Petroleum Products Wind Power Unallocated capital employed |
5013.948 974.602 (156.640) |
4420.635 1123.317 (179.925) |
5013.948 974.602 (156.640) |
|
TOTAL |
5831.910 |
5364.027 |
5831.910 |
- Previous quarter's /
year's figures have been regrouped / rearranged wherever necessary to
conform to those of current quarter/year classification.
- Segment results in respect of petroleum products for the quarter and nine months ended 31st December, 2013 include exceptional income being compensation on termination of technical collaboration agreement with Idemitsu Lube India Private Limited.
FIXED ASSETS
Ø
Tangible
Assets
· Freehold Land
· Leasehold Land
· Buildings
· Wind Power Plants
· Plant & Equipment
· Furniture and Fixtures
· Office Equipments
· Vehicles
Ø
Intangible
Assets
· Computer Software
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.60.00 |
|
|
1 |
Rs.102.05 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
66 |
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.