MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

NET MATRIX LIMITED

 

 

Formerly Known As :

Plot No. C-7, H. No. 8-3-222/C/31, Madhuranagar, Hyderabad – 500038, Andhra Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDN01581G

 

 

PAN No.:

[Permanent Account No.]

AABCN3529P

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

No. of Employees :

Manufacture of Crop Protection Chemicals / Insecticides.

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Crop Protection Chemicals / Insecticides.

 

 

Products :

Description of product or service category

ITC Code

Chlorpyriphos Technical

38081029

 

 

GENERAL INFORMATION

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • State Bank of India, Commercial Branch, # 43-29-54, 1st Floor, Balaji Metro Chambers, Dondaparthy, Visakhapatnam - 530016, Andhra Pradesh, India

 

  • Standard Chartered Bank, 4th Floor, Ashoka Bhopal Chambers, S P Road,, Secunderabad - 500003, Andhra Pradesh, India

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2013

As on

31.03.2012

Long Term Borrowings

 

 

Term Loan From Banks

353.209

14.356

Term Loan From Other Parties

7.000

0.000

Short Term Borrowings

 

 

Rupee term loans from banks

50.524

0.000

Total

410.733

14.356

 

(a) Term Loan-1- Availed from State Bank of India for the purpose of Green Field unit at APSEZ, Atchutapuram, Vizag as part of expansion. The total term loan sanctioned is Rs 300.000 Millions. Term Loan-2 of Rs 50.000 Millions from SBI as part of Capital Expansion at Unit-1 at Vapi, Gujarat.

 

(b) The primary security is charge on assets acquired out of bank finance (including mortgage of lease hold rights of land admeasuring 20 acres) along with proposed structures and hypothecation of Plant and Machinery. In addition to the primary securities the Company also extended the collaterial securities - pari passu 1st charge on the fixed assets of Unit-1 located at Vapi,Gujarath and Equitable Mortgage of vacant land (personal property of the Managing Director).

 

(c) The Managing Director and wholetime Directors extended the personal guarantees.

 

(Rs. In Millions)

UNSECURED LOAN

 

As on

31.03.2013

As on

31.03.2012

Long Term Borrowings           

 

 

Term Loan From Banks

4.917

1.484

Term Loan From Other Parties

6.598

0.000

Short Term Borrowings

 

 

Loans and advances from related parties

2.100

37.305

Total

13.615

38.789

 

Term Loan - Un Secured comprises of Business Loans as well as Corporate Loans.

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Rajesh Lakshman and Associates

Chartered Accountants

Address :

302, 3rd Floor, Brindavan Commercial Complex, Chirag Ali Lane, Abids, Hyderabad – 500001, Andhra Pradesh, India

PAN No.:

AADFR0763L

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2013

 

SHAREHOLDING DETAILS FILE ATTACHED

 

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

0.72

Directors or relatives of Directors

75.61

Other top fifty shareholders

23.67

Total

100.00

 

 

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

124.846

124.846

124.846

(b) Reserves & Surplus

187.621

134.758

31.002

(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)

312.467

259.604

155.848

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

371.724

15.840

12.176

(b) Deferred tax liabilities (Net)

20.768

12.528

6.372

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

392.492

28.368

18.548

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

52.624

37.305

27.189

(b) Trade payables

134.085

102.915

76.158

(c) Other current liabilities

25.737

27.173

14.263

(d) Short-term provisions

9.847

20.925

1.041

Total Current Liabilities (4)

222.293

188.318

118.651

 

 

 

 

TOTAL

927.252

476.290

293.047

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

208.945

164.225

126.642

(ii) Intangible Assets

0.000

1.488

3.010

(iii) Capital work-in-progress

266.732

44.786

11.136

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

134.933

31.290

4.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

610.610

241.789

144.988

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

77.536

39.524

22.886

(c) Trade receivables

178.419

152.151

76.429

(d) Cash and cash equivalents

20.914

10.395

15.449

(e) Short-term loans and advances

39.773

32.431

33.295

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

316.642

234.501

148.059

 

 

 

 

TOTAL

927.252

476.290

293.047

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

688.569

758.537

555.483

 

 

Other Income

12.017

19.440

10.051

 

 

TOTAL                                     (A)

700.586

777.977

565.534

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

502.754

506.097

439.815

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(29.770)

(24.705)

0.921

 

 

Employee benefit expense

41.167

39.247

26.748

 

 

Other expenses

77.723

78.529

65.110

 

 

TOTAL                                     (B)

591.874

599.168

532.594

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

108.712

178.809

32.940

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

11.435

6.349

5.597

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

97.277

172.460

27.343

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

7.869

5.231

4.876

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

89.408

167.229

22.467

 

 

 

 

 

Less

TAX                                                                  (H)

29.291

56.218

7.223

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

60.117

111.011

15.244

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

134.498

30.741

98.727

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.000

83.230

 

 

Dividend

6.242

6.242

0.000

 

 

Tax on Dividend

1.012

1.012

0.000

 

BALANCE CARRIED TO THE B/S

187.361

134.498

30.741

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Direct Export

303.801

224.046

187.814

 

 

Deemed Exports

100.218

222.099

169.667

 

TOTAL EARNINGS

404.019

446.145

357.481

 

 

 

 

 

 

Earnings Per Share (Rs.)

4.82

8.89

2.25

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note

The registered office address of the company has been shifted from 216, Lingapur Building, Himayath Nagar, Hyderabad – 500029, Andhra Pradesh, India to present address w.e.f. 15.05.2007

 

 

FINANCIAL PERFORMANCE:

 

During the year, the net sales decreased from Rs. 777.977 Millions in the previous year to Rs. 700.586 Millions. The Company's profit before tax during the year decreased to Rs. 89.408 Millions from Rs. 167.229 Millions in the previous year. The Profit after tax stood at Rs. 60.117 Millions as compared to Rs. 111.011 Millions in the previous year.

 

This is mainly on account of decrease in sale of products due to production loss on account of Annual maintenance shutdown, Capital P and M equipments additions and also due to increase in borrowing costs in respect of loans from SBI, grant of extended credit period to the customers. Apart from this, negative trends in global markets, Inappropriate Industrial and Commerce policies, Inflation and foreign exchange fluctuations also contribute towards decrease in sales.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

LOCATIONS

 

Registered Office :

Plot No. C-7, H. No. 8-3-222/C/31, Madhuranagar, Hyderabad – 500038, Andhra Pradesh, India

Tel. No.:

91-40-23830956 / 57

Fax No.:

91-40-23830958

E-Mail :

netmatrixindia@rediffmail.com

dheerajb@netmatrixindia.com

Website :

http://www.netmatrixindia.com

 

 

Administrative office :

Flat No. 101, Madhavi Enclave, Motinagar ‘X’ Roads, Hyderabad – 500 018, Andhra Pradesh, India

Tel. No. :

91-40-23830956/23830957

Fax No. :

91-40-23830958

Email :

info@netmatrixindia.com

sales@netmatrixindia.com           

 

 

Factory 1 :

C77/524, C-78/525 and C-65/551, 100 Shed Area, GIDC, Silvasa Road, Vapi –396195, Gujarat, India

Tel. No. :

91-260 - 2452544

 

 

Factory 2 :

Plot No 15 and 15A, Villages : Dibbapalem and Krishnampalem, Mandals : Achutapuram and Rambilli, Visakhapatnam District – 531 011, Andhra Pradesh, India  

Tel. No. :

91-891 – 24206022

Fax No. :

91-891 – 24206033

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.