MIRA
INFORM REPORT
|
Report Date : |
01.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALAJI AMINES LIMITED |
|
|
|
|
Registered
Office : |
"Balaji Tower", No. 9/1A/1, Hotgi Road, Asara Chowk, Solapur - 413224, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.10.1988 |
|
|
|
|
Com. Reg. No.: |
11-049387 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.64.802
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24132MH1988PLC049387 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB02668B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6899300 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Even
though the company has seen growth in its sales turnover, there seems a
slight dip in the net profitability during 2013. However, directors are reported as experienced and respectable
businessmen. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct and as per commitments. The company can be considered normal 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Rating = A- |
|
Rating Explanation |
Having low risk of default risk. It capacity for payment of financial commitments
is considered strong |
|
Date |
June 2012 |
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.
LOCATIONS
|
Registered
Office / Hotel Division: |
"Balaji Tower", No. 9/1A/1, Hotgi Road,
Asara Chowk, Solapur - 413224, Maharashtra, India |
|
Tel. No.: |
91-217-2451500 91-217-2451522 (Sales) 91-217-2451527
(Purchase) 91-217-2451528 (Exports) |
|
Mobile No.: |
91-9822750421 (Mr. Arun Mashal) |
|
Fax No.: |
91-217-2620821 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 sq. ft. |
|
Location : |
Rented |
|
|
|
|
Administrative
Office : |
3rd Floor, KPR House, Sardar Patel Road, Secunderabad – 500 003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27847122/ 27898206/ 27814490/ 66336121/ 66337121 |
|
Fax No. : |
91-40-27816171 |
|
E-Mail : |
infohyd@balajiamines.com |
|
|
|
|
Factory 1 : |
Tamalwadi Village, Tuljapur (TQ), District Osmanabad– 413 623, Maharashtra, India |
|
Tel. No.: |
91-2471-265013/265014/265015 |
|
Fax No.: |
|
|
|
|
|
Factory 2 : |
Plot No. 4 and 5, Beside Apseb Sub Station 2, IDA,
Bollaram – 502325, Medak District, Andhra Pradesh, |
|
Tel. No.: |
91-8458-279240 |
|
Fax No.: |
91-8458-329660 |
|
Email : |
|
|
|
|
|
Factory 3 : |
Plot No. E-7 and 8 MIDC, Chincholi, Solapur - 413255, Maharashtra, India |
|
Tel No.: |
91-217-2357051 |
|
Email : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. A. Prathap Reddy |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. D Ram Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. G Hemanth Reddy |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. A. Srinivas Reddy |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Kashinath R. Dhole |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Mr. SV Pattabhiraman |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Arati S Dudhawale |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee |
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Chairmam |
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. SV Pattabhi Raman |
|
Designation : |
Membe |
|
|
|
|
Research And
Development Committee: |
|
|
|
|
|
Name : |
Me. Prathap Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. N Rajeshwar Reddy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. G Heamanth Reddy |
|
Designation : |
Member |
|
|
|
|
Remuneration
Committee: |
|
|
|
|
|
Name : |
Mr. M Amarender Reddy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. CSN Murthy |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. T Naveena Chandra |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Amit |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12849362 |
39.66 |
|
|
4756720 |
14.68 |
|
|
17606082 |
54.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
17606082 |
54.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5 |
0.00 |
|
|
5 |
0.00 |
|
|
|
|
|
|
1226558 |
3.79 |
|
|
|
|
|
|
6147612 |
18.97 |
|
|
6694514 |
20.66 |
|
|
726229 |
2.24 |
|
|
66977 |
0.21 |
|
|
659252 |
2.03 |
|
|
14794913 |
45.66 |
|
Total Public shareholding (B) |
14794918 |
45.66 |
|
Total (A)+(B) |
32401000 |
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) |
32401000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Speciality Chemicals, Aliphatic Amines
and Derivatives. |
||||||||
|
|
|
||||||||
|
Products : |
Amines · Mono-Methylamine (MMA) · Di-Methylamine (DMA) · Tri-Methlylamine (TMA) · Mono-Ethylamine (MEA) · Di-Ethylamine (DEA) · Tri-Ethylamine (TEA) · Mono-Methyl Amino Ethanol (MMAE) · Di-Methyl Amino Ethanol (DMAE) · Di-Ethyl Amino Ethanol (DEAE) Specialty
Chemicals · N-Methyl Pyrrolidone (NMP) · Morpholine · 2-Pyrrolidone (2-P) · N-Ethyl-2-Pyrrolidone · Gamma-Butyrolactone · Poly-Vinylpyrrolidone K 30 Derivatives · Di-Methyl Acetamide (DMAC) · Di-Methyl Amine Hydrochloride (DMA-HCl)) · Tri-Methyl Amine Hydrochloride (TMA-HCl) · Di-Ethyl Amine Hydrochloride (DEA-HCL) · Tri-Ethyl Amine Hydrochloride (TEA-HCL) · Di-Methyl Urea (DMU) · Choline Chloride |
PRODUCTION STATUS [AS ON 31.03.2012]
|
Particulars |
Unit |
Actual Production |
|
Aliphatic Amines and Derivatives of Amines |
(MT) |
60294.661 |
|
Electricity |
(KWH) |
309.72 |
|
Furnace Oil |
(Liters) |
-- |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
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Bankers : |
· State Bank of Hyderabad, Sumajiguda, Hyderabad - 500082, Andhra Pradesh, India Tel. No.: 91-40-23418272 · State Bank of India · ING Vysya Bank ·
Bank of Baroda |
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Facilities : |
|
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sridhar and Company Chartered Accountants |
|
Address : |
No.
12-2-823/A/78, Geeta Apartments, Santoshnagar Colony, Mehdipatnam, Hyderabad
– 500 028, Andhra Pradesh, India |
|
|
|
|
Subsidiary : |
Bhagyanagar Chemicals Limited |
|
|
|
|
Other Related Party |
Balaji Greentech Products Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.2/- each |
Rs.90.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32401000 |
Equity Shares |
Rs.2/- each |
Rs.64.802
Millions |
NOTES:
RESTRICTION ON
DISBURSEMENT OF DIVIDEND:
As part of the general
terms and conditions in respect of borrowings from Banks, prior permission
should be taken from the lending Banks before distribution of dividend.
Similarly, the term lenders have imposed a condition that, no dividend shall be
declared in the event of default in the scheduled repayment of installment.
SHAREHOLDER
HOLDING MORE THAN 5% SHARE:
|
NAME OF
SHAREHOLDERS |
NO. OF SHARES |
% OF HOLDING |
|
Ande Prathap Reddy |
4888050 |
15.09 |
|
APR Holdings Investment Private Limited |
4712415 |
14.54 |
|
A. Shakunthala Devi |
1944450 |
6.00 |
During the five
years immediately preceding the financial year 2012-13, the company has not
issued any shares without payment being received in cash, nor issued any bonus shares
and the company did not buy back any shares. The Company has only one class of
Shares i.e. Equity Shares.
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 |
64.802 |
64.802 |
64.802 |
|
(b) Reserves & Surplus |
1660.033 |
1397.153 |
1070.663 |
|
(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) |
1724.835 |
1461.955 |
1135.465 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1037.246 |
861.475 |
641.476 |
|
(b) Deferred tax liabilities (Net) |
398.212 |
366.088 |
336.597 |
|
(c) Other long
term liabilities |
58.546 |
36.881 |
6.472 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1494.004 |
1264.444 |
984.545 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1055.805 |
1110.523 |
835.976 |
|
(b)
Trade payables |
355.068 |
347.111 |
334.538 |
|
(c)
Other current liabilities |
363.378 |
257.821 |
213.322 |
|
(d) Short-term
provisions |
211.424 |
225.570 |
159.789 |
|
Total Current
Liabilities (4) |
1985.675 |
1941.025 |
1543.625 |
|
|
|
|
|
|
TOTAL |
5204.514 |
4667.424 |
3663.635 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2340.511 |
1956.349 |
1596.719 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
629.227 |
246.657 |
118.387 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7.128 |
47.128 |
47.128 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.536 |
7.625 |
7.720 |
|
(e) Other
Non-current assets |
20.523 |
10.460 |
7.218 |
|
Total Non-Current
Assets |
3004.925 |
2268.219 |
1777.172 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
199.400 |
38.400 |
38.400 |
|
(b)
Inventories |
567.520 |
1074.045 |
705.976 |
|
(c)
Trade receivables |
1022.828 |
821.371 |
737.499 |
|
(d) Cash
and cash equivalents |
26.771 |
44.782 |
90.304 |
|
(e) Short-term
loans and advances |
383.070 |
420.607 |
314.284 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2199.589 |
2399.205 |
1886.463 |
|
|
|
|
|
|
TOTAL |
5204.514 |
4667.424 |
3663.635 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5117.960 |
4495.235 |
3467.697 |
|
|
|
Other Income |
37.104 |
28.451 |
17.426 |
|
|
|
TOTAL (A) |
5155.064 |
4523.686 |
3485.123 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2871.720 |
2810.879 |
2141.119 |
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
13.411 |
|
|
|
Employee Benefit Expenses |
129.006 |
118.963 |
90.049 |
|
|
|
Other Expenses |
1064.768 |
943.218 |
816.731 |
|
|
|
Changes in Inventories of Finished Goods & Work-in-Process |
250.306 |
(184.377) |
(224.158) |
|
|
|
Exceptional Items (Excess provision of Income Tax written back) |
(1.187) |
(7.912) |
0.000 |
|
|
|
TOTAL (B) |
4314.613 |
3680.771 |
2837.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
840.451 |
842.915 |
647.971 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.012 |
212.057 |
135.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
586.439 |
630.858 |
512.388 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.879 |
103.451 |
82.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
459.560 |
527.407 |
429.778 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
147.725 |
170.790 |
163.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
311.835 |
356.617 |
266.136 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1188.595 |
897.767 |
680.915 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.184 |
35.662 |
26.614 |
|
|
|
Dividend |
42.121 |
25.921 |
19.441 |
|
|
|
Tax on Dividend |
6.834 |
4.206 |
3.229 |
|
|
BALANCE CARRIED
TO THE B/S |
1420.291 |
1188.595 |
897.767 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
9.62 |
11.01 |
8.21 |
|
|
|
-
Diluted |
9.62 |
11.01 |
8.21 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1401.000 |
1610.100 |
1375.100 |
|
Total Expenditure |
1198.700 |
1332.600 |
1180.800 |
|
PBIDT (Excl OI) |
202.300 |
277.600 |
194.300 |
|
Other Income |
32.800 |
07.200 |
05.400 |
|
Operating Profit |
235.100 |
284.800 |
199.700 |
|
Interest |
73.600 |
71.300 |
87.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
161.500 |
213.500 |
112.700 |
|
Depreciation |
37.700 |
37.900 |
45.000 |
|
Profit Before Tax |
123.900 |
175.600 |
67.800 |
|
Tax |
38.800 |
58.300 |
25.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
85.100 |
117.400 |
42.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
85.100 |
117.400 |
42.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.05
|
7.88 |
7.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.97
|
11.73 |
12.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.06
|
12.05 |
12.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.21
|
1.35 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11
|
1.23 |
1.22 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
64.802 |
64.802 |
64.802 |
|
Reserves & Surplus |
1070.663 |
1397.153 |
1660.033 |
|
Net
worth |
1,135.465 |
1,461.955 |
1,724.835 |
|
|
|
|
|
|
long-term borrowings |
641.476 |
861.475 |
1037.246 |
|
Short term borrowings |
835.976 |
1110.523 |
1055.805 |
|
Total
borrowings |
1,477.452 |
1,971.998 |
2,093.051 |
|
Debt/Equity
ratio |
1.301 |
1.349 |
1.213 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
3467.697 |
4495.235 |
5117.960 |
|
|
|
29.632 |
13.853 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
3467.697 |
4495.235 |
5117.960 |
|
Profit |
266.136 |
356.617 |
311.835 |
|
|
7.67% |
7.93% |
6.09% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10416243 |
06/03/2013 |
1,200,000.00 |
BANK OF BARODA |
SOLAPUR MAIN
BRANCH, CHATTI GALLI, P.O. BAX NO. 1 |
B71933626 |
|
2 |
10411959 |
19/02/2013 |
200,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD- 500082, ANDHRA PRADESH,
INDIA |
B70808258 |
|
3 |
10387609 |
03/11/2012 |
90,000,000.00 |
BANK OF BARODA |
BANK OF BARODA ,
SOLAPUR MAIN BRANCH, CHATTI GALI, P. O BOX NO. 101, SOLAPUR- 413002 , MAHARASHTRA
|
B62396411 |
|
4 |
10319137 |
29/10/2011 |
480,000,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH,
6-3-652, "KAUTILYA', SOMAJIGUDA, |
B25847500 |
|
5 |
10244616 |
24/09/2010 |
240,000,000.00 |
BANK OF BARODA |
BANK OF BARODA,
SOLAPUR MAIN BRANCH, CHATTI GALI |
A96599584 |
|
6 |
10218606 |
04/06/2010 * |
59,500,000.00 |
BANK OF BARODA |
BANK OF BARODA, SOLAPUR
MAIN BRANCH, CHATTI GALI |
A88487863 |
|
7 |
10209464 |
12/10/2010 * |
400,000,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF
HYDERABAD, OVERSEAS BRANCH,, 6-3-65 |
A98026974 |
|
8 |
10033779 |
09/03/2010 * |
480,000,000.00 |
STATE BANK OF
HYDERABAD |
STATE BANK OF
HYDERABAD, OVERSEAS BRANCH,, "KAUTILYA", SOMAJIGUDA, HYDERABAD - 500082,
ANDHRA PRADESH, INDIA |
A82345489 |
|
9 |
90086643 |
02/12/2013 * |
2,980,000,000.00 |
STATE BANK OF
HYDERABAD |
OVERSEAS BRANCH,
6-3-652, " KAUTILYA', SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH,
INDIA |
B92475409 |
|
10 |
90092432 |
15/11/2005 * |
430,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH ; SOMEJI GUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date of charge modification
OPERATING RESULTS
AND BUSINESS:
The Company has performed
well overall inspite of the slowdown of Global economy and decline in the
growth of Majority of domestic Chemical Companies. The company has achieved a
Gross turnover of Rs. 5563.300 Millions as compared to Rs. 4859.500 Millions
during the previous year. The company registered an impressive year on year
growth of 14.48% in gross sales. Profit After Tax stands at Rs. 311.800
Millions in the current year as compared to Rs. 356.600 Millions for the
previous year which has marginally declined due to various factors. With
efficient usage of plants, product mix, increase in value chain and increase in
plant efficiencies which has optimized the consumption co-efficients of
materials compared to previous year and stringent cost control measures
implemented in almost all the areas possible by all the team members at all
plants the Company was able to showcase its performance and has demonstrated
resilience performance in these competitive market.
EXPORTS:
The exports of the
company continues to drive the growth. It has increased by 24.69% over the
previous year figures of Rs. 1054.800 Millions to Rs. 1315.200 Millions. The
Company’s products are well placed in the Global Market. During the year, the
company has received Certificate of Suitability for PVP K-30 from EU regulatory
authorities which go through stringent Quality checks before awarding the same.
The company is the first company to register for this product from India. The
company has additionally registered 3 of selected products from its portfolio
under REACH certification and confident in improving Exports to European
markets after REACH deadlines.
MANAGEMENT DISCUSSION & ANALYSIS:
BUSINESS REVIEW AND FUTURE OUT LOOK:
The Global
slowdown has caused Indian Chemical Industry to re look at the competencies for
sustainability and in this direction the company has emerged as a leader by
evolving from being a local player to a global player by adopting new
technologies in processes and selection of product mix, such that the company
performs sustainably. With the REACH CERTIFICATION for some of the products,
the company is able to achieve growth in exports and maintain the performance.
The company takes pride in setting up world class facilities for some of the
basic chemicals so that the scale of operations will improve the margins over a
period of time. The future is for those who are prepared for any challenge and
the company has consolidated all its strength by expanding existing capacities
by adopting new process and diversification to enhance value chains of some of
the products.
FIXED ASSETS:
·
Land
·
Building
·
Wind Electric Generator
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1375.136 |
1610.137 |
4386.315 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
1375.136 |
1610.137 |
4386.315 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1001.534 |
1113.589 |
2989.687 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(145.072) |
(153.327) |
(271.503) |
|
|
Employee
benefits expenses |
52.911 |
46.976 |
145.106 |
|
|
Depreciation
and amortization expenses |
44.957 |
37.857 |
120.491 |
|
|
Other
expenses |
271.441 |
325.302 |
824.089 |
|
|
Total Expenses |
1225.771 |
1370.397 |
3807.870 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
149.365 |
239.740 |
578.445 |
|
|
|
|
|
|
|
4. |
Other
Income |
5.378 |
7.158 |
20.597 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
154.743 |
246.898 |
599.042 |
|
|
|
|
|
|
|
6. |
Interest |
86.978 |
71.294 |
231.823 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
67.765 |
175.604 |
367.219 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
67.765 |
175.604 |
367.219 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
25.775 |
58.250 |
122.775 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
41.990 |
117.354 |
244.444 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
41.990 |
117.354 |
244.444 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.2/- Each) |
64.802 |
64.802 |
64.802 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
2058.245 |
2058.245 |
2058.245 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a) Basic
and diluted EPS before extraordinary items |
1.30 |
3.62 |
7.54 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.30 |
3.62 |
7.54 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
14794918 |
14825838 |
14794918 |
|
|
-
Percentage of Shareholding |
45.66 |
45.76 |
45.66 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding* |
17606082 |
17575162 |
17606082 |
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
6732000 |
6732000 |
6732000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
38.24 |
38.30 |
38.24 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
20.78 |
20.78 |
20.78 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
10874082 |
10843162 |
10874082 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
61.76 |
61.70 |
61.76 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
33.56 |
33.46 |
33.56 |
|
Particulars |
3 Months ended on 31.12.2013 |
|
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 |
SEGMENT REPORTING FOR THE
NINE MONTHS ENDED DECEMBER 31, 2013
Rs. In Millions
|
PARTICULARS |
AMINES DIVISION |
HOTEL DIVISION |
INTER-SEGMENT
ADJUSTMENT |
TOTAL |
|
|
|
|
|
|
|
Segment Revenue |
4370.677 |
15.638 |
-- |
4386.315 |
|
Inter Segment States |
0.000 |
0.277 |
0.277 |
-- |
|
TOTAL REVENUE |
4370.677 |
15.915 |
0.277 |
4386.315 |
|
|
|
|
|
|
|
Segment results before depreciation,
interest and tax |
718.775 |
0.758 |
-- |
719.533 |
|
|
|
|
|
|
|
Depreciation |
114.169 |
6.322 |
-- |
120.491 |
|
|
|
|
|
|
|
Interest |
225.077 |
6.746 |
-- |
231.823 |
|
|
|
|
|
|
|
Segment Profit/Loss Before Tax |
379.529 |
(12.310) |
-- |
367.219 |
|
|
|
|
|
|
|
Tax Expenses |
89.440 |
33.335 |
-- |
122.775 |
|
|
|
|
|
|
|
Profit/Loss After Tax |
290.089 |
(45.645) |
0.000 |
244.444 |
|
|
|
|
|
|
|
Segment Assets |
4799.391 |
1036.170 |
-- |
5835.561 |
|
|
|
|
|
|
|
Segment Liabilities |
3539.743 |
329.937 |
-- |
3869.680 |
|
|
|
|
|
|
|
Segment Assets Acquired During the Year |
99.394 |
1036.170 |
-- |
1135.564 |
|
|
|
|
|
|
|
Capital Work in Progress |
25.527 |
0.000 |
-- |
25.527 |
NOTES:
1. The above unaudited results have been reviewed by the audit committee and
taken on record by the board of directors at their meeting held on 29.01.2014.
2. The Limited Review by the statutory auditors for the quarter and nine
months ended 31st December 2013 as required under clause 41 of the
Listing Agreement has been done.
3. Corresponding figures in previous year have been regrouped wherever
considered necessary.
4. Segment wise reporting as applicable under AS-17 for the quarter ended 31st
December 2013, given separately.
5. * The shares are pledge in favour of banks to secure various credit
facilities to the company.
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 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.62.07 |
|
|
1 |
Rs.103.61 |
|
Euro |
1 |
Rs.85.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.