MIRA
INFORM REPORT
|
Report Date : |
19.03.2014 |
|
|
|
|
Tel. No.: |
91-022-22001928 |
Note:
Correct name of the company is ‘GANESH BENZOPLAST
LIMITED’.
IDENTIFICATION DETAILS
|
Name : |
GANESH BENZOPLAST LIMITED |
|
|
|
|
Registered
Office : |
101, Dina Building,
M.K. Road, Marine Lines [East], Mumbai – 400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039836 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 57.060
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24200MH1986PLC039836 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10314D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACG1259J |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and
Selling of Food Preservatives and Industrial Lubricants. |
|
|
|
|
No. of Employees
: |
750 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Clear (Note: Mumbai Case site is not
working) |
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|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has Register Case (Case No. 42/2009) with Board for
Industrial and Financial Reconstruction under section of Sick Industrial Companies
Act 1985. The order on which for approval for rehabilitation proposal is
pending. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a fully secured
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 PARTED BY
|
Name : |
Mr. Praveen Naik |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9320938110 |
|
Date : |
15.03.2014 |
LOCATIONS
|
Registered Office : |
101, Dina
Building, M.K. Road, Marine Lines [East], Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-22001928 |
|
Mobile No.: |
91-9320938110 (Mr. Praveen Naik) |
|
Fax No.: |
91-22-22001928 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
Ganesh House, A-1/A-2, Grudutt Co-operative Housing Society Limited,
Ajitnagar, Near Jankalyan Bank, J B Nagar, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-28390729/ 28390694/ 32504308 |
|
Fax No.: |
91-22-28390715 |
|
E-Mail : |
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|
Area : |
4500 Sq. ft. |
|
Located : |
Owned |
|
|
|
|
Factory 1 : |
Chemical Division: D-5/2 and D-21/2/2, M.I.D.C. Industrial Area, Tarapur, District Thane, Maharashtra, India |
|
|
|
|
Factory 2 : |
Infrastructure
Division: Jawaharlal Nehru Port (JNPT), Bulk Road, Nhava Sheva, Navi Mumbai – 400 707, Maharashtra, India |
|
Tel. No.: |
91-22-27241011 |
|
|
|
|
Factory 3 : |
Infrastructure
Division: Terminal at Marmuga Port |
|
|
|
|
Factory 4 : |
Infrastructure
Division: Plot No. A-1, A-2, A-3, South End, Willington
Island, Near IOCL Petrol Pump, |
|
Tel. No.: |
91-484-2669222 |
|
Fax No.: |
91-484-2669222 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rishi Ramesh
Pillani |
|
Designation : |
Chairman and
Managing Director w.e.f. 30th September, 2011 (Chairman & Director upto
29th Sept, 2011) |
|
Address : |
Shanti Sadan, 10,
J. B. Nagar, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1978 |
|
Date of Appointment : |
29.06.2008 |
|
DIN No.: |
00901627 |
|
|
|
|
Name : |
Mr. Nalinakshan
Kolangaradath |
|
Designation : |
Director |
|
Address : |
602, Charle Ville, ‘A’ Road, Churchgate, Mumbai-400020, Maharashtra,
India |
|
Date of Birth/Age : |
08.11.1942 |
|
Qualifications
: |
M.A. (Gold Medalist) |
|
Expertise
in specific Functional Area : |
Arban Development,
Infrastructure, Port and Shipping |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
00114069 |
|
|
|
|
Name : |
Mr. Gyan
Bhanwarlal Chordia |
|
Designation : |
Director |
|
Address : |
Chaitiya Towers, F No.1103, 11th Floor, S. H. Marg,
Mazgaon, Mumbai-400010, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1959 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
00625473 |
|
|
|
|
Name : |
Mr. Raunak Ramakant Pilani |
|
Designation : |
Director |
|
Address : |
Shanti Sadan, 10, J. B. Nagar, Andheri (East), Mumbai-400059,
Maharashtra, India |
|
Date of Birth/Age : |
11.11.1987 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
00932269 |
|
|
|
|
Name : |
Mr. Kanahiyalal Thussu |
|
Designation : |
Director (w.e.f. 9th October, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Praveen Naik |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
1472000 |
2.84 |
|
|
15525101 |
29.98 |
|
|
16997101 |
32.82 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
16997101 |
32.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6246535 |
12.06 |
|
|
6246535 |
12.06 |
|
|
|
|
|
|
9586834 |
18.51 |
|
|
|
|
|
|
12808161 |
24.73 |
|
|
5139367 |
9.92 |
|
|
1006295 |
1.94 |
|
|
1006295 |
1.94 |
|
|
28540657 |
55.11 |
|
Total Public shareholding (B) |
34787192 |
67.18 |
|
Total (A)+(B) |
51784293 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
51784293 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Ganesh Risk Management Private Limited |
49,69,546 |
9.60 |
|
2 |
Ramesh S Pilani |
13,00,000 |
2.51 |
|
3 |
Rishi R Pilani |
1,72,000 |
0.33 |
|
4 |
Susram Financial Services & Realty Private Limited |
1,05,55,555 |
20.38 |
|
|
Total |
1,69,97,101 |
32.82 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
India Debt Management Private Limited |
6944444 |
13.41 |
|
|
2 |
IFCI Limited |
3888889 |
7.51 |
|
|
3 |
Stress Assets Stablization Fund |
1861111 |
3.59 |
|
|
4 |
Kailash Agarwal |
864900 |
1.67 |
|
|
5 |
Gyan Chordia |
1258756 |
2.43 |
|
|
6 |
Dalpatraj Jain |
650109 |
1.26 |
|
|
7 |
Navin Chordia |
538624 |
1.04 |
|
|
|
Total |
16006833 |
30.91 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
India Debt Management Private Limited |
6944444 |
13.41 |
|
|
2 |
IFCI Limited |
3888889 |
7.51 |
|
|
|
Total |
10833333 |
20.92 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Selling of Food Preservatives and Industrial Lubricants. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Germany · USA |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· UK |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|||||||||||||||||||||||||||
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|
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|
No. of Employees : |
750 (Approximately) |
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|
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|
Bankers : |
· HDFC Bank Limited Worli, Mumbai, Maharashtra, India Contact No.: 91-22-61606161
(Ringing) · Indian Overseas Bank ·
Central Bank of India |
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|
|||||||||||||||||||||||||||
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Facilities : |
|
|||||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Samaria And Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Solicitors : |
Ashwani Dhatwalia And Company |
|
|
|
|
Enterprises
owned or significantly influenced by key management personnel or their
relatives : |
· Futuristic Offshore Services and Chemical Limited · Agarwal Chemicals · Susram Financial Services and Reality Private Limited · Agarwal Bulk Actives Private Limited · Ganesh Risk Management Private Limited · Ganesh Investment and Financial Technics Private Limited · Ganesh Energene Limited · Ganesh Medicament Private Limited · Poonam Software Solutions Private Limited ·
Rishabh Suiting Private
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40 Mn |
Equity Shares |
Re. 1/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5.18 Mn |
Equity Shares |
Re. 1/- each |
Rs. 51.780
Millions |
|
1.05 Mn |
Share Forfeiture Account |
Rs. 5/- each |
Rs. 5.270
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 57.060 Millions |
NOTE:
The above obtained
figure of shares are taken from Annual Report as it is, but we think they are incorrect.
We assume that instead of 40 Millions Shares it is 40 Crores and instead of
5.18 Millions and 1.05 Millions it is 5.18 Crores and 1.05 Crores respectively.
(a) Reconciliation
of the Equity shares outstanding at the beginning and at the end of the
reporting period
|
Equity Shares |
31.03.2013 |
|
|
|
No.
millions |
Rs. in Millions |
|
At the
beginning of the period |
5.18 |
51.780 |
|
Issued
during the period – Bonus issue |
0 |
0.000 |
|
Issued
during the period – ESOP |
0 |
0.000 |
|
Outstanding
at the end of the period |
5.18 |
51.780 |
(b) Terms/Rights
attached to Equity shares
The company
has only one class of equity shares having par value of Re. 1/- per share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividends 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.
In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders
(c) Details of
shareholders holding more than 5% shares in the company
|
Name of the Shareholders |
31.03.2013 |
|
|
|
No.
millions |
%
holding in the class |
|
Equity
shares of Re.1/- each fully paid |
|
|
|
Suaram
Financial Services and Techniques Private Limited |
10.56 |
20.38% |
|
Ganesh
Risk Management Private Limited |
4.97 |
9.60% |
|
India
Debt Management Private Limited |
6.94 |
13.41% |
|
IFCI Limited |
3.89 |
7.51% |
As per the
of the company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownership of 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 |
57.060 |
57.060 |
57.060 |
|
(b) Reserves & Surplus |
(900.670) |
(987.950) |
(999.750) |
|
(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) |
(843.610) |
(930.890) |
(942.690) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2601.490 |
2722.740 |
2798.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
12.000 |
9.380 |
8.040 |
|
Total
Non-current Liabilities (3) |
2613.490 |
2732.120 |
2806.240 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
50.200 |
54.900 |
44.470 |
|
(b)
Trade payables |
307.860 |
196.610 |
203.140 |
|
(c)
Other current liabilities |
270.040 |
182.180 |
108.900 |
|
(d)
Short-term provisions |
2.260 |
1.560 |
0.240 |
|
Total
Current Liabilities (4) |
630.360 |
435.250 |
356.750 |
|
|
|
|
|
|
TOTAL |
2400.240 |
2236.480 |
2220.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1579.820 |
1653.380 |
1693.550 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
55.000 |
0.800 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.220 |
0.220 |
0.220 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
215.570 |
203.360 |
193.490 |
|
(e)
Other Non-current assets |
0.000 |
7.900 |
48.760 |
|
Total
Non-Current Assets |
1850.610 |
1865.660 |
1936.020 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
65.920 |
32.540 |
26.120 |
|
(c)
Trade receivables |
188.960 |
102.320 |
106.840 |
|
(d)
Cash and cash equivalents |
69.260 |
76.920 |
29.070 |
|
(e)
Short-term loans and advances |
216.560 |
158.590 |
121.200 |
|
(f)
Other current assets |
8.930 |
0.450 |
1.050 |
|
Total
Current Assets |
549.630 |
370.820 |
284.280 |
|
|
|
|
|
|
TOTAL |
2400.240 |
2236.480 |
2220.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1183.890 |
1020.750 |
959.380 |
|
|
|
Other Income |
22.740 |
15.090 |
5.410 |
|
|
|
TOTAL (A) |
1206.630 |
1035.840 |
964.790 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
417.540 |
402.890 |
409.620 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.890) |
(8.760) |
0.370 |
|
|
|
Employees benefits expense |
54.430 |
42.280 |
32.680 |
|
|
|
Other expenses |
316.370 |
251.610 |
213.300 |
|
|
|
Exceptional and Prior Period Items |
9.120 |
7.160 |
(4.700) |
|
|
|
TOTAL (B) |
795.570 |
695.180 |
651.270 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
411.060 |
340.660 |
313.520 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
142.850 |
154.100 |
135.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
268.210 |
186.560 |
177.770 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
180.930 |
174.750 |
176.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
87.280 |
11.810 |
1.030 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
87.280 |
11.810 |
1.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
95.810 |
77.150 |
281.150 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.810 |
1.100 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.69 |
0.23 |
0.02 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
280.800 |
297.700 |
279.700 |
|
Total Expenditure |
184.700 |
196.700 |
170.400 |
|
PBIDT (Excl OI) |
96.100 |
101.000 |
109.300 |
|
Other Income |
13.700 |
6.900 |
0.000 |
|
Operating Profit |
109.800 |
107.900 |
109.300 |
|
Interest |
32.100 |
35.300 |
34.600 |
|
Exceptional Items |
0.000 |
(0.700) |
(2.000) |
|
PBDT |
77.700 |
71.900 |
72.800 |
|
Depreciation |
46.000 |
46.200 |
46.600 |
|
Profit Before Tax |
31.700 |
25.700 |
26.200 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
31.700 |
25.700 |
26.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
(1.900) |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
29.800 |
25.700 |
26.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
7.23 |
1.14 |
0.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.37 |
1.16 |
0.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.72 |
0.53 |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.01) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(3.14) |
(2.98) |
(3.02) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.85 |
0.80 |
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 |
57.060 |
57.060 |
57.060 |
|
Reserves & Surplus |
(999.750) |
(987.950) |
(900.670) |
|
Net
worth |
(942.690) |
(930.890) |
(843.610) |
|
|
|
|
|
|
long-term borrowings |
2798.200 |
2722.740 |
2601.490 |
|
Short term borrowings |
44.470 |
54.900 |
50.200 |
|
Total
borrowings |
2842.670 |
2777.640 |
2651.690 |
|
Debt/Equity
ratio |
(3.015) |
(2.984) |
(3.143) |
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 |
959.380 |
1020.750 |
1183.890 |
|
|
|
6.397 |
15.982 |
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 |
959.380 |
1020.750 |
1183.890 |
|
Profit |
1.030 |
11.810 |
87.280 |
|
|
0.11% |
1.16% |
7.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Term loans from Banks and Financial Institutions |
|
|
|
|
Cent
Rental loan from Bank |
36.320 |
12.500 |
0.000 |
|
From
financial institutions |
120.000 |
80.000 |
0.000 |
|
|
|
|
|
|
Total |
156.320 |
92.500 |
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10402341 |
04/10/2013 * |
152,500,000.00 |
CENTRAL BANK OF
INDIA |
DINA BUILDING,
MARINE LINE, MUMBAI - 400002, MAHARASHTRA, INDIA |
B90508912 |
|
2 |
10310946 |
15/07/2013 * |
83,789,000.00 |
CENTRAL BANK OF
INDIA |
1ST FLOOR, DINA
BUILDING, M K ROAD, MARINE LINES EAST, MUMBAI - 400002, MAHARASHTRA, INDIA |
B79851499 |
|
3 |
80048096 |
09/04/2008 * |
55,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B43577675 |
|
4 |
80048095 |
09/04/2008 * |
80,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B43576990 |
|
5 |
80047476 |
21/12/2011 * |
525,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29782174 |
|
6 |
80047480 |
21/12/2011 * |
150,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29477130 |
|
7 |
80047481 |
21/12/2011 * |
90,000,000.00 |
INDIA DEBT
MANAGEMENT PRIVATE LIMITED |
19TH FLOOR,
NIRMAL BUILDING,, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B29478807 |
|
8 |
90226945 |
08/02/1999 * |
25,560,000.00 |
STATE BANK OF
INDIA |
SACURITIES AND
SERVICES DIVISIN;, MUMBAI MAIN BUILDING; MUMBAI SAMACHAR MARG, MUMBAI - |
- |
|
9 |
80047477 |
06/01/1999 * |
10,000,000.00 |
IFCI |
IFCI TOWER, 61 ,
NEHRU PLACE, NEW DELHI - 110019, INDIA |
- |
|
10 |
80048094 |
06/01/1999 * |
20,000,000.00 |
ICICI LIMITED |
163, BACKBAY
RECLAMATION , MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans from Banks and Financial Institutions b) Cent Rental loan from Bank |
8.810 |
5.780 |
|
Other loans and advances Loans & Advances from Shareholders |
190.350 |
204.630 |
|
Loans & Advances from related parties |
1.860 |
1.860 |
|
SHORT TERM BORROWINGS |
|
|
|
Cent Rental Loan from Bank |
0.000 |
15.500 |
|
Other loans and advances |
3.330 |
1.830 |
|
|
|
|
|
Total |
204.350 |
229.600 |
CORPORATE INFORMATION
The Company is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India.
The company is engaged in the business of manufacturing and selling food
preservatives and industrial lubricants. The company caters to both domestic
and international markets. The company also provides storage and warehousing
services at various ports in India.
FINANCIAL RESULTS
The
Gross revenue from Operations was Rs.1228.210 Millions for the year as against Rs.1064.110
Millions for the previous year.
The
operations for the year resulted in to a net profit of Rs.87.280 Millions as
against net profit of Rs.11.800 Millions in the previous year.
FUTURE
OUTLOOK
Performance
of the company is improving over the past years and directors are hopeful for
better performance in the current year. The Liquid Storage Terminal (LST)
division is running at Satisfactory level, also chemical division is showing
better capacity utilization compared to previous financial year. The company is
vigorously pursuing various steps to improve sales, coupled with cost
conservation measures to improve profitability in coming years.
REFERENCE
TO BIFR
In
earlier years net worth of the company had been fully eroded, as a result
company had approached to the Board for Industrial and Financial Restructuring
(BIFR) for protection provided under The Sick Industrial Company’s (Special
Provisions) Act, 1985 and the company was declared as sick unit vide order of
BIFR passed in May, 2010 vide reference no.42/2009 wherein the board has
appointed IDBI as Operating Agency which has submitted the revival scheme to
BIFR.
LEGAL
CASES: Company
had filed civil and criminal cases against various parties for recovery of
dues. As per the legal opinion and management perception Company will recover
the substantial amount from the defaulting parties. Some of the parties and
suppliers have also filed cases against the Company as briefed in note no. 27
of the note to the accounts in contingent liabilities.
MANAGEMENT
DISCUSSION AND ANALYSIS
BUSINESS
OF THE COMPANY
The
business of the company is presently organized in the following major segments
–
CHEMICAL
DIVISION
Manufacturing
and marketing of specialized chemicals such as Benzoate Plasticizer, Benzoic
Acid and spectrum preservatives. The Company is the only company in India to
manufacture pure Benzoic acid, confirming to International standards of food
grade. Sodium Benzoate and Benzoic Acid both have huge demand in the
International Markets mostly in the Industries like Food Processing, Fruit
Processing, Tooth Paste, Automobiles, Paints, Tobacco, Rubber, Antifreeze
Coolant, Paper, Corrosion and Cutting Oils.
INFRASTRUCTURE
DIVISION
Liquid
chemical storage tanks which are leased on rent for storing liquid chemicals.
The tanks are located presently at JNP (Nhava Sheva), Goa and Cochin. The
Storage terminals are located at prime locations within the ports having full-fledged
facilities for import and export of Liquid Cargo.
KEY
STRENGTH AREAS AND GROWTH
MANUFACTURING
FACILITIES
Located
at the outskirts of Mumbai the Manufacturing facility of the company is
equipped for specialized manufacturing activities as per the product range. The
Company’s units are awarded ISO 9002. Ganesh group is known for their strong R&D
base
Their
company is the only manufacturer of Sodium Benzoplast in India. Benzoplast is a
superior plasticizer as compared with other plasticizers like Di-octyl
phthalate (DOP), benzyl butyl phthalate and other phthalates manufactured by their
main competitors. The Company manufactures Benzoic Acid and Sodium Benzoplast
in its computerised plant at Tarapur, by the well route of oxidation of
Toluene. It is the only process to manufacture pure Benzoic Acid, conforming to
international Standard for food grade.
The markets
for products of the Company are well established with a good distribution
network for domestic as well as export market. The Company is enjoying a market
share in India and abroad.
In the
infrastructure division the Company has constructed storage tanks for oils,
petroleum and chemical industries Theses tanks meet with stringent
international standards with the state of the art instrumentation and safety
standards.
The
tanks are located at JNP (Nhava Sheva), Goa and Cochin. The Company has the
advantage of being a pioneer in handling liquid chemicals at JNPT and has also
prime location advantage.
FINANCIAL
REVIEW AND POSITION
The core
business areas viz. specialized chemicals and revenue from LST activities
accounted for the bulk of the Company’s revenues during the year.
The
working for the year has resulted in net profit of Rs. 87.280 Millions as
against net profit of Rs. 11.800 millions in the previous year.
The
Company’s Ordinary share capital stands at Rs. 57.060 millions and there are no
outstanding instruments which are convertible into equity at a later date.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Claims filed by Twenty Two parties
before different courts against company not acknowledge as Debt including the
claim partly acknowledged. |
117.160 |
117.160 |
|
Claim for delayed interest
(disputed) made by three parties namely Sahastraa Export and Harsh Industries
and M/s Fab trade. |
9.440 |
9.440 |
|
Claims by Two co-op banks by filing
recovery suits in respect of guarantees alleged to have been issued by
company |
13.200 |
13.200 |
|
Contingent Liabilities in respect
of pending Sales Tax re-assessment |
50.000 |
50.000 |
|
Claim of The State Trading
Corporation Limited in respect of unrealized exports bills of The State
Trading Corporation Limited |
113.500 |
113.500 |
|
Claim of Jawaharlal Nehru Port
Trust & Marmagao Port Trust in Arbitration |
Amount indeterminate |
Amount indeterminate |
|
Income Tax demand (Pertains to
interest charged u/s 234A/B/C and 220(2) of I.T. Act 1961) in respect of
Assessment Year 1999-00 and 2000-01. In this respect the company has
approached to BIFR for waiver of overall interest. And looking in to
company’s financial crisis our plea is likely to be accepted. |
28.210 |
37.630 |
|
|
|
|
|
Total |
331.510 |
340.930 |
FIXED ASSETS:
· Land
· Leasehold Land
· Buildings
· Plant and Equipments
· Storage Tanks
· Office Premises
· Furniture and Fixtures
· Vehicles
· Computers
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 records 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. 60.95 |
|
|
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 84.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
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.