MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KANORIA CHEMICALS AND INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
"Park
Plaza", 71, Park Street, Kolkata- 700 016, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.12.1960 |
|
|
|
|
Com. Reg. No.: |
21-024910 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.218.490 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110WB1960PLC024910 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufactures and sells chemical intermediate products and also
involved in the development and sale of electronic and mechatronic modules,
and control devices for the automotive, consumer goods, power tool
electronics, and building automation industries. |
|
|
|
|
No. of Employees
: |
332 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 19000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is the flagship company of Kolkata based kanoria family. It is a well-established company having fine track record. There seems drastic dip in the profit of the company during 2013.
However, general position of the company is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for business dealing 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 – 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 |
CARE |
|
Rating |
Long term bank facilities: AA- |
|
Rating Explanation |
Have the highest degree of safety and carry lowest credit risk. |
|
Date |
06.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
06.03.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-33-22499466)
LOCATIONS
|
Registered Office : |
"Park
Plaza" 71, Park Street, Kolkata- 700 016, West Bengal, India |
|
Tel. No.: |
91-33-22499466 /22499472/22499473/22499474 |
|
Fax No.: |
91-33-22499466 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Indra
Prakash, 21 Barahamba Road, New Delhi – 110001, India |
|
Tel. No.: |
91-11-43579200 |
|
Fax No.: |
91-11-23717203/ 23355824 |
|
|
|
|
Factory : |
Saltworks P.O. Samakhali-370 150, Gandhidham ( Alco Chemicals Segment Ankleshwar Chemical Works 3407, GIDC Industrial Estate, P.O.
Ankleshwar-393 002, Gujarat, India Tel: 91-2646-668801-04 Fax: 91-2646-251816 Bio-Compost Plant Village Sengpur, Taluka: Ankleshwar-393
002, Gujarat, India Wind Farm Vill: Dhank Jaluka: Upleta, Dist: Rajkot,
Gujarat, India Vizag
Chemical Works Plot No.32, Jawalharlal Nehru, Pharma
City, Parwada, Vishakhapatnam – 531 021 Tel: 91-8924-236056 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. H.K. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitav Kothari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravinra Nath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Parthasarthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. L. Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.D. Sureka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Vellayn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. T.D. Bahety |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.P. Sonthalia |
|
Designation : |
Managing Director |
|
Qualification : |
B. Tech. Chemical Engineering, MBA |
|
|
|
|
Name : |
R.V. Kanoria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B.Sc., MBA (Hons) |
KEY EXECUTIVES
|
Name : |
Mr. N.K. Sethia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2020125 |
4.62 |
|
|
30498899 |
69.80 |
|
|
32519024 |
74.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32519024 |
74.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30600 |
0.07 |
|
|
1202625 |
2.75 |
|
|
1213006 |
2.78 |
|
|
18300 |
0.04 |
|
|
2464531 |
5.64 |
|
|
|
|
|
|
1366800 |
3.13 |
|
|
|
|
|
|
5197401 |
11.90 |
|
|
1412414 |
3.23 |
|
|
733163 |
1.68 |
|
|
73972 |
0.17 |
|
|
292511 |
0.67 |
|
|
19831 |
0.05 |
|
|
226564 |
0.52 |
|
|
120285 |
0.28 |
|
|
8709778 |
19.93 |
|
Total Public shareholding (B) |
11174309 |
25.57 |
|
Total (A)+(B) |
43693333 |
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) |
43693333 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells chemical intermediate products and
also involved in the development and sale of electronic and mechatronic modules,
and control devices for the automotive, consumer goods, power tool
electronics, and building automation industries. |
GENERAL INFORMATION
|
No. of Employees : |
332 (Approximately) |
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Bankers : |
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|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
1-B, Old Post Office Street, Kolkata - 700 001, West Bangla, India |
|
|
|
|
Holding Company: |
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|
|
|
Subsidiary Companies: |
|
|
|
|
|
Enterprises over
which Key Management Personnel exercises
significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.5/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43693333 |
Equity Shares |
Rs.5/- each |
Rs. 218.470 Millions |
|
|
Add: Forfeited Shares (Amount paid up) |
|
Rs. 0.020 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 218.490 Millions |
NOTE:
(Rs. In Millions)
|
|
31.03.2013 |
|
Reconciliation of number of Shares (Nos.): |
|
|
Outstanding at the beginning of the year |
56.297 |
|
Less: Shares brought-back |
12.603 |
|
Outstanding at the
end of the year |
43.693 |
The Company has only one class of issued shares i.e. Equity Share having par value of 5 per share. Each holder of Equity Share is entitled to one vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of 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 payment of all preferential amounts, in proportion to their shareholding.
Vardhan Limited, the holding company, holds 25,733,079 Equity Shares of Rs.5 each in the company.
Details of
shareholders holding more than 5 percent equity shares:
(Rs. In Millions)
|
Name of the
Shareholders |
31.03.2013 |
|
|
|
No. of shares |
% of Holding |
|
Vardhan Limited |
25.733 |
58.89 |
|
R V Investment & Dealers Limited |
3.210 |
7.35 |
|
International Finance Corporation |
-- |
-- |
|
Mega Resources Limited |
-- |
-- |
No Shares have been reserved for issue under options and contracts/commitments for the sale of shares/disinvestment as at the Balance Sheet date.
The Company, during the year, had bought back 12,603,167 Equity Shares of Rs.5 each from Open Market through Stock Exchanges for an aggregate amount of Rs.494.21 million, by utilizing Securities Premium Account .or Rs.431.19 million and creating Capital Redemption Reserve out of General Reserve for Rs.63.020 millions being the nominal value of shares bought back in terms of Section 77AA of the Companies Act, 1956.
None of the securities are convertible into shares at the end of the reporting period.
No calls are unpaid by any Director or Officer of the Company during the year.
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 |
218.490 |
281.500 |
281.500 |
|
(b) Reserves & Surplus |
4,407.760 |
4,867.960 |
1,951.450 |
|
(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) |
4626.250 |
5149.460 |
2232.950 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
646.920 |
641.390 |
2515.540 |
|
(b) Deferred tax liabilities
(Net) |
187.340 |
169.950 |
537.810 |
|
(c) Other long term
liabilities |
1.540 |
1.470 |
3.500 |
|
(d) long-term provisions |
39.330 |
35.970 |
503.480 |
|
Total
Non-current Liabilities (3) |
875.130 |
848.780 |
3560.330 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
604.110 |
540.530 |
795.180 |
|
(b) Trade payables |
200.950 |
152.130 |
240.830 |
|
(c) Other current liabilities |
269.020 |
191.280 |
797.800 |
|
(d) Short-term provisions |
80.660 |
101.020 |
338.810 |
|
Total
Current Liabilities (4) |
1154.740 |
984.960 |
2172.620 |
|
|
|
|
|
|
TOTAL |
6656.120 |
6983.200 |
7965.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2435.430 |
1852.090 |
5864.690 |
|
(ii) Intangible Assets |
1.710 |
2.340 |
8.100 |
|
(iii) Capital work-in-progress |
17.810 |
579.190 |
100.450 |
|
(iv) Intangible assets under
development |
0.000 |
0.350 |
0.000 |
|
(b) Non-current Investments |
2648.000 |
2052.620 |
56.820 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
130.380 |
32.720 |
26.240 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5233.330 |
4519.310 |
6056.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
286.360 |
1,422.100 |
10.990 |
|
(b) Inventories |
269.870 |
196.400 |
652.620 |
|
(c) Trade receivables |
368.760 |
289.580 |
652.770 |
|
(d) Cash and cash equivalents |
111.700 |
169.500 |
251.560 |
|
(e) Short-term loans and advances |
316.600 |
316.420 |
287.420 |
|
(f) Other current assets |
69.500 |
69.890 |
54.240 |
|
Total
Current Assets |
1422.790 |
2463.890 |
1909.600 |
|
|
|
|
|
|
TOTAL |
6656.120 |
6983.200 |
7965.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2425.510 |
2905.000 |
4917.030 |
|
|
|
Other Income |
241.480 |
218.760 |
22.040 |
|
|
|
TOTAL (A) |
2666.990 |
3123.760 |
4939.070 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
1626.680 |
1730.200 |
1983.300 |
|
|
|
Purchase of stock in trade |
0.000 |
0.000 |
89.230 |
|
|
|
Change in Inventories of finished goods, work-in-progress and Stock-in-Trade |
(2.060) |
(16.730) |
(8.260) |
|
|
|
Employees Benefits Expense |
158.060 |
194.210 |
375.560 |
|
|
|
Other Expenses |
608.550 |
788.490 |
1640.30 |
|
|
|
Exceptional items |
0.000 |
(3570.370) |
1.560 |
|
|
|
TOTAL (B) |
2391.230 |
(874.200) |
4081.690 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
275.760 |
3997.960 |
857.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.940 |
136.010 |
232.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
206.820 |
3861.950 |
624.730 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
131.360 |
157.030 |
410.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
75.460 |
3704.920 |
214.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.790 |
648.710 |
44.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
47.670 |
3056.210 |
169.790 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1549.580 |
91.510 |
268.410 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
1500.000 |
20.000 |
|
|
|
Dividend |
65.540 |
84.440 |
281.480 |
|
|
|
Tax on Dividend |
11.140 |
13.700 |
45.210 |
|
|
BALANCE CARRIED
TO THE B/S |
1515.570 |
1549.580 |
91.510 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
48.490 |
145.500 |
466.500 |
|
|
|
Other Earnings |
5.230 |
0.000 |
2.500 |
|
|
TOTAL EARNINGS |
53.720 |
145.500 |
469.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
641.460 |
302.310 |
348.220 |
|
|
|
Stores & Spares |
60.290 |
43.520 |
37.550 |
|
|
|
Capital Goods |
7.030 |
335.680 |
57.790 |
|
|
|
Others |
0.000 |
0.000 |
84.710 |
|
|
TOTAL IMPORTS |
708.780 |
681.510 |
528.270 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) [Basic] |
|
54.29 |
3.02 |
|
|
|
Earnings Per
Share (Rs.) [Diluted] |
|
54.29 |
2.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.79
|
97.84 |
3.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.11
|
127.54 |
4.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.81
|
85.15 |
2.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.72 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27
|
0.23 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
2.50 |
0.88 |
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 |
281.500 |
281.500 |
218.490 |
|
Reserves & Surplus |
1,951.450 |
4,867.960 |
4,407.760 |
|
Net
worth |
2,232.950 |
5,149.460 |
4,626.250 |
|
|
|
|
|
|
long-term borrowings |
2,515.540 |
641.390 |
646.920 |
|
Short term borrowings |
795.180 |
540.530 |
604.110 |
|
Total
borrowings |
3,310.720 |
1,181.920 |
1,251.030 |
|
Debt/Equity
ratio |
1.483 |
0.230 |
0.270 |
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 |
4917.030 |
2905.000 |
2425.510 |
|
|
|
(40.920) |
(16.506) |
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 |
4917.030 |
2905.000 |
2425.510 |
|
Profit |
169.790 |
3056.210 |
47.670 |
|
|
3.45% |
105.21% |
1.97% |
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 |
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 |
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 |
OVERVIEW
During the year, the Company successfully commissioned a 5 MW Solar Power Plant in Jodhpur district in the state of Rajasthan. The first phase of the project constituting of 2.5 MW was completed on 22 June 2012 and the balance 2.5 MW became operational on 8 February 2013.
The Company set up an automated Resin Plant at Vishakhapatnam, with a capacity of 3,000 MT per annum of Phenol Formaldehyde resins.
During the year, a wholly owned subsidiary of the Company, Kanoria Africa Textiles Plc. was incorporated in Ethiopia, Africa. A manufacturing plant is being set up there to manufacture 12 million metres of Denim per annum. Necessary land for the project has already been allotted and preliminary work is progressing satisfactorily. The Plant is expected to be commissioned by the end of 2014.
The Company acquired 90% stake in APAG Holding AG, Switzerland in the year 2012. APAG Holding AG, through its wholly owned subsidiary, APAG Elektronik is engaged in development and sale of electronic and mechatronic modules and control devices for the automotive, consumer goods, power tool electronics and building automation industries. The designing and engineering facility of the company is located in Switzerland, whereas the manufacturing facility is located in the Czech Republic. APAG's performance during the year was noteworthy with significant new business opportunities in the automotive sector. It now proposes to increase its production capacity through modernizing its production line, as well as setting up an additional Greenfield plant near its existing manufacturing facility in the Czech Republic. During the year it also strengthened its development team to cater to prospective new business.
PERFORMANCE
The operations of the Alco Chemicals Divisions remained stable during the year. Revenue from the sale of Pentaerythritol during 2012-13 was Rs.743.000 millions compared to Rs.662.000 millions in the previous year. Production of Formaldehyde also improved and revenue accruing from it increased from Rs.836.000 millions in 2011-12 to Rs.1114.000 millions in 2012-13. Revenue from the sale of Hexamine was Rs.489.000 millions in 2012-13 compared to Rs.470.000 millions in the previous year.
OUTLOOK
Market leadership position in several products provides the Divisions a competitive edge in the market. New value added products like Phenol Formaldehyde resins would improve the product mix.
Anti dumping action on some countries expected to prevent cheaper imports driving down prices.
Extensive backward and forward integration of products and processes, and the innovative use of waste ensure positive commercial impact.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10417459 |
01/03/2013 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72492911 |
|
2 |
10394865 |
26/12/2013 * |
140,000,000.00 |
DBS BANK LIMITED |
4A, NANDALAL BASU SARANI,
KOLKATA, WEST BENGAL - |
B93755064 |
|
3 |
10338976 |
17/02/2012 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B33595554 |
|
4 |
10316829 |
18/10/2011 |
475,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B24992216 |
|
5 |
10310913 |
21/11/2012 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B63823991 |
|
6 |
10315163 |
09/09/2011 |
688,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B24345076 |
|
7 |
10307705 |
27/07/2011 |
1,380,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B21191143 |
|
8 |
10275451 |
10/02/2011 |
710,550,000.00 |
DBS BANK LIMITED |
KOLKATA BRANCH, 4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
B09014705 |
|
9 |
10275464 |
15/07/2013 * |
710,550,000.00 |
DBS BANK LIMITED (ACTING AS AN SECURITY TRUSTEE) |
KOLKATA BRANCH, 4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
B79681383 |
|
10 |
10266166 |
23/12/2010 |
1,259,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP
SAMARTHESHWAR TEMPLE, LAW G |
B05946009 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(to the extent not provided for)
(Rs. in millions)
|
(i) Contingent Liabilities (a) Claims/Disputed liabilities not acknowledged as debt |
||
|
Nature
of Contingent Liability |
Status
Indicating Uncertainties |
31.03.2013 |
|
Demand notices issued by Central Excise Department |
The matter is pending with Commissioner (Appeal) |
1.050 |
|
Sales tax/VAT demands issued by assessing authority |
The matter is pending with Trade Tax Tribunal (paid Rs.
0.43 million) |
0.430 |
|
Income tax demands issued by DCIT |
The matter is pending with CIT (Appeal) |
146.370 |
|
(b) Outstanding Bank Guarantees |
28.530 |
|
|
(c) Corporate Guarantee given to Gujarat Industrial
Development Corporation for securing loan by Bharuch Eco -Aqua Infrastructure
Limited. |
11.630 |
|
|
(ii) Commitments Estimated amount of contracts remaining to be executed
on capital account and not provided for |
31.150 |
|
|
Advances paid |
2.810 |
|
STATEMENT OF UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTHS
ENDED 31ST DECEMBER 2013
|
Particulars |
Quarter ended Unaudited |
Nine months ended Unaudited |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
1. Income from
operations |
|
|
|
|
a) Net Sales / Income from operations (net of excise duty) |
782.400 |
770.200 |
2264.800 |
|
b) Other operating Income |
37.900 |
23.000 |
94.900 |
|
Total Income from operations (net) |
820.300 |
793.200 |
2359.700 |
|
2. Income from Investments (refer note 3) |
47.600 |
216.900 |
331.900 |
|
3. Net sales/Income from Operations and
Investments |
867.900 |
1010.100 |
2691.600 |
|
4. Expenses |
|
|
|
|
576.300 |
501.700 |
1572.100 |
|
20.300 |
31.400 |
55.500 |
|
(51.600) |
25.000 |
(33.800) |
|
41.800 |
39.800 |
123.800 |
|
69.600 |
68.900 |
206.800 |
|
38.600 |
38.400 |
115.100 |
|
20.200 |
122.300 |
300.100 |
|
Total Expenses |
715.200 |
827.500 |
2339.600 |
|
5. Profit from operations & Investments
before other Income, Finance costs and Exceptional items |
152.700 |
182.600 |
352.00 |
|
6. Other Income |
6.400 |
2.500 |
11.700 |
|
7. Profit from ordinary activities before Finance
Costs and Exceptional Items |
159.100 |
185.100 |
363.700 |
|
8. Finance
costs |
30.700 |
46.300 |
123.200 |
|
9. Profit from Ordinary Activities after
Finance Costs but before Exceptional items & Tax |
128.400 |
138.800 |
240.500 |
|
10. Exceptional item |
-- |
-- |
-- |
|
11. Net profit from ordinary activities before
tax |
128.400 |
138.800 |
240.500 |
|
12. Tax Expenses |
26.500 |
23.200 |
49.700 |
|
13. Net Profit from Ordinary Activities after tax |
101.900 |
115.600 |
190.800 |
|
14. Extraordinary
items (net of tax expense) |
-- |
-- |
-- |
|
15. Net Profit for the period |
101.900 |
115.600 |
190.800 |
|
16 Paid up Equity Share Capital (Rs 5/- per
Share) 16. Rs. |
218.500 |
218.500 |
218.500 |
|
17. Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
18. Earings per Shares (Rs.) - Basic &
Diluted |
2.34 |
2.64 |
4.37 |
|
|
|
|
|
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public shareholding * |
|
|
|
|
- Number of shares |
11174309 |
11430809 |
11174309 |
|
- Percentage of shareholding |
25.57% |
26.16% |
25.57% |
|
2. Promoters and
promoter group Shareholdings |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
Nil |
Nil |
Nil |
|
b) Non-Encumbered |
|
|
|
|
- Number of shares |
32519024 |
32262524 |
32519024 |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
74.43% |
73.84% |
74.43% |
INVESTOR COMPLAINTS
|
PARTICULARS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter ended Unaudited |
Nine months ended Unaudited |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
|
Segment revenue (net of excise) |
|
|
|
|
Alco Chemicals |
792.600 |
764.300 |
2273.900 |
|
Solar Power |
27.700 |
28.900 |
85.800 |
|
Net Sales |
820.300 |
793.200 |
2359.700 |
|
Segment Results (Profit before tax and finance costs) |
|
|
|
|
Alco Chemicals |
107.600 |
(12.700) |
79.600 |
|
Solar Power |
25.200 |
4.700 |
19.200 |
|
Total |
132.800 |
(8.00) |
98.800 |
|
Less: |
|
|
|
|
Finance Costs |
30.700 |
46.300 |
123.200 |
|
Other un-allocable expenditure net off un-allocable income |
(26.300) |
(193.100) |
(264.900) |
|
Profit /(Loss) before tax |
128.400 |
138.800 |
240.500 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
Alco Chemicals |
2618.000 |
2358.900 |
2618.000 |
|
Solar Power |
658.700 |
664.700 |
658.700 |
|
Un-allocable |
2958.800 |
3435.800 |
2958.800 |
|
Total |
6235.500 |
6459.700 |
6235.500 |
NOTE:
The above results have been reviewed by Audit Committee and subsequently approved by the Board of Directors at its Meeting held on February 11, 2013. The above results have been reviewed by the Statutory Auditors of the Company as per clause 41 of the listing agreement.
Income from Investments represent the income earned on the temporary
investments made out of proceeds from sale of Chloro Chemicals Division. These
temporary investments have been made due to surplus funds available in the
interim and shall be deployed in businesses in due course.
The Company has incurred a foreign currency exchange Fluctuation loss of Rs.
191.900 Millions during the nine months ended December 31, 2013 on
payment/reinstatement of foreign currency monetary items and has charged the
entire amount to statement of profit and loss as per the policy of the company.
Out of the above Rs. 93.800 Millions (net of gain of Rs.49.100 Millions for the
quarter) is shown under the head other expenses and Rs. 98.100 Millions
(including change of Rs. 23.900 Millions for the quarter) is shown under the
head finance costs. Total foreign exchange fluctuation loss includes Rs.
108.200 Millions which is yet to be crystallized.
Other operating income for the quarter and nine months ended December 31, 2013
includes 7.700 Millions being the power and sales tax subsidy related to
earlier years sectioned to its Alcochem Vizag Division.
Previous year figures have been regrouped/rearranged wherever necessary
FIXED ASSETS
Tangible Assets
- Land and Site Development
- Leasehold Land and Site Development
- Buildings
- Plant and Machinery
- Furniture and Fixture, Office and Laboratory Equipments Etc.
- Vehicles And Fork Lifts
- Railway Siding and Weigh Bridge
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.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
RAS |
|
|
|
|
Analysis Done by
: |
HTL |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
61 |
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.