MIRA
INFORM REPORT
|
Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DYNEMIC PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
B-301, Satyamev Complex-1, Gandhi Nagar, Sarkhej Highway Road,
Opposite New Gujarat High Court, Sola, Ahmadabad – 380 063, Gujarat |
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|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
14.06.1990 |
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Com. Reg. No.: |
04-013886 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 113.284 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999GJ1990PLC013886 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD00161A |
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|
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PAN No.: [Permanent Account No.] |
AAACD4067D |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Subject is engaged in manufacturing and marketing of Dyes and Intermediates. |
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|
|
|
No. of Employees
: |
130 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered normal for good 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like messaging
service Weibo Corporation has filed to raise $ 500 million via a US initial
public offering. Alibaba, which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation
raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon
rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
25.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mrs. Amisha |
|
Designation : |
Account Officer |
|
Contact No.: |
91-79-27663071 / 65233073 |
|
Date : |
17.05.2014 |
LOCATIONS
|
Registered Office / Corporate
Office : |
B-301, Satyamev Complex-1, Gandhi Nagar, Sarkhej Highway Road,
Opposite New Gujarat High Court, Sola, Ahmadabad – 380 063, Gujarat, India |
|
Tel. No.: |
91-79-27773071/ 72 / 73 / 27663071 / 27662176 |
|
Fax No.: |
91-79-27662176 / 27432176 |
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E-Mail : |
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|
Website : |
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|
Area : |
3500 yards |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
6401 GIDC Estate, Ankleshwar, District Bharuch, Gujarat, India |
|
Tel. No.: |
91-2646-250517 / 224671 |
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Fax No.: |
91-2646-252767 |
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|
|
|
Factory 2 : |
3709/6, Near Telephone Exchange, GIDC Estate, Ankleshwar, District Bharuch, Gujarat, India |
|
Tel. No.: |
91-2646-252674 |
|
Fax No.: |
91-2646-227160 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Bhagwandas Kalidas Patel |
|
Designation : |
Chairman and Managing Director |
|
Address : |
13, Vinayak Bunglows, Near Sola Railway Crossing, Ghatlodia, Ahmadabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
14.06.1990 |
|
DIN No : |
00045845 |
|
|
|
|
Name : |
Mr. Dashrathbhai Prahladdas Patel |
|
Designation : |
Whole Time Director |
|
Address : |
A-I, Panchvilla Bunglows, Near Bhuyangdev Cross Roads, Memnagar, Ahmadabad – 380052, Gujarat, India |
|
Date of Birth/Age : |
01.06.1952 |
|
Date of Appointment : |
14.06.1990 |
|
DIN No : |
00008160 |
|
|
|
|
Name : |
Mr. Rameshbhai Bhagwanbhai Patel |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No. 406124, Sardar Patel Society, New Colony, GIDC, Ankleshwar – 393002, India |
|
Date of Birth/Age : |
25.04.1964 |
|
Date of Appointment : |
14.06.1990 |
|
DIN No : |
00037568 |
|
|
|
|
Name : |
Mr. Dixit Bhagwandas Patel |
|
Designation : |
Whole Time Director |
|
Address : |
13, Vinayak Bunglows, Near Sola Railway Crossing, Ghatlodia, Ahmadabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
08.02.1981 |
|
Date of Appointment : |
01.01.2003 |
|
DIN No : |
00045883 |
|
|
|
|
Name : |
Mr. Jagdish Sevantilal Shah |
|
Designation : |
Director |
|
Address : |
5, Pujan Appt., 2"d Floor, Opposite Plot No. 68, Swastik Society, Navrangpura, Ahmadabad – 380009, Gujarat, India |
|
Date of Birth/Age : |
01.06.1956 |
|
Date of Appointment : |
07.06.2004 |
|
DIN No : |
00037826 |
|
|
|
|
Name : |
Mr. Vishnubhai Gangarambhai Patel |
|
Designation : |
Director |
|
Address : |
35, Nirant Park H. 0. A, Opposite Sun and Step Club, Thaltej, Ahmadabad – 380052, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Date of Appointment : |
08.09.2005 |
|
DIN No : |
00270413 |
|
|
|
|
Name : |
Mr. Shankarlal Baluram Mundra |
|
Designation : |
Director |
|
Address : |
8-3, Simir Apartment, Shantinagar, Usmanpura, Ahmadabad - 38001 3, Gujarat, India |
|
Date of Birth/Age : |
01.11.1960 |
|
Date of Appointment : |
29.09.2005 |
|
DIN No : |
00388204 |
|
|
|
|
Name : |
Mr. Ashishbhai R. Joshi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Amisha |
|
Designation : |
Account Officer |
|
|
|
|
Name : |
Ms. Varsha Mehta |
|
Designation : |
Secretary |
|
Address : |
5, Kshitij Row House, Part - 11, Near Green Park Bunglows, Ambali Village, Bopal, Ahmadabad – 380058, Gujarat, India |
|
Date of Birth/Age : |
16.09.1976 |
|
Date of Appointment : |
02.03.2010 |
|
PAN No : |
ARXPM9702B |
|
|
|
|
Committees of Directors ; |
|
|
Audit Committee: |
·
Ashish R. Joshi ·
Jagdish S. Shah ·
Bhagwandas K. Patel |
|
|
|
|
Remuneration Committee : |
·
Shankarlal B. Mundra ·
Jagdish s. Shah ·
Bhagwabdas k. Patel |
|
|
|
|
Investors Grievance Committee : |
·
Shankarlal B. Mundra ·
Bhagwandas K. Patel |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4602726 |
40.63 |
|
|
147000 |
1.30 |
|
|
4749726 |
41.93 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4749726 |
41.93 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
502965 |
4.44 |
|
|
|
|
|
|
3752662 |
33.13 |
|
|
2164024 |
19.10 |
|
|
159072 |
1.40 |
|
|
25975 |
0.23 |
|
|
133097 |
1.17 |
|
|
6578723 |
58.07 |
|
Total Public shareholding (B) |
6578723 |
58.07 |
|
Total (A)+(B) |
11328449 |
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) |
11328449 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group”
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Bhagwandas Kalidas Patel |
11,15,805 |
9.85 |
|
2 |
Dashrathbhai Prahladdas Patel HUF |
5,45,000 |
4.81 |
|
3 |
Rameshkumar Bhagwandas Patel |
6,71,018 |
5.92 |
|
4 |
Mahendra Kalidas Patel |
28,200 |
0.25 |
|
5 |
Kantilal Kalidas Patel |
55,150 |
0.49 |
|
6 |
Jayantilal Kalidas Patel |
23,950 |
0.21 |
|
7 |
Lalbhai Manorbhai Patel |
15,500 |
0.14 |
|
8 |
Hasmukhbhai Morarbhai Patel |
2,600 |
0.02 |
|
9 |
Dahyabhai Nathabhai Patel |
13,800 |
0.12 |
|
10 |
Kamleshkumar Joitaram Patel |
17,700 |
0.16 |
|
11 |
Kirti Bhagwandas Patel |
43,200 |
0.38 |
|
12 |
Vimla Bhagwandas Patel |
68,630 |
0.61 |
|
13 |
Rajulaben Jayantibhai Patel |
24,113 |
0.21 |
|
14 |
Sobhanaben M Patel |
43,943 |
0.39 |
|
15 |
Vishnu Bhagwandas Patel |
85,406 |
0.75 |
|
16 |
Dalshiben B Patel |
30,000 |
0.26 |
|
17 |
Lilaben Dasarathbhai Patel |
1,04,730 |
0.92 |
|
18 |
Dasharathbhai P Patel |
6,77,875 |
5.98 |
|
19 |
Palak Dasharathbhai Patel |
98,000 |
0.87 |
|
20 |
Mukeshkumar Bhagwandas Patel |
1,09,357 |
0.97 |
|
21 |
Chetna Mukeshkumar Patel |
71,640 |
0.63 |
|
22 |
Dixit Bhagwanbhai Patel |
1,34,075 |
1.18 |
|
23 |
D N Patel (HUF) |
5,00,000 |
4.41 |
|
24 |
Bhagwatiben K Patel |
43,465 |
0.38 |
|
25 |
Kaminiben V Patel |
38,500 |
0.34 |
|
26 |
Mittal D Patel |
2,450 |
0.02 |
|
27 |
Hansaben Rameshbhai Patel |
20,425 |
0.18 |
|
28 |
Dynemic Holdings Private Limited |
1,47,000 |
1.30 |
|
29 |
Bhagwandas K Patel (HUF) |
18,194 |
0.16 |
|
|
Total |
47,49,726 |
41.93 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
Shashikant P Patel |
220729 |
1.95 |
|
|
Total |
220729 |
1.95 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturing and marketing of
Dyes and Intermediates. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
130 (Approximately) |
||||||||||||||||||||||||||||||
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Bankers : |
· Citi Bank N.A. · Axis Bank Limited ·
ICICI Bank Limited |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah Rajesh and Associates Chartered Accountants |
|
Address : |
4, 3rd Floor, Rambha Complex, Opposite Gujarat Vidyapith,
Ashram Road, Ahmadabad-380014, Gujarat, India |
|
Tel. No.: |
91-79-7542319 / 7542215 |
|
|
|
|
Subsidiary Company
: |
Dynemic Overseas ( India) Private Limited |
|
|
|
|
Associates : |
· Shakti Intermediates Private Limited ·
Dynemic Holdings Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs. 10/- each |
Rs.130.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11328449 |
Equity Shares |
Rs. 10/- each |
Rs.113.284
Millions |
|
|
|
|
|
Details of shareholders
holding more than 5% shares
|
|
As at 31.03.2013 |
|
|
Name of Shareholder |
No of Shares |
% held |
|
Bhagwandas Kalidas Patel |
11,14,245 |
9.84 |
|
Rameshkumar Bhagwandas Patel |
6,71,018 |
5.92 |
|
Dashrathbhai P Patel |
6,67,330 |
5.89 |
|
Shashikant P Patel |
5,70,127 |
5.03 |
The reconciliation of
the number of share outstanding is set out below
|
Particulars |
Nos of Shares |
|
Equity shares at the beginning of the year |
1,13,28,449 |
|
Add:- NIL |
0 |
|
Add:- NIL |
0 |
|
Equity shares at the end of the year |
1,13,28,449 |
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 |
113.284 |
113.284 |
113.284 |
|
(b) Reserves & Surplus |
293.191 |
267.087 |
231.241 |
|
(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) |
406.475 |
380.371 |
344.525 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3.669 |
10.237 |
16.613 |
|
(b) Deferred tax liabilities (Net) |
49.731 |
44.043 |
34.499 |
|
(c) Other long term liabilities |
0.498 |
2.265 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
53.898 |
56.545 |
51.112 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
202.652 |
197.882 |
135.654 |
|
(b) Trade payables |
56.895 |
66.583 |
43.645 |
|
(c) Other current
liabilities |
13.916 |
15.645 |
26.645 |
|
(d) Short-term provisions |
35.038 |
35.237 |
41.426 |
|
Total Current Liabilities (4) |
308.501 |
315.347 |
247.370 |
|
|
|
|
|
|
TOTAL |
768.874 |
752.263 |
643.007 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
320.982 |
316.304 |
303.940 |
|
(ii) Intangible Assets |
1.121 |
1.483 |
1.845 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
37.606 |
35.421 |
38.831 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.370 |
12.860 |
12.051 |
|
(e) Other Non-current assets |
1.695 |
0.000 |
0.000 |
|
Total Non-Current Assets |
372.774 |
366.068 |
356.667 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1.228 |
1.496 |
3.044 |
|
(b) Inventories |
164.082 |
146.047 |
73.298 |
|
(c) Trade receivables |
134.586 |
139.466 |
124.822 |
|
(d) Cash and cash
equivalents |
5.720 |
3.950 |
6.784 |
|
(e) Short-term loans and
advances |
84.994 |
87.192 |
71.422 |
|
(f) Other current assets |
5.490 |
8.044 |
6.970 |
|
Total Current Assets |
396.100 |
386.195 |
286.340 |
|
|
|
|
|
|
TOTAL |
768.874 |
752.263 |
643.007 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
857.573 |
829.353 |
649.577 |
|
|
|
Other Income |
7.309 |
2.960 |
4.303 |
|
|
|
TOTAL (A) |
864.882 |
832.313 |
653.880 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
481.946 |
512.481 |
333.071 |
|
|
|
Purchases of Stock-in-Trade |
42.830 |
44.319 |
21.482 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(7.397) |
(74.420) |
11.556 |
|
|
|
Employees benefits expense |
33.254 |
32.922 |
24.584 |
|
|
|
Other expenses |
214.284 |
204.799 |
151.019 |
|
|
|
TOTAL (B) |
764.917 |
720.101 |
541.712 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
99.965 |
112.212 |
112.168 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.640 |
15.986 |
12.414 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
84.325 |
96.226 |
99.754 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.495 |
16.329 |
14.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
66.830 |
79.897 |
84.792 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
23.497 |
26.934 |
27.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
43.333 |
52.963 |
57.118 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
143.189 |
112.342 |
80.039 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
5.000 |
5.000 |
|
|
|
Dividend |
14.727 |
14.727 |
16.993 |
|
|
|
Tax on Dividend |
2.503 |
2.389 |
2.822 |
|
|
BALANCE CARRIED TO
THE B/S |
164.292 |
143.189 |
112.342 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
461.193 |
450.546 |
337.782 |
|
|
TOTAL EARNINGS |
461.193 |
450.546 |
337.782 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
68.374 |
68.500 |
47.965 |
|
|
TOTAL IMPORTS |
68.374 |
68.500 |
47.965 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.83 |
4.68 |
5.04 |
|
|
|
Diluted |
3.83 |
4.68 |
5.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.01 |
6.36 |
8.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.79 |
9.63 |
13.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.14 |
11.15 |
14.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.21 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.51 |
0.55 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.22 |
1.16 |
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 |
113.284 |
113.284 |
113.284 |
|
Reserves & Surplus |
231.241 |
267.087 |
293.191 |
|
Net
worth |
344.525 |
380.371 |
406.475 |
|
|
|
|
|
|
long-term borrowings |
16.613 |
10.237 |
3.669 |
|
Short term borrowings |
135.654 |
197.882 |
202.652 |
|
Total
borrowings |
152.267 |
208.119 |
206.321 |
|
Debt/Equity
ratio |
0.442 |
0.547 |
0.508 |
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 |
649.577 |
829.353 |
857.573 |
|
|
|
27.676 |
3.403 |
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 |
649.577 |
829.353 |
857.573 |
|
Profit |
57.118 |
52.963 |
43.333 |
|
|
8.79% |
6.39% |
5.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM LOANS
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Citi Bank N.A.- FCTL and INR |
7.866 |
7.418 |
NA |
|
Axis Bank Limited - Car Loans |
0.408 |
0.506 |
NA |
|
ICICI Bank Limited- Car Loans |
0.383 |
0.351 |
NA |
|
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 |
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits from Share holders |
2.528 |
0.968 |
|
Fixed Deposits from Public |
0.761 |
0.780 |
|
SHORT TERM
BORROWINGS |
|
|
|
Fixed Deposits from Share holders |
0.047 |
1.334 |
|
Fixed Deposits from Public |
0.261 |
1.468 |
|
Total |
3.597 |
4.550 |
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
|
Letter of Credits- Citi Bank |
1.382 |
6.887 |
|
Letter of Credits- Axis Bank |
3.396 |
0.00 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Structure
and Development
Can anyone imagine a food, drug or cosmetic product without a color? Coloring is one of the major segments in the industry. By adding colors to the product this industry, provides wide range of desired shades to end user customers which will significantly attract large number of customers.
Their Company is into manufacturing of Food color, Lake color, D&C colors, Salt free dyes, Dye intermediates which is used as an essential ingredient of food, drug, cosmetic, personal care and FMCG industry.
Financial Highlights
(a) Net Sales and
Other Income
Sales during the year ended 31st March, 2013 were Rs. 831.400 Millions as against Rs. 806.600 Millions in the previous year, an increase of Rs. 24.800 Millions in comparison over the previous year. There was increase in other income from Rs. 25.700 Millions to Rs. 33.500 Millions during the year.
(b) Expenditure
The total expenditure increased from Rs. 752.400 Millions to Rs. 798.100 Millions for the year showing a increase of Rs. 45.700 Millions over the previous financial year.
(c) Profit
Profit before tax decreased from Rs. 79.900 Millions to Rs. 66.800 Millions this year. The Company’s net profit after tax is Rs. 43.300 Millions as compared to previous year Rs. 53.000 Millions.
sas
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10215477 |
30/01/2012 * |
50,000,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B33029109 |
|
2 |
10194169 |
30/01/2012 * |
52,500,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B33010323 |
|
3 |
90100988 |
06/06/2013 * |
166,000,000.00 |
CITIBANK N. A. |
3RD FLOOR, REMBRANDT, C G ROAD, NEAR PANCHAVATI, |
B77433118 |
|
4 |
90100965 |
05/06/2013 * |
150,000,000.00 |
CITIBANK N. A. |
3RD FLOOR, REMBRANDT, C G ROAD, NEAR PANCHAVATI, |
B77421915 |
|
5 |
90098752 |
31/12/1997 |
2,500,000.00 |
THE ANKLESHWAR NAGRIC SAHAKARI BANK LIMITED |
GOLDEN TRADE CENTRE, OPP. NARMADA REST HOUSE, ANK |
- |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2013
Rs. In Millions
|
Particulars |
Three months
ended |
Year ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
Export Sales |
224.793 |
182.753 |
600.020 |
|
|
Domestic Sales |
79.512 |
83.557 |
228.877 |
|
|
(b) Other Operating Income |
4.143 |
(0.568) |
7.636 |
|
|
Total income from operations (net) |
308.449 |
265.742 |
836.533 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
160.202 |
119.177 |
421.324 |
|
|
(b) Purchases of stock-in trade |
16.672 |
24.722 |
51.708 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(8.142) |
8.871 |
14.094 |
|
|
(d) Employee benefits expense |
11.416 |
8.683 |
28.590 |
|
|
(e) Depreciation and Anmortisation Expenses |
4.522 |
4.511 |
13.523 |
|
|
(f) Other Expenses |
65.775 |
65.000 |
180.582 |
|
|
Total expenses |
250.445 |
230.964 |
709.821 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
58.003 |
34.778 |
126.712 |
|
4 |
Other Income |
0.270 |
0.447 |
0.146 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
58.273 |
35.225 |
126.858 |
|
6 |
Finance Costs |
3.151 |
2.789 |
9.952 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
55.122 |
32.436 |
116.906 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
55.122 |
32.436 |
116.906 |
|
10 |
Tax expenses |
|
|
|
|
|
Normal Tax Provision |
17.333 |
10.233 |
36.685 |
|
|
Net Differed Tax Charge |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
37.789 |
22.203 |
80.221 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
37.789 |
22.203 |
80.221 |
|
14 |
Share of profit' (loss) of associates |
0.000 |
0.000 |
0.000 |
|
15 |
Minority Interest |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
37.789 |
22.203 |
80.221 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
113.284 |
113.284 |
113.284 |
|
|
Weighted Average No. of Shares |
11328449 |
11328449 |
11328449 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
19.i |
Earnings per share () of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic and Diluted EPS before extraordinary items for the period
for the year to date and for the previous year. |
3.34 |
1.96 |
7.08 |
|
|
(b) Basic and Diluted EPS after extraordinary items for the period for
the year to date and for the previous year. |
3.34 |
1.96 |
7.08 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
6578723 |
6580283 |
6578723 |
|
|
- Percentage of shareholding |
58.07 |
58.09 |
58.07 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
Nil |
Nil |
Nil |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
4749726 |
4749726 |
4749726 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
41.93 |
41.93 |
41.93 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
3 |
|
|
|
|
Disposed off during the quarter |
3 |
|
|
|
|
Remaining unresolved at the end of the quarter |
0 |
|
|
Note:
1.
The above results have
been reviewed by the Audit committee and taken on record by the Board of
Director at their meeting held on 14.02.2014
2.
The Figures for the
previous year/Quarter have been regrouped wherever required to match with
current figures
3.
The Auditor of the
company has carried out the limited review for the financial results for
quarter ended on 31.12.2013
4.
Provision for Deferred
Taxation, if any, will be made at the end of the year.
FIXED ASSETS
· Building
· Machineries
· Furniture
· Motor Cycle
· Motor Car
· Office Equipments
· Computer
· Electric Fitting and Install.
· Lab Equipments
· Office Premises
· Pollu. Eff Treatment
· Resi. Premises
· Electric Motor and Pumps
· Firefighting Equipments
· Gas Inst.and Fab
· Pipes and Valve Fittings
· Storage Tank
· Dies
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.58.42 |
|
|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.11 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.