MIRA INFORM REPORT
|
Report Date : |
14.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIA GELATINE AND CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
703/704, ’Shilp’, 7th Floor, Near Municipal Market, Sheth C.G.
Road, Navrangpura, Ahmedabad – 380009, Gujarat |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
16.04.1973 |
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|
|
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Com. Reg. No.: |
04-002260 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 94.000 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999GJ1973PLC002260 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMI00091A |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACI3676F |
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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
: |
Manufacturer of Chemical Products viz. Ossein, Gelatine
and DCP. |
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|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3270000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as decent. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-22021874)
LOCATIONS
|
Registered Office : |
703/704, ’Shilp’, 7th Floor, Near Municipal Market, Sheth
C.G. Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26469514 |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
77/78, Mittal Chambers, 228, Nariman Point, Mumbai - 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22021874 |
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Fax No.: |
91-22-22845522 |
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E-Mail : |
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|
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Factory: |
Plot No.1A, GIDC Industrial Estate, National Highway No.8, Vapi -
396195, Gujarat, India |
|
Tel. No.: |
91-22-22021874/ 22020341 |
|
Fax No.: |
91-22-22845522 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Viren C. Mirani |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B.Com |
|
Experience : |
29 Years |
|
Date of Appointment : |
07.07.2014 |
|
|
|
|
Name : |
Mr. Nayan C. Mlrani |
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Designation : |
Director |
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|
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|
Name : |
Mr. Shridhar N. Pittie |
|
Designation : |
Director |
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|
Name : |
Mr. Pradip P. Madhavji |
|
Designation : |
Director |
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|
Name : |
Mr. Jayprakash M. Tiwari |
|
Designation : |
Director |
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|
Name : |
Mrs. Shefali V. Mirani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Preetal P. Mepani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
2822028 |
30.02 |
|
|
2319499 |
24.68 |
|
|
1252974 |
13.33 |
|
|
1252974 |
13.33 |
|
|
6394501 |
68.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
6394501 |
68.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3638 |
0.04 |
|
|
3638 |
0.04 |
|
|
|
|
|
|
293536 |
3.12 |
|
|
|
|
|
|
2042781 |
21.73 |
|
|
650613 |
6.92 |
|
|
14931 |
0.16 |
|
|
13931 |
0.15 |
|
|
1000 |
0.01 |
|
|
3001861 |
31.93 |
|
Total Public shareholding (B) |
3005499 |
31.97 |
|
Total (A)+(B) |
9400000 |
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) |
9400000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemical Products viz. Ossein, Gelatine and DCP. |
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|
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Union Bank of India, Mumbai Samachar Marg Branch, 66/80, Mumbai
Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mahendra N. Shah And Company Chartered Accountants |
|
Address : |
E Block, 3rd Floor, Capital Commercial Centre, Near Sanyas Ashram, Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26575085/ 086/ 66614445/ 26569780 |
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Fax No.: |
91-79-26584359 |
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E-Mail : |
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|
Enterprises having
common Key Management Personnel and/or their Relatives: |
· KVS Sohare Private Limited · Khimji Visram and Sons (Guj) Private Limited · Olive Finance and Investment Private Limited · Khimji Visram and Sons (Partnership Firm) · Khimji Visram and Sons (Commission Dept) (Partnership Firm) · Khimji Visram and Company (Partnership Firm) · K. V. Logistics Private Limited · K. V. Cotton Ginning and Pressing Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs. 10/- each |
Rs. 125.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9400000 |
Equity Shares |
Rs. 10/- each |
Rs. 94.000 Millions |
|
|
|
|
|
NOTE
Particulars of Share
Holders holding more than 5% shares in the Company
|
Name of
Shareholders |
As at 31st March, 2014 |
|
|
No. of Shares held |
% of Holding |
|
|
Divyaprabha C. Mirani |
549534 |
5.85 |
|
Manorama N. Mirani |
564580 |
6.00 |
|
Olive Finance and Investment Private Limited |
1874599 |
19.94 |
|
Viren C. Mirani |
640846 |
6.82 |
Terms and
Rights attached to Equity Shares:
The company has only one class of equity shares having at par value of Rs. 10/- each per share.
Each Equity shareholder is entitled to one vote per share.
The company declares and pays dividend 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.
During the year ended 31st March, 2014 an amount of Rs.1.80 per share of dividend is recognised as distribution to equity shareholders (Previous year Rs. 3.00 per share)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
94.000 |
94.000 |
94.000 |
|
(b) Reserves & Surplus |
1049.847 |
989.086 |
908.060 |
|
(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) |
1143.847 |
1083.086 |
1002.060 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.163 |
1.012 |
|
(b) Deferred tax liabilities (Net) |
90.411 |
93.592 |
85.235 |
|
(c)
Other long term liabilities |
0.484 |
0.484 |
0.449 |
|
(d)
long-term provisions |
55.338 |
141.256 |
109.687 |
|
Total
Non-current Liabilities (3) |
146.233 |
235.495 |
196.383 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
39.755 |
47.093 |
51.281 |
|
(c)
Other current liabilities |
5.025 |
7.130 |
14.694 |
|
(d)
Short-term provisions |
144.439 |
122.925 |
101.173 |
|
Total
Current Liabilities (4) |
189.219 |
177.148 |
167.148 |
|
|
|
|
|
|
TOTAL |
1479.299 |
1495.729 |
1365.591 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
486.302 |
515.632 |
437.083 |
|
(ii)
Intangible Assets |
5.070 |
6.705 |
8.340 |
|
(iii)
Capital work-in-progress |
5.050 |
20.046 |
16.872 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
133.200 |
137.441 |
141.469 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
61.881 |
150.244 |
169.172 |
|
(e)
Other Non-current assets |
8.820 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
700.323 |
830.068 |
772.936 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.793 |
0.000 |
|
(b)
Inventories |
282.725 |
229.665 |
158.626 |
|
(c)
Trade receivables |
63.628 |
78.122 |
85.048 |
|
(d)
Cash and cash equivalents |
127.935 |
146.353 |
220.971 |
|
(e)
Short-term loans and advances |
296.924 |
202.539 |
123.003 |
|
(f)
Other current assets |
7.764 |
8.189 |
5.007 |
|
Total
Current Assets |
778.976 |
665.661 |
592.655 |
|
|
|
|
|
|
TOTAL |
1479.299 |
1495.729 |
1365.591 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1209.253 |
1171.244 |
1033.061 |
|
|
|
Other Income |
26.078 |
29.847 |
35.897 |
|
|
|
TOTAL (A) |
1235.331 |
1201.091 |
1068.958 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
559.473 |
494.021 |
448.588 |
|
|
|
Changes in Inventories (Finished Goods, Work-in-Progress
and Stock-in-Trade) |
(62.582) |
(43.978) |
(5.032) |
|
|
|
Employees Benefits Expense |
39.070 |
37.302 |
37.195 |
|
|
|
Other Expenses |
520.754 |
494.261 |
444.866 |
|
|
|
TOTAL (B) |
1056.715 |
981.606 |
925.617 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
178.616 |
219.485 |
143.341 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.086 |
0.546 |
1.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
178.530 |
218.939 |
141.464 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
54.006 |
48.777 |
44.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
124.524 |
170.162 |
96.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
43.967 |
56.143 |
26.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
80.557 |
114.019 |
70.722 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
66.531 |
35.505 |
32.095 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
16.920 |
28.200 |
23.500 |
|
|
|
Corporate Dividend Tax |
2.876 |
4.793 |
3.812 |
|
|
|
General Reserve |
10.000 |
50.000 |
40.000 |
|
|
BALANCE CARRIED
TO THE B/S |
117.292 |
66.531 |
35.505 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods (FOB) |
803.140 |
605.397 |
553.624 |
|
|
TOTAL EARNINGS |
803.140 |
605.397 |
553.624 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components – Spare Parts |
2.449 |
4.638 |
1.397 |
|
|
|
Capital Goods |
0.000 |
16.355 |
1.561 |
|
|
TOTAL IMPORTS |
2.449 |
20.993 |
2.958 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.57 |
12.13 |
7.52 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
268.000 |
316.000 |
|
Total Expenditure |
254.700 |
302.400 |
|
PBIDT (Excl OI) |
13.300 |
13.700 |
|
Other Income |
7.100 |
47.200 |
|
Operating Profit |
20.400 |
60.900 |
|
Interest |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
20.400 |
60.900 |
|
Depreciation |
7.300 |
7.300 |
|
Profit Before Tax |
13.100 |
53.600 |
|
Tax |
3.000 |
7.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
|
Profit After Tax |
10.200 |
46.100 |
|
Extraordinary
Items |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
10.200 |
46.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
6.66 |
9.73 |
6.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.77 |
18.74 |
13.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.29 |
12.72 |
8.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.16 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.12 |
3.76 |
3.55 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
94.000 |
94.000 |
94.000 |
|
Reserves & Surplus |
908.060 |
989.086 |
1049.847 |
|
Net
worth |
1002.060 |
1083.086 |
1143.847 |
|
|
|
|
|
|
long-term borrowings |
1.012 |
0.163 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1.012 |
0.163 |
0.000 |
|
Debt/Equity
ratio |
0.001 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1033.061 |
1171.244 |
1209.253 |
|
|
|
13.376 |
3.245 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1033.061 |
1171.244 |
1209.253 |
|
Profit |
70.722 |
114.019 |
80.557 |
|
|
6.85% |
9.73% |
6.66% |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
80022489 |
11/10/2012 * |
40,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG BRANCH, 66/80, MUMBAI
SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B60371028 |
* Date of charge modifications
OPERATIONS :
The turnover of the company has increased by about 3.7% over the previous year.
Gelatine sales were higher in volume by 6.0% as compared to the previous year, as well as higher realisations both in the overseas and domestic markets. The contribution of Ossein sales and volume have increased by 33% and 13% respectively.
The demand for Gelatine in both the international and domestic market is on the rise and the company continues to make inroads into newer areas of operation. However, DCP sales have slowed down during the latter part of the year and are likely to remain sluggish for the year 2014-1 5. Sales were lower by almost 17% and whereas the volumes were lower by 14% on a year-on-year comparison.
The company's project for increase in capacity has been completed during the year, however, the entire Vapi Industrial Area has been classified by the CPCB (Central Pollution Control Board) to be a CPA (Critically Polluted Area). Due to this classification, the application for utilization of the expanded capacity is still awaiting approval at the GPCB (Gujarat Pollution Control Board).
During the year, the company has implemented several measures by employing newer technologies for energy conservation as well as maintaining quality standards of the company's products, which have resulted in reducing the overall energy consumed. Although the cost of energy has increased by 21 % on a periodic basis during the year, the units of Natural Gas consumed are lower due to the implementation of various efforts undertaken for conservation of energy. Since environmental regulations are always a matter of concern, the company has been upgrading the facilities on an ongoing basis in order to meet with the stricter norms being imposed by the pollution department.
The major challenges faced during the year were related to the availability and quality of the main raw material, i.e. crushed bones. The trend of quality deterioration is more disturbing as it impacts both, the quality of the final products as well as lower yield. These factors will have a negative effect on the company's performance in the future in case the trend of raw material quality deterioration continues further.
Overall, efforts are being made to organize ways and means of the import of better quality raw materials from overseas. Their company strives to overcome the obstacles it currently faces and achieve the goals that have been set for the coming year. They acknowledge the challenges at hand and hope that the necessary steps taken by them alleviate them.
FINANCE :
The Company continues to get requisite assistance and co-operation from its bankers as and when needed.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GENERAL :
The Indian Pharmaceutical Industry has taken a quantum leap in both the domestic and global market.
India's pharmaceutical sector will touch US$45 billion by 2020, according to a major study by global management and consulting firm, McKinsey and Company.
The report further states that the lndian pharmaceutical market will be the sixth largest in the world by 2020.
Reasons for the above are obvious.
The increase of pharmaceutical outsourcing and investments by multinational companies (MNCs), aided with the country's growing economy, committed health insurance segment and improved healthcare facilities, is expected to drive the market's growth.
It is good for the overall Gelatine industry as well as the neutraceutical segment, (mainly health supplements, vitamin Capsule and tablets) as overall sectorial growth has created in-roads within traditional food applications and markets. The same holds good for Ossein production and sales.
EXPORT :
The company can proudly say that Gelatine sales in value terms nudged upwards by 24% on a year on year basis for exports.
Although bone prices (raw material costs) have risen by 15% affecting the bottom line, raw material costs in lndia are rising to levels similar to other countries, which may be an impediment for furthering Gelatine and Ossein exports in the near future.
Ossein sales also grew in international markets.
Globally, the demand for Ossein based Gelatine is expected to grow by 10-1 5% each year.
DOMESTIC :
Around 95% of Gelatine usage in lndia is in the pharmaceutical Industry. Due to the boom in this sector sales realisations have been improving for the company.
DCP markets have been under pressure due to lack of demand and other alternatives to DCP are gaining ground on the traditional DCP markets. The outlook for the coming year is also likely to remain weak.
OUTLOOK :
Sales for both Gelatine and Ossein seem on the upswing barring any drastic changes in export policies of raw material costs. DCP sales may be on a downward trend but not perennially and/or drastically.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Bank Guarantees
issued |
|
|
|
GSPC Gas Company Limited |
16.739 |
13.981 |
|
Pollution Control Board |
0.500 |
0.000 |
|
Dakshin Gujarat Vij Company Limited |
8.228 |
5.909 |
|
Total |
25.467 |
19.890 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
ENDED 30TH SEPTEMBER, 2014
(Rs. In Millions)
|
PART I |
||||
|
Sr. No. |
Particulars |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
307.460 |
260.893 |
568.353 |
|
|
b. Other Operating Income |
8.555 |
7.082 |
15.637 |
|
|
Total Income from
Operations (Net) |
316.015 |
267.975 |
583.990 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of material Consumed |
157.250 |
121.650 |
278.900 |
|
|
b. Purchase of Stock-in trade |
-- |
-- |
-- |
|
|
c. Increase/(Decrease) in inventory of finished Goods, work- in-progress and Stock-in-trade |
(2.735) |
3.767 |
0.941 |
|
|
d. Power and Fuel |
68.349 |
58.370 |
126.719 |
|
|
d. Employees Benefit Expenses |
11.025 |
9.221 |
20.246 |
|
|
e. Depreciation and Amortisation Expenses |
7.260 |
7.260 |
14.520 |
|
|
f. Other expenses |
68.471 |
61.767 |
130.238 |
|
|
Total Expenses |
309.620 |
261.944 |
571.564 |
|
3 |
Profit from Operations
before Other Income, finance costs and Exceptional Items |
6.395 |
6.031 |
12.426 |
|
4 |
Other Income |
47.202 |
7.102 |
54.304 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
53.597 |
13.133 |
66.730 |
|
6 |
Finance Costs |
-- |
0.800 |
0.800 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
53.597 |
13.125 |
66.722 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from
ordinary activities before tax |
53.597 |
13.125 |
66.722 |
|
10 |
Tax Expense |
|
|
|
|
|
Current tax |
9.044 |
3.228 |
12.272 |
|
|
Deferred tax provision/ (written back) |
(1.520) |
(0.259) |
(1.779) |
|
11 |
Net Profit from
ordinary activities after tax |
46.073 |
10.156 |
56.229 |
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
13 |
Net Profit for the
period |
46.073 |
10.156 |
56.229 |
|
14 |
Paid-up equity share capital (face value of Rs.10/- each) |
94.000 |
94.000 |
94.000 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
16. i |
Earning Per Share (before extraordinary items) (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic and Diluted |
4.90 |
1.08 |
5.98 |
|
16. ii |
Earning Per Share (after extraordinary items) (of Rs.10 each) (not annualized) |
|
|
|
|
|
Basic and Diluted |
4.90 |
1.08 |
5.98 |
|
|
|
|
|
|
|
PART II |
||||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
3005499 |
3471999 |
3005499 |
|
|
- Percentage of shareholding |
31.97% |
36.94% |
31.97% |
|
2 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
6394501 |
5928001 |
6394501 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
68.03% |
63.06% |
68.03% |
|
B |
INVESTOR COMPLAINTS (NO.) |
3 Months ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
3 |
|
|
Disposed of during the year |
3 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 11/11/2014.
2. The Limited Review for the quarter ended 30/09/2014 as required under clause
41 of Listing Agreement has been carried out by statutory auditors.
4. During the quarter performance is adversely affected due to higher input
costs and sluggish by product market conditions.
5. The depreciation for the quarter ended 30/09/2014 has been calculated as per
the provisions of the Companies Act 2013 read with Schedule II which are
effective from April 01, 2014. Due to the same, the charge of depreciation is
lower by Rs.6.240 Millions in the current quarter and Rs. 12.480 Millions for
the current half year. Under the circumstances, it is not comparable with the
same for other quarters / year which were calculated as per the provisions of
the Companies Act, 1956. In accordance with the transitional provisions
provided in Note 7 (b) of Schedule II of the Act, an amount of Rs. 7.422
Millions has been adjusted to the opening balance of retained earnings.
6. The company is primarily engaged in single segment i.e. “Manufacturing of
Chemical Products”.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
94.000 |
|
(b) Reserves & Surplus |
1098.652 |
|
Sub-Total Shareholders’
Funds |
1192.652 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
-- |
|
(b) Deferred tax liabilities (Net) |
88.632 |
|
(c)
Other long term liabilities |
0.484 |
|
(d)
long-term provisions |
83.813 |
|
Sub-Total Non-current
Liabilities |
172.929 |
|
|
|
|
(4) Current Liabilities |
|
|
(a)
Trade payables |
102.102 |
|
(b)
Other current liabilities |
9.040 |
|
(c)
Short-term provisions |
104.576 |
|
Sub-Total Current
Liabilities |
215.718 |
|
|
|
|
TOTAL
– EQUITY AND LIABILITIES |
1581.299 |
|
|
|
|
B
ASSETS |
|
|
(1) Non-current assets |
|
|
(a)
Fixed Assets |
|
|
(i)
Tangible assets |
484.486 |
|
(ii)
Intangible Assets |
5.070 |
|
(iii)
Capital work-in-progress |
5.050 |
|
(b) Non-current
Investments |
123.200 |
|
(c) Long-term Loan
and Advances |
60.599 |
|
(d)
Other Non-current assets |
14.622 |
|
Sub-Total Non-Current
Assets |
693.027 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
-- |
|
(b)
Inventories |
293.993 |
|
(c)
Trade receivables |
96.203 |
|
(d)
Cash and cash equivalents |
232.708 |
|
(e)
Short-term loans and advances |
246.522 |
|
(f)
Other current assets |
18.846 |
|
Sub-Total Current
Assets |
888.272 |
|
|
|
|
TOTAL - ASSETS |
1581.299 |
FIXED ASSETS:
Tangible Assets
· Land (Freehold)
· Land (Leasehold)
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Office Equipment
· Vehicle
· Laboratory Equipment
Intangible Assets
· Technical Know-How
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. 61.56 |
|
|
1 |
Rs. 97.10 |
|
Euro |
1 |
Rs. 76.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.