MIRA INFORM REPORT
|
Report Date : |
19.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK ALCO-CHEM LIMITED |
|
|
|
|
Registered
Office : |
Room No. 104, Venkatesh Chambers, 1st Floor, Ghanshyam
Talwatkar Marg, Fort, Mumbai – 400001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.11.1992 |
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Com. Reg. No.: |
11-069615 |
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Capital Investment
/ Paid-up Capital : |
Rs. 41.503 Millions |
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|
CIN No.: [Company Identification
No.] |
L24110MH1992PLC069615 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA07864D |
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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 Chemicals and Solvents. |
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|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. The company can be considered 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 wilfully 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 PARTED BY
|
Name : |
Mr. Shashi Dharan |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-61446908 |
|
Date : |
15.11.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
Room No. 104, Venkatesh Chambers, 1st Floor, Ghanshyam
Talwatkar Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-61446900 / 01 |
|
Fax No.: |
91-22-66104355 |
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E-Mail : |
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|
Website : |
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|
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|
Factory : |
Acetic Acid Unit and
Ethyl Acetate Unit Plot No. A-22/2/1 Mahad Industrial Area, Village Kamble, Mahad-402301,
Raigad, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sridhar Chari |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Manoj Ganatra |
|
Designation : |
Independent Director |
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Date of Birth/Age : |
21.11.1962 |
|
Qualification : |
B.Com, LLB & FCA |
|
Date of Appointment : |
08.04.2011 |
|
|
|
|
Name : |
Dr. Umesh Kulkarni |
|
Designation : |
Independent Director |
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Date of Birth/Age : |
12.03.1964 |
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Qualification : |
M.Sc. Ph.D. |
|
Date of Appointment : |
17.06.2012 |
|
|
|
|
Name : |
Mr. Sunil Shah |
|
Designation : |
Promoter Director |
|
Date of Birth/Age : |
07.11.1962 |
|
Qualification : |
DME, AIME, (Mechanical Engineer) |
|
Date of Appointment : |
08.02.2013 |
KEY EXECUTIVES
|
Name : |
Ms. Seema Gangawat |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Shashi Dharan |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
2068632 |
49.84 |
|
|
2068632 |
49.84 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
2068632 |
49.84 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
252081 |
6.07 |
|
|
252181 |
6.08 |
|
|
|
|
|
|
386469 |
9.31 |
|
|
|
|
|
|
841900 |
20.29 |
|
|
571927 |
13.78 |
|
|
29234 |
0.70 |
|
|
8319 |
0.20 |
|
|
20915 |
0.50 |
|
|
1829530 |
44.08 |
|
Total Public shareholding (B) |
2081711 |
50.16 |
|
Total (A)+(B) |
4150343 |
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) |
4150343 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals and Solvents. |
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|
|
Products : |
Not Divulged |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Chemicals and Solvents. |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users, OEM’s and Others
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Axis Bank Limited
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Facilities : |
(Rs.
In Millions)
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||||||||||||||
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
R. A. Kuvadia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Associate Concerns
: |
Aura Alkalies and Chemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
2000000 |
11% Preference Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs.70.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4150343 |
Equity Shares |
Rs.10/- each |
Rs.41.503 Millions |
|
|
|
|
|
(a) The Company has
only one class of shares referred to as Equity shares having a par value of
Rs.10/-. Each holder of Equity Shares is entitled to one vote per share.
|
Particular |
Number of Shares |
Rs. In Millions |
|
Reconciliation of number of Shares |
|
|
|
Balance at the beginning of the year |
3,775,343 |
37.753 |
|
Issued during the year |
375,000 |
3.750 |
|
Bought back during the year |
-- |
-- |
|
Balance at the end of the year |
4,150,343 |
4.150 |
2.2 Shares held by
each Shareholder holding more than Five percent Shares
|
Name of Shareholder |
No. of Shares |
% of Holding |
|
SICOM ARC Limited |
384,592 |
9.27 |
|
Aura Alkalies & Chemicals Private Limited |
2,068,632 |
49.84 |
|
Kodai Investment And Trading Company Private Limited |
227,951 |
5.49 |
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 |
41.503 |
37.753 |
37.753 |
|
(b) Reserves & Surplus |
138.593 |
82.907 |
21.831 |
|
(c) Money
received against share warrants |
3.375 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
183.471 |
120.660 |
59.584 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.595 |
0.618 |
1.969 |
|
Total Non-current
Liabilities (3) |
0.595 |
0.618 |
1.969 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
17.041 |
58.008 |
56.308 |
|
(b) Trade
payables |
657.726 |
681.178 |
806.231 |
|
(c) Other
current liabilities |
81.834 |
96.899 |
87.585 |
|
(d) Short-term
provisions |
0.338 |
0.250 |
0.566 |
|
Total Current
Liabilities (4) |
756.939 |
836.335 |
950.690 |
|
|
|
|
|
|
TOTAL |
941.005 |
957.613 |
1012.243 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
111.158 |
119.636 |
95.489 |
|
(ii)
Intangible Assets |
0.001 |
0.003 |
0.005 |
|
(iii)
Capital work-in-progress |
10.166 |
0.000 |
2.843 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.014 |
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
(9.909) |
(10.797) |
23.416 |
|
(d) Long-term Loan and Advances |
48.827 |
37.109 |
156.351 |
|
(e) Other
Non-current assets |
0.000 |
5.104 |
0.726 |
|
Total Non-Current
Assets |
160.257 |
151.069 |
278.844 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
2.461 |
|
(b)
Inventories |
137.004 |
82.054 |
34.815 |
|
(c) Trade
receivables |
302.659 |
428.115 |
651.217 |
|
(d) Cash
and cash equivalents |
39.905 |
33.577 |
22.326 |
|
(e)
Short-term loans and advances |
301.180 |
262.798 |
22.580 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
780.748 |
806.544 |
733.399 |
|
|
|
|
|
|
TOTAL |
941.005 |
957.613 |
1012.243 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2198.134 |
2332.282 |
3188.319 |
|
|
|
Other Income |
27.898 |
43.129 |
27.852 |
|
|
|
TOTAL (A) |
2226.032 |
2375.411 |
3216.171 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
698.907 |
663.657 |
616.456 |
|
|
|
Purchases of Stock-in-Trade |
674.975 |
727.635 |
1561.929 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(21.731) |
(43.051) |
8.991 |
|
|
|
Employees benefits expense |
29.177 |
21.366 |
22.755 |
|
|
|
Other expenses |
751.267 |
891.265 |
940.196 |
|
|
|
TOTAL (B) |
2132.595 |
2260.872 |
3150.327 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
93.437 |
114.539 |
65.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.716 |
7.561 |
10.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
87.721 |
106.978 |
55.417 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.047 |
11.689 |
9.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
76.674 |
95.289 |
45.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
28.488 |
34.213 |
10.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.186 |
61.076 |
34.846 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(73.853) |
(134.929) |
(169.775) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earning in Foreign Exchange (FOB Value) |
1083.838 |
1382.621 |
1503.022 |
|
|
TOTAL EARNINGS |
1083.838 |
1382.621 |
1503.022 |
|
|
|
|
|
|
|
|
|
|
Value of Imports on
CIF Basis |
3.303 |
162.558 |
28.182 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.74 |
16.18 |
9.23 |
|
Expected Sales (2014-15) : Rs. 2900.000 Millions
The above information has been parted by Mr. Shashi Dharan
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.09.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
766.500 |
|
Total Expenditure |
|
|
725.100 |
|
PBIDT (Excl OI) |
|
|
41.400 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
41.400 |
|
Interest |
|
|
00.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
40.900 |
|
Depreciation |
|
|
02.200 |
|
Profit Before Tax |
|
|
38.800 |
|
Tax |
|
|
12.600 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
26.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
26.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.16 |
2.57 |
1.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.49 |
4.09 |
1.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.15 |
9.84 |
4.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.79 |
0.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.09 |
0.48 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
0.96 |
0.77 |
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 |
37.753 |
37.753 |
41.503 |
|
Reserves & Surplus |
21.831 |
82.907 |
138.593 |
|
Money received against share
warrants |
0.000 |
0.000 |
3.375 |
|
Net
worth |
59.584 |
120.660 |
183.471 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
56.308 |
58.008 |
17.041 |
|
Total
borrowings |
56.308 |
58.008 |
17.041 |
|
Debt/Equity
ratio |
0.945 |
0.481 |
0.093 |
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 |
3188.319 |
2332.282 |
2198.134 |
|
|
|
(26.849) |
(5.752) |
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 |
3188.319 |
2332.282 |
2198.134 |
|
Profit |
34.846 |
61.076 |
48.186 |
|
|
1.09% |
2.62% |
2.19% |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
|
LITIGATION DETAILS |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Presentation Date: 05/08/2014 |
||||||||||
|
Lodging No. : |
CHOLL/560/2014 |
Failing Date:- |
05/08/2014 |
Reg. No.:- |
CHOL/560/2014 |
Reg. Date:- |
05/08/2014 |
|||
|
|
||||||||||
|
Main Matter |
||||||||||
|
Lodging No. : |
EXAL/938/2013 |
Reg. No.:- |
EXA/860/2013 |
|||||||
|
|
||||||||||
|
Petitioner:- |
DRAGON TREASURE SHIPPING LIMITED |
Respondent:- |
ASHOK ALCO-CHEM LIMITED |
|||||||
|
Petn.Adv:- |
SINGHANIA AND PARTNERS (I6297) |
Resp. Adv.: |
0 (0) |
|||||||
|
District:- |
MUMBAI |
|||||||||
|
|
||||||||||
|
Bench:- |
SINGLE |
Category:- |
CHAMBER ORDER |
|||||||
|
Status:- |
Pre-Admissiom |
|
|
|||||||
|
Next Date:- |
26/11/2014 |
Stage:- |
FOR DIRECTION |
|||||||
|
Coram:- |
ADDL. REG.(OS) / ADDL. PROTHONOTARY AND SR. MASTE |
|||||||||
|
Last Date:- |
12/11/2014 |
Stage:- |
FOR DIRECTION |
|||||||
|
Last Coram:- |
ADDL. REG.(OS) / ADDL. PROTHONOTARY AND SR. MASTE |
|||||||||
|
|
|
|||||||||
|
Act. : |
Code of Civil Procedure 1908 |
|
||||||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Short Term
Borrowings |
|
|
|
Car Loan (Secured Against Hypothecation of Car) |
0.000 |
0.067 |
|
Loan from Others |
2.247 |
2.247 |
|
Total |
2.247 |
2.314 |
|
|
|
|
OPERATION IN BUSINESS
PERFORMANCE:
The Company during the reviewed year showed moderate performance by registering Total Income of Rs. 2226.033 Millions (Net of Excise and Sales Tax) as against of Rs. 2375.411 Millions of previous year. The Company also earned Net Profit of Rs. 48.186 Millions as against Net Profit of Rs. 61.075 Millions in the previous year.
The Company during the year faced as adverse and unfavorable conditions with regards to its Chemical Division. Inspite of non-availability of Working Capital facilities and dumping of imported raw materials at cheaper price, increase in cost of other inputs suppressed the margins the Chemical Division has generated Gross Income of Rs. 816.302 Millions against Rs. 791.866 Millions of previous year, increase of 3% at the Top line.
In the trading segment as a result of restrictions being eased, the Company has performed well in the bauxite and bleaching earth segment. These products having high revenue earning capacity increased the margins for the trading segment. The Company has made efforts to focus on niche markets to generate high margins rather than volume based sales in its Trading Segment; as a result, while the volumes have not grown, profits have been stable at Rs. 107.284 Millions.
The overall profit for the year is of Rs. 48.186 Millions, as against profit of Rs. 61.075 Millions, of the previous year.
With effective penetration of market and undertaking of systematic and planned approach, the Company hopes to bring improved results in coming years on a consolidate level. The Company endeavors to optimize its capacity utilization in Chemical Division by investing in process modification and better efficacy. In order to avail better discounts in procurement of raw materials, the Directors envisage perusing availment of working capital facilities for resource optimization.
MANAGEMENT DISCUSSION
AND ANALYSIS:
Outlook:
The overall scenario for Chemical Industry is expected on upward scale to peg a fairly good upward trend in the near future. High volatility on account of inconsistent pricing of raw material and also the fluctuating exchange rates have become the main challenges that the Chemical industry need to overcome in the year ahead. In order to sustain and increase its market share along with better margins, the Company envisages to achieve the same by via flexible sourcing and enhanced distribution network.
The Company expects to nurture the Chemical Division on the export front along with the Trading Division which is largely export oriented. The Company expects to continue its strategy of seeking niche markets, broad customer base yielding higher margins with moderate volume growth. The global metal industry to which the Company’s Trading Division caters to has been experiencing a reasonable growth rates over the last few quarters in terms of capacity addition wherein the existing demand there from is expected to be fairly resilient. The Company also envisages expansion of the existing capacity by modifying idle capacity resulting addition of new products in the existing bucket.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10515621 |
13/08/2014 |
89,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C16987638 |
* Date of charge modification
CHARGES DETAILS
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
ASHOK ALCO-CHEM LIMITED |
|
SEBI |
ALLEGED FAILURE IN MAKING DISCLOSURE OF
SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGES AS REQUIRED UNDER
REGULATION 7(3) OF SEBI TAKEOVER CODE, 1997 |
REACHED SETTLEMENT (SETTLEMENT CHARGES RS.3,52,500 VIDE
CONSENT ORDER) |
|
|
ASHOK ALCO-CHEM LIMITED |
|
BSE |
DID NOT SUBMIT SHAREHOLDING PATTERN UNDER PROVISIONS OF CLAUSE 35 FOR THE QUARTER ENDED 30-JUNE-2011 |
PUT UP ON BSE WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED 30-SEPTEMBER-2011 |
|
ASHOK ALCO-CHEM LIMITED |
|
BSE |
DID NOT SUBMIT CORPORATE GOVERNANCE REPORT FOR THE QUARTER ENDED 30-SEPTEMBER-2007 |
PUT UP ON BSE WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST FOR THE QUARTER ENDED 31-MARCH-2008 |
|
ASHOK ALCO-CHEM LIMITED |
|
BIFR |
ENQUIRY PROCEEDINGS IN PROGRESS |
REFERENCE MADE TO BIFR FOR DETERMINATION OF SICKNESS OF
COMPANY |
|
FIXED ASSETS
- Land under Lease
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Air Conditioners
- Computers
CHARGES DETAILS
Suit-filed accounts
of Rs. 0.100 Million and above as on 19-Nov-2014 Borrowers details
|
Borrower name |
Ashok Alco Chem Limited |
|
D&B D-U-N-S®
Numbers |
|
|
Address |
406 Sharda Chambers 33 Sir Vithaldas Thackersey Marg New
Marine Lines Mumbai |
Name Of Directors
Reported by Credit Grantors Filing the Suit:
|
Sr.No. |
Directors Reported
by Credit Grantors |
|
DENA BANK |
|
|
1 |
Anil M Kakadia |
|
2 |
Harish N Motiwala |
|
3 |
K M Upadhyaya |
|
4 |
M K Tambe |
|
5 |
P M Choudhary |
|
6 |
P R Merchant |
|
7 |
Pankaj M Kadakia |
|
8 |
Raj R Nagrani |
|
9 |
S V Shrikhande |
List Of Credit
Grantors to which Ashok Alco Chem Limited is a defaulter:
|
Names of Credit
Grantors |
Branch |
Amount |
|
|
|
|
|
DENA BANK |
INVESTMENT DEPT |
600.00 |
|
|
|
|
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE, 2014
|
Particulars |
Year ended |
|
|
30.09.2013 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
766.000 |
|
|
(b) Other Operating Income |
0.500 |
|
|
Total income from operations (net) |
766.500 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
257.000 |
|
|
(b) Purchases of stock-in trade |
214.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(94.900) |
|
|
(d) Employee benefits expense |
8.800 |
|
|
(e) Depreciation and Anmortisation Expenses |
2.200 |
|
|
(f) Selling & Distribution Expenses |
310.000 |
|
|
(f) Other Expenses |
30.200 |
|
|
Total expenses |
727.300 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
39.200 |
|
4 |
Other Income |
0.000 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
39.200 |
|
6 |
Finance Costs |
0.500 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
38.800 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
38.800 |
|
10 |
Tax expenses |
12.700 |
|
11 |
Deferred Tax Income / (Expenses) |
0.100 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
26.200 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
26.200 |
|
14 |
Share of profit' (loss) of associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
26.200 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
41.500 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
(a) Basic |
6.31 |
|
|
(b) Diluted |
5.69 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not annualised) |
|
|
|
(a) Basic |
6.31 |
|
|
(b) Diluted |
5.69 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
2081711 |
|
|
- Percentage of shareholding |
50.16 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
None |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
N.A |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
N.A. |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
2068632 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
49.84 |
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
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 under clause 41 of the Listing Agreement
|
Particulars |
Year ended |
|
|
30.09.2013 |
||
|
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
a Own Manufactured Organic Chemicals |
302.500 |
|
|
b Trade Goods |
464.000 |
|
|
Net Sales /
Income from Operations |
766.500 |
|
|
|
|
|
2 |
Segment Results
Profit I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
a Own Manufactured Organic Chemicals |
(0.300) |
|
|
b Trade Goods |
39.600 |
|
|
Total |
39.300 |
|
|
Less: |
|
|
|
i) Interest |
0.500 |
|
|
ii) Income tax expenses / expenditure |
-- |
|
|
iii) Exceptional items (income) |
-- |
|
|
iv) Prior period adjustment expense l (Income) |
-- |
|
|
Total
Profit(Loss) before Tax |
38.800 |
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
a Own Manufactured Organic Chemicals |
220.800 |
|
|
b Trade Goods |
241.300 |
|
|
Total Segment Capital
Employed |
462.100 |
Note:
1. The results for the quarter ended June 30, 2014 have been reviewed by the Audit Committee at their meeting. The Board of Directors at its meeting held on August 13, 2014 approved the above results.
2. Limited Review of the financial results has been carried out by the
Statutory Auditors of the Company.
3. Effective from April 1, 2014, the Company has provided depreciation with
reference to the useful lives of tangible assets as specified in Schedule II to
the Companies Act, 2013. Accordingly, the carrying amount, net of residual
value, as on that date have been depreciated over the revised remaining useful
lives of the assets. As a result, the charge for depreciation is lower Rs.
0.600 Million for the quarter ended June 30, 2014.in respect of assets whose
useful life is exhausted as on April 01, 2014 the depreciation of Rs.0.659
Million has been adjusted against General Reserves, in accordance with the
requirements of schedule II. Of the companies Act 2013.
3. Notes on Segment Information: Segment revenue, results and Capital employed
figures represents amounts identifiable to each of the segment.
4. Previous period / years figures have been regrouped/reclassified wherever
necessary to make them comparable with those of the current period/year.
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.61.81 |
|
|
1 |
Rs.96.77 |
|
Euro |
1 |
Rs.77.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
HEN |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.