MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRI INDUSTRIES LIMITED (w.e.f28.03.2011) |
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Formerly Known
As : |
KIRI DYES AND CHEMICALS LIMITED (w.e.f.10.03.2006) KIRI DYES AND CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
7th
Floor, Hasubhai Chambers, Town Hall, Ellisbridge, Ahmedabad - 380006, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.05.1998 |
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Com. Reg. No.: |
04-034094 |
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Capital
Investment / Paid-up Capital : |
Rs. 190.001
Millions |
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CIN No.: [Company Identification No.] |
L24231GJ1998PLC034094 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMK01019E |
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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 and Exporters of Dyes, Dyes intermediates and Basic
Chemicals. |
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No. of Employees
: |
300
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile marked by huge external borrowing and losses that company has
incurred from its operation activities. However, trade relations are fair. Business is active. Payments terms
are reported to be slow but correct. The company can be considered for business dealing with some caution. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
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 : |
Ms. Shruti |
|
Designation : |
Deputy General Manager |
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Contact No.: |
91-8511193036 |
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Date : |
01.10.2014 |
LOCATIONS
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Registered Office : |
7th
Floor, Hasubhai Chambers, Town Hall, Ellisbridge, Ahmedabad - 380006, |
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Tel. No.: |
91-79-26574371/ 72/
73/ 40237444 |
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Mobile No.: |
91-9925012884 [Mr. Dhyan V] |
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Fax No.: |
91-79-26574373/
74 / 25834960 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Corporate Office/ Factory 1 : |
Dyes Division: Plot No. 299/1/A,
299/1/B and 10/8, Near Water Tank, Phase II, GIDC Estate, Vatva, Ahmedabad – 382445,
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Tel. No.: |
91-79-25894477/
25835297/ 26730802/ 40237444 |
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Fax No.: |
91-79-25834960/
26769529 |
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E-Mail : |
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Location : |
Owned |
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Factory 2 : |
Intermediates
Division: Block No. 396 / 399/ 403/ |
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Tel. No.: |
91-2662-273444 |
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Fax No.: |
91-2662-273444 |
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E-Mail : |
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Factory 3 : |
Basic Chemicals
Division: Plot No. 552, 566, 567, 569, 570, 571, Village: Dudhwada, Karakhadi, Taluka:
Padra, District: Vadodara, |
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Tel. No.: |
91-2662–273724/ 25 |
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Fax No.: |
91-2662-273726 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pravin Amritlal Kiri |
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Designation : |
Chairman |
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Address : |
53, Manek Baug Society, Ambawadi, Ahmedabad-380006, |
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Date of Birth/Age : |
01.11.1945 |
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Qualification : |
B. Sc. (Chemistry) |
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Date of Appointment : |
14.05.1998 |
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PAN No.: |
AIGPK7830A |
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Name : |
Mr. Manish Pravinbhai Kiri |
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Designation : |
Managing Director |
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Address : |
53, Manek Baug Society, Ambawadi, Ahmedabad-380006, |
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Date of Birth/Age : |
26.12.1972 |
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Qualification : |
B. E. (Ele. and Comm.) MBA. ( |
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Date of Appointment : |
14.05.1998 |
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Name : |
Mr. Shankar R Patel |
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Designation : |
Whole Time Director |
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Name : |
Mr. Ajay J. Patel |
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Designation : |
Non Executive Independent Director (upto 14.08.2012) |
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Qualification : |
M. D. (Radio Diagnosis), D.M.R.D. |
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Name : |
Mr. Keyoor M. Bakshi |
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Designation : |
Non Executive Independent Director |
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Qualification : |
B. Com, LLB, FCS |
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Name : |
Ms. Harsha Bangari |
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Designation : |
Nominee Director (Export Import Bank of |
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Name : |
Mr. V. Anish Babu |
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Designation : |
Nominee Director (IFCI Limited) (w.e.f. 13.02.2012) |
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Qualification : |
B.Com, F.C.A., A.C.S. |
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Name : |
Mr. Jayanta Kumar Sinha |
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Designation : |
Nominee Director - State Bank of |
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Name : |
Mr. Mukesh Desai |
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Designation : |
Additional – Independent Director (w.e.f. 11 August, 2014) |
KEY EXECUTIVES
|
Name : |
Mr. Suresh S. Gondalia |
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Designation : |
Company Secretary |
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Name : |
Ms. Shruti |
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Designation : |
Deputy General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
4893432 |
25.75 |
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|
4893432 |
25.75 |
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Total shareholding of Promoter and Promoter Group (A) |
4893432 |
25.75 |
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(B) Public Shareholding |
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|
1572766 |
8.28 |
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1484937 |
7.82 |
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3057703 |
16.09 |
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|
3159827 |
16.63 |
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|
2731404 |
14.38 |
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|
4329273 |
22.79 |
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|
828414 |
4.36 |
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|
28545 |
0.15 |
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131140 |
0.69 |
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|
435042 |
2.29 |
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|
233687 |
1.23 |
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11048918 |
58.15 |
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Total Public shareholding (B) |
14106621 |
74.25 |
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Total (A)+(B) |
19000053 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
19000053 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Dyes, Dyes intermediates and Basic
Chemicals. |
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Products : |
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Exports : |
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Products : |
Dyes |
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Countries : |
·
Turkey ·
Taiwan ·
China ·
Indonesia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Anil Organics, Ahmedabad, Gujarat, India Associated Chemicals Industries, Ahmedabad, Gujarat, India |
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Customers : |
Retailers ·
Be Fuwell,
Taiwan ·
Himmat Space Agency, Haryana |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· State Bank of India · Bank of India · Oriental Bank of Commerce · Export Import Bank of India · Punjab National Bank ·
Indian Bank |
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Facilities : |
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Banking
Relations : |
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Statutory Auditors: |
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Name : |
V. D. Shukla and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Cost Auditors: |
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Name : |
V. H. Savaliya and Associates Cost Accountants, |
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Address : |
Ahmedabad, Gujarat, India |
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Wholly Owned
Subsidiary: |
· Kiri International (Mauritius) Private Limited · Synthesis International Limited · SMS Chemicals Co. Limited · Chemhub Trading DMCC · Kiri Investment and Trading Singapore Private Limited |
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Joint Venture: |
· Lonsen Kiri Chemical Industries Limited |
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Associate Company: |
· Dystar Global Holdings (Singapore) Pte. Limited Associate Company · Kiri Infrastru Cture Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
15,00,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,000,053 |
Equity Shares |
Rs.10/- each |
Rs. 190.001
Millions |
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|
NOTE:
The reconciliation
of the number of shares outstanding as at 31.03.2012 and 31.03.2011 is set out
below:
|
Particulars |
31.03.2014 |
|
Number of shares at the beginning |
19,000,053 |
|
Add: Equity Shares issued during the year |
-- |
|
Number of shares at the end |
19,000,053 |
The details of
shareholders holding more than 5% shares as at 31.03.2012 and 31.03.2011 are
set out below:
|
Name of the shareholders |
No. of shares |
% held as at
31.03.2014 |
|
Mr. Pravin Kiri |
2501680 |
13.17 |
|
Mr. Manish Kiri |
1859391 |
9.79 |
|
GMO Emerging Markets Fund |
12317311016942 |
5.35 |
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 |
190.001 |
190.001 |
190.001 |
|
(b) Reserves & Surplus |
945.292 |
1740.741 |
3600.205 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
130.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1135.293 |
2060.742 |
3790.206 |
|
|
|
|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4954.481 |
4930.194 |
1644.969 |
|
(b) Deferred tax liabilities
(Net) |
210.508 |
212.948 |
223.119 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
5164.989 |
5143.142 |
1868.088 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1528.775 |
1531.317 |
3183.923 |
|
(b) Trade payables |
563.752 |
887.024 |
972.852 |
|
(c) Other current liabilities |
2045.508 |
1036.209 |
1130.907 |
|
(d) Short-term provisions |
13.813 |
14.395 |
13.594 |
|
Total
Current Liabilities (4) |
4151.848 |
3468.945 |
5301.276 |
|
|
|
|
|
|
TOTAL |
10452.130 |
10672.829 |
10959.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2631.999 |
2647.806 |
2953.454 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1090.754 |
1088.482 |
948.069 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1697.749 |
1666.489 |
1663.608 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
214.274 |
316.665 |
368.582 |
|
(e) Other Non-current assets |
6.513 |
14.442 |
115.520 |
|
Total
Non-Current Assets |
5641.289 |
5733.884 |
6049.233 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
909.875 |
1492.706 |
1586.736 |
|
(c) Trade receivables |
3196.660 |
2951.037 |
2659.017 |
|
(d) Cash and cash equivalents |
61.639 |
28.567 |
31.478 |
|
(e) Short-term loans and
advances |
635.197 |
458.563 |
614.479 |
|
(f) Other current assets |
7.470 |
8.072 |
18.627 |
|
Total
Current Assets |
4810.841 |
4938.945 |
4910.337 |
|
|
|
|
|
|
TOTAL |
10452.130 |
10672.829 |
10959.570 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5829.450 |
5246.152 |
5345.384 |
|
|
Other Income |
5.747 |
14.195 |
25.028 |
|
|
TOTAL
(A) |
5835.197 |
5260.347 |
5370.412 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3531.541 |
4153.112 |
3617.820 |
|
|
Purchases of Stock-in-Trade |
72.775 |
80.821 |
146.863 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
731.280 |
74.797 |
()106.039 |
|
|
Employees benefits expense |
199.977 |
157.129 |
214.292 |
|
|
Other
expenses |
|
|
|
|
|
Administrative Expenses |
71.664 |
51.588 |
89.190 |
|
|
Manufacturing Expenses |
525.393 |
331.972 |
422.588 |
|
|
Selling & Distribution Expenses |
81.358 |
63.345 |
112.175 |
|
|
Prior Period Adjustments |
2.254 |
2.057 |
2.154 |
|
|
Extraordinary item |
287.661 |
1115.919 |
218.412 |
|
|
TOTAL
(B) |
5503.903 |
6030.740 |
4717.455 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
331.294 |
(770.393) |
652.957 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
772.623 |
754.279 |
523.887 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(441.329) |
(1524.672) |
129.070 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
334.964 |
319.790 |
302.562 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(776.293) |
(1844.462) |
(173.492) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(2.440) |
(10.170) |
62.402 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(773.853) |
(1834.292) |
(235.894) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1767.950 |
530.493 |
1561.483 |
|
|
TOTAL
EARNINGS |
1767.950 |
530.493 |
1561.483 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
197.160 |
121.664 |
456.264 |
|
|
Machinery and Spares |
0.000 |
0.000 |
305.933 |
|
|
TOTAL
IMPORTS |
197.160 |
121.664 |
762.197 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(40.73) |
(96.54) |
(12.42) |
Expected Sales (2014-2015) : Rs.5800.000 Millions
The above information has been parted by Ms. Shruti (Deputy General
Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(13.26) |
(34.87) |
(4.39) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.32) |
(35.16) |
(3.25) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.13) |
(23.29) |
(2.08) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.68) |
(0.90) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.71 |
3.14 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.42 |
0.93 |
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 |
190.001 |
190.001 |
190.001 |
|
Reserves & Surplus |
3600.205 |
1740.741 |
945.292 |
|
Share Application money pending
allotment |
0.000 |
130.000 |
0.000 |
|
Net
worth |
3790.206 |
2060.742 |
1135.293 |
|
|
|
|
|
|
long-term borrowings |
1644.969 |
4930.194 |
4954.481 |
|
Short term borrowings |
3183.923 |
1531.317 |
1528.775 |
|
Total
borrowings |
4828.892 |
6461.511 |
6483.256 |
|
Debt/Equity
ratio |
1.274 |
3.136 |
5.711 |
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 |
5345.384 |
5246.152 |
5829.450 |
|
|
|
(1.856) |
11.119 |
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 |
5345.384 |
5246.152 |
5829.450 |
|
Profit |
(235.894) |
(1834.292) |
(773.853) |
|
|
(4.41%) |
(34.96%) |
(13.27%) |
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 |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT:
With Asia’s growing contribution to the global chemical industry, India emerges as one of the focus destinations for chemical Companies worldwide. Focused growth and planning for the chemical sector would enhance the global competitiveness and increase domestic value addition through the chemical sector and to provide technological depth which lead to sustained economic growth. In order to realize the economic growth and leverage the chemical industries would require significant investments in capacity creation, technology development, access to feedstock and a larger pool of skilled human resources. The Indian chemical industry can deliver on an accelerated growth phase, provided a clearly defined vision along with a strategic roadmap can be provided to grow and compete with global chemical companies.
Subject engaged in the business of Production and Marketing of Reactive Dyes, Dye Intermediates and Basic Chemicals and it has fully backward integrated process to manufacture Dyes, Dye Intermediates and basic chemicals. KIL has started business operations since 1998 and with constant efforts and technology upgradation are producing quality products. Over the years with strong relationships and product basket, the Company has established large sales network with many countries.
KIL aims to capitalize an opportunity for high growth in chemicals and dyes industry with reduction in operating cost and to focus on research & development, quality controls, testing & packaging, long term relationships with customers, distributors, agents & dealers which lead to compete with domestic and international players. KIL’s strategy is to provide utmost customer satisfaction by being close to clients through extensive research and development, continuous empowerment of human resources and quality control.
OUTLOOK AND
OPPORTUNITIES:
Chemical Industry is one of the fast growing industries under the Indian Economy. It is also one of the oldest domestic industries of India which started working soon after Independence in 1947. This industry is at turning point as shifts in society, environment, macroeconomics and technology bring a new set of challenges and opportunities in the new decade. This industry is a key industry. Its products and services are instrumental in meeting the needs of mankind. It is present in all areas of life, from food and clothing, housing, communications, transport - right through to leisure activities. In addition, it is also ancillary industry for other sectors like energy sector, power and information technologies sector. It also plays major role in providing and supporting performance improvements, research and development progress and also create employment in other industries. KIL believes that it has established a reputation as a manufacturer of superior quality products. In order to cater the changing needs of its customers, the Company has set up an in-house research and development facility in India to develop best product mix and processes, which lead to compete with domestic and international players.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Zero Coupon Foreign Currency Convertible Bonds |
42.139 |
24.650 |
|
Term Loans from Banks |
112.660 |
218.267 |
|
Short-term
borrowings |
|
|
|
Working Capital Facility |
|
96.590 |
|
Loans from Directors / Promoters |
|
12.281 |
|
Interoperate Deposits |
310.601 |
54.200 |
|
Total |
465.400 |
405.988 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10455274 |
27/09/2013 |
450,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTER ONE BUILDING, FLOOR 21, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B87623187 |
|
2 |
10424536 |
28/03/2014 * |
2,176,400,000.00 |
STATE BANK OF INDIA |
3RD FLOOR, AMRIT
JAYANTI BHAVAN, NAVJIVAN TRUST, |
C09665464 |
|
3 |
10424538 |
28/03/2014 * |
2,740,100,000.00 |
STATE BANK OF INDIA |
3RD FLOOR, AMRIT
JAYANTI BHAVAN, NAVJIVAN TRUST, |
C09024753 |
|
4 |
10384640 |
28/09/2012 |
525,300,000.00 |
INDIAN BANK |
AHMEDABAD MAIN
BRANCH, ETERNIA COMPLEX, 74, SWASTIK SOCIETY, OFF. CG ROAD, NAVRANGPURA,
AHMEDABAD, |
B61442356 |
|
5 |
10375838 |
09/08/2012 |
85,800,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTER ONE
BUILDING, FLOOR 21, WORLD TRADE CENTER COMPLEX, CUFFE PARADE,, MUMBAI,
MAHARASHTRA - 40 |
B57845000 |
|
6 |
10360164 |
01/06/2012 |
400,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B41434796 |
|
7 |
10322042 |
30/11/2011 |
30,000,000.00 |
S. E. INVESTMENTS LIMITED |
S-547IIND FLOOR MAIN ROAD, SHAKAR PUR, NEW DELHI, DELHI - 110092, INDIA |
B27381920 |
|
8 |
10321746 |
09/11/2011 |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG. GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B26610568 |
|
9 |
10278588 |
28/03/2014 * |
6,297,800,000.00 |
STATE BANK OF INDIA |
3RD FLOOR, AMRIT
JAYANTI BHAVAN, NAVJIVAN TRUST, |
C09662628 |
|
10 |
10281369 |
03/08/2011 * |
945,000,000.00 |
EXPORT - IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 40 |
B17843731 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Outstanding Letter of Credits issued by Banks |
-- |
|
Guarantees given by Banks on behalf of the Company for various purposes |
18.829 |
|
Corporate Guarantees given by the Company on behalf of the Joint Venture Company |
890.000 |
|
Disputed Income Tax / Excise matters for various assessment years for which appeals are pending with Appellate authorities |
179.813 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE, 2014
(Rs. In Millions)
|
|
Quarter Ended |
|
30.06.2014 (unaudited) |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2398.103 |
|
b) Other operating income |
33.458 |
|
Total
income from Operations(net) |
2431.561 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1443.272 |
|
b) Purchases of stock in trade |
136.625 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
348.941 |
|
d) Employees benefit expenses |
33.430 |
|
e) Depreciation and amortization expenses |
49.362 |
|
f) Other expenditure |
313.977 |
|
Total |
2325.607 |
|
3. Profit from operations before other income and
financial costs |
105.954 |
|
4. Other income |
1.348 |
|
5. Profit from ordinary activities before finance costs |
107.302 |
|
6. Finance costs |
187.969 |
|
7. Profit before exceptional Items and Tax |
(80.667) |
|
6. Exceptional Items |
-- |
|
9. Profit before tax |
(80.667) |
|
10.Tax expenses |
-- |
|
11.Net Profit
for the Period |
(80.667) |
|
14.Paid-up
equity share capital (Nominal value Re. 10/- per share) |
190.001 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
|
|
|
(4.25) |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
14106621 |
|
- Percentage of shareholding |
74.25 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
2217564 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
45.32 |
|
Percentage of shares (as a % of total share capital of the
company) |
11.67 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
2675868 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
54.68 |
|
Percentage of shares (as a % of total share capital of the
company) |
14.08 |
|
*Excludes shares represebted by Global Depository
Receipts. |
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
NIL |
|
Disposed of during the quarter |
NIL |
|
Remaining unreserved at the end of the quarter |
NIL |
NOTE:
The Company operates in a single segment i.e. Dyes, Dyes Intermediates and Basic Chemicals. As per accounting Standard 17 on segment reporting issued by the ICAI, the same is considered constitute as single primary segment.
Previous period figures have been regrouped and rearranged, wherever considered
necessary.
The above results were reviewed by the Audit Committee and thereafter approved
by the Board of Directors at their meeting held on August 11, 2014.
The Statutory Auditors have carried out a Limited Review of the uneudited
financial results for the quarter ended June 30, 2014.
The figures for the quarter ended March 31, 2014 are the balancing figures
between audited figures in respect of the full financial year and nine months
ended December 31, 2013.
FIXED ASSETS
TANGIBLE ASSETS
· Land
· Building
· Plant and Machinery
· Electrification
· Office Equipments
· Furniture and Fixture
· Vehicles
· Capital Work In Progress
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
26 |
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.