MIRA INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TCP LIMITED |
|
|
|
|
Formerly Known
As : |
TAMIL NADU CHEMICAL PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal
Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.06.1971 |
|
|
|
|
Com. Reg. No.: |
18-005999 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.319
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L24200TN1971PLC005999 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
CHET00143D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT3615K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of manufacture and sale
of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of
power |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is strong and healthy. Trade relations are reported as fair. Business is active. Payment are
reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 slowly 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
29.04.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
29.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Operator |
|
Contact No.: |
91-44-24991518 |
|
Date : |
01.10.2014 |
LOCATIONS
|
Registered Office : |
“TCP” Saptagiri Bhavan, New No.4 (Old No.10), Karpagambal Nagar,
Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India |
|
Tel. No.: |
91-44-24994018 / 24991518 / 24991289 / 24991777 |
|
Fax No.: |
91-44-24992435 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
7000 Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Chemical, Windmills and Biomass
Divisions Kalrai Kudai Village, Koviloor, Sivaganga District – 630307,
Tamilnadu, India |
|
Area : |
25 Aq Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Power Division Thandalacherry Road New Gummidipoondi ,Thiruvallore District – 601201, Tamilnadu, India |
|
|
|
|
Factory 3: |
Food Division Tondiarpet, Chennai – 600081, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Venkatachalapat Ramasamy Venktaachalam |
|
Designation : |
Managing Director |
|
Address : |
25, Sir C. V. Raman Salai, Alwarrpet, Chennai – 600018,
Tamilnadu, India |
|
Date of Birth/Age : |
09.04.1960 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
07.11.1986 |
|
DIN No.: |
00037524 |
|
|
|
|
Name : |
Mr. Arunachalam Sellamuthu Thillainayagam |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
17.02.1952 |
|
Date of Appointment : |
30.12.1987 |
|
DIN No.: |
00951729 |
|
|
|
|
Name : |
Mr. Vaithinathan Rajasekaran |
|
Designation : |
Executive Director and Chief Finance Officer |
|
Address : |
Plot 499, 4th Sector, |
|
Date of Birth/Age : |
06.11.1952 |
|
Qualification : |
B.E. (Chem), M.Tech, M.B.A. |
|
Date of Appointment : |
01.03.1992 |
|
DIN No.: |
00037006 |
|
|
|
|
Name : |
Mr. Sengutuvan Venkataachalam |
|
Designation : |
Executive Director |
|
Address : |
Old No. 25, New No.24, Sir C.V. Raman Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/Age : |
07.12.1986 |
|
Date of Appointment : |
26.08.2009 |
|
DIN No.: |
00053629 |
|
|
|
|
Name : |
Mr. S. Varatharajan |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
05.12.2013 |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. M. Parthasarathi |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
04.05.1954 |
|
Date of Appointment : |
05.12.2013 |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. R. Ravi Krishnan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. N. Jaiganesh |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mrs. Nidhya R. Guhan |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
09.10.1966 |
|
Date of Appointment : |
05.12.2013 |
|
Qualification : |
Graduate |
KEY EXECUTIVES
|
MANAGEMENT |
|
|
|
|
|
Corporate Office : |
|
|
|
|
|
Name : |
V.R.Venkataachalam |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
V. Rajasekaran |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ravi Selvarajan |
|
Designation : |
Company Secretary and DGM- Finance |
|
|
|
|
Works : |
|
|
|
|
|
Chemical Division And Biomass Division
: |
|
|
|
|
|
Name : |
C. Dhanushkodi |
|
Designation : |
General Manager - Works |
|
|
|
|
Power Division : |
|
|
|
|
|
Name : |
P. Ramaprasad |
|
Designation : |
Works Manager |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category |
Number of Shares held |
% of total Shareholding |
|
Indian
Promoters |
3758921 |
74.70 |
|
Private
Corporate Bodies |
1184544 |
23.54 |
|
Others |
300 |
0.01 |
|
General
Public |
88144 |
1.75 |
|
Total |
5031909 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacture and
sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale
of power |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||||||||||||||
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|||||||||||||||||||||
|
Bankers : |
· Indian Overseas Bank · State Bank of India · IDBI Bank · HDFC Bank |
|||||||||||||||||||||
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Facilities : |
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|
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|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
T. Selvaraj and Company Chartered Accountants |
|
Address : |
32, Dewan Rama Road, Purasawalkam, Chennai – 600084, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
M. Kannan Cost Accountant |
|
|
|
|
Subsidiary : |
· TCP Hotels Private Limited |
|
|
|
|
Associates |
· Tanchem Imports and Exports Private Limited · Thiruvalluvaar Textiles Private Limited · Binny Limited · Binny Mills Limited · S V Global Mill Limited · Mohan Breweries and Distilleries Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11750000 |
Equity Shares |
Rs.10/- each |
Rs.117.500 Millions |
|
25000 |
Preference Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
Total |
|
Rs.120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5031909 |
Equity Shares |
Rs.10/- each |
Rs.50.319
Millions |
(i)
There
has been no movement in Equity Share Capital during the year:
The company has only one class of Equity Shares having a par value of Rs.10/-. Each Holder is entitled to one vote per equity share. Dividend proposed by the Board of Directors is subject to the approval of the Shareholders at the Annual General Meeting. The amount of dividend proposed to be distributed to Equity Shareholders is Rs.5.032 Millions and the related amount per Equity Share is Rs.1/-
(ii)
Details of equity shares held by shareholders holding
more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Thiruvalluvaar Textiles Private Limited |
1308300 |
26.00 |
|
Shri V R Venkataachalam |
1234273 |
24.53 |
|
ICL Financial Services Limited |
459480 |
9.13 |
|
Shri V Sengutuvan |
361764 |
7.19 |
|
ICL Securities Limited |
270272 |
5.37 |
|
Shri E Shunmugam |
- |
- |
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 |
50.319 |
50.319 |
50.319 |
|
(b) Reserves & Surplus |
3,239.778 |
2,976.167 |
2,830.756 |
|
(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) |
3,290.097 |
3,026.486 |
2,881.075 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
282.589 |
262.294 |
393.492 |
|
(b) Deferred tax liabilities (Net) |
7.275 |
23.281 |
58.549 |
|
(c) Other long term liabilities |
181.192 |
33.323 |
56.154 |
|
(d) long-term provisions |
4.474 |
8.251 |
6.735 |
|
Total Non-current Liabilities (3) |
475.530 |
327.149 |
514.930 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
292.901 |
612.175 |
727.911 |
|
(b) Trade payables |
793.336 |
1,104.739 |
637.290 |
|
(c) Other current
liabilities |
504.229 |
623.583 |
509.151 |
|
(d) Short-term provisions |
34.959 |
22.011 |
15.873 |
|
Total Current Liabilities (4) |
1,625.425 |
2,362.508 |
1,890.225 |
|
|
|
|
|
|
TOTAL |
5,391.052 |
5,716.143 |
5,286.230 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,073.012 |
1,139.818 |
1,255.639 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
102.551 |
82.440 |
68.385 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,615.279 |
1,418.025 |
1,418.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
45.371 |
57.079 |
55.714 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2,836.213 |
2,697.362 |
2,797.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,015.517 |
1,013.304 |
734.652 |
|
(c) Trade receivables |
1,102.906 |
1,625.929 |
1,275.060 |
|
(d) Cash and cash
equivalents |
21.138 |
22.382 |
96.262 |
|
(e) Short-term loans and
advances |
415.278 |
357.166 |
382.493 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2,554.839 |
3,018.781 |
2,488.467 |
|
|
|
|
|
|
TOTAL |
5,391.052 |
5,716.143 |
5,286.230 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,876.441 |
3,363.638 |
2,960.605 |
|
|
|
Other Income |
12.470 |
11.178 |
9.930 |
|
|
|
TOTAL (A) |
3,888.911 |
3,374.816 |
2,970.535 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2,448.120 |
2,246.191 |
1,821.955 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(61.389) |
(31.702) |
8.821 |
|
|
|
Employee benefits expense |
194.151 |
182.517 |
150.117 |
|
|
|
Other expenses |
697.891 |
497.041 |
466.983 |
|
|
|
TOTAL (B) |
3,278.773 |
2,894.047 |
2,447.876 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
610.138 |
480.769 |
522.659 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.901 |
136.576 |
133.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
518.237 |
344.193 |
389.654 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.389 |
137.826 |
157.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
391.848 |
206.367 |
232.451 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
122.350 |
55.108 |
66.397 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
269.498 |
151.259 |
166.054 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1167.305 |
1071.894 |
961.689 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
5.032 |
5.032 |
5.032 |
|
|
|
Corporate dividend |
0.855 |
0.816 |
0.816 |
|
|
BALANCE CARRIED
TO THE B/S |
1380.916 |
1167.305 |
1071.894 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
292.447 |
207.473 |
139.626 |
|
|
TOTAL EARNINGS |
292.447 |
207.473 |
139.626 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
653.110 |
701.707 |
368.004 |
|
|
|
Stores & Spares |
1.445 |
1.073 |
1.902 |
|
|
TOTAL IMPORTS |
654.555 |
702.780 |
369.906 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
54.00 |
30.00 |
33.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.93 |
4.48 |
5.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.11 |
6.14 |
7.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.67 |
4.90 |
6.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.29 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.28 |
1.32 |
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 |
50.319 |
50.319 |
50.319 |
|
Reserves & Surplus |
2830.756 |
2976.167 |
3239.778 |
|
Net
worth |
2881.075 |
3026.486 |
3290.097 |
|
|
|
|
|
|
long-term borrowings |
393.492 |
262.294 |
282.589 |
|
Short term borrowings |
727.911 |
612.175 |
292.901 |
|
Total
borrowings |
1121.403 |
874.469 |
575.490 |
|
Debt/Equity
ratio |
0.389 |
0.289 |
0.175 |
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 |
2,960.605 |
3,363.638 |
3,876.441 |
|
|
|
13.613 |
15.245 |
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
|
2,960.605 |
3,363.638 |
3,876.441 |
|
Profit |
166.054 |
151.259 |
269.498 |
|
|
5.61% |
4.50% |
6.95% |
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 |
Yes |
|
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 |
No |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Key Management Personnel |
29.231 |
26.686 |
|
Relatives of Key Management Personnel |
49.625 |
48.968 |
|
Others |
9.700 |
9.700 |
|
Deposits |
|
|
|
Key Management Personnel |
0.258 |
0.048 |
|
Others |
193.775 |
176.892 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Related parties |
29.500 |
29.500 |
|
Total |
312.089 |
291.794 |
CORPORATE
INFORMATION:
The Company is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Madras Stock Exchange, Ahmadabad Stock Exchange and the Delhi Stock Exchange. The Company is engaged in the business of manufacture and sale of Sodium Hydrosulphite, Liquid Sulphur Dioxide and generation and sale of power.
COMPANY’ PERFORMANCE
Considering the difficult macro- economic conditions and challenging business environment, the Company’s performance during the year was satisfactory.
FUTURE PLANS
The Company has plans to increase the production capacity of Sodium Hydrosulphite from12000 Metric Tons to 15000 Metric Tons during the current year 2014-15. The Company also has plans to modernize its Liquid Sulphur di oxide plant to increase its production capacity. The Liquid Sulphur di oxide so produced would be used for captive consumption to produce Sodium Hydrosulphite. The company will focus on the domestic market sales in the current year in respect of the products of the Chemical division. With the textile industry showing signs of recovery, due to the measures adopted / proposed to be adopted by the Textile Ministry, it is expected that the sale of Sodium Hydrosulphite to the textile industry will improve in the current year. The Company has plans to increase its market share in the Paper and Pharma industries. Since the company has expanded the sale of its recovery salts to the pharma and paper industries, it is expected that the sale of trisalt, during the current year, will improve. The Company also has plans to focus on markets in eastern India, western India and Kanpur for maximizing the sale.
The company’s exports are expected to show an upward trend with focus being made on the USA market. The Company is hopeful that the exchange rate in the year would be advantageous to exports and with increased production the Company would be in a position to regain its presence in the European markets which has been, traditionally, their major markets. The Company is also taking all efforts to identify and develop new markets and at the same time continuing to focus on the existing markets, where price realisation is relatively higher. In the global market, their Sodium Hydrosulphite has built up a good brand image for its quality and delivery.
OUTLOOK AND OPPORTUNITIES
The directors expect that with stable government in the Centre, estimates of better GDP growth rate, the Company’s strong business model, innovative fund management and marketing techniques, continued confidence and support of the lending institutions to the Company’s fund mobilization activities on account of good track record of debt servicing, continued confidence and support of the customers and suppliers, the Company should achieve better performance in the year 2014-15.
FINANCIAL PERFORMANCE
Even though the Net sales have increased by about 14% when compared with the previous year, the Net Profit before tax has increased by about 90% when compared with the previous year. This is mainly due to savings on the cost of materials consumed and marginal increase in the selling price. While the cost of materials consumed was 67% of the sales in the previous year, it is only 63% of the sales in the current year. Further, the Company has also made substantial savings on the interest cost. The interest cost which was Rs.136.500 Millions in the previous year has reduced to Rs.91.900 Millions in the current year, a reduction by about 48%. This is mainly due to substantial reduction in the short term borrowings from banks. The short term borrowings from banks which was Rs.582.600 Millions in the previous year has drastically reduced to Rs.263.400 Millions in the current year, a reduction by about 121%. There is an increase of about Rs.200.000 Millions in other expenses. This is mainly due to abnormal increase on account of loss on foreign currency transactions due to unexpected slide in the Rupee value against dollars making imports costlier to that extent. The loss on foreign currency transactions which was Rs.13.300 Millions in the previous year increased to Rs.74.200 Millions in the current year, an increase by Rs.60.900 Millions. The Company’s operating profit has increased from Rs.332.800 Millions in the previous year to Rs.473.700 Millions in the current year, an increase by about 42%. The Company’s working capital position has improved from Rs.656.300 Millions in the previous year to Rs.935.300 Millions in the current year. All the divisions of the Company, except Biomass division, have made profits during the year.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
994.138 |
|
b) Other operating income |
1.569 |
|
Total
income from Operations(net) |
995.707 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
559.961 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
27.227 |
|
c) Employees benefit expenses |
51.953 |
|
d) Depreciation and amortization expenses |
28.222 |
|
e) Other expenditure |
138.371 |
|
Total expenses |
805.734 |
|
3. Profit from operations before other income and
financial costs |
189.973 |
|
4. Other income |
0.000 |
|
5. Profit from ordinary activities before finance costs |
189.973 |
|
6. Finance costs |
13.882 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
176.091 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
176.091 |
|
10.Tax expenses |
57.567 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
118.524 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
118.524 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
50.319 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
23.55 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
1274488 |
|
- Percentage of shareholding |
25.33 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
3757421 |
|
Percentage of shares (as a % of total share capital of the
company) |
74.67 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
1. Segment Revenue |
|
|
a)
Chemical
Division |
299.808 |
|
b)
Power
Division |
616.612 |
|
c)
Biomass
Division |
77.231 |
|
d)
Windmill
Division |
24.238 |
|
e)
Others |
2.700 |
|
Total |
1020.589 |
|
Less : Inter Segment Revenue |
24.881 |
|
Net Sales/Income |
995.707 |
|
Total |
|
|
a)
Chemical
Division |
18.824 |
|
b)
Power
Division |
167.019 |
|
c)
Biomass
Division |
(2.982) |
|
d)
Windmill
Division |
4.757 |
|
e)
Others |
2.356 |
|
Total |
189.974 |
|
Less: I
: Interest |
13.882 |
|
Total Profit Before Tax |
176.091 |
|
Capital Employed |
|
|
a)
Chemical
Division |
2171.787 |
|
b)
Power
Division |
570.395 |
|
c)
Biomass
Division |
331.814 |
|
d)
Windmill
Division |
288.283 |
|
e)
Others |
46.353 |
|
Total |
3408.632 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10339720 |
04/03/2013 * |
500,000,000.00 |
IDBI Bank Limited |
115, Anna Salai,, Saidapet,, Chennai, Tamilnadu - 600015, India |
B69772127 |
|
2 |
10327959 |
04/01/2012 |
100,000,000.00 |
IDBI Bank Limited |
115, Anna Salai,, Saidapet,, Chennai, Tamilnadu - 600015, India |
B29427549 |
|
3 |
10298396 |
28/05/2012 * |
100,000,000.00 |
HDFC Bank Limited |
Hdfc Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B40163602 |
|
4 |
90286973 |
31/03/2005 |
200,000,000.00 |
HDFC Bank Limited |
Mariam Centre; First Floor, 751 - B; Anna Salai, Chennai, Tamil Nadu - 600002, India |
- |
|
5 |
90287871 |
05/02/2004 |
111,168,000.00 |
HDFC BANK |
Senapati Bupat Marg, Lower Parel West, Mumbai, Maharashtra - 600002, India |
- |
|
6 |
90287703 |
25/07/2012 * |
502,600,000.00 |
State Bank Of India |
Commercial Branch,, 232, N.S.C.Bose Road, Chennai, Tamil Nadu - 600001, India |
B55993455 |
|
7 |
90287521 |
30/05/2000 * |
50,000,000.00 |
Indian Overseas Bank |
C & IC; Dr. Radhakrishnan Salai, Mylapopore, Chennai, Tamil Nadu - 600004, India |
- |
|
8 |
90287492 |
12/08/2013 * |
874,200,000.00 |
Indian Overseas Bank |
Commercial & Institutional Credit Branch, 98-A, Dr. Radhakrishnan Salai, Mylapore,, Chennai, Tamil Nadu - 600004, India |
B84522093 |
|
9 |
90287415 |
13/07/2005 * |
49,200,000.00 |
Indian Overseas Bank |
Cokmmercial And
Institutional Branch, Radhkrishna |
- |
|
10 |
90288881 |
28/03/1996 |
82,000,000.00 |
Allahabad Bank |
41; Anna Salai, Chennai, Tamil Nadu - 600002, India |
- |
|
11 |
90287200 |
06/07/1989 * |
16,000,000.00 |
Indian Bank |
Alwarpet Branch, Madrash, Tamil Nadu - 600018, India |
- |
|
12 |
90287193 |
28/03/1996 * |
28,800,000.00 |
Allahabad Bank |
41; Mount Road, Madras, Tamil Nadu - 600002, India |
- |
|
13 |
90287178 |
12/11/1988 * |
8,000,000.00 |
Indian Overseas Bank |
Commercial And Institutional Credit Branch;, Khivaraj Mansion 1st Floor 738 Anna Salai, Madrash, Tamil Nadu - 600002, India |
- |
|
14 |
90287136 |
28/03/1996 * |
34,500,000.00 |
Indion Overses Bank |
Commercial & Institutional Credit Branch, Post Bag No. 351 98a Radhakrishna Salai Mylapore, Madras, Tamil Nadu - 600004, India |
- |
|
15 |
90286805 |
10/02/1983 * |
4,000,000.00 |
I.D.B.I. Bank Limited |
Bank Of Baroda Building, 16; Sanad Marg; P.B. No - 363;, New Delhi, Tamil Nadu - 110001, India |
- |
FIXED ASSETS:
· Land
Leasehold
Land
Leasehold
Buildings
Buildings
Plant
and Machinery
Water
Supply Works
Computers
Office
Equipments
Miscellaneous
Equipments
Furniture
and Fittings
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
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.61.75 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.