MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
POLSON LIMITED |
|
|
|
|
Registered
Office : |
Ambaghat, Vishalgad, Taluka Shahuwadi, Kolhapur – 415101, Maharashtra |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
21.12.1938 |
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|
|
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Com. Reg. No.: |
11-002879 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 6.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15203PN1938PLC002879 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP07909G MUMP16795C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACP4597Q |
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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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|
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Line of Business
: |
Manufacturing
and Selling of Synthetic Organic Tanning Substance for Domestic and Export
Market. |
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|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
sound liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-2329-264844)
LOCATIONS
|
Registered Office : |
Ambaghat, Vishalgad, Taluka Shahuwadi, |
|
Tel. No.: |
91-2329-264844 / 264762 |
|
Fax No.: |
91-2329-264954 |
|
E-Mail : |
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|
Website : |
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|
Area : |
5000 sq.ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
3rd Floor, |
|
Tel. No.: |
91-22-22822322 / 22822321 / 22822325 |
|
Fax No.: |
91-22-22822325 |
|
|
|
|
Factory : |
Located at: ·
Outskirts of |
|
Area : |
14 Acres |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Sushila Kapadia |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
27.09.1932 |
|
Date of Appointment : |
07.03.1981 |
|
|
|
|
Name : |
Mr. Amol Kapadia |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
08.12.1965 |
|
Date of Appointment : |
29.12.1987 |
|
|
|
|
Name : |
Mr. Pravin Samant |
|
Designation : |
Director Technical |
|
Date of Birth/Age : |
30.08.1954 |
|
Date of Appointment : |
01.08.2008 |
|
|
|
|
Name : |
Mr. Dhau Lambore |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.03.1950 |
|
Date of Appointment : |
12.05.2008 |
|
|
|
|
Name : |
Mr. Pradip Pai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudhir Nevatia |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Nakul Patel |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
73189 |
60.99 |
|
|
28002 |
23.34 |
|
|
28002 |
23.34 |
|
|
101191 |
84.33 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
101191 |
84.33 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
260 |
0.22 |
|
|
260 |
0.22 |
|
|
|
|
|
|
932 |
0.78 |
|
|
|
|
|
|
17170 |
14.31 |
|
|
447 |
0.37 |
|
|
58 |
0.05 |
|
|
159 |
0.13 |
|
|
227 |
0.19 |
|
|
3 |
0.00 |
|
|
18549 |
15.46 |
|
Total Public shareholding (B) |
18809 |
15.67 |
|
Total (A)+(B) |
120000 |
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) |
120000 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Aji Commercial Private Limited |
64,339 |
53.62 |
|
Sushila Jagdish Kapadia |
12,835 |
10.70 |
|
Amol Jagdish Kapadia |
12,000 |
10.00 |
|
Oriental Pharmaceutical
Industries Limited |
8,849 |
7.37 |
|
Jagdish Jagmohandas Kapadia |
3,167 |
2.64 |
|
New Commercial Mills Company
Limited |
1 |
0.00 |
|
Total |
1,01,191 |
84.33 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of Synthetic Organic Tanning Substance for Domestic and Export
Market. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
v Citi Bank N.A. v Standard Chartered v HDFC Bank Limited v Bank Of India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Long term borrowings from banks towards cash credit are secured by
hypothecation of stocks and book debts and by first pari passu charge on the
fixed asset of the company and equitable mortgage of land at Kolhapur and
Andheri. The Company continues to avail non-fund based limits and the charge
continues. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.S. Madon and Company Chartered Accountants |
|
Address : |
79-80, 2nd Floor, Esplande Mansion, 144, M G
Road, Fort, Mumbai - 400023, Maharashtra, India |
|
Tel No.: |
91-22-22844754 / 22846643 |
|
Fax No.: |
91-22-22833795 |
|
Email : |
|
|
|
|
|
Holding Company : |
v AJI Commercial Private Limited |
|
|
|
|
Fellow Subsidiaries
(with whom company has made transactions during the year) : |
v Bk Giulini Specialities Private Limited v Europa chemicals Private Limited. v Dudhwala Builders Private Limited |
|
|
|
|
Fellow Associates :
|
v AJI Investment Private Limited v AJK Investment Private Limited v Oriental Pharmaceuticals Industries Limited v New Commercial Investment and Trading Company Limited v The New Commercial Mills Limited v Lotus Mills Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.50/- each |
Rs. 5.000 Millions |
|
50000 |
6% Cumulative Redeemable Preference Shares |
Rs.50/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 25.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000 |
Equity Shares against Preference Shares |
Rs.50/- each |
Rs.1.000 Millions |
|
73145 |
Equity Shares (Issued for cash) |
Rs.50/- each |
Rs. 3.657 Millions |
|
5000 |
Equity Shares (Issued pursuant to a contract, without the payment being received in cash) |
Rs.50/- each |
Rs. 0.250 Million |
|
21855 |
Equity Shares (Allotted as Bonus Shares issued by way of Capitalization of Reserve) |
Rs.50/- each |
Rs. 1.093 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 6.000
Millions |
NOTE:
- Reconciliation
of the number of shares and amount outstanding at the beginning and at the
end of the reporting period
|
|
31.03.2014 |
|
|
Particulars |
Equity Shares Number |
Rs. In Millions |
|
Equity Shares outstanding at the beginning
of the year Shares issued during the year |
120000 |
6.000 |
|
Share bought back during the year |
000 |
0.000 |
|
Equity Shares outstanding at the end of the
year |
120000 |
6.000 |
- Terms/rights attached to equity shares:
The Company is having only one class of equity shares having par value of Rs. 50/ - each. Each holder of equity share is entitled to one vote per share.
During the year ended March, 31, 2014, the amount of per share dividend recognized as distribution to equity shareholders was Rs NIL (March 31, 2013: Rs. NIL)
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after the distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.
- Details of
shares held by the holding Company, and their Subsidiaries:
|
Particulars |
31.03.2014 Equity Shares Number |
|
Equity Shares with voting
rights |
|
|
AJI Commercial Private Limited |
64,339 |
|
|
|
- Details of shares
held each shareholder holding more than 5% shares:
|
Class of Shares/
Name of the Shareholder |
31.03.2014 |
|
|
Equity Shares |
No. of shares |
% Holding |
|
Equity Share with voting rights |
|
|
|
AJI Commercial Private Limited |
64,339 |
53.62% |
|
Mr. Amol J. Kapadia (Managing Director) |
12,000 |
10.00% |
|
Mrs. Sushila J. Kapadia (Director) |
12,835 |
10.69% |
|
|
|
|
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 |
6.000 |
6.000 |
6.000 |
|
(b) Reserves & Surplus |
387.897 |
345.125 |
288.300 |
|
(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) |
393.897 |
351.125 |
294.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
374.477 |
386.642 |
307.266 |
|
(b) Deferred tax liabilities (Net) |
1.990 |
2.022 |
0.757 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.197 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
377.664 |
388.664 |
308.023 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
217.429 |
191.105 |
178.062 |
|
(b) Trade
payables |
125.185 |
97.675 |
56.368 |
|
(c) Other
current liabilities |
55.356 |
75.768 |
60.420 |
|
(d) Short-term
provisions |
0.975 |
0.424 |
0.943 |
|
Total Current
Liabilities (4) |
398.945 |
364.972 |
295.793 |
|
|
|
|
|
|
TOTAL |
1170.506 |
1104.761 |
898.116 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
297.747 |
306.430 |
313.179 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
49.619 |
49.619 |
49.619 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
227.071 |
229.554 |
185.843 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
574.437 |
585.603 |
548.641 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
169.418 |
184.329 |
108.435 |
|
(c) Trade
receivables |
147.697 |
94.800 |
112.144 |
|
(d) Cash
and cash equivalents |
46.639 |
44.373 |
48.651 |
|
(e)
Short-term loans and advances |
232.315 |
195.656 |
80.245 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
596.069 |
519.158 |
349.475 |
|
|
|
|
|
|
TOTAL |
1170.506 |
1104.761 |
898.116 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
969.995 |
826.781 |
760.909 |
|
|
|
Other Income |
42.382 |
88.161 |
53.275 |
|
|
|
TOTAL |
1012.377 |
914.942 |
814.184 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
622.211 |
613.168 |
527.031 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
12.465 |
(41.385) |
(4.939) |
|
|
|
Employees benefits expense |
39.042 |
36.866 |
26.306 |
|
|
|
Other expenses |
173.206 |
136.294 |
133.227 |
|
|
|
TOTAL |
846.924 |
744.943 |
681.625 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
165.453 |
169.999 |
132.559 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
73.166 |
64.090 |
46.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
92.287 |
105.909 |
85.976 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
25.630 |
25.803 |
20.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
66.657 |
80.106 |
65.366 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
23.538 |
22.910 |
21.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
43.119 |
57.196 |
44.180 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
359.33 |
476.63 |
368.16 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.26 |
6.25 |
5.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.87 |
9.69 |
8.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.95 |
7.59 |
7.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.23 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.50 |
1.65 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.42 |
1.18 |
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 |
6.000 |
6.000 |
6.000 |
|
Reserves & Surplus |
288.300 |
345.125 |
387.897 |
|
Net worth |
294.300 |
351.125 |
393.897 |
|
|
|
|
|
|
long-term borrowings |
307.266 |
386.642 |
374.477 |
|
Short term borrowings |
178.062 |
191.105 |
217.429 |
|
Total borrowings |
485.328 |
577.747 |
591.906 |
|
Debt/Equity ratio |
1.649 |
1.645 |
1.503 |
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) |
|
Revenue from operations |
760.909 |
826.781 |
969.995 |
|
|
|
8.657 |
17.322 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
760.909 |
826.781 |
969.995 |
|
Profit |
44.180 |
57.196 |
43.119 |
|
|
5.81% |
6.92% |
4.45% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Total |
0.000 |
0.000 |
0.000 |
|
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 |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10514334 |
11/08/2014 |
9,156,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C16026296 |
|
2 |
10513603 |
08/08/2014 |
15,000,000.00 |
Edelweiss Housing Finance Limited |
Edelweiss House, Off. C.S.T Road, Kalina,
Mumbai, Maharashtra - 400098, INDIA |
C15510456 |
|
3 |
10367550 |
19/09/2014 * |
154,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C21453691 |
|
4 |
10318469 |
11/11/2011 |
21,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,
MUMBAI, Maharashtra - 400021, INDIA |
B25622838 |
|
5 |
10311459 |
08/09/2011 |
81,700,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B23049307 |
|
6 |
10268840 |
26/02/2011 |
8,890,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B, District Centre, Saket, New Delhi,
Delhi - 110017, INDIA |
B07297849 |
|
7 |
10262506 |
22/01/2011 |
10,500,000.00 |
RELIGARE FINVEST LIMITED |
D3, P3B, District Centre, Saket, New Delhi,
Delhi - 110017, INDIA |
B03799343 |
|
8 |
10260191 |
31/12/2010 * |
97,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
B05542923 |
|
9 |
10233862 |
19/09/2014 * |
100,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C21452453 |
|
10 |
10218668 |
29/04/2010 |
15,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60,
BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra |
A85599025 |
|
11 |
10177949 |
19/09/2014 * |
125,400,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C21451554 |
|
12 |
10171493 |
25/07/2009 |
66,700,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A68184969 |
|
13 |
10121312 |
19/09/2014 * |
70,600,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C21450127 |
|
14 |
10069497 |
17/08/2007 |
13,690,000.00 |
Standard Chartered Bank |
462, Phoenix Mill Compound, Senapati Bapat
Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA |
A24323677 |
|
15 |
10051152 |
26/03/2007 |
20,000,000.00 |
CITIBANK N.A. |
BANDRA KURLA COMPLEX, BANDRA (EAST),
MUMBAI, Maharashtra - 400051, INDIA |
A15024227 |
|
16 |
10024979 |
21/11/2006 |
22,000,000.00 |
STANDARD CHARTERED BANK |
462, Phoenix Mill Compound, Senapati Bapat
Marg, Lower Parel, MUMBAI, Maharashtra - 400013, INDIA |
A06411904 |
|
17 |
90088962 |
24/01/2012 * |
200,000,000.00 |
CITIBANK N. A. |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT
NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra |
B30743223 |
|
18 |
90088908 |
12/03/2014 * |
220,000,000.00 |
CITIBANK N. A. |
FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT
NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA |
C00780635 |
|
19 |
90089929 |
08/02/1994 |
1,400,000.00 |
BANK OF MAHARASHTRA |
1408; LAXMIPURI, KOLHAPUR, Maharashtra,
INDIA |
- |
|
20 |
90083467 |
08/06/1987 |
3,700,000.00 |
BANK OF MAHARASHTRA |
1408; LAXMIPURI, KOLHAPUR, Maharashtra,
INDIA |
- |
|
21 |
90083321 |
26/10/1982 |
1,400,000.00 |
BANK OF MAHARASHTRA |
1408; LAXMIPURI, KOLHAPUR, Maharashtra,
INDIA |
- |
|
22 |
90083188 |
30/09/1976 |
500,000.00 |
BANK OF MAHARASHTRA PRASANNA CO-OP HOUSING
SOCETY |
NESBIT ROAD MAZGAON, MUMBAI, Maharashtra -
400010, |
- |
|
23 |
90083167 |
06/02/1975 |
1,000,000.00 |
BANK OF MAHARASHTRA PRASANNA CO-OP HOUSING
SOCETY |
NESBIT ROAD MAZGAON, MUMBAI, Maharashtra -
400010, |
- |
|
24 |
90093497 |
29/11/1974 |
600,000.00 |
BANK OF MAHARASHTRA |
LEGAL DEPARTMENT 130; MUMBAI, SAMACHAR MARG
FORT, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
25 |
90083139 |
26/09/1972 |
147,000.00 |
BANK OF INDIA |
MAHARASHTRA, Maharashtra, INDIA |
- |
|
26 |
90083137 |
08/04/1991 * |
1,600,000.00 |
BANK OF MAHARASHTRA |
1408; LAXMIPURI, KOLHAPUR, Maharashtra,
INDIA |
- |
|
27 |
90083131 |
11/05/1971 |
500,000.00 |
BANK OF INDIA |
BALLARD ESTATE BRANCH, Maharashtra, INDIA |
- |
|
28 |
90089098 |
27/03/1973 * |
500,000.00 |
BANK OF INDIA |
CITI GROUP CENTRE BANDRA KURLA COMPLEX,
G--BLOCK |
- |
|
29 |
90089092 |
24/04/1969 * |
3,000,000.00 |
THE BANK OF INDIA |
70-80;MAHATAMA GHANDHI ROAD, MUMBAI,
Maharashtra |
- |
* Date of charge modification
CORPORATE INFORMATION
The Company was
incorporated on 21st December, 1938 by Mr. Pestonji Edulji Dalal and
others. The management of the Company taken over by Late Mr. Jagdish Kapadia,
Former Chairman and Mr. Amol Kapadia, Managing Director in 1970. The principal
activities of the Company comprise Manufacturing and selling of SYNTHETIC
ORGANIC TANNING SUBSTANCE for Domestic and Export market. Plant of the Company
is located in Amba, TalukaShahuwadi, Dist. Kolhapur, Maharashtra.
OPERATIONS
During the year the Company
achieved a sales turnover of Rs. 1012.400 millions against Rs. 914.942 millions
for the previous year registering a growth of 9.63% and net profit after
taxation for the year is Rs. 45.432 millions as compared to Rs. 57.196 millions
for the previous year. There was increase in the turnover but relative decrease
in the net profit after tax due to increase in operating expenses.
MANAGEMENT
DISCUCUSSION AND ANALYSIS
INDUSTRY SCENARIO:
GLOBAL AND INDIAN CHEMICAL
INDUSTRY
The chemical industry has
traditionally grown in developed countries of the West and Japan. However, changing
market dynamics over the last ten years have resulted in global chemical
production, moving to Asia, particularly in China and India. Specialty
chemicals, which are consumed by the diverse end product markets, are the key
contributors to this changing landscape. It is because the rise in the use of
specialty chemicals has led to a higher level of commoditization, thereby
compelling manufacturers to focus more on cost reduction.
The production levels in
Asia have surpassed those in Europe, with China becoming the world's second
largest chemical producer, replacing Germany. In terms of volume of production
of chemicals, India ranks the third largest producers in Asia after China and
Japan and eighth-largest across the globe. With the current size of approximately
USD 108 billion, the Indian chemical industry accounts for about 7 percent of
the Indian GDP and14 percent in the overall index of industrial production.
Despite its large size, the Indian chemical industry represents only about 3
percent of the global chemical industry.
SPECIALTY CHEMICAL SEGMENT
Specialty chemicals are
synthetic products used as intermediates to manufacture various products
ranging from pharmaceuticals to flavors and essences, and from agro chemicals
to detergents.
Unlike other chemical
products, the specialty chemical segment has greater flexibility, small
production volume and vast product categories.
Specialty chemicals are
high-value added chemicals used to manufacture a wide range of products,
including pharmaceuticals, fine chemicals, additives, advanced polymers,
adhesives, sealants, paints, pigments and coatings. The demand from end-user
industries has improved the growth prospects of several specialty chemicals
segments in Asia. Currently, the Indian specialty chemicals industry is still
at a nascent stage and is expected to grow rapidly over next couple of years as
it moves toward higher-quality products and applications, in both industrial
and consumer segments.
The demand for environment
friendly solutions and stringent emission control legislations has opened up
new frontiers especially for the specialty chemical industry. The greater
emphasis on energy efficiency and curbing greenhouse emissions has also
contributed to demand for specialty chemical products, such as photovoltaic
solar cells, electrode materials, insulating materials and chemicals.
INDIAN CHEMICAL INDUSTRY -
GROWTH SCENARIO
The global economic
environment has remained sluggish as growth in the major advanced economies
decelerated due to a significant negative short-run effect of fiscal
consolidation on domestic output, thereby resulting in subdued trade and
languid labour markets, restraining the overall demand. Persistent recessionary
conditions in the United States and Europe, and the fragility in some global
key end markets have led to sinking demand for chemical products. Chemical
companies located in the Asia-Pacific geographies faced the brunt of the
economic conundrum mainly due to weaker demands in the West.
Amidst low levels of growth
in the developed economies, global demand for chemicals is likely to remain
downcast. However, with manufacturers shifting their focus on emerging
economies, Indian chemical industry is poised to increase its share of global
chemical industry pie.
Primarily being regarded as
producer of basic chemicals, Indian chemical industry has forged ahead to earn
a global repute as a manufacturer of specialty and high value-added chemicals
on the back of strong R&D.
With significant labor cost
advantages, rising domestic demand in end-user segments, expanding exports
fueled by improved export competitiveness, new market opportunities,
infrastructure investments along with regulatory reforms and the federal
government's fiscal incentives- the growth of the Indian chemical industry is
expected to continue.
According to estimates, the
India's chemical industry is slated to grow at 11 percent year-on-year, to USD
134 billion by 2015 and USD 244 billion by 2017. India is also expected to
evolve as a global chemical manufacturing hub.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Machinery
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment’s
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs.
In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
236.400 |
|
|
|
b) Other Operating Income |
5.100 |
|
|
|
Total Income from Operations (Net) |
241.500 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
179.300 |
|
|
b) |
Purchase of stock in-trade |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(16.000) |
|
|
d) |
Employee benefit expenses |
9.500 |
|
|
e) |
Depreciation and amortization expense |
6.300 |
|
|
f) |
Other
expenses |
32.600 |
|
|
Total Expenses |
211.700 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
29.800 |
|
4 |
Other
Income |
5.000 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
34.800 |
|
6 |
Finance
Costs |
15.700 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
19.100 |
|
8 |
Exceptional
Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
19.100 |
|
|
10 |
Tax Expense |
|
|
|
|
-
Deferred
Tax |
6.300 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
12.800 |
|
|
12 |
Extraordinary
items (net of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
12.800 |
|
|
14 |
Paid up equity
share capital (Eq. shares of Rs.10/-
each) |
6.000 |
|
|
15 |
Reserve
excluding revaluation reserves |
380.600 |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic |
106.637 |
|
|
|
Diluted |
106.637 |
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of
Shares |
18809 |
|
|
|
-
Percentage of Shareholding |
15.67% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number
of shares |
-- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
- Number
of shares |
101191 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
84.33% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining unresolved
at the end of the quarter |
Nil |
NOTE:
- The above unaudited results have been reviewed by the Audit Committee in its meeting held on August 13, 2014 and approved and taken on record by the Board of Directors in their meeting held on August 13, 2014.
- Previous year's figures have been regrouped/rearranged wherever necessary.
- During the quarter, no investor complaints were received. Apart from this, there were no other complaints pending as on June 30, 2014
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.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.