MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
OMKAR SPECIALITY CHEMICALS LIMITED |
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Registered
Office : |
B-34, MIDC, Badlapur (East), Thane-421503, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.02.2005 |
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Com. Reg. No.: |
11-151589 |
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Capital
Investment / Paid-up Capital : |
Rs. 196.280 Millions |
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CIN No.: [Company Identification
No.] |
L24110MH2005PLC151589 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO002213B |
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PAN No.: [Permanent Account No.] |
AAACO7311D |
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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
: |
Manufacturing and |
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No. of Employees
: |
215 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Rating reflects sound financial risk profile marked by diversified
product profile and decent liquidity position. Trade relations are reported to be fair. Business is active. Payments
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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
05.09.2013 |
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|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.09.2013 |
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 PARTED BY
|
Name : |
Mr. Deshpande |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-251-2697340 |
|
Date : |
09.09.2014 |
LOCATIONS
|
Registered/
Corporate Office : |
B-34, MIDC, Badlapur (East), Thane – 421503, Maharashtra, India |
|
Tel. No.: |
91-251-2697340/ 48/ 49/ 2690651 |
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Fax No.: |
91-251-2691572/ 2697347 |
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E-Mail : |
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Website: |
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Factory 1 : |
Plot No.W-92(A), W-93(A), W-94(A) and W-95(A), MIDC, Badlapur (East),
Thane-421503, Maharashtra, India |
|
Tel. No.: |
91-251-2698840 |
|
Fax No.: |
91-251-2691662 |
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|
|
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Factory 2 : |
Plot No. F-24, MIDC, Badlapur (East), Thane – 421503, Maharashtra,
India |
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Tel. No.: |
91-251-2691852 |
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Fax No.: |
91-251-2697673 |
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|
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Factory 3 : |
Plot No. B-34, MIDC, Badlapur (East), Thane – 421503, Maharashtra,
India |
|
Tel. No.: |
91-251-2697340/2690651 |
|
Fax No.: |
91-251-2697347/2691572 |
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|
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Factory 4 : |
Plot No. F-9, F-10/1, MIDC, Badlapur (East), Thane – 421503,
Maharashtra, India |
|
Tel. No.: |
91-251-2696434/2696432 |
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|
|
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Factory 5 : |
D27/4 and D-27/5, MIDC, Lote Parshuram Industrial Area, Chiplun,
District Ratnagiri, Maharashtra, India
|
|
|
|
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Factory 6 : |
B-15 and B-16, Lote Parshuram Industrial Area, Talika Khed, District –
Ratnagiri – 415722, Maharashtra, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Pravin S. Herlekar |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Omkar P. Herlekar |
|
Designation : |
Whole Time Director |
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|
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|
Name : |
Mrs. Anjali P. Herlekar |
|
Designation : |
Non-Executive, Promoter and Woman Director |
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|
Name : |
Mr. Subhash P. Mali |
|
Designation : |
Non Executive - Independent Director |
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|
Name : |
Dr. Vikas N. Telvekar |
|
Designation : |
Non Executive - Independent Director |
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|
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|
Name : |
Mr. Siddharth S Sinkar |
|
Designation : |
Non Executive - Non Independent Director (Appointed w.e.f. 5th April, 2012) |
|
|
|
|
Name : |
Mr. Amit A. Pandit |
|
Designation : |
Non Executive - Independent Director |
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|
|
|
Name : |
Prof. (Dr.) Suhas M. Rane |
|
Designation : |
Non Executive - Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Nirav K. Momaya |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Deshpande |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12646974 |
64.43 |
|
|
12646974 |
64.43 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
12646974 |
64.43 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
800000 |
4.08 |
|
|
551511 |
2.81 |
|
|
485657 |
2.47 |
|
|
1837168 |
9.36 |
|
|
|
|
|
|
2161245 |
11.01 |
|
|
|
|
|
|
1070328 |
5.45 |
|
|
1789828 |
9.12 |
|
|
122461 |
0.62 |
|
|
94349 |
0.48 |
|
|
28112 |
0.14 |
|
|
5143862 |
26.21 |
|
Total Public
shareholding (B) |
6981030 |
35.57 |
|
Total (A)+(B) |
19628004 |
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) |
19628004 |
0.00 |
Shareholding belonging to the category
"Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Details of warrants |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
||||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Number of warrants
held |
As a % total number
of warrants of the same class |
|||
|
1 |
Pravin Shivdas Herlekar |
52,00,000 |
26.49 |
2525000 |
48.56 |
12.86 |
0 |
0.00 |
25.27 |
|
2 |
Pravin Shivdas Herlekar |
38,44,480 |
19.59 |
1840000 |
47.86 |
9.37 |
0 |
0.00 |
18.68 |
|
3 |
Anjali Pravin Herlekar |
12,08,240 |
6.16 |
0 |
0.00 |
0.00 |
0 |
0.00 |
5.87 |
|
4 |
Pravin Shivdas Herlekar |
6,00,000 |
3.06 |
0 |
0.00 |
0.00 |
0 |
0.00 |
2.92 |
|
5 |
Herlekar Omkar Pravin |
5,77,599 |
2.94 |
0 |
0.00 |
0.00 |
0 |
0.00 |
2.81 |
|
6 |
Rishikesh Pravin Herlekar |
5,76,410 |
2.94 |
0 |
0.00 |
0.00 |
0 |
0.00 |
2.80 |
|
7 |
Pravin Shivdas Herlekar |
2,86,080 |
1.46 |
0 |
0.00 |
0.00 |
0 |
0.00 |
1.39 |
|
8 |
Pravin Shivdas Herlekar |
2,14,911 |
1.09 |
0 |
0.00 |
0.00 |
190000 |
20.00 |
1.97 |
|
9 |
Omkar Pravin Herlekar |
1,01,714 |
0.52 |
0 |
0.00 |
0.00 |
190000 |
20.00 |
1.42 |
|
10 |
Shivdas Ramrao Herlekar |
22,440 |
0.11 |
0 |
0.00 |
0.00 |
0 |
0.00 |
0.11 |
|
11 |
Omkar Pravin Herlekar |
15,000 |
0.08 |
0 |
0.00 |
0.00 |
0 |
0.00 |
0.07 |
|
12 |
Rishikesh Pravin Herlekar |
100 |
0.00 |
0 |
0.00 |
0.00 |
190000 |
20.00 |
0.92 |
|
13 |
Svaks Biotech India Privat Limited |
|
0.00 |
0 |
0.00 |
0.00 |
380000 |
40.00 |
1.85 |
|
|
Total |
1,26,46,974 |
64.43 |
4365000 |
34.51 |
22.24 |
950000 |
100.00 |
66.08 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
SBI Magnum Comma Fund |
300000 |
1.53 |
1.46 |
|
|
2 |
SBI Magnum Midcap Fund |
500000 |
2.55 |
2.43 |
|
|
3 |
Puni Sanghavi |
428000 |
2.18 |
2.08 |
|
|
4 |
Axis Bank Limited |
550000 |
2.80 |
2.67 |
|
|
5 |
Celestial Tradechem Private Limited |
517000 |
2.63 |
2.51 |
|
|
6 |
Premier Investment Fund Limited |
305657 |
1.56 |
1.49 |
|
|
|
Total |
2600657 |
13.25 |
12.64 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Chemicals. |
||||||||
|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
215 (Approximately) |
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Bankers : |
· Bank of Baroda · Axis Bank Limited · Citi Bank N.A. |
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Facilities : |
|
|
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|
Banking
Relations : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
J.P.J Associates Chartered Accountants |
|
Address : |
Shop No.16, Godavari CHS, Shantivan, Borivali (East), Mumbai – 400066,
Maharashtra, India |
|
Tel No.: |
91-22-28975829 |
|
Fax No.: |
91-22-28970736 |
|
Email: |
|
|
|
|
|
Internal
Auditors : |
|
|
Name : |
Shubhada
S Sakhalkar and Company Chartered Accountants |
|
Address : |
402, Pratibha, Teen
Petrol Pump, LBS Road, Thane (West) – 400601, Maharashtra, India |
|
|
|
|
Subsidiary
– Common
Control Exists: |
·
Rishichem
Research Limited ·
Desh
Chemicals Private Limited ·
Lasa
Laboratory Private Limited ·
Urdhwa
Chemicals Company Private Limited |
|
|
|
|
Other
Related: |
·
Svaks
Biotech India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19628004 |
Equity Shares |
Rs.10/- each |
Rs.196.280
Millions |
|
|
|
|
|
NOTES
The Movements of Share capital is set out
below:
|
|
As At March 31,
2014 |
|
|
Authorized |
No. of Shares |
Rs. In Millions |
|
Authorised Share Capital at the beginning of the Year |
25,000,000 |
250.000 |
|
Authorised Share
Capital at the end of the year |
25,000,000 |
250.000 |
|
|
|
|
|
Issued,
Subscribed and Paid up capital |
|
|
|
At the beginning of the Year |
19,628,004 |
196.280 |
|
At the end of
the Year |
19,628,004 |
196.280 |
Details of
shareholders holding more than 5% shares in the company
|
|
As At March 31,
2014 |
|
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Pravin Herlekar* |
10131471 |
101.315 |
|
Anjali Herlekar |
1208240 |
12.082 |
|
Rohinton Soli Screwvala |
-- |
-- |
|
TOTAL |
11339711 |
113.397 |
Note:
Of the above equity shares:-
Nominal value of Rs 100/- per Equity Share sub-divided into Rs 10/- per Equity Share, during the Financial Year 2010-2011.
During the financial year 2009-2010, 1126600 Equity shares of Rs. 100/- each have been alloted as fully paid-up by way of bonus shares by way of capitalization of Profits & Security Premium A/c.
During the financial year 2010-2011, 8100004 Equity shares of Rs. 10/- each were issued at premium of Rs. 88/- each by public offer.
*4) Mr. Pravin S. Herlekar has acquired 180005 equity shares on 22nd March, 2014. However, the same is not reflected in the beneficial position received from the depositories as on 30th March, 2014.
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 |
196.280 |
196.280 |
196.280 |
|
(b) Reserves & Surplus |
1147.437 |
1035.861 |
862.069 |
|
(c) Money
received against share warrants |
35.625 |
35.625 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1379.342 |
1267.766 |
1058.349 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
372.134 |
299.005 |
46.766 |
|
(b) Deferred tax liabilities (Net) |
11.826 |
11.267 |
12.276 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
11.760 |
11.323 |
10.259 |
|
Total Non-current Liabilities (3) |
395.720 |
321.595 |
69.301 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1110.054 |
864.891 |
691.670 |
|
(b) Trade payables |
380.710 |
276.593 |
252.630 |
|
(c) Other current
liabilities |
107.494 |
39.197 |
65.811 |
|
(d) Short-term provisions |
45.161 |
55.418 |
28.901 |
|
Total Current Liabilities (4) |
1643.419 |
1236.099 |
1039.012 |
|
|
|
|
|
|
TOTAL |
3418.481 |
2825.460 |
2166.662 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
424.888 |
439.334 |
362.538 |
|
(ii) Intangible Assets |
2.269 |
5.311 |
0.349 |
|
(iii) Capital
work-in-progress |
685.213 |
401.797 |
304.755 |
|
(iv) Intangible
assets under development |
0.000 |
0.150 |
1.771 |
|
(b) Non-current Investments |
137.988 |
108.639 |
21.208 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
399.557 |
274.067 |
99.829 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1649.915 |
1229.298 |
790.450 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
629.731 |
635.605 |
526.625 |
|
(c) Trade receivables |
851.493 |
614.711 |
384.852 |
|
(d) Cash and cash
equivalents |
181.121 |
215.747 |
314.036 |
|
(e) Short-term loans
and advances |
2.561 |
4.310 |
40.801 |
|
(f) Other current assets |
103.660 |
125.789 |
109.898 |
|
Total Current Assets |
1768.566 |
1596.162 |
1376.212 |
|
|
|
|
|
|
TOTAL |
3418.481 |
2825.460 |
2166.662 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2096.211 |
2015.312 |
1669.480 |
|
|
|
Other Income |
57.473 |
57.940 |
36.986 |
|
|
|
TOTAL (A) |
2153.684 |
2073.252 |
1706.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
935.411 |
1193.571 |
1077.333 |
|
|
|
Purchase of stock in trade |
507.946 |
350.926 |
181.796 |
|
|
|
Changes in inventories of Finished Goods, Work in progress and Stock
in Trade |
28.338 |
(180.851) |
(115.710) |
|
|
|
Employee benefits expense |
98.825 |
80.054 |
63.834 |
|
|
|
Other Expenses |
196.718 |
208.345 |
130.293 |
|
|
|
Exceptional Items |
0.660 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1767.898 |
1652.045 |
1337.546 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
385.786 |
421.207 |
368.920 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
117.463 |
74.316 |
80.953 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
268.323 |
346.891 |
287.967 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.016 |
56.843 |
56.209 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
207.307 |
290.048 |
231.758 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.285 |
82.038 |
67.291 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
146.022 |
208.010 |
164.467 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
373.752 |
214.960 |
94.008 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
29.442 |
29.442 |
24.535 |
|
|
|
Tax on Dividend |
5.004 |
4.776 |
3.980 |
|
|
|
Transfer to General Reserve |
10.000 |
15.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
475.328 |
373.752 |
214.960 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
548.733 |
581.597 |
257.576 |
|
|
TOTAL EARNINGS |
548.733 |
581.597 |
257.576 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
960.471 |
651.318 |
741.004 |
|
|
|
Capital Goods |
7.668 |
4.329 |
2.419 |
|
|
TOTAL IMPORTS |
968.139 |
655.647 |
743.423 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.44 |
10.60 |
8.38 |
|
|
|
Diluted |
7.10 |
10.59 |
8.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.78 |
10.03 |
9.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.89 |
14.39 |
13.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.99 |
12.53 |
12.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.23 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.07 |
0.92 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.29 |
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 |
196.280 |
196.280 |
196.280 |
|
Reserves & Surplus |
862.069 |
1035.861 |
1147.437 |
|
Net worth |
1058.349 |
1232.141 |
1343.717 |
|
|
|
|
|
|
long-term borrowings |
46.766 |
299.005 |
372.134 |
|
Short term borrowings |
691.670 |
864.891 |
1110.054 |
|
Total borrowings |
738.436 |
1163.896 |
1482.188 |
|
Debt/Equity ratio |
0.698 |
0.945 |
1.103 |
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 |
1669.480 |
2015.312 |
2096.211 |
|
|
|
20.715 |
4.014 |
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 |
1669.480 |
2015.312 |
2096.211 |
|
Profit |
164.467 |
208.010 |
146.022 |
|
|
9.85% |
10.32% |
6.97% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBT:
|
Particulars |
31.03.2014 [Rs. in millions] |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
|
|
|
|
|
|
Current maturities of long-term debt |
57.821 |
18.500 |
NA |
|
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 LOANS
|
Particulars |
31.03.2014 (Rs. in Millions) |
31.03.2013 (Rs. in Millions) |
|
Short-term
borrowings |
|
|
|
Short term loan from financial institutions |
17.492 |
6.879 |
|
Loans from banks |
207.413 |
147.144 |
|
|
|
|
|
Total |
224.905 |
154.023 |
PERFORMANCE REVIEW
During the financial year 2013-14, against the backdrop of a challenging environment, the Company reported a top-line growth of 4%, on standalone basis, over the previous year. At standalone level, the Gross Revenue from Operations stood at Rs. 2096.211 millions as compared with Rs. 2015.312 millions in the previous year. The Profit for the financial year under consideration stood at Rs. 146.023 millions as compared with Rs. 208.010 millions in the previous year.
The consolidated Gross Revenue from Operations for financial year 2013-14 stood at Rs. 2402.798 millions as compared with Rs. 2116.924 millions in the previous year, registering a growth of 13.5%. The consolidated Profit for the financial year 2013-14 stood at Rs. 135.606 millions as compared with Rs. 205.555 millions in the previous year.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10437165 |
12/07/2013 |
150,000,000.00 |
CITIBANK N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, |
B79749206 |
|
2 |
10388704 |
24/06/2013 * |
630,000,000.00 |
BANK OF BARODA |
RAS AL KHAIMAH
BRANCH, SH RASHID BUILDING, ALI BIN ABI TALIB ROAD, BUR DUBAI, - 0, UNITED
ARAB EMIRATES |
B80350721 |
|
3 |
10277060 |
24/06/2013 * |
57,300,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B80350317 |
|
4 |
10172462 |
23/08/2011 * |
934,600,000.00 |
BANK OF BARODA |
FORT, UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASH |
B22886436 |
|
5 |
10143580 |
24/06/2013 * |
1,060,000,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349921 |
|
6 |
10143573 |
24/06/2013 * |
6,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349194 |
|
7 |
10143576 |
24/06/2013 * |
13,600,000.00 |
BANK OF BARODA |
FORT UNIVERSITY
BRANCH, MUMBAI, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80349509 |
* Date of charge modification
STANDALONE
FINANCIAL RESULT FOR QUARTER YEAR ENDED 30TH JUNE 2014
(Rs.
In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 Unaudited |
|
(a) Net Sales/ Income from operation |
363.987 |
|
(b) Other Operating Income |
|
|
Total Income |
363.987 |
|
|
|
|
Expenditure |
|
|
Consumption of Raw-Materials |
281.853 |
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(85.017) |
|
Purchase of Traded Goods |
46.725 |
|
Employees cost |
22.877 |
|
Depreciation |
5.520 |
|
Other Expenditure |
56.169 |
|
Total |
328.127 |
|
|
|
|
Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional Item |
35.860 |
|
Other Income |
12.079 |
|
Profit(+)/ Loss(-) before Interest and Exceptional Item |
47.939 |
|
Finance Cost |
19.704 |
|
Profit(+)/ Loss(-) after Interest but before Exceptional Item |
28.235 |
|
Exceptional Items |
-- |
|
Profit(+)/ Loss
(-) from ordinary activities before
Tax |
25.235 |
|
Tax Expenses |
(2.153) |
|
Net Profit(+)/ Loss (-) from ordinary activities after Tax |
30.388 |
|
Extraordinary Items (Net of Tax Expense) |
-- |
|
Net Profit (+)/ Loss(-) for the period (11-12) |
30.388 |
|
Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
196.280 |
|
Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
|
|
Earning per
Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
1.55 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
1.48 |
|
Public
Shareholding |
|
|
Number of Shares |
6981030 |
|
% of Share holding |
35.57% |
|
Promoters and
promoter group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of shares |
4365000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
34.51% |
|
- Percentage of shares (as a
% of the total share capital of the company) |
22.24% |
|
b)
Non-encumbered |
|
|
- Number of shares |
8281974 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
65.49% |
|
- Percentage of shares (as a
% of the total share capital of the company) |
42.19% |
|
B INVESTOR
COMPLAINTS |
|
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
1 |
|
Disposed off during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE:
The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at Its meeting held on August 14, 2014
As per requirement of Companies Act. 2013, the company has computed
depreciation with reference to useful life of respective assets specified and
manner prescribed in schedule II to companies act 2015. Consequently,
depreciation for the quarter ended June 30, 2014, is lowered by Rs.6.964
millions
During the quarter, the company has changed the method of arriving of cost of
inventory of work in progress and finished goods. Consequent to this change,
profit during the quarter ended June 30, 2014, is higher by Rs.16.889 millions.
The Company operated in one segment i.e. Sale of Chemicals. All other
activities of the company revolve around its main business. Hence, there is
only one primary reportable business segment as defined by Accounting
Standani-17 as notified by the companies( Accounting Standards) Rules,2006.
Mr. Pravin S. Herlekar, Chairman & Managing Director (Promoter) of the
Company has acquired 195603 equity shares, which are not reflected in his name
In the beneficial position received from the depositories as on June 30, 2014.
Further, out of these 195603 shares, he has created encumbrance on 85000
shares.
During the quarter, the Company has acquired 1200000 equity shares (Face value
Rs. 10/- per share. Premium Rs. 15/- per share) of Lasa Laboratory Private
Limited, wholly owned subsidiary, on account of conversion of unsecured loan
given by the Company, thereby increasing its shareholding in the said
subsidiary)- from 2010000 equity shares to 3210000 equity shares.
The figures of quarter ended March 31,2014 are the balancing figures between
audited figures in respect of the full financial year and unaudited figures as
on December 31, 2013.
The Previous quarter’s/year's figures have been regrouped / rearranged wherever
necessary to make it comparable with the current quarter/year.
FIXED ASSETS
·
Leasehold Land
·
Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipments
·
Motor Car and Cycle
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 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. 60.91 |
|
|
1 |
Rs. 98.66 |
|
Euro |
1 |
Rs. 78.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.