MIRA INFORM REPORT
|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL PEROXIDE LIMITED |
|
|
|
|
Registered
Office : |
Neville House, J |
|
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|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
16.03.1954 |
|
|
|
|
Com. Reg. No.: |
11-09254 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.57.470 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299MH1954PLC009254 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
The Subject engaged in Manufacturing of Peroxygens. |
|
|
|
|
No. of Employees
: |
Information decline by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
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|
Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer Rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
02.04.2013 |
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
Management Non Co-Operative (Tel No.: 91-251-2270676)
LOCATIONS
|
Registered Office / Head Office : |
Neville House, J N Herdia Road, Ballard Estate, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22618071 |
|
Fax No.: |
91-22-22665966 / 22613519 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
N.R.C. Road, P. O. Atali, Via Mohone, District Thane, Kalyan - 421 102, Maharashtra, India |
|
Tel. No.: |
91-251-2270094/2270670/2270673 |
|
Fax No.: |
91-251-2270669/2270671 |
|
E-Mail : |
DIRECTORS
As on 29.05.2014
|
Name : |
Mr. Ness N. Wadia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S. R. Lohokare |
|
Designation : |
Managing Director |
|
Qualification : |
B. Tech. (Hons.) (Chemical Engg.); P. G.D.I.M.; M.F. M. (Bombay
University) |
|
|
|
|
Name : |
Mr. S. Raghothaman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. N. Suntook |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Batra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. N. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. P. Ghanekar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. H. B. Chinoy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category
of Shareholder |
No.
of Share |
%
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6325 |
0.11 |
|
|
2547043 |
44.32 |
|
|
2553368 |
44.43 |
|
|
|
|
|
|
5250 |
0.09 |
|
|
1494000 |
26.00 |
|
|
1499250 |
26.09 |
|
Total shareholding of Promoter and Promoter Group (A) |
4052618 |
70.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
825 |
0.01 |
|
|
825 |
0.01 |
|
|
|
|
|
|
230126 |
4.00 |
|
|
|
|
|
|
1288716 |
22.42 |
|
|
113053 |
1.97 |
|
|
61662 |
1.07 |
|
|
36951 |
0.64 |
|
|
24711 |
0.43 |
|
|
1693557 |
29.47 |
|
Total Public shareholding (B) |
1694382 |
29.48 |
|
Total (A)+(B) |
5747000 |
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) |
5747000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject engaged in Manufacturing of Peroxygens. |
GENERAL INFORMATION
|
No. of Employees : |
Information decline by management |
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Bankers : |
· State Bank of India · Canara Bank |
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Facilities : |
Note: Secured by a first charge by way of hypothecation of stocks and book debts and second mortgage of all the Company’s immovable properties. |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. B. Billimoria and Company Chartered Accountants |
|
|
|
|
Solicitors and
Advocates |
Crawford Bayley and Company |
|
|
|
|
Wholly owned
Subsidiary : |
Naperol Investments 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 |
|
|
|
|
|
|
5747000 |
Equity Shares |
Rs.10/- each |
Rs.57.470
Millions |
(Equity shares of
Rs.10 each, fully paid up with voting rights, outstanding at the beginning and
at the end of the year) The Company has only one class of shares referred to as
equity shares having a par value of Rs.10 each holder of equity shares is
entitled to one vote per share.
The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts. However, no such preferential amounts
exist currently. The distribution will be in proportion to the number of equity
shares held by the shareholders.
In last 5 years,
no classes of shares has been issued either by payment being received in cash
or brought back nor bonus issues made by the Company.
Following are the
names of the shareholders with numbers of Equity Shares holding more than 5
percent of the total Equity Shares:
|
Name of the
Equity Shareholders |
Numbers of
shares |
Percentage |
|
Macrofil Investments Limited |
1884065 |
32.78 |
|
Solvay S A |
1442500 |
25.10 |
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 |
57.470 |
57.470 |
57.470 |
|
(b) Reserves & Surplus |
2008.371 |
1723.044 |
1425.214 |
|
(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) |
2065.841 |
1780.514 |
1482.684 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
175.472 |
170.669 |
157.535 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.566 |
5.501 |
5.401 |
|
Total Non-current Liabilities (3) |
180.038 |
176.170 |
162.936 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
40.379 |
10.265 |
52.643 |
|
(b) Trade payables |
225.249 |
254.833 |
200.789 |
|
(c) Other current
liabilities |
57.420 |
29.015 |
20.347 |
|
(d) Short-term provisions |
126.517 |
112.257 |
89.756 |
|
Total Current Liabilities (4) |
449.565 |
406.370 |
363.535 |
|
|
|
|
|
|
TOTAL |
2695.444 |
2363.054 |
2009.155 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1166.271 |
1104.176 |
1178.195 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
409.180 |
31.457 |
25.834 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
12.733 |
12.733 |
12.733 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
141.293 |
84.044 |
35.745 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1729.477 |
1232.410 |
1252.507 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
90.211 |
573.354 |
227.068 |
|
(b) Inventories |
239.891 |
81.883 |
109.627 |
|
(c) Trade receivables |
325.051 |
316.678 |
243.634 |
|
27(d) Cash and cash
equivalents |
13.427 |
12.029 |
10.199 |
|
(e) Short-term loans and
advances |
295.638 |
145.339 |
164.524 |
|
(f) Other current assets |
1.749 |
1.361 |
1.596 |
|
Total Current Assets |
965.967 |
1130.644 |
756.648 |
|
|
|
|
|
|
TOTAL |
2695.444 |
2363.054 |
2009.155 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2345.154 |
2122.411 |
1540.000 |
|
|
|
|
Other Income |
61.117 |
50.735 |
21.672 |
|
|
|
|
TOTAL (A) |
2406.271 |
2173.146 |
1561.672 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Raw Material Consumed |
749.642 |
513.685 |
336.060 |
|
|
|
|
Purchases of Stock-in-Trade |
24.012 |
-- |
58.710 |
|
|
|
|
Changes in inventories of finished goods |
(120.893) |
18.527 |
106.864 |
|
|
|
|
Employee benefits expenses |
168.306 |
139.487 |
566.910 |
|
|
|
|
Other expenses |
913.865 |
783.552 |
-- |
|
|
|
|
Exceptional Items |
(11.956) |
-- |
-- |
|
|
|
|
TOTAL (B) |
1722.976 |
1455.251 |
1068.544 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
683.295 |
717.895 |
493.128 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
2.165 |
3.472 |
4.075 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
681.130 |
714.423 |
489.053 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
97.344 |
110.023 |
100.219 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
583.786 |
604.400 |
388.834 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
197.603 |
206.334 |
114.022 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
386.183 |
398.066 |
274.812 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1433.295 |
1175.364 |
1007.779 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
1.340 |
39.900 |
27.500 |
|
|
|
|
Dividend |
2.680 |
86.205 |
68.964 |
|
|
|
|
Tax on Dividend |
13.729 |
14.030 |
10.763 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1801.729 |
1433.295 |
1175.364 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
0.000 |
0.416 |
0.484 |
|
|
|
TOTAL EARNINGS |
0.000 |
0.416 |
0.484 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
100.201 |
50.490 |
70.859 |
|
|
|
|
Stores & Spares |
1.168 |
0.609 |
2.921 |
|
|
|
|
Capital Goods |
146.724 |
2.746 |
15.363 |
|
|
|
TOTAL IMPORTS |
248.093 |
53.845 |
89.143 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
67.20 |
69.26 |
47.82 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
16.05 |
18.32 |
17.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.89 |
28.48 |
25.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.68 |
26.06 |
19.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.34 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02 |
0.01 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15 |
2.78 |
2.08 |
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 |
57.470 |
57.470 |
57.470 |
|
Reserves & Surplus |
1425.214 |
1723.044 |
2008.371 |
|
Net
worth |
1482.684 |
1780.514 |
2065.841 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
52.643 |
10.265 |
40.379 |
|
Total
borrowings |
52.643 |
10.265 |
40.379 |
|
Debt/Equity
ratio |
0.036 |
0.006 |
0.020 |
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 |
1540.000 |
2122.411 |
2345.154 |
|
|
|
37.819 |
10.495 |
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 |
1540.000 |
2122.411 |
2345.154 |
|
Profit |
274.812 |
398.066 |
386.183 |
|
|
17.84% |
18.76% |
16.47% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay Stamp
No.:-
SSL/1261/2012
Filing Date: - 08/05/2012 Petitioner:- BEACH TOWERS CONDOMINIUM - Respondent:-
NATIONAL PEROXIDE LIMITED – Petn.Adv.:- SAGAR R. MADAN (0) District:- MUMBAI Bench:-SINGLE Status:- Pre-Admission Category:-MONETARY SUITS Last Date:- 04/09/2012
Stage:-FOR REJECTION [ORIGINAL SIDE MATTERS) Last Coram:- REGISTRAR(OS)/PROTHONOTARY AND
SR.MASTER Act :-Code of Civil Procedure 1908 |
YEAR IN RETROSPECT
The gross sales and other income for the year under review were Rs. 24 06.300 lac as against Rs. 2173.100 lac for the previous year, registering an increase of 11%. The profit before tax was Rs. 5,838 Millions (after interest and depreciation charges of Rs. 99.500 Millions) and the profit after tax was Rs. 3,86.200 Millions for the year under review as against Rs. 6,04.400 Millions and Rs. 3,98.100 Millions respectively, for the previous year, registering decrease of 3% and 3% respectively.
The increase in sales was due to a significant increase in the sales price of Hydrogen Peroxide and Hydrogen Gas.
OPERATIONS
The Company produced the highest ever quantity of 83,931 MT of Hydrogen Peroxide, during the year under review, as comparedto 79,127 MT during the previous year.
The Company sold 78,295 MT of Hydrogen Peroxide during the year under review, as against 80,334 MT during the previous year, due to restricted sales to build inventory for the expansion shutdown. In addition, the Company imported and sold1 , 680 MT of Hydrogen roxide, during the year. The Company continues to maintain its prime position in the market and held 40% market share during the year.
4.07 Million Cubic Meters (MCM) of Hydrogen Gas were also sold during the year as against 4.28 MCM during the previous year. The sale of Hydrogen Gas was lower due to lower availability of Natural Gas, which is a key input in its production.
As per the contract with GAIL Limited., price of Natural Gas continued to rise during the year, resulting in increased cost of production. From January 2014, the gas price has become fully variable with Japanese Crude Cocktail, as per agreed formula. Further change in gas price will depend on change in Japanese crude oil price. There were problems of gas availability during the year, as GAIL Ltd. declared force majeure due to pipeline problems. As a result, both the supply and price of Natural Gas were affected.
Since the Company is debt free, the cash surplus has been invested in financial instruments. The interest & dividend income on account of such investments amounts to Rs. 508 Millions. As a result, the other income of the Company was Rs. 61.100 Millions as against Rs. 0.700 Millions in the previous year.
During the year under review, your Company continued its plant expansion activities to increase the capacity of the Hydrogen Peroxide Plant from 84,000 MTPA to 95,000 MTPA. The Kalyan plant was shut down on 28th April, 2014 to bring the expanded capacity on line. The shutdown is planned for a period of 60 days and the plant is expected to come back on stream by end June 2014. The stock of Hydrogen Peroxide increased by 5,638 MT during the year, to meet the requirements of the customers during the shutdown.
AWARDS AND
RECOGNITION
The Company received the following awards during the year 2013-14:
i. National Safety Award under Scheme VII (Lowest Average Frequency Rate) from Government of India, Ministry of Labour & Employment, for the year 2011.
ii. National Safety Award under Scheme VIII (Accident Free Year) from Government of India, Ministry of Labour & Employment, for the year 2011.
iii. Certificate of Merit for achieving Zero Accident Frequency Rate from National Safety Council – Maharashtra Chapter, Mumbai, for the year 2012.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
There are currently four companies which manufacture Hydrogen Peroxide in India. National Peroxide Limited continues to be the largest producer of Hydrogen Peroxide in the country. In addition to being well-known in the industry as a pioneer, its product commands a strong brand image. It has been in the forefront in the development of technology for manufacture of Hydrogen Peroxide, as well as new applications development. Due to these
efforts, the domestic market has significantly developed over the years.
The total production capacity in the country as on March 31st, 2014 is 2,09,560 MTPA on an annualized basis. The domestic demand is expected to grow by 6% during 2014-15. However, due to limited availability from the domestic producers in spite of higher capacities, there have been significant imports from various countries.
OUTLOOK
The outlook for the industry in the near term can only be viewed with cautious optimism due to limited supply from domestic producers. During the year under review, significant imports took place from Thailand, Bangladesh and Pakistan. These countries have a limited demand. As a result, imports from these countries are expected to continue during the coming year.
The subsidized supply of Natural Gas in the neighboring countries such as Pakistan and Bangladesh, has created serious distortions in the cost structure of the industry. This coupled with lower logistics costs, due to their proximity to the customers has made imports feasible particularly in the North and East from Pakistan and Bangladesh, respectively. This will impact the demand and price levels of domestic producers.
It is not certain when the implementation of GST is likely to take place. Maharashtra has now switched over to LBT in place of octroi. As a result, the capital cost and the operating cost of the Company continue to remain affected
STATEMENT
OF STANDALONE 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) |
359.715 |
|
b) Other operating income |
0.258 |
|
Total
income from Operations(net) |
359.973 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
68.004 |
|
b) Purchases of stock in trade |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
122.529 |
|
d) Employees benefit expenses |
18.982 |
|
e) Power |
15.951 |
|
f) Packing and Containers |
12.353 |
|
g) Consumption of Stores and Spares |
25.494 |
|
h) Freight Outward |
30.474 |
|
i) Depreciation and Amortisation Expense |
14.400 |
|
j) Other Expenditure |
26.695 |
|
Total expenses |
334.882 |
|
3. Profit from operations before other income and financial costs |
25.094 |
|
4. Other income |
5.191 |
|
5. Profit from ordinary activities before finance costs |
30.282 |
|
6. Finance costs |
0.600 |
|
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items |
29.682 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities before tax Expense: |
29.682 |
|
10.Tax expenses |
8.722 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
20.960 |
|
12. Paid-up Equity Share Capital (Face value per equity share of Rs.10 each) |
57.470 |
|
13. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
14 Basic and Diluted Earnings per Share (EPS)(Rs.) (Not Annualised)(For year end - Annualised) |
0.365 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10488279 |
26/03/2014 |
50,500,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA, BANK STREET, HORNIMAN CIRCLE |
C02510881 |
|
2 |
90229804 |
26/03/2003 * |
100,000,000.00 |
UTI BANK LTD |
FORT BRANCH; SIR P M ROAD, MUMBAI, MAHARASHTRA - 4 |
- |
|
3 |
90229766 |
28/03/2002 |
12,500,000.00 |
HOUSING DEVLOPMENT FINANCE CORPORTION LIMITED |
RAMAN HOUSE, 169; BACK RECLMATION, MUMBAI, MAHARA |
- |
|
4 |
90229668 |
03/04/2001 * |
100,000,000.00 |
UTI BANK LIMITED |
SAKAR-1; GROUND FLOOR; OPP; GANDHI GRAM RAILWAY ST |
- |
|
5 |
90229424 |
16/05/2008 * |
245,000,000.00 |
STATE BANK OF INDIA(SBI) |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, MUMBAI, MA |
A40769689 |
|
6 |
90229035 |
22/01/1996 |
50,000,000.00 |
ING BANK N V |
7 TH FLOOR; HOECHST HOUSE; 193; BACKBAY RECLATIO, |
- |
|
7 |
90229005 |
01/02/1996 * |
130,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH; JUSTICE G N ROAD, MUMBAI, MAHAR |
- |
|
8 |
80010112 |
16/05/2008 * |
245,000,000.00 |
STATE BANK OF INDIA(SBI) |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, MUMBAI, MA |
A40769556 |
|
9 |
90229002 |
27/07/2001 * |
212,000,000.00 |
CANARA BANK |
65; SONAWALE; MUMBAI SAMACHAR MARG, MUMBAI, MAHARA |
- |
|
10 |
90228964 |
16/05/2000 * |
105,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORTION OF
I |
163; BACK BAY RECLATION, MUMBAI, MAHARASHTRA - 400 |
- |
|
11 |
90228911 |
20/04/1995 * |
49,500,000.00 |
STATE BANK OF INDIA |
JUSTICE G N VAIDYA MARG, COMMERCIAL BRANC H, MUMB |
- |
|
12 |
90228896 |
01/02/1996 * |
200,000,000.00 |
INDUSTRIAL CREDIT AND INVESTMENT CORPORTION OF IND |
163.BACK BAY RECLATION, MUMBAI, MAHARASHTRA - 4000 |
- |
|
13 |
90228873 |
30/01/1995 |
150,000,000.00 |
HOUSING DEVLOPMENT FINANCE CORPORTION LIMITED |
RAMAN HOUSE ; BACKBAY RECLATION, MUMBAI, MAHARASH |
- |
|
14 |
90228862 |
15/05/2000 * |
100,000,000.00 |
CORPORTION BANK |
INDUSTRIAL FINANCE BRANCH; SAMACHAR MARG, MUMBAI, |
- |
|
15 |
90228793 |
14/06/1994 |
25,000,000.00 |
CANARA BANK |
B S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
16 |
90228676 |
14/06/1994 * |
11,500,000.00 |
CANARA BANK |
B S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
17 |
90228549 |
23/03/1993 * |
8,500,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORITON OF
I |
163; BACKBAY RECLATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
18 |
90228545 |
23/03/1993 * |
20,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORITON OF
I |
163; BACKBAY RECLATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
19 |
90228539 |
15/04/1992 * |
5,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, FORT, MUMBAI, MAHARASH |
- |
|
20 |
90230684 |
20/12/1991 |
10,000,000.00 |
CANARA BANK |
B S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
21 |
90228481 |
14/06/1994 * |
20,000,000.00 |
CANARA BANK |
B S MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
22 |
90228384 |
16/05/1991 * |
20,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORTION OF
I |
163; BACK BAY RECLAMATION, MUMBAI, MAHARASHTRA - 4 |
- |
|
23 |
90228359 |
04/02/1991 * |
12,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORTION OF |
163; BACK BAY RECLMATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
24 |
90228336 |
01/11/1990 |
26,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH; JUSTICE G N VAIDYA MARG, MUMBAI |
- |
|
25 |
90228332 |
20/04/1995 * |
10,000,000.00 |
STATE BANK OF INDIA |
JUSTICE G N VAIDYA MARG, COMMERCIAL BRANC H, MUMB |
- |
|
26 |
90228247 |
12/07/1989 * |
3,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORTION OF
I |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
27 |
90228174 |
03/04/2001 * |
4,000,000.00 |
STATE BANK OF INDORE |
Y N ROAD BRANCH, INDORE, MADHYA PRADESH - 452003, |
- |
|
28 |
90228094 |
19/06/1991 * |
13,600,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH ; JUSTICE G N MARG, MUMBAI, MAHA |
- |
|
31 |
90228088 |
19/06/1991 * |
12,800,000.00 |
LIFE INSURANCE CORPORTION OF INDIA |
JEEVAN BEEMA MARG, MUMBAI, MAHARASHTRA - 400021, I |
- |
|
32 |
90228072 |
19/05/1988 * |
17,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI SAMACHAR MARG; FORT, MU |
- |
|
33 |
90228031 |
12/07/1990 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORTION OF
I |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 40 |
- |
|
34 |
90228026 |
26/11/1987 |
5,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH ; JUSTICE G N VAIDYA MARG, MUMBA |
- |
|
35 |
90228009 |
28/09/1987 |
33,500,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORTION OF |
163; BACKBAY RECLATION, MUMBAI, MAHARASHTRA - 4000 |
- |
|
36 |
90227795 |
28/02/1990 * |
10,000,000.00 |
STATANDARD CHARTERD BANK |
23-25; MAHATAMA GANDHI ROAD, MUMBAI, MAHARASHTRA - |
- |
|
37 |
90227785 |
23/08/1988 * |
1,800,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORTION OF |
163; BACKBAY RECLATION, MUMBAI, MAHARASHTRA - 4000 |
- |
|
38 |
90227764 |
07/02/1985 |
3,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORTION OF
I |
163; BACKBAY RECLMATION, MUMBAI, MAHARASHTRA - 400 |
- |
|
41 |
90227401 |
28/01/1976 |
24,338,000.00 |
GRINDLAYS BANK LTD. |
90; MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400 |
- |
|
42 |
90227353 |
24/05/1974 |
3,900,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400001 |
- |
|
43 |
90227351 |
15/04/1974 |
2,250,000.00 |
NATIONAL & GRINDLAYS BANK LTD; |
901; M G ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
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. 60.80 |
|
|
1 |
Rs. 78.46 |
|
Euro |
1 |
Rs. 100.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
58 |
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.