MIRA INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAVITA OIL TECHNOLOGIES LIMITED (w.e.f.24.08.2009) |
|
|
|
|
Formerly Known
As : |
SAVITA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
66/67, Nariman Bhavan, Nariman
Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.07.1961 |
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|
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Com. Reg. No.: |
11-012066 |
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Capital
Investment / Paid-up Capital : |
Rs. 146.056 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1961PLC012066 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37352A |
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|
|
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PAN No.: [Permanent Account No.] |
AAACS7934A |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Distributer of varied range of
Petrochemicals. |
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|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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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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
adequate 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “AA” |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
26.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
|
Rating Explanation |
High credit quality and lowest credit risk. |
|
Date |
26.05.2014 |
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 (91-22-2288306)
LOCATIONS
|
Registered Office : |
66/67, Nariman Bhavan, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No. : |
91-22-66246200 / 66246228 |
|
Fax No. : |
91-22-22029364 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
17/17A, Thane Belapur Road, Turbhe, Navi Mumbai – 400703, Maharashtra,
India |
|
Tel. No. : |
91- 22-27681521 / 67683500 |
|
Fax No. : |
91- 22-27682024 |
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|
|
|
Factory 2 : |
Survey No. 10/2, Kharadpada, Post Naroli, Silvassa – 396230, Dadra and Nagar Haveli, India |
|
Tel. No. : |
91- 260-3204003 |
|
Fax No. : |
91- 260-2650182 |
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|
|
|
Factory 3 : |
A-2/1 and 2/2, MIDC Industrial Estate, Mahad, District –
Raigad 402 301 Maharashtra, India |
|
Tel. No. : |
91-2145-232020 / 2320312145-232020 / 232031 |
|
Fax No. : |
91-2145-232236 |
|
|
|
|
Factory 4: |
Survey
No.140/1, Village Kuvapada, Silli, P.O. Kilwani, Silvassa, Dadra and Nagar
Haveli - 396 230 (U.T.), India |
|
|
|
Branch Offices:
|
Located At: · New Delhi · Bhopal · Kolkata · Secunderabad |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Gautam N. Mehra |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.E. (Chem), M.B.A., Univ. of California (Berkeley) |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.12.1983 |
|
|
|
|
Name : |
Mr. C. V. Alexander |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
29.5.1935 |
|
Qualification : |
M.A., LL.B. |
|
Other Directorship
: |
· Savita Polymers Limited Kurla Investment and Trading Company Private Limited |
|
|
|
|
Name : |
Mr. N. B. Karpe |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.03.1961 |
|
Qualification : |
B. Com., LL.B. (Gen.)., F. C. A. |
|
|
|
|
Name : |
Mr. S. R. Pandit |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.09.1957 |
|
Qualification : |
B. Com., F. C. A. |
|
|
|
|
Name : |
Mr. H. A. Nagpal |
|
Designation : |
Director |
|
Date of Birth/Age : |
02.11.1961 |
|
Qualification : |
B.E., M.B.A. |
|
Experience : |
Over 28 years in service |
|
Other Directorship
: |
· Tata Sky Limited OnMobile Global Limited Vox Mobili, France OnMobile SA, France OnMobile Global for Tele-communication Services, Egypt |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Dixit |
|
Designation : |
Group Chief Financial Officer |
|
|
|
|
Name : |
Mr. U. C. Rege |
|
Designation : |
Company Secretary
& Executive VP – Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
9582487 |
65.62 |
|
|
867895 |
5.94 |
|
|
10450382 |
71.57 |
|
|
|
|
|
|
583 |
0.00 |
|
|
583 |
0.00 |
|
Total shareholding of Promoter
and Promoter Group (A) |
10450965 |
71.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1420574 |
9.73 |
|
|
1198 |
0.01 |
|
|
670675 |
4.59 |
|
|
2092447 |
14.33 |
|
|
|
|
|
|
272060 |
1.86 |
|
|
|
|
|
|
1407139 |
9.64 |
|
|
378306 |
2.59 |
|
|
1166 |
0.01 |
|
|
1166 |
0.01 |
|
|
2058671 |
14.10 |
|
Total Public shareholding (B) |
4151118 |
28.43 |
|
Total (A)+(B) |
14602083 |
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) |
14602083 |
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 |
|
|
Gautam N Mehra |
95,10,156 |
65.13 |
|
Simran G Mehra |
30,500 |
0.21 |
|
Reshma Mehra |
33,416 |
0.23 |
|
Ritu Satsangi |
7,749 |
0.05 |
|
Atul Satsangi |
666 |
0.00 |
|
Siddharth Mehra |
583 |
0.00 |
|
Mansukhmal Investments Private
Limited |
4,10,000 |
2.81 |
|
Khatri Investments Private
Limited |
4,27,611 |
2.93 |
|
Kurla Investment and Trading
Company Private Limited |
13,666 |
0.09 |
|
Naved Investment and Trading
Company Private Limited |
9,452 |
0.06 |
|
Basant Lok Trading Company |
6,166 |
0.04 |
|
Chemi Pharmex Private Limited |
1,000 |
0.01 |
|
Total |
1,04,50,965 |
71.57 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
HDFC Trustee Company Limited |
1329732 |
9.11 |
|
|
EAST Sail |
199145 |
1.36 |
|
|
Pari Washington Company Private
Limited A/c Pari Washington India Master Fund Limited |
471530 |
3.23 |
|
|
Total |
2000407 |
13.70 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Name(s)
of the shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
%
of Total No. of Shares |
|
|
HDFC Trustee Company Limited |
1329732 |
9.11 |
|
|
Total |
1329732 |
9.11 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributer of varied range of
Petrochemicals. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||
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Bankers : |
v State Bank of India v Citibank N.A. v Corporation Bank v DBS Bank Limited v ICICI Bank Limited v Standard Chartered Bank v Union Bank of India |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: SHORT TERM
BORROWINGS i) Hypothecation of inventories, receivables and other current assets and ii) First pari-passu charge by way of equitable mortage by deposit of title deeds of the Company’s certain immovable properties at Silvassa, Navi Mumbai and Mumbai. |
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Enterprises where key management
personnel or relatives of key management personnel have control or significant influence: |
v Basant Lok Trading Company v Chemi Pharmex Private Limited v D.C.Mehra Public Charitable Trust v Khatri Investments Private Limited v Kurla Investment and Trading Company Private Limited v Madhu Trust v Mansukhmal Investment Private Limited v N. K. Mehra Trust v Naved Investment and Trading Company Private Limited v Nkm Grand Children’s Trust v Savita Petro-Additives Limited v Savita Polymers Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14609183 |
Equity Shares |
Rs.10/- each |
Rs. 146.092 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14602083 |
Equity Shares |
Rs.10/- each |
Rs. 146.021 Millions |
|
7100 |
Add: Forfeited Shares |
|
Rs. 0.035 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 146.056 Millions |
NOTE:
a) Reconciliation of
number of shares
|
Particulars |
As at 31.03.2014 |
|
|
Nos. |
Rs. In millions |
|
|
At the beginning of the year |
1,46,02,083 |
146.021 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
1,46,02,083 |
146.021 |
b) Rights,
preferences and restrictions attached to equity shares (except forfeited
shares)
The Company has only one class of equity shares having par value of ` 10 each. Each holder of equity shares is entitled to one vote per share.There are no restrictions on the distribution of dividend or repayment of capital.The Company declares dividend 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, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c) Details of
shareholder holding more than 5% of equity shares
|
Particulars |
As at 31.03.2014 |
|
|
Nos. |
% of holding |
|
|
Gautam N. Mehra |
9510156 |
65.13 |
|
HDFC Trustees Company Limited |
1329732 |
9.11 |
As per the of the Company, including its register of shareholders / members.
d) Forfeited equity
shares
|
Particulars |
As at 31.03.2014 |
|
Nos. |
|
|
No. of Shares forfeited |
7,100 |
|
Amount of share capital forfeited (Rs. In millions) |
0.035 |
|
Amount of share premium forfeited (Rs. In millions) |
0.249 |
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 |
146.056 |
146.056 |
146.056 |
|
(b) Reserves & Surplus |
5563.917 |
4965.521 |
4231.274 |
|
(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) |
5709.973 |
5111.577 |
4377.330 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
582.779 |
526.389 |
459.463 |
|
(b) Deferred tax liabilities (Net) |
329.156 |
345.172 |
184.432 |
|
(c) Other long term liabilities |
46.571 |
37.005 |
34.131 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
958.506 |
908.566 |
678.026 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
151.849 |
57.162 |
0.000 |
|
(b) Trade payables |
7375.182 |
4288.496 |
5591.892 |
|
(c) Other current
liabilities |
669.937 |
552.535 |
906.095 |
|
(d) Short-term provisions |
486.818 |
376.439 |
392.734 |
|
Total Current Liabilities (4) |
8683.786 |
5274.632 |
6890.721 |
|
|
|
|
|
|
TOTAL |
15352.265 |
11294.775 |
11946.077 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2858.125 |
2108.088 |
2071.002 |
|
(ii) Intangible Assets |
9.969 |
3.308 |
2.047 |
|
(iii) Capital
work-in-progress |
49.831 |
214.558 |
16.619 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.101 |
107.310 |
61.504 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
150.085 |
178.029 |
136.160 |
|
(e) Trade receivables |
22.655 |
37.715 |
3.259 |
|
(f) Other Non-current assets |
2.404 |
3.861 |
31.483 |
|
Total Non-Current Assets |
3113.170 |
2652.869 |
2322.074 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
102.105 |
216.705 |
166.211 |
|
(b) Inventories |
6226.230 |
3207.234 |
4341.256 |
|
(c) Trade receivables |
5284.454 |
4503.482 |
4402.783 |
|
(d) Cash and cash
equivalents |
200.399 |
295.738 |
291.139 |
|
(e) Short-term loans and
advances |
425.695 |
418.217 |
422.525 |
|
(f) Other current assets |
0.212 |
0.530 |
0.089 |
|
Total Current Assets |
12239.095 |
8641.906 |
9624.003 |
|
|
|
|
|
|
TOTAL |
15352.265 |
11294.775 |
11946.077 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20807.896 |
19990.456 |
19105.23 |
|
|
|
Other Income |
88.863 |
134.340 |
108.414 |
|
|
|
TOTAL |
20896.759 |
20124.796 |
19213.644 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16873.541 |
16214.833 |
15404.42 |
|
|
|
Purchases of Stock-in-Trade |
248.946 |
140.868 |
202.425 |
|
|
|
Increase)/Decrease in Inventories |
(186.144) |
(9.861) |
(328.074) |
|
|
|
Employees benefits expense |
315.985 |
284.435 |
245.189 |
|
|
|
Other expenses |
2464.528 |
2197.937 |
2307.616 |
|
|
|
TOTAL |
19716.856 |
18828.212 |
17831.576 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1179.903 |
1296.584 |
1382.068 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
132.869 |
104.740 |
127.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1047.034 |
1191.844 |
1254.569 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
299.755 |
251.421 |
252.050 |
|
|
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
BEFORE EXCEPTIONAL INCOME AND TAX |
747.279 |
940.423 |
1002.519 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL INCOME |
579.065 |
565.028 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1326.344 |
1505.451 |
1002.519 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
428.984 |
472.240 |
322.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
897.360 |
1033.211 |
680.303 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3534.774 |
2905.527 |
2548.787 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
255.536 |
255.536 |
219.031 |
|
|
|
Tax on Dividend |
43.428 |
43.428 |
35.532 |
|
|
|
Transfer to General Reserve |
90.000 |
105.000 |
69.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4043.170 |
3534.774 |
2905.527 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales (FOB value) |
3963.652 |
3425.711 |
3118.805 |
|
|
|
Freight and insurance |
120.083 |
122.463 |
96.617 |
|
|
|
Claims received and commission earned |
0.285 |
3.956 |
0.000 |
|
|
|
Incentives for renewable energy generation |
2.288 |
0.000 |
0.000 |
|
|
|
Carbon Credit |
0.000 |
0.000 |
19.913 |
|
|
TOTAL EARNINGS |
4086.308 |
3552.130 |
3235.335 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16134.984 |
11674.376 |
13040.563 |
|
|
|
Capital goods |
58.737 |
4.275 |
4.232 |
|
|
TOTAL IMPORTS |
16193.721 |
11678.651 |
13044.795 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
61.45 |
70.76 |
46.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.29 |
5.13 |
3.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.37 |
7.53 |
5.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.69 |
13.77 |
8.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.13 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41 |
1.64 |
1.40 |
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 |
146.056 |
146.056 |
146.056 |
|
Reserves & Surplus |
4231.274 |
4965.521 |
5563.917 |
|
Net worth |
4377.330 |
5111.577 |
5709.973 |
|
|
|
|
|
|
long-term borrowings |
459.463 |
526.389 |
582.779 |
|
Short term borrowings |
0.000 |
57.162 |
151.849 |
|
Total borrowings |
459.463 |
583.551 |
734.628 |
|
Debt/Equity ratio |
0.105 |
0.114 |
0.129 |
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 |
19105.230 |
19990.456 |
20807.896 |
|
|
|
4.633 |
4.089 |
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 |
19105.230 |
19990.456 |
20807.896 |
|
Profit |
680.303 |
1033.211 |
897.360 |
|
|
3.56% |
5.17% |
4.31% |
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 |
222.027 |
194.383 |
230.092 |
|
|
|
|
|
|
Total |
222.027 |
194.383 |
230.092 |
|
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 |
----- |
|
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
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred Payment
Liability |
|
|
|
Sales Tax Deferment |
114.241 |
133.988 |
|
|
|
|
|
Total |
114.241 |
133.988 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10441276 |
15/07/2013 |
278,800,000.00 |
CITIBANK N.A. |
Citibank N.A., DLF Square, DLF Phase II,
Jacaranda Marg, M Block, Gurgaon, Haryana - 122002, INDIA |
B81304784 |
|
2 |
10393340 |
13/12/2012 |
256,450,000.00 |
CITIBANK N.A |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60,
BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA |
B64658982 |
|
3 |
10341963 |
27/02/2012 |
193,000,000.00 |
DBS BANK LIMITED |
3RD FLOOR, FORT HOUSE, 221, DR. D. N. ROAD,
FORT, MUMBAI, Maharashtra - 400001, INDIA |
B34948778 |
|
4 |
10213950 |
05/04/2010 |
135,000,000.00 |
STANDARD CHARTERED BANK |
90, M. G. ROAD, FORT, MUMBAI, Maharashtra -
400001, INDIA |
A83682914 |
|
5 |
90189206 |
28/04/2004 |
1,500,000.00 |
ICICI BANK LIMITED |
9; RAFFLES PLACE, # 50-01; REPUBLIC PLAZA, SINGAP ORE,
, SINGAPORE |
- |
|
6 |
90186783 |
11/07/2014 * |
7,520,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BANK STREET, N. G. N.
VAIDYA MARG, MUMBAI, Maharashtra - 400001, INDIA |
C12304473 |
|
7 |
90186220 |
27/06/1995 |
520,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA
MARG, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
8 |
90183966 |
16/10/2012 * |
4,800,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BANK STREET, N. G. VAIDYA
MARG, MUMBAI, Maharashtra - 400001, INDIA |
B61360657 |
|
9 |
90185527 |
16/11/1989 |
20,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA
MARG, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
10 |
90184646 |
10/08/1981 |
580,772.00 |
CENTRAL BANK OF INDIA |
FOREIGN BILLS DEPT., GUARANTEE SECTION
(IDHI); EWART HOUSE; FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
* Date of charge modification
OPERATIONS
The Company’s sales turnover during the
year 2013-14 touched a new high of Rs. 22967.500 millions against Rs. 22178.900
millions in the year 2012-13, resulting in a growth of about 3.56 %. The sales
volume was more or less the same at 2,72,805 KLS/MTs during 2013-14 as against
2,71,521 KLs/MTs achieved in 2012 13. The net profit of the Company however
declined to Rs. 897.400 millions as against Rs. 1033.200 millions for the
previous year, recording a decrease of 13%. The net profit during the year was
lower due to extreme foreign exchange volatility. This profit included the
compensation received from Idemitsu Lube India Private Limited On account of
premature termination of the Technical Collaboration Agreement for Idemitsu
Genuine Products during the year.
During the Financial Year 2013-14,
the Company’s Wind Power Plants situated in the states of Maharashtra,
Karnataka and Tamil Nadu generated a total of 93.06 MU against 94.81 MU
generated in the previous year. During the year, the Company installed 4 new
wind mills in the state of Maharashtra. As a result, the total installed
capacity in Wind Power sector of the Company has increased from 48.15 MW to
54.15 MW.
The Company commissioned the new
green field manufacturing facility at Silli in Silvassa, in the Union Territory
of Dadra & Nagar Haveli during the year. This ultra-modern sophisticated
plant is now fully operational with an annual licensed production capacity of
1,50,000 MT for manufacture of petroleum specialty products.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENT
PETROLEUM
PRODUCTS:
Transformer Oils, Liquid Paraffins /
White Oils and Lubricating Oils are the three categories that form this segment
for the Company. Various types of Base Oils are the main raw material for all
of these product groups. These Base Oils, which are basically refined fractions
derived from Crude Oils, are mainly imported from various parts of the world
with a small portion of the total requirement sourced domestically.
The demand for Transformer Oils is
mainly dependent on the development, growth and expansion of the power
generation and transmission infrastructure in the country, whereas that for
Liquid Paraffins and White Oils is decided by the demand for cosmetics,
pharmaceuticals and personal care products.
Automotive, Industrial and Marine
sectors are the three sectors that constitute the Lubricant Products business.
The demand for this sector is decided by the general industrial and economic
conditions in the country. The personal and commercial transportation and agricultural
equipment categories of the automobile sector decide the demand for the
automotive lubricants, whereas the demand for industrial & marine
lubricants is decided by the extent of industrial activity and general economic
environment.
Host of domestic and multinational
companies are fiercely competing in this segment in India.
WIND POWER:
The power sector is one of the
crucial inputs to the growth of industrial sectors and overall economic growth
of India. It has been rightly awarded the status of an infrastructure sector.
Renewable energy which is no longer “alternate energy” plays an immense role to
fulfill this need. These sources will not only enhance independency of energy
but also help in many ways such as mitigation of climate change, swift development
of rural areas, improved health status and is the best way to move towards
sustainable development. Therefore, it is Country’s desire to move towards a
better future with cleaner power in order to bridge the growing gap between
power demand and supply. Wind power being a mature technology hedges against
future fuel price increases and helps to reduce nation’s dependence on
conventional power based on fossil fuels.
During the year, India has added wind
power installed capacity of 2.1 GW against 1.7 GW capacity additions during the
previous year. This increase in capacity addition can be attributed to the
reintroduction of the Generation Based Incentive (GBI) scheme and the revision
of preferential tariffs in few states. As on 31.03.2014, the cumulative
installed capacity for wind energy in India stood at 21.1 GW out of the total
renewable energy installed capacity of 31.71 GW. Wind Energy accounts for 67%
of the total renewable energy installed capacity.
FUTURE
OUTLOOK
PETROLEUM
PRODUCTS:
Considering that power is one of the
thrust areas of the Government, the demand for Transformer Oil in the year
2014-15 is expected to show growth. The volatility in crude oil prices and
currency rates coupled with growth in the automotive sector going forward will
decide the demand for the Lubricant Products. The discretionary spending
capacity of the general masses resulting out of the budgetary concessions is
likely to show growth for personal care products, which in turn could result in
growth potential for Liquid Paraffins and White Oils.
WIND POWER:
The paralysis that currently plagues
the renewable energy sector, resulting in the stop/start policy situation which
has hampered market growth over the past two years, will hopefully come to an
end with the new Government. The Finance Minister is likely to reinstate
Accelerated Depreciation (AD) and also extended the sunset clause (80IA) of tax
holiday upto March 2017. Both these benefits will attract investors to the
sector who backed out due to withdrawal of AD in 2012. With the global economy
trending towards recovery and several new policies being introduced to
encourage the use of renewable energy in India, the industry seems to be poised
for significant growth.
The sector is expected to witness
significant capacity installation in 2014-15 on account of the above mentioned
favourable developments in addition to GBI scheme and improvement of
preferential tariffs by various states. The Government is implementing the
Green Energy Corridors project, which aims to strengthen the power evacuation
infrastructure in the country to facilitate renewable energy integration. The
project is expected to give a further boost to investments in the sector.
Ministry of New & Renewable
Energy (MNRE) plans to launch National Wind Energy Mission (NWEM) during the
year 2014 which aims to streamline the policy and regulatory difficulties to
instill new hope and enthusiasm in the sector. Thi mission intends to address
various issues and challenges faced by wind energy sector which include
adequate evacuation and transmission infrastructure, facilitating finance,
charting the offshore roadmap, etc.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
a) Letters of Credit |
135.459 |
242.908 |
|
b) Guarantees/Bonds |
214.553 |
224.295 |
|
c) Disputed demands |
|
|
|
i) Excise and Customs |
144.667 |
192.124 |
|
ii) Sales Tax |
130.710 |
136.406 |
|
iii) Income Tax |
100.324 |
78.402 |
|
iv) Others |
13.177 |
14.914 |
FIXED ASSETS
œ Freehold Land
œ Leasehold Land
œ Buildings
œ Wind Power Plants
œ Plant & Equipment
œ Furniture and Fixtures
œ Office Equipment’s
œ Vehicles
œ Computer Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
(Rs.
In millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 (Unaudited) |
|
Net Sales / Income from Operations |
4856.135 |
|
Other Operating Income |
47.451 |
|
Total Income |
4903.586 |
|
Expenditure |
|
|
a) Cost of Materials consumed |
3877.777 |
|
b) Purchase of Traded Goods |
143.077 |
|
c) Changes in inventories of Finished goods,
Traded goods |
137.936 |
|
d) Employee benefits expense |
84.771 |
|
e) Depreciation and amortisation expense |
86.146 |
|
f) Exchange gain / loss |
60.499 |
|
g) Other Expenditure |
419.102 |
|
Total Expenditure |
4809.308 |
|
Profit from Operations
before Other Income, Interest & Finance Charges |
94.278 |
|
Other Income |
11.028 |
|
Profit from Operations
before Interest & Finance Charges |
105.306 |
|
Finance Charges |
30.136 |
|
Profit / (Loss) from
Ordinary Activities after financial costs but before exceptional item |
75.170 |
|
Exceptional Item |
-- |
|
Profit / (Loss) from
Ordinary Activities Before Tax |
75.170 |
|
Tax Expense |
12.056 |
|
Net Profit / (loss) for
the period |
63.114 |
|
Paid up Equity Share
Capital (Face value of share of Rs. 10/- each) |
146.021 |
|
Reserves excluding
Revaluation Reserve |
|
|
Earnings per share EPS - (Basic and Diluted) |
4.32 |
|
|
|
|
PART II |
|
|
PARTICULARS OF SHAREHOLDING |
|
|
Public Shareholding |
|
|
- Number of shares |
4151118 |
|
- Percentage of Shareholding Promoters and
promoter group Shareholding |
28.43 |
|
a) Pledged / Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
|
- Percentage of shares (as a% of the total share
capital of the company) |
-- |
|
b) Non-encumbered |
|
|
- Number of shares |
10450965 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of shares (as a% of the total share
capital of the company) |
71.57 |
|
|
|
|
INVESTOR
COMPLAINTS (NOS.) |
30.06.2014 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
-- |
NOTE:
1. Previous quarter's / year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter/year classification.
2. The figures for the quarter ended March 31, 2014 are balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter ended December 31, 2013.
3. Depreciation for the current quarter, based on Schedule II to the Companies Act, 2013 is higher by Rs. 75.43 lacs as compared to depreciation computed as per the provisions of Companies Act, 1956. Depreciation in respect of assets having completed their useful life as per the said schedule would be adjusted in the opening reserves.
4. Exceptional Income represents compensation on termination of technical collaboration agreements with Idemitsu Lube India Private Limited
5. The statutory auditors have carried out a limited review of the financial results for the quarter ended June 30, 2014.
6. The above unaudited financial results (provisional) were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on July 21, 2014.
UNAUDITED
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH
JUNE, 2014
|
SEGMENT REVENUES |
30.06.2014 |
|
Petroleum Products |
4805.890 |
|
Wind Power |
107.870 |
|
Other Unallocated |
0.854 |
|
Net Sales /
Income from Operations |
4914.614 |
|
|
|
|
Segment Results |
|
|
Profit before taxation and Finance Costs for each segment |
|
|
Petroleum Products |
86.730 |
|
Wind Power |
51.291 |
|
TOTAL |
138.021 |
|
Less: i) Finance Costs |
30.136 |
|
ii) Other un-allocable expenditure Net off un-allocable revenue |
32.715 |
|
Total Profit
before tax |
75.170 |
|
|
|
|
Capital Employed
: (Segment Assets- Segment Liabilities) |
|
|
Petroleum Products |
5222.037 |
|
Wind Power |
906.218 |
|
Other Unallocated |
(360.540) |
|
TOTAL |
5767.715 |
NOTE:
1. Previous quarters/year's figures have been regrouped / rearranged wherever necessary to conform to those of current quarter / year classification.
2. Segment results for the year ended 31st March, 2014 include exceptional income being compensation on termination of technical collaboration agreement with Idemitsu Lube India Private Limited.
3. 'The figures for the quarter ended 3lst March, 2014 are balancing figures between the audited figures in respect of the full financial year and the year to date figures upto the third quarter ended 31s December, 2013.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.57 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
66 |
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.