MIRA
INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT FLUOROCHEMICALS LIMITED |
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Registered
Office : |
Survey No 16/3, 26 and 27 Ranjitnagar, Ghoghamba Taluka, Panchmahal -
389380, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
04.02.1987 |
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Com. Reg. No.: |
04-009362 |
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Capital
Investment / Paid-up Capital : |
Rs. 109.850 Millions |
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CIN No.: [Company Identification
No.] |
L24110GJ1987PLC009362 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG01210G |
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PAN No.: [Permanent Account No.] |
AAACG6725H |
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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 Trader of Refrigeration Gases and etc. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined resulting into sharp dip in
profit of the company during financial year 2014. However, the rating takes into consideration company’s healthy
financial risk profile and decent liquidity position of the company. Trade relation 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
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 |
AA- (Long Term Rating) |
|
Rating Explanation |
High degree at safety and very low credit
risk. |
|
Date |
04.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree at safety and lowest
credit risk. |
|
Date |
04.03.2014 |
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 BY
|
Name : |
Mr. Kaushal Patel |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9898021913 |
|
Date : |
26.09.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Survey No 16/3, 26 And 27 Ranjitnagar, Ghoghamba Taluka, Panchmahal – 389380,
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Tel. No.: |
91-2678-248153 |
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Fax No.: |
91-2641-256072 |
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E-Mail : |
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Website : |
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Corporate Office : |
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Factory 2 : |
Dahej Project Plot No 12A, GIDC Dahej Industrial Estate, Taluka vagra District,
Bharuch, |
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Regional Offices / Refrigerant Gas Division : |
INOX Towers, Plot No. 17, Sector 16-A, Noida – 201301, Uttar Pradesh, India. |
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Tel. No.: |
91-120-6149600 |
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Fax No.: |
91-120-6149610 |
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Marketing Office : |
Western Region INOX APL, A/2, TTC Industrial area, Off Thane Belapur Road, Pawane MIDC, Navi Mumbai – 400 710, Maharashtra, India |
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Tel. No.: |
91-22-3294 4123 |
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Fax No.: |
91-22-2767 2458 |
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Marketing Office : |
Southern Region 3C, III Floor, |
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Tel. No.: |
91-44-2819 2373 |
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Fax No.: |
91-44-2819 2374 |
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Branch Office : |
Flat No 68, Jolly Maker Chambers No 2, Near Bajaj Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22 - 22041860 |
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Fax No.: |
91-22-22855675 / 22025588 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Devendra Kumar Jain |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Shailendre D Swarup |
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Designation : |
Independent Director |
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Date of Birth/Age : |
20.11.1944 |
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Date of Appointment : |
01.01.1988 |
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Name : |
Mr. Pavan Jain |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Vivek Jain |
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Designation : |
Managing Director |
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Date of Birth/Age : |
30.08.1955 |
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Date of Appointment : |
04.02.1987 |
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Name : |
Mr. Dinesh Kumar Sachdeva |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
12.12.1944 |
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Date of Appointment : |
29.11.1996 |
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Name : |
Mr. Jitendra Singh Bedi |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
13.08.1953 |
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Date of Appointment : |
31.10.2006 |
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Name : |
Mr. Om Prakash. Lohia |
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Designation : |
Independent Director |
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|
Name : |
Dr. S. Rama lyer |
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Designation : |
Independent Director |
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Name : |
Mr. Deepak Asher |
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Designation : |
Director and Group Head Corporate Finance |
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Name : |
Mr. Shanti Prasad Jain |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. B.V. Desai |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Kaushal Patel |
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Designation : |
Finance Manager |
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Audit Committee |
Shri Devendra Kumar Jain Shri Shanti Prasad Jain Shri Shailendra Swarup |
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 |
|
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|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
|
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|
154900 |
0.14 |
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|
76756415 |
69.87 |
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|
76911315 |
70.01 |
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Total shareholding of Promoter and Promoter
Group (A) |
76911315 |
70.01 |
|
(B) Public Shareholding |
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|
2539793 |
2.31 |
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|
37798 |
0.03 |
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|
500 |
0.00 |
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|
1836321 |
1.67 |
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|
2000 |
0.00 |
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|
2000 |
0.00 |
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|
4416412 |
4.02 |
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|
12345768 |
11.24 |
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|
8694610 |
7.91 |
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|
5718476 |
5.21 |
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|
1763419 |
1.61 |
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|
1015966 |
0.92 |
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|
720453 |
0.66 |
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|
27000 |
0.02 |
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|
28522273 |
25.96 |
|
Total Public shareholding (B) |
32938685 |
29.99 |
|
Total (A)+(B) |
109850000 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
109850000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Refrigeration Gases and etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
· The Royal Bank of Scotland · HDFC Bank Limited · DBS Bank Ltd. · Citibank N.A. · BNP Paribas · Yes Bank Limited · Axis Bank Limited · ING Vysya Bank Limited · Societe Generale · Indusind Bank Limited · ICICI Bank Limited · Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
M/s. Patankar and Associates Chartered Accountants |
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Holding Company: |
Inox Leasing and Finance Limited |
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Subsidiary
Companies: |
· Inox Leisure Limited · Inox Infrastructure Limited · Inox Wind Limited (IWL) · Inox Wind Infrastructure Services Limited (IWISL) Subsidiary of IWL (Incorporated on 11th May 2012) · Marut Shakti Energy Limited- Subsidiary of IWISL (w.e.f. 13th September, 2013) · Inox Renewables Limited (IRL) · Inox Renewables Jaisalmer Limited- Subsidiary of IRL (Incorporated on 24th July, 2012) · Gujarat Fluorochemicals Americas LLC, U.S.A. (GFL Americas LLC) · GFL Singapore Pte Limited · GFL GM Fluorspar SA -Subsidiary of GFL Singapore Pte. Limited · Gujarat Fluorochemicals GmbH, Germany (Incorporated on 6th September, 2013) |
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Joint Venture: |
· Xuancheng HengYuan Chemical Technology Co. Ltd (XHCT Co. Ltd) · Swarnim Gujarat Fluorspar Private Limited (Incorporated on 19th June, 2012) |
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Enterprises over which
Key Management Personnel, or his relative, has significant influence : |
· Devansh Gases Private Limited · Devansh Trading and Finance Private Limited · Inox India Limited · Inox Air Products Limited · Inox Chemicals Private Limited · Refron Valves Limited · Rajni Farms Private Limited · Sidhapavan Trading and Finance Private Limited · Siddho Mal Investments Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.1/- each |
Rs.200.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109850000 |
Equity Shares |
Rs.1/- each |
Rs.109.850
Millions |
|
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Terms/rights attached
to equity shares
The Company has only one class of equity shares having a par value of Re 1 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, in proportion of their shareholding, after distribution of all preferential amounts, if any. During the year the Company has paid interim dividend of Rs. Nil per equity share (previous year Re. 1.50 per equity share). Further, final dividend of Rs. 3.50 per equity share (previous year Rs. 2.00 per equity share) is proposed to be distributed to the equity shareholders. The total distribution of dividend to the equity shareholders for the year is Rs. 3.50 per share (previous year Rs. 3.50 per share).
Shares held by
holding company
|
Particulars |
Nos. |
Rs. (In Millions) |
|
Inox Leasing and Finance Limited |
57715310 |
57.715 |
|
|
(57715310) |
(57.715) |
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
Nos. |
holding % |
|
Inox Leasing and Finance Limited |
57715310 |
52.54% |
|
|
(57715310) |
(52.54%) |
|
Devansh Trading and Finance Private Limited |
6662360 |
6.06% |
|
|
(6662360) |
(6.06%) |
|
Siddhapavan Trading and Finance Private Limited |
5576440 |
5.08% |
|
|
(5576440) |
(5.08%) |
Details of shares bought
back in the immediately preceding five years
59,30,000 Equity shares were bought back in the Financial Year 2008-09
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 |
109.850 |
109.850 |
109.850 |
|
(b) Reserves &
Surplus |
25137.078 |
24842.715 |
21307.826 |
|
(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) |
25246.928 |
24952.565 |
21417.676 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2931.033 |
3344.258 |
3938.188 |
|
(b) Deferred tax
liabilities (Net) |
2019.917 |
1583.153 |
1306.773 |
|
(c) Other long term
liabilities |
23.598 |
20.520 |
20.520 |
|
(d) long-term provisions |
74.193 |
71.918 |
62.116 |
|
Total Non-current
Liabilities (3) |
5048.741 |
5019.849 |
5327.597 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3520.218 |
4562.007 |
3690.862 |
|
(b) Trade payables |
1201.886 |
1022.937 |
1209.207 |
|
(c) Other current
liabilities |
1009.509 |
1407.506 |
2557.181 |
|
(d) Short-term provisions |
501.549 |
304.288 |
387.915 |
|
Total Current Liabilities
(4) |
6233.162 |
7296.738 |
7845.165 |
|
|
|
|
|
|
TOTAL |
36528.831 |
37269.152 |
34590.438 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15945.870 |
16052.628 |
16045.213 |
|
(ii) Intangible Assets |
335.340 |
195.421 |
223.147 |
|
(iii) Capital
work-in-progress |
4282.338 |
3909.915 |
2534.002 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
2541.838 |
2690.758 |
2882.066 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4127.780 |
3930.510 |
3617.160 |
|
(e) Other Non-current
assets |
0.100 |
0.053 |
0.000 |
|
Total Non-Current Assets |
27233.266 |
26779.285 |
25301.588 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2096.250 |
2050.000 |
50.001 |
|
(b) Inventories |
3169.540 |
4211.120 |
4144.017 |
|
(c) Trade receivables |
3167.192 |
3308.880 |
2478.331 |
|
(d) Cash and cash
equivalents |
84.803 |
192.586 |
2113.404 |
|
(e) Short-term loans and
advances |
558.182 |
578.299 |
487.895 |
|
(f) Other current assets |
219.598 |
148.982 |
15.202 |
|
Total Current Assets |
9295.565 |
10489.867 |
9288.850 |
|
|
|
|
|
|
TOTAL |
36528.831 |
37269.152 |
34590.438 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
11409.358 |
15960.809 |
20689.961 |
|
|
Other Income |
650.595 |
569.038 |
576.395 |
|
|
TOTAL (A) |
12059.953 |
16529.847 |
21266.356 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3208.416 |
3034.728 |
2523.534 |
|
|
Purchases of
Stock-in-Trade |
9.252 |
20.956 |
53.001 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
410.484 |
(750.826) |
(942.965) |
|
|
Employees benefits
expense |
806.945 |
745.333 |
665.284 |
|
|
Other expenses |
5076.554 |
5887.970 |
7606.515 |
|
|
TOTAL (B) |
9511.651 |
8938.161 |
9905.369 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2548.302 |
7591.686 |
11360.987 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
552.846 |
689.460 |
571.300 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1995.456 |
6902.226 |
10789.687 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1017.012 |
963.827 |
778.159 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
978.444 |
5938.399 |
10011.528 |
|
|
|
|
|
|
|
Less |
TAX (H) |
234.264 |
1954.966 |
5695.563 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
744.180 |
3983.433 |
4315.965 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
72.200 |
37.400 |
18.300 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
300.000 |
3500.000 |
3850.000 |
|
|
Interim Dividend |
0.000 |
164.800 |
219.700 |
|
|
Proposed Dividend subject
to approval of the shareholders |
384.500 |
219.700 |
164.800 |
|
|
Tax on Dividend |
65.300 |
64.000 |
62.400 |
|
|
Total (M) |
749.800 |
3948.500 |
4296.900 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S
(J+K+L-M) |
66.580 |
72.333 |
37.365 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4135.847 |
7967.493 |
14601.509 |
|
|
Dividend |
0.000 |
21.676 |
7.844 |
|
|
Other recoveries on
Exports |
116.801 |
70.621 |
60.969 |
|
|
Other Operating Income |
16.807 |
867.375 |
|
|
|
TOTAL EARNINGS |
4269.455 |
8927.165 |
14670.322 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1398.593 |
1215.626 |
2458.442 |
|
|
Fuel |
528.827 |
533.771 |
603.418 |
|
|
Traded goods |
2.914 |
15.768 |
28.061 |
|
|
Components and Stores
parts |
55.919 |
146.836 |
114.408 |
|
|
Capital Goods |
61.204 |
391.217 |
332.903 |
|
|
TOTAL IMPORTS |
2047.457 |
2303.218 |
3537.232 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
--
Basic |
6.77 |
36.22 |
68.55 |
|
|
--
Diluted |
6.77 |
36.26 |
39.29 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
6.17 |
24.10 |
20.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.58 |
37.21 |
48.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.29 |
19.36 |
34.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.24 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.26 |
0.32 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.44 |
1.18 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
109.850 |
109.850 |
109.850 |
|
Reserves & Surplus |
21307.826 |
24842.715 |
25137.078 |
|
Net worth |
21417.676 |
24952.565 |
25246.928 |
|
|
|
|
|
|
long-term borrowings |
3938.188 |
3344.258 |
2931.033 |
|
Short term borrowings |
3690.862 |
4562.007 |
3520.218 |
|
Total borrowings |
7629.050 |
7906.265 |
6451.251 |
|
Debt/Equity ratio |
0.356 |
0.317 |
0.256 |
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 |
20689.961 |
15960.809 |
11409.358 |
|
|
|
-22.857 |
-28.516 |
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 |
20689.961 |
15960.809 |
11409.358 |
|
Profit |
4315.965 |
3983.433 |
744.180 |
|
|
20.86% |
24.96% |
6.52% |
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 |
No |
|
8] |
No. of
employees |
No |
|
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 |
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 |
Yes |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major Shareholders,
if available |
No |
|
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:
HIGH COURT OF GUJARAT
COMPANY PETITION No. 107 of 2014
|
Status : PENDING |
(Converted from :
O/ST/1162/2014 ) |
CCIN No : 001058201400107 |
|
|||
|
Next Listing Date: |
08/10/2014 |
|
||||
|
Coram |
HONOURABLE MR.JUSTICE N.V. ANJARIA |
||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
SARENS HEAVY LIFT INDIA PVT. LTD. |
MR HEMANG M SHAH for: Petitioner(s) |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
GUJARAT FLUOROCHEMICALS LIMITED |
MR SP MAJMUDAR FOR : Respondents(s) |
|
Presented On |
: 05/05/2014 |
Registered On |
: 07/05/2014 |
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 9 times |
|
StageName |
: NOTICE RETURNABLE MATTERS |
||
|
Classification Act |
·
SJ – OJ – COMPANY APPLICATION – COMPANIES ACT, 1956 – WINDING
UP – 433 AND 434 ·
Companies act, 1956 |
||
OFFICE DETAILS
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
05/05/2014 |
VAKALATNAMA |
MR HEMANG M SHAH ADVOCATE |
5 |
MR HEMANG M SHAH(5399) for P:1 |
|
2 |
05/05/2014 |
MEMO OF APPEAL/PETITION/SUIT |
MR HEMANG M SHAH ADVOCATE |
100 |
MR HEMANG M SHAH(5399), for P:1 |
|
3 |
15/07/2014 |
AFFIDAVIT OF DS |
MR HEMANG M SHAH ADVOCATE |
0 |
MR HEMANG M SHAH(5399) for P:1 |
|
4 |
22/07/2014 |
VAKALATNAMA |
MR SP MAJMUDAR FOR Respondents(s) |
5 |
MR SP MAJMUDAR (3456) FOR R:1 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT – 2013-14
PTFE / Chemicals
Business
Industry structure
and developments
Total global PTFE market is around 150000 tpa, of which 60% is granular and 40% is fine powder and aqueous dispersion grades. The market is growing at a CAGR of 3-4% for last several years. However, it had witnessed significant upheaval during last 3-4 years. After having seen a period of shortage and rising prices, the market entered a period of surplus and falling prices. During the financial year the prices remained subdued and demand sluggish, though there have been some signs of recovery towards the end of the year. Going forward, demand is expected to get a boost due to increased usage in architectural and household applications.
In terms of supply, the industry is dominated by two kinds of players – long term, high quality, large players from developed countries, who command around 50% market share, and new players from developing countries who have around 50% market share. There is a distinct shift occurring towards the later.
The Company entered the PTFE business in 2008, and in a short span of time, became a significant player in the global market. The Company is perceived as a high quality PTFE supplier, who works closely with customers to meet their requirements. With the present capacity of about 16,000 tpa, The Company caters to a significant share of the global market, putting it in the bracket of the top 3-4 PTFE suppliers globally. The Company has also introduced in the market various grades of fine powders and aqueous dispersion PTFE. Consistent with its commitment towards the environment, the Company manufactures fine powder and aqueous dispersion PTFE grades manufactured by using environment friendly surfactant technology.
The company has managed to retain its market share and has added a number of key customers with its relentless marketing efforts. In its efforts to be closer to the customer, The Company has incorporated a subsidiary in Germany, in addition to the subsidiary in the US.
Indian market for PTFE is around 3000 – 3500 tpa, growing at a healthy 7 – 8% per annum. The Company has around 70% market share in India, being the only significant producer in the country. There is an immense latent potential for higher PTFE demand and the Company is working with Indian PTFE processors to develop new products and applications to spur higher growth and demand in the domestic market.
Globally, established players are moving to higher value added polymers, leaving the space in the traditional PTFE markets for players like The Company. The Company also plans to enter the segment of higher value added fluoropolymers and fluoroelastomers in the near future. Due to its continued marketing efforts the Company has been able to increase its market penetration and enlarge its customer base.
The Company enjoys a significant competitive advantage, because of its integrated operations. It is amongst the most integrated players globally, giving it significant cost competiveness amongst other global players. The Company has placed enormous emphasis on high and consistent quality of all PTFE grades matching the best in the business, by continuous operations and process improvements. The Company has adopted marketing strategies to be proximate with customers and provide value added services such as office and warehousing facilities in the US and EU markets, and technical services to drive value for customers. The Company has enlarged its sales field force both in domestic as well as in international market to further increase its market share.
Segment-wise
product-wise performance
Caustic Soda accounts for around 25% of the Company’s sales in value terms. Caustic soda sales, though increased by 8% in volume terms compared to last year, dropped by around 4% in value terms, largely due to lower price realisations.
Chloromethanes account for around 19% of the Company’s sales in value terms. Chloromethane sales has increased by around 15% in value terms, due to higher price realisations despite remaining the same in volume terms. PTFE accounts for around 38% of the Company’s sales in value terms. PTFE sales recorded increase by 34% in volume terms and 12% in value terms.
Around 24% of the Company’s PTFE sales last financial year came from the domestic market and more than 76% of PTFE sales came from the export markets, in value terms. The Company witnessed a 21% fall in its PTFE exports in value terms.
A bulk of the Company’s PTFE sales, more than 78%, comes from granular PTFE (including modified granular) with dispersion PTFE accounting for 18%, and APTFE for around 4% Granular PTFE sales increased by around 9%.
Outlook
The demand sluggishness and consequently subdued prices witnessed in the previous year spilled over in this year too. However, the US economy in particular, fuelled by shale gas discovery, is expected to do well in the coming year. This is expected to boost the global economy. Therefore, the Company expects the growth momentum in PTFE sales to pick up during this coming financial year.
With the introduction of fine powder and aqueous dispersion grades of PTFE in the product mix and growth in the
modified and compounding businesses, the Company expects value addition in the PTFE business to increase further.
The Company is, in addition to being the largest PTFE producer in the country, also the largest producer of chloromethanes, and a significant player in the caustic soda business in India.
The Company is also seriously considering other products in the fluoropolymer, fluoroelastomers and speciality fluorochemicals segments, and would take investment decisions in these areas shortly, after a complete evaluation of the market, technologies and economics. This would provide an avenue of growth in the near future.
The Company has launched several profit improvement, cost reduction and energy saving projects some of which
have already started yielding good results. During the forthcoming financial year there will be significant contribution on revenues and profitability from these projects.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
3
months ended |
|
|
|
30/06/2014
|
|
A 1 |
|
(Unaudited)
|
|
|
|
|
|
Income from operations |
|
|
|
a) Net Sales / Income from operations
(net of excise duty) |
2821.300 |
|
|
b) Other Operating Income |
15.000 |
|
|
Total Income from
operations (net) |
2836.300 |
|
|
2 |
Expenses |
|
|
a) Cost of materials
consumed |
849.300 |
|
|
b) Purchases of
stock-in-trade |
12.200 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(109.800) |
|
|
d) Employee benefits
expense |
229.200 |
|
|
e) Power and fuel |
843.300 |
|
|
f) Foreign Exchange Fluctuation
(Gain)/Loss (net) |
(4.900) |
|
|
g) Depreciation and
amortization expense |
270.500 |
|
|
h) Other expenses |
527.400 |
|
|
i) Total Expenses (a to h) |
2617.200 |
|
|
3 |
Profit from operations
before other income, finance costs & exceptional items (1-2) |
219.100 |
|
4 |
Other Income |
201.100 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+4) |
420.200 |
|
6 |
Finance costs |
127.500 |
|
7 |
Profit from ordinary activities
after Finance Costs but before exceptional items (5-6) |
292.700 |
|
8 |
Exceptional Items |
58.000 |
|
9 |
Profit from ordinary
activities before tax (7+8) |
234.700 |
|
10 |
Tax Expense |
|
|
a) Current Tax |
5.300 |
|
|
b) MAT Credit Entitlement |
(5.300) |
|
|
c) Deferred Tax |
65.500 |
|
|
d) Taxation in respect of
earlier years |
0.000 |
|
|
Total Provision for
Taxation (a to d) |
65.500 |
|
|
11 |
Net Profit from ordinary
activities after tax |
169.200 |
|
12 |
Extraordinary Items (net of
tax) |
0.000 |
|
13 |
Net Profit for the period
(11-12) |
169.200 |
|
14 |
Earnings Before Interest, Tax
,Depreciation and Amortization
and Exceptional Items (EBITDAE) |
690.700 |
|
15 |
Paid-up Equity Share Capital
(Face value of Re 1 each) |
109.900 |
|
16 |
Reserves excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
17 |
Basic and Diluted Earnings per share (Rs) (Face value of Re 1 each)
- Not annualized |
1.54 |
|
|
|
|
|
Part II |
|
|
|
A |
Particulars of
Shareholding |
|
|
1 |
Public shareholding - Number of shares |
32938685 |
|
|
- Percentage of
shareholding |
29.99% |
|
2 |
Promoters and promoter group Shareholding a) Pledged/Encumbered- Number of shares |
Nil |
|
|
- Percentage of shares (as
a percentage of the total shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shares (as
a percentage of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered - Number
of shares |
76911315 |
|
|
- Percentage of shares (as
a percentage of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shares (as
a percentage of the total share capital of the company) |
70.01% |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of
the quarter |
Nil |
|
|
Received during the quarter
|
3 |
|
|
Disposed off during the
quarter |
3 |
|
|
Remaining un resolved at
the end of the quarter |
Nil |
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435190 |
27/05/2013 |
990,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B78903838 |
|
2 |
10406949 |
31/01/2013 |
2,835,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW G |
B69150712 |
|
3 |
10343720 |
09/03/2012 |
3,075,000,000.00 |
ICICI BANK LIMITED |
Mezzanine Floor,
West Wing, ICICI Bank Limited, |
B35639525 |
|
4 |
10334116 |
08/08/2013 * |
1,028,710,650.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B82783432 |
|
5 |
10295326 |
26/12/2012 * |
920,000,000.00 |
DBS Bank Ltd |
Fort House , Third
Floor, 221, Dr DN Road, Fort, |
B65088643 |
|
6 |
10291692 |
31/01/2013 * |
2,835,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B69149342 |
|
7 |
10112011 |
21/06/2008 |
1,150,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A41780495 |
|
8 |
10112013 |
21/06/2008 |
1,150,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
A41776097 |
|
9 |
10086531 |
17/12/2008 * |
850,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A53463055 |
|
10 |
10059189 |
19/06/2007 |
850,000,000.00 |
ABN Amro Bank N. V. |
71/72, 7th Floor,
Sakhar Bhavan, Nariman Point, |
A18604074 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks |
|
|
|
Cash Credit / |
0.000 |
1206.015 |
|
Packing credit/ Buyers credit/Others |
|
|
|
Rupee Loan |
1750.000 |
1250.000 |
|
Foreign Currency Loans |
846.749 |
1503.953 |
|
Total |
2596.749 |
3959.968 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Claims against Company not acknowledged as debt |
0.722 |
0.722 |
|
Other |
|
|
|
Income Tax |
821.606 |
871.137 |
|
Service Tax |
115.546 |
92.434 |
|
Excise Duty |
141.173 |
84.966 |
|
Custom Duty |
98.751 |
122.297 |
|
Electricity Duty |
120.486 |
120.486 |
|
|
|
|
Notes:
a) Amount of Rs. 8093.33 lacs (previous year Rs. 5488.43 lacs) has been paid in respect of above Income Tax demands and not charged to the Statement of profit and loss.
b) The Company has received CIT(A) order for the Assessment Year 2008-09 and for the Assement Year 2009 10, where in the CIT(A) has confirmed the action of the Assessing Officer in respect of
i. treatment of Investment activity of the Company in respect of investment in shares as a business activity and
ii. the re-computation of the amount of deduction u/s 80IA by applying the regulatory prices in respect of power generated at its captive power units.
The Company has not accepted the orders of the CIT(A) and has preferred appeal before ITAT, Ahmedabad. The said issues were decided in favour of the Company by CIT(A) in earlier years. Consequently, the amount of demands in respect of the above are included in the amount of contingent liabilities in para (A) including for subsequent years where assessment orders are received.
c) During the year, the Income Tax authorities have carried out survey proceedings u/s 133A of the Income Tax Act, 1961 at the Company’s corporate office. The Company has made detailed submissions on various issues raised during the course of survey proceedings and does not expect any material demand in this connection.
FIXED ASSETS
· Land
· Buildings
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· 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 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. 78.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.