MIRA INFORM REPORT
|
Report No. : |
316684 |
|
Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIDILITE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Regent Chambers, 7th Floor, 208, Nariman Point Mumbai –
400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.07.1969 |
|
|
|
|
Com. Reg. No.: |
11-014336 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 512.640 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1969PLC014336 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP06924B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4156B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Consumer and Bazaar Products consist of
mainly Adhesives, Sealants, Art Materials and Construction Chemicals and also
Industrial Products consists of Organic Pigments, Industrial Resins and
Industrial Adhesives. |
|
|
|
|
No. of Employees
: |
4651 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (77) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 58270000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is the
largest adhesive manufacturer in India. It also has worldwide presence in
adhesives, art material, construction chemicals and other industrial chemicals.
It is a well-established and reputed company having excellent track record. The rating
reflect Pidilite’s leadership position in the consumer adhesive and sealant
market segment, its strong brand management, backed by extensive marketing
and distribution network. Rating also
reflects company’s healthy operational risk profile marked by strong
financial base and adequate profitability margins of the company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitment. In view of
established market position backed by reputed brand name, 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
October 20, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
October 20, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-28357000]
LOCATIONS
|
Registered
Office : |
Regent Chambers,
7th Floor, 208, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22822708/
28367085/ 7089 |
|
Fax No.: |
91-22-22043969 |
|
E-Mail : |
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|
Website : |
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Corporate /
Head office: |
Ramkrishna Mandir
Road, Office Mathuradas Vasanji Road, Andheri (East), Mumbai – 4000059,
Maharashtra, India |
|
Tel. No.: |
91-22-28357000/ 30831000/
67697000/ 7949 |
|
Fax No.: |
91-22-28357008/ 28357700/
28216007 |
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E-Mail : |
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Factory : |
·
Plot
No. A-22, M. I. D. C. Mahad, District Raigad - 402309, Maharashtra, India Tel. No. 91-2145-232043/ 44/ 45/ 46 Fax. No. 91-2145-232054/ 232048 ·
Plot No.
78-79, G. I. D. C. Industrial Estate, Vapi, District Valsad - 396195,
Gujarat, India Tel. No. 91-2638-230215/ 230521 Fax. No. 91-2638-230199 ·
Plot
No. 23, G. I. D. C. Industrial Estate, Vapi, District Valsad - 396195,
Gujarat, India Tel. No. 91-2638-230520/ 231517 Fax. No. 91-2638-231085 ·
Plot
No. 25,26,39,40 Jawahar Co-operative Industrial Estate, Kamothe, Panvel,
District Raigad - 410206, Maharashtra, India Tel. No. 91-22-27421021/ 27421856 Fax. No. 91-22-2742332 ·
Plot
No. 19, Taloja Industrial Estate, Taloja, District Raigad, Maharashtra, India Tel. No. 91-22-27410376/ 77 Fax. No. 91-22-27410376 · Daman (Union Territory of India) · Kala Amb (Himachal Pradesh) · Baddi (Himachal Pradesh) · Secunderabad (Andhra Pradesh) ·
Guwahati (Assam) |
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|
|
|
Branch Offices
: |
Located
at: ·
Ahmedabad ·
Bangalore ·
Chandigarh ·
Chennai ·
New Delhi ·
Kanpur ·
Nagpur |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. M. B. Parekh |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. N. K. Parekh |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. R. M. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. J. Jhaveri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B S. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ranjan Kapur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yash Mahajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev Aga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. B. Parekh |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. A N Parekh |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R Sreeram |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Uday Khanna |
|
Designation : |
Director (w.e.f.03.04.2014) |
|
|
|
|
Name : |
Meera Shankar |
|
Designation : |
Director (w.e.f.30.07.2014) |
KEY EXECUTIVES
|
Name : |
Mrs. Savithri Parekh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
271965868 |
53.05 |
|
|
85907932 |
16.76 |
|
|
357873800 |
69.81 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
357873800 |
69.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16527020 |
3.22 |
|
|
124160 |
0.02 |
|
|
442084 |
0.09 |
|
|
4100347 |
0.80 |
|
|
78327343 |
15.28 |
|
|
1130528 |
0.22 |
|
|
1130528 |
0.22 |
|
|
100651482 |
19.63 |
|
|
|
|
|
|
7396368 |
1.44 |
|
|
|
|
|
|
38763119 |
7.56 |
|
|
7978061 |
1.56 |
|
|
54137548 |
10.56 |
|
Total Public shareholding (B) |
154789030 |
30.19 |
|
Total (A)+(B) |
512662830 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
512662830 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Consumer and Bazaar Products consist of
mainly Adhesives, Sealants, Art Materials and Construction Chemicals and also
Industrial Products consists of Organic Pigments, Industrial Resins and
Industrial Adhesives. |
|
|
|
|
Brand Names : |
· Fevicol · Terminator · M-Seal · Holdtite ·
Fevikwik |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
4651 (Approximately) |
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Bankers : |
· Indian Overseas Bank · Corporation Bank · ICICI Bank · The Royal Bank of Scotland N.V. ·
HDFC Bank |
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Facilities : |
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||||||||||||||||||||||
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|
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Banking
Relations : |
-- |
|
|
|
|
Solicitors and
Advocates : |
Wadia Ghandy and Company |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
· Mahajan and Aibara · Ernst and Young |
|
|
|
|
Significant
Influence : |
Parekh Marketing Limited Kalva Marketing and Services Limited |
|
|
|
|
Substantial Interest
in Voting Power (Associate) : |
Vinyl Chemicals (India) Limited |
|
|
|
|
Subsidiary Company
: |
· Nitin Enterprises · Fevicol Company Limited · Bhimad Commercial Co Private Limited · Madhumala Traders Private Limited · Pagel Concrete Technologies Private Limited · Building Envelope Systems India Limited · Percept Waterproofing Services Limited · Hybrid Coatings · Pidilite International Pte Limited · Pidilite Middle East Limited · Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda · Pidilite USA Inc · Jupiter Chemicals (LLC) · PT Pidilite Indonesia · Pidilite Speciality Chemicals Bangladesh Private Limited · Pidilite Innovation Centre Pte Limited · Pidilite Industries Egypt – SAE · Pidilite Bamco Limited · Pidilite South East Asia Limited · Bamco Supply Services Limited · PIL Trading Egypt (LLC) ·
Pidilite Industries Trading (Shanghai) Co
Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 700.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
512,642,330 |
Equity Shares |
Re. 1/- each |
Rs. 512.640 Million |
|
|
|
|
|
a. Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
|
PARTICULARS |
31st March 2014 |
|
|
|
Number of Shares |
Rs. in Million |
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
512,642,330 |
512.640 |
|
Shares issued
during the year upon conversion of Foreign Currency Convertible Bonds |
-- |
-- |
|
Shares outstanding at the end of the year |
512,642,330 |
512.640 |
b. Terms/ Rights attached
to equity shares
The Company has
only one class of equity shares having a par value of 1 per share. Each holder
of equity shares is entitled to one vote per share. The Company declares and
pays dividend in Indian rupees. The final 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, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in the
proportion of their shareholding.
During the year
ended 31st March, 2014, the amount of per share dividend recognised as
distribution to equity shareholders is 2.70 (2.60).
c. Details of
shareholders holding more than 5% shares in the Company:
|
PARTICULARS |
31st March 2014 |
|
|
|
Number of Shares held |
% of Holding |
|
Madhukar Balvantray Parekh |
56,977,568 |
11.11 |
|
Narendrakumar Kalyanji Parekh |
54,332,178 |
10.59 |
|
Ajay Balvantray Parekh |
49,148,590 |
9.58 |
|
Sushilkumar Kalyanji Parekh |
45,969,560 |
8.97 |
|
Genesis Indian Investment Co. Limited - General Sub fund |
39,863,145 |
7.78 |
|
Devkalyan Sales Private Limited |
26,074,280 |
5.09 |
d. Aggregate number of bonus shares issued, shares issued
for consideration other than cash and shares bought back during the period of
five years, immediately preceding the reporting date:
|
PARTICULARS |
Number of Shares |
|
Equity Shares |
|
|
Allotted as fully paid bonus shares (in 2009-10) |
253,067,306 |
|
Allotted on Conversion of FCCB (in 2011-12 and 2012-13) |
6,507,718 |
* In 2008-09,
Company had transferred 6,000 Equity Shares from Bonus Shares Issue Suspense
Account to Equity Share Capital Account on account of settlement of dispute for
title of shares. However, no new shares were allotted.
e. The Company had
issued on 6th December, 2007, 400 Foreign Currency Convertible Bonds (FCCB) of
US$100,000 each, which were convertible into Equity shares at any time upto 1st
December, 2012. The due date for redemption of FCCBs was 7th December, 2012. As
on 7th December, 2012, the balance outstanding FCCBs aggregating 205 Bonds were
redeemed by the Company.
f. Equity Shares reserved for issuance under
Employee Stock Option Scheme, 2012:
|
PARTICULARS |
Number of Shares |
|
|
|
|
Equity Shares of Re.1 each |
300,000 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
512.640 |
512.640 |
507.650 |
|
(b) Reserves & Surplus |
19882.510 |
16811.730 |
13208.990 |
|
(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) |
20395.150 |
17324.370 |
13716.640 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
922.970 |
|
(b) Deferred tax liabilities (Net) |
508.270 |
483.620 |
454.270 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
196.650 |
142.870 |
101.380 |
|
Total
Non-current Liabilities (3) |
704.920 |
626.490 |
1478.620 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
76.840 |
0.000 |
0.000 |
|
(b)
Trade payables |
3011.380 |
2071.370 |
1702.280 |
|
(c)
Other current liabilities |
2859.590 |
3727.730 |
4928.640 |
|
(d)
Short-term provisions |
1844.230 |
2035.720 |
1179.460 |
|
Total
Current Liabilities (4) |
7792.040 |
7834.820 |
7810.380 |
|
|
|
|
|
|
TOTAL |
28892.110 |
25785.680 |
23005.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5351.310 |
5120.010 |
4717.130 |
|
(ii)
Intangible Assets |
761.670 |
217.130 |
242.090 |
|
(iii)
Capital work-in-progress |
4310.890 |
4087.090 |
3713.350 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3396.620 |
2773.220 |
2418.830 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
641.050 |
750.840 |
249.510 |
|
(e)
Other Non-current assets |
59.290 |
47.540 |
1.370 |
|
Total
Non-Current Assets |
14520.830 |
12995.830 |
11342.280 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2341.340 |
2696.180 |
909.160 |
|
(b)
Inventories |
5082.010 |
4511.640 |
3963.040 |
|
(c)
Trade receivables |
4536.000 |
3667.630 |
3261.180 |
|
(d)
Cash and cash equivalents |
1451.810 |
1368.240 |
2577.190 |
|
(e)
Short-term loans and advances |
851.500 |
477.390 |
859.870 |
|
(f)
Other current assets |
108.620 |
68.770 |
92.920 |
|
Total
Current Assets |
14371.280 |
12789.850 |
11663.360 |
|
|
|
|
|
|
TOTAL |
28892.110 |
25785.680 |
23005.640 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
38782.400 |
33316.910 |
28163.200 |
|
|
|
Other Income |
429.420 |
658.970 |
427.670 |
|
|
|
TOTAL |
39211.820 |
33975.880 |
28590.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20022.840 |
16966.670 |
14637.410 |
|
|
|
Purchases of Stock-in-Trade |
1800.490 |
1561.210 |
1316.060 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(422.630) |
(321.820) |
(279.160) |
|
|
|
Employees benefits expense |
3582.580 |
3010.290 |
2611.560 |
|
|
|
Other expenses |
7070.420 |
6010.700 |
5013.240 |
|
|
|
TOTAL |
32053.700 |
27227.050 |
23299.110 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7158.120 |
6748.830 |
5291.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
96.900 |
80.170 |
245.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7061.220 |
6668.660 |
5046.720 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
686.250 |
532.410 |
479.260 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEM |
64.960 |
(59.440) |
126.290 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6310.010 |
6195.690 |
4441.170 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1623.930 |
1588.090 |
1096.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4686.080 |
4607.600 |
3345.060 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
3954.420 |
3201.730 |
2643.160 |
|
|
|
Royalty and Technical Know How |
10.070 |
2.600 |
0.000 |
|
|
|
Others |
9.450 |
2.880 |
18.610 |
|
|
TOTAL EARNINGS |
3973.940 |
3207.210 |
2661.770 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Materials |
4792.540 |
3999.210 |
3519.650 |
|
|
|
Capital Goods |
55.060 |
103.500 |
119.340 |
|
|
|
Traded Goods |
622.240 |
665.740 |
639.570 |
|
|
|
Stores & Spares |
5.390 |
0.210 |
0.000 |
|
|
TOTAL IMPORTS |
5475.230 |
4768.660 |
4278.560 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
9.14 |
9.04 |
6.59 |
|
|
|
Diluted
|
9.14 |
9.04 |
6.43 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
12128.900 |
11354.700 |
10815.800 |
|
Total Expenditure |
9798.100 |
9329.700 |
8937.400 |
|
PBIDT (Excl OI) |
2330.800 |
2025.000 |
1878.400 |
|
Other Income |
177.100 |
135.000 |
40.900 |
|
Operating Profit |
2507.900 |
2160.000 |
1919.300 |
|
Interest |
12.500 |
14.400 |
34.900 |
|
Exceptional Items |
(49.100) |
0.000 |
0.000 |
|
PBDT |
2446.300 |
2145.600 |
1884.400 |
|
Depreciation |
227.800 |
288.400 |
277.700 |
|
Profit Before Tax |
2218.500 |
1857.200 |
1606.700 |
|
Tax |
575.700 |
490.800 |
369.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1642.800 |
1366.400 |
1237.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1642.800 |
1366.400 |
1237.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
12.08 |
13.83 |
11.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.46 |
20.26 |
18.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.79 |
32.74 |
26.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.36 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84 |
1.63 |
1.49 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
507.650 |
512.640 |
512.640 |
|
Reserves & Surplus |
13208.990 |
16811.730 |
19882.510 |
|
Net
worth |
13716.640 |
17324.370 |
20395.150 |
|
|
|
|
|
|
Long-term borrowings |
922.970 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
76.840 |
|
Total
borrowings |
922.970 |
0.000 |
76.840 |
|
Debt/Equity ratio |
0.067 |
0.000 |
0.004 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
28163.200 |
33316.910 |
38782.400 |
|
|
|
18.299 |
16.405 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
28163.200 |
33316.910 |
38782.400 |
|
Profit |
3345.060 |
4607.600 |
4686.080 |
|
|
11.88% |
13.83% |
12.08% |
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 |
Yes |
|
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
Presentation Date:
03.03.2015
|
Lodging No.:- |
NMAL/647/2015 |
Filing Date:- |
03.03.2015 |
Main
Matter
|
Lodging No.: |
APPL/69/2014 |
|
Petitioner:- |
JUBILANT AGRI
AND CONSUMER PRODUCTS |
Respondent:- |
PIDILITE
INDUSTRIES LIMITED |
|
Petn. Adv.:- |
MAG LEGAL
(I1295) |
|
|
|
District:- |
Outside
Maharashtra |
|
|
|
Bench:- |
DIVISION |
||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION
(APPEAL) |
|
Next Date:- |
13.04.2015 |
Stage:- |
NOTICE OF MOTION
FOR HEARING [ORIGINAL SIDE MATTERS] |
|
Coram:- |
HON'BLE THE CHIEF
JUSTICE HON'BLE SHRI
JUSTICE G.S. KULKARNI |
|
Act :- |
Code of Civil
Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90218500 |
11/02/2015 * |
1,769,900,000.00 |
INDIAN OVERSEAS
BANK |
INDIAN OVERSEAS
BANK (LEAD BANK), BAKHTAWAR, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA
- 400021, INDIA |
C45140902 |
|
2 |
90242415 |
09/03/2005 * |
954,900,000.00 |
INDIAN OVERSAES
BANK |
INDIAN OVERSEAS
BANK (LEAD BANK), BAKHTAWAR, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA
- 400021, INDIA |
- |
|
3 |
90216221 |
05/12/1995 |
50,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWERS, CUFFE
PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
4 |
90362717 |
05/09/1984 |
150,000.00 |
THE MAHARASHTRA
STATE FINANCIAL CORPORATION |
A.K. NAYAK MARG,
FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
Since its inception in 1959, Pidilite Industries Limited has been a
pioneer in consumer and industrial specialty chemicals in India. The equity
shares of the Company are listed on BSE Limited (BSE) and National Stock
Exchange of India Limited (NSE).
FINANCIAL
PERFORMANCE
The Operating Profit for the year at Rs.7209.000 million increased by
6.8% and Net Profit at Rs.4686.000 million increased by 1.7%. Income tax for the
current year at Rs.1599.000 million is higher by 2.6% due to increase in the
surcharge on income tax from 5% to 10%.
GDP growth and in particular industrial growth in India declined over
last year and was the lowest in comparison to the growth in the last 5 years.
This affected sales of Company’s products.
Sales of Consumer and Bazaar products grew by 16.3%, below the
historical trends.
Sales of Industrial products grew by 15.2%, on account of higher
exports, faster than the 10.6% growth recorded in the previous year.
The Indian Rupee was at Rs.60.05 to a US $ as on 31st March, 2014 as
compared to Rs.54.28 to a US $ as on 31st March, 2013. However the exchange
rate was very volatile with the touching 68.75 to a dollar during the year.
This impacted margins especially in the fourth quarter.
SYNTHETIC
ELASTOMER PROJECT
The Company has decided to explore induction of a strategic partner in
the project. While discussions were held with several interested parties, the
Company is yet to finalize a partner for the project.
The total amount spent on the project during the year is Rs.70.600
million and the total investment in the project stands at Rs.3696.500 million.
INDUSTRY STRUCTURE
AND DEVELOPMENT
There is no material change in the industry structure as was reported in
the last year.
The Company operates under two major business segments i.e. Branded
Consumer and Bazaar Products and Industrial Products.
Products such as Adhesives, Sealants, Art Materials, Construction and
Paint Chemicals are covered under branded Consumer and Bazaar Products segment.
These products are widely used by carpenters, painters, plumbers, mechanics,
households, students, offices, etc.
Industrial Products segment covers products such as Industrial
Adhesives, Synthetic Resins, Organic Pigments, Pigment Preparations,
Surfactants, etc. and caters to various industries like packaging, textiles,
paints, printing inks, paper, leather, etc.
In both the above business segments, there are a few medium to large companies
with national presence and a large number of small size companies that are
active regionally. There is growing presence of multinationals in many of the
product categories in which the Company operates. The share of imports is less
than 10% of domestic volumes in most of the product categories.
The “Other” segment largely consists of the VAM manufacturing unit.
CURRENT YEAR
OUTLOOK
The demand for the Company’s products is linked to the market demand
both in India and worldwide. The current year’s outlook is uncertain. However,
economic scenario is likely to improve towards the year end.
Prices of VAM, a key input for the Company’s products have sharply
increased in the last few months owing to demand supply imbalance in the global
market.
The Company is taking suitable steps for price increases to offset the
cost increase but due to a time lag between increase in costs and pricing
action, margins could be impacted in the short term.
The Company’s major subsidiaries are in USA, Brazil, Thailand, Egypt and
Bangladesh.
The overseas subsidiaries in aggregate are expected to show improved
performance. However, the economic environment in Brazil and Egypt is uncertain
and may have an adverse impact on the performance of subsidiaries in these
countries.
MANAGEMENT
DISCUSSION AND ANALYSIS
STANDALONE
FINANCIALS
Net sales of the Company grew by 16.4%, lower than the growth in the
previous year and below the last 5 year CAGR of 18.9%.
Sales of Consumer and Bazaar products grew by 16.3% while growth in
Industrial Products was 15.2%. Growth of Industrial Products improved due to
higher exports which grew by 22.6%
Margins were impacted in the second half of the year owing to
depreciation in the Rupee and higher costs of key raw materials such as VAM. Actions
are on hand to mitigate these cost increases through commensurate price
increases.
Expenses for brand building and capability building in select functions
were stepped up resulting in Advertising and Sales promotion as well as
manpower costs increasing faster than the sales growth, thereby impacting
profitability.
Consequently “EBIDTA” (earnings before interest, taxes, exceptional
items, foreign exchange differences) excluding non-operating income grew by
11.2%.
In the previous year, non-operating income included one-off gains from
the sale of assets and sale of catalyst. In the absence of such one-off gains
this year, non-operating income declined by 35% resulting in growth in EBIDTA,
including non-operating income, by 6.8%
During the year, the Company offered voluntary retirement to its workmen
in its units in Panvel, Kamothe and Taloja for which a charge of Rs.65 million
was taken.
In the previous year, due to conversion of Foreign Currency Convertible
Bonds “FCCB”, there were write backs on account of interest and exchange gains.
As a result Profit before Tax “PBT” and Profit after Tax “PAT” are not strictly
comparable with the previous year.
PBT increased by 1.8% whereas PAT grew by 1.7%.
PERFORMANCE BY INDUSTRY
SEGMENT
CONSUMER AND
BAZAAR PRODUCTS
Branded Consumer and Bazaar Products Segment contributed 81% of the
total net sales of the Company and grew by 16.3%.
Net sales of branded Adhesives and Sealants grew by 14.6% and
contributed 50% of the total sales of the Company. Construction and Paint
Chemicals grew by 12.8% and Art Materials and other products grew by 32.9%.
Consumer and Bazaar Product sales have grown at a CAGR of 19% over the
last 5 years.
Profit before interest and tax for the Consumer and Bazaar segment
increased by 10.7%.
INDUSTRIAL
PRODUCTS
Industrial Products contributed 19% of the total sales of the Company
and grew by 15.2%.
Profit before interest and tax for the segment was at the same level as
last year.
Others
This segment largely consists of the Vinyl Acetate Monomer (VAM)
manufacturing unit.
The Company continues to import rather than operate the VAM plant, as
the import price of VAM continues to be more favourable.
The speciality acetates manufactured by the Company have found good
market acceptance. The Company is working to expand the range of speciality
acetates and the manufacturing facility is being modified to make the expanded
range of products.
AWARDS
Dr. Fixit Extensa was awarded the Silver Winner by ACETECH Design Wall for the
brand’s consistent commitment to excellence and extraordinary innovation.
The Brand Trust Report India Study 2013
ranked Fevicol 1st in Consumer Products Adhesives in India, followed by Fevikwik
and Fevistik in 2nd and 3rd place.
Fevicol was also ranked
as India’s 62nd Most Trusted Brand in 2013, in Brand Equity’s Most
Trusted brands survey. Fevicol is also the 4th Most Trusted Brand in
the Household Care Category.
Fevicol was ranked 2nd in
the Buzziest Brand 2014, an annual poll conducted by India’s largest
marketing and advertising portal afaqs.com.
The Holdtite Stall won 3rd prize for Best
Stall Design at PlumbexIndia, the country’s only international trade
show for plumbing and other allied products, organized in Mumbai.
Fevikwik.in website won a Bronze for the Best Digital Brand Website in
the Abby Awards 2013.
Fevicol won the Silver
EMVIE in the Best Ambient Media category for an innovative ‘free
store’ activation at a city mall in Mumbai wherein 87 wooden items of all
shapes and sizes were on display. Visitors were offered the opportunity to pull
off any of these items and walk away with it. However, none of the wooden items
could be removed, thereby reinforcing Fevicol as the ultimate and most
reliable glue.
The creative campaigns of Fevicol Marine
‘Ferry’, Fevikwik ‘Hassi Brothers’ and Fevicol ‘Free Store’ activation won
an ENVIE award each.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2014
[RS.
IN MILLION]
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
Income from Operations |
|
|
|
|
Net
Sales/Income from Operations |
10757.300 |
11293.900 |
34123.600 |
|
Other
Operating Income |
58.500 |
60.800 |
175.800 |
|
Total Income from operations (net) |
10815.800 |
11354.700 |
34299.400 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of
materials consumed |
5785.400 |
5919.500 |
17696.800 |
|
(b) Purchase
of stock in trade |
440.500 |
412.700 |
1254.800 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(223.700) |
74.600 |
263.000 |
|
(d) Employee
benefit expenses |
1035.700 |
1045.300 |
3118.000 |
|
(e)
Depreciation and amortization expenses |
277.700 |
288.400 |
793.900 |
|
(f) Other
Expenses |
1896.000 |
1877.200 |
5728.700 |
|
Total Expenses |
9211.600 |
9617.700 |
28855.200 |
|
|
|
|
|
|
Profit from Operations before Other Income,
Finance costs and Exceptional item |
1604.200 |
1737.000 |
5444.200 |
|
Other Income |
40.900 |
135.000 |
349.700 |
|
Profit/ Loss from Ordinary Activities
before Finance costs and Exceptional item |
1645.100 |
1872.000 |
5793.900 |
|
Finance costs |
34.900 |
14.400 |
61.800 |
|
Profit/ Loss from Ordinary Activities after
Finance costs but Exceptional item |
1610.200 |
1857.600 |
5732.100 |
|
Exceptional item |
-- |
-- |
49.100 |
|
Profit/ Loss from Ordinary Activities before Foreign Exchange Difference
Expense/ [Income] |
1610.200 |
1857.600 |
5683.000 |
|
Foreign Exchange Difference Expense/
[Income] |
3.500 |
0.400 |
0.600 |
|
Profit/ Loss from Ordinary Activities
before tax |
1606.700 |
1857.200 |
5682.400 |
|
Tax Expenses |
369.500 |
490.800 |
1436.000 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
1237.200 |
1366.400 |
4246.400 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
1237.200 |
1366.400 |
4246.400 |
|
Paid- up Equity Share Capital (Face value of
the share – Re. 1/-) |
512.700 |
512.600 |
512.700 |
|
Reserves excluding revaluation reserves as
per balance sheet of Previous Accounting Year |
-- |
-- |
-- |
|
Earnings per share (before and after
extraordinary items) (of Re. 1/- each) |
|
|
|
|
Basic |
2.41 |
2.67 |
8.28 |
|
Diluted |
2.41 |
2.67 |
8.28 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of Shares |
154789030 |
153768530 |
154789030 |
|
Percentage of
Shareholding |
30.19 |
30.00 |
30.19 |
|
|
|
|
|
|
2. Promoters and promoter group
shareholding |
|
|
|
|
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) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of Shares |
357873800 |
358873800 |
357873800 |
|
- Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
100 |
100 |
100 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
69.81 |
70.00 |
69.81 |
|
|
PARTICULARS |
3
months ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
15 |
|
|
Disposed of during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
2 |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(RS. IN MILLION)
|
PARTICULARS |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Consumer and Bazaar Products |
8802.500 |
9134.700 |
28106.200 |
|
b. Industrial Products |
2038.900 |
2327.100 |
6534.800 |
|
c. Others |
123.300 |
119.100 |
353.400 |
|
Total |
10964.700 |
11580.900 |
34994.400 |
|
Less: Inter – segment revenue |
207.400 |
287.000 |
870.800 |
|
Net Sales/ Income from operations |
10757.300 |
11293.900 |
34123.600 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
a. Consumer and Bazaar Products |
1892.800 |
1997.100 |
6302.800 |
|
b. Industrial Products |
250.700 |
267.100 |
678.700 |
|
c. Others |
(27.700) |
(11.900) |
(72.400) |
|
Total |
2115.800 |
2252.300 |
6909.100 |
|
Less: Finance Costs |
34.900 |
14.400 |
61.800 |
|
Other un-allocable expenditure - net off
un-allocable income |
474.200 |
380.700 |
1164.900 |
|
Total Profit before Tax |
1606.700 |
1857.200 |
5682.400 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a. Consumer and Bazaar Products |
9869.400 |
9368.600 |
9869.400 |
|
b. Industrial Products |
2540.000 |
2512.400 |
2540.000 |
|
c. Others |
378.000 |
368.600 |
378.000 |
|
d. Unallocated |
11724.100 |
11024.300 |
11724.100 |
|
Total Capital Employed |
24511.500 |
23273.900 |
24511.500 |
NOTES:
1)
The above results
have been reviewed by the Audit Committee on January 27, 2015 and approved by the
Board of Directors at their meeting held on January 28, 2015.
2)
The Statutory
Auditors have carried out a "Limited Review" of the standalone
unaudited financial results for the quarter and nine months ended December 31,
2014.
3)
The Company has
opted to publish Standalone as well as Consolidated financial statements. The
Consolidated financial results prepared as per Accounting Standard (AS-21) and
Accounting Standard (AS-23) comprise the results of Pidilite Industries Limited
(Holding Company), 20 subsidiary companies, two partnership firms and one
associate Company.
4)
Unallocated
Capital Employed as at December 31, 2014 includes a) Capital Work in Progress
of Rs. 3654.900 Million ( December 31, 2013 Rs. 3685.000 Million) of Synthetic
Elastomer Project b) Investments in units of mutual funds / term deposit with
banks and others Rs. 3143.400 Million ( December 31, 2013 Rs. 2906.100
Million).
5)
As per the
requirement of the provisions of Schedule II of the Companies Act, 2013 (the
"Act"), the Management has decided to adopt the useful lives as
suggested in Part C of Schedule II of the Act with effect from April 01, 2014
for all its fixed assets. Accordingly, depreciation for the quarter is higher
by Rs. 41.700 Million and for the period ended December 31, 2014 is higher by
Rs.190.900 Million.
6)
During the
period, management reassessed that the economic benefits derived from goodwill
will be for atleast 10 years and accordingly has revised the amortisation of
goodwill from 5 years to 10 years. Due to the revision, depreciation for the
quarter is lower by Rs. 22.900 Million and profit before tax is higher by Rs.
22.900 Million; and depreciation for nine months is lower by Rs. 26.200 Million
and profit before tax is higher by Rs. 26.200 Million.
7)
Exceptional item
in standalone and consolidated results for the periods ended December 31, 2014
relates to payment made to employees towards Voluntary Retirement Scheme.
8)
During the
quarter, the Company alloted 20,500 Equity Shares of face value of Re. 1 each on
exercise of stock options to the eligible employees under Employee Stock Option
Scheme - 2012.
9)
During the
quarter, the Company alongwith its Wholly owned subsidiary Pidilite
International Pte Limited has incorporated a subsidiary company named
"Pidilite Chemical PLC" in Ethiopia for manufacture of adhesives,
mastics, paints, varnishes or similar coatings, printing, writing and painting
inks etc.
10)
Previous period
figures are regrouped wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
A) Contingent
liabilities not provided for: |
|
|
|
1 Claims against the Company not acknowledged as debts comprise of: |
|
|
|
a) Income Tax demand against the Company not provided for and relating to issues of deduction and allowances in respect of which the Company is in appeal |
43.570 |
36.940 |
|
b) Excise Duty claims disputed by the Company relating to issues of classifications |
5.570 |
2.640 |
|
c) Sales Tax claims disputed by the Company relating to issues of declaration forms and classifications |
238.63 |
359.950 |
|
d) Other Matters (relating to disputed electricity duty, Gram Panchayat Tax, open access charges, etc.) |
25.590 |
5.260 |
|
2 a) Guarantees given by Banks in favour of Government and others |
221.740 |
278.520 |
|
b) Guarantees given by Company |
751.260 |
1004.210 |
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Vehicles
· Furniture
· Office Equipments
Intangible Assets
· Goodwill
· Trademarks
· Computer Software
· Copyrights
· Technical Knowhow Fees
· Non-Compete Fees
PRESS RELEASE
PIDILITE ACQUIRES
BLUE COATS ADHESIVE BIZ FOR RS 2635.700 MILLION
Pidilite has acquired the adhesive business of Ahmedabad-based Blue Coat, which is engaged in manufacturing and selling wide range of adhesives and textile chemicals.
Pidilite Industries today said it has acquired the adhesive business of Blue Coat for Rs 2635.700 Million.
"Pidilite has acquired the adhesive business of Ahmedabad-based Blue Coat, which is engaged in manufacturing and selling wide range of adhesives and textile chemicals, on a slump sale basis for a cash consideration of Rs 2635.700 Millions," the company said in a statement.
Blue Coat, which has a manufacturing plant in Baddi in Himachal Pradesh, has brands marketed including Bluecoat Plus, Bluecoat Marine, Bluecoat D3, Bluecoat Aqua, Bluecoat Dual, Bluegrip 5000, Bluecoat A1, among others.
"Pidilite Industries will continue to support and grow these brands," it said.
Pidilite Ind stock
price
On January 13, 2015, Pidilite Industries closed at Rs 543.00, up Rs 15.80, or 3.00 percent. The 52-week high of the share was Rs 569.30 and the 52-week low was Rs 268.95.
The company's trailing 12-month (TTM) EPS was at Rs 9.51 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 57.1. The latest book value of the company is Rs 39.78 per share. At current value, the price-to-book value of the company is 13.65.
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. 62.33 |
|
UK Pound |
1 |
Rs. 92.53 |
|
Euro |
1 |
Rs. 67.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
77 |
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.