MIRA INFORM REPORT
|
Report No. : |
317374 |
|
Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
VERITAS (INDIA)
LIMITED |
|
|
|
|
Registered
Office : |
701, Embassy Centre, Nariman Point, Mumbai – 400021,
Maharashtra |
|
Tel No : |
91-22-22824444/4098900 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035702 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.24.210 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23209MH1985PLC035702 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company is in the business of International Trade and Distribution
of Chemicals – Petrochemicals / Polymers / Papers and Paper Boards / Rubber /
heavy Distillates, etc. The Company is also engaged in generation of wind
energy. |
|
|
|
|
No. of Employees
: |
525 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company having satisfactory
track. Trade relations are fair. Business is active. Payment terms are reported
as usually correct. In view of experience promotors the company can be considered normal
for 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 “BBB+” |
|
Rating Explanation |
Moderate degree of safety. |
|
Date |
28.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating “A2” |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
28.01.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Arpit |
|
Designation : |
Senior Finance Manager |
|
Contact No.: |
91-22-22824440 |
|
Date : |
13.04.2015 |
LOCATIONS
|
Registered Office : |
701, Embassy Centre, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22824440/40098900 |
|
Fax No.: |
91-22-22824444/22041411 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1410, Maker Chamber V, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22873157 / 22850669 |
|
Fax No.: |
91-22-22832170 / 22821605 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
2/E/F Chgurch Square, Blossom Cochin Road, Elamkulam, Kadavanthra,
Cochin, Kerala, India |
|
|
|
|
Warehouse / Branch Office : |
Kolkata, India |
|
|
|
|
Warehouse : |
Bhiwandi, Thane, Maharashtra, India |
DIRECTORS
As on 26.09.2014
|
Name : |
Mr. Nitin Kumar Didwania |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.06.1974 |
|
Qualification : |
M.Com |
|
Expertise in
specific functional areas : |
Has rich and varied experience in the field of Imports and Exports, Trading, Marketing and Procurement since last more than 16 years. |
|
Other Directorship : |
|
|
|
|
|
Name : |
Ms. Alpa Parekh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saurabh Sanghvi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ratan Moondra |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.01.1972 |
|
Qualification : |
B. Sc, C.A. |
|
Expertise in
specific functional areas : |
Has rich experience in the field of taxation, accountancy and is an expert consultant relating to Special Economic Zone (SEZ) Regulations |
|
|
|
|
Name : |
Justice S. S. Parkar (Retd.) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Arpit |
|
Designation : |
Senior Finance Manager |
|
|
|
|
Name : |
Mr. Rajaram Shanbhag |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Mukesh Tank |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.02.2014
|
Category of Shareholder |
Number of Shares
|
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
15963100 |
65.94 |
|
|
250000 |
1.03 |
|
|
16213100 |
66.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16213100 |
66.97 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
1476146 |
6.10 |
|
|
|
|
|
|
710151 |
2.93 |
|
|
1810224 |
7.48 |
|
|
4000379 |
16.52 |
|
|
154 |
0.00 |
|
|
225 |
0.00 |
|
|
4000000 |
16.52 |
|
|
7996900 |
33.03 |
|
Total Public shareholding (B) |
7996900 |
33.03 |
|
Total (A)+(B) |
24210000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
24210000 |
100.00 |
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%20LIMITED%20-%20317374%2017-Apr-2015_files/image020.gif)
BUSINESS DETAILS
|
Line of Business : |
The Company is in the business of International Trade and Distribution
of Chemicals – Petrochemicals / Polymers / Papers and Paper Boards / Rubber /
heavy Distillates, etc. The Company is also engaged in generation of wind
energy. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
|
|
Products : |
Chemical |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Manufacturers, Retailers and Wholesalers
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No. of Employees : |
525 Approximately |
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Bankers : |
Worli, Mumbai, Maharashtra, India
|
|||||||||||||||||||||
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|
|||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
Primary Security
Equitable mortgage of property being the land at Survey no. 21,
Rameshwar Wadi Village, Khatav Taluk, Satara district in the state of
Maharashtra and hypothecation of 2 nos. 600 kw Wind Electric Generator
consisting each tower, 1 set of blades, nacelle, control panel, transformer
and internal cables. Collateral
Primary Security
Collateral
|
|
Auditors : |
|
|
Name : |
Shabbir S. Bagasrawala Chartered Accountant |
|
Address : |
Office No.8, 1st Floor, Narayan Niwas, 63, Aarey Road, Off
S.V. Road, Goregaon (west), Mumbai – 400062, Maharashtra, India |
|
Tel. No.: |
91-22-28720555 / 28739939 |
|
Fax No.: |
91-22-28720555 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Enterprise over which Key Managerial Personnel able to exercise
significant influence |
|
CAPITAL STRUCTURE
As on : 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.1/- each |
Rs. 100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24210000 |
Equity Shares |
Rs.1/- each |
Rs. 24.210
Million |
|
|
|
|
|
RECONCILIATION OF THE NUMBER OF SHARES AND AMOUNT OUTSTANDING AT THE
BEGINNING AND AT THE END OF THE REPORTING PERIOD :
|
Sr. No. |
Particulars |
Opening Balance |
Closing Balance |
|
(A) |
Equity shares with voting rights |
|
|
|
|
Year ended 31st March, 2014 |
|
|
|
|
Number of shares |
242.10 |
242.10 |
|
|
Amount (in Rs) |
242.10 |
242.10 |
|
|
|
|
|
|
|
Year ended 31st March, 2013 |
|
|
|
|
Number of shares |
242.10 |
242.10 |
|
|
Amount (in Rs) |
242.10 |
242.10 |
|
Details of shares held by each shareholder holding more than 5% shares : |
|||
|
Sr. No. |
Class of shares / Name of shareholder |
As at 31st march, 2013 |
|
|
|
Number of shares |
% Holding |
|
|
|
Equity shares of Rs 1/ - each fully paid – up with voting rights |
|
|
|
1 |
Mr. Nitin Kumar Didwania |
92.50 |
38.21 |
|
2 |
Mrs. Niti Didwania |
67.13 |
27.73 |
|
3 |
Kamalasini Tradelink Private Limited |
14.71 |
6.08 |
|
4 |
Onix Assets Limited |
30.00 |
12.39 |
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 |
24.210 |
24.210 |
24.210 |
|
(b) Reserves & Surplus |
1011.643 |
861.091 |
794.846 |
|
(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) |
1035.853 |
885.301 |
819.056 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
21.322 |
31.126 |
38.337 |
|
(b) Deferred tax liabilities (Net) |
21.286 |
22.643 |
23.612 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
42.608 |
53.769 |
61.949 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
178.883 |
193.538 |
102.684 |
|
(b) Trade
payables |
100.198 |
12.721 |
77.759 |
|
(c) Other
current liabilities |
18.180 |
17.848 |
14.404 |
|
(d) Short-term
provisions |
5.627 |
1.406 |
0.000 |
|
Total Current
Liabilities (4) |
302.888 |
225.513 |
194.847 |
|
|
|
|
|
|
TOTAL |
1381.349 |
1164.583 |
1075.852 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
71.463 |
76.983 |
78.265 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
121.281 |
114.057 |
99.146 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5.916 |
229.217 |
223.457 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
198.660 |
420.257 |
400.868 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
14.447 |
29.000 |
45.026 |
|
(c) Trade
receivables |
1022.183 |
579.954 |
466.308 |
|
(d) Cash
and cash equivalents |
113.880 |
107.009 |
129.403 |
|
(e)
Short-term loans and advances |
32.179 |
28.363 |
34.247 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1182.689 |
744.326 |
674.984 |
|
|
|
|
|
|
TOTAL |
1381.349 |
1164.583 |
1075.852 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4027.274 |
3396.561 |
3070.544 |
|
|
|
Other Income |
46.587 |
78.799 |
91.419 |
|
|
|
TOTAL |
4073.861 |
3475.360 |
3161.963 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
3884.021 |
3298.865 |
3031.238 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
14.553 |
16.026 |
(6.848) |
|
|
|
Employees benefits expense |
29.566 |
22.858 |
21.711 |
|
|
|
Other expenses |
31.940 |
26.867 |
18.752 |
|
|
|
TOTAL |
3960.080 |
3364.616 |
3064.853 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
113.781 |
110.744 |
97.110 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
21.184 |
21.643 |
18.343 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
92.597 |
89.101 |
78.767 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.556 |
5.516 |
5.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
87.041 |
83.585 |
73.675 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
15.858 |
15.932 |
21.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
71.183 |
67.653 |
52.591 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
Dividend |
12.632 |
77.456 |
90.449 |
|
|
|
Freight |
0.000 |
0.000 |
0.000 |
|
|
|
Insurance |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
12.632 |
77.456 |
90.449 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.94 |
2.79 |
2.17 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover |
|
|
5250.000 |
Expected Sales (2015-16): Rs. 6000.000 Million
The above information has been parted by Mr. Arpit. (Senior Finance
Manager)
QUATERLY RESULTS
|
Particulars (Rs.
in Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited /
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
1113.900 |
1184.900 |
1268.500 |
|
Total Expenditure |
1098.400 |
1169.100 |
1252.100 |
|
PBIDT (Excl OI) |
15.500 |
15.700 |
16.400 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
15.500 |
15.700 |
16.400 |
|
Interest |
04.200 |
05.700 |
04.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
11.400 |
10.100 |
11.700 |
|
Depreciation |
03.100 |
00.200 |
01.200 |
|
Profit Before Tax |
08.200 |
09.900 |
10.500 |
|
Tax |
01.700 |
02.200 |
02.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
06.600 |
07.700 |
08.500 |
|
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 |
06.600 |
07.700 |
08.500 |
|
Equity Capital |
24.200 |
24.200 |
24.200 |
|
Face Value (IN RS) |
10.000 |
10.000 |
10.000 |
|
Reserves |
0.000 |
0.000 |
0.000 |
|
Calculated EPS |
02.700 |
03.200 |
03.500 |
|
Calculated EPS (Annualised) |
10.900 |
12.700 |
14.000 |
|
No of Public Share Holdings |
7,996,900.00 |
7,996,900.00 |
7,996,900.00 |
|
% of Public Share Holdings |
33.03 |
33.03 |
33.03 |
|
|
|
|
|
|
PBIDTM% (Excl OI) |
1.39 |
1.33 |
1.29 |
|
PBIDTM% |
1.39 |
1.33 |
1.29 |
|
PBDTM% |
1.02 |
0.85 |
0.92 |
|
PBTM% |
0.74 |
0.84 |
0.83 |
|
PATM% |
0.59 |
0.65 |
0.67 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.77 |
1.99 |
1.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
2.83 |
3.26 |
3.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.91 |
7.96 |
7.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.25 |
0.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.90 |
3.30 |
3.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
24.210 |
24.210 |
24.210 |
|
Reserves & Surplus |
794.846 |
861.091 |
1011.643 |
|
Net
worth |
819.056 |
885.301 |
1035.853 |
|
|
|
|
|
|
long-term borrowings |
38.337 |
31.126 |
21.322 |
|
Short term borrowings |
102.684 |
193.538 |
178.883 |
|
Total
borrowings |
141.021 |
224.664 |
200.205 |
|
Debt/Equity
ratio |
0.172 |
0.254 |
0.193 |
%20LIMITED%20-%20317374%2017-Apr-2015_files/image022.gif)
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 |
3070.544 |
3396.561 |
4027.274 |
|
|
|
10.618 |
18.569 |
%20LIMITED%20-%20317374%2017-Apr-2015_files/image024.gif)
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 |
3070.544 |
3396.561 |
4027.274 |
|
Profit |
52.591 |
67.653 |
71.183 |
|
|
1.71% |
1.99% |
1.77% |
%20LIMITED%20-%20317374%2017-Apr-2015_files/image026.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----------- |
|
22] |
Litigations that the firm
/ promoter involved in |
----------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----------- |
|
26] |
Buyer visit details |
----------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS
Total production in the Indian chemical industry was 8,402 MT in FY13, a 0.7 per cent decline over FY12. (Source Department of Chemicals and Petrochemicals) Despite constrains and challenging environment, the Company has demonstrated the resilience in its business which can be demonstrated from the following figures and comparison:
• Standalone Turnover increased by 18.57% to Rs. 4027.274 Million as compared to previous year of Rs. 3396.561 Million.
• Standalone Profit after Tax increased by 5.22% to Rs. 711.830 Million as compared to previous year of Rs. 67.653 Million.
WINDMILL PROJECT
During the year, the revenue from generation of power through Wind Energy was Rs.7.791 Million, as compared to previous year figure of Rs. 8.832 Million. They expect the revenue to rise at in present and forthcoming Financial Year.
SUBSIDIARIES
During the year the Company has acquired 100% holding in M/s Kudrat Farming Private Limited as thus it became the wholly owned subsidiary of the Company. The acquired Subsidiary Company will add growth of the Company during the Current year.
Further M/s Kudrat Farming Private Limited acquired 100% shareholding of M/s Vidhata Farming Private Limited.
Also M/s Vidhata Farming Private Limited acquired 100% shareholding of M/s Veritas Agro Ventures Private Limited.
As on 31st March 2014, The Company own following wholly owned overseas and domestic subsidiaries companies:
M/s. Veritas FZE, incorporated in UAE
M/s. Veritas Global PTE Limited, incorporated in Singapore
M/s. Veritas International FZE, incorporated in UAE
M/s Kudrat Farming Private Limited, incorporated in India
M/s Vidhata Farming Private Limited, incorporated in India
M/s Veritas Agro Ventures Private Limited, incorporated in India
SCHEME OF
AMALGAMATION BETWEEN M/S VERITAS (INDIA) LIMITED AND M/S KUDRAT FARMING
PRIVATE LIMITED
In order to achieve synergies of operations and optimum utilization of resources, the Board of Directors at their meeting held on December 17, 2013 decided to amalgamate its Wholly Owned Subsidiary M/s Kudrat Farming Private Limited.
Pursuant to the Board decision an approval was sought from the Bombay Stock Exchange under clause 24(f). The required approval was received from the Exchange vide its letter dated April 10, 2014.
The said scheme is under process and member`s approval and consent on the same will be obtained by the Company at the appropriate time.
Further the scheme of Amalgamation between M/s Veritas Agro Ventures Private Limited with Vidhata Farming Private Limited was also filed with Ho`able Bombay High Court and the order for the same is awaited.
OUTLOOK
The management is quite positive on its outlook in terms of revenue in the coming period as economies all over the world are slowly recovering and it is expected that the global markets will respond well to the products traded by the Company. With beginning of the re-emergence of healthy economic environment, barring unforeseen circumstances, the Company is optimistic and confident to receive large demands and given the current financial performance of the Company; the Board is confident in its outlook for future that the Company shall grow substantially over and above its demonstrated growth in terms of turnover and profits.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10235087 |
19/09/2014 * |
1,302,500,000.00 |
Axis Bank Limited |
Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing Mills
Compound, P. B. Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C28971034 |
|
2 |
10211900 |
19/03/2010 |
42,300,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBER |
A83054155 |
|
3 |
10218208 |
19/03/2010 |
42,300,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT,,
MUMBAI, Maharashtra - 400021, INDIA |
A83053827 |
|
4 |
10175240 |
22/08/2009 |
44,300,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBERS, NARIMAN POINT,,
MUMBAI, Maharashtra - 400021, INDIA |
A69467884 |
|
5 |
10175241 |
21/08/2009 |
44,300,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH,, 1ST FLOOR, RAHEJA CHAMBER |
A69468478 |
* Date of charge modification
CONTINGENT LIABILITIES AND COMMITMENTS
(Rs in Million)
|
Particulars |
For
the year ended 31.03.2014 |
For
the year ended 31.03.2013 |
|
Stand
by letter or credit |
1051.750 |
938.228 |
|
Income
Tax demand pending Appeal |
275.543 |
0.000 |
|
Total
|
1327.293 |
938.228 |
FIXED ASSETS
- Land at Satara
- Plant and Machinery
- Computer Systems
- Software Licence
- Furniture and Fixture
- Motor Car
STATEMENTS OF
FINANCIAL RESULTS FOR THE QUARTER ENDED 31st DECEMBER, 2014
(Rs. In Million)
|
Sr. No. |
Particulars |
31.12.2014 Quarter
Ended |
30.09.2014 Quarter
Ended |
31.12.2014 Nine
Months Ended |
|
|
|
|
|
|
|
|
|
1 |
Income from
operations: |
|
|
|
|
|
|
a) Net Sales/income from operations (Net of excise duty) |
1268.478 |
1184.862 |
3567.226 |
|
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
|
Total Income
from operations (net) |
1268.478 |
1184.862 |
3567.226 |
|
|
2 |
Expenses: |
|
|
|
|
|
|
a) Cost of materials consumed |
0.000 |
0.000 |
0.000 |
|
|
|
b) Purchases of stock-in-trade |
1230.310 |
1151.702 |
3478.067 |
|
|
|
c) Changes in inventories of finished goods |
4.629 |
0.826 |
(4.373) |
|
|
|
d) Employee benefits expense |
6.929 |
7.799 |
20.641 |
|
|
|
e) Depreciation and amortisation expense |
1.211 |
0.150 |
4.498 |
|
|
|
f) Other expenses |
10.210 |
8.814 |
25.250 |
|
|
|
Total Expenses |
1253.289 |
1169.290 |
3524.083 |
|
|
3 |
Profit / (Loss)
from Operations before Other Income, finance costs and exceptional items
(1-2) |
15.189 |
15.572 |
43.143 |
|
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
|
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
15.189 |
15.572 |
43.143 |
|
|
6 |
Finance costs |
4.691 |
5.669 |
14.518 |
|
|
7 |
Profit/ (Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
10.498 |
9.902 |
28.625 |
|
|
8 |
Exceptional Item |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit/(Loss) from
Ordinary Activities before tax (7+8) |
10.498 |
9.902 |
28.625 |
|
|
10 |
Tax Expenses |
2.042 |
2.232 |
5.919 |
|
|
11 |
Net Profit / (Loss)
from Ordinary Activities after tax (9-10) |
8.456 |
7.670 |
22.706 |
|
|
12 |
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit / (Loss)
for the period (11-12) |
8.456 |
7.670 |
22.706 |
|
|
14 |
Share of Profit / (Loss) of Associates |
0.000 |
0.000 |
0.000 |
|
|
15 |
Minority Interest |
0.000 |
0.000 |
0.000 |
|
|
16 |
Net Profit / (Loss)
after taxes, minority interest and Share of Profit / (Loss) of associates
(13-14-15) |
8.456 |
7.670 |
22.706 |
|
|
17 |
Paid-up equity share capital (Face value on Rs. 1/- each) |
24.210 |
24.210 |
24.210 |
|
|
18 |
Reserves excluding revaluation reserve |
0.000 |
0.000 |
0.000 |
|
|
19 |
Basic & Diluted Earning Per Share (after extraordinary items)(of Rs.1/-each) (not annualised) |
0.35 |
0.32 |
0.94 |
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
|
- Number of shares |
7996900 |
7996900 |
7996900 |
|
|
|
- Percentage of shareholding |
33.03% |
33.03% |
33.03% |
|
|
2 |
Promoters and
Promoter group shareholding |
|
|
|
|
|
|
a) Pledged /
Encumbered |
0.000 |
0.000 |
0.000 |
|
|
|
- Number of shares |
0.000 |
0.000 |
0.000 |
|
|
|
- Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
0.000 |
0.000 |
0.000 |
|
|
|
- Percentage of Shares (as a %of the total share capital of the
Company) |
0.000 |
0.000 |
0.000 |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- Number of Shares |
16213100 |
16213100 |
16213100 |
|
|
|
- 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) |
66.97% |
66.97% |
66.97% |
|
|
|
|||||
|
B |
NUMBER OF INVESTOR
COMPLAINTS |
3 months |
|
||
|
|
Pending at the beginning of the quarter |
NIL |
|
||
|
|
Received during the quarter |
NIL |
|
||
|
|
Disposed of during the quarter |
NIL |
|
||
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
||
Notes:
- The above
Unaudited financial results have been reviewed by the Audit Committee and
have been taken on record by the Boards of Directors at its meeting held
on 13th February, 2015.
- The Statutory
Auditors have carried out a Limited Review of the results for the quarter
ended on 31st December, 2014.
- Previous
period figures have been regrouped / rearranged wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
RNK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.