MIRA
INFORM REPORT
|
Report No. : |
335440 |
|
Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
THIRUMALAI CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
Thirumalai House, Road No 29, Near Sion Hill, Fort, Sion [East],
Mumbai – 400022, |
|
Tel. No.: |
91-22-43686225 |
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|
|
|
Country : |
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|
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Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.11.1972 |
|
|
|
|
Com. Reg. No.: |
11-016149 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 102.411
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100MH1972PLC016149 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of Phthalic Anhydride, Maleic Anhydride, Food Acids and Esters. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an old established company incorporated during the year
1972 having a satisfactory track record. Available financial indicates company sound financial risk profile
marked by decent net worth position with low borrowings and favorable gap
between trade payable and trade receivable. The company has also reported growth in its profit during FY 2015. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. In view of long track record and sound financial base, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
November 20, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
November 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
31-03-2013.
INFORMATION DECLINED BY
|
Name : |
Mr. Nambiranjan Narayanan |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-43686225 |
|
Date : |
29.06.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
Thirumalai House, Road No 29, Near Sion Hill, Fort, Sion [East],
Mumbai – 400022, Maharashtra, India |
|
Tel. No.: |
91-22-24017841/ 7834/ 7853/ 7861 |
|
Fax No.: |
91-22-24011699 |
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E-Mail : |
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|
Website : |
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|
|
Factory : |
25-A Sipcot Industrial Complex Ranipet – 632403,
Tamilnadu, India |
|
Tel. No.: |
91-4172-244441 / 6 / 8 |
|
Fax No.: |
91-4172-244308 |
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E-Mail : |
|
|
|
|
|
Marketing Office 1 : |
New No. 60, Old No. 5, Thomas Nagar Little Mount, Saidapet Chennai – 600015,
Tamilnadu, India |
|
Tel. No.: |
91-44-22353911/ 12/ 16 |
|
Fax No.: |
91-44-22353914 |
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E-Mail : |
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|
|
|
|
Marketing Office 2 : |
Third Floor, RR Tower 4, TVK Industrial Estate, Guindy, Chennai –
600032, Tamil Nadu, India |
|
Tel. No.: |
91-44-40123333 |
|
Fax No.: |
91-44-22502914 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. S. Rama Iyer |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Parthasarathy |
|
Designation : |
Managing Director |
|
DIN No.: |
00092172 |
|
|
|
|
Name : |
Mr. P. Shankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Janakiraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Subramanian |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Raj Kataria |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Ravi Shankar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhruv Moondhra |
|
Designation : |
Director |
|
DIN No.: |
00151532 |
|
|
|
|
Name : |
Mr. R. Sampath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Santhanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Ramya Bharathram |
|
Designation : |
Whole-time Director |
|
DIN No.: |
06367352 |
KEY EXECUTIVES
|
Name : |
Mr. Raj Gopal |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
Mr. N. Nambi Rajan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. T. Rajagopalan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. C.G. Sethuram |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1702399 |
16.63 |
|
|
2700182 |
26.37 |
|
|
4402581 |
43.00 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4402581 |
43.00 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1575 |
0.02 |
|
|
600 |
0.01 |
|
|
2175 |
0.02 |
|
|
|
|
|
|
555735 |
5.43 |
|
|
|
|
|
|
3351798 |
32.74 |
|
|
1573951 |
15.37 |
|
|
352572 |
3.44 |
|
|
209596 |
2.05 |
|
|
92476 |
0.90 |
|
|
50500 |
0.49 |
|
|
5834056 |
56.98 |
|
Total
Public shareholding (B) |
5836231 |
57.00 |
|
Total
(A)+(B) |
10238812 |
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) |
10238812 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million 
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
R.
Sampath |
100 |
0.00 |
|
2 |
R.
Sampath |
2,08,262 |
2.03 |
|
3 |
R.
Sampath |
91,215 |
0.89 |
|
4 |
R.
Sampath |
83,165 |
0.81 |
|
5 |
Rangaswamy
Sampath |
16,188 |
0.16 |
|
6 |
R.
Sampath |
82,807 |
0.81 |
|
7 |
Parthasarathy
Rangaswamy |
1,88,094 |
1.84 |
|
8 |
Parthasarathy
Rangaswamy |
49,330 |
0.48 |
|
9 |
Rangaswamy
Parthasarathy |
34,926 |
0.34 |
|
10 |
Santhanam
Sundararajan |
40,000 |
0.39 |
|
11 |
S.Santhanam |
24,452 |
0.24 |
|
12 |
Sridhar
Sundararajan |
21,632 |
0.21 |
|
13 |
Sridhar
Sundararajan |
20,235 |
0.20 |
|
14 |
Bhooma
Parthasarathy |
2,13,795 |
2.09 |
|
15 |
Bhooma
Parthasarathy |
48,820 |
0.48 |
|
16 |
Indira
Sundararajan |
1,82,296 |
1.78 |
|
17 |
Sujatha
Sampath |
93,771 |
0.92 |
|
18 |
Kala
Sundarvedha |
32,716 |
0.32 |
|
19 |
S.Varadharajan |
39,542 |
0.39 |
|
20 |
Srinath
Sridhar |
29,381 |
0.29 |
|
21 |
S.
Vidhya |
41,813 |
0.41 |
|
22 |
S.
Narayan |
18,000 |
0.18 |
|
23 |
Geetha
S |
20,394 |
0.20 |
|
24 |
Jayalakshmi
Sundararajan |
19,770 |
0.19 |
|
25 |
Daya
Sridhar |
18,910 |
0.18 |
|
26 |
Ramya
Bharatram |
23,696 |
0.23 |
|
27 |
Meera
Parthasarathy |
188 |
0.00 |
|
28 |
Meera
Parthasarathy |
20,250 |
0.20 |
|
29 |
Tara
Parthasarathy |
188 |
0.00 |
|
30 |
Tara
Parthasarathy |
20,000 |
0.20 |
|
31 |
V.S.
Sundararajan |
5,873 |
0.06 |
|
32 |
Kavya
Narayan |
5,000 |
0.05 |
|
33 |
Uttara
B |
4,000 |
0.04 |
|
34 |
Gayathri
Sampath |
3,388 |
0.03 |
|
35 |
N.R.
Swamy |
188 |
0.00 |
|
36 |
S.
Sridhar HUF |
14 |
0.00 |
|
37 |
Ultramarine
and Pigments Limited |
20,45,177 |
19.97 |
|
38 |
Jasmine
Limited |
6,55,005 |
6.40 |
|
|
Total |
44,02,581 |
43.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Anil Kumar Goel |
466000 |
4.55 |
|
|
2 |
Seema Goel |
215000 |
2.10 |
|
|
3 |
Vinodchandra Mansukhlal Parekh |
120507 |
1.18 |
|
|
|
Total |
801507 |
7.83 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Phthalic Anhydride, Maleic Anhydride, Food Acids and Esters. |
|
|
|
|
Brand Names : |
-- |
|
|
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Agencies Held : |
-- |
|
|
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Exports : |
|
|
Products : |
Not Divulged |
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Countries : |
Not Divulged |
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Imports : |
|
|
Products : |
Not Divulged |
|
Countries : |
Not Divulged |
|
|
|
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Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
· Bank of India State Bank of India Andhra Bank Axis Bank Limited Oriental Bank of Commerce Indian Overseas Bank Bank of Baroda Export-Import Bank of India |
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Facilities : |
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||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
CNK and Associates LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Krishnaswamy and Company Chartered Accountants, Chennai Aneja Associates Chartered Accountants, Mumbai |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Mr. G. Sundaresan Cost Accountant |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary
Companies : |
Tarderiv International Pte Limited (subsidiary company) (TIPL) |
|
|
|
|
Step down
subsidiary : |
· Cheminvest Pte Limited (CPL) Optimistic organic Sdn Bhd (OOSB) |
|
|
|
|
Entity in which the
company has substantial interest (i.e. more than 20% in voting power directly
or indirectly) : |
Thirumalai Charity Trust (TCT) |
|
|
|
|
Other Related Party
: |
Ultramarine and Pigments Limited (UPL) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Million |
|
10,000,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 100.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 250.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,242,812 |
Equity Shares |
Rs. 10/- each |
Rs. 102.428
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,238,812 |
Equity Shares |
Rs. 10/- each |
Rs. 102.388
Million |
|
|
Add: Forfeited Shares |
|
Rs. 0.023
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 102.411 Million |
(a)
The Company has only one class of shares referred to as equity shares having a
par value of Rs.10/-. Each holder of equity shares is entitled to one vote per
share. In the event of liquidation of the Company, the holders of equity shares
will be entitled to receive any of the remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be proportional
to the number of equity shares held by the shareholders.
(b) Details of shareholders holding more than
5%
|
Name of the Entity |
31.03.2015 |
|
|
|
No. of Shares |
% of holding |
|
Ultramarine
& Pigments Limited |
2,045,177 |
19.97 |
|
Jasmine
Limited |
655,005 |
6.40 |
(c)
The Company has forfeited 4,000 (4,000) equity shares on which amount originally
paid up is Rs. 0.023 Million.
(d)
There is no change in Issued and Subscribed share capital during the year.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
102.411 |
102.411 |
102.411 |
|
(b) Reserves & Surplus |
1407.400 |
1321.429 |
1277.009 |
|
(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) |
1509.811 |
1423.840 |
1379.420 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
52.965 |
201.167 |
530.496 |
|
(b) Deferred tax liabilities (Net) |
120.230 |
133.472 |
160.792 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
73.866 |
69.111 |
54.250 |
|
Total Non-current
Liabilities (3) |
247.061 |
403.750 |
745.538 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
626.676 |
1147.475 |
1616.648 |
|
(b)
Trade payables |
668.162 |
1460.642 |
2324.717 |
|
(c)
Other current liabilities |
1049.349 |
1481.166 |
553.797 |
|
(d) Short-term
provisions |
71.210 |
23.669 |
42.731 |
|
Total Current
Liabilities (4) |
2415.397 |
4112.952 |
4537.893 |
|
|
|
|
|
|
TOTAL |
4172.269 |
5940.542 |
6662.851 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
743.678 |
770.053 |
922.948 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
3.687 |
31.575 |
5.374 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
324.869 |
325.169 |
325.169 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
528.864 |
527.255 |
553.233 |
|
(e) Other
Non-current assets |
0.661 |
1.432 |
2.443 |
|
Total Non-Current
Assets |
1601.759 |
1655.484 |
1809.167 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
706.465 |
1902.312 |
1880.508 |
|
(c)
Trade receivables |
1435.547 |
1906.512 |
2535.553 |
|
(d) Cash
and cash equivalents |
82.950 |
189.072 |
109.763 |
|
(e)
Short-term loans and advances |
56.686 |
135.683 |
134.782 |
|
(f)
Other current assets |
288.862 |
151.479 |
193.078 |
|
Total
Current Assets |
2570.510 |
4285.058 |
4853.684 |
|
|
|
|
|
|
TOTAL |
4172.269 |
5940.542 |
6662.851 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
9265.468 |
10348.070 |
11475.646 |
|
|
|
Other Income |
151.361 |
158.439 |
81.601 |
|
|
|
TOTAL (A) |
9416.829 |
10506.509 |
11557.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7163.963 |
8512.852 |
8967.473 |
|
|
|
Purchases of Stock-in-Trade |
51.749 |
67.210 |
415.320 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
444.023 |
103.706 |
(204.827) |
|
|
|
Employees benefits expense |
226.142 |
241.523 |
215.827 |
|
|
|
Other expenses |
934.491 |
970.473 |
1072.205 |
|
|
|
TOTAL (B) |
8820.368 |
9895.764 |
10465.998 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
596.461 |
610.745 |
1091.249 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
331.054 |
454.224 |
520.223 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
265.407 |
156.521 |
571.026 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
70.051 |
122.100 |
128.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
195.356 |
34.421 |
442.276 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
53.317 |
(1.259) |
164.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
142.039 |
35.680 |
277.456 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods calculated on FOB Basis |
1054.928 |
718.700 |
659.534 |
|
|
|
Interest income |
25.638 |
28.796 |
34.722 |
|
|
|
Expenses and Services recharged |
19.882 |
28.662 |
4.778 |
|
|
TOTAL EARNINGS |
1100.448 |
776.158 |
699.034 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
311.312 |
274.328 |
1214.561 |
|
|
|
Spare part and others |
23.959 |
17.524 |
2.142 |
|
|
|
Capital Goods |
0.000 |
10.084 |
0.000 |
|
|
|
Catalyst |
0.000 |
49.598 |
32.960 |
|
|
TOTAL IMPORTS |
335.271 |
351.534 |
1249.663 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.87 |
3.48 |
27.10 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long term debt |
151.277 |
269.592 |
361.543 |
|
|
|
|
|
|
Cash Generated from Operations |
1028.955 |
1272.634 |
313.755 |
|
|
|
|
|
|
Net Cash Inflow / (Outflow) from Operations |
1058.941 |
1265.597 |
207.218 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.53 |
0.34 |
2.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.44 |
5.90 |
9.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.08 |
0.62 |
6.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.02 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.55 |
1.14 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.04 |
1.07 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 266.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
102.411 |
102.411 |
102.411 |
|
Reserves & Surplus |
1277.009 |
1321.429 |
1407.400 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1379.420 |
1423.840 |
1509.811 |
|
|
|
|
|
|
Long-term borrowings |
530.496 |
201.167 |
52.965 |
|
Short term borrowings |
1616.648 |
1147.475 |
626.676 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
361.543 |
269.592 |
151.277 |
|
Total
borrowings |
2508.687 |
1618.234 |
830.918 |
|
Debt/Equity ratio |
1.819 |
1.137 |
0.550 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11475.646 |
10348.070 |
9265.468 |
|
|
|
-9.826 |
-10.462 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11475.646 |
10348.070 |
9265.468 |
|
Profit |
277.456 |
35.680 |
142.039 |
|
|
2.42% |
0.34% |
1.53% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10449824 |
19/08/2014 * |
5,250,000,000.00 |
BANK OF INDIA
(LEAD BANK) |
NARIMAN POINT LARGE
COROPORATE BRANCH, 92-93,, FREE PRESS HOUSE, 9TH FLOOR, 215, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
C17150947 |
|
2 |
10295736 |
29/07/2013 * |
177,600,000.00 |
EXPORT IMPORT BANK
OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005,
INDIA |
B82724980 |
|
3 |
10295396 |
29/07/2013 * |
320,000,000.00 |
EXPORT IMPORT BANK
OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
B82738758 |
|
4 |
90240426 |
07/06/2014 * |
5,250,000,000.00 |
BANK OF INDIA
(LEAD BANK) |
NARIMAN POINT
LARGE CORPORATE BRANCH,92-93,, FREE |
C06933139 |
|
5 |
90244243 |
12/03/2010 * |
3,722,100,000.00 |
BANK OF INDIA
(LEAD BANK) |
MUMBAI OVERSEAS
BRANCH, 70/80 M.G. ROAD, MEZZANINE FLOOR, BOI BLDG., FORT, MUMBAI, MAHARASHTRA
- 400001, INDIA |
A82680372 |
|
6 |
90240078 |
19/06/1995 |
50,000,000.00 |
INDIAN BANK |
NARIMON POINT
BRANCH, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
7 |
90239242 |
19/06/1995 * |
7,800,000.00 |
INDIAN BANK |
NARIMON POINT, MUMBAI,
MAHARASHTRA, INDIA |
- |
|
8 |
90239241 |
14/05/1990 * |
7,800,000.00 |
INDIAN BANK |
NARIMON POINT,
MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment
liabilities Sales tax deferment loan from the Government of Tamilnadu (interest free) |
17.295 |
25.892 |
|
|
|
|
|
Total |
17.295 |
25.892 |
CORPORATE
INFORMATION
Thirumalai Chemicals
Limited is a public limited company domiciled in India incorporated under the
provisions of the Companies Act. Its shares are listed on stock exchanges in
India. The company is engaged in manufacturing and selling chemicals. The
company caters to both domestic and international markets.
OVERVIEW
The
Chemical Industry had a difficult year in 2014-15, with a sharp drop in oil and
petrochemicals prices, inventory losses, and a general slowdown in their markets.
As a result of sustained efforts to improve efficiencies in energy, working
capital and finance costs, the Company has come through these difficult times
as a much leaner organization. This allowed them to capitalize on the
improvement in markets in the 4th Quarter, and enabled them to post a profit
for that quarter, and overall for the year. This, along with improved working
capital management resulted in good cash flows and helped the Company reduce
its borrowings significantly.
The
Government’s “Make in India’’ focus, reduced interest rates and the decreasing
inflation are expected to revive the Construction and Housing sectors, and the
demand for consumer products. In addition to their ongoing efficiency drive,
they expect that the direction taken by Government policies will help them
improve their operations and grow.
THE COMPANY’S BUSINESSES:
PHTHALIC ANHYDRIDE (PA)
As
mentioned earlier, the sudden and steep fall in crude prices hurt margins badly.
In the first three Quarters of the year, these low margins and their inventory
losses affected the bottom line. The management and operating teams have been
working intensely on correcting the supply chain anomalies, and in technology
and operational improvement programs.
With
the PA markets stabilizing in Q4, they were able to improve margins and
volumes. The Company’s efforts to correct Inverted Duties between their Raw
materials and their Products have been partially successful. They continue to
work with various Ministries in this, and to ensure that the dumping of
Phthalic Anhydride from Eastern Europe and the Far East is reduced.
PA DERIVATIVES AND FOOD INGREDIENTS:
The
Company’s Derivatives and Food ingredients businesses performed excellently;
they were able to develop a large number of new applications, new customers and
markets, and improve margins in spite of slowdown in their European markets.
They helped them add value to their products and mitigate the cyclicity in the
PA business.
FINANCE
All
taxes and statutory dues are being paid on time. Payment of interest and
installments to the Financial Institutions and Banks are being made as per
schedule. The Company is also regular in meeting its commitments to its
depositors. There is no fixed deposit remaining with the company as on March
31, 2015. Deposits aggregating Rs. 0.639 Million due for repayment on or before
March 31, 2015 were not claimed by the depositors as on that date.
CURRENT YEAR BUSINESS:
Their
business operations continue to be positive since the last Quarter of the
previous year. While there are risks and concerns ahead, especially with the
forecast of Economic weakness in China and Europe, they expect these to be
overcome by improvement in their internal operations.
PLANS FOR FY 2015-16:
The
Management team has set itself the following tasks:
1)
Continue
with reduction in Fixed Cost, Interest and Energy Costs.
2)
Improve
Gross Margin on all products.
3)
Address
price and volume volatility.
4)
Evaluate various growth options and start implementation.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(i) Estimated amount of contracts to be
executed on capital account and not provided for |
0.000 |
12.502 |
|
Against
which advances paid |
0.000 |
0.691 |
|
(ii)
Guarantees issued by Banks on behalf of Company |
0.041 |
0.095 |
|
(iii)
Bond in favour of excise authorities |
0.160 |
0.160 |
|
(iv) Corporate Guarantee issued to a bank for Wholly
Owned Step Down Subsidiary |
533.447 |
587.047 |
|
(B)
Claims against the Company not acknowledged as debts in respect of following
items: (i) The Sales Tax
authorities have issued notices to the Company whereby the authorities have disputed
the method of availment of deferral sales tax on monthly pro-rata basis for
the period April 2000 to April 2006 amounting to Rs.8.448 Million (Previous
year Rs. 7.538 Million). The Company has filed a writ petition against these
notices in the High Court. The Company does not expect any liability to
crystallize on this account. (ii) The company had
received a demand of Rs. 99.363 Million (Previous Year Rs. 99.363 Million)
from enforcement directorate toward alleged non-submission of bill of entries
for imports in earlier years. However, the Company has received letters from
the concerned banks as well as Reserve Bank of India accepting that the said
omission was not on the part of the Company. The appeal filed by the Company
before the appellate tribunal was dismissed on limitation grounds. The
Company thereafter, filed an appeal against the said order of the appellate
tribunal as well as a writ petition to quash the proceedings, before the
Hon’ble High Court at Bombay. The Hon’ble High Court was of the opinion that
the appeal was not maintainable and rejected the same as well as the Writ
petition. Aggrieved by this order,
the Company filed a Special Leave Petition before the Hon’ble Supreme Court
of India on 15th September, 2008. The said matter was heard by the
Hon’ble Supreme Court of India on 7th May, 2010 and the order pronounced on
11th April, 2011. The Hon’ble Supreme Court
of India has vide its order dated 11th April,2011 set aside the order passed
by the Foreign Exchange Appellate Tribunal on 25th October,2007 and the order
dated 24th July, 2008 passed by the Hon’ble High Court of Bombay and remitted
the appeals back to the Foreign Exchange Appellate Tribunal for fresh
consideration in accordance with the law on the basis of findings recorded by
them. The matter was heard by
the Foreign Exchange Appellate Tribunal in April 2015 and the final order is
awaited. The Company does not expect any liability to crystalise on this
account. (iii) No provision has been
made in respect of disputed demands from Income-tax Authorities to the extent
of Rs. 12.114 Million (Previous Year Rs. 39.669 Million) since the Company
has reasons to believe that it would get relief at the appellate stage as the
said demands are excessive and erroneous. Against the above, the company has
already paid Rs 10.566 Million. (Previous Year Rs.29.102 Million). |
||
FIXED ASSETS:
·
Freehold Land
Lease
hold land
Buildings
and Roads
Plant and
equipment
Wind
operated generators
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.93 |
|
|
1 |
Rs. 99.82 |
|
Euro |
1 |
Rs. 70.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
46 |
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.