MIRA INFORM REPORT
|
Report No. : |
338550 |
|
Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA CHEMICALS (INDIA) LIMITED (w.e.f. 14.01.2009) |
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|
|
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Formerly Known
As : |
BIHAR CAUSTIC AND CHEMICALS LIMITED |
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Registered
Office : |
“Ghanshyam Kunj”, Garhwa Road, P.O. Rehla, District Palamau – 822 124,
Jharkhand |
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Tel. No.: |
91-6584-262211/ 262221/ 262488 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
20.07.1976 |
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Com. Reg. No.: |
03-001255 |
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Capital
Investment / Paid-up Capital : |
Rs.233.865 million |
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CIN No.: [Company Identification
No.] |
L24100JH1976PLC001255 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RCHB00299F |
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PAN No.: [Permanent Account No.] |
AAACB7747A |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into manufacturing of Chlor-Alkali Chemicals. |
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No. of Employees
: |
Approximately About
1227 (As on 31.03.2014) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 12743000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Aditya Birla Group. It is an old and established company incorporated during the year 1976 having a good track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. Further, the rating also takes into consideration rich experience of its promoters, long established track and strong operating efficiency of the company. The ratings also continue to derive strength from the prominent parentage (viz. Aditya Birla group) and experienced management. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. In view of long track record, sound financial base and strong parentage support, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-Term Bank Facilities: AA- |
|
Rating Explanation |
High degree of safety and carry low credit risk. |
|
Date |
18.08.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
18.08.2015 |
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
31-03-2013.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-5446-252044)
LOCATIONS
|
Registered Office/ Factory 1 : |
“Ghanshyam Kunj”, Garhwa Road, P.O. Rehla, District Palamau – 822 124,
Jharkhand, India |
|
Tel. No.: |
91-6584-262211/ 262221/ 262488 |
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Fax No.: |
91-6584-262491/ 262205 |
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E-Mail : |
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Website : |
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Corporate Office : |
1A, Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai – 400 030, Maharashtra, India |
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Factory 2 : |
Renukoot Chemical Division, P. O. Renukoot, District
Sonbhadra – 231 217, |
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Tel. No.: |
91-5446-252044/ 55/ 75 |
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Fax No.: |
91-5446-252088 |
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E-Mail : |
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Factory 3 : |
Karwar Chemical Division, P.O. Binaga – 581 307,
District Uttar Knnada, Karnataka, India |
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Branch Office : |
Located at: · Mumbai · Kolkata · Delhi ·
Ranchi |
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Representative Office : |
Room 2011, ‘B’ Block, Far East International Plaza 317, Xianxia Road,
Shanghai – 200 051 |
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Tel. No.: |
86-21-62351520-21 |
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Fax No.: |
86-21-62351522 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Kailash Chandra Jhanwar |
|
Designation : |
Managing Director |
|
Address : |
Flat No.901, 9th Floor, Satguru
Towers, North and Central Avenue, Santacruz (West), Mumbai – 400 054,
Maharashtra, India |
|
Date of Appointment : |
21.10.2008 |
|
DIN No.: |
01743559 |
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Name : |
Mr. Askaran Agarwala |
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Designation : |
Director |
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Address : |
Flat No.3, Haveli, L.D. Ruparel Marg, Mumbai – 400 006, Maharashtra,
India |
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Date of Birth/Age : |
01.07.1933 |
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Qualification : |
B.Com, FCA, LLB |
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Date of Appointment : |
09.05.2001 |
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DIN No.: |
00023684 |
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Name : |
Mr. Girish Mohanlal Dave |
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Designation : |
Director |
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Address : |
Dave and Girish and Company Advocates, Sethna Building,
1st Floor, 55 Maharshi Karve Road, Marine Lines, Mumbai – 400 002,
Maharashtra, India |
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Date of Birth/Age : |
12.07.1938 |
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Qualification : |
M.Com, LLB, CAIIB |
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Date of Appointment : |
16.04.2011 |
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DIN No.: |
00036455 |
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Name : |
Mr. Jagdish Chandar Chopra |
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Designation : |
Director |
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Address : |
Flat No.4, Revills, 45 Cuffe Parade, Mumbai – 400 005, Maharashtra,
India |
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Date of Birth/Age : |
04.03.1931 |
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Qualification : |
M.A. (Economics) |
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Date of Appointment : |
17.10.2006 |
|
DIN No.: |
00041143 |
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Name : |
Mr. Biswajit Choudhuri |
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Designation : |
Director |
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Address : |
Rajani Kusumalay Nandlal Jiu Road, Off 119, Sarat Bose Road, Kolkata –
700 026, West Bengal, India |
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Date of Birth/Age : |
30.04.1942 |
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Qualification : |
B. Tech (Hons) FICWA,
F.I.I.B, C. Engineering, M.I.E.E. (London) |
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Date of Appointment : |
30.01.2002 |
|
DIN No.: |
00149018 |
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Name : |
Mr. Prem Prakash Sharma |
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Designation : |
Director |
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Address : |
410/B Road No.5B, Ashok Nagar PS Argora Ranchi – 834 002, Jharkhand,
India |
|
Date of Birth/Age : |
18.07.1948 |
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Qualification : |
M.A. (Economics), L.L.B |
|
Date of Appointment : |
30.01.2002 |
|
DIN No.: |
00788601 |
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Name : |
Mr. Lalitkumar Shantaram Naik |
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Designation : |
Director |
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Address : |
2, Pujari Apartments, Off Sion Trombay Road, Deonar, Mumbai – 400 088,
Maharashtra, India |
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Date of Birth/Age : |
18.10.1961 |
|
Qualification : |
Chemical Engineer
(IIT) PG in Management (IIM Ahmedabad) |
|
Date of Appointment : |
01.04.2010 |
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DIN No.: |
02943588 |
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Name : |
Ms. Preeti Gupta |
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Designation : |
Additional Director |
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Address : |
1401, Sumer Trinity Tower, 2A, New Prabhadevi
Road, Prabhadevi, Mumbai – 400 025, Maharashtra, India |
|
Date of Appointment : |
12.03.2015 |
|
DIN No.: |
07118798 |
KEY EXECUTIVES
|
Name : |
Mr. Akash Mishra |
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Designation : |
Secretary |
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Address : |
Qtr. No.A-101, BCCL Colony, PO and PS Rehla, Palamau – 822 124,
Jharkhand, India |
|
Date of Birth/Age : |
24.09.1970 |
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Date of Appointment : |
01.09.2006 |
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PAN No.: |
AEZPM3803N |
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|
|
|
Name : |
Mr. Hemanta Kumar Panda |
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Designation : |
Chief Financial Officer |
|
Address : |
Aditya Nagar, ABCIL Colony, P.O. Rehla,
Palamau – 822 124, Jharkhand, India |
|
Date of Appointment : |
06.08.2014 |
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PAN No.: |
AKBPP9677M |
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Unit Heads : |
Mr. V. R. Agrawal, Karwar Mr. B. B. Dixit, Rehla Mr. Suresh Sodani, Renukoot |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
13169987 |
56.31 |
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|
13169987 |
56.31 |
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Total
shareholding of Promoter and Promoter Group (A) |
13169987 |
56.31 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1500 |
0.01 |
|
|
4952 |
0.02 |
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|
2032000 |
8.69 |
|
|
3326000 |
14.22 |
|
|
5364452 |
22.94 |
|
|
|
|
|
|
644934 |
2.76 |
|
|
|
|
|
|
2684795 |
11.48 |
|
|
1362273 |
5.83 |
|
|
160059 |
0.68 |
|
|
83712 |
0.36 |
|
|
23119 |
0.10 |
|
|
52000 |
0.22 |
|
|
1228 |
0.01 |
|
|
4852061 |
20.75 |
|
Total
Public shareholding (B) |
10216513 |
43.69 |
|
Total
(A)+(B) |
23386500 |
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) |
23386500 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged into manufacturing of Chlor-Alkali Chemicals. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Approximately About
1227 (As on 31.03.2014) |
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Bankers : |
·
Bank of
Baroda ·
Punjab National Bank ·
Indian Bank ·
State Bank of India ·
Axis Bank Limited |
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Facilities : |
Notes: LONG-TERM BORROWINGS (i) Security and Terms
of Term loan from Banks amounting to Rs.7331.875
million (a) Nature of
Securities Secured by way of first
charge in favour of Security Trustee IDBI Trusteeship Services Limited on all
the immovable properties and all movable properties and assets other than
current assets of the Company (both present and future) and second charge on
all current assets of whatsoever nature and wherever arising both present and
future. (b) Term of Repayment i) Outstanding
Rs.4921.875 million Repayable 25 quarterly
instalment of Rs.234.375 million each from May 31, 2014 (start date of
repayment August 31, 2012) along with interest of 11.50% p.a. ii) Outstanding
Rs.24100.00 Lacs Repayable 32 quarterly instalment of Rs.75.313 million each
from September 30, 2015 along with interest of 11.10% p.a. SHORT-TERM
BORROWINGS Security (i) Rs.18.143 million
Secured against pledge of Fixed Deposits of the Company. (ii) Rs.1451.981 million
against exclusive first charge by way of
hypothecation on all stock in trade both present and future consisting
of raw materials, finished goods,
goods in process and all book debts, outstanding money receivables, claims
and bills due / to be due to the Company. |
|
Financial Institution : |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India |
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Statutory Auditors : |
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Name : |
Khimji Kunverji and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Cost Auditors : |
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Name : |
R. Nanabhoy and Company Cost Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Holding Company (As
on 31.03.2014): |
Hindalco Industries Limited |
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Fellow Subsidiaries
Company (As on 31.03.2014) : |
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Significant
Influence (As on 31.03.2014) : |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.233.865 million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24500000 |
Equity Shares |
Rs.10/- each |
Rs.245.000 million |
|
50000 |
Redeemable
Cumulative Preference Shares 11%
Redeemable Cumulative Preference Shares of Rs.100/- each (Free of Company’s
Tax but subject to deduction of tax at source at the prescribed rates and
redeemable at par between 7 to 10 years from the date of allotment by giving
three months’ notice in writing). |
Rs.100/- each |
Rs.5.000 million |
|
|
Total |
|
Rs.250.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23386500 |
Equity Shares |
Rs.10/- each |
Rs.233.865
million |
|
|
|
|
|
Notes:
12004987 Equity Shares of the Company are held by Hindalco Industries Limited, the holding company, 775000 shares are held by Renuka Investment and Finance Limited (Subsidiary of Hindalco Industries Limited).
The company has only one class of share referred as equity share having a par value of Rs.10/-. Each holder of equity share is entitled to same right in all respect.
Reconciliation of the
number of Shares outstanding
|
Particulars |
31.03.2014 |
|
|
No. of shares |
Rs. in Million |
|
|
Equity shares outstanding at the beginning of the year |
23386500 |
233.865 |
|
Add : During the year |
-- |
-- |
|
Equity shares
outstanding at the end of the year |
23386500 |
233.865 |
Shareholder holding
more than 5 percent shares of the Company:
|
Name of shareholders |
31.03.2014 |
|
|
Number of Shares held |
Percentage of Holding |
|
|
Hindalco Industries Limited |
12004987 |
51.33 |
|
Renuka Investment and Finance Limited (Subsidiary of Hindalco Industries Limited) |
775000 |
3.31 |
|
Fidelity Puritan Trust-Fidelity Low - Priced Stock Fund |
2338600 |
10.00 |
|
Bihar State Industrial Development Corporation Limited |
2028000 |
8.67 |
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 |
233.865 |
233.865 |
233.865 |
|
(b) Reserves &
Surplus |
4226.184 |
3993.995 |
3537.600 |
|
(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) |
4460.049 |
4227.860 |
3771.465 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
6703.125 |
7331.875 |
5859.375 |
|
(b) Deferred tax
liabilities (Net) |
1310.296 |
943.276 |
736.095 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
175.654 |
154.157 |
89.601 |
|
Total Non-current
Liabilities (3) |
8189.075 |
8429.308 |
6685.071 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2596.462 |
1772.499 |
1335.125 |
|
(b) Trade payables |
524.736 |
566.233 |
180.082 |
|
(c) Other current
liabilities |
2475.706 |
2683.811 |
2524.128 |
|
(d) Short-term provisions |
199.377 |
115.463 |
64.811 |
|
Total Current Liabilities
(4) |
5796.281 |
5138.006 |
4104.146 |
|
|
|
|
|
|
TOTAL |
18445.405 |
17795.174 |
14560.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14183.373 |
12933.484 |
10592.660 |
|
(ii) Intangible Assets |
151.735 |
175.545 |
185.045 |
|
(iii) Capital
work-in-progress |
261.156 |
575.796 |
212.455 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
50.480 |
0.000 |
50.444 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
324.911 |
454.958 |
380.177 |
|
(e) Other Non-current
assets |
28.347 |
30.913 |
42.657 |
|
Total Non-Current Assets |
15000.002 |
14170.696 |
11463.438 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
14.669 |
|
(b) Inventories |
1543.483 |
1715.389 |
905.700 |
|
(c) Trade receivables |
1206.425 |
1346.050 |
1042.690 |
|
(d) Cash and cash
equivalents |
39.965 |
61.808 |
300.350 |
|
(e) Short-term loans and
advances |
446.579 |
278.398 |
298.337 |
|
(f) Other current assets |
208.951 |
222.833 |
535.498 |
|
Total Current Assets |
3445.403 |
3624.478 |
3097.244 |
|
|
|
|
|
|
TOTAL |
18445.405 |
17795.174 |
14560.682 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
11256.991 |
10661.625 |
8028.985 |
|
|
|
Other Income |
79.095 |
109.515 |
105.204 |
|
|
|
TOTAL |
11336.086 |
10771.140 |
8134.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
6086.283 |
5398.974 |
3986.072 |
|
|
|
Purchases of stock-in-trade |
364.955 |
522.159 |
415.552 |
|
|
|
Changes in Inventories |
(8.156) |
13.176 |
(93.253) |
|
|
|
Employee Benefits Expenses |
721.335 |
589.587 |
436.286 |
|
|
|
Power and Fuel |
463.117 |
617.256 |
375.875 |
|
|
|
Other Expenses |
1167.015 |
1062.811 |
911.562 |
|
|
|
Exceptional items: Loss on discarded assets |
(113.389) |
0.000 |
141.063 |
|
|
|
TOTAL |
8681.160 |
8203.963 |
6173.157 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2654.926 |
2567.177 |
1961.032 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1093.368 |
906.062 |
903.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1561.558 |
1661.115 |
1057.632 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
633.113 |
768.612 |
600.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
928.445 |
892.503 |
457.408 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
555.519 |
395.067 |
260.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
372.926 |
497.436 |
196.487 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
3391.143 |
2959.621 |
2790.496 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
NA |
35.080 |
23.387 |
|
|
|
Tax on Proposed Dividend |
NA |
5.962 |
3.975 |
|
|
|
Transfer to General Reserve |
NA |
24.872 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
3391.143 |
2959.621 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
NA |
653.395 |
730.858 |
|
|
TOTAL EARNINGS |
NA |
653.395 |
730.858 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
562.795 |
235.484 |
|
|
|
Capital Goods & Components |
NA |
67.694 |
214.719 |
|
|
TOTAL IMPORTS |
NA |
630.489 |
450.203 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
15.95 |
21.27 |
8.40 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term debt |
NA |
937.500 |
963.500 |
|
Cash generation from Operation |
NA |
2237.801 |
2512.097 |
|
Net Cash Generated/ (Used) - Operating Activities |
NA |
2038.454 |
2415.757 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
2879.880 |
|
Total Expenditure |
|
|
2120.110 |
|
PBIDT (Excl OI) |
|
|
759.770 |
|
Other Income |
|
|
23.730 |
|
Operating Profit |
|
|
783.500 |
|
Interest |
|
|
271.010 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
512.490 |
|
Depreciation |
|
|
161.310 |
|
Profit Before Tax |
|
|
351.180 |
|
Tax |
|
|
147.530 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
203.650 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
203.650 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.31 |
4.67 |
2.45 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.58 |
24.08 |
24.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.12 |
5.18 |
3.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.21 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.09 |
2.15 |
1.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.71 |
0.75 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.211/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
233.865 |
233.865 |
233.865 |
|
Reserves & Surplus |
3537.600 |
3993.995 |
4226.184 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3771.465 |
4227.860 |
4460.049 |
|
|
|
|
|
|
Long-term borrowings |
5859.375 |
7331.875 |
6703.125 |
|
Short term borrowings |
1335.125 |
1772.499 |
2596.462 |
|
Total borrowings |
7194.500 |
9104.374 |
9299.587 |
|
Debt/Equity ratio |
1.908 |
2.153 |
2.085 |
%20LIMITED%20-%20338550%2028-Aug-2015_files/image022.gif)
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 |
|
Revenue from operations
(Net) |
8028.985 |
10661.625 |
11256.991 |
|
|
|
32.789 |
5.584 |
%20LIMITED%20-%20338550%2028-Aug-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Revenue from operations
(Net) |
8028.985 |
10661.625 |
11256.991 |
|
Profit |
196.487 |
497.436 |
372.926 |
|
|
2.45% |
4.67% |
3.31% |
%20LIMITED%20-%20338550%2028-Aug-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 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
BACKGROUND
(AS ON 31.03.2014):
The Company is subsidiary
company of Hindalco Limited - a leading aluminium company of India having
global operations. The company is engaged in the business of chloro chemicals
having plant and registered office at Ghanshyam Kunj, Garhwa Road, Rehla,
District: Palamau, Jharkhand
During the year, the
company has acquired the business comprising of Chlor Alkali and Phosphoric
Acid Plant at Karwar (Karnataka) and Salt Works at Singach (Gujarat) (articulated
as Karwar Chemical Division or KCD.) September 1, 2013 (effective date) from
Solaris Chemtec Industries Limited on slump sale basis for a total cash
consideration of Rs.1530.000 million.
UNSECURED LOAN
|
Particulars |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
From
Banks |
NA |
305.437 |
|
From
Others |
NA |
0.012 |
|
Total |
NA |
305.449 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10469106 |
22/08/2014 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C20403853 |
|
2 |
10344876 |
22/08/2014 * |
7,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND FLOOR,
17, R. KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
C20405254 |
|
3 |
10290701 |
03/02/2015 * |
2,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C45568656 |
* Date of charge modification
UNAUDITED FINANCIAL RESULT
FOR THE QUARTER ENDED JUNE 30, 2015
|
Type |
Unaudited |
|
Date
Begin |
01.04.2015 |
|
Date
End |
30.06.2015 |
|
Description |
Amount (Rs. million) |
|
Net
Sales / Income from Operations |
2879.880 |
|
Net
Sales / Income from Operations |
2818.770 |
|
Other
Operating Income |
61.110 |
|
Expenditure |
(2281.420) |
|
Consumption
of Raw Materials |
(1419.430) |
|
Depreciation
& Amortization |
(161.310) |
|
Other
Expenditure |
(215.760) |
|
Employee
Benefit Expenses |
(186.840) |
|
Changes
in inventories of finished goods, wip and Stock-in-trade |
18.760 |
|
Purchases
of Stock in Trade |
(40.470) |
|
Power
and Fuel Charges |
(276.370) |
|
Profit
from Operations before Other Income, Interest and Exceptional Items |
598.460 |
|
Other
Income |
23.730 |
|
Profit
before Interest and Exceptional Items |
622.190 |
|
Interest |
(271.010) |
|
Profit
after Interest but before Exceptional Items |
351.180 |
|
Exceptional
Items |
0.000 |
|
Profit
(+)/ Loss (-) from Ordinary Activities before Tax |
351.180 |
|
Tax |
(147.530) |
|
Net
Profit (+)/ Loss (-) from Ordinary Activities after Tax |
203.650 |
|
Extraordinary
Items |
0.000 |
|
Net
Profit |
203.650 |
|
Equity
Capital |
233.870 |
|
Face
Value (in Rs) |
0.000 |
|
Reserves |
0.000 |
|
EPS
before Extraordinary items (in Rs) |
|
|
EPS
after Extraordinary items (in Rs) |
|
|
Basic
& Diluted EPS after Extraordinary items |
8.71 |
|
Number
of Public Shareholding |
10216513.00 |
|
Percentage
of Public Shareholding |
44.00 |
|
Promoters
and Promoter Group Shareholding |
|
|
Pledged
/ Encumbered |
|
|
Number
of Shares |
0.00 |
|
Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
0.00 |
|
Percentage
of Shares (as a% of the total share capital of the company) |
0.00 |
|
Non-encumbered |
|
|
Number
of Shares |
13169987.00 |
|
Percentage
of Shares (as a% of the total shareholding of promoter & prom group) |
100.00 |
|
Percentage
of Shares (as a % of the total share capital of the company) |
56.00 |
|
Investor
complaints |
|
|
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:
1. The above unaudited results have been recommended by the Audit Committee and approved by the Board of Directors at their meeting held on July 28, 2015.
2. The unaudited financial results have been
prepared on the basis of same accounting policies which were followed in
preparation of financial results for the year ended March 31, 2015.
3. Segment Reporting: The Company is primarily
engaged in the business of Chlor Alkali Chemicals. Since the inherent nature of
these activities is governed by the same act of risks and returns, there is no
reportable segment.
4. During the quarter ended March 31, 2015, to
consolidate the Aditya Birla Group's Chemical business in Grasim Industries
Limited, the Board of Directors has approved a Scheme of Amalgamation
("the Scheme") to merge the Company with Grasim Industries Limited in
terms of the provisions of sections 391 to 394 of the Companies Act, 1956 read
with other applicable provisions of the Companies Act, 1956 and the Companies
Act, 2013 (the 'Act'). The Scheme has received the approval of shareholders and
creditors of respective Companies. The approval of the Scheme by the Hon'ble
High Courts of Jharkhand and Madhya Pradesh is under process.
On merger of the Company with the Grasim
Industries Limited, the shareholders of the Company will receive 1 (one) equity
shares of Grasim Industries Limited of face value Rs.10 each fully paid-up for
every 16 (Sixteen) equity shares of the Company of face value Rs.10 each fully
paid-up.
5. The Company has acquired, vide Business
Transfer Agreement dated September 8, 2014, the Chloro-Chemical Unit of
Jayshree Chemicals Limited situated at Ganjam, Orissa on slump sale basis for
which necessary formalities and approvals are under process.
6. In accordance with Clause 41 of the Listing
Agreement the Statutory Auditors have carried out a limited review of the financial
results of the quarter ended June 30, 2015.
7. Previous period's figures have been regrouped
wherever necessary to conform to current period's classification.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Equipment
·
Chlorine Tonners
·
Vehicles
·
Railway Siding
·
Furniture and Fixtures
·
Office Equipment
Intangible Assets
·
Licence
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.66.06 |
|
UK Pound |
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
64 |
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.