MIRA INFORM REPORT

 

 

Report No. :

338611

Report Date :

28.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MANGALAM ORGANICS LIMITED

 

 

Registered Office :

Kumbhivali Village, Savroli Kharpada Road, Taluka Khalapur, Khopoli, District Raigad - 410203, Maharashtra

Tel. No.:

91-2192-276140

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

03.07.1981

 

 

Com. Reg. No.:

11-024742

 

 

Capital Investment / Paid-up Capital :

Rs. 90.527 Million

 

 

CIN No.:

[Company Identification No.]

L24110MH1981PLC024742

 

 

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 :

Manufacturer and Trader of Chemical Products.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having satisfactory track.

 

During FY-15 the company has reported healthy increase into its income and profit margins.

 

The company has reported healthy financial and operational profile marked by adequate networth base and comfortable debt protection metrics.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

In view of experienced promoters backed by decent operational and 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

CRISIL

Rating

SME 1

Rating Explanation

Highest creditworthiness

Date

23.04.2014

 

 

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 DENIED BY

 

Name :

Mr. Shrirang Rajule

Designation :

Chief Financial Officer

Contact No.:

91-22-22841284

Date :

27.08.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

Kumbhivali Village, Savroli Kharpada Road, Taluka Khalapur, Khopoli, District Raigad - 410203, Maharashtra, India

Tel. No.:

91-2192-276140

Fax No.:

Not Available

E-Mail :

power@bom3.vsnl.net.in

 

 

Administrative Office :

812, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22824089/ 40884089

Fax No.:

91-22-22841284/ 81/ 49204081

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Sharadkumar Saraf

Designation :

Director

Address :

191-A, 19th Floor, Beach Towers, P. Balu Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India

Date of Appointment :

29.01.2011

DIN No.:

00035843

 

 

Name :

Rajkumar Subhkaran Jatia

Designation :

Director

Address :

5/F, Krishnabad Building, Warden Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

27.05.2010

DIN No.:

00136303

 

 

Name :

Rajkumar Jugalkishor Saraf

Designation :

Director

Address :

5-A,B,C, 5th Floor, Saraf House, Sandhurst Bridge Road, Chowpatty, Mumbai - 400007, Maharashtra, India

Date of Appointment :

27.05.2010

DIN No.:

00286748

 

 

Name :

Kamalkumar Ramgopal Dujodwala

Designation :

Director

Address :

48 Jaldarshan, 51-D Nepeansea Road, Mumbai - 400036, Maharashtra, India

Date of Appointment :

03.07.1981

DIN No.:

00546281

 

 

Name :

Pankaj Ramgopal Dujodwala

Designation :

Managing director

Address :

Flat No.172, Rambha Building, 66, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Appointment :

03.06.1987

DIN No.:

00546353

 

 

Name :

Anita Sandeep Shriya

Designation :

Director

Address :

17, Jaldarshan, 51, Nepeansea Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

09.10.2014

DIN No.:

06992663

 

 

KEY EXECUTIVES

 

Name :

Shrirang Vishwanath Rajule

Designation :

Chief Financial Officer

Address :

E-504, Sanghvi Estate, Chicken Ghar Naka, Kalyan (West), Kalyan – 421301, Maharashtra, India

PAN No.:

AECPR6879J

Date of Appointment :

04.10.2014

 

 

Name :

Ankur Pravin Gala

Designation :

Secretary

Address :

B/502 Gangotri Shanti Park, Mira Road (East), Thane, 401107, Maharashtra, INDIA

PAN No.:

AIGPG1386B

Date of Appointment :

23.09.2014

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2243362

24.78

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2001849

22.11

http://www.bseindia.com/include/images/clear.gifSub Total

4245211

46.89

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

4245211

46.89

 

 

 

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

1900

0.02

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

600

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

2500

0.03

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

703860

7.78

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

2538672

28.04

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1262399

13.95

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

300038

3.31

http://www.bseindia.com/include/images/clear.gifClearing Members

50268

0.56

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

249770

2.76

http://www.bseindia.com/include/images/clear.gifSub Total

4804969

53.08

Total Public shareholding (B)

4807469

53.11

 

 

 

Total (A)+(B)

9052680

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

9052680

100.00

 

 

 

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY PROMOTER AND PROMOTER GROUP

 

Name of the Shareholder

Details of Shares held

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

No. of Shares held

As a % of grand total (A)+(B)+(C)

Akshay Dujodwala

3,51,374

3.88

3.88

Alka Dujodwala

5,78,790

6.39

6.39

Dujodwala Export Private Limited

1,72,432

1.90

1.90

Indo Euro Securities Limited

18,29,417

20.21

20.21

Manisha Dujodwala

8,53,250

9.43

9.43

Pankaj Ramgopal Dujodwala Huf

1,72,432

1.90

1.90

Ramgopal Kamalkumar Huf

1,56,216

1.73

1.73

Vasudha Dujodwala

1,31,300

1.45

1.45

Total

42,45,211

46.89

46.89

 

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

 

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital

Jagdish Amritlal Shah

95745

1.06

1.06

Sangeetha S

136330

1.51

1.51

Vijay Rani Saraf

420900

4.65

4.65

J B C International Private Limited

414500

4.58

4.58

Total

1067475

11.79

11.79

 

DETAILS OF LOCKED-IN SHARES

 

Name of the Shareholder

No. of Shares

Locked-in Shares as % of
Total No. of Shares

Pankaj Ramgopal Dujodwala HUF

1,72,432

1.90

Ramgopal Kamalkumar HUF

86,216

0.95

Dujodwala Export Private Limited

1,72,432

1.90

Total

4,31,080

4.76

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Chemical Products.

 

 

Products :

Chemical Products

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Bank Name

The Saraswat Cooperative Bank Limited

Branch

SME Nariman Point Branch, Mittal Court A Wing, 1st  Floor, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra - 400021, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

 

SECURED LOAN

31.03.2013

(Rs. in Million)

LONG TERM BORROWING

 

From Saraswat Co-operative Bank Limited

 

Corporate loan

Secured against first charge on the present and future fixed assets of the Company (Land and Building, Plant & Machinery) Re-payable in 33 months in monthly installment of Rs. 2.122 Millions each.  Applicable rate of interest is 14.5%

0.000

Rupee term loan          

Equitable mortgage of additional construction on existing land at Kumbhivali, Savroli Kharpada Road, Taluka - Khalapur, Khopoli, District - Raigad. Repayable after a moratorium period of 12 months. Repayable in 71 monthly installments of Rs. 0.475 Million each.  Applicable rate of interest is 14.5%.

25.324

Rupee term loan – I

Secured against hypothecation of existing Plant and Machinery of the Company.

Repayable in 24 monthly installment of Rs. 0.875 Million each. Starting from June 13. Applicable rate of interest is 14.5%.

0.223

Rupee term loan – II

Secured against hypothecation of equipments Plant and Machinery financed.

Repayable in 60 monthly installment of Rs. 0.705 Million each. Applicable rate of interest is 14.5%.

16.144

Vehicle Loan

(Secured against Vehicle financed and personal guarantee of

Mr.  Pannkaj  Dujodwala, Director of the Company)

1.121

SHORT TERM BORROWING

 

Loans repayable on demand

 

Cash Credit from The Saraswat Cooperative Bank Limited

(Secured against hypothecation of Inventories and book debts of the Company) [Collateral Securities:

 

a) Equitable mortgage of Factory Land and Building at  Kumbhivali village, Savroli Kharpada Road, District Raigad, Taluka Khalapur, Khopoli - 410203, Maharashtra.

b) Hypothecation of plant and machinery.

c) Personal guarantees of Mr. Kamalkumar Dujodwala and Shri Pannkaj Dujodwala]

278.410

Working capital loan

45.971

 

 

Total

367.193

 

Auditors :

 

Name :

Sundarlal, Desai and Kanodia

Chartered Accountants

Address :

903, Arcadia, NCPA Marg,  Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Name :

R Kabra and Comapny

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Companies / Firm controlled by Directors / Relatives who have the authority and controlling their activities [AS ON 31.03.2013]:

·         Balaji Pine Chemicals Limited 

·         Speciality Chemicals

·         Dujodwala Resin and Terpenes Limited 

·         Indo-Euro Securities Limited 

·         Dujodwala Exports Private Limited 

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 90.527 Million

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

12000000

Equity Shares

Rs.10/- each

Rs.120.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9052680

Equity Shares

Rs.10/- each

Rs.90.527 Million

 

Less: Calls Unpaid

 

Rs.0.152 Million

 

 

 

 

 

Total

 

Rs.90.375 Million

 

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

90.527

90.375

90.375

(b) Reserves & Surplus

434.046

419.602

371.762

(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)

524.573

509.977

462.137

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

92.671

29.961

42.812

(b) Deferred tax liabilities (Net)

55.045

64.912

62.671

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

10.335

8.343

7.864

Total Non-current Liabilities (3)

158.051                                                                                                                                                                                                                                                                                                                                                               

103.216

113.347

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

579.624

494.544

324.381

(b) Trade payables

238.078

325.369

325.690

(c) Other current liabilities

133.640

144.479

178.401

(d) Short-term provisions

26.180

2.175

1.325

Total Current Liabilities (4)

977.522

966.567

829.797

 

 

 

 

TOTAL

1660.146

1579.760

1405.281

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

477.527

498.128

503.933

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

12.537

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.025

0.025

0.025

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

3.455

6.108

40.071

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

481.007

504.261

556.566

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

653.473

546.537

435.186

(c) Trade receivables

217.209

341.458

272.885

(d) Cash and cash equivalents

51.666

46.484

42.939

(e) Short-term loans and advances

256.193

140.880

87.424

(f) Other current assets

0.598

0.140

10.281

Total Current Assets

1179.139

1075.499

848.715

 

 

 

 

TOTAL

1660.146

1579.760

1405.281

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

2390.966

2316.585

2095.232

 

 

Other Income

35.658

11.717

13.160

 

 

TOTAL                                    

2426.624

2328.302

2108.392

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1780.003

1572.896

1585.674

 

 

Purchases of Stock-in-Trade

183.758

229.354

208.925

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(98.135)

15.456

(149.823)

 

 

Employees benefits expense

111.211

84.079

76.760

 

 

Other expenses

261.518

229.179

238.214

 

 

TOTAL                                    

2238.355

2130.964

1959.750

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

188.269

197.338

148.642

 

 

 

 

Less

FINANCIAL EXPENSES                                   

58.112

78.994

56.937

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

130.157

118.344

91.705

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

61.699

46.763

43.003

 

 

 

 

 

PROFIT BEFORE TAX

68.458

71.581

48.702

 

 

 

 

Less

TAX                                                                 

26.447

23.741

13.944

 

 

 

 

 

PROFIT AFTER TAX

42.011

47.840

34.758

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

316.740

268.900

234.142

 

 

 

 

 

 

Balance Carried to the B/S

358.751

316.740

268.900

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export made on FOB Basis

NA

NA

219.072

 

TOTAL EARNINGS

NA

NA

219.072

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

NA

721.674

 

TOTAL IMPORTS

NA

NA

721.674

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

4.64

5.28

3.84

 

Diluted

4.64

5.28

3.84

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

26.029

Cash used in Operations

NA

NA

286.332

Net Cash from Operating Activities

NA

NA

273.832

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.76

2.07

1.66

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

7.87

8.52

7.09

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

4.12

4.53

3.50

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.13

0.14

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.28

1.03

0.79

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.21

1.11

1.02

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.17.75/-

 

 

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

90.375

90.375

90.527

Reserves & Surplus

371.762

419.602

434.046

Share Application money pending allotment

0.000

0.000

0.000

Net worth

462.137

509.977

524.573

 

 

 

 

long-term borrowings

42.812

29.961

92.671

Short term borrowings

324.381

494.544

579.624

Total borrowings

367.193

524.505

672.295

Debt/Equity ratio

0.795

1.028

1.282

 

 

 

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

2095.232

2316.585

2390.966

 

 

10.565

3.211

 

 

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

2095.232

2316.585

2390.966

Profit

34.758

47.840

42.011

 

1.66%

2.07%

1.76%

 

 

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

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

No

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

Yes

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

 

 

 

Case Details

 

Bench:-Bombay

 

Presentation Date:-

17/03/2015

 

Lodging No.:-

CPL/245/2015

Filing Date:-

17/03/2015

Reg. No.:-

CP/397/2015

Reg. Date:-

13/04/2015

                                                                                                                                                                

 

 

Petitioner:-

TER HELL AND CO. GMBH

Respondent:-

MANGALAM ORGANICS LTD. CIN NO. L24110MH1981PLC024742

 

 

 

 

 

 

 

Petn.Adv.:-

M/S. DHRUVE LILADHAR AND COMPANY (151)

Resp.Adv.:-

DSK LEGAL (I1590)

 

 

District:-

MUMBAI

 

 

 

Bench:-

SINGLE

Status:-

Pre-Admission

Category:-

COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT

 

Next Date:-

01/12/2015

Stage:-

FOR ADMISSION [ORIGINAL SIDE MATTERS]

 

Coram:-

PROVISIONAL BOARD

 

Last Date:-

08/06/2015

Stage:-

FOR ADMISSION [ORIGINAL SIDE MATTERS]

 

Last Coram:-

HON'BLE SHRI JUSTICE S.C. GUPTE

 

 

Act :-

Companies Act & Rules 1956

Under Section:-

433 434

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10560911

01/04/2015

2,171,523.00

RELIANCE CAPITAL LTD

"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C 
ITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 4007 
10, INDIA

C49847221

2

10563515

30/03/2015

20,000,000.00

THE SARASWAT COOPERATIVE BANK LTD

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

C50923119

3

10555475

26/02/2015

80,000,000.00

THE SARASWAT CO-OPERATIVE BANK LTD.

SMALL MEDIUM ENTERPRISES BRANCH, MITTAL COURT,, ' 
A' WING, VIDHAN BHAVAN MARG, NARIMAN POINT,, MUMBA 
I, MAHARASHTRA - 400021, INDIA

C46898276

4

10531064

27/09/2014

575,000.00

THE SARASWAT COOPERATIVE BANK LTD

LAJPAT NAGAR BRANCH, 20A, RING ROAD,, LAJPAT NAGA 
R-IV, NEW DELHI, DELHI, DELHI - 110024, INDIA

C33477589

5

10524133

01/09/2014

8,489,799.00

RELIANCE CAPITAL LTD

"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE C 
ITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 4007 
10, INDIA

C26061333

6

10506243

20/06/2014

20,000,000.00

THE SARASWAT COOPERATIVE BANK LTD

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

C09451865

7

10468451

23/12/2013

50,000,000.00

THE SARASWAT COOPERATIVE BANK LTD

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B92829829

8

10368766

23/07/2012

8,864,000.00

THE SARASWAT COOPERATIVE BANK LTD

SME NARIMAN POINT BRANCH,MITTAL COURT A WING, 1ST 
FLOOR,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, 
MAHARASHTRA - 400021, INDIA

B44992824

9

10290361

18/04/2011

500,000.00

THE SARASWAT CO-OP. BANK LTD

RASEC DADAR BRANCH, LAXMAN ZULLA, 1ST FLOOR, 50, 
RANADE ROAD, DADAR,, MUMBAI, MAHARASHTRA - 400028, 
INDIA

B14340277

10

10256791

08/11/2010

27,500,000.00

THE SARASWAT CO-OP BANK LTD

CST BRANCH, CST, MUMBAI, MAHARASHTRA - 400001, IND 
IA

B01247626

 

* Date of charge modification

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015

 

(RS. IN MILLIONS)

 

PARTICULARS

 

Quarter ended

 

 

 

30.06.2015

(Unaudited)

Income from Operations

 

 

 

Net Sales/ Income from Operations including Trading Sales

 

 

575.619

Less: Excise Duty

 

 

58.820

Net of Excise

 

 

516.799

 

 

 

 

Other Income

 

 

2.252

Total Income from operations (net)

 

 

519.051

 

 

 

 

Expenses

 

 

 

(a) Cost of Raw material Consumed 

 

 

449.411

(b) Purchase of stock in trade

 

 

26.673

(c) Changes in inventories of finished goods, work in progress and stock in trade

 

 

(5.345)

(d) Employee benefit expenses

 

 

29.144

(e) Depreciation and amortization expenses

 

 

14.341

(f) Other Expenses

 

 

73.874

Total Expenses

 

 

588.098

 

 

 

 

Finance costs

 

 

16.765

 

 

 

 

Exceptional item

 

 

283.100

 

 

 

 

Profit/ Loss from Ordinary Activities before tax

 

 

(368.912)

Tax Expenses

 

 

--

Net Profit/ Loss from Ordinary Activities after tax

 

 

(368.912)

Extraordinary Items

 

 

--

Net Profit for the period

 

 

(368.912)

Paid- up Equity Share Capital (Face value of the share – Rs. 10)

 

 

90.527

Reserves excluding revaluation reserves as per balance sheet of Previous Accounting Year

 

 

 

Earnings per share [EPS]

 

 

 

Basic and diluted EPS before Extraordinary items for the period for the year to date and for the previous year [not annualized]

- Basic 

 

 

(40.75)

- Diluted

 

 

(40.75)

 

 

 

 

Basic and diluted EPS after Extraordinary items for the period for the year to date and for the previous year [not annualized]

- Basic 

 

 

(40.75)

- Diluted

 

 

(40.75)

 

 

 

 

PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

Number of Shares

 

 

4807469

Percentage of Shareholding

 

 

53.11

 

 

 

 

2. Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of Shares

 

 

--

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

 

 

---

- Percentage of Shares (as a % of the Total Share Capital of the Company)

 

 

--

 

 

 

 

Non - encumbered

 

 

 

- Number of Shares

 

 

4245211

- Percentage of Shares

(as a % of the total shareholding of promoter and promoter group)

 

 

100.00

- Percentage of Shares

(as a % of the total share capital of the company)

 

 

46.89

 

NOTES:

 

1. The above audited Financial Results were reviewed by the Audit Committee and thereafter were approved by the Board of Directors of the Company at its meeting held on 14th August, 2015. The statutory auditors have carried out a Limited review of the above financial results.

2. There was a major fire in the Company's Plant at Kumbhivali in the current quarter which has resulted in substantial loss of Plant and Machinery, Building structure and Inventory of about Rs. 28.31 crores for which claim with Insurance Company is being lodged. The effect of the said loss has been accounted on estimation basis as extra-ordinary item in the quarterly results and adjustments, if any, will be made on actual loss basis. Likewise in accordance with Accounting Standard (AS)-29 in relation to contingent assets, corresponding claim for insurance will be accounted on ascertainment of reasonable certainty after surveyor's report and final assessment of Loss.

3. The segment-wise reporting as defined in AS-17 is not applicable since the Company has only one reportable segment 'Chemicals'.

4. Corresponding figures of the previous period/ year have been re-grouped / re-arranged wherever necessary to make them comparable.

 

FIXED ASSETS

 

·         Land

·         Residential Premises

·         Factory Building

·         Plant and Machinery

·         Vehicle

·         Furniture and Fixture

·         Computer

·         Office Equipment

·         Office Premises

 

 

 

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.74.98

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

SNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

----

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

48

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.