MIRA INFORM REPORT

 

 

Report No. :

353024

Report Date :

04.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MULTIBASE INDIA LIMITED

 

 

Registered Office :

74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory

Tel. No.:

91-2638-56627

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

17.12.1991

 

 

Com. Reg. No.:

56-002959

 

 

Capital Investment / Paid-up Capital :

Rs. 126.200 Million

 

 

CIN No.:

[Company Identification No.]

L01122DD1991PLC002959

 

 

IEC No.:

0891009591

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAECS4121K

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch. (Registered Activity)

 

 

No. of Employees :

100 (Approximately) (Payroll 45 + Contract basis 55)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (54)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject IS a subsidiary of Multibase S.A France. It is an old and established company incorporated during the year 1991 having a good track record.

 

Available financial indicates sound financial risk profile marked by decent net worth position with zero debt and favorable gap between trade payables and trade receivables.

 

Further the rating also takes into consideration good profit margin of the company.

 

The rating also derives strength from its holding company and its 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 standing 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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2015.

 

INFORMATION DECLINED BY

 

Name :

Mr. Dharmesh Painter

Designation :

Chief Financial Officer

Contact No.:

91-260-6614400

Date :

01.12.2015

 

 

LOCATIONS

 

Registered Office / Plant :

74/5-6, Daman Industrial Estate Kadaiya Village, Nani Daman – 396210, Union Territory, India

Tel. No.:

91-260-6614400

Fax No.:

91-260-2221518

E-Mail :

Sanjay.goel@dowcorning.com

Website :

www.multibase.com

 

 

Principal Sales Office :

5th Floor, Scorpio House, Opp. Galleria Hiranandani Business Park, Powai, Mumbai – 400076, Maharashtra, India

Tel. No.:

91-22-66946860

Fax No.:

91-22-66946848

E-Mail :

multibase@multibaseindia.com

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Deepak Dhanak

Designation :

Managing Director

 

 

Name :

Mr. Peter Cartwright

Designation :

Non-Executive Director

 

 

Name :

Mr. Harish Narendra Motiwalla

Designation :

Independent Director

 

 

Name :

Mr. Ashok Chhabra

Designation :

Independent Director

 

 

Name :

Mr. Krishna Joshi

Designation :

Director

 

 

Name :

Ms. Suely Mori

Designation :

Non-Executive Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Sunaina Goraksh

Designation :

Company Secretary

 

 

Name :

Mr. Dharmesh Painter

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

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.gif(2) Foreign

 

 

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

9464994

75.00

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

9464994

75.00

Total shareholding of Promoter and Promoter Group (A)

9464994

75.00

(B) Public Shareholding

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

26855

0.21

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

26855

0.21

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

 

 

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

188376

1.49

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1812062

14.36

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

661255

5.24

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

466458

3.70

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

36547

0.29

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

300589

2.38

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

2600

0.02

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

13800

0.11

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

112922

0.89

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

3128151

24.79

Total Public shareholding (B)

3155006

25.00

Total (A)+(B)

12620000

100.00

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

0

0.00

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)

12620000

0.00

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Sl.No.

Name of the Shareholder

No. of Shares held

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

1

Multibase S A

94,64,994

75.00

 

Total

94,64,994

75.00

 

(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.

 

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 Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

Dipak Kanayalal Shah

127000

1.01

 

 

Total

127000

1.01

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch. (Registered Activity)

 

 

Products :
  • Polypropylene Compound
  • Thermoplastic Elastomer
  • Silicon Master Batch
  • Thermoplastic Master Batch

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

100 (Approximately) (Payroll 45 + Contract basis 55)

 

 

Bankers :
  • HDFC Bank Limited
  • State Bank of India

 

Banker Name

Citi Bank

 

Branch Address

Not Divulged

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

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

Address :

Vadodara, Gujarat, India

Firm Reg. No:

117364W

 

 

Internal Auditors:

Mukund and Rohit

Chartered Accountants

 

 

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:
  • Multibase S.A, France

 

 

Ultimate Holding Company:
  • Dow Corning Corporation

 

 

Subsidiary of Ultimate holding Co:
  • Dow Corning (Zhangjiagang) Holding Company Limited
  • Multibase (Zhangjiagang Free Trade Zone) Company Limited
  • Dow Corning Limited-Barry
  • Dow Corning Korea Limited
  • Dow Corning India Private Limited
  • Dow Corning Singapore Pte. Limited
  • Dow Corning (Thailand) Limited
  • Multibase, Inc.
  • Bay Asset Leasing, L.L.C.
  • Dow Corning STI, Inc
  • Dow Corning United Kingdom Holding Company, L.L.C.
  • Valley Asset Funding LLC
  • Devonshire Underwriters Limited
  • DCC Litigation Facility, Inc..
  • Dow Corning Enterprises, LLC
  • Dow Corning Compound Semiconductor Solutions, LLC
  • Dow Corning Foundation
  • Site Services, Inc.
  • Hemlock Semiconductor Corporation
  • HSCPC, L.L.C.
  • Dow Corning Alabama, Inc.
  • Hemlock Semiconductor, L.L.C.
  • Valley Asset Leasing, LLC
  • Dow Corning Canada Inc.
  • DC Feedstock Financing, LLC
  • DC Canada Financing ULC
  • Dow Corning Europe S.A.
  • Dow Corning S.r.l.
  • Dow Corning Iberica S.A..
  • Dow Corning Kimya Sanayi Ve Ticaret Limited Sirketi
  • Dow Corning Polska Sp.zo.o.
  • Dow Corning Luxembourg Holdings, S.à r.l.
  • Dow Corning Ireland Limited
  • Dow Corning France S.A.S.
  • Dow Corning Korea Holdings, B.V.
  • Dow Corning GmbH
  • Dow Corning Limited Liability Company
  • DC Metals Holdings B.V.
  • DC Netherlands Holding B.V.
  • DC Global Holdings S.à r.l.
  • DC MIT Holdings B.V.
  • DC Japan Holdings B.V.
  • DC Finance S.à r.l..
  • Dow Corning (Zhangjiagang) Company, Limited.
  • Dow Corning (China) Holding Company Limited..
  • Dow Corning (Zhangjiagang) Silicone Company Limited.
  • Dow Corning Taiwan Inc.
  • Dow Corning China Limited
  • Dow Corning (Shanghai) Management Company Limited
  • Dow Corning Asia Branch
  • Dow Corning (Shanghai) Company, Limited.
  • Dow Corning Toray Company, Limited.
  • Site Services Japan, Company Limited.
  • Dow Corning Holding Japan Company Limited.
  • Dow Corning New Zealand Limited
  • Dow Corning Australia Pty. Limited.
  • Dow Corning Siloxane (Zhangjiagang) Holding Company Private Limited.
  • Hemlock Semiconductor Pte. Limited.
  • Dow Corning Silicones Malaysia Sdn. Bhd.
  • Dow Corning de Argentina S.R.L.
  • Dow Corning de Mexico S.A. de C.V.
  • Palmyra Recursos Naturais Exploração e Comércio Ltda.
  • Dow Corning de Colombia Limiteda.
  • Dow Corning do Brasil Limiteda.
  • Dow Corning Silício do Brasil Indústria e Comércio Ltda

 

 

Associate Company:
  • WVA Manufacturing, LLC
  • Quebec Silicon Limited Partnership
  • Quebec Silicon General Partner Inc.
  • Wacker Chemicals Fumed Silica (Zhangjiagang) Company Limited.
  • Dalian DC Silicon Company Limited.
  • Fuji Polymer Industries Company, Limited.
  • Wacker Chemicals Fumed Silica (Zhangjiagang) Holding Company Private Limited
  • Dalian DC Trading Company Limited.
  • DC Silicon (Zhangjiagang) Logistics Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

13000000

Equity Shares

Rs.10/- each

Rs.130.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

12620000

Equity Shares

Rs.10/- each

Rs.126.200 Million

 

Note:

 

(1) The Company has one class of equity shares having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. If any, dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(2) Out of the above equity shares 9,464,994 shares i.e. 75% (Previous year 9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding Company (of which Dow Corning Corporation , USA is the ultimate Holding Company)

(3) Except for above, no other shareholder holds more than 5% of the equity shares of the Company.

(4) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period;

 

 

 

Numbers of equity shares at the beginning of the year and outstanding at the

end of year

12,620,000

Amount equity shares at the beginning of the year and outstanding at the end

of year

126.200

 

 

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

126.200

126.200

126.200

(b) Reserves & Surplus

285.434

214.167

163.378

(c) Money received against share warrants

0.000

 

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

411.634

340.367

289.578

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.685

2.346

2.093

(c) Other long term liabilities

3.820

2.797

2.872

(d) long-term provisions

0.100

0.100

0.000

Total Non-current Liabilities (3)

5.605

5.243

4.965

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

40.002

55.633

62.767

(c) Other current liabilities

7.653

5.678

5.967

(d) Short-term provisions

3.064

1.647

0.119

Total Current Liabilities (4)

50.719

62.958

68.853

 

 

 

 

TOTAL

467.958

408.568

363.396

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

50.106

49.556

45.088

(ii) Intangible Assets

0.001

0.043

0.165

(iii) Capital work-in-progress

2.614

0.754

0.209

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9.894

9.492

0.315

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

62.615

59.845

45.777

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

93.505

111.424

103.359

(c) Trade receivables

100.703

106.142

93.716

(d) Cash and cash equivalents

177.626

106.693

83.336

(e) Short-term loans and advances

33.509

24.464

37.208

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

405.343

348.723

317.619

 

 

 

 

TOTAL

467.958

408.568

363.396

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

616.468

545.641

451.464

 

Other Income

12.310

8.186

8.230

 

TOTAL (A)

628.778

553.827

459.694

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

377.602

342.993

276.213

 

Purchases of Stock-in-Trade

40.554

40.171

35.008

 

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

(10.198)

3.897

(12.127)

 

Employees benefits expense

30.901

27.969

29.749

 

Other expenses

72.885

58.161

59.592

 

TOTAL (B)

511.744

473.191

388.435

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

117.034

80.636

71.259

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

0.598

0.715

0.945

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

116.436

79.921

70.314

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

7.071

4.722

4.927

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

109.365

75.199

65.387

 

 

 

 

 

Less

TAX (H)

37.149

24.410

20.490

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

72.216

50.789

44.897

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

202.467

151.678

106.781

 

 

 

 

 

 

Depreciation on transition to Schedule II of the Companies Act, 2013 on tangible fixed assets with nil remaining useful life (Net of deferred tax)

0.949

0.000

0.000

 

Balance Carried to the B/S

273.734

202.467

151.678

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Exports at F.O.B. value

42.284

39.723

52.793

 

Income from Shared services operations

5.428

5.966

5.036

 

TOTAL EARNINGS

47.712

45.689

57.829

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

189.617

212.293

184.090

 

Capital Goods

0.000

5.343

0.000

 

Others

0.000

0.064

0.000

 

TOTAL IMPORTS

189.617

217.700

184.090

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

5.72

4.02

3.56

 

 

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

NA

Cash generated from operations

113.369

53.634

16.312

Net cash flow from / (used in) operating activities

76.014

29.449

(3.791)

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2015

1st Quarter

30.09.2015

2nd  Quarter

Audited / UnAudited

 

 

 

 

 

 

 

Net Sales

 

158.450

176.310

Total Expenditure

 

127.720

145.200

PBIDT (Excl OI)

 

30.730

31.110

Other Income

 

3.740

4.180

Operating Profit

 

34.470

35.290

Interest

 

0.200

0.170

Exceptional Items

 

NA

NA

PBDT

 

34.270

35.120

Depreciation

 

1.380

1.460

Profit Before Tax

 

32.890

33.660

Tax

 

11.380

11.760

Provisions and contingencies

 

NA

NA

Profit After Tax

 

21.500

21.890

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

21.500

21.890

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

11.71

9.31

9.94

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

18.98

14.78

15.78

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

23.50

18.44

18.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.27

0.22

0.23

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

7.99

5.54

4.61

 

 

STOCK PRICES

 

Face Value

Rs.10./-

Market Value

Rs.235.10/-

 

 

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

126.200

126.200

126.200

Reserves & Surplus

163.378

214.167

285.434

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

289.578

340.367

411.634

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

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

451.464

545.641

616.468

 

 

20.860

12.981

 

 

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

451.464

545.641

616.468

Profit

44.897

50.789

72.216

 

9.94%

9.31%

11.71%

 

 

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

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

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

 

HIGH COURT OF GUJARAT

TAX APPEAL No. 1960 of 2008

 

Status : PENDING

( Converted from : ST/4125/2008 )

CCIN No : 001092200801960

 

 

Last Listing Date:

11/01/2010

 

Coram

·         HONOURABLE MR.JUSTICE K.A.PUJ

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

 

S.NO.

Name of the Petitioner

Advocate On Record

 

1

DIRECTOR OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

S.NO.

Name of the Respondant

Advocate On Record

 

1

MULTIBASE INDIA LTD

MRS SWATI SOPARKAR for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

 

 

Presented On

: 22/12/2008

Registered On

: 22/12/2008

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 198 times

StageName

: FOR FINAL HEARING - TAX MATTERS

 

Classification
  • DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act
  • INCOME-TAX ACT, 1961

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

15/08/2008

VAKALATNAMA

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS MAUNA M BHATT:1

2

15/08/2008

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

-

MRS SWATI SOPARKAR:1

3

22/12/2008

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

6

MRS MAUNA M BHATT:1

4

22/12/2008

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

20

MRS MAUNA M BHATT:1

5

10/03/2010

VAKALATNAMA

MRS SWATI SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png1

5

MRS SWATI SOPARKAR:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

11/01/2010

9

-

FOR FINAL HEARING - TAX MATTERS

RULE/ADMIT

·         HONOURABLE MR.JUSTICE K.A.PUJ

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/1960/2008

·         HONOURABLE MR.JUSTICE K.A.PUJ

·         HONOURABLE MR.JUSTICE RAJESH H.SHUKLA

11/01/2010

N

ORDER

-

Y

Certified Copy

 

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

12/01/2010

O/871/2010

11/01/2010

15/01/2010

19/01/2010

Delivered

ORDER

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

OPERATIONS

 

During the year, the Company reported gross revenue from operations of Rs.682.492 Million as against Rs.604.819 Million during the FY 2013-14. The Company reported Profit Before Tax of Rs.109.365 Million and Profit After Tax of Rs.72.216 Million as against Rs.75.198 Million and Rs.50.789 Million respectively for the previous Financial Year.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

CAVEAT

 

This section of the Annual Report has been included in adherence to the spirit enunciated in the Code of Corporate Governance approved by the Securities and Exchange Board of India. Shareholders and Readers are cautioned that in the case of data and information external to the Company, though the same are based on sources believed to be reliable, no representation is made on its accuracy or comprehensiveness. Further, utmost care has been taken to ensure that the opinion expressed therein contain its perceptions on most of the important trends having a material impact on the Company’s operations. The opinions expressed by the management may contain certain forward-looking statements in the current scenario, which is extremely dynamic and increasingly fraught with risk and uncertainties. The Company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this report, consequent to new information, future events, or otherwise. Estimation and expectation made in the Report may differ from actual performance due to various Economic conditions, Government Policies and other related factors.

 

BACKGROUND and INDUSTRY OUTLOOK

 

Year started with the backdrop of the markets recovering from the slow-down. The Company increased its presence in the Automotive (safety and non-safety products) and Silicon based thermoplastics segment. The Company prioritized its focus on Silicon-enhanced products and identified new opportunities in engineering polymer markets. Thermoplastic Elastomers sales in India continued to grow at a steady rate by converting some of the non TPE applications to TPE. The company managed to hold the margins in an increasingly competitive market and during the global economy slowdown through a mix of innovative products, selective price increase and qualifying alternate raw materials.

 

OVERVIEW

 

It has been recognized world over that India is one of the fastest growing economies. The relevant markets for Multibase are growing steadily and they expect that the Company will benefit from this. The business prospects for the Company are good with increased volumes in these market segments. Increased competition and uncertainty in the world petrochemical markets could put some pressure on margins, since there could be the double effect of raw material price rises as well as pressure from competition. Company produces a range of both commodity and specialty products which are used in a wide range of applications in markets such as Automotive, Personal Care, Personal hygiene, Stationery, Telecommunications and Engineering Polymers etc. The Company continuously develops new generation products through its modern R and D plant in Daman to stay ahead of the competition. Global grades are now being produced in Daman to address the requirement of Automotive sector.

 

FINANCIAL REVIEW

 

The overall performance of the Company for the current financial year improved as compared to previous financial year in spite of various challenges faced during the year such as overall slow-down of economy, high inflation and increase of prices of imported raw materials and commodities globally.

 

During the year under, the Company reported gross revenue from operations of Rs.682.492 Million as against Rs.604.819 Million during the FY 2013-14. The Company reported Profit Before Tax of Rs.109.365 Million and Profit After Tax of Rs.72.216 Million as against Rs.75.198 Million and Rs.50.789 Million respectively for the previous Financial Year.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.20145

31.03.2014

 

 

 

-Towards C-forms pending collection

9.584

11.225

-The Company has made duty free imports of specific raw material under Advance

Licence scheme with a condition to fulfill the related export obligation. The export

obligation remaining to be fulfilled in this regard as at year end is

0.000

0.366

-Income tax demand

3.883

3.253

 

Future cash flows in respect of the above matters are determinable only on receipts of judgement/decisions pending at various forums/authorities

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR 30TH SEPTMEBER, 2015

 

[RS. IN MILLION]

 

PARTICULARS

 

 

 

Quarter Ended

Half year ended

30.09.2015

[Unaudited]

30.06.2015

[Unaudited]

30.09.2015

[Unaudited]

Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

175.590

157.706

333.296

b) Other operating income

0.22

0.745

1.467

Total Income from Operations (net)

176.312

158.451

334.763

 

 

 

 

Expenditure

 

 

 

Cost of material consumed

94.354

88.192

182.546

Purchases of Stock-in-Trade

12.967

12.778

25.345

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

5.759

(1.910)

3.849

Employees benefits expense

7.350

8.610

15.960

Depreciation

1.455

1.384

2.839

Other expenses

25.178

20.047

45.225

Total expenses

146.663

129.101

275.764

 

 

 

 

Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation

29.649

29.350

58.999

Other income

4.178

3.736

7.914

Profit from ordinary activities before finance costs

33.827

33.086

66.913

Finance costs

0.172

0.201

0.373

Net profit/(loss) from ordinary activities after finance costs but before exceptional items

33.655

32.885

66.540

Exceptional item

0.000

0.000

0.000

Profit from ordinary activities before tax Expense:

33.655

32.885

66.540

Tax expenses

11.761

11.381

23.142

Net Profit / (Loss) from ordinary activities after tax (9-10)

21.894

21.504

43.398

Extraordinary Items (net of tax expense)

0.000

0.000

0.000

Net Profit / (Loss) for the period (11 -12)

21.894

21.504

43.398

Paid-up equity share capital (Face value Rs.10 per share)

126.200

126.200

126.200

Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

--

--

--

Earnings per share (before and after extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

Basic

1.73

1.70

3.44

Diluted

1.73

1.720

3.44

 

 

 

 

A. PARTICULARS OF SHAREHOLDING

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

3155006

3155006

3155006

- Percentage of shareholding

25

25

25

2. Promoters and Promoters group Shareholding

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

--

--

--

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

--

--

--

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

--

--

--

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

9464994

9464994

9464994

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

100

100

100

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

75

75

75

 

 

PARTICULARS

Quarter Ended 30.09.2015

B

Investor complaints (Nos.)

 

 

Pending at the beginning of the quarter

NIL

 

Received during the Quarter

2

 

Disposed of during the quarter

2

 

Remaining unresolved at the end of the quarter 

NIL

 

STATEMENT OF ASSETS AND LIABILITIES

 

SOURCES OF FUNDS

30.09.2015

 

 

I.              EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

126.200

(b) Reserves & Surplus

328.832

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

455.032

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

0.000

(b) Deferred tax liabilities (Net)

1.698

(c) Other long term liabilities

4.355

(d) long-term provisions

0.100

Total Non-current Liabilities (3)

6.153

 

 

(4) Current Liabilities

 

(a) Short term borrowings

0.000

(b) Trade payables

51.529

(c) Other current liabilities

7.365

(d) Short-term provisions

3.149

Total Current Liabilities (4)

62.043

 

 

TOTAL

523.228

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

 

(i) Tangible assets

57.651

(ii) Intangible Assets

 

(iii) Capital work-in-progress

 

(iv) Intangible assets under development

 

(b) Non-current Investments

0.000

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

18.011

(e) Other Non-current assets

0.000

Total Non-Current Assets

75.662

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

111.896

(c) Trade receivables

111.073

(d) Cash and cash equivalents

209.525

(e) Short-term loans and advances

15.072

(f) Other current assets

0.000

Total Current Assets

447.566

 

 

TOTAL

523.228

 

Note:

 

1. The Company has only one segment, manufacturing three principal products, commonly referred to as "Thermoplastic Compounds" which are not significantly different and hence considered as single segment.

2. The above results have been subjected to Limited Review by Statutory auditors of the Company, reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on October 23, 2015.

3 other expenses state in incudes foreign exchange loss/gain for the reported periods as follows

 

PARTICULARS

 

 

 

Quarter Ended

Half year ended

30.09.2015

[Unaudited]

30.06.2015

[Unaudited]

30.09.2015

[Unaudited]

 

 

 

 

Exchange loss/ gains

2.559

1.358

3.917


4. Previous period figures are re-grouped and reclassified wherever considered necessary.

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

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 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.66.75

UK Pound

1

Rs.99.61

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--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

 

54

 

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.