MIRA
INFORM REPORT
|
Report No. : |
354124 |
|
Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUPREME PETROCHEM LIMITED |
|
|
|
|
Registered
Office : |
|
|
Tel. No.: |
91-22-67091900/ 67091977/ 1915/ 1917 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2015 |
|
|
|
|
Date of
Incorporation : |
14.12.1989 |
|
|
|
|
Com. Reg. No.: |
11-054633 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 965.020 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L23200MH1989PLC054633 |
|
|
|
|
IEC No.: |
0392048094 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7249C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Polystyrene (PS), Expendable Polystyrene (EPS),
Specialty Polymers and Compounds and Extruded Polystyrene (XPS). [Registered
Activity] |
|
|
|
|
No. of Employees
: |
346 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10750000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Supreme Petrochem Limited was founded in 1989. It manufacture of polystyrene
(PS), specialty polymers and compounds. It is established company having
satisfactory track record. During FY 15, the company has reported decline into its sales
turnover, but it has able to maintain healthy profit of 1.34% from the
operations. The rating takes into consideration company’s healthy financial risk
profile, decent capital structure with zero debt balance sheet profile backed
by experienced promoter and long track record of the business. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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
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.
LOCATIONS
|
Registered / Corporate Office : |
Solitaire Corporation Park, Building No.11, 5th Floor, 167,
Guru Hargovinji Marg, Chakala, Andheri (East), Mumbai – 400093, Maharashtra,
India |
|
Tel. No.: |
91-22-67091900/ 67091977/ 1915/ 1917 |
|
Fax No.: |
91-22-40055681 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
404, Raheja Chambers, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
|
|
|
Factory 1 : |
Amdoshi, Wakan Roha Road, Post: Patansai, Taluka Roha, District Raigad
– 402106, Maharashtra, India |
|
Tel. No.: |
91-2194-222540-2548 |
|
Fax No.: |
91-2194-222337/
2537/ 2617 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Ammulavoyil Village, Andarkuppam Post, Manali New Town, Chennai – 600103,
Tamilnadu, India |
|
|
|
|
Marketing Offices : |
Located at: · Mumbai Delhi Chennai |
DIRECTORS
AS ON 30.06.2015
|
Name : |
Mr. M. P. Taparia |
|
Designation : |
Chairman |
|
Qualification : |
B. A. |
|
Experience : |
He is the Managing Director of The Supreme Industries Limited. Expertise and wide experience in business management, marketing, operations and actively involved in various industry forums. |
|
Date of Appointment : |
14.12.1989 |
|
|
|
|
Name : |
Mr. Rajan B. Raheja |
|
Designation : |
Director |
|
Date of Birth/Age : |
17.06.1954 |
|
Qualification : |
B. Com |
|
Experience of
specific functional area : |
He is the Promoter of R. Raheja Group. He started his business career over 40 years ago. His business range includes batteries, cable television, ceramic tiles, cement, construction and petrochemicals. He is also on the Board of many other well known Companies. Over the years Shri Raheja has also been dedicating himself to various educational and charitable Trusts. |
|
Date of Appointment : |
14.12.1989 |
|
DIN No.: |
00037480 |
|
|
|
|
Name : |
Mr. B. L. Taparia |
|
Designation : |
Director |
|
Qualification : |
B. A. |
|
Experience of
specific functional area : |
He is Chairman of The Supreme Industries Limited. Started his business career over 57 years ago. Has long experience in managing businesses. Also associated with Philanthropic activities. |
|
Date of Appointment : |
22.11.1993 |
|
|
|
|
Name : |
Mr. Satish Raheja |
|
Designation : |
Director (Upto May 27, 2014) |
|
|
|
|
Name : |
Mr. S. J. Taparia |
|
Designation : |
Director |
|
Qualification : |
B. E. (Mechanical) |
|
Experience : |
Expertise and rich experience in technical, operational and marketing
aspects of industrial products. Actively involved in industry forum. |
|
Date of Appointment : |
22.11.1993 |
|
DIN No.: |
00112513 |
|
|
|
|
Name : |
Mr. Hasmukh Shah |
|
Designation : |
Director |
|
Qualification : |
B. A. |
|
Experience : |
Long experience in industry and is the Ex-Chairman of IPCL besides
being the Member of the Board of Directors of reputed Companies. |
|
Date of Appointment : |
17.10.1994 |
|
DIN No.: |
00152195 |
|
|
|
|
Name : |
Mr. M. S. Ramachandran |
|
Designation : |
Director |
|
Address : |
Q8, First Floor, Hauz Khas Enclave, |
|
Date of Birth/Age : |
26.02.1945 |
|
Qualification : |
B E (Mechanical) |
|
Experience : |
Former Chairman of IOC. Attended advanced Management Programme from Ashridge Management College in England and IIM in Ahmedabad. Also served as the Executive Director of Oil Co-ordination Committee. One of the foremost authorities on the Oil, Gas and Petrochemical Sector and is associated with many national and international companies. Inducted into the Hall of Fame at Chemtech Pharma Bio Award Function in April 2005. |
|
Date of Appointment : |
04.10.2007 |
|
DIN No.: |
00943629 |
|
|
|
|
Name : |
Mr. R. Kannan |
|
Designation : |
Director |
|
Date of Birth/Age : |
23.09.1947 |
|
Qualification : |
M. Tech. Chemical Engineering and Chartered Financial
Analyst. |
|
Experience : |
He was formerly General Manager of ICICI Limited, in
charge of the Oil & Gas division and thereafter Director of The Institute
of Financial Management and Research, Chennai. He is currently a faculty
Member of the Institute and is considered an expert in the Oil, Gas and
Petrochemical Industry. |
|
Date of Appointment : |
06.10.2009 |
|
DIN No.: |
00380328 |
|
|
|
|
Name : |
Mr. Nihalchand Chauhan |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.11.1935 |
|
Qualification : |
B. Com. (Hons.) L.L.B., CAIIB |
|
Experience : |
He is respected and well known personality in Banking and Financial circles, has over 55 years’ experience in domestic and International Banking. His rich and varied experience includes long stints with State Bank of India and Arab Monetary Fund, Abudhabi. |
|
Date of Appointment : |
27.04.2006 |
|
DIN No.: |
00021782 |
|
|
|
|
Name : |
Ms. Ameeta Parpia |
|
Designation : |
Director |
|
Qualification : |
B.A., LLB. |
|
Experience : |
Senior Solicitor and Advocate with long experience in legal field. |
|
Date of Appointment : |
24.04.2013 |
|
|
|
|
Name : |
Dr. S. Sivaram |
|
Designation : |
Director |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
M. Sc. (Chemistry) from IIT, Kanpur and PhD and DSc (h.c.) from Purdue University, W. Lafayette, Indiana USA |
|
Experience of
specific functional area : |
Dr. Sivaram is presently a CSIR Bhatnagar Fellow at the National Chemical Laboratory (NCL), Pune, India. Prior to this, he served as the eighth Director of NCL (2002-10). Dr. Sivaram is a highly decorated scientist with numerous awards to his credits. He is a recipient of the Vishwakarma Medal (INSA), Silver Medal of the Chemical Research Society of India, Millennium Medal of the Indian Science Congress Association, Distinguished Alumnus Award of IIT, Kanpur, Professor S.R. Palit Memorial Award of the Indian Association for Cultivation of Science, K.G. Naik Gold Medal of M.S. University, Baroda, FICCI Award in Physical Sciences, Om Prakash Bhasin Award, Goyal prize in Applied Sciences and the Distinguished Material Scientist of the Year Award, 2011 bestowed by Materials Research Society of India The President of India conferred the coveted civilian honor, Padma Shri, on Dr. Sivaram in 2006. He has mentored the Ph.D. thesis of 36 students and published over 210 papers in peer reviewed scientific journals. He is cited as an inventor in 49 granted European and US as well as 52 Indian patents. |
|
Date of Appointment : |
23.09.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Gupta |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
58712000 |
60.84 |
|
|
58712000 |
60.84 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
58712000 |
60.84 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
55565 |
0.06 |
|
|
70639 |
0.07 |
|
|
128498 |
0.13 |
|
|
254702 |
0.26 |
|
|
|
|
|
|
4282129 |
4.44 |
|
|
|
|
|
|
13385286 |
13.87 |
|
|
18335310 |
19.00 |
|
|
1532531 |
1.59 |
|
|
16867 |
0.02 |
|
|
60822 |
0.06 |
|
|
1361268 |
1.41 |
|
|
93574 |
0.10 |
|
|
37535256 |
38.90 |
|
Total
Public shareholding (B) |
37789958 |
39.16 |
|
Total
(A)+(B) |
96501958 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
96501958 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polystyrene (PS), Expendable Polystyrene (EPS),
Specialty Polymers and Compounds and Extruded Polystyrene (XPS). [Registered
Activity] |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
-- |
||||||
|
|
|
||||||
|
Agencies Held : |
-- |
||||||
|
|
|
||||||
|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Not Available |
||||||
|
|
|
||||||
|
Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
346 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
v State Bank of
India v Axis Bank Limited v Central Bank of
India v ICICI Bank
Limited v IDBI Bank
Limited v Kotak Mahindra Bank Limited v The Karur Vysya
Bank Limited v
The Hong Kong and Shanghai Banking Corporation
Limited
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
G. M. Kapadia and Company Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Promoters : |
v
The Supreme Industries Limited v R. Raheja
Investments Private Limited |
CAPITAL STRUCTURE
AS ON 30.06.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs. 1250.000 Million |
|
25000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96501958 |
Equity Shares |
Rs.10/- each |
Rs. 965.020 Million |
|
|
|
|
|
In the financial year 2013-2014, the company bought back and
extinguished 1537907 equity shares which has reduced the paid-up share capital
of the company from Rs.968.386 Million to Rs.965.020 Million.
The details of
Shareholders holding more than 5% Shares:
|
Name of the Shareholders |
30.06.2015 |
|
|
|
No. of Shares |
%held |
|
The Supreme Industries Limited |
28936400 |
29.99 |
|
R. Raheja Investments Private Limited |
28936400 |
29.99 |
The reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
30.06.2015 |
|
Equity Shares at the beginning of the year |
96,501,958 |
|
|
|
|
Less : Shares cancelled on buy back of Equity Shares |
-- |
|
|
|
|
Equity Shares at
the end of the year |
96,501,958 |
The Company has only one class of shares referred to as equity shares
having a par value Rs.10/- per share. Each holder of equity shares is entitled to
one vote per share. The Company declares and pays dividends in Indian Rupees.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in the case of
interim dividend. The holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts
in the event of liquidation of the Company. The distribution will be in
proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
965.020 |
965.020 |
968.386 |
|
(b) Reserves & Surplus |
2798.623 |
2677.704 |
2559.630 |
|
(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) |
3763.643 |
3642.724 |
3528.016 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
93.000 |
320.945 |
|
(b) Deferred tax liabilities (Net) |
484.840 |
492.415 |
487.204 |
|
(c) Other long term liabilities |
14.687 |
12.037 |
12.256 |
|
(d) long-term provisions |
14.947 |
13.599 |
14.922 |
|
Total Non-current Liabilities (3) |
514.474 |
611.051 |
835.327 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
3930.087 |
4907.273 |
4908.524 |
|
(c) Other current
liabilities |
308.506 |
494.220 |
609.046 |
|
(d) Short-term provisions |
297.436 |
181.068 |
403.274 |
|
Total Current Liabilities (4) |
4536.029 |
5582.561 |
5920.844 |
|
|
|
|
|
|
TOTAL |
8814.146 |
9836.336 |
10284.187 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3434.664 |
3690.594 |
3636.123 |
|
(ii) Intangible Assets |
16.674 |
22.279 |
21.785 |
|
(iii) Capital
work-in-progress |
42.733 |
39.874 |
314.319 |
|
(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 |
69.783 |
81.713 |
82.169 |
|
(e) Other Non-current assets |
161.915 |
124.007 |
50.328 |
|
Total Non-Current Assets |
3725.769 |
3958.467 |
4104.724 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1879.969 |
1792.597 |
2195.330 |
|
(c) Trade receivables |
2389.635 |
3372.041 |
3265.956 |
|
(d) Cash and cash
equivalents |
324.985 |
231.728 |
277.393 |
|
(e) Short-term loans and
advances |
436.472 |
457.212 |
383.096 |
|
(f) Other current assets |
57.316 |
24.291 |
57.688 |
|
Total Current Assets |
5088.377 |
5877.869 |
6179.463 |
|
|
|
|
|
|
TOTAL |
8814.146 |
9836.336 |
10284.187 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
26391.089 |
32352.379 |
29396.020 |
|
|
|
Other Operating Revenues |
134.287 |
290.599 |
275.570 |
|
|
|
Other Income |
31.916 |
58.555 |
53.852 |
|
|
|
TOTAL |
26557.292 |
32701.533 |
29725.442 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16878.786 |
20926.832 |
17959.723 |
|
|
|
Purchases of Stock-in-Trade |
6983.349 |
8588.918 |
8298.978 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(359.668) |
282.606 |
(59.727) |
|
|
|
Employees benefits expense |
319.260 |
282.705 |
239.984 |
|
|
|
Other expenses |
1770.214 |
1664.758 |
1670.712 |
|
|
|
TOTAL |
25591.941 |
31745.819 |
28109.670 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
965.351 |
955.714 |
1615.772 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
166.002 |
228.439 |
238.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
799.349 |
727.275 |
1376.957 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
236.419 |
287.374 |
277.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
562.930 |
439.901 |
1099.896 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
205.918 |
134.002 |
371.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
357.012 |
305.899 |
728.233 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
5014.809 |
7631.774 |
5398.835 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Traded goods |
21776.411 |
27518.837 |
23919.526 |
|
|
|
Stores & Spares |
17.548 |
40.771 |
30.166 |
|
|
|
Capital Goods |
4.240 |
5.016 |
87.125 |
|
|
TOTAL IMPORTS |
21798.199 |
27564.624 |
24036.817 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.70 |
3.16 |
7.52 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Current maturities of long term borrowings |
0.000 |
186.000 |
369.767 |
|
|
|
|
|
|
Cash generated from operations |
896.738 |
1134.075 |
1533.088 |
|
|
|
|
|
|
Net cash from operating activities |
798.344 |
948.892 |
1201.371 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.35 |
0.95 |
2.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
3.66 |
2.95 |
5.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.42 |
4.49 |
11.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.12 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00 |
0.08 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.05 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs.113.90/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
968.386 |
965.020 |
965.020 |
|
Reserves & Surplus |
2559.630 |
2677.704 |
2798.623 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3528.016 |
3642.724 |
3763.643 |
|
|
|
|
|
|
Long-term borrowings |
320.945 |
93.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of Long-Term Borrowings |
369.767 |
186.000 |
0.000 |
|
Total
borrowings |
690.712 |
279.000 |
0.000 |
|
Debt/Equity ratio |
0.196 |
0.077 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
29396.020 |
32352.379 |
26391.089 |
|
|
|
10.057 |
-18.426 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
29396.020 |
32352.379 |
26391.089 |
|
Profit |
728.233 |
305.899 |
357.012 |
|
|
2.48% |
0.95% |
1.35% |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10463830 |
19/05/2014 * |
400,000,000.00 |
ING VYSYA BANK LIMITED |
185, ANNASALAI, CHENNAI, TAMILNADU -
600006, INDIA |
C04789335 |
|
2 |
10133430 |
03/11/2008 |
200,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS GROUND FLOOR, SANDHURST
BRIDGE OPERA HOUSE, MUMBAI, MAHARASHTRA - 400007, INDIA |
A52331469 |
|
3 |
10096096 |
27/10/2008 * |
200,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
POST BOX NO.21, ERODE ROAD, KARUR,
TAMILNADU - |
A50150077 |
|
4 |
80022213 |
23/02/2006 |
200,000,000.00 |
UTI BANK LIMITED |
FORT, P M ROAD, MUMBAI, MAHARASHTRA - 400001,
INDIA |
- |
|
5 |
80006091 |
28/11/2005 |
320,000,000.00 |
STATE BANK OF INDIA |
NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
6 |
90230060 |
09/06/2006 * |
493,080,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA,
GUJARAT - 390015, INDIA |
- |
|
7 |
90230011 |
04/10/2004 |
120,000,000.00 |
UTI BANK LIMITED |
131; MAKER TOWER; F; 13 TH FLOOR, CUFFE
PARADE; COLOBA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
8 |
90283294 |
06/09/2005 * |
65,000,000.00 |
ANDHRA BANK |
MOUNT ROAD, 95; ANNA SALAI, CHENNAI, TAMIL
NADU - |
- |
|
9 |
90229949 |
06/04/2004 * |
200,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS, SIR P.M. ROAD, MUMBAI,
MAHARA |
- |
|
10 |
90229944 |
10/03/2004 |
200,000,000.00 |
ING VYSYA BANK LIMITED |
OPERA HOUSE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
11 |
90229925 |
29/12/2003 |
300,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHEMBAER; GROUND FLOOR, OPERA HOUSE,
MUMBAI |
- |
|
12 |
90281583 |
27/08/2003 |
50,250,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE BANKING BRANCH, TARAPORE
TOWERS |
- |
|
13 |
90229891 |
21/11/2003 * |
200,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
KAMANWALA CHAMBERS, FORT BRANCH, MUMBAI,
MAHARASHTRA - 400001, INDIA |
- |
|
14 |
90229855 |
21/03/2003 |
150,000,000.00 |
ICICI LIMITED |
FREE PRESS HOUSE, 215 NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
15 |
90229798 |
04/09/2002 |
100,000,000.00 |
INDUSIND BANK LIMITED |
HOECHST HOUSE; 3RD FLOOR, NARIMAN POINT,
MUMBAI, |
- |
|
16 |
90229673 |
17/04/2001 |
276,500,000.00 |
VYSYA BANK LIMITED |
OPERA HOUSE BRNACH, OPERA HOUSE, MUMBAI, MAHARASHTRA
- 400007, INDIA |
- |
|
17 |
90229630 |
16/12/2000 |
368,700,000.00 |
BANK OF INDIA |
244-A; MITTAL COURT, A; WING ; NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
18 |
90229616 |
20/10/2000 |
540,000,000.00 |
STATE BANK OF INDIA |
COMMERCIZL BRANCH, JUSTICE G.N. VAIDYA
MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
19 |
90229608 |
18/12/2000 * |
367,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRNACH, M.G. ROAD; FORT,
MUMBAI |
- |
|
20 |
90229606 |
22/09/2000 |
472,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH; BHARAT HOUSE',
GROUND |
- |
|
21 |
90229599 |
20/06/2001 * |
200,000,000.00 |
IDBI BANK LIMITED |
224; A- MITTAL COURT, A; WING; NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
22 |
90229597 |
03/01/2001 * |
75,000,000.00 |
SICOM LIMITED |
NIRMAL 1ST FLOOR, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
- |
|
23 |
90229567 |
11/04/2000 |
100,000,000.00 |
UCO BANK |
BALDOTA BHAVAN; QUEEN'S ROAD BRNACH,
MAHARASHI KARVE ROAD, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
24 |
90229535 |
01/03/2001 * |
126,750,000.00 |
STATE BANK OF INDORE |
NANABHAI LANE, FORT, MUMBAI, MAHARASHTRA - 400001 |
- |
|
25 |
90229530 |
07/04/2000 * |
390,000,000.00 |
ICICI LIMITED |
FREE PRESS HOUSE, 215; NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
26 |
90232526 |
25/11/1999 |
1,486,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA
MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
27 |
90229517 |
01/03/2001 * |
110,000,000.00 |
BOMBAY MERCANTILE CO-OP; BANK LTD. |
CORPORATE FINANCE OFFICE, P.D. MELLO ROAD,
MUMBAI, MAHARASHTRA - 400009, INDIA |
- |
|
28 |
90229508 |
03/01/2001 * |
150,000,000.00 |
IDBI BANK LTD. |
IDBI TOWER, COLOBA, MUMBAI, MAHARASHTRA -
400005, |
- |
|
29 |
90229497 |
21/12/1999 * |
100,000,000.00 |
CENTRAL BANK OF INDIA |
M.G. ROAD, FORT, MUMBAI, MAHARASHTRA -
400021, INDIA |
- |
|
30 |
90229476 |
08/07/1999 |
241,500,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRNACH, M.G. ROAD; FORT,
MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
* Date of charge modification
CHANGE OF ADDRESS
The Registered Office of the company has been shifted from 612, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f.30.09.2014.
CORPORATE
INFORMATION
Supreme
Petrochem Limited (The Company) a public limited company incorporated under the
Companies Act, 1956 is engaged in the manufacture of Polystyrene (PS),
Expandable Polystyrene (EPS), Speciality Polymers and Compounds and Extruded
Polystyrene (XPS) with manufacturing facilities at Nagothane District Raigad,
Maharashtra and Ammulavoyil Village, Manali New Township, Chennai, Tamil Nadu.
The Company also has a captive gas power plant at Nagothane.
REVIEW OF OPERATIONS
The
continuous fall in the price of crude oil during October 2014 to December 2014
quarter resulted in a sharp correction in the price of Styrene Monomer (SM) the
main raw material for the Company’s products. Styrenics market started
stabilizing from mid-February and this bought back the customers to the market
and encouraged them to start stocking. With improved sentiments in the market
place and increased demand the Company could recover the losses incurred during
first half of the year and earn profits before tax of Rs. 562.933 Million for
the year. Due to fall in the price of Styrene Monomer, the end product prices
also fell resulting in lower revenue numbers.
Sales
volume of all products put together including exports was lower by 4.5% as
compared to the previous year due to fall in exports. Domestic market volumes
were up by 6.7% during the year. Exports volumes however, dropped to 25.5% of
total sales volumes during the year from 33.3% in the previous year.
Domestic
market of Polystyrene (PS) grew by 7.5% during 2014-15 as against a negative
growth of 9.7% in the previous year. Expandable Polystyrene (EPS) market grew
by 6.5% in 2014-15 in comparison to a degrowth of 5.2% in the previous year.
Lower prices of EPS buoyed demand from the cold storage, construction and
packaging sectors. Continuous efforts to increase the usage of EPS in
construction sector were made during the year.
Exports
of PS to Europe was affected due to weakness of Euro currency which made the
Company’s products far less competitive in comparison to local European
product. Exports to Nigeria, Tunisia and Egypt were low due to political unrest
and weak economic conditions in these countries. Similarly, non-applicability
of concessional duty on Indian exports to Turkey vis-a-vis other exporting
countries like Egypt and Korea also adversely affected the Company’s export to
Turkey, a key market for the company’s exports.
XPS
sales volume grew by 35% during the year. The distribution network has
increased the Company’s share in various regions of the country. Continued
improvement in quality has made the Company the first choice XPS supplier to
major and prestigious building projects
BUY BACK OF SECURITIES
The
Company’s offer to Buy Back its equity shares from the open market through stock
exchanges on BSE Limited and the National Stock Exchange of India Limited, in
accordance with the provisions of the Companies Act, 2013 and the SEBI (Buy
Back of Securities) Regulations, 1998 at a price not exceeding Rs. 70/- per
share closed on October 31, 2014 (The Buy Back opened on May 9, 2014). The
Company was able to Buy Back and extinguish 336655 shares thereby reducing the
Company’s share capital from Rs. 968.386 Million to Rs. 965.020 Million. The
total amount spent on the Buy Back was Rs. 21.924 Million including brokerage
and other charges.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMY OVERVIEW
As
per the Economic Survey of India, the Indian economy grew at 7.3% in 2014-15 as
compared to 6.9% in 2013-14. The economic outlook improved due to pro growth
economic reforms initiated by the Government, lower oil prices and improved FDI
inflows. Hike in the foreign direct investment limits in Defence, Railways,
Insurance, faster environmental clearances, transparent auction based natural
resource allocation, passing of mining bill have all helped improve business
environment and attract investments.
Sharp
drop in oil prices provided a major relief to large net importer like India.
Decline in crude prices has helped in controlling the trade deficit and easing
inflation. Price of Brent crude is currently hovering around at US $ 60 per
barrel and is likely to remain at this level in the near future as per the
forecasts made by various industry experts. This will certainly help the
industries whose raw material costs are linked to crude price as lower prices
will help in demand growth.
Consumer
price inflation declined to 5.6% in 2014 – 15 bringing much relief to the
people of the country. Reduced current account deficit to 1.3% of GDP during 2014
– 15 coupled with policy measures taken by Reserve Bank of India resulted in a
relatively stable exchange rate environment. Lowering of interest rates will
also help in boosting demand in the near term.
Though
the macro-economic indicators showed much improvement during the year 2014–15,
the recovery on the ground has been rather slow. Lower inflation has not
resulted in significant improvement in demand conditions as is evident from the
poor industrial production, housing and credit growth numbers. However, the
Government’s focus to promote local manufacturing by launching ‘Make in India’
campaign should help industry in the medium term.
INDUSTRY OVERVIEW
The
continuous fall in the price of crude oil during October 2014 to December 2014
quarter resulted in a sharp correction in the price of Styrene Monomer (SM) the
main raw material for the Company’s products. SM price witnessed a drastic fall
of more than US $ 550 per MT in one quarter adversely affecting selling price
of the Company’s products and also resulting in inventory loss.
The
domestic selling price of Polystyrene (PS) saw a steep fall of almost 26%
during October to December 2014 quarter. The falling prices deterred the
processors from stocking the Company’s products. Instead they consumed their
inventory expecting still lower prices in future. These factors culminated in
the Company reporting a loss of Rs.481.900 Million for the half year ended
December 2014.
Styrenics
market started stabilising from mid-February and this bought back the customers
to the market and encouraged them to start stocking. With improved sentiments
in the market place and increased demand the Company could recover the losses
incurred during first half of the year and earn profit before tax of Rs.562.900
Million for the year.
The
Company’s sales volume of all products put together including exports was lower
by 4.5% as compared to the previous year due to fall in exports. Export volumes
dropped to 25.5% of total sales volumes during the year from 33.3% in the previous
year. Domestic market volumes were, however, up by 6.7% during the year. The
Company’s sales revenue was lower at Rs.26557.300 Million as compared to
previous year sales revenue of Rs.32701.500 Million due to fall in the price of
Styrene Monomer which resulted in lower prices for finished products.
Polystyrene (PS): Domestic market grew by 7.7% during 2014-15
as against a negative growth of 9.7% in the previous year. The jump in demand
was seen mainly in the 2nd half of the year as the lower prices fuelled
increased consumption not only in consumer durables segment but also in sector
such as food service ware, jewellery, writing instrument, stationery, water
purifiers and rigid sheets. Food service ware is seeing major demand growth
with new capacities starting production and existing plants enhancing
production capacity. Water purifiers also witnessed a quantum jump in demand
during the year.
Exports
were adversely affected during the year due to several factors. Exports to
Europe were affected due to weakness of Euro currency which made the Company’s
products far less competitive in comparison to local European product. Exports
to Nigeria, Tunisia and Egypt were low due to political unrest and weak
economic conditions in these countries. Nonapplicability of concessional duty
on Indian exports to Turkey vis-a-vis other exporting countries like Egypt and
Korea also adversely affected the Company’s export to Turkey, a key market for
the Company’s exports.
Restructuring
of PS business by US producers opened up significant opportunities and helped
in improving the
Company’s
exports to USA.
Expandable Polystyrene (EPS): Domestic market grew by
6.6% in 2014-15 in comparison to a degrowth of 5.2% in the previous year. Lower
prices buoyed demand from the cold storage, construction and packaging sectors.
Continuous efforts to increase the usage of EPS in construction sector were
made during the year.
Customer
base for the Company’s Food Grade EPS exports is firmly established in markets
allowed by the technology provider. Off-take agreement quantities were lower
than expected due to severe competition from a South East Asian producer.
Speciality Polymers and Compounds Business
(SPC): SPC business did not
show the anticipated growth in volumes in the domestic market. The Company also
lost significant export markets in the Middle East due to political instability
and in South East Asia due to shifting of manufacturing base of some of the
Company’s principal customers from Singapore-Malaysia to China.
Extruded
Polystyrene Insulation Board (XPS): XPS sales volume grew by 35% during the
year. The distribution network has increased the Company’s share in various
regions of the country. Continued improvement in quality has made the Company
the first choice XPS supplier to major and prestigious building projects. The
Company recently received a single order of 7500 mł from a large educational
institution who after testing the product are confident of meeting energy
efficiency. Intensive marketing by the Company has reduced dependence on
imported products during the year. Continuous interaction with various
regulatory authorities and Government agencies has helped in DDA and Noida
giving FSI concession and rebate in property taxes for Green Buildings using Insulation
as one of the measures. The Company’s active participation in various
Seminars/Exhibitions related to building industry has helped in positioning the
Company as a key player in building insulation market.
FINANCE
The
Company has become a debt free Company as on June 30, 2015 with all debts
having been repaid during the year. This should help in preserving the cash
flows for Company’s operations with reduced finance cost.
OUTLOOK
With
the GDP growth projections at 7.8% for 2015-16 the Company is confident of
achieving growth in all the Company’s products as under:
Polystyrene (PS): The Company expects favourable market
conditions created by the stability in raw material and finished goods prices
to help in growing the domestic demand in PS. The Company is taking measures to
arrest migration of PS applications to other competing polymers while
protecting traditional PS market. The Company has started helping small and
medium sized businesses in beads and bangles sector by providing technology support
and creating environment for growing these businesses. The Company expects
domestic PS market to grow by 5-6% during the period July 2015 to March 2016.
The
Company is working out strategies to grow exports of Polystyrene in traditional
and new markets so as to increase the exports volumes to 35-40% of total volume
sales during July 2015 – March 2016.
PS
exports to Turkey are likely to improve as the Company expects Turkish
Government to rectify the duty structure which is different from EU norms thus
restoring Company’s share in the Turkish market.
Expandable Polystyrene (EPS): The Company is relentlessy
promoting 3 D EPS panels as a means of rapid construction with added benefit of
energy efficient building envelopes. Use of Geo Foam is firmly established in
developed countries like USA, Japan and certain European countries in
infrastructure development projects in roads, airport runway construction,
embankments for rail and roadways. The Company is sparing no effort to bring
this new technology to India. Defence authorities are looking at Geo Foam
Technology with keen interest and are being provided all assistance by the
Company’s business development teams to enable them to quickly embrace and
commercialise. The Company expects EPS market to grow by 10-11% during July
2015 – March 2016 with increased usage in packaging and construction
Speciality Polymers and Compounds (SPC): Requisite steps have been
taken to strengthen Sales and Marketing organisation as well as distributor
network, which would enhance volumes and improve margins. Several new grades
have been developed which is expected to further improve the Company’s position
in this rapidly growing segment. Intensive efforts are being made to increase
export volumes by developing a wider customer base to weather changing market
conditions.
Extruded
Polystyrene Insulation Board (XPS): The various initiatives in the XPS business
detailed in the section of industry overview are directed towards making the
Company the undisputed leader in XPS Insulation business in all segments like
Commercial and Residential Buildings, Cold Storages, Industrial applications
like Reefer Containers, Insulated Packaging for Pharmaceutical Exports etc.
AWARDS AND RECOGNITION
The
company received the following awards and recognition during the year:
·
“Suraksha Puraskar” (For year 2014) from National
Safety Council of India in recognition of developing and implementing very
effective management systems and procedures and achieving very good performance
in OSH for the assessment period 2011 to 2014.
Two
Greentech Safety Gold Awards (for year 2014 and for year 2015) from Greentech
Foundation, New Delhi for outstanding achievement in Safety Management.
Greentech
Environment Gold Award (For year 2014) from Greentech Foundation, New Delhi for
outstanding achievement in Environment Management.
The
Company has completed 5367 accident Free Days as on 30th June 2015 which
amounts to 14.20 million manhours of accident free operation.
STATEMENT OF UNAUDITED RESULTS FOR
THE 1ST QUARTER ENDED SEPTEMBER 30, 2015
[RS. IN MILLION]
PART I
|
Sr. No. |
Particulars |
1st Quarter ended on
30/09/2015 |
|
|
|
Unaudited |
|
1 |
Income from Operations |
|
|
|
a) Net Sales/Income from Operations(Net of
excise duty) |
6368.875 |
|
|
b) Other Operating Income |
94.623 |
|
|
Total Income from operations (net) |
6463.498 |
|
2 |
Expenses |
|
|
|
a) Cost of raw materials consumed |
4430.580 |
|
|
b) Purchase of stock-in-trade |
1712.823 |
|
|
c) Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(51.273) |
|
|
d) Employee benefits expense |
95.913 |
|
|
e) Depreciation and amortisation expense |
57.058 |
|
|
f) Other Expenses |
462.502 |
|
|
Total Expenses |
6707.603 |
|
3 |
Profit/(Loss) from Operations before other
income, finance cost and Exceptional Items (1-2) |
(244.105) |
|
4 |
Other Income |
13.410 |
|
5 |
Profit/(Loss) from ordinary activities
before finance cost and exceptional Items (3+4) |
(230.695) |
|
6 |
Finance costs (Incl. Forex loss on Foreign
Currency Borrowings) |
15.253 |
|
7 |
Profit/(Loss) from ordinary activities
after finance costs but before Exceptional Items (5-6) |
(245.948) |
|
8 |
Exceptional items |
|
|
|
Prior Period Adjustments (Net) |
(1.378) |
|
9 |
Profit/(Loss) from ordinary activities
before Tax (7+8) |
(247.326) |
|
10 |
Tax expenses |
|
|
|
Current Tax (including deferred tax) |
- |
|
|
Short/(Excess) provision of taxes for
earlier years |
- |
|
11 |
Net Profit/(Loss) from Ordinary activities
after Tax (9-10) |
(247.326) |
|
12 |
Extraordinary Items |
- |
|
13 |
Net Profit/(Loss) for the period (11-12) |
(247.326) |
|
14 |
Paid-up equity share capital (face value
: |
965.020 |
|
15 |
Reserves excluding revaluation reserves |
- |
|
16 (i) |
Earnings Per Share (before extraordinary
items) (of |
|
|
|
Basic |
(2.56) |
|
|
Diluted |
(2.56) |
|
|
Cash EPS before Extraordinary Items |
(1.97) |
|
16 (ii) |
Earnings Per Share (after extraordinary
items) (of |
|
|
|
Basic |
(2.56) |
|
|
Diluted |
(2.56) |
|
|
Cash EPS after Extraordinary Items |
(1.97) |
10/-)PART II
|
Sr. No. |
Particulars |
1st Quarter ended on
30/09/2015 |
|
|
|
Unaudited |
|
A |
Particulars of Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
No. of shares |
37789958 |
|
|
% of shareholding |
39.16% |
|
B |
Promoters and Promoter Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
No. of shares |
- |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
- |
|
|
% of shares (as a % of the total share capital
of the Company) |
- |
|
b |
Non-encumbered |
|
|
|
No. of shares |
58712000 |
|
|
% of shares (as a % of the total
shareholding of Promoter and Promoter Group) |
100% |
|
|
% of shares (as a % of the total share
capital of the Company) |
60.84% |
|
Sr. No. |
Particulars |
1st Quarter ended on
30/09/2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the Quarter |
NIL |
|
|
Received during the quarter |
17 |
|
|
Disposed off during the Quarter |
17 |
|
|
Remaining unresolved at the end of the
quarter |
NIL |
NOTES
1)
The price of Styrene
Monomer (main raw material) dropped to US$ 915 PMT at the end of September 2015
from US$ 1340 PMT at the beginning of July 2015. This drop of over 30% in the price
of Styrene Monomer led to inventory losses and had an adverse impact on the
Company’s performance in this quarter. The Styrene Monomer volatility however
seems to have ebbed since the beginning of the second quarter.
2)
Styrenics is the primary
business segment of the Company. The secondary segment (Geographical) is as
under:
|
Particulars |
1st Quarter ended on 30/09/2015 |
|
|
Unaudited |
|
(a) Net Sales/Income from
Operations: |
|
|
Within India |
4713.487 |
|
Outside India |
1750.011 |
|
|
6463.498 |
|
(b) All the Assets of the
Company are within India except these Debtors |
446.894 |
3)
Figures of the previous
year/ quarter are regrouped wherever necessary.
4)
The above results have been
reviewed by the Audit Committee, approved by the Board of Directors in the
meeting held on October 27, 2015 and subjected to a limited review by the
statutory auditors.
CONTINGENT
LIABILITIES:
|
Particulars |
30.06.2015 (Rs.
In Million) |
30.06.2014 (Rs.
In Million) |
|
(a) Claims against the company not acknowledged as debt;
(matters pending in court/ arbitration. No cash outflow is expected in
future.) |
|
|
|
Disputed Excise/ Service Tax demand |
201.559 |
315.654 |
|
Disputed Sales Tax demand. |
0.000 |
1.213 |
|
Disputed Income Tax liability (matters under appeal) |
80.503 |
80.673 |
|
|
|
|
|
(b) Counter guarantees given to banks against guarantees issued by the Banks |
|
|
|
Guarantee issued for buyback of shares |
0.000 |
76.000 |
|
Other bank guarantees. |
25.083 |
21.846 |
|
|
|
|
|
(c) Other money for which the Company is contingently
liable |
|
|
|
Letter of Credit opened by Bankers and outstanding at the
year end. |
2177.459 |
1687.858 |
|
Bills discounted but not matured |
314.961 |
254.328 |
FIXED ASSETS
· Land (Freehold)
Buildings
Plant
and Machinery
Office
Equipment’s
Computers
Air
conditioners
Vehicles
Furniture
and Fixtures
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,
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 |
|
|
1 |
Rs. 100.29 |
|
Euro |
1 |
Rs. 72.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.