MIRA INFORM REPORT
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Report No. : |
355568 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
GHCL LIMITED |
|
|
|
|
Registered
Office : |
GHCL House, Opposite Punjabi Hall Navrangpura, Ahmedabad - 380009,
Gujarat |
|
Tel. No.: |
91-79-26427818 |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
Date of
Incorporation : |
14.10.1983 |
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|
Com. Reg. No.: |
04-006513 |
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Capital
Investment / Paid-up Capital : |
Rs.1000.193 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24100GJ1983PLC006513 |
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|
|
|
IEC No.: |
0588091529 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
AAACG5609C |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Inorganic Chemicals (Sod Ash)
and Textiles like yarn and home textiles. [Confirmed by management] |
|
|
|
|
No. of Employees
: |
3300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1983. It
has fine track. Subject is engaged in the business of manufacturing and exporting of
inorganic chemicals and home textiles. The company has registered healthy
operational activity marked by top line growth of 7.12% along with
profitability margin of 7.2%. Rating derives strength from company’s long business track record,
established market position along with sound financial base. Trade relations are fair. Business is active. Payments are regular. 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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
October, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjeev Gupta |
|
Designation : |
AGM Finance |
|
Contact No.: |
91-79-26427818 |
|
Date : |
17.12.2015 |
LOCATIONS
|
Registered Office : |
GHCL House, Opposite Punjabi Hall Navrangpura, Ahmedabad - 380009, Gujarat,
India |
|
Tel. No.: |
91-79-26427818 |
|
Mobile No.: |
91-9714618844 (Mr. Sanjeev Gupta) |
|
Fax No.: |
91-79-26423623 |
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E-Mail : |
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|
Website : |
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|
Location: |
Owned |
|
|
|
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Corporate/ Head Office : |
“GHCL House” B-38, Institutional Area, Sector – 1, Noida - 201 301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2536572/ 2535335 |
|
Fax No.: |
91-120-2535209/ 2534153 |
|
|
|
|
Work 1 : |
Soda ash Plant, Village Sutrapada, Near Vereval, District Junagadh –
362275, |
|
|
|
|
Work 2 : |
Salt Works and
Refinery ·
Ayyakaramulam, Kadinalvayal – 614707, District Nagapattinam,
Tamilnadu, India ·
Nemeli Road, Thiruporur – 603110, Tamilnadu,
India ·
Junagadh – 362275, Gujarat, India |
|
|
|
|
Textiles : |
·
Samayanallur P.O. Madurai – 625402, ·
Thaikesar Alai P.O Manaparai – 621312, India. ·
S. No. 191/192, Mahala Falia, Village Bhilad,
District Valsad – 396105, Gujarat, India. |
|
|
|
|
Energy Division : |
·
Muppandal, ·
Chinnaputhur Village, Dharapuram Taluk, Erode
District, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. R S Jalan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sanjay Dalmia |
|
Designation : |
Non-Executive Chairman |
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|
Name : |
Mr. Anurag Dalmia |
|
Designation : |
Non-Executive Director |
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|
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|
Name : |
Mr. Neelabh Dalmia |
|
Designation : |
Non-Executive Director |
|
|
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|
Name : |
Dr. B.C. Jain |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. D.C. Jain |
|
Designation : |
Nominee Director (IDBI Bank) |
|
|
|
|
Name : |
Lavanya Rastogi |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. G C Srivastava |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Mahesh Kumar Kheria |
|
Designation : |
Independent Director |
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|
|
|
Name : |
K C Jani |
|
Designation : |
Independent Director |
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|
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|
Name : |
Sanjiv Tyagi |
|
Designation : |
Independent Director |
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|
|
|
Name : |
Padma Vinod Betai |
|
Designation : |
Nominee Director |
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|
|
|
Name : |
Raman Chopra |
|
Designation : |
CFO and Executive Director (Finance) |
KEY EXECUTIVES
|
Name : |
Bhuwneshwar Mishra |
|
Designation : |
General Manager and Company Secretary |
|
|
|
|
Name : |
Manoj Kumar Ishwar |
|
Designation : |
Senior Manager (Secretarial) |
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 |
||
|
|
|
|
|
|
527774 |
0.53 |
|
|
12188931 |
12.19 |
|
|
152000 |
0.15 |
|
|
152000 |
0.15 |
|
|
12868705 |
12.87 |
|
|
|
|
|
|
5507900 |
5.51 |
|
|
5507900 |
5.51 |
|
Total shareholding of
Promoter and Promoter Group (A) |
18376605 |
18.37 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
16813 |
0.02 |
|
|
3526136 |
3.53 |
|
|
3020015 |
3.02 |
|
|
13906047 |
13.90 |
|
|
68407 |
0.07 |
|
|
68407 |
0.07 |
|
|
20537418 |
20.53 |
|
|
|
|
|
|
25251896 |
25.25 |
|
|
|
|
|
|
15026107 |
15.02 |
|
|
15114565 |
15.11 |
|
|
5712695 |
5.71 |
|
|
1261905 |
1.26 |
|
|
1613515 |
1.61 |
|
|
1428571 |
1.43 |
|
|
4000 |
0.00 |
|
|
3900 |
0.00 |
|
|
105943 |
0.11 |
|
|
1294861 |
1.29 |
|
|
61105263 |
61.09 |
|
Total Public shareholding
(B) |
81642681 |
81.63 |
|
Total (A)+(B) |
100019286 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
100019286 |
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 |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Gems Commercial Co Limited |
28,91,207 |
2.89 |
2500000 |
86.47 |
2.50 |
2.89 |
|
2 |
Banjax
Limited |
27,89,700 |
2.79 |
0 |
0.00 |
0.00 |
2.79 |
|
3 |
Hexabond Limited |
27,18,200 |
2.72 |
0 |
0.00 |
0.00 |
2.72 |
|
4 |
Oval
Investment Private Limited |
25,88,848 |
2.59 |
2500000 |
96.57 |
2.50 |
2.59 |
|
5 |
Lhonak
Enternational Private Limited |
13,65,599 |
1.37 |
1200000 |
87.87 |
1.20 |
1.37 |
|
6 |
Hindustan Commercial
Company Limited |
7,78,786 |
0.78 |
525000 |
67.41 |
0.52 |
0.78 |
|
7 |
Moderate
Investment and Commercial Enterprises Limited |
6,05,050 |
0.60 |
520000 |
85.94 |
0.52 |
0.60 |
|
8 |
International
Resources Limited |
6,02,647 |
0.60 |
500000 |
82.97 |
0.50 |
0.60 |
|
9 |
Anurag Dalmia
(HUF) |
5,27,774 |
0.53 |
0 |
0.00 |
0.00 |
0.53 |
|
10 |
Carissa
Investments Private Limited |
4,81,752 |
0.48 |
0 |
0.00 |
0.00 |
0.48 |
|
11 |
Golden
Tobacco Limited |
4,16,578 |
0.42 |
0 |
0.00 |
0.00 |
0.42 |
|
12 |
Harvatex
Engineering and Processing Co Limited |
4,09,723 |
0.41 |
300000 |
73.22 |
0.30 |
0.41 |
|
13 |
Excellent
Commercial Enterprises and Investment Limited |
3,72,300 |
0.37 |
345800 |
92.88 |
0.35 |
0.37 |
|
14 |
Carefree
Invealment Company Limited |
2,98,950 |
0.30 |
280000 |
93.66 |
0.28 |
0.30 |
|
15 |
Anurag
Trading Leasing and Investment Co Private Limited |
2,84,700 |
0.28 |
0 |
0.00 |
0.00 |
0.28 |
|
16 |
Divine
Leasing And Finance Limited |
2,45,704 |
0.25 |
0 |
0.00 |
0.00 |
0.25 |
|
17 |
WGF Finandal
Services Limited |
2,03,807 |
0.20 |
0 |
0.00 |
0.00 |
0.20 |
|
18 |
Dalmia
Finance Limited |
2,00,244 |
0.20 |
0 |
0.00 |
0.00 |
0.20 |
|
19 |
Dalmia
Housing Finance Limited |
1,80,707 |
0.18 |
0 |
0.00 |
0.00 |
0.18 |
|
20 |
Ram Krishna Dalmia
Foundation |
1,52,000 |
0.15 |
0 |
0.00 |
0.00 |
0.15 |
|
21 |
Archana
Trading and Investment Co Private Limited |
1,32,848 |
0.13 |
0 |
0.00 |
0.00 |
0.13 |
|
22 |
Bharatpur
Investment Limited |
38,842 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
23 |
Sanjay Trading
and Investment Company Private Limited |
29,100 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
24 |
General
Exports And Credits Limited |
17,000 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
25 |
Pashupatinath
Commercial Private Limited |
15,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
26 |
Sovereign
Commercial Private Limited |
6,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
27 |
Trishul
Commercial Private Limited |
5,100 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
28 |
Swastik
Commercial Private Limited |
3,700 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
29 |
Alankar
Commerical Private Limited |
2,600 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
30 |
Ricklunsford
Trade and Industrial Investment Limited |
1,960 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
31 |
Chirawa
Investment Limited |
1,860 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
32 |
Lakshmi
Vishnu Investment Limited |
1,860 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
33 |
Mourya
Finance Limited |
1,860 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
34 |
Sikar
Investment Co Limited |
1,800 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
35 |
Antarctica Investment
Private Limited |
785 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
36 |
Comosum
Investment Private Limited |
701 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
37 |
Lovely
Investment Private Limited |
645 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
38 |
Altar Investment
Private Limited |
318 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
39 |
Ilac
Investment Private Limited |
217 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
40 |
Hotex Co
Limited |
78 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
41 |
Dear
Investment Private Limited |
55 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
1,83,76,605 |
18.37 |
8670800 |
47.18 |
8.67 |
18.37 |
(*) 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 |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Ares Diversified |
4932182 |
4.93 |
4.93 |
|
|
2 |
J P Financial Services
Private Limited |
4898751 |
4.90 |
4.90 |
|
|
3 |
Life Insurance
Corporation of India |
3138105 |
3.14 |
3.14 |
|
|
4 |
Varanasi Commercial
Limited |
3135000 |
3.13 |
3.13 |
|
|
5 |
EOS Multi Strategy Fund
Limited |
2852484 |
2.85 |
2.85 |
|
|
6 |
Shweta Hardik Patel |
2722655 |
2.72 |
2.72 |
|
|
7 |
Bhanubhai Bhagvandas
Patel |
2688857 |
2.69 |
2.69 |
|
|
8 |
United India Insurance
Company Limited |
2124280 |
2.12 |
2.12 |
|
|
9 |
Rameshbhai Jagjivandas
Patel |
1891826 |
1.89 |
1.89 |
|
|
10 |
Indianivesh Securities
Private Limited |
1702090 |
1.70 |
1.70 |
|
|
11 |
Ocean Dial Gateway To
India Mauritius Limited |
1684573 |
1.68 |
1.68 |
|
|
12 |
Narendra Kumar Agarwa |
1500000 |
1.50 |
1.50 |
|
|
13 |
NSCCL-CC |
1323039 |
1.32 |
1.32 |
|
|
14 |
Campbell Advertising
Private Limited |
1054865 |
1.05 |
1.05 |
|
|
15 |
Jayesh H Patel |
1017000 |
1.02 |
1.02 |
|
|
|
Total |
36665707 |
36.66 |
36.66 |
Details of disclosure made by the Trading Members holding 1% or more
of the Total No. of shares of the company.
|
Sl. No. |
Name of the Trading
Member |
Name of the
Beneficial Owner |
No. of shares held |
% of total no. of
shares |
Date of reporting
by the Trading Member |
|
1 |
INDIANIVESH SECURITIES PRIVATE
LIMITED |
IndiaNivesh Capitals
Limited |
17,00,000 |
1.70 |
09/11/2015 |
|
2 |
INDIANIVESH SECURITIES
PRIVATE LIMITED |
19 client/s (individual
holding less than 1%) |
20,762 |
0.22 |
09/11/2015 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Inorganic Chemicals (Sod Ash)
and Textiles like yarn and home textiles. [Confirmed by management] |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
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|
|
Exports : |
|
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Products : |
|
|
Countries : |
|
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Imports : |
|
|
Products : |
Raw Material Coal |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Depend |
|
|
|
|
Purchasing : |
Depend |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Retailers, End Users and OEMS
|
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|
||||||||||||||||||||||
|
No. of Employees : |
3300 (Approximately) |
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Bankers : |
· IDBI Bank Limited · State Bank of Hyderabad · Canara Bank · State Bank of Patiala · State Bank of Mysore · State Bank of Bikaner and Jaipur · Export Import Bank of India · State Bank of India · Tamilnad Merchantile Bank Limited · Bank of Maharashtra · Union Bank of India · Bank of India ·
Andhra Bank · Dena Bank
|
||||||||||||||||||||||
|
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|
||||||||||||||||||||||
|
|
Total Fund Base
= Rs.6720.000 Million Non Fund Base =
Rs.3900.000 Million |
||||||||||||||||||||||
|
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
Notes: LONG TERM
BORROWING: Rupee Term Loans
from Banks / Institutions have been secured against :- a) Loan aggregating to Rs. 696.026 Million is secured by extension of first charge on pari passu basis, by way of equitable mortgage on immovable properties of the Soda Ash Division situated at Sutrapada, Veraval, Gujarat and extension of hypothecation charge on movable fixed assets, both present and future of the company’s Soda Ash division situated at village – Sutrapada, Veraval in Gujarat with other term lenders of the said project. The remaining tenure of the loans is 1 to 3 years. b) Loan aggregating to Rs.1121.233 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds of the loan for Company’s Soda Ash Division situated at village Sutrapada, Veraval in Gujarat. The remaining tenure of the loans is 4 to 10 years. c) Loan aggregating to Rs.2364.118 Million is secured by way of first pari passu charge on movable fixed assets of Soda Ash Division situated at village Sutrapada, Veraval in Gujarat. The remaining tenure of the loans is 2 to 5 years. d) Loan aggregating to Rs.101.220 Million is secured by first charge on pari passu basis by way of equitable mortgage on fixed assets of the Textile Division situated at Vapi, Gujarat and hypothecation of movable fixed assets both present and future of the Company’s Textile Division at Vapi, Gujarat with other term lenders of the said project. The said loan is availed under Technology Upgradation Fund Scheme for Textile. The remaining tenure of the loans is 1 year. e) Loan aggregating to Rs.417.538 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds ofthe loan for Company’s Home Textile Division situated at Vapi in Gujarat. The remaining tenure of the loans is 4 to 10 years. f) Loan aggregating to Rs.552.340 Million is secured by way of first pari passu charge on movable fixed assets of Company’s Home Textile Division situated at Vapi in Gujarat. The remaining tenure of the loans is 2 to 3 years. 63 g) Loan aggregating to Rs.92.812 Million is secured by first charge on pari passu basis by way of equitable mortgage on Factory Land and Building of Textile Division situated at Paravai and Manaparai, Tamil Nadu and hypothecation of specified movable assets, both present and future of the Company’s Textile Division. The said loan is availed under Technology Upgradation Fund Scheme for Textile. The remaining tenure of the loans is 1 to 2 years. h) Loan aggregating to Rs.763.246 Million is secured by exclusive charge on the specific fixed assets created out of the proceeds of the loan for Company’s Textile Division situated at Madurai, Tamil Nadu. The remaining tenure of the loans is 4 to 9 years. i) Loan aggregating to Rs.1208.100 Million is secured by extension of first charge on pari passu basis on Factory Land and Building of Textile Division situated at Paravai and Manaparai, Tamil Nadu with other term lenders of the said project. The remaining tenure of the loans is 1 to 5 years. j) Loan aggregating to Rs.700.000 Million is secured by first exclusive charge on movable fixed assets of Textile Division situated at Paravai and Manaparai, Tamil Nadu, both present and future, excluding assets exclusively charged to other lenders. The remaining tenure of the loan is 6 years. k) Loan aggregating to Rs. 177.100 Million is secured by an exclusive first charge on movable and immovable fixed assets situated at Tirunelveli District, Tamilnadu, both present and future, created out of the proceeds of the loan. The remaining tenure of the loan is 10 years. l) Loan aggregating to Rs.500.000 Million is secured by extension of first charge on movable fixed assets of Edible Salt division situated at Chennai and Industrial Salt Division situated at Bhavnagar and exclusive first charge on the factory land and building situated at Thiruporur village, Chengalpattu Taluka, Kancheepuram District, Chennai. The remaining tenure of the loan is 5 years. m) Out of all the aforesaid secured Loans appearing in note 2.3 (a) to 2.3 (l) totaling ` 86937.33 Lacs, an amount of Rs.856.271 Million is due for payment in next 12 months and accordingly reported under note no 2.9 under the head “ Other Current Liabilities” as ‘current maturities of Long Term Debt’. SHORT TERM
BORROWINGS 1) Working Capital Loans are secured by way of hypothecation of stock-in-trade and book debts of Soda Ash / Home Textile Division / Edible Salt / Textile Divisions and second charge on fixed assets of Soda Ash Division / Home Textile Division and Textile Division, both present and future. 2) Specified movable assets referred to in the above notes
include all movable assets of Soda Ash Division, Home Textile Division and
Textile Division both present and future but subject to prior charge created
and / or that may be created in favour of Company’s Bankers on stock-in-trade
for securing borrowing for working capital. |
|
Statutory Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
|
|
|
Name : |
Rahul Gautam Divan and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries &
Associate : |
· Dan River Properties LLC · Grace Home Fashions LLC · Textile & Design Limited (under Liquidation since 25th September, 2009) · Rosebys Interiors India Limited ( under Liquidation since 15th July, 2014) · Indian England N.V. ( under Liquidation since 10th March 2015) · Indian Wales N.V. (Liquidated on 23rd January 2015) · Teliforce Holding India Limited (Liquidated on 28th April, 2015) · DM Solar Farm Private Limited |
|
|
|
|
Enterprises over
which Key Management Personnel are able to exercise significant influence: |
· Dalmia Centre for Research and Development · GHCL Foundation Trust · Sachin Holdings Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100019286 |
Equity Shares |
Rs.10/- each |
Rs.1000.193 Million |
|
|
|
|
|
a) Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting year
|
Equity Shares |
31.03.2015 |
|
|
No. of Shares |
Amount (Rs. in Million) |
|
|
At the beginning of the year |
100019286 |
1000.193 |
|
Issued during the year |
--- |
--- |
|
Outstanding at
the end of the period |
100019286 |
1000.193 |
b) Rights,
Preferences and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is entitled to one vote per equity share held. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting, except in case of interim dividend. In the event of liquidation on the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
c) Shareholder's holding more than 5 % Shares as on Balance Sheet date: NIL
As per the of the Company, including its register of shareholders/members and others declarations received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.
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 |
1000.193 |
1000.193 |
1000.193 |
|
(b) Reserves &
Surplus |
6697.135 |
7597.770 |
9674.534 |
|
(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) |
7697.328 |
8597.963 |
10674.727 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7837.462 |
7233.269 |
6220.815 |
|
(b) Deferred tax
liabilities (Net) |
1727.272 |
1620.203 |
1632.740 |
|
(c) Other long term
liabilities |
46.769 |
57.716 |
32.997 |
|
(d) long-term provisions |
37.839 |
16.814 |
10.695 |
|
Total Non-current
Liabilities (3) |
9649.342 |
8928.002 |
7897.247 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4541.646 |
4947.756 |
4638.632 |
|
(b) Trade payables |
3919.321 |
4170.483 |
3841.116 |
|
(c) Other current
liabilities |
1687.637 |
1752.003 |
1561.988 |
|
(d) Short-term provisions |
412.783 |
383.698 |
371.929 |
|
Total Current Liabilities
(4) |
10561.387 |
11253.940 |
10413.665 |
|
|
|
|
|
|
TOTAL |
27908.057 |
28779.905 |
28985.639 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19320.357 |
18667.446 |
18693.058 |
|
(ii) Intangible Assets |
3.155 |
8.043 |
14.505 |
|
(iii) Capital
work-in-progress |
70.146 |
124.565 |
315.620 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15.798 |
55.833 |
55.838 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
130.874 |
237.552 |
82.301 |
|
(e) Other Non-current
assets |
4.692 |
5.468 |
38.225 |
|
Total Non-Current Assets |
19545.022 |
19098.907 |
19199.547 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
20.000 |
0.000 |
|
(b) Inventories |
4173.312 |
4041.808 |
3910.711 |
|
(c) Trade receivables |
2675.129 |
2978.691 |
2411.292 |
|
(d) Cash and cash
equivalents |
319.906 |
390.591 |
286.906 |
|
(e) Short-term loans and
advances |
1194.688 |
2249.908 |
3177.183 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
8363.035 |
9680.998 |
9786.092 |
|
|
|
|
|
|
TOTAL |
27908.057 |
28779.905 |
28985.639 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
23736.098 |
22242.088 |
21249.464 |
|
|
Other Income |
112.572 |
49.988 |
29.848 |
|
|
TOTAL (A) |
23848.670 |
22292.076 |
21279.312 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
9039.175 |
8886.002 |
7909.135 |
|
|
Purchases of
Stock-in-Trade |
621.512 |
333.494 |
612.912 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(127.678) |
(101.347) |
55.833 |
|
|
Employees benefits
expense |
1258.708 |
1219.930 |
1110.334 |
|
|
Transferred from Business Development Reserve |
0.000 |
(193.765) |
(193.439) |
|
|
Exceptional Items |
274.010 |
309.720 |
395.831 |
|
|
Other expenses |
7720.611 |
7620.766 |
7395.458 |
|
|
TOTAL (B) |
18786.338 |
18074.800 |
17286.064 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
5062.332 |
4217.276 |
3993.248 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1638.356 |
1705.275 |
1579.618 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3423.976 |
2512.001 |
2413.630 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
844.531 |
1009.442 |
1013.111 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
2579.445 |
1502.559 |
1400.519 |
|
|
|
|
|
|
|
Less |
TAX (H) |
749.197 |
339.639 |
251.254 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
1830.248 |
1162.920 |
1149.265 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
3028.466 |
2221.830 |
1421.244 |
|
|
|
|
|
|
|
|
Prior period
adjustments |
0.870 |
1.675 |
0.000 |
|
|
|
|
|
|
|
Add |
Earlier year excess
proposed dividend and dividend distribution tax (L) |
11.972 |
(7.631) |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
116.292 |
114.927 |
|
|
Dividend |
220.042 |
200.039 |
200.039 |
|
|
Tax on Dividend |
44.795 |
33.997 |
33.997 |
|
|
Balance Carried to the
B/S |
4606.719 |
3028.466 |
2221.546 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5379.677 |
5975.187 |
5538.872 |
|
|
Recovery towards Freight
etc. on Exports |
8.969 |
35.157 |
35.001 |
|
|
Others |
0.000 |
0.000 |
0.700 |
|
|
TOTAL EARNINGS |
5388.646 |
6010.344 |
5574.573 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2076.083 |
2027.744 |
1939.656 |
|
|
Components and Stores
parts |
56.802 |
36.476 |
40.489 |
|
|
Trading Goods |
145.875 |
118.388 |
314.823 |
|
|
Capital Goods |
462.106 |
76.198 |
457.185 |
|
|
TOTAL IMPORTS |
2740.866 |
2258.806 |
2752.153 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
18.43 |
11.57 |
11.49 |
Expected Sales (2015-2016): Rs.27000.000 Million
The above information has been parted by Mr. Sanjeev Gupta [AGM
Finance].
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
856.271 |
912.026 |
887.283 |
|
Cash generated from operations |
3523.505 |
1958.479 |
5123.984 |
|
Net cash from Operating Activities |
2899.168 |
1584.268 |
4837.522 |
|
QUARTERLY
RESULTS |
|
Particulars |
|
30.09.2015 (Unaudited) |
30.06.2015 (Unaudited) |
|
|
|
|
|
|
Net Sales |
|
6566.800 |
5868.600 |
|
Total Expenditure |
|
5111.400 |
4402.600 |
|
PBIDT (Excl OI) |
|
1455.400 |
1466.000 |
|
Other Income |
|
4.200 |
8.800 |
|
Operating Profit |
|
1459.600 |
1474.800 |
|
Interest |
|
387.800 |
384.800 |
|
Exceptional Items |
|
NA |
(135.100) |
|
PBDT |
|
1071.800 |
954.900 |
|
Depreciation |
|
200.100 |
201.600 |
|
Profit Before Tax |
|
871.700 |
753.300 |
|
Tax |
|
360.000 |
140.000 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
511.700 |
613.300 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
511.700 |
613.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
7.71 |
5.23 |
5.41 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
21.33 |
18.96 |
18.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.27 |
5.25 |
4.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.72 |
1.52 |
1.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.86 |
0.94 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.135.80/- |
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 |
1000.193 |
1000.193 |
1000.193 |
|
Reserves & Surplus |
9674.534 |
7597.770 |
6697.135 |
|
Net worth |
10674.727 |
8597.963 |
7697.328 |
|
|
|
|
|
|
Long-term borrowings |
6220.815 |
7233.269 |
7837.462 |
|
Short term borrowings |
4638.632 |
4947.756 |
4541.646 |
|
Current maturities of
long-term debts |
887.283 |
912.026 |
856.271 |
|
Total borrowings |
11746.730 |
13093.051 |
13235.379 |
|
Debt/Equity ratio |
1.100 |
1.523 |
1.719 |
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 |
21249.464 |
22242.088 |
23736.098 |
|
|
|
4.671 |
6.717 |
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 |
21249.464 |
22242.088 |
23736.098 |
|
Profit |
1149.265 |
1162.920 |
1830.248 |
|
|
5.41% |
5.23% |
7.71% |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PERFORMANCE
HIGHLIGHTS & STATE OF COM PANY’S AFFAIRS
SODA ASH
The Global Soda Ash market which was around 54 million tons in 2013 is estimated to be approximately 56 million metric tons in 2014 against a capacity of about 67 Million MT. Global demand for Soda Ash grew approximately 3% annually over the last year and is expected to grow 3 to 4% annually through 2024.
The global soda ash market is undergoing significant structural change characterized by shifting capacity since naturally produced soda ash is now overtaking market supply and synthetically produced capacity, except in China and India, is declining. There has been an influx of new supply of natural soda ash from Turkey, which is both cost-competitive and more sustainable than synthetic production. As a result of this cheaper supply, more costly synthetic supply from high-cost producers, particularly in Europe, is being threatened, shut down or idled. Patterns of trade for soda ash are beginning to experience more seismic adjustments, meanwhile, as higher cost production centers become displaced by cheaper, alternative sources, particularly in Europe and Australia, where domestic output makes way for supply from Turkey and the US, respectively. The Indian economy has witnessed a robust growth of plus 7% in 2014-15. With the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects beyond 2014-15.
According to Economic Survey, the measures taken by the government to improve investment climate and improved governance could push up growth to 8+ % in the coming years. With the improved growth of the Indian economy, Soda Ash demand also witnessed a 6% growth in 2014-15. Other than Glass all other consumingsegments led by Detergents recorded higher growth. It is expected that on the back of improved GDP growth projected and growth in Glass (Construction/Automobiles) and Detergents (FMCG penetration and growth) Soda Ash demand will continue to witness a reasonable growth.
The Indian Soda Ash market constitutes of two varieties – Light (used in detergent industry) & Dense (used in Glass industry), with share of 60% and 40% respectively. Total installed capacity in India was 3.1 Million MT. With an estimated production of about 2.6 Million MT in last financial year (2014-15), the capacity utilization was 85%.
At present your Soda Ash plant has a capacity of 8.50 lacs MTPA.
During the financial year 2014-15 the company has produced 0.739 Million MT soda ash against 0.712 million MT in previous year. This year, the Company has also achieved highest domestic sales i.e. 0.674 million MT against 0.644 million MT in previous year and total sales of Soda Ash is 6.86 million MT including exports against 0.671 million MT in previous year
MANAGEMENT DISCUSSION
AND ANALYSIS
REVIEW OF ECONOMY
As per the advance estimates released by the Central StatisticalOffice (CSO), the growth in GDP during 2014-15 is estimated at 7.4% as compared to the growth rate of 6.9% in 2013-14.The new estimates of economic growth are even higher than the government’s own earlier projections as well as that of the RBI. The new data comes after the government updated the base year from 2004-05 to 2011-12 to reflect structural changes in the economy. Under the new method, CSO measures GDP at market prices as it is done internationally, instead of at factor cost. India’s economy is officially forecast to grow at 7.4% in the year 2014-15, outpacing that of China’s estimates after the new methodology of calculating the country’s gross domestic product (GDP) made a dramatic turnaround in the growth numbers. The Chinese central bank has forecast the country’s growth at 7.1% this year.
The data furnished by CSO shows that financial, real estate, professional services, trade, hotels, transport, communication and services related to broadcasting, public administration, defence, electricity, gas, water supply and other utility services grew at the rate of over seven percent. The growth in agriculture, forestry and fishing has been estimated to be at 1.1%, mining and quarrying at 2.3%, construction at 4.5% and manufacturing at 6.8%. The advance estimates released by the government further estimates the per capita net national income in 2014-15 to be Rs. 88,538, which is up by 10.1% compared with Rs. 80,388 in 2013-14.
According to the Economic Survey 2014-15 tabled in the Lok Sabha, which took the changed growth computation method forward and said that growth rate of over 8% is expected in the coming year and growth rate at market prices for 2015-16 is expected to be between 8.1-8.5%. Going further, the Survey further said that double-digit economic growth trajectory is now a possibility. While presenting Economic Survey, Finance Minister indicated that a clear political mandate for reform and a benign external environment now is expected to propel India on to a double digit trajectory. It states that Indian economy appears tohave now gone past the economic slowdown, persistent inflation, elevated fiscal deficit, slackening domestic demand, external account imbalances and oscillating value of the rupee. The survey added that the high growth rate can be expected because of the reforms taken forward, like deregulation of diesel prices, taxing energy products, replacing cooking gas subsidy by direct transfer etc. by the new NDA government at the Centre led byPrime Minister Mr. Narendra Modi. However, a major decline in household physical savings has caused a decline in gross domestic savings to 30.6% in 2013-14 from 31.8% in 2012-13.
Government has also facilitated increasing FDI caps in Defence as well as in the Insurance sector. The Government has taken significant step in revival of the hitherto stagnant mining sector (including the coal) in the country. The process of auction for allotment would usher in greater transparency and boost revenues for the States. Government is also in the process to make land acquisition less onerous, thereby easing the cost of doing business, while ensuring that farmers get fair compensation. But, major challenges remains that the ordinance on Land acquisition, to be translated into legislation approved by the Parliament.
Central Government has Instituted a major program for financial inclusion i.e. the “Pradhan Mantri Jan Dhan Yojana” under which over 125.000 million new accounts have been opened till mid- February 2015. Securing the political agreement on the goods and services tax (GST) that will allow legislative passage of theconstitutional amendment bill. At the same time, the constitutional amendment bill to implement the goods and services tax (GST) also needs to be enshrined in legislation first by Parliament followed by ratification by the States. A single GST rate (across States and products) set at internationally competitive levels with limited exemptions would maximize its pro-growth, procompliance, and pro-single market creating potential. While theframework for a modern and comprehensive indirect tax system is being put in place with the GST, parallel efforts are required on the direct tax side. The objective should be to create a competitive, predictable, clean, and exemptions-light tax policy regime that will lower the cost of capital, incentivize savings, and facilitate taxpayer compliance.
The latest indicators, emerging from the revised estimates of national income brought out by the CSO, point to the fact that the revival of growth had started in 2013-14 and attained further vigour in 2014-15. Factors like the steep decline in oil prices, plentiful flow of funds from the rest of the world, and potential impact of the reform initiatives of the new government at the centre along with its commitment to calibrated fiscal management and consolidation augur well for the growth prospects and the overall macroeconomic situation. Encouraged by the greater macro-economic stability and the reformist intent and actions of the government, coupled with improved business sentiments in the country, institutions like the IMF and the World Bank have presented an optimistic growth outlook for India for the year 2015 and beyond
LITIGATION
DETAILS
|
HIGH COURT OF GUJARAT |
|
Company Petition
No.215 of 2014 |
|
Status : PENDING |
( Converted from : O/ST/2387/2014) |
CCIN No : 001058201400215 |
|
|
|||||||
|
|||||||
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
H T MEDIA LIMITED |
SINGHI & CO for: Petitioner(s) - 1 |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
GHCL LIMITED |
M/S TRIVEDI & GUPTA for: Respondent(s) - 1 |
|
Presented On |
: 25.08.2014 |
Registered On |
: 05.09.2014 |
|
Bench Category |
: - |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 21 times |
|
Stage Name |
: NOTICE RETURNABLE MATTERS |
||
|
Classification |
SJ – OJ – COMPANY APPLICATION – COMPANIES ACT, 1956 – WINDING UP – 433 AND 434 |
|
Act |
COMPANIES ACT, 1956 |
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
25.08.2014 |
VAKALATNAMA |
SINGHI & CO ADVOCATE for PETITIONER(S) – 1 |
5 |
SINGHI & CO (2725) for P:1 |
|
2 |
25.08.2015 |
MEMO OF PETITION/ APPEAL/ SUIT |
SINGHI & CO ADVOCATE for PETITIONER(S) – 1 |
100 |
SINGHI & CO (2725) for P:1 |
|
3 |
15.09.2014 |
AFFIDAVIT OF DS |
SINGHI & CO ADVOCATE for PETITIONER(S) – 1 |
0 |
SINGHI & CO (2725) for P:1 |
|
4 |
19.09.2014 |
VAKALATNAMA |
M/S TRIVEDI & GUPTA ADVOCATE |
5 |
M/S TRIVEDI & GUPTA(949) for R:1 |
|
5 |
05.02.215 |
AFFIDAVIT IN REPLY |
M/S TRIVEDI & GUPTA ADVOCATE for RESPONDENT(S) – 1 |
0 |
M/S TRIVEDI & GUPTA(949) for R:1 |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Other Loans from banks |
0.000 |
650.205 |
|
Total |
0.000 |
650.205 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(Rs. In Million)
|
Particulars
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 |
30.09.2015 |
30.06.2015 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6530.400 |
5836.600 |
12367.000 |
|
b) Other operating income |
35.400 |
32.000 |
68.400 |
|
Total
income from Operations(net) |
6565.800 |
5868.600 |
12435.400 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2408.400 |
2019.000 |
4427.400 |
|
b) Purchases of stock in trade |
293.600 |
147.000 |
440.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(163.600) |
(109.400) |
(263.000) |
|
d) Employees benefit expenses |
351.300 |
327.900 |
679.200 |
|
e) Depreciation and amortization expenses |
942.200 |
876.700 |
1818.900 |
|
f) Other expenditure |
200.100 |
201.600 |
401.700 |
|
Total expenses |
5266.800 |
4561.800 |
9828.600 |
|
3. Profit from operations before other income and
financial costs |
1300.000 |
1306.800 |
2606.800 |
|
4. Other income |
04.200 |
03.600 |
07.900 |
|
5. Profit from ordinary activities before finance costs |
1304.200 |
1310.500 |
2614.700 |
|
6. Finance costs |
387.800 |
384.800 |
772.600 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before Exchange Impact and exceptional
items |
869.300 |
883.200 |
1752.600 |
|
Exchange Gain/ (Loss) |
(44.700) |
(37.300) |
(82.000) |
|
Less: Exchange Loss equivalent
to interest saving on forex instruments transferred to finance cost |
47.100 |
42.400 |
89.500 |
|
Net Exchange Gain/ (Loss) |
02.400 |
05.100 |
07.500 |
|
Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
871.700 |
888.300 |
1760.100 |
|
8. Exceptional item |
-- |
(135.000) |
(135.000) |
|
9. Profit from ordinary
activities before tax Expense: |
871.700 |
753.300 |
1625.100 |
|
10.Tax expenses |
360.000 |
140.000 |
500.000 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
511.700 |
613.300 |
1125.100 |
|
12.Extraordinary Items (net
of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
511.700 |
613.300 |
1125.100 |
|
14.Paid-up equity share capital (Face value Rs.10/- per share) |
1000.200 |
1000.200 |
1000.200 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
5.12 |
6.13 |
11.25 |
|
(b) Diluted |
5.12 |
6.13 |
11.25 |
|
Particulars
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
81642681 |
816426981 |
81642681 |
|
- Percentage of shareholding |
81.63 |
81.63 |
81.63 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
8670800 |
8670800 |
8670800 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
47.18 |
47.18 |
47.18 |
|
Percentage of shares (as a % of total share capital of the
company) |
8.67 |
8.67 |
8.67 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
9705805 |
9705805 |
9705805 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
52.82 |
52.82 |
52.82 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
9.70 |
9.70 |
9.70 |
|
|
|
|
|
|
B.
Investor Complaints |
Quarter
Ended |
|
|
|
|
30.09.2015 |
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
Receiving during the quarter |
103 |
|
|
|
Disposed of during the quarter |
104 |
|
|
|
Remaining unreserved at the end of the quarter |
0 |
|
|
SEGMENT REVISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars
|
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A.
Segment Revenue |
|
|
|
|
1 Inorganic Chemicals |
3754.000 |
3472.200 |
7226.200 |
|
2. Home Textiles |
2812.800 |
2396.400 |
5209.200 |
|
3. Others/ Un-allocated |
-- |
-- |
-- |
|
|
|
|
|
|
B Segment Results |
|
|
|
|
Operating Profit before finance cost and Tax but after
Forex Gain/ (Loss) |
|
|
|
|
1 Inorganic Chemicals |
1015.900 |
1068.200 |
20843.100 |
|
2. Home Textiles |
303.200 |
263.500 |
566.700 |
|
3. Others/ Un-allocated |
-- |
-- |
-- |
|
|
|
|
|
|
Finance Cost |
|
|
|
|
1. Interest Cost and financial charges |
387.800 |
384.800 |
772.600 |
|
2. Exchange loss equivalent to interest saving on forex
instruments |
47.100 |
42.400 |
89.500 |
|
Total
Finance Cost [1+2] |
434.900 |
427.200 |
862.100 |
|
|
|
|
|
|
Un-allocate Expenditure |
12.500 |
16.000 |
28.600 |
|
|
|
|
|
|
Profit
Before Tax and Exceptional Items |
871.700 |
888.300 |
1760.100 |
|
Exceptional Items |
-- |
(135.000) |
(135.000) |
|
Profit
Before Tax |
871.700 |
753.300 |
1626.100 |
|
|
|
|
|
|
Capital
Employed |
|
|
|
|
1 Inorganic Chemicals |
12604.100 |
12539.000 |
12064.100 |
|
2. Home Textiles |
11182.900 |
10803.600 |
11182.900 |
|
3. Others/ Un-allocated |
385.800 |
140.400 |
385.800 |
|
|
|
|
|
|
Total
Capital Employed |
24172.800 |
23483.000 |
24172.800 |
STATEMENT
OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
( Unaudited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1000.200 |
|
(b) Reserves & Surplus |
7822.200 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8822.400 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
7323.100 |
|
(b) Deferred tax liabilities
(Net) |
1774.100 |
|
(c) Other long term
liabilities |
49.600 |
|
(d) long-term provisions |
48.400 |
|
Total
Non-current Liabilities (3) |
9195.200 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
5355.600 |
|
(b) Trade payables |
3328.600 |
|
(c) Other current liabilities |
1946.600 |
|
(d) Short-term provisions |
173.400 |
|
Total
Current Liabilities (4) |
10804.200 |
|
|
|
|
TOTAL |
28821.800 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
|
|
(ii) Intangible Assets |
|
|
(iii) Capital work-in-progress |
|
|
(iv) Intangible assets under
development |
|
|
(b) Non-current Investments |
15.800 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
244.900 |
|
(e) Other Non-current assets |
04.500 |
|
Total
Non-Current Assets |
20129.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
4370.800 |
|
(c) Trade receivables |
3266.500 |
|
(d) Cash and cash equivalents |
78.000 |
|
(e) Short-term loans and
advances |
977.500 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
8692.800 |
|
|
|
|
TOTAL |
28821.800 |
INDEX OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10589317 |
12/08/2015 |
230,000,000.00 |
STATE
BANK OF MYSORE |
AHMEDABAD
BRANCH, GROUND FLOOR, SHITY RATNA BLDG., PANCHAVATI CIRCLE, OFF. C.G. ROAD,
AHMEDABAD, GUJARAT - 380006, INDIA |
C63346985 |
|
2 |
10576863 |
09/06/2015 |
270,000,000.00 |
STATE
BANK OF BIKANER AND JAIPUR |
C.G.
ROAD BRANCH, 1-2, SHUKAN BUSINESS CENTRE, NR .SWASTIK CHAR RASTA, C.G.
ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
C57424335 |
|
3 |
10561640 |
31/03/2015 |
700,000,000.00 |
EXPORT-IMPORT
BANK OFF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFEE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
C50155589 |
|
4 |
10561193 |
21/03/2015 |
500,000,000.00 |
STATE
BANK OF HYDERABAD |
ASHRAM
ROAD BRANCH, NAGINDAS CHAMBERS, USMANPURA, |
C49984040 |
|
5 |
10561342 |
21/03/2015 |
145,000,000.00 |
STATE
BANK OF PATIALA |
MID
CORPORATE BRANCH, VISHWA COMPLEX, NAVRANGPURA |
C50037878 |
|
6 |
10561345 |
21/03/2015 |
120,000,000.00 |
STATE
BANK OF PATIALA |
MID
CORPORATE BRANCH, VISHWA COMPLEX, NAVRANGPURA |
C50039197 |
|
7 |
10558919 |
13/03/2015 |
450,000,000.00 |
STATE
BANK OFF HYDERABAD |
GROUND
FLOOR, NAGINDAS CHAMBERS,, USMANPURA, ASHR |
C48984983 |
|
8 |
10542349 |
29/12/2014 |
320,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21,, WORLD TRADE CENTE |
C40098964 |
|
9 |
10541240 |
24/12/2014 |
500,000,000.00 |
ANDHRA
BANK |
41-PARIMAL
SOCIETY, ELLISBRIDGE, C.G. ROAD, AHMED |
C39572623 |
|
10 |
10530221 |
05/11/2014 |
500,000,000.00 |
STATE
BANK OF MYSORE |
SHITIRATNA
BUILDING, PANCHWATI CIRCLE, OFF. C.G. |
C32957086 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Guarantees issued by banks |
195.665 |
142.260 |
|
Bills discounted with banks (since realized) |
240.726 |
295.142 |
|
Claims against the Company not acknowledged as Debts |
|
|
|
- Income Tax & Wealth Tax |
111.682 |
80.300 |
|
- Sales Tax / VAT |
1.497 |
1.135 |
|
- Excise & Service Tax |
865.999 |
819.883 |
|
- Other claims |
435.001 |
319.100 |
|
(iv) Corporate guarantee to Bank on behalf of subsidiaries of the Company |
2715.025 |
111.574 |
FIXED ASSETS
Tangible Assets
· Free hold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Wind Turbine Generators
· Furniture and Fixture
· Office Equipment’s
· Vehicles
· Leased Mines
· Salt Works Reservoirs and Pans
Intangible Assets
·
Goodwill
·
Software
·
Trade Mark
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.