MIRA INFORM REPORT
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Report No. : |
356755 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINEOTEX CHEMICAL LIMITED |
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|
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Registered
Office : |
42/43, Manorama Chambers, 4th Floor, S V Road, Bandra (West), Mumbai – 400050, Maharashtra |
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Tel. No.: |
91-22-26559174 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
30.01.2004 |
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Com. Reg. No.: |
11-144295 |
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Capital
Investment / Paid-up Capital : |
Rs.224.596 Million |
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CIN No.: [Company Identification
No.] |
L24100MH2004PLC144295 |
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IEC No.: |
0300031688 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04902C |
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PAN No.: [Permanent Account No.] |
AAACF8360M |
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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
: |
Manufacturing of textile chemicals, auxiliaries and specialty chemicals. [Registered Activity] |
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No. of Employees
: |
42 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Fineotex Chemical Limited is a chemical manufacturing company. It offers chemical for pre-treatment process, dyeing process, printing process, finished process, adhesives and construction-chemicals. It caters to textiles, construction, water-treatment, fertilize, leather and paint industry. It is an established company having satisfactory track record. As per 2015 financial, the company has recorded growth in its total revenue profile by 22.02% which further resulted to rise in net profitability by 92.83% during the year under review. The rating further devices strength from its sound financial base marked by adequate networth base, negligible debt and favourable gap between trade payables to its receivables. Tarde relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of aforesaid, 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.
INFORMATION DENIED
Management Non-Cooperative (91-22-26559174)
LOCATIONS
|
Registered / Head Office : |
42-43, Manorama Chambers, S V Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Tel. No.: |
91-22-26559174-77 |
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Fax No.: |
91-22-26559178 |
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E-Mail : |
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Website : |
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Factory : |
A-699/700, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400705, Maharashtra, India |
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Overseas Office : |
Lot 71, Jalan P10/21, Selaman Industrial Park 43650
Bandar Baru Bangi |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Surendra Kumar Tibrewala |
|
Designation : |
Managing Director |
|
Address : |
42/43, Valancia,, 11,Juhu Tara Road,Juhu,, Mumbai, 400049, Maharashtra, India |
|
Date of Birth/Age : |
10.06.1956 |
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Date of Appointment : |
25.06.2007 |
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DIN No.: |
00218394 |
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Name : |
Sanjay Tibrewala |
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Designation : |
Whole-time director |
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Address : |
42, Valencia, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
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Date of Birth/Age : |
22.05.1981 |
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Date of Appointment : |
25.06.2007 |
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DIN No.: |
00218525 |
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|
|
|
Name : |
Manmohan Mehta |
|
Designation : |
Director |
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Address : |
102-A, Oberoi Garden, Thakurvillage Kandivali (East), Mumbai - 400101, Maharashtra, India |
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Date of Birth/Age : |
28.08.1968 |
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Date of Appointment : |
31.12.2012 |
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DIN No.: |
00391964 |
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Name : |
Alok Shashikant Dhanuka |
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Designation : |
Director |
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Address : |
B/16, Dattani Apartment No 4, Parekh Nagar, S V Road, Kandivili (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
11.02.2013 |
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DIN No.: |
06491610 |
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|
|
|
Name : |
Ritu Aditya Gupta |
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Designation : |
Director |
|
Address : |
42/43, Valancia, 11, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
00218561 |
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|
|
|
Name : |
Navin Bhimsen Mittal |
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Designation : |
Director |
|
Address : |
B-1602, Oberoi Garden, Ali Yayar Jung Marg, Kandivili (East), Mumbai - 400101, Maharashtra, India |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
03555295 |
KEY EXECUTIVES
|
Name : |
Sanjay Surendra Tibrewala |
|
Designation : |
Chief Financial Officer |
|
Address : |
42, Valancia, Juhu Tara Road, Juhu, Mumbai - 400049, Maharashtra, India |
|
Date of Appointment : |
30.05.2014 |
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PAN No.: |
ACQPT0742E |
|
|
|
|
Name : |
Raina Vincent Dsilva |
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Designation : |
Secretary |
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Address : |
Akal Co-Operative Housing Society, B1-101, J.B Nagar, Andheri East, Mumbai - 400059, Maharashtra, India |
|
Date of Appointment : |
10.11.2015 |
|
PAN No.: |
ASKPD5206F |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
76509020 |
68.13 |
|
|
4028000 |
3.59 |
|
|
80537020 |
71.72 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
80537020 |
71.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1000000 |
0.89 |
|
|
1000000 |
0.89 |
|
|
|
|
|
|
9502152 |
8.46 |
|
|
|
|
|
Individual shareholders holding
nominal share capital up to Rs.0.100 million |
6162126 |
5.49 |
|
Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
14188810 |
12.63 |
|
|
908002 |
0.81 |
|
|
667880 |
0.59 |
|
|
240122 |
0.21 |
|
|
30761090 |
27.39 |
|
Total Public shareholding (B) |
31761090 |
28.28 |
|
Total (A)+(B) |
112298110 |
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) |
112298110 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Surendra Tibrewala |
5,71,90,000 |
50.93 |
|
Surendrakumar Deviprasad
Tibrewala |
1,19,65,830 |
10.66 |
|
Kanaklata Tibrewala |
32,81,700 |
2.92 |
|
Kamal Chemicals Private Limited |
29,54,500 |
2.63 |
|
Sanjay Tibrewala |
19,66,500 |
1.75 |
|
Sanjay Tibrewala |
12,47,490 |
1.11 |
|
Proton Biochem Private Limited |
10,73,500 |
0.96 |
|
Surendra Tibrewala |
8,45,500 |
0.75 |
|
Ritu Tibrewala |
11,000 |
0.01 |
|
Nidhi Tibrewala |
1,000 |
0.00 |
|
Total |
8,05,37,020 |
71.72 |
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
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Amitabh Harivansh Rai Bachchan |
5897445 |
5.25 |
|
Nilam Sanjay Mittal |
2313030 |
2.06 |
|
Anoop Jain |
1473300 |
1.31 |
|
Globe Capital Market Limited |
2500000 |
2.23 |
|
Total |
12183775 |
10.85 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Amitabh Harivansh Rai Bachchan |
5897445 |
5.25 |
|
Total |
5897445 |
5.25 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of textile chemicals, auxiliaries and specialty chemicals. [Registered Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
NOTES: Long Term Borrowings Term loan from bank is secured by way of exclusive first charge created by hypothecation of the total current assets including receivables (both present and future) of the Company. Fixed Deposits of the Company of Rs.8.500 million have been marked as lien in favour of the Bank as a collateral security. Interest is charged at six months LIBOR plus 4.50% p.a. and is payable quarterly on the outstanding loan amount. The said loan is repayable during the financial year 2015-16 and accordingly it is regrouped under Other Current Liabilities as "Current Maturities of Long Term Debt" Short Term Borrowings Bank Overdraft is secured against Bank Fixed Deposits and pledge/lien of securities held by the Company and personal guarantee of directors. |
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Auditors : |
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|
Name : |
UKG and Associates Chartered Accountants |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Subsidiary : |
· FCL Landmarc Private Limited · Manya Steels Private Limited · BT Chemical SDN. BHD. · Fineotex Malaysia Limited · Fineotex Specialities FZE |
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Enterprise under significant influence of
Key Management Personnel or their relatives : |
· Sanjay Exports · Proton Biochem Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.230.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,459,622 |
Equity Shares |
Rs. 10/- each |
Rs.224.596 Million |
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|
|
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Shareholders holding more than 5 % of
Equity Shares
|
Name of the
Shareholder |
31.03.2015 |
|
|
|
No. of Shares |
% held |
|
Mr. Surendra Tibrewala |
13,831,166 |
61.58% |
|
Mr. Amitabh Harivansh Rai Bachchan |
1,223,414 |
5.45% |
Reconciliation of the
number of Equity Shares outstanding
|
Particulars |
31.03.2015 |
|
|
No. of Shares |
|
Number of shares at the beginning of the year |
11,229,811 |
|
Add: Bonus Shares issued |
11,229,811 |
|
Number of shares
at the end of year |
22,459,622 |
· The Company has allotted 1,12,29,811 fully paid-up equity shares of face value Rs.10/- each during the year ended 31st March, 2015 pursuant to the bonus issue approved by the shareholders through postal ballot by capitalization of Securities Premium. Bonus equity shares are issued in proportion of 1:1 i.e. 1 (one) equity shares of Rs. 10/- each fully paid up for existing 1 (one) equity share of Rs. 10/- each fully paid up.
· The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share.
· In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all the preferential amounts. The distribution would be in proportion of the number of Equity shares held by the Equity Shareholders.
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 |
224.596 |
112.298 |
112.298 |
|
(b) Reserves & Surplus |
482.723 |
488.825 |
433.661 |
|
(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) |
707.319 |
601.123 |
545.959 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
7.321 |
33.132 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
7.321 |
33.132 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
10.150 |
0.000 |
1.778 |
|
(b) Trade
payables |
95.891 |
110.716 |
72.349 |
|
(c) Other
current liabilities |
11.640 |
34.255 |
29.155 |
|
(d) Short-term
provisions |
23.067 |
7.183 |
6.621 |
|
Total Current
Liabilities (4) |
140.748 |
152.154 |
109.903 |
|
|
|
|
|
|
TOTAL |
848.067 |
760.598 |
688.994 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
105.209 |
67.870 |
63.496 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.263 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
134.003 |
93.286 |
83.969 |
|
(c) Deferred tax assets (net) |
4.850 |
4.368 |
4.945 |
|
(d) Long-term Loan and Advances |
96.514 |
79.044 |
72.542 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
340.839 |
244.568 |
224.952 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
251.215 |
156.068 |
207.040 |
|
(b)
Inventories |
47.481 |
59.273 |
41.886 |
|
(c) Trade
receivables |
168.460 |
171.126 |
113.745 |
|
(d) Cash
and cash equivalents |
27.097 |
81.387 |
90.966 |
|
(e)
Short-term loans and advances |
3.744 |
34.985 |
3.496 |
|
(f) Other
current assets |
9.231 |
13.191 |
6.909 |
|
Total
Current Assets |
507.228 |
516.030 |
464.042 |
|
|
|
|
|
|
TOTAL |
848.067 |
760.598 |
688.994 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
649.921 |
534.587 |
406.864 |
|
|
|
|
Other Income |
48.144 |
37.502 |
24.986 |
|
|
|
|
TOTAL (A) |
698.065 |
572.089 |
431.850 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
429.382 |
404.823 |
299.504 |
|
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.039 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
5.136 |
(9.727) |
(3.099) |
|
|
|
|
Employee Benefits Expenses |
21.754 |
21.754 |
18.045 |
|
|
|
|
Other Expenses |
81.035 |
67.485 |
37.960 |
|
|
|
|
Exceptional Items |
0.000 |
1.970 |
0.000 |
|
|
|
|
TOTAL (B) |
537.307 |
486.305 |
352.449 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
160.758 |
85.784 |
79.401 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL EXPENSES (D) |
2.242 |
3.427 |
4.001 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
158.516 |
82.357 |
75.400 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
4.410 |
2.069 |
2.026 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
154.106 |
80.288 |
73.374 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
42.098 |
22.202 |
19.078 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
112.008 |
58.086 |
54.296 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
260.873 |
207.514 |
159.744 |
||
|
|
|
|
|
|
||
|
Less |
Additional Depreciation (net of tax) pursuant
to enactment of Schedule II of the Companies Act, 2013 |
0.156 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed
Dividend on Equity Shares |
11.230 |
5.615 |
5.615 |
|
|
|
|
Tax on Dividend |
1.139 |
(0.888) |
0.911 |
|
|
|
BALANCE CARRIED
TO THE B/S |
360.356 |
260.873 |
207.514 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Sales |
125.826 |
92.010 |
0.641 |
|
|
|
|
Dividend from subsidiary |
5.633 |
11.668 |
0.000 |
|
|
|
TOTAL EARNINGS |
131.459 |
103.678 |
0.641 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
45.821 |
15.020 |
4.370 |
|
|
|
TOTAL IMPORTS |
45.821 |
15.020 |
4.370 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
4.99 |
2.59 |
4.34 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
7.624 |
29.289 |
26.506 |
|
Cash generated from operations |
175.969 |
48.767 |
34.618 |
|
Cash Flow generated from Operating Activities |
133.043 |
11.315 |
12.734 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net sales |
|
167.620 |
173.760 |
|
Total Expenditure |
|
125.500 |
128.750 |
|
PBIDT (Excluding Other Income) |
|
42.120 |
45.010 |
|
Other income |
|
4.410 |
3.080 |
|
Operating Profit |
|
46.530 |
48.090 |
|
Interest |
|
0.960 |
0.470 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
45.570 |
47.620 |
|
Depreciation |
|
1.240 |
1.170 |
|
Profit Before Tax |
|
44.330 |
46.450 |
|
Tax |
|
14.860 |
16.300 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit after tax |
|
29.470 |
30.150 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
29.470 |
30.150 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
17.23 |
10.87 |
13.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
24.74 |
16.05 |
19.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
21.74 |
12.11 |
12.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.13 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.03 |
0.06 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60 |
3.39 |
4.22 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.30.90/- |
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 |
112.298 |
112.298 |
224.596 |
|
Reserves & Surplus |
433.661 |
488.825 |
482.723 |
|
Net
worth |
545.959 |
601.123 |
707.319 |
|
|
|
|
|
|
long-term borrowings |
33.132 |
7.321 |
0.000 |
|
Short term borrowings |
1.778 |
0.000 |
10.150 |
|
Current Maturities of Long term debt |
26.506 |
29.289 |
7.624 |
|
Total
borrowings |
61.416 |
36.610 |
17.774 |
|
Debt/Equity
ratio |
0.112 |
0.061 |
0.025 |
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 |
406.864 |
534.587 |
649.921 |
|
|
|
31.392 |
21.574 |
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
|
406.864 |
534.587 |
649.921 |
|
Profit |
54.296 |
58.086 |
112.008 |
|
|
13.34% |
10.87% |
17.23% |
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 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 |
31.03.2014 |
|
|
[Rs. In Million] |
|
|
Contingent liabilities not provided for in respect of: |
|
|
|
Claims against the Company not acknowledged as debts Income Tax Matters |
0.214 |
0.000 |
|
Guarantees given by bank |
1.632 |
1.632 |
CORPORATE INFORMATION
Subject is a public limited Company domiciled in India and incorporated under the Companies Act, 1956. The Company was incorporated in 2004 and is listed on Bombay Stock Exchange and on the National Stock Exchange. The Company is engaged in the business of manufacturing and trading of Chemicals. The Company is one of the leading manufacturers of chemicals for textiles, construction, water-treatment, fertiliser, leather and paint industry.
HIGHLIGHTS
Standalone Income for the year increased to Rs. 698.065 million as compared to Rs. 572.088 million in 2013-14 an increase of 22.02%. Standalone Profit after Tax for the year was Rs. 112.008 million as against Rs. 58.086 million for 2013-14 – an increase of 92.83% Earnings per share of Rs. 10 was Rs. 4.99 for the year as against Rs. 2.59 for 2013-14 an increase of 92.66 % Consolidated Income for the year increased to Rs. 1065.196 million as compared to Rs.894.640 million in 2013-14- an increase of 19.06% Consolidated Profit after Tax for the year was Rs. 145.949 million as against Rs.78.188 million for 2013-14 an increase of 86.73%.
OPERATIONS AND ECONOMIC SCENARIO
The Company has exceeded the targets fixed for the year. There was a growth of 10% in volume, 12% in value and 93% in profits – all three parameters of an inclusive growth. The volume growth shows the rising penetration of the company’s products even the economic signs of are still not distinctly visible. Value growth above volume is an indication of increase in the qualitative acceptance of the products. The growth in profits is the result of the endorsement of the Company’s products and business ethics which has resulted in better margins. This is the result of the adherence of the management to its vision of providing quality product not by chance but dependability.
The economic scenario is expected to improve which would benefit the economy as a whole. The Company is geared up to take advantage on the national as well as international level. Its commitment to innovate and provide quality products on which the consumers can depend has been getting an increasing acceptance amongst its growing customers list. This list is expanding geographically and the Company is taking steps to put the necessary steps in place. Barring unforeseen circumstances, the Company, along with its subsidiaries expects to replicate the performance in the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Indian Speciality Chemicals Sector over the last 4-5 year has been growing at approximately 12-15% and is expected to grow at a CAGR of 17% in the next 5 years mainly on account of exports as the key driving force and providing growth opportunity. The growth momentum is expected to continue going forward with booming domestic consumption and fast growing export opportunities.
Factors such as increasing cost pressure, appreciating currency (Yuan appreciating against US dollar), increasing cost of labour and power and stringent pollution control norms diluted the cost advantages which was previously been exploited by the Chinese manufacturers. India is rightly positioned to make benefit of these emerging opportunity and is expected to increase its exports exponentially. The company has a strong focus on Innovation, R&D, Diversified Product Profile and Large Customer Base which will help us to benefit from these emerging growing opportunities in the medium to long term.
OUTLOOK
The companies having a stable and large customer base, diversified and Innovative product leadership with strong effluent treatment measures will emerge as sector leaders. The Speciality Chemical Sector offers growth opportunity in medium to long term for industry players with strong knowledge dependent product development through innovation and continues R&D.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2015
(Rs. In Million)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
173.159 |
167.085 |
340.245 |
|
b) Other operating income |
0.603 |
0.533 |
1.136 |
|
Total
income from Operations(net) |
173.763 |
167.618 |
341.381 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
101.051 |
98.112 |
199.163 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
0.531 |
(0.503) |
0.028 |
|
Employees benefit expenses |
4.981 |
5.531 |
10.512 |
|
Depreciation and amortization expenses |
1.171 |
1.238 |
2.409 |
|
Other expenditure |
22.185 |
22.355 |
44.539 |
|
Total expenses |
129.919 |
126.733 |
256.652 |
|
3. Profit from operations before other income and
financial costs |
43.844 |
40.886 |
84.729 |
|
4. Other income |
3.077 |
4.409 |
7.486 |
|
5. Profit from ordinary activities before finance costs |
46.921 |
45.294 |
92.215 |
|
6. Finance costs |
0.473 |
0.964 |
1.437 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
46.448 |
44.330 |
90.779 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
46.448 |
44.330 |
90.779 |
|
10.Tax expenses |
16.300 |
14.844 |
31.144 |
|
11.Net Profit / (Loss) from
ordinary activities after tax |
30.149 |
29.486 |
59.635 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period |
30.149 |
29.486 |
59.635 |
|
14.Paid-up equity share capital |
224.596 |
224.596 |
224.596 |
|
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 and diluted |
0.27 |
0.26 |
0.53 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
31748790 |
31748790 |
31748790 |
|
- Percentage of shareholding |
28.27 |
28.27 |
28.27 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
80549320 |
80549320 |
80549320 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.73 |
71.73 |
71.73 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
Nil |
|
|
|
Disposed of during the quarter |
Nil |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2015
(Rs. In Million)
|
SOURCES OF FUNDS |
|
|
30.09.2015 (Unaudited) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
224.596 |
|
(b) Reserves &
Surplus |
|
|
543.098 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
767.694 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
16.282 |
|
(b) Trade payables |
|
|
100.733 |
|
(c) Other current
liabilities |
|
|
4.621 |
|
(d) Short-term provisions |
|
|
9.455 |
|
Total Current Liabilities
(4) |
|
|
131.091 |
|
|
|
|
|
|
TOTAL |
|
|
898.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
120.926 |
|
(b) Non-current
Investments |
|
|
400.896 |
|
(c) Deferred tax assets
(net) |
|
|
5.101 |
|
(d) Long-term Loan and Advances |
|
|
92.759 |
|
(e) Other Non-current
assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
619.682 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
37.857 |
|
(b) Inventories |
|
|
49.181 |
|
(c) Trade receivables |
|
|
173.040 |
|
(d) Cash and cash
equivalents |
|
|
14.636 |
|
(e) Short-term loans and
advances |
|
|
2.258 |
|
(f) Other current assets |
|
|
2.131 |
|
Total Current Assets |
|
|
279.103 |
|
|
|
|
|
|
TOTAL |
|
|
898.785 |
NOTES:
1. The above audited results were reviewed by the Audit Committee and thereafter approved at the meeting of the Board of Directors of the Company held on November 10, 2015.
2. The Statutory Auditors of the Company have conducted a 'Limited Review' of the above financial results for the quarter ended 30th, June 2015 in accordance with the clause 41 of the Listing Agreement.
3. Provision for current taxation has been made with reference to the profit for the quarter ended September 30, 2015 and in accordance with the provisions of Income Tax Act, 1961 and Rules framed there under. The ultimate tax liability for the assessment year 2016 - 2017, however will be determined on the basis of total income for the year ending on March 31, 2016.
4. As per Accounting Standard 17 - Segment Reporting as notified by the Companies (Accounting Standards) Rules, 2006, the Company operates in the Segment of Specialty Chemicals.
5. Previous period / year figures have been regrouped, rearranged and reclassified wherever necessary to correspond with those of the current period.
INDEX OF CHARGE: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
· Leasehold Land
· Factory Building
· Plant and Machinery
· Office Premises
· Furniture and Fixtures
· Computers
· Vehicles
· Renovation on Lease Premises
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 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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
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.