MIRA INFORM REPORT
|
Report No. : |
356687 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE DHARAMSI MORARJI CHEMICAL COMPANY LIMITED |
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|
|
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Registered
Office : |
Prospect Chambers, 317/21, D.N. Road, Fort, Mumbai - 400001 Maharashtra
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|
Tel. No.: |
91-22-22048881/ 2/ 3 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
12.09.1919 |
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Com. Reg. No.: |
11-000564 |
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Capital
Investment / Paid-up Capital : |
Rs. 300.578 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L24110MH1919PLC000564 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 of Sulphuric Acid and Phosphate Fertilizers. (Confirmed
by Management) |
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|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company incorporated in the year 1919. It
has satisfactory track. The company has been successful in wiping off its accumulated losses
of previous years by earing sufficient profit with decent margin in FY 2015.
Further, it has reported decent increase in its sales turnover along with
comfortable debt level in the year under consideration. Overall financial condition of the company is improving. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings
with 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 PARTED BY
|
Name : |
Mr. Dilip T. Gokhale |
|
Designation : |
Company secretary |
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Contact No.: |
91-22-22048881 |
|
Date : |
23.12.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
Prospect Chambers, 317/21, D.N. Road, Fort, Mumbai - 400001
Maharashtra, India |
|
Tel. No.: |
91-22-22048881/ 2/ 3 |
|
Fax No.: |
91-22-22813657 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Locality: |
Commercial |
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|
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Factory 1: |
105, MIDC Industrial Area, Audyogik Vasahat Post Office, Dhatav, Roha, Mumbai – 402116, Maharashtra, India |
|
Tel. No.: |
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Fax No.: |
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Factory 2: |
Khemli Village, Tehsil - Mavli, Udaipur- 313001, Rajasthan, India |
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Tel. No.: |
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Fax No.: |
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Factory 3: |
Jhar Village, Taluka Dhari, Amreli – 365630, Gujarat, India |
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Tel. No.: |
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Factory 4: |
M. G. Road, Ambernath, Dhatav, Mumbai - 421501, Maharashtra, India |
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Tel. No.: |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Laxmikumar Narottam Goculdas |
|
Designation : |
Chairman |
|
|
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|
Date of Birth/Age : |
Mr. Haridas Tricumdas Kapadia |
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Qualification : |
Director |
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Experience : |
|
|
Date of Appointment : |
Madhu Thakorlal Ankleshwaria |
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PAN No.: |
Director |
|
Passport No.: |
|
|
Voter ID No.: |
Mr. Arvind Wasudeo Ketkar |
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DIN No.: |
Director |
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|
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|
Name : |
Mr. Shantilal Tejshi Shah |
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Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
Ms. Mitika Laxmikumar Goculdas |
|
Qualification : |
Director |
|
Date of Birth |
11.08.1972 |
|
Date of Appointment: |
04.11.2011 |
|
Qualification : |
MBA (Finance) from Pennsylvania State University, USA. |
|
Directorships held
in other companies (excluding foreign companies) : |
· Borax Morarji Limited · Gocul Gas Private Limited · Kosan Industries Private Limited · L.P. Gas Equipment Private Limited · L.P. Gas Transport & Bottling Co. Private Limited · Bombay Foods Private Limited · Phoenix Distributors Private Limited · Natural Gas Co. Private Limited · Autogas Conversion (India) Private Limited · B.S. and Service Private Limited · Phoenix Distributors Gas Agencies Bhopal Private Limited · B S and Services Gas Agencies Bhopal Private Limited · Jasraj Trading Co. Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. Bimal Lalitsingh Goculdas |
|
Designation : |
Chief Executive Officer |
|
Address : |
|
|
Date of Birth/Age : |
Mr. Dilip Trimbak Gokhale |
|
Qualification : |
Executive Vice President and Company Secretary |
|
Experience : |
|
|
Date of Appointment : |
Mr. Dharmarajan Kalyan Sundaram |
|
PAN No.: |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
438881 |
2.06 |
|
|
2100401 |
9.88 |
|
|
2539282 |
11.95 |
|
|
|
|
|
|
7839377 |
36.88 |
|
|
7839377 |
36.88 |
|
Total Shareholding of Promoter and Promoter Group (A) |
10378659 |
48.82 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4304 |
0.02 |
|
|
436456 |
2.05 |
|
|
200 |
0.00 |
|
|
440960 |
2.07 |
|
|
|
|
|
|
1004852 |
4.73 |
|
|
|
|
|
|
4360299 |
20.51 |
|
|
3825195 |
17.99 |
|
|
1247856 |
5.87 |
|
|
246849 |
1.16 |
|
|
105696 |
0.50 |
|
|
219352 |
1.03 |
|
|
83 |
0.00 |
|
|
675876 |
3.18 |
|
|
10438202 |
49.10 |
|
Total Public Shareholding (B) |
10879162 |
51.18 |
|
Total (A)+(B) |
21257821 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21257821 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Bimal Lalitsingh Goculdas |
3,673 |
0.02 |
|
Bombay Foods Pvt Ltd |
600 |
0.00 |
|
Sonali B Goculdas |
33,808 |
0.16 |
|
Harisingh Narottamdas Goculdas |
2,828 |
0.01 |
|
Kosan Industries Private Limited |
3,000 |
0.01 |
|
Laxmikumar Narottam Goculdas |
4,02,492 |
1.89 |
|
Lalit N Goculdas |
2,121 |
0.01 |
|
Laxmikumar Narottam Goculdas |
80,743 |
0.38 |
|
Mulraj Dwarkadas Goculdas |
17,149 |
0.08 |
|
Mulraj Dwarkadas Goculdas |
16,664 |
0.08 |
|
Radha Lalit Goculdas |
3,678 |
0.02 |
|
Ranchoddas Mathradas Goculdas |
17,412 |
0.08 |
|
Ranchoddas Mathradas Goculdas |
22,125 |
0.10 |
|
Laxmikumar Narottam Goculdas |
30,70,842 |
14.45 |
|
Bharati Laxmikumar Goculdas |
20,889 |
0.10 |
|
Natural Gas Co Private Limited |
7,85,657 |
3.70 |
|
Phoenix Distributors Private Limited |
7,30,295 |
3.44 |
|
Bharati Laxmikumar Goculdas |
2,65,731 |
1.25 |
|
Jasraj Trading Company |
1,24,849 |
0.59 |
|
Laxmikumar Narottam Goculdas |
42,85,300 |
20.16 |
|
L P Gas Equipment Private Limited |
4,56,000 |
2.15 |
|
Bimal Lalitsingh Goculdas |
32,803 |
0.15 |
|
Total |
1,03,78,659 |
48.82 |
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 Shareholders |
No. of Shares |
Percentage of Holding |
|
Urvashi D Morarji |
536026 |
2.52 |
|
Total |
536026 |
2.52 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sulphuric Acid and Phosphate Fertilizers. (Confirmed by
Management) |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30/ 60/ 90 Days) |
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Purchasing : |
Cash and Credit (30/ 60/ 90 Days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users and OEM’s
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No. of Employees : |
500 (Approximately) |
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Bankers : |
·
Janakalyan Sahakari Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
K. S. Aiyar and Company Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Related Parties : |
· Borax Morarji Limited · The Natural Gas Co. Private Limited · L.P.Gas Transport & Bottling Co. Private Limited · Phoenix Distributors Private Limited · Jasraj Trading Co. · Kosan Industries Private Limited · Bombay Foods · Borax Morarji (Europe) GMBH. |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Million |
|
1000000 |
Preference Shares |
Rs. 100/- each |
Rs. 100.000 Million |
|
|
Total |
|
Rs. 400.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21257821 |
Equity Shares |
Rs. 10/- each |
Rs. 212.578
Million |
|
880000 |
Preference Shares |
Rs. 100/- each |
Rs. 88.000
Million |
|
|
Total |
|
Rs. 300.578 Million |
Reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period ;
|
Particualrs |
31.03.2015 |
|
|
Equity
Shares |
Numbers |
In Million |
|
Shares outstanding at the beginning of the year |
21257821 |
212.578 |
|
Shares outstanding at the end of the year |
21257821 |
212.578 |
|
|
|
|
|
Preference
Shares |
|
|
|
Shares outstanding at the beginning of the year |
880000 |
88.000 |
|
Shares outstanding at the end of the year |
880000 |
88.000 |
Terms/Rights attached to Equity Shares:
The Company is having only one class of Equity shares having a nominal value of Rs.10/- per share.
Every holder of the equity share of the Company is entitled to one vote per share held
In the event of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution to the Equity shareholders will be in proportion of the number of shares held by each shareholder
Terms/Rights attached to Preference Shares:
600000, 8% Redeemable Cumulative non- convertible Preference Shares of Rs.100/- each aggregating to Rs.60.000 million were to be redeemed in 5 Equal yearly installment of Rs.12.000 million each commencing from Financial Year 2008-09. But due to the Accumulated Losses of the Company, the Company was not in a position to redeem the said Preference Shares during the said Financial Years from 2008-2009 to 2012-2013. Therefore, the Company had approached and requested the Preference Share-holders for further extention of time for the redemption of the said Preference Shares. The Preference Share-holders have agreed for further extention of time for the redemption of the said Preference shares any time upto 31st March, 2018.
The cumulative dividend on these Preference Shares aggregating to Rs.57.600 million (Previous year Rs.52.800 million) is to be paid as and when declared by the Company.
280000, 2.5% Redeemable Cumulative non- convertible Preference Shares of Rs.100/- each aggregating to Rs.28.000 million are redeemable in 16 Equal yearly installment of Rs.1.750 million each commencing from 1st April 2012. However, the Company has not redeemed the preference shares as per the redemption schedule due to the Accumulated Losses of the Company. Therefore, the Company had approached and requested the Preference Share-holder for further extention of time for the redemption of the said Preference Shares. The Preference Share-holder has agreed for further extention of time for the redemption of the said Preference shares any time upto 31st March, 2022.
The cumulative dividend on these Preference Shares aggregating to Rs. 508.100 million (Previous year Rs. 438.100 million) is to be paid as and when declared by the Company.
The holders of all Preference shares do not have any voting rights.
The holders of all Preference shares have a fi rst right of cumulative dividend as compared to the shareholders of Equity shares in case the Company declares any dividend.
In the event of liquidation of the Company, all preference shareholders will have a priority over the Equity shareholders to receive remaining assets of the Company, after distribution of all other preferential amounts. The distribution to the Preference shareholders will be in proportion of the number of shares held by each shareholder
Equity Shares in the Company held by each
shareholder holding more than 5 percent shares specifying the number of shares
held
|
|
31.03.2015 |
|
|
Particulars |
Numbers |
Percentage |
|
Shri Laxmikumar Narottam Goculdas |
7,839,377 |
36.88% |
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 |
300.578 |
300.578 |
300.578 |
|
(b) Reserves & Surplus |
6.183 |
(129.581) |
(290.173) |
|
(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) |
306.761 |
170.997 |
10.405 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
238.520 |
268.724 |
256.705 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
7.135 |
147.570 |
371.445 |
|
(d)
long-term provisions |
21.316 |
23.238 |
24.013 |
|
Total
Non-current Liabilities (3) |
266.971 |
439.532 |
652.163 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
148.541 |
180.467 |
185.435 |
|
(c)
Other current liabilities |
150.291 |
184.563 |
241.370 |
|
(d)
Short-term provisions |
11.065 |
9.720 |
10.722 |
|
Total
Current Liabilities (4) |
309.897 |
374.750 |
437.527 |
|
|
|
|
|
|
TOTAL |
883.629 |
985.279 |
1100.095 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
244.402 |
256.220 |
344.455 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5.891 |
8.632 |
5.529 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.408 |
2.662 |
0.162 |
|
(c) Deferred tax assets
(net) |
265.415 |
265.415 |
265.415 |
|
(d) Long-term Loan
and Advances |
16.217 |
19.343 |
20.791 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
535.333 |
552.272 |
636.352 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
120.334 |
81.437 |
62.121 |
|
(c)
Trade receivables |
143.252 |
170.588 |
116.198 |
|
(d)
Cash and cash equivalents |
33.861 |
17.863 |
16.971 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f)
Other current assets |
50.849 |
163.119 |
268.453 |
|
Total
Current Assets |
348.296 |
433.007 |
463.743 |
|
|
|
|
|
|
TOTAL |
883.629 |
985.279 |
1100.095 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1200.643 |
1013.060 |
855.915 |
|
|
|
Other Income |
2.933 |
4.202 |
6.603 |
|
|
|
TOTAL (A) |
1203.576 |
1017.262 |
862.518 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
750.538 |
597.568 |
560.452 |
|
|
|
Employees benefits expense |
63.506 |
65.455 |
55.430 |
|
|
|
Other expenses |
192.596 |
196.343 |
197.149 |
|
|
|
Non-recurring Items |
14.260 |
(61.265) |
(359.107) |
|
|
|
TOTAL (B) |
1020.900 |
798.101 |
453.924 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
182.676 |
219.161 |
408.594 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.463 |
23.830 |
25.060 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
164.213 |
195.331 |
383.534 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.385 |
34.739 |
50.996 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
139.828 |
160.592 |
332.538 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
139.828 |
160.592 |
332.538 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
493.365 |
439.010 |
297.251 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Boughtouts |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.27 |
7.25 |
15.34 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Current maturities of Long Term Debts |
11.292 |
12.100 |
10.149 |
|
Current maturities of Working Capital Term Loan |
6.966 |
6.573 |
0.000 |
|
Current maturities of Long Term Debts (Car Loan) |
0.799 |
0.986 |
0.864 |
|
Current maturities of Long Term Debts (New Car Loan) |
0.277 |
0.000 |
0.000 |
|
Total |
19.334 |
19.659 |
11.013 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Cash Generated / (used) in Operating Activities |
219.968 |
127.185 |
(202.203) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
282.040 |
249.080 |
|
Total Expenditure |
226.080 |
197.080 |
|
PBIDT (Excl OI) |
55.960 |
52.000 |
|
Other Income |
1.490 |
1.150 |
|
Operating Profit |
57.450 |
53.150 |
|
Interest |
2.890 |
1.720 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
54.560 |
51.430 |
|
Depreciation |
5.690 |
5.280 |
|
Profit Before Tax |
48.870 |
46.150 |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
48.870 |
46.150 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
48.870 |
46.150 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.65 |
15.85 |
38.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.21 |
21.63 |
47.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.96 |
22.66 |
40.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.94 |
31.96 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.84 |
1.69 |
25.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.16 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
|
|
|
Market Value |
Rs.75.25/- (BSE) |
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 |
300.578 |
300.578 |
300.578 |
|
Reserves & Surplus |
-290.173 |
-129.581 |
6.183 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
10.405 |
170.997 |
306.761 |
|
|
|
|
|
|
Long-term borrowings |
256.705 |
268.724 |
238.520 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
11.013 |
19.659 |
19.334 |
|
Total
borrowings |
267.718 |
288.383 |
257.854 |
|
Debt/Equity ratio |
25.730 |
1.686 |
0.841 |
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 |
855.915 |
1013.060 |
1200.643 |
|
|
|
18.360 |
18.516 |
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 |
855.915 |
1013.060 |
1200.643 |
|
Profit |
332.538 |
160.592 |
139.828 |
|
|
38.85% |
15.85% |
11.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATIONS
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: CEXAL/102/2010 Filing Date:
13.10.2010 Reg. No.: CEXA/15/2011 Reg. Date: 28.01.2011 |
|
Petitioner: COMMISSIONER OF Central Excise Respondent: Dharamsi
Morarji Chemical Co. Ltd Petn. Adv : JITENDRA BRIJBHUSHAN MISHRA (I2937)
Resp. Adv.: PDS Legal (826) District: RAIGAD |
|
Bench: DIVISION Status: Admitted(Unready)
Category: CENTRAL EXCISE APPEAL (CEXA) Last Date: 13.02.2012
Stage: FOR ORDERS [ORIGINAL SIDE MATTERS] Last Coram: HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE
A.A. SAYED |
|
Act: Central Excise and Salt Act |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10548946 |
21/01/2015 |
1,700,000.00 |
JANAKALYAN
SAHAKARI BANK LIMITED |
FORT
BRANCH,G-2/M-2,GROUND FLOOR,, PROSPECT CHAMB |
C43526128 |
|
2 |
10521776 |
14/10/2014
* |
30,000,000.00 |
JANAKALYAN
SAHAKARI BANK LIMITED |
VIVEK DARSHAN,
140 SINDHI SOC., CHEMBUR, MUMBAI - 400071, |
C31631542 |
|
3 |
10471526 |
14/10/2014
* |
2,000,000.00 |
JANAKALYAN
SAHAKARI BANK LIMITED |
PLOT
NO.146,1ST FLOOR NR BHAKTI,BHAVAN SINDHI SOC, |
C31626963 |
|
4 |
10471533 |
14/10/2014
* |
30,000,000.00 |
JANAKALYAN
SAHAKARI BANK LIMITED |
140,VIVEK
DARSHAN, SINDHI SOC,OPP. BHAKTI BHAVAN, |
C31630098 |
|
5 |
10471527 |
14/10/2014
* |
68,000,000.00 |
JANAKALYAN
SAHAKARI BANK LIMITED |
PLOT
NO.146,1ST FLOOR NR BHAKTI,BHAVAN SINDHI SOC, |
C31632722 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Inter Corporate Deposits from related parties |
22.380 |
52.380 |
|
Loans from a Director (These inter corporate deposits and loans from a Director are unsecured and interest free.) |
171.543 |
171.543 |
|
|
|
|
|
Total |
193.923 |
223.923 |
MANAGEMENT DISCUSSION
& ANALYSIS REPORT
OVERVIEW OF
OPERATIONS
CHEMICALS
The turnover of Commodity Chemicals during the current Financial Year ended 31st March, 2015 was higher at Rs. 398.800 Million as compared to the turnover of Rs. 300.300 Million during the previous Financial Year. The turnover of Specialty Chemicals during the current Financial Year ended 31st March, 2015 was Rs.744.600 Million as compared to Rs. 631.700 Million in the previous year. The Export turnover of the Company during the current Financial Year ended 31st March, 2015 was Rs. 517.600 Million as compared to Rs. 466.600 Million for the previous Financial Year.
FERTILISERS
The Company’s fertilizer business viz. Single Superphosphate (SSP) could not be continued on its own due to various economic considerations, and hence there is no turnover of SSP fertilizers during the current fi nancial year ended 31st March, 2015.
PROSPECTS IN THE INDUSTRY
CHEMICALS
The Company has planned to face competition as also the continuing scenario of short life-cycle of various Specialty and Commodity Chemicals, by improving the manufacturing effi ciency of Commodity Chemicals and developing new Specialty and performance Chemicals. The Management of the Company is concentrating on continuing basis the in-house Research and Development and is also focusing on improvement in production process for its cost effectiveness and initiatives for development of new products. Increasing emphasis is being given on cost reduction, effi cient operations and improvement in supply chain management as well as development of new commodity chemicals as well. The Management of the Company has also decided to lay emphasis on improving technical expertise in Sulphur and Ethanol chemistry. Efforts are being made to have long term alliance with key customers to develop tailor made processes/products to meet their specifi cations and expectations.
The Company has already set up fl exible manufacturing facilities termed as “Multi-purpose plant ” which can be utilised for manufacture of various Specialty Chemicals which are the future growth areas. The management is therefore contemplating further investment in this segment.
The Company has also set up a Solar Plant in Roha with an initial capacity of 500 KW which will gradually be increased over a period of time. The solar energy is expected to partially replace expensive grid power with cheaper green energy and reduce marginally the Company’s energy cost.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2015
(RS. IN MILLION)
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Year to date Ended (Unaudited) |
|
|
30.09.2015 |
30.09.2015 |
30.09.2015 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
247.050 |
278.045 |
525.097 |
|
b) Other operating income |
2.027 |
3.999 |
6.026 |
|
Total
income from Operations(net) |
249.079 |
282.044 |
531.123 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
147.729 |
148.810 |
296.539 |
|
b) Purchases of stock in trade |
0.958 |
0.236 |
1.194 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(15.056) |
9.703 |
(5.353) |
|
d) Power and Fuels |
14.922 |
13.564 |
28.486 |
|
e) Repairs to Plant and Machinery and Buildings |
11.112 |
8.183 |
19.295 |
|
f) Employees benefit expenses |
18.438 |
16.562 |
35.000 |
|
g) Depreciation and amortization expenses |
5.284 |
5.688 |
10.972 |
|
h) Other expenditure |
18.975 |
29.035 |
48.010 |
|
Total expenses |
202.362 |
231.781 |
434.143 |
|
3. Profit from operations before other income and
financial costs and exceptional items |
46.717 |
50.263 |
96.980 |
|
4. Other income |
1.147 |
1.491 |
2.638 |
|
5. Profit from ordinary activities before finance costs
and exceptional items |
47.864 |
51.754 |
99.618 |
|
6. Finance costs |
1.719 |
2.885 |
4.604 |
|
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items |
46.145 |
48.869 |
95.014 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax Expense: |
46.145 |
48.869 |
95.014 |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net Profit / (Loss) from ordinary activities after tax (9-10) |
46.145 |
48.869 |
95.014 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
46.145 |
48.869 |
95.014 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
|
|
a) Equity share Rs. 10/- each fully paid up |
212.578 |
212.578 |
212.578 |
|
b) Preference shares Rs. 100/- each fully paid up |
88.000 |
88.000 |
88.000 |
|
15. Reserve excluding Revaluation Reserves |
|
|
|
|
16. Basic and Diluted earing per share (EPS) (not annualized) |
|
|
|
|
a) before extraordinary items |
2.09 |
2.22 |
4.31 |
|
b) after extraordinary items |
2.09 |
2.22 |
4.31 |
|
|
|||
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
10879162 |
10879162 |
10879162 |
|
- Percentage of shareholding |
51.18% |
51.18% |
51.18% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
10378659 |
10378659 |
10378659 |
|
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) |
48.82% |
48.82% |
48.82% |
|
|
Particulars |
Quarter
Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF
ASSETS AND LIABILITIES FOR THE QUARTER ENDED 30.09.2015
|
Particulars |
30.09.2015 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
300.578 |
|
|
b] Reserves and Surplus |
101.197 |
|
|
Sub-total –
Shareholders’ funds |
401.775 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
198.596 |
|
|
b] Other current liabilities |
6.635 |
|
|
c] Long term provisions |
21.534 |
|
|
Sub-total -
Non-current Liabilities |
226.765 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Trade Payables |
132.011 |
|
|
b] Other Current Liabilities |
132.273 |
|
|
c] Short Term Provision |
11.178 |
|
|
Sub-total - Current Liabilities |
275.462 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
904.002 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
234.850 |
|
|
b] capital W/P |
15.603 |
|
|
c] Non-current investment |
3.408 |
|
|
d] Deferred tax assets (net) |
265.415 |
|
|
e] long
Term loans and Advances |
15.522 |
|
|
Sub-total – Non- current assets |
534.798 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
139.099
|
|
|
Trade Receivables |
144.291
|
|
|
Cash & Bank Balances |
53.577
|
|
|
Other Current Assets |
32.237
|
|
Sub-total – Current Assets |
369.204
|
|
|
|
|
|
|
TOTAL - ASSETS |
904.002 |
|
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
(i) Outstanding claims in respect of Excise Duty, etc. |
12.162 |
11.014 |
|
(ii) Guarantees given by the Company's Bankers |
4.850 |
3.646 |
|
(iii) Others - Arrears of Cumulative Preference Dividend |
62.681 |
57.181 |
|
(iv) Claims against Company not acknowledged as debts |
5.576 |
5.576 |
|
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities where applicable. The Company does not except the outcome of these proceedings to have the materially adverse effect. |
||
FIXED ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Buildings
·
Plant & Equipment
·
Furniture & Fixtures
·
Vehicles
·
Office Equipment’s
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 : |
PPT |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.