MIRA INFORM REPORT

 

 

Report No. :

306071

Report Date :

05.02.2015

 

IDENTIFICATION DETAILS

 

Name :

DIAMINES AND CHEMICALS LIMITED

 

 

Registered Office :

Plot No.13, PCC Area, P.O. Petrochemicals, Vadodara – 391 346, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

12.05.1976

 

 

Com. Reg. No.:

04-002905

 

 

Capital Investment / Paid-up Capital :

Rs.97.832 millions

 

 

CIN No.:

[Company Identification No.]

L24110GJ1976PLC002905

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BRDD00734G

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

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

 

 

Line of Business :

Subject is mainly engaged in production of Speciality Chemicals and Power Generation.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1003300

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate track record.

 

Management has reported a dip in its sales volume as well as net profitability during FY14.

 

However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating: BB

Rating Explanation

Moderate risk of default

Date

29.09.2014

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating: A4+

Rating Explanation

Minimal degree of safety. It carry very high credit risk.

Date

29.09.2014

 

 

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 31-03-2014.

 

LOCATIONS

 

Registered Office/ Factory :

Plot No.13, PCC Area, P.O. Petrochemicals, Vadodara – 391 346, Gujarat, India

Tel. No.:

91-265-2230305/ 2230406/ 2230929/ 2230762/ 2250708

Fax No.:

91-265-2230218/ 2230708 

E-Mail :

info@dacl.co.in

secretarial@decl.co.in

Website :

http://www.dacl.co.in

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Yogesh Kothari

Designation :

Chairman

 

 

Name :

Mr. Amit Mehta

Designation :

Vice Chairman

 

 

Name :

Mr. Girish R. Satarkar

Designation :

Executive Director

 

 

Name :

Mr. G. G. Chendwankar

Designation :

Director*

 

 

Name :

Mr. Kirat Patel

Designation :

Director

 

 

Name :

Mr. Rajendra Chhabra

Designation :

Director

 

 

Name :

Mr. Dhruv Kaji

Designation :

Director

 

 

Name :

Mr. G. S. Venkatachalam

Designation :

Director

 

 

Name :

Dr. Ambrish Dalal

Designation :

Director

 

 

Name :

Mr. Shreyas Mehta

Designation :

Director

 

*Note: “It is with extreme sadness they are announcing the demise of Mr. Ghanshyam Govind Chendwankar, Director, who expired on 05.07.2014 and left all of us for his heavenly abode. They will always remain indebted for his selfless and tireless contribution for the wellbeing of the organization. He will be missed by one and all.”

 

KEY EXECUTIVES

 

Name :

Ms. Dimple Mehta

Designation :

Company Secretary

 

 

Name :

Mr. A. R. Chaturmutha

Designation :

Chief Financial Officer

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholders

 

No. of Shares

Percentage of holding

(A) Shareholding of Promoter and Promoter Group

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

2382214

24.35

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

3996563

40.85

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

6378777

65.20

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

6378777

65.20

(B) Public Shareholding

 

 

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

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

4439

0.05

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

511

0.01

http://www.bseindia.com/include/images/clear.gifInsurance Companies

300

0.00

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

5250

0.05

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

 

 

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

204507

2.09

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

 

 

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

2105014

21.52

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

971842

9.93

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

117850

1.20

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

117850

1.20

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

3399213

34.75

Total Public shareholding (B)

3404463

34.80

Total (A)+(B)

9783240

100.00

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

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

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

0

0.00

Total (A)+(B)+(C)

9783240

0.00

 

BUSINESS DETAILS

 

Line of Business :

Subject is mainly engaged in production of Speciality Chemicals and Power Generation.

 

 

Products/ Services :

Item Code No. (ITC Code)

 

Product/ Service Description

292121

Specialty Chemicals

2716

Electrical Energy

 

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS – NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

Not Available

 

 

Bankers :

Banker Name

State Bank of India

Branch Address

Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara – 390 007, Gujarat, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

Secured Loan

 

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

 

 

From Banks

51.943

31.119

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand

 

 

From Banks

114.211

141.396

Total

166.154

172.515

 

Notes:

 

LONG-TERM BORROWINGS

(Rs. in millions)

Nature of Securities

Rate of Interest

31.03.2014

31.03.2013

I. Loans from Banks: 

 

 

 

i. Term loans of Rs.44.200 millions repayable in 24 equal quarterly instalments from September 1, 2007, of Rs.60.000 millions repayable in 24 equal quarterly instalments from May 1, 2009 and of Rs.54.000 millions repayable in 19 equal quarterly instalments from January 30, 2012 are secured by way of first charge over the entire fixed assets, both, present and future, which are acquired out of bank finance, including equitable mortgage over Land (Windmill) at Nandurbar, Maharashtra and factory Land and Building.

Ranging

from

12.40%

p.a. to

14.65%

p.a.

 

29.900

46.300

 

ii. Term loans of Rs.50.000 millions repayable in 42 monthly instalments from January 31, 2014 is secured by first charge by way of hypothecation over the entire current assets including stocks of raw materials, Work-in-progress, finished goods, stores and spares, etc. bills /book-debts/ receivables and other current assets. Further, same are secured by way of second charge by way of hypothecation over the entire fixed assets acquired out of bank finance including equitable mortgage over Land and Building (other than fixed assets and Land and Building at Dhule - Windmill).

Base Rate + 4.5% p.a.

47.000

 

Nil

 

iii. Vehicle Loan of Rs.3.950 millions repayable in 60 monthly instalments from August 10, 2010 is secured against hypothecation of specified vehicle

8.35%

p.a.

 

1.219

 

2.048

 

Vehicle Loan of Rs.0.459 million repayable in 60 monthly instalments from July 15, 2013 is secured against hypothecation of specified vehicle.

10.75%

p.a.

 

0.405

 

Nil

 

 

 

78.524

48.348

Less: Current Maturities of Long-term debt

 

(26.581)

(17.229)

Total

 

51.943

31.119

II. Loan from Other Party:

 

 

 

Vehicle Loan of Rs.3.484 millions repayable in 35 monthly instalments from December 10, 2010 is secured against hypothecation of specified vehicles.

9.14% p.a.

Nil

0.757

Less: Current Maturities of Long-term debt

 

Nil

(0.757)

Total

 

Nil

Nil

 

SHORT-TERM BORROWINGS

 

Working Capital facilities from a bank are secured by first charge by way of hypothecation over the entire current assets including stock of raw materials, Work-in-progress, finished goods, stores and spares, etc. bills/book debts/receivables and other current assets. Further, the same are secured by way of second charge by way of hypothecation over the entire fixed assets acquired out of bank finance including equitable mortgage over Land and Building (other than fixed assets and Land and Building at Dhule - Windmill).

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Bansi S. Mehta and Company

Chartered Accountants

Address :

11-13, Botawala Building, 2nd Floor, Horniman Circle, Fort, Mumbai – 400 001, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates :

Alkyl Amines and Chemicals Limited

 

 

Enterprises over which Associate exercises significant influence - Subsidiary of Associate :
  • Alkyl Speciality Chemicals Limited
  • Alkyl Amines Europe SPRL

 

 

 

Subsidiaries :

Diamines Speciality Chemicals Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

17500000

Equity Shares

Rs.10/- each

Rs.175.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

9783240

Equity Shares

Rs.10/- each

Rs.97.832 millions

 

 

 

 

 

Notes:

 

Reconciliation of the number of shares outstanding and amount of share capital

 

Particulars

 

As At 31.03.2014

Equity shares, of Rs.10 par value

No. of shares

Rs. in millions

At the beginning

9783240

97.832

Changes during the year

Nil

Nil

At the end

9783240

97.832

 

Rights, preferences and restrictions

 

i. The Company has only one class of shares referred to as equity shares having par value of Rs.10. Each holder of equity shares is entitled to one vote per share.

 

ii. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

The Board of Directors, in their meeting on May 6, 2014 has not recommended any dividend for the year ended March 31, 2014.

 

During the year ended March 31, 2013, the amount of per share dividend recognised as distribution to equity shareholders was Rs.0.5. The total dividend appropriation for the year ended March 31, 2013 amounted to Rs.5.723 millions including corporate dividend tax of Rs.0.831 million.

 

iii. 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 preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Details of shareholders holding more than 5% of the aggregate equity shares in the company

 

Name of the Shareholder

As At 31.03.2014

No. of shares

%

Alkyl Amines Chemicals Limited

2977996

30.44

Mr. Amit Mehta

862099

8.81

Perfochem (India) Private Limited

840000

8.59

Mrs. Cherry Amit Mehta

695178

7.11

 

Shares allotted as fully paid up by way of bonus shares (during 5 years immediately preceding March 31, 2014)

 

 

No of Shares

Equity Shares allotted as fully paid up Bonus Shares by capitalisation of the following amounts:

3261080

 

 

Rs. In Millions

Capital Reserve

3.442

Capital Redemption Reserve

1.407

Securities Premium

18.857

General Reserve

8.905

 

32.611

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

97.832

97.832

97.832

(b) Reserves & Surplus

253.317

246.800

236.505

(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)

351.149

344.632

334.337

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

51.943

31.119

49.085

(b) Deferred tax liabilities (Net)

36.040

35.419

34.922

(c) Other long term liabilities

0.000

0.000

0.000

(d) Long-term provisions

1.485

1.533

1.614

Total Non-current Liabilities (3)

89.468

68.071

85.621

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

119.011

146.196

184.236

(b) Trade payables

44.904

55.440

76.297

(c) Other current liabilities

43.244

34.799

50.763

(d) Short-term provisions

4.279

9.821

14.998

Total Current Liabilities (4)

211.438

246.256

326.294

 

 

 

 

TOTAL

652.055

658.959

746.252

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

315.136

332.345

345.015

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.041

4.152

9.299

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1.467

1.467

1.067

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

100.377

65.741

46.353

(e) Other Non-current assets

0.000

0.000

0.289

Total Non-Current Assets

417.021

403.705

402.023

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

124.025

115.991

190.555

(c) Trade receivables

80.672

103.432

103.474

(d) Cash and cash equivalents

9.186

20.886

20.218

(e) Short-term loans and advances

20.311

13.664

28.664

(f) Other current assets

0.840

1.281

1.318

Total Current Assets

235.034

255.254

344.229

 

 

 

 

TOTAL

652.055

658.959

746.252

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations (Net)

439.389

574.028

668.617

 

 

Other Income

3.040

2.304

3.769

 

 

TOTAL                                    

442.429

576.332

672.386

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

277.652

292.706

423.292

 

 

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

(22.491)

65.407

(31.662)

 

 

Employees benefits expense

33.532

32.117

33.075

 

 

Other expenses

91.714

102.618

139.888

 

 

TOTAL                                    

380.407

492.848

564.593

 

 

 

 

 

 

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

62.022

83.484

107.793

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

29.824

38.112

35.867

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

32.198

45.372

71.926

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION        

24.267

23.870

21.580

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

7.931

21.502

50.346

 

 

 

 

 

Less

TAX                                                                 

0.427

4.497

14.304

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

7.504

17.005

36.042

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

164.099

152.817

128.145

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Proposed Dividend

0.000

4.892

9.783

 

 

Tax on Dividend

0.000

0.831

1.587

 

BALANCE CARRIED TO THE B/S

171.603

164.099

152.817

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods on FOB basis

37.979

29.754

94.453

 

TOTAL EARNINGS

37.979

29.754

94.453

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

211.457

223.900

277.463

 

TOTAL IMPORTS

211.457

223.900

277.463

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.77

1.74

3.68

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2014

30.09.2014

Unaudited

 

1st Quarter

2nd Quarter

Net Sales
 

87.700

88.200

Total Expenditure
 

66.800

84.300

PBIDT (Excl OI)
 

20.900

4.000

Other Income
 

0.200

0.300

Operating Profit
 

21.100

4.300

Interest
 

8.300

8.400

Exceptional Items
 

0.000

0.000

PBDT
 

12.800

(4.100)

Depreciation
 

4.700

5.500

Profit Before Tax
 

8.100

(9.600)

Tax
 

1.200

(1.500)

Provisions and contingencies
 

0.000

0.000

Profit After Tax
 

6.800

(8.100)

Extraordinary Items
 

0.000

0.000

Prior Period Expenses
 

0.000

0.000

Other Adjustments
 

0.000

0.000

Net Profit
 

6.800

(8.100)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

1.71

2.96

5.39

 

 

 

 

 

Operating Profit Margin

(PBDIT/ Sales)

(%)

14.12

14.54

16.12

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.22

3.29

6.84

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.02

0.06

0.15

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.49

0.51

0.70

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.04

1.05

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns.)

(INR in Mlns.)

(INR in Mlns.)

Share Capital

97.832

97.832

97.832

Reserves & Surplus

236.505

246.800

253.317

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

334.337

344.632

351.149

 

 

 

 

Long Term borrowings

49.085

31.119

51.943

Short Term borrowings

184.236

146.196

119.011

Total borrowings

233.321

177.315

170.954

Debt/Equity ratio

0.698

0.515

0.487

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Revenue from Operations (Net)

668.617

574.028

439.389

 

 

(14.147)

(23.455)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(INR in Mlns)

(INR in Mlns)

(INR in Mlns)

Revenue from Operations (Net)

668.617

574.028

439.389

Profit

36.042

17.005

7.504

 

5.39%

2.96%

1.71%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

No

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

LITIGATION DETAILS:

 

HIGH COURT OF GUJARAT

 

SPECIAL CRIMINAL APPLICATION No. 1471 of 1995

 

Status : PENDING

CCIN No : 001047199501471

 

 

Last Listing Date:

29/06/1999

Coram

·         HONOURABLE MR.JUSTICE R.BALIA

·         HONOURABLE MR.JUSTICE ANIL R. DAVE

 

S.NO.

Name of the Petitioner

Advocate On Record

1

VADODARA SHAHER GRAHAK MANDAL

NOTICE SERVED for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
(MR YF MEHTA) for: Applicant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondent

Advocate On Record

1
2
3
4
5
6
7
8
9
10
11

STATE OF GUJARAT

GUJARAT POLLUTION CONTROL BOARD

DIAMINES AND CHEMICALS LIMITED

RASHESH MAFATLAL

DINESHCHANDRA PATEL

NARENDRA PRASAD PATEL

JANMEJAY BABHUBHAI

MAHESHCHANDRA PATEL

BHAGWAT PRASAD PATEL

BHAGWANDAS RANDERIA

UPENDRA PATEL

PUBLIC PROSECUTOR for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

MR KH BAXI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

MR MAULIN R RAVAL for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

MR SI NANAVATI for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

 

 

Presented On

: 20/10/1995

Registered On

: 20/10/1995

Bench Category

: SINGLE BENCH

District

: VADODARA

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 16 times

Stage Name

: FINAL HEARING EXTERNMENT MATTERS

 

Classification

·         SJ - SPECIAL CRIMINAL APPLICATION - UNDER ARTICLE 226 - QUASHING OF PROCEEDINGS / FIR / CRIMINAL COMPLAINT ETC.

Act

·         CRIMINAL PROCEDURE CODE, 1973

 

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

20/10/1995

CERTIFIED COPY

PARTY-IN-PERSON ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

14

-

2

20/10/1995

MEMO OF APPEAL/PETITION/SUIT

PARTY-IN-PERSON ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

-

3

06/05/1996

VAKALATNAMA

(MR PB MAJMUDAR) ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

4

-

4

06/07/1996

VAKALATNAMA

MR SI NANAVATI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

4

-

5

06/07/1996

VAKALATNAMA

MR SI NANAVATI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 3

4

MR SI NANAVATI:3

6

01/07/1998

VAKALATNAMA

MR MAULIN R RAVAL ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

4

-

7

01/07/1998

VAKALATNAMA

MR MAULIN R RAVAL ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

4

MR MAULIN R RAVAL:2

8

01/03/1999

VAKALATNAMA

MR KH BAXI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

4

-

9

01/03/1999

VAKALATNAMA

MR KH BAXI ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

4

MR KH BAXI:2

10

17/06/1999

VAKALATNAMA

(MR YF MEHTA) ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

4

(MR YF MEHTA):1

11

17/06/1999

VAKALATNAMA

(MR YF MEHTA) ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

4

-

 

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

29/06/1999

11

-

FINAL HEARING EXTERNMENT MATTERS

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE R.BALIA 

·         HONOURABLE MR.JUSTICE ANIL R. DAVE

 

 

OPERATIONS:

 

The period was a very challenging year for the Company which also reflects in its performance.

 

Total income for the year 2013-14 was registered at Rs.494.709 millions (Gross) as compared to income of Rs.641.136 millions (Gross) for the year 2012-13, a decline of 22.84%.

 

Profit after tax was reported at Rs.7.504 millions for the year 2013-14 as compared to the net profit of Rs.17.004 millions for the period of 2012-13, again a decline of 55.87%.

 

Sales volumes for the year 2013-14 were at 1621.265 MT as compared to 2242.158 MT for the year 2012-13.

 

FINANCE:

 

During the year, the company has availed the corporate loan to the tune of Rs.50.000 millions from the State Bank of India, further the Company has been sanctioned another Corporate Loan to the tune of Rs.50.000 millions on 27.03.2014 from State Bank of India, aggregating total credit facilities to the tune of Rs.383.000 millions to meets its liquidity requirement.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

The Company is the only producer of Ethylene amines based in India having its plant at Plot No.13, PCC Area, P.O. Petrochemicals, Vadodara - 391 346. The Products Ethylene Amines find their application in various industry segments such as Pharmaceuticals, Agro-chemicals, Resin and Coating, Water treatment chemicals, Oilfield chemicals and so many others. The plant facility is equipped with up to date manufacturing equipments and supported by R & D Center and quality assurance department which are equipped with advanced equipments and analytical instruments. The site also has a dedicated pilot plant to conduct trials. The Company has an excellent team of experienced and qualified professional to manage day to day operations efficiently.

 

PERFORMANCE:

 

Total revenue (net of excise and taxes) for the year 2013-14 amounted to Rs.442.428 millions compared to Rs.576.332 millions of the previous year (2012-13).The operating profit before tax amounted to Rs.7.931 millions compared to Rs.21.501 millions in the year 2012-13.

 

OUTLOOK:

 

For the year 2014 the Company’s focus will continue on sustaining and maintaining the market share in certain industry segment where company enjoys market leadership position. This will be achieved by forging stronger relationship with customers and by negotiating and entering in to beneficial contracts with the suppliers of raw materials.

 

The Ethylene amines business is going through demand-supply imbalance on global level and excess supply is expected to be a reality in the year 2014-15 also. The company is well aware of the challenging scenario lying ahead and taking necessary steps by planning activities properly at operational stages.

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10020899

26/08/2014 *

383,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA

C20013017

2

80003939

19/05/2006 *

52,000,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH,, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA

-

3

80003941

26/08/2014 *

383,000,000.00

STATE BANK OF INDIA

MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE,, VADODARA, GUJARAT 
- 390007, INDIA

C20012423

4

90107960

18/02/2005 *

162,900,000.00

STATE BANK OF INDIA

INDUSTRIAL FINANCE BRANCH, MARBLE ARCH; RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

Particulars

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

SHORT-TERM BORROWINGS

 

 

Deposits - Inter Corporate

 

 

From a Related Party

2.300

2.300

Other loans and advances

 

 

Loan from a Director

2.500

2.500

Total

4.800

4.800

 

 

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):

 

Particulars

31.03.2014

(Rs. in Millions)

31.03.2013

(Rs. in Millions)

i. Claims against the Company not acknowledged as debts

1.506

1.436

ii. Guarantees issued by the bankers on behalf of the Company

1.047

1.047

iii. In respect of the various advance licenses issued to the Company for the purposes of fulfilling the export and other related customs formalities, the Company has filed appeals and matters are pending before the Directorate General of Foreign trade (DGFT).

5.365

6.473

 

iv. Demand (including interest thereon), by the Provident Fund Authorities pending before the Gujarat High Court [(Net of Provisions of Contingencies of Rs.1.000 million (March 31, 2013: Rs.1.000 million)

2.550

2.350

 

v. Matters under disputes/appeals

 

 

a. Income-tax

0.425

0.425

b. Service Tax/ Excise

11.034

8.456

 

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2014

 

(Rs. in millions)

PART I

 

 

 

Particulars

Quarter ended September 30, 2014 (Unaudited)

Quarter ended June 30, 2014 (Unaudited)

Half Year ended September 30, 2014 (Unaudited)

1. Income from operations

 

 

 

a) Net Sales/Income from Operations(Net of excise duty)

88.139

87.266

175.405

b) Other Operating income

0.105

0.433

0.538

Total Income from operations (Net)

88.244

87.699

175.943

2. Expenses

 

 

 

a) Cost of Materials Consumed

63.161

81.089

144.250

a) Change in inventories of finished goods, Work-in-Progress and stock-in-trade

(5.325)

(36.049)

(41.374)

c) Employee Benefit Expenses

8.778

8.712

17.490

d) Depreciation and Amortization Expenses

5.540

4.716

10.256

e) Power and Fuel

7.169

4.930

12.099

f) Other Expenses

10.467

8.144

18.611

Total Expenses

89.790

71.542

161.332

3. Profit/(Loss) from operations before other income, Finance costs and Exceptional items (1-2)

(1.546)

16.157

14.611

4. Other Income

0.319

0.229

0.547

5. Profit/(Loss) from operations before Finance cost and exceptional items (3+4)

(1.227)

16.386

15.159

6. Finance Cost

8.361

8.322

16.683

7. Profit/(Loss) before Exceptional items (5-6)

(9.588)

8.064

(1.524)

8. Exceptional items

-

-

-

9. Profit/Loss from Ordinary Activities before Tax (7+8)

(9.588)

8.064

(1.524)

10. Tax Expense

(1.451)

1.238

(0.213)

11. Profit/(Loss) from Ordinary Activities after Tax (9-10)

(8.137)

6.826

(1.311)

12. Paid up Equity Share Capital (Face Value of Rs.10/- per share)

97.832

97.832

97.832

13. Reserves excluding revaluation reserves as per balance sheet of previous accounting year

-

-

-

14. Basic and diluted EPS before Extraordinary Items for the period (not annualised)

(0.83)

0.70

(0.13)

PART II

 

 

 

A. PARTICULARS OF SHAREHOLDING

 

 

 

1. Public Shareholding

 

 

 

~ Number of Shares

3404463

3404463

3404463

~ Percentage of Shareholding

34.80%

34.80%

34.80%

2. Promoters and Promoters Group Shareholding

-

-

-

a. Pledged /Encumbered

-

-

-

-Number of Shares

300000

300000

300000

-Percentage of Shares % (as a % of total shareholding of promoters and promoter group)

4.70%

4.70%

4.70%

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

3.07%

3.07%

3.07%

b. Non-encumbered

-

-

-

-Number of Shares

6078777

6078777

6078777

-Percentage of Shares % (as a % of total shareholding of promoters and promoter group)

95.30%

95.30%

95.30%

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

62.13%

62.13%

62.13%

B. INVESTOR COMPLAINTS

Quarter ended September 30, 2014

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

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in millions)

Particulars

Quarter ended September 30, 2014 (Unaudited)

Quarter ended June 30, 2014 (Unaudited)

Half Year ended September 30, 2014 (Unaudited)

A. Segment Revenue

(a) Speciality Chemicals

83.038

81.207

164.245

(b) Power Generation

Total Power Generated

6.289

8.412

14.701

Less: Captive Power used for Speciality Chemicals

1.038

1.899

2.937

Net as per Accounts

5.251

6.513

11.764

(c) Others Non Allocated

0.075

-

0.075

Total (a+b+c)  

88.364

87.720

176.084

B. Segment Results

 

 

 

Profit (+) / Loss (-) before Tax & Interest

 

 

 

(a) Speciality Chemicals

(5.377)

11.489

6.112

(b) Power Generation

 

 

 

Total

3.516

5.940

9.456

Less: Of Captive Power

0.253

1.319

1.572

 

3.263

4.621

7.884

(c) Others Non Allocated

0.075

0.075

Total (a+b+c)

(2.039)

16.110

14.071

C. Add: (a) Interest Income

0.199

0.208

0.407

Less: a. Interest Expenses

7.613

7.822

15.435

(b) Other Unallocable Expenses

0.135

0.432

0.567

 

(7.748)

(8.254)

(16.002)

Total Profit before tax

(9.588)

8.064

(1.524)

Capital Employed

 

 

 

(a) Speciality Chemicals

357.899

324.961

357.899

(b) Power Generation

 

 

 

Other than Captive

86.236

86.825

86.236

Captive

15.946

16.530

15.946

 

102.182

103.355

102.182

(c) Others Non Allocated

1.467

1.467

1.467

Total (a+b+c)

461.548

429.783

461.548

 

STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2014

(Rs. in millions)

Particulars

As At September 30,2014 (Unaudited)

A.EQUITY AND LIABILITIES

 

1. Shareholders' Funds

 

a. Share Capital

97.832

b. Reserves and Surplus

250.122

347.954

2. Non-current Liabilities

a. Long-term Borrowings

87.132

b. Deferred Tax Liabilities (Net)

35.337

c. Long-term Provisions  

2.246

124.715

3. Current Liabilities

 

a. Short-term Borrowings

106.257

b. Trade Payables

83.913

c. Other Current Liabilities

47.252

d. Short-term Provisions

4.122

 

241.544

TOTAL

714.213

B.ASSETS

1.Non-current Assets

a. Fixed Assets

302.802

b. Non-current Investments

1.467

c. Long-term Loans and Advances

120.410

d. Other Non-current Assets

Nil 

424.679

2.Current Assets

a. Inventories

183.546

b. Trade Receivables

69.303

c. Cash and Cash Equivalents

7.564

d. Short-term Loans and Advances

28.218

e. Other Current Assets

0.903

289.534

TOTAL

714.213

 

Notes:

 

1. The above results have been subjected to limited review by the Statutory Auditors of the Company, reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on November 5, 2014.

 

2. The Company is engaged mainly in production of Speciality Chemicals and Power Generation.

 

3. Effective from April 1, 2014, the Company has revised the useful life of its fixed assets [including those for buildings (other than roads) during the current quarter] and has provided depreciation, to comply with the useful life as mentioned under Schedule II to the Companies Act, 2013. As a result, the charge for depreciation is lower by Rs.1.129 millions and Rs.2.429 millions for the quarter and half year ended September 30, 2014, respectively. Further, an amount of Rs.1.648 millions (net of Deferred Tax of Rs.1.154 millions) [in place of Rs.1.044 millions (net of Deferred Tax Rs.0.731 million) as reported in the first quarter ended June 30, 2014] being the carrying amount of assets, after retaining residual value in cases where the remaining useful life has been completed, has been adjusted against the General Reserve.

 

4. Figures for the previous periods have been regrouped, recast and reclassified, wherever necessary.

 

 

FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Office Equipments

·         Vehicles 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :  No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.68

UK Pound

1

Rs.93.53

Euro

1

Rs.70.75               

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

-- PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

5

--CREDIT LINES

1~10

3

--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

 

33

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.